Exhibit 10.3


 


Olema
Pharmaceuticals, Inc.


2020
Equity Incentive Plan


 


Adopted
by the Board of Directors: October 30, 2020


Approved
by the Stockholders: November 12, 2020


 


1.            
General.


 


(a)              
Plan Purpose. The Company, by means of the Plan, seeks to secure and retain the services of Employees, Directors
and Consultants, to provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate
and to provide a means by which such persons may be given an opportunity to benefit from increases in value of the Common Stock
through the granting of Awards.


 


(b)              
Available Awards. The Plan provides for the grant of the following Awards: (i) Incentive Stock Options; (ii)
Nonstatutory Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other
Awards.


 


(c)              
Adoption Date; Effective Date.  The Plan will come into existence on the Adoption Date, but no Award may be granted
prior to the Effective Date.


 


2.            
Shares Subject to the Plan.


 


(a)                Share
Reserve. Subject to adjustment in accordance with Section 2(c) and any adjustments as necessary to implement any
Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Awards will not
exceed 6,494,510  shares, which number is the sum of: (i) 2,152,080 new shares, plus (ii) a number of shares of Common Stock
equal to the number of Returning Shares, if any, as such shares become available from time to time. In addition, subject to
any adjustments as necessary to implement any Capitalization Adjustments, such aggregate number of shares of Common Stock
will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2021 and ending on
(and including) January 1, 2030, in an amount equal to 5% of the total number of shares of Common Stock outstanding on
December 31 of the preceding year; provided, however, that the Board may act prior to January 1st of a given year
to provide that the increase for such year will be a lesser number of shares of Common Stock.


 


(b)              
Aggregate Incentive Stock Option Limit. Notwithstanding anything to the contrary in Section 2(a) and subject
to any adjustments as necessary to implement any Capitalization Adjustments, the aggregate maximum number of shares of Common Stock
that may be issued pursuant to the exercise of Incentive Stock Options is 19,483,530  shares.


 









     


     


    

 


(c)               
 Share Reserve Operation.


 


(i)                
Limit Applies to Common Stock Issued Pursuant to Awards. For clarity, the Share Reserve is a limit on the number
of shares of Common Stock that may be issued pursuant to Awards and does not limit the granting of Awards, except that the Company
will keep available at all times the number of shares of Common Stock reasonably required to satisfy its obligations to issue shares
pursuant to such Awards. Shares may be issued in connection with a merger or acquisition as permitted by, as applicable, Nasdaq
Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, NYSE American Company Guide Section 711 or other applicable rule,
and such issuance will not reduce the number of shares available for issuance under the Plan.


 


(ii)              
Actions that Do Not Constitute Issuance of Common Stock and Do Not Reduce Share Reserve. The following actions
do not result in an issuance of shares under the Plan and accordingly do not reduce the number of shares subject to the Share Reserve
and available for issuance under the Plan: (1) the expiration or termination of any portion of an Award without the shares covered
by such portion of the Award having been issued, (2) the settlement of any portion of an Award in cash (i.e., the Participant receives
cash rather than Common Stock), (3) the withholding of shares that would otherwise be issued by the Company to satisfy the exercise,
strike or purchase price of an Award; or (4) the withholding of shares that would otherwise be issued by the Company to satisfy
a tax withholding obligation in connection with an Award.


 


(iii)            
Reversion of Previously Issued Shares of Common Stock to Share Reserve. The following shares of Common Stock
previously issued pursuant to an Award and accordingly initially deducted from the Share Reserve will be added back to the Share
Reserve and again become available for issuance under the Plan: (1) any shares that are forfeited back to or repurchased by the
Company because of a failure to meet a contingency or condition required for the vesting of such shares; (2) any shares that are
reacquired by the Company to satisfy the exercise, strike or purchase price of an Award; and (3) any shares that are reacquired
by the Company to satisfy a tax withholding obligation in connection with an Award.


 


3.            
Eligibility and Limitations.


 


(a)               
Eligible Award Recipients. Subject to the terms of the Plan, Employees, Directors and Consultants are eligible
to receive Awards.


 


(b)              
Specific Award Limitations.


 


(i)                
Limitations on Incentive Stock Option Recipients. Incentive Stock Options may be granted only to Employees of
the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in
Sections 424(e) and (f) of the Code).


 


(ii)              
Incentive Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at
the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder
during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established
in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that
exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated
as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).


 









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(iii)            
 Limitations on Incentive Stock Options Granted to Ten Percent Stockholders. A Ten Percent Stockholder may not
be granted an Incentive Stock Option unless (i) the exercise price of such Option is at least 110% of the Fair Market Value on
the date of grant of such Option and (ii) the Option is not exercisable after the expiration of five years from the date of grant
of such Option.


 


(iv)             
Limitations on Nonstatutory Stock Options and SARs. Nonstatutory Stock Options and SARs may not be granted to
Employees, Directors and Consultants who are providing Continuous Service only to any “parent” of the Company (as such
term is defined in Rule 405) unless the stock underlying such Awards is treated as “service recipient stock” under
Section 409A because the Awards are granted pursuant to a corporate transaction (such as a spin off transaction) or unless
such Awards otherwise comply with the distribution requirements of Section 409A.


 


(c)               
Aggregate Incentive Stock Option Limit. The aggregate maximum number of shares of Common Stock that may be issued
pursuant to the exercise of Incentive Stock Options is the number of shares specified in Section 2(b).


 


(d)               Non-Employee
Director Compensation Limit.  The aggregate value of all compensation granted or paid, as applicable, in each case
following the IPO Date, to any individual for service as a Non-Employee Director with respect to any fiscal year, including
Awards granted and cash fees paid by the Company to such Non-Employee Director for his or her service as a Non-Employee
Director, will not exceed (i) $750,000 in total value or (ii) in the event such Non-Employee Director is first appointed or
elected to the Board during such fiscal year, $1,500,000 in total value, in each case calculating the value of any equity
awards based on the grant date fair value of such equity awards for financial reporting purposes.


 


4.            
Options and Stock Appreciation Rights.


 


Each Option and SAR
will have such terms and conditions as determined by the Board. Each Option will be designated in writing as an Incentive Stock
Option or Nonstatutory Stock Option at the time of grant; provided, however, that if an Option is not so designated, then such
Option will be a Nonstatutory Stock Option, and the shares purchased upon exercise of each type of Option will be separately accounted
for. Each SAR will be denominated in shares of Common Stock equivalents. The terms and conditions of separate Options and SARs
need not be identical; provided, however, that each Option Agreement and SAR Agreement will conform (through incorporation of provisions
hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:


 


(a)               
Term. Subject to Section 3(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after
the expiration of ten years from the date of grant of such Award or such shorter period specified in the Award Agreement.


 


(b)              
Exercise or Strike Price. Subject to Section 3(b) regarding Ten Percent Stockholders, the exercise or strike
price of each Option or SAR will not be less than 100% of the Fair Market Value on the date of grant of such Award. Notwithstanding
the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value on the
date of grant of such Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation
right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a)
of the Code.


 


(c)                Exercise
Procedure and Payment of Exercise Price for Options. In order to exercise an Option, the Participant must provide notice
of exercise to the Plan Administrator in accordance with the procedures specified in the Option Agreement or otherwise
provided by the Company. The Board has the authority to grant Options that do not permit all of the following methods of
payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the
Company to utilize a particular method of payment. The exercise price of an Option may be paid, to the extent permitted by
Applicable Law and as determined by the Board, by one or more of the following methods of payment to the extent set forth in
the Option Agreement:


 






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(i)                
by cash or check, bank draft or money order payable to the Company;


 


(ii)              
pursuant to a “cashless exercise” program developed under Regulation T as promulgated by the U.S. Federal
Reserve Board that, prior to the issuance of the Common Stock subject to the Option, results in either the receipt of cash (or
check) by the Company or the receipt of irrevocable instructions to pay the exercise price to the Company from the sales proceeds;


 


(iii)            
by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock that are already owned
by the Participant free and clear of any liens, claims, encumbrances or security interests, with a Fair Market Value on the date
of exercise that does not exceed the exercise price, provided that (1) at the time of exercise the Common Stock is publicly traded,
(2) any remaining balance of the exercise price not satisfied by such delivery is paid by the Participant in cash or other permitted
form of payment, (3) such delivery would not violate any Applicable Law or agreement restricting the redemption of the Common Stock,
(4) any certificated shares are endorsed or accompanied by an executed assignment separate from certificate, and (5) such shares
have been held by the Participant for any minimum period necessary to avoid adverse accounting treatment as a result of such delivery;


 


(iv)             
if the Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company
will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market
Value on the date of exercise that does not exceed the exercise price, provided that (1) such shares used to pay the exercise price
will not be exercisable thereafter and (2) any remaining balance of the exercise price not satisfied by such net exercise is paid
by the Participant in cash or other permitted form of payment; or


 


(v)               
in any other form of consideration that may be acceptable to the Board and permissible under Applicable Law.


 


(d)            
Exercise Procedure and Payment of Appreciation Distribution for SARs. In order to exercise any SAR, the Participant
must provide notice of exercise to the Plan Administrator in accordance with the SAR Agreement. The appreciation distribution payable
to a Participant upon the exercise of a SAR will not be greater than an amount equal to the excess of (i) the aggregate Fair Market
Value on the date of exercise of a number of shares of Common Stock equal to the number of Common Stock equivalents that are vested
and being exercised under such SAR, over (ii) the strike price of such SAR. Such appreciation distribution may be paid to the Participant
in the form of Common Stock or cash (or any combination of Common Stock and cash) or in any other form of payment, as determined
by the Board and specified in the SAR Agreement.


 


(e)             Transferability.
Options and SARs may not be transferred to third party financial institutions for value. The Board may impose such additional
limitations on the transferability of an Option or SAR as it determines. In the absence of any such determination by the Board,
the following restrictions on the transferability of Options and SARs will apply, provided that except as explicitly provided
herein, neither an Option nor a SAR may be transferred for consideration and provided, further, that if an Option is an Incentive
Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer:


 






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(i)                
Restrictions on Transfer. An Option or SAR will not be transferable, except by will or by the laws of descent
and distribution, and will be exercisable during the lifetime of the Participant only by the Participant; provided, however, that
the Board may permit transfer of an Option or SAR in a manner that is not prohibited by applicable tax and securities laws upon
the Participant’s request, including to a trust if the Participant is considered to be the sole beneficial owner of such
trust (as determined under Section 671 of the Code and applicable U.S. state law) while such Option or SAR is held in such trust,
provided that the Participant and the trustee enter into a transfer and other agreements required by the Company.


 


(ii)              
Domestic Relations Orders. Notwithstanding the foregoing, subject to the execution of transfer documentation
in a format acceptable to the Company and subject to the approval of the Board or a duly authorized Officer, an Option or SAR may
be transferred pursuant to a domestic relations order.


 


(f)                
Vesting. The Board may impose such restrictions on or conditions to the vesting and/or exercisability of an Option
or SAR as determined by the Board. Except as otherwise provided in the applicable Award Agreement or other written agreement between
a Participant and the Company, vesting of Options and SARs will cease upon termination of the Participant’s Continuous Service.


 


(g)               
Termination of Continuous Service for Cause. Except as explicitly otherwise provided in the Award Agreement or
other written agreement between a Participant and the Company, if a Participant’s Continuous Service is terminated for Cause,
the Participant’s Options and SARs will terminate and be forfeited immediately upon such termination of Continuous Service,
and the Participant will be prohibited from exercising any portion (including any vested portion) of such Awards on and after the
date of such termination of Continuous Service and the Participant will have no further right, title or interest in such forfeited
Award, the shares of Common Stock subject to the forfeited Award, or any consideration in respect of the forfeited Award.


 


(h)              
Post-Termination Exercise Period Following Termination of Continuous Service for Reasons Other than Cause. Subject
to Section 4(i), if a Participant’s Continuous Service terminates for any reason other than for Cause, the Participant may
exercise his or her Option or SAR to the extent vested, but only within the following period of time or, if applicable, such other
period of time provided in the Award Agreement or other written agreement between a Participant and the Company; provided, however,
that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)):


 


(i)                three months following the date of such termination if such termination is a termination without Cause (other than any
termination due to the Participant’s Disability or death);


 


(ii)              
12 months following the date of such termination if such termination is due to the Participant’s Disability;


 


(iii)            
18 months following the date of such termination if such termination is due to the Participant’s death; or


 


(iv)             
18 months following the date of the Participant’s death if such death occurs following the date of such termination
but during the period such Award is otherwise exercisable (as provided in (i) or (ii) above).


 






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Following the date of
such termination, to the extent the Participant does not exercise such Award within the applicable Post-Termination Exercise Period
(or, if earlier, prior to the expiration of the maximum term of such Award), such unexercised portion of the Award will terminate,
and the Participant will have no further right, title or interest in terminated Award, the shares of Common Stock subject to the
terminated Award, or any consideration in respect of the terminated Award.


 


(i)                
Restrictions on Exercise; Extension of Exercisability. A Participant may not exercise an Option or SAR at any
time that the issuance of shares of Common Stock upon such exercise would violate Applicable Law. Except as otherwise provided
in the Award Agreement or other written agreement between a Participant and the Company, if a Participant’s Continuous Service
terminates for any reason other than for Cause and, at any time during the last thirty days of the applicable Post-Termination
Exercise Period: (i) the exercise of the Participant’s Option or SAR would be prohibited solely because the issuance of shares
of Common Stock upon such exercise would violate Applicable Law, or (ii) the immediate sale of any shares of Common Stock issued
upon such exercise would violate the Company’s Trading Policy, then the applicable Post-Termination Exercise Period will
be extended to the last day of the calendar month that commences following the date the Award would otherwise expire, with an additional
extension of the exercise period to the last day of the next calendar month to apply if any of the foregoing restrictions apply
at any time during such extended exercise period, generally without limitation as to the maximum permitted number of extensions;
provided, however, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section
4(a)).


 


(j)                
Non-Exempt Employees. No Option or SAR, whether or not vested, granted to an Employee who is a non-exempt employee
for purposes of the Fair Labor Standards Act of 1938, as amended, will be first exercisable for any shares of Common Stock until
at least six months following the date of grant of such Award. Notwithstanding the foregoing, in accordance with the provisions
of the Worker Economic Opportunity Act, any vested portion of such Award may be exercised earlier than six months following the
date of grant of such Award in the event of (i) such Participant’s death or Disability, (ii) a Corporate Transaction in which
such Award is not assumed, continued or substituted, (iii) a Change in Control, or (iv) such Participant’s retirement (as
such term may be defined in the Award Agreement or another applicable agreement or, in the absence of any such definition, in accordance
with the Company’s then current employment policies and guidelines). This Section 4(j) is intended to operate so that any
income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his
or her regular rate of pay.


 


(k)              
Whole Shares. Options and SARs may be exercised only with respect to whole shares of Common Stock or their equivalents.


 


5.            
Awards Other Than Options and Stock Appreciation Rights.


 


(a)              
Restricted Stock Awards and RSU Awards. Each Restricted Stock Award and RSU Award will have such terms and conditions
as determined by the Board; provided, however, that each Restricted Stock Award Agreement and RSU Award Agreement will conform
(through incorporation of the provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the
following provisions:


 


(i)                
Form of Award.


 


(1)               RSAs:
To the extent consistent with the Company’s Bylaws, at the Board’s election, shares of Common Stock subject to a
Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions until such shares
become vested or any other restrictions lapse, or (ii) evidenced by a certificate, which certificate will be held
in such form and manner as determined by the Board. Unless otherwise determined by the Board, a Participant will have voting
and other rights as a stockholder of the Company with respect to any shares subject to a Restricted Stock Award.


 






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(2)              
RSUs: A RSU Award represents a Participant’s right to be issued on a future date
the number of shares of Common Stock that is equal to the number of restricted stock units subject to the RSU Award. As a holder
of a RSU Award, a Participant is an unsecured creditor of the Company with respect to the Company's unfunded obligation, if any,
to issue shares of Common Stock in settlement of such Award and nothing contained in the Plan or any RSU Agreement, and no action
taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between
a Participant and the Company or an Affiliate or any other person. A Participant will not have voting or any other rights as a
stockholder of the Company with respect to any RSU Award (unless and until shares are actually issued in settlement of a vested
RSU Award). 


 


(ii)              
Consideration.


 


(1)              
RSA: A Restricted Stock Award may be granted in consideration for (A) cash or check, bank
draft or money order payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of consideration
as the Board may determine and permissible under Applicable Law.


 


(2)              
RSU: Unless otherwise determined by the Board at the time of grant, a RSU Award will be
granted in consideration for the Participant’s services to the Company or an Affiliate, such that the Participant will not
be required to make any payment to the Company (other than such services) with respect to the grant or vesting of the RSU Award,
or the issuance of any shares of Common Stock pursuant to the RSU Award. If, at the time of grant, the Board determines that any
consideration must be paid by the Participant (in a form other than the Participant’s services to the Company or an Affiliate)
upon the issuance of any shares of Common Stock in settlement of the RSU Award, such consideration may be paid in any form of consideration
as the Board may determine and permissible under Applicable Law.


 


(iii)            
Vesting. The Board may impose such restrictions on or conditions to the vesting of a Restricted Stock Award or
RSU Award as determined by the Board. Except as otherwise provided in the Award Agreement or other written agreement between a
Participant and the Company or an Affiliate, vesting of Restricted Stock Awards and RSU Awards will cease upon termination of the
Participant’s Continuous Service.


 


(iv)             
Termination of Continuous Service. Except as otherwise provided in the Award Agreement or other written agreement
between a Participant and the Company, if a Participant’s Continuous Service terminates for any reason, (i) the Company may
receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant under
his or her Restricted Stock Award that have not vested as of the date of such termination as set forth in the Restricted Stock
Award Agreement and (ii) any portion of his or her RSU Award that has not vested will be forfeited upon such termination and the
Participant will have no further right, title or interest in the RSU Award, the shares of Common Stock issuable pursuant to the
RSU Award, or any consideration in respect of the RSU Award.


 


(v)               
Dividends and Dividend Equivalents. Dividends or dividend equivalents may be paid or credited, as applicable,
with respect to any shares of Common Stock subject to a Restricted Stock Award or RSU Award, as determined by the Board and specified
in the Award Agreement).


 









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(vi)             
 Settlement of RSU Awards. A RSU Award may be settled by the issuance of shares of Common Stock or cash (or any
combination thereof) or in any other form of payment, as determined by the Board and specified in the RSU Award Agreement. At the
time of grant, the Board may determine to impose such restrictions or conditions that delay such delivery to a date following the
vesting of the RSU Award.


 


(b)              
Performance Awards. With respect to any Performance Award, the length of any Performance Period, the Performance
Goals to be achieved during the Performance Period, the other terms and conditions of such Award, and the measure of whether and
to what degree such Performance Goals have been attained will be determined by the Board.


 


(c)               
Other Awards. Other Awards may be granted either alone or in addition to Awards provided for under Section 4
and the preceding provisions of this Section 5. Subject to the provisions of the Plan, the Board will have sole and complete discretion
to determine the persons to whom and the time or times at which such Other Awards will be granted, the number of shares of Common
Stock (or the cash equivalent thereof) to be granted pursuant to such Other Awards and all other terms and conditions of such Other
Awards.


 


6.            
Adjustments upon Changes in Common Stock; Other Corporate Events.


 


(a)               
Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board shall appropriately and proportionately
adjust: (i) the class(es) and maximum number of shares of Common Stock subject to the Plan and the maximum number of shares by
which the Share Reserve may annually increase pursuant to Section 2(a), (ii) the class(es) and maximum number of shares that may
be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 2(b), and (iii) the class(es) and number of securities
and exercise price, strike price or purchase price of Common Stock subject to outstanding Awards. The Board shall make such adjustments,
and its determination shall be final, binding and conclusive. Notwithstanding the foregoing, no fractional shares or rights for
fractional shares of Common Stock shall be created in order to implement any Capitalization Adjustment. The Board shall determine
an appropriate equivalent benefit, if any, for any fractional shares or rights to fractional shares that might be created by the
adjustments referred to in the preceding provisions of this Section.


 


(b)              
Dissolution or Liquidation. Except as otherwise provided in the Award Agreement, in the event of a dissolution
or liquidation of the Company, all outstanding Awards (other than Awards consisting of vested and outstanding shares of Common
Stock not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the
completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase rights
or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of
such Award is providing Continuous Service, provided, however, that the Board may determine to cause some or all Awards to become
fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Awards have not previously expired
or terminated) before the dissolution or liquidation is completed but contingent on its completion.


 


(c)               
Corporate Transaction. The following provisions will apply to Awards in the event of a Corporate Transaction
except as set forth in Section 11, and unless otherwise provided in the instrument evidencing the Award or any other written agreement
between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant
of an Award.


 


(i)                 Awards
May Be Assumed. In the event of a Corporate Transaction, any surviving corporation or acquiring corporation (or the
surviving or acquiring corporation’s parent company) may assume or continue any or all Awards outstanding under the
Plan or may substitute similar awards for Awards outstanding under the Plan (including but not limited to, awards to acquire
the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction), and any reacquisition
or repurchase rights held by the Company in respect of Common Stock issued pursuant to Awards may be assigned by the Company
to the successor of the Company (or the successor’s parent company, if any), in connection with such Corporate
Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to assume or continue only a portion
of an Award or substitute a similar award for only a portion of an Award, or may choose to assume or continue the Awards held
by some, but not all Participants. The terms of any assumption, continuation or substitution will be set by the Board.


 






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(ii)              
Awards Held by Current Participants. In the event of a Corporate Transaction in which the surviving corporation
or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards
for such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held
by Participants whose Continuous Service has not terminated prior to the effective time of the Corporate Transaction (referred
to as the “Current Participants”), the vesting of such Awards (and, with respect to Options and Stock Appreciation
Rights, the time when such Awards may be exercised) will be accelerated in full to a date prior to the effective time of such Corporate
Transaction (contingent upon the effectiveness of the Corporate Transaction) as the Board determines (or, if the Board does not
determine such a date, to the date that is five days prior to the effective time of the Corporate Transaction), and such Awards
will terminate if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition
or repurchase rights held by the Company with respect to such Awards will lapse (contingent upon the effectiveness of the Corporate
Transaction). With respect to the vesting of Performance Awards that will accelerate upon the occurrence of a Corporate Transaction
pursuant to this subsection (ii) and that have multiple vesting levels depending on the level of performance, unless otherwise
provided in the Award Agreement, the vesting of such Performance Awards will accelerate at 100% of the target level upon the occurrence
of the Corporate Transaction. With respect to the vesting of Awards that will accelerate upon the occurrence of a Corporate Transaction
pursuant to this subsection (ii) and are settled in the form of a cash payment, such cash payment will be made no later than 30
days following the occurrence of the Corporate Transaction.


 


(iii)            
Awards Held by Persons other than Current Participants. In the event of a Corporate Transaction in which the
surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute
similar awards for such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted and
that are held by persons other than Current Participants, such Awards will terminate if not exercised (if applicable) prior to
the occurrence of the Corporate Transaction; provided, however, that any reacquisition or repurchase rights held by the Company
with respect to such Awards will not terminate and may continue to be exercised notwithstanding the Corporate Transaction.


 


(iv)             
Payment for Awards in Lieu of Exercise. Notwithstanding the foregoing, in the event an Award will terminate if
not exercised prior to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder
of such Award may not exercise such Award but will receive a payment, in such form as may be determined by the Board, equal in
value, at the effective time, to the excess, if any, of (1) the value of the property the Participant would have received upon
the exercise of the Award (including, at the discretion of the Board, any unvested portion of such Award), over (2) any exercise
price payable by such holder in connection with such exercise.


 


(d)               Appointment
of Stockholder Representative. As a condition to the receipt of an Award under this Plan, a Participant will be deemed to
have agreed that the Award will be subject to the terms of any agreement governing a Corporate Transaction involving the
Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to
act on the Participant’s behalf with respect to any escrow, indemnities and any contingent consideration.


 






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(e)               
No Restriction on Right to Undertake Transactions. The grant of any Award under the Plan and the issuance of
shares pursuant to any Award does not affect or restrict in any way the right or power of the Company or the stockholders of the
Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure
or its business, any merger or consolidation of the Company, any issue of stock or of options, rights or options to purchase stock
or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights
thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character
or otherwise.


 


7.            
Administration.


 


(a)               
Administration by Board. The Board will administer the Plan unless and until the Board delegates administration
of the Plan to a Committee or Committees, as provided in subsection (c) below.


 


(b)              
Powers of Board. The Board will have the power, subject to, and within the limitations of, the express provisions
of the Plan:


 


(i)                
To determine from time to time: (1) which of the persons eligible under the Plan will be granted Awards; (2) when and
how each Award will be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award
granted (which need not be identical), including the time or times when a person will be permitted to receive an issuance of Common
Stock or other payment pursuant to an Award; (5) the number of shares of Common Stock or cash equivalent with respect to which
an Award will be granted to each such person; (6) the Fair Market Value applicable to an Award; and (7) the terms of any Performance
Award that is not valued in whole or in part by reference to, or otherwise based on, the Common Stock, including the amount of
cash payment or other property that may be earned and the timing of payment.


 


(ii)              
To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations
for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan
or in any Award Agreement, in a manner and to the extent it deems necessary or expedient to make the Plan or Award fully effective.


 


(iii)             
To settle all controversies regarding the Plan and Awards granted under it.


 


(iv)              
To accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof
will vest, notwithstanding the provisions in the Award Agreement stating the time at which it may first be exercised or the time
during which it will vest.


 


(v)              
To prohibit the exercise of any Option, SAR or other exercisable Award during a period of up to 30 days prior to the
consummation of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution
(other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock
or the share price of the Common Stock including any Corporate Transaction, for reasons of administrative convenience.


 









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(vi)             
 To suspend or terminate the Plan at any time. Suspension or termination of the Plan will not Materially Impair rights
and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant.


 


(vii)              
To amend the Plan in any respect the Board deems necessary or advisable; provided, however, that stockholder approval
will be required for any amendment to the extent required by Applicable Law. Except as provided above, rights under any Award granted
before amendment of the Plan will not be Materially Impaired by any amendment of the Plan unless (1) the Company requests the consent
of the affected Participant, and (2) such Participant consents in writing.


 


(viii)             
To submit any amendment to the Plan for stockholder approval.


 


(ix)               
To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including,
but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement,
subject to any specified limits in the Plan that are not subject to Board discretion; provided however, that, a Participant’s
rights under any Award will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the
affected Participant, and (2) such Participant consents in writing.


 


(x)                
Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the
best interests of the Company and that are not in conflict with the provisions of the Plan or Awards.


 


(xi)               
To adopt such procedures and sub-plans as are necessary or appropriate to permit and facilitate participation in the
Plan by, or take advantage of specific tax treatment for Awards granted to, Employees, Directors or Consultants who are non-U.S.
nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications
to the Plan or any Award Agreement to ensure or facilitate compliance with the laws of the relevant non-U.S. jurisdiction).


 


(xii)             
To effect, at any time and from time to time, subject to the consent of any Participant whose Award is Materially Impaired
by such action, (1) the reduction of the exercise price (or strike price) of any outstanding Option or SAR; (2) the cancellation
of any outstanding Option or SAR and the grant in substitution therefor of (A) a new Option, SAR, Restricted Stock Award, RSU Award
or Other Award, under the Plan or another equity plan of the Company, covering the same or a different number of shares of Common
Stock, (B) cash and/or (C) other valuable consideration (as determined by the Board); or (3) any other action that is treated as
a repricing under generally accepted accounting principles.


 


(c)               
Delegation to Committee.


 


(i)                 General.
The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the
Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers
theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to another
Committee or a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and
references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however, to such
resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Each
Committee may retain the authority to concurrently administer the Plan with the Committee or subcommittee to which it has
delegated its authority hereunder and may, at any time, revest in such Committee some or all of the powers previously
delegated. The Board may retain the authority to concurrently administer the Plan with any Committee and may, at any time,
revest in the Board some or all of the powers previously delegated.


 






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(ii)              
Rule 16b-3 Compliance. To the extent an Award is intended to qualify for the exemption from Section 16(b) of
the Exchange Act that is available under Rule 16b-3 of the Exchange Act, the Award will be granted by the Board or a Committee
that consists solely of two or more Non-Employee Directors, as determined under Rule 16b-3(b)(3) of the Exchange Act and thereafter
any action establishing or modifying the terms of the Award will be approved by the Board or a Committee meeting such requirements
to the extent necessary for such exemption to remain available.


 


(d)              
Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board or
any Committee in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.


 


(e)               
Delegation to an Officer. The Board or any Committee may delegate to one or more Officers the authority to do
one or both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent
permitted by Applicable Law, other types of Awards) and, to the extent permitted by Applicable Law, the terms thereof, and (ii)
determine the number of shares of Common Stock to be subject to such Awards granted to such Employees; provided, however, that
the resolutions or charter adopted by the Board or any Committee evidencing such delegation will specify the total number of shares
of Common Stock that may be subject to the Awards granted by such Officer and that such Officer may not grant an Award to himself
or herself. Any such Awards will be granted on the applicable form of Award Agreement most recently approved for use by the Board
or the Committee, unless otherwise provided in the resolutions approving the delegation authority. Notwithstanding anything to
the contrary herein, neither the Board nor any Committee may delegate to an Officer who is acting solely in the capacity of an
Officer (and not also as a Director) the authority to determine the Fair Market Value.


 


8.            
Tax Withholding


 


(a)               
Withholding Authorization. As a condition to acceptance of any Award under the Plan, a Participant authorizes
withholding from payroll and any other amounts payable to such Participant, and otherwise agree to make adequate provision for
(including), any sums required to satisfy any U.S. and/or non-U.S. federal, state, or local tax or social insurance contribution
withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise, vesting or settlement
of such Award, as applicable. Accordingly, a Participant may not be able to exercise an Award even though the Award is vested,
and the Company shall have no obligation to issue shares of Common Stock subject to an Award, unless and until such obligations
are satisfied.


 


(b)              
Satisfaction of Withholding Obligation. To the extent permitted by the terms of an Award Agreement, the Company
may, in its sole discretion, satisfy any U.S. and/or non-U.S. federal, state, or local tax or social insurance withholding obligation
relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash
payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant
in connection with the Award; (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise
payable to the Participant; (v) by allowing a Participant to effectuate a “cashless exercise” pursuant to a program
developed under Regulation T as promulgated by the U.S. Federal Reserve Board, or (vi) by such other method as may be set forth
in the Award Agreement.


 









    12


     


    

 


(c)               
 No Obligation to Notify or Minimize Taxes; No Liability to Claims. Except as required by Applicable Law, the
Company has no duty or obligation to any Participant to advise such holder as to the time or manner of exercising such Award. Furthermore,
the Company has no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award
or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences
of an Award to the holder of such Award and will not be liable to any holder of an Award for any adverse tax consequences to such
holder in connection with an Award. As a condition to accepting an Award under the Plan, each Participant (i) agrees to not make
any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from
such Award or other Company compensation and (ii) acknowledges that such Participant was advised to consult with his or her own
personal tax, financial and other legal advisors regarding the tax consequences of the Award and has either done so or knowingly
and voluntarily declined to do so. Additionally, each Participant acknowledges any Option or SAR granted under the Plan is exempt
from Section 409A only if the exercise or strike price is at least equal to the “fair market value” of the Common Stock
on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation
associated with the Award. Additionally, as a condition to accepting an Option or SAR granted under the Plan, each Participant
agrees not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the
U.S. Internal Revenue Service asserts that such exercise price or strike price is less than the “fair market value”
of the Common Stock on the date of grant as subsequently determined by the U.S. Internal Revenue Service.


 


(d)              
Withholding Indemnification.  As a condition to accepting an Award under the Plan, in the event that the amount
of the Company’s and/or its Affiliate’s withholding obligation in connection with such Award was greater than the amount
actually withheld by the Company and/or its Affiliates, each Participant agrees to indemnify and hold the Company and/or its Affiliates
harmless from any failure by the Company and/or its Affiliates to withhold the proper amount.


 


9.            
Miscellaneous.


 


(a)               
Source of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common
Stock, including shares repurchased by the Company on the open market or otherwise.


 


(b)              
Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Awards
will constitute general funds of the Company.


 


(c)               
Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award
to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board,
regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted
by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate
action approving the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with
those in the Award Agreement or related grant documents as a result of a clerical error in the Award Agreement or related grant
documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the
Award Agreement or related grant documents.


 


(d)               Stockholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any
shares of Common Stock subject to such Award unless and until (i) such Participant has satisfied all requirements for
exercise of the Award pursuant to its terms, if applicable, and (ii) the issuance of the Common Stock subject to such Award
is reflected in the records of the Company.


 






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(e)               
No Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed
thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve
the Company or an Affiliate in the capacity in effect at the time the Award was granted or affect the right of the Company or an
Affiliate to terminate at will and without regard to any future vesting opportunity that a Participant may have with respect to
any Award (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant
pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director
pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the U.S. state or
non-U.S. jurisdiction in which the Company or the Affiliate is incorporated, as the case may be. Further, nothing in the Plan,
any Award Agreement or any other instrument executed thereunder or in connection with any Award will constitute any promise or
commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation
or any other term or condition of employment or service or confer any right or benefit under the Award or the Plan unless such
right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan.


 


(f)                
Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance
of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is
an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an
extended leave of absence) after the date of grant of any Award to the Participant, the Board may determine, to the extent permitted
by Applicable Law, to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such
Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination
with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the
Participant will have no right with respect to any portion of the Award that is so reduced or extended.


 


(g)               
Execution of Additional Documents. As a condition to accepting an Award under the Plan, the Participant agrees
to execute any additional documents or instruments necessary or desirable, as determined in the Plan Administrator’s sole
discretion, to carry out the purposes or intent of the Award, or facilitate compliance with securities and/or other regulatory
requirements, in each case at the Plan Administrator’s request.


 


(h)              
Electronic Delivery and Participation. Any reference herein or in an Award Agreement to a “written”
agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor
website thereto) or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which
the Participant has access). By accepting any Award the Participant consents to receive documents by electronic delivery and to
participate in the Plan through any on-line electronic system established and maintained by the Plan Administrator or another third
party selected by the Plan Administrator. The form of delivery of any Common Stock (e.g., a stock certificate or electronic entry
evidencing such shares) shall be determined by the Company.


 


(i)                 Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is
required to adopt pursuant to the listing standards of any national securities exchange or association on which the
Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act or other Applicable Law and any clawback policy that the Company otherwise adopts, to the extent applicable
and permissible under Applicable Law. In addition, the Board may impose such other clawback, recovery or recoupment
provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to a
reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of
Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a Participant’s right
to voluntarily terminate employment upon a “resignation for good reason,” or for a “constructive
termination” or any similar term under any plan of or agreement with the Company.


 






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(j)                
Securities Law Compliance. A Participant will not be issued any shares in respect of an Award unless either (i)
the shares are registered under the Securities Act; or (ii) the Company has determined that such issuance would be exempt from
the registration requirements of the Securities Act. Each Award also must comply with other Applicable Law governing the Award,
and a Participant will not receive such shares if the Company determines that such receipt would not be in material compliance
with Applicable Law.


 


(k)              
Transfer or Assignment of Awards; Issued Shares. Except as expressly provided in the Plan or the form of Award
Agreement, Awards granted under the Plan may not be transferred or assigned by the Participant. After the vested shares subject
to an Award have been issued, or in the case of Restricted Stock and similar awards, after the issued shares have vested, the holder
of such shares is free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that
any such actions are in compliance with the provisions herein, the terms of the Trading Policy and Applicable Law.


 


(l)                
Effect on Other Employee Benefit Plans.  The value of any Award granted under the Plan, as determined upon grant,
vesting or settlement, shall not be included as compensation, earnings, salaries, or other similar terms used when calculating
any Participant’s benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan
otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company's or
any Affiliate's employee benefit plans.


 


(m)            
Deferrals. To the extent permitted by Applicable Law, the Board, in its sole discretion, may determine that the
delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may
be deferred and may also establish programs and procedures for deferral elections to be made by Participants. Deferrals will be
made in accordance with the requirements of Section 409A.


 


(n)               Section
409A. Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to
the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A, and,
to the extent not so exempt, in compliance with the requirements of Section 409A. If the Board determines that any Award
granted hereunder is not exempt from and is therefore subject to Section 409A, the Award Agreement evidencing such Award will
incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to
the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference
into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically
provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that
constitutes “deferred compensation” under Section 409A is a “specified employee” for purposes of
Section 409A, no distribution or payment of any amount that is due because of a “separation from service” (as
defined in Section 409A without regard to alternative definitions thereunder) will be issued or paid before the date that is
six months and one day following the date of such Participant’s “separation from service” or, if earlier,
the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with
Section 409A, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the
balance paid thereafter on the original schedule.


 






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(o)               
Choice of Law. This Plan and any controversy arising out of or relating to this Plan shall be governed by, and
construed in accordance with, the internal laws of the State of Delaware, without regard to conflict of law principles that would
result in any application of any law other than the law of the State of Delaware.


 


10.           Covenants
of the Company.


 


(a)               
Compliance with Law. The Company will seek to obtain from each regulatory commission or agency, as may be deemed
necessary, having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell shares of
Common Stock upon exercise or vesting of the Awards; provided, however, that this undertaking will not require the Company to register
under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after reasonable
efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that
counsel for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the Plan, the Company
will be relieved from any liability for failure to issue and sell Common Stock upon exercise or vesting of such Awards unless and
until such authority is obtained. A Participant is not eligible for the grant of an Award or the subsequent issuance of Common
Stock pursuant to the Award if such grant or issuance would be in violation of any Applicable Law.


 


11.           Additional Rules for Awards Subject to Section 409A.


 


(a)               
Application.  Unless the provisions of this Section of the Plan are expressly superseded by the provisions in
the form of Award Agreement, the provisions of this Section shall apply and shall supersede anything to the contrary set forth
in the Award Agreement for a Non-Exempt Award.


 


(b)              
Non-Exempt Awards Subject to Non-Exempt Severance Arrangements. To the extent a Non-Exempt Award is subject to
Section 409A due to application of a Non-Exempt Severance Arrangement, the following provisions of this subsection (b) apply.


 


(i)                
If the Non-Exempt Award vests in the ordinary course during the Participant’s Continuous Service in accordance
with the vesting schedule set forth in the Award Agreement, and does not accelerate vesting under the terms of a Non-Exempt Severance
Arrangement, in no event will the shares be issued in respect of such Non-Exempt Award any later than the later of: (i) December
31st of the calendar year that includes the applicable vesting date, or (ii) the 60th day that follows the
applicable vesting date.


 


(ii)               If
vesting of the Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with the
Participant’s Separation from Service, and such vesting acceleration provisions were in effect as of the date of grant
of the Non-Exempt Award and, therefore, are part of the terms of such Non-Exempt Award as of the date of grant, then the
shares will be earlier issued in settlement of such Non-Exempt Award upon the Participant’s Separation from Service in
accordance with the terms of the Non-Exempt Severance Arrangement, but in no event later than the 60th day that
follows the date of the Participant’s Separation from Service. However, if at the time the shares would otherwise be
issued the Participant is subject to the distribution limitations contained in Section 409A applicable to “specified
employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is
six months following the date of such Participant’s Separation from Service, or, if earlier, the date of the
Participant’s death that occurs within such six month period.


 






    16


     


    

 


 



 


(iii)      
If vesting of a Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with
a Participant’s Separation from Service, and such vesting acceleration provisions were not in effect as of the date of grant
of the Non-Exempt Award and, therefore, are not a part of the terms of such Non-Exempt Award on the date of grant, then such acceleration
of vesting of the Non-Exempt Award shall not accelerate the issuance date of the shares, but the shares shall instead be issued
on the same schedule as set forth in the Grant Notice as if they had vested in the ordinary course during the Participant’s
Continuous Service, notwithstanding the vesting acceleration of the Non-Exempt Award. Such issuance schedule is intended to satisfy
the requirements of payment on a specified date or pursuant to a fixed schedule, as provided under Treasury Regulations Section
1.409A-3(a)(4).


 


(c)          
Treatment of Non-Exempt Awards Upon a Corporate Transaction for Employees and Consultants. The provisions of
this subsection (c) shall apply and shall supersede anything to the contrary set forth in the Plan with respect to the permitted
treatment of any Non-Exempt Award in connection with a Corporate Transaction if the Participant was either an Employee or Consultant
upon the applicable date of grant of the Non-Exempt Award.


 


(i)         
Vested Non-Exempt Awards. The following provisions shall apply to any Vested Non-Exempt Award in connection with
a Corporate Transaction:


 


(1)             
If the Corporate Transaction is also a Section 409A Change in Control then the Acquiring
Entity may not assume, continue or substitute the Vested Non-Exempt Award. Upon the Section 409A Change in Control the settlement
of the Vested Non-Exempt Award will automatically be accelerated and the shares will be immediately issued in respect of the Vested
Non-Exempt Award. Alternatively, the Company may instead provide that the Participant will receive a cash settlement equal to the
Fair Market Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control.


 


(2)              
If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring
Entity must either assume, continue or substitute each Vested Non-Exempt Award. The shares to be issued in respect of the Vested
Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been
issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity’s discretion, in lieu of
an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the
Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination
of the Fair Market Value of the shares made on the date of the Corporate Transaction.


 


(ii)        
Unvested Non-Exempt Awards. The following provisions shall apply to any Unvested Non-Exempt Award unless otherwise
determined by the Board pursuant to subsection (e) of this Section.


 


(1)               In
the event of a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt
Award. Unless otherwise determined by the Board, any Unvested Non-Exempt Award will remain subject to the same vesting and
forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in
respect of any Unvested Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that
the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring
Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on
each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
on such issuance dates, with the determination of Fair Market Value of the shares made on the date of the Corporate
Transaction.


 






    17


     


    

 


(2)              
If the Acquiring Entity will not assume, substitute or continue any Unvested Non-Exempt
Award in connection with a Corporate Transaction, then such Award shall automatically terminate and be forfeited upon the Corporate
Transaction with no consideration payable to any Participant in respect of such forfeited Unvested Non-Exempt Award. Notwithstanding
the foregoing, to the extent permitted and in compliance with the requirements of Section 409A, the Board may in its discretion
determine to elect to accelerate the vesting and settlement of the Unvested Non-Exempt Award upon the Corporate Transaction, or
instead substitute a cash payment equal to the Fair Market Value of such shares that would otherwise be issued to the Participant,
as further provided in subsection (e)(ii) below. In the absence of such discretionary election by the Board, any Unvested Non-Exempt
Award shall be forfeited without payment of any consideration to the affected Participants if the Acquiring Entity will not assume,
substitute or continue the Unvested Non-Exempt Awards in connection with the Corporate Transaction.


 


(3)              
The foregoing treatment shall apply with respect to all Unvested Non-Exempt Awards upon
any Corporate Transaction, and regardless of whether or not such Corporate Transaction is also a Section 409A Change in Control.


 


(d)            
Treatment of Non-Exempt Awards Upon a Corporate Transaction for Non-Employee Directors. The following provisions
of this subsection (d) shall apply and shall supersede anything to the contrary that may be set forth in the Plan with respect
to the permitted treatment of a Non-Exempt Director Award in connection with a Corporate Transaction.


 


(i)         
If the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue
or substitute the Non-Exempt Director Award. Upon the Section 409A Change in Control the vesting and settlement of any Non-Exempt
Director Award will automatically be accelerated and the shares will be immediately issued to the Participant in respect of the
Non-Exempt Director Award. Alternatively, the Company may provide that the Participant will instead receive a cash settlement equal
to the Fair Market Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control
pursuant to the preceding provision.


 


(ii)        
If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume,
continue or substitute the Non-Exempt Director Award. Unless otherwise determined by the Board, the Non-Exempt Director Award will
remain subject to the same vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction.
The shares to be issued in respect of the Non-Exempt Director Award shall be issued to the Participant by the Acquiring Entity
on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In
the Acquiring Entity’s discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment
on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant
on such issuance dates, with the determination of Fair Market Value made on the date of the Corporate Transaction.


 


(e)            
If the RSU Award is a Non-Exempt Award, then the provisions in this Section 11(e) shall apply and supersede anything
to the contrary that may be set forth in the Plan or the Award Agreement with respect to the permitted treatment of such Non-Exempt
Award:


 






    18


     


    

 


(i)        
 Any exercise by the Board of discretion to accelerate the vesting of a Non-Exempt Award shall not result in any acceleration
of the scheduled issuance dates for the shares in respect of the Non-Exempt Award unless earlier issuance of the shares upon the
applicable vesting dates would be in compliance with the requirements of Section 409A.


 


(ii)        
The Company explicitly reserves the right to earlier settle any Non-Exempt Award to the extent permitted and in compliance
with the requirements of Section 409A, including pursuant to any of the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).


 


(iii)      
To the extent the terms of any Non-Exempt Award provide that it will be settled upon a Change in Control or Corporate
Transaction, to the extent it is required for compliance with the requirements of Section 409A, the Change in Control or Corporate
Transaction event triggering settlement must also constitute a Section 409A Change in Control. To the extent the terms of a Non-Exempt
Award provides that it will be settled upon a termination of employment or termination of Continuous Service, to the extent it
is required for compliance with the requirements of Section 409A, the termination event triggering settlement must also constitute
a Separation From Service. However, if at the time the shares would otherwise be issued to a Participant in connection with a “separation
from service” such Participant is subject to the distribution limitations contained in Section 409A applicable to “specified
employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six
months following the date of the Participant’s Separation From Service, or, if earlier, the date of the Participant’s
death that occurs within such six month period.


 


(iv)       
The provisions in this subsection (e) for delivery of the shares in respect of the settlement of a RSU Award that is
a Non-Exempt Award are intended to comply with the requirements of Section 409A so that the delivery of the shares to the Participant
in respect of such Non-Exempt Award will not trigger the additional tax imposed under Section 409A, and any ambiguities herein
will be so interpreted.


 


12.           Severability.


 


If all or any part
of the Plan or any Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity shall not invalidate any portion of the Plan or such Award Agreement not declared to be unlawful or invalid. Any
Section of the Plan or any Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible,
be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible
while remaining lawful and valid.


 


13.         
Termination of the Plan.


 


The Board may suspend or terminate the
Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier of: (i) the Adoption Date,
or (ii) the date the Plan is approved by the Company’s stockholders. No Awards may be granted under the Plan while the Plan
is suspended or after it is terminated.


 


14.          
Definitions.


 


As used in the Plan,
the following definitions apply to the capitalized terms indicated below:


 


(a)            
“Acquiring Entity” means the surviving or acquiring corporation (or its parent company) in
connection with a Corporate Transaction.


 






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(b)           
 “Adoption Date” means the date the Plan is first approved by the Board or Compensation Committee.


 


(c)           
“Affiliate” means, at the time of determination, any “parent” or “subsidiary”
of the Company as such terms are defined in Rule 405 promulgated under the Securities Act. The Board may determine the time or
times at which “parent” or “subsidiary” status is determined within the foregoing definition.


 


(d)            
“Applicable Law” means shall mean the Code and any applicable U.S. or non-U.S. securities,
federal, state, material local or municipal or other law, statute, constitution, principle of common law, resolution, ordinance,
code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement issued, enacted, adopted, promulgated,
implemented or otherwise put into effect by or under the authority of any Governmental Body (including under the authority of any
applicable self-regulating organization such as the Nasdaq Stock Market, New York Stock Exchange, or the Financial Industry Regulatory
Authority).


 


(e)            
“Award” means any right to receive Common Stock, cash or other property granted under the
Plan (including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a RSU Award, a SAR, a Performance
Award or any Other Award).


 


(f)             
“Award Agreement” means a written agreement between the Company and a Participant evidencing
the terms and conditions of an Award. The Award Agreement generally consists of the Grant Notice and the agreement containing the
written summary of the general terms and conditions applicable to the Award and which is provided to a Participant along with the
Grant Notice.


 


(g)            
“Board” means the board of directors of the Company (or its designee). Any decision or determination
made by the Board shall be a decision or determination that is made in the sole discretion of the Board (or its designee), and
such decision or determination shall be final and binding on all Participants.


 


(h)           
“Capitalization Adjustment” means any change that is made in, or other events that occur with
respect to, the Common Stock subject to the Plan or subject to any Award after the Effective Date without the receipt of consideration
by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property
other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares,
exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement
of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding
the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.


 






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(i)              “Cause”
has the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term
and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following
events: (i) the Participant’s theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, or
intentional falsification of any Company or Affiliate documents or records; (ii) the Participant’s material failure to
abide by the Company’s Code of Conduct or other policies (including, without limitation, policies relating to
confidentiality and reasonable workplace conduct and policies of any Affiliate, as applicable); (iii) the Participant’s
unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of
the Company or any of its Affiliates (including, without limitation, the Participant’s improper use or disclosure of
Company or Affiliate confidential or proprietary information); (iv) any intentional act by the Participant which has a
material detrimental effect on the Company’s or its Affiliate’s reputation or business; (v) the
Participant’s repeated failure or inability to perform any reasonable assigned duties after written notice from the
Company (or its Affiliate, as applicable) of, and a reasonable opportunity to cure, such failure or inability; (vi) any
material breach by the Participant of any employment or service agreement between the Participant and the Company (or its
Affiliate, as applicable), which breach is not cured pursuant to the terms of such agreement; or (vii) the
Participant’s conviction (including any plea of guilty or nolo contendere) of any criminal act involving fraud,
dishonesty, misappropriation or moral turpitude, or which impairs the Participant’s ability to perform his or her
duties with the Company (or its Affiliate, as applicable). The determination that a termination of the Participant’s
Continuous Service is either for Cause or without Cause will be made by the Board with respect to Participants who are
executive officers of the Company and by the Company’s Chief Executive Officer or his or her designee with respect to
Participants who are not executive officers of the Company. Any determination by the Company that the Continuous Service of a
Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no
effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.


 


(j)             
“Change in Control” or “Change of Control” means the occurrence,
in a single transaction or in a series of related transactions, of any one or more of the following events; provided, however,
to the extent necessary to avoid adverse personal income tax consequences to the Participant in connection with an Award, also
constitutes a Section 409A Change in Control:


 


(i)         
any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than
50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series
of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities,
or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds
the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting
securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for
the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition,
the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had
not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control shall be deemed to occur;


 


(ii)       
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and,
immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately
prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined
outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the
combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in
each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately
prior to such transaction;


 


(iii)      
the stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company,
or a complete dissolution or liquidation of the Company shall otherwise occur, except for a liquidation into a parent corporation;


 






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(iv)      
 there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all
of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the
voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of
the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or


 


(v)        
individuals who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that
if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote
of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as
a member of the Incumbent Board.


 


Notwithstanding the
foregoing or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other
transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control
(or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede
the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in
Control or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply.


 


(k)           
“Code” means the U.S. Internal Revenue Code of 1986, as amended, including any applicable
regulations and guidance thereunder.


 


(l)             
“Committee” means the Compensation Committee and any other committee of one or more Directors
to whom authority has been delegated by the Board or Compensation Committee in accordance with the Plan.


 


(m)           
“Common Stock” means the common stock of the Company.


 


(n)            
“Company” means Olema Pharmaceuticals, Inc., a Delaware corporation, and any successor corporation
thereto.


 


(o)            
“Compensation Committee” means the Compensation Committee of the Board.


 


(p)            
“Consultant” means any person, including an advisor, who is (i) engaged by the Company or
an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the
board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a
fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding
the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities
Act is available to register either the offer or the sale of the Company’s securities to such person.


 






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(q)             “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee,
Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service
to the Company or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant
renders such service, provided that there is no interruption or termination of the Participant’s service with the
Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the Entity
for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, such
Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an
Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director
will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive
officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered
interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave,
military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors.
Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award
only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of
absence agreement or policy applicable to the Participant, or as otherwise required by law. In addition, to the extent
required for exemption from or compliance with Section 409A, the determination of whether there has been a termination of
Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of
 “separation from service” as defined under U.S. Treasury Regulation Section 1.409A-1(h) (without regard to any
alternative definition thereunder).


 


(r)             
“Corporate Transaction” means the consummation, in a single transaction or in a series of
related transactions, of any one or more of the following events:


 


(i)         
a sale or other disposition of all or substantially all, as determined by the Board, of the consolidated assets of the
Company and its Subsidiaries;


 


(ii)        a sale or other disposition of at least 50% of the outstanding securities of the Company;


 


(iii)      
a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or


 


(iv)       
a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares
of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by
virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.


 


(s)            
“Director” means a member of the Board.


 


(t)             
“determine” or “determined” means as determined by
the Board or the Committee (or its designee) in its sole discretion.


 


(u)           
“Disability” means, with respect to a Participant, such Participant is unable to engage in
any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to
result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, as provided
in Section 22(e)(3) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted
under the circumstances.


 


(v)             
“Effective Date” means the IPO Date, provided this Plan is approved by the Company’s
stockholders prior to the IPO Date.


 






    23


     


    

 


(w)          
 “Employee” means any person employed by the Company or an Affiliate. However, service solely
as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for
purposes of the Plan.


 


(x)            
“Employer” means the Company or the Affiliate that employs the Participant.


 


(y)            
“Entity” means a corporation, partnership, limited liability company or other entity.


 


(z)            
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.


 


(aa)          
“Exchange Act Person” means any natural person, Entity or “group” (within the
meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the
Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any
trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii)
an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of
the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange
Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than
50% of the combined voting power of the Company’s then outstanding securities.


 


(bb)          
“Fair Market Value” means, as of any date, unless otherwise determined by the Board, the value
of the Common Stock (as determined on a per share or aggregate basis, as applicable) determined as follows:


 


(i)         
If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market
Value will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest
volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable.


 


(ii)        
If there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will
be the closing selling price on the last preceding date for which such quotation exists.


 


(iii)      
In the absence of such markets for the Common Stock, or if otherwise determined by the Board, the Fair Market Value
will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.


 


(cc)          
“Governmental Body” means any: (a) nation, state, commonwealth, province, territory, county,
municipality, district or other jurisdiction of any nature; (b) U.S. or non-U.S. federal, state, local, municipal, or other government;
(c) governmental or regulatory body, or quasi-governmental body of any nature (including any governmental division, department,
administrative agency or bureau, commission, authority, instrumentality, official, ministry, fund, foundation, center, organization,
unit, body or Entity and any court or other tribunal, and for the avoidance of doubt, any Tax authority) or other body exercising
similar powers or authority; or (d) self-regulatory organization (including the Nasdaq Stock Market, New York Stock Exchange, and
the Financial Industry Regulatory Authority).


 


(dd)           “Grant
Notice” means the notice provided to a Participant that he or she has been granted an Award under the Plan and
which includes the name of the Participant, the type of Award, the date of grant of the Award, number of shares of Common
Stock subject to the Award or potential cash payment right, (if any), the vesting schedule for the Award (if any) and other
key terms applicable to the Award.


 






    24


     


    

 


(ee)          
“Incentive Stock Option” means an option granted pursuant to Section 4 of the Plan that is
intended to be, and qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.


 


(ff)           
“IPO Date” means the date of execution of the underwriting agreement between the Company and
the underwriter(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the
initial public offering.


 


(gg)         
“Materially Impair” means any amendment to the terms of the Award that materially adversely
affects the Participant’s rights under the Award. A Participant's rights under an Award will not be deemed to have been Materially
Impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not
materially impair the Participant’s rights. For example, the following types of amendments to the terms of an Award do not
Materially Impair the Participant’s rights under the Award: (i) imposition of reasonable restrictions on the minimum number
of shares subject to an Option that may be exercised, (ii) to maintain the qualified status of the Award as an Incentive Stock
Option under Section 422 of the Code; (iii) to change the terms of an Incentive Stock Option in a manner that disqualifies, impairs
or otherwise affects the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iv) to clarify
the manner of exemption from, or to bring the Award into compliance with or qualify it for an exemption from, Section 409A; or
(v) to comply with other Applicable Laws.


 


(hh)         
“Non-Employee Director” means a Director who either (i) is not a current employee or officer
of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate
for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure
would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)),
does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K,
and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation
S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3.


 


(ii)           
“Non-Exempt Award” means any Award that is subject to, and not exempt from, Section 409A,
including as the result of (i) a deferral of the issuance of the shares subject to the Award which is elected by the Participant
or imposed by the Company or (ii) the terms of any Non-Exempt Severance Agreement.


 


(jj)           
“Non-Exempt Director Award” means a Non-Exempt Award granted to a Participant who was a Director
but not an Employee on the applicable grant date.


 


(kk)        
“Non-Exempt Severance Arrangement” means a severance arrangement or other agreement between
the Participant and the Company that provides for acceleration of vesting of an Award and issuance of the shares in respect of
such Award upon the Participant’s termination of employment or separation from service (as such term is defined in Section
409A(a)(2)(A)(i) of the Code (and without regard to any alternative definition thereunder) (“Separation from Service”)
and such severance benefit does not satisfy the requirements for an exemption from application of Section 409A provided under Treasury
Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9) or otherwise.


 






    25


     


    

 


(ll)          
 “Nonstatutory Stock Option” means any option granted pursuant to Section 4 of the Plan that
does not qualify as an Incentive Stock Option.


 


(mm)        
“Officer” means a person who is an officer of the Company within the meaning of Section 16
of the Exchange Act.


 


(nn)          
“Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares
of Common Stock granted pursuant to the Plan.


 


(oo)           
“Option Agreement” means a written agreement between the Company and the Optionholder evidencing
the terms and conditions of the Option grant. The Option Agreement includes the Grant Notice for the Option and the agreement containing
the written summary of the general terms and conditions applicable to the Option and which is provided to a Participant along with
the Grant Notice. Each Option Agreement will be subject to the terms and conditions of the Plan.


 


(pp)          
“Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Option.


 


(qq)          
“Other Award” means an award valued in whole or in part by reference to, or otherwise based
on, Common Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price
less than 100% of the Fair Market Value at the time of grant) that is not an Incentive Stock Options, Nonstatutory Stock Option,
SAR, Restricted Stock Award, RSU Award or Performance Award.


 


(rr)          
“Other Award Agreement” means a written agreement between the Company and a holder of an Other
Award evidencing the terms and conditions of an Other Award grant. Each Other Award Agreement will be subject to the terms and
conditions of the Plan.


 


(ss)          
“Own,” “Owned,” “Owner,” “Ownership”
means that a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of,
or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct
the voting, with respect to such securities.


 


(tt)           
“Participant” means an Employee, Director or Consultant to whom an Award is granted pursuant
to the Plan or, if applicable, such other person who holds an outstanding Award.


 


(uu)         
“Performance Award” means an Award that may vest or may be exercised or a cash award that
may vest or become earned and paid contingent upon the attainment during a Performance Period of certain Performance Goals and
which is granted under the terms and conditions of Section 5(b) pursuant to such terms as are approved by the Board. In addition,
to the extent permitted by Applicable Law and set forth in the applicable Award Agreement, the Board may determine that cash or
other property may be used in payment of Performance Awards. Performance Awards that are settled in cash or other property are
not required to be valued in whole or in part by reference to, or otherwise based on, the Common Stock.


 






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(vv)            “Performance
Criteria” means the one or more criteria that the Board will select for purposes of establishing the
Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals
may be based on any one of, or combination of, the following as determined by the Board: earnings (including earnings per
share and net earnings); earnings before interest, taxes and depreciation; earnings before interest, taxes, depreciation and
amortization; total stockholder return; return on equity or average stockholder’s equity; return on assets, investment,
or capital employed; stock price; margin (including gross margin); income (before or after taxes); operating income;
operating income after taxes; pre-tax profit; operating cash flow; sales or revenue targets; increases in revenue or product
revenue; expenses and cost reduction goals; improvement in or attainment of working capital levels; economic value added (or
an equivalent metric); market share; cash flow; cash flow per share; share price performance; debt reduction; customer
satisfaction; stockholders’ equity; capital expenditures; debt levels; operating profit or net operating profit;
workforce diversity; growth of net income or operating income; billings; pre-clinical development related compound goals;
financing; regulatory milestones, including approval of a compound; stockholder liquidity; corporate governance and
compliance; product commercialization; intellectual property; personnel matters; progress of internal research or clinical
programs; progress of partnered programs; partner satisfaction; budget management; clinical achievements; completing phases
of a clinical study (including the treatment phase); announcing or presenting preliminary or final data from clinical
studies; in each case, whether on particular timelines or generally; timely completion of clinical trials; submission of INDs
and NDAs and other regulatory achievements; partner or collaborator achievements; internal controls, including those related
to the Sarbanes-Oxley Act of 2002; research progress, including the development of programs; investor relations, analysts and
communication; manufacturing achievements (including obtaining particular yields from manufacturing runs and other measurable
objectives related to process development activities); strategic partnerships or transactions (including in-licensing and
out-licensing of intellectual property; establishing relationships with commercial entities with respect to the marketing,
distribution and sale of the Company’s products (including with group purchasing organizations, distributors and other
vendors); supply chain achievements (including establishing relationships with manufacturers or suppliers of active
pharmaceutical ingredients and other component materials and manufacturers of the Company’s products); co-development,
co-marketing, profit sharing, joint venture or other similar arrangements; individual performance goals; corporate
development and planning goals; and other measures of performance selected by the Board or Committee.


 


(ww)         “Performance
Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance
Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or
more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance
of one or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the
Board (i) in the Award Agreement at the time the Award is granted or (ii) in such other document setting forth the
Performance Goals at the time the Performance Goals are established, the Board will appropriately make adjustments in the
method of calculating the attainment of Performance Goals for a Performance Period as follows: (1) to exclude restructuring
and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes to generally
accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates; (5) to
exclude the effects of items that are “unusual” in nature or occur “infrequently” as determined under
generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to
assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a
Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of Common
Stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger,
consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common
stockholders other than regular cash dividends; (9) to exclude the effects of stock based compensation and the award of
bonuses under the Company’s bonus plans; (10) to exclude costs incurred in connection with potential acquisitions or
divestitures that are required to expensed under generally accepted accounting principles; and (11) to exclude the goodwill
and intangible asset impairment charges that are required to be recorded under generally accepted accounting principles. In
addition, the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of
Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for such Performance
Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of
achievement as specified in the Award Agreement or the written terms of a Performance Cash Award.


 






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(xx)           
“Performance Period” means the period of time selected by the Board over which the attainment
of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to vesting or exercise
of an Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.


 


(yy)          
“Plan” means this Olema Pharmaceuticals, Inc. 2020 Equity Incentive Plan, as amended from
time to time.


 


(zz)          
“Plan Administrator” means the person, persons, and/or third-party administrator designated
by the Company to administer the day to day operations of the Plan and the Company’s other equity incentive programs.


 


(aaa)        
“Post-Termination Exercise Period” means the period following termination of a Participant’s
Continuous Service within which an Option or SAR is exercisable, as specified in Section 4(h).


 


(bbb)         
“Prior Plan” means the Company’s 2014 Stock Plan.


 


(ccc)         
“Restricted Stock Award” or “RSA” means an Award of shares of Common
Stock which is granted pursuant to the terms and conditions of Section 5(a).


 


(ddd)       
“Restricted Stock Award Agreement” means a written agreement between the Company and a holder
of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. The Restricted Stock Award Agreement
includes the Grant Notice for the Restricted Stock Award and the agreement containing the written summary of the general terms
and conditions applicable to the Restricted Stock Award and which is provided to a Participant along with the Grant Notice. Each
Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan.


 


(eee)        
“Returning Shares” means shares subject to outstanding stock awards granted under the Prior
Plan and that following the Effective Date: (A) are not issued because such stock award or any portion thereof expires or otherwise
terminates without all of the shares covered by such stock award having been issued; (B)  are not issued because such stock
award or any portion thereof is settled in cash; (C)  are forfeited back to or repurchased by the Company because of the failure
to meet a contingency or condition required for the vesting of such shares; (D) are withheld or reacquired to satisfy the exercise,
strike or purchase price; or (E) are withheld or reacquired to satisfy a tax withholding obligation.


 


(fff)           
“RSU Award” or “RSU” means an Award of restricted stock units representing
the right to receive an issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).


 


(ggg)       
“RSU Award Agreement” means a written agreement between the Company and a holder of a RSU
Award evidencing the terms and conditions of a RSU Award. The RSU Award Agreement includes the Grant Notice for the RSU Award and
the agreement containing the written summary of the general terms and conditions applicable to the RSU Award and which is provided
to a Participant along with the Grant Notice. Each RSU Award Agreement will be subject to the terms and conditions of the Plan.


 


(hhh)        
“Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule
16b-3, as in effect from time to time.


 



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(iii)           
“Rule 405” means Rule 405 promulgated under the Securities Act.


 


(jjj)          
“Section 409A” means Section 409A of the Code and the regulations and other guidance thereunder.


 


(kkk)     
“Section 409A Change in Control” means a change in the ownership or effective control of the
Company, or in the ownership of a substantial portion of the Company’s assets, as provided in Section 409A(a)(2)(A)(v) of
the Code and Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).


 


(lll)          
“Securities Act” means the U.S. Securities Act of 1933, as amended.


 


(mmm)    
 “Share Reserve” means the number of shares available for issuance under the Plan as set forth in Section
2(a).


 


(nnn)       
“Stock Appreciation Right” or “SAR” means a right to receive the
appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 4.


 


(ooo)        
“SAR Agreement” means a written agreement between the Company and a holder of a SAR evidencing
the terms and conditions of a SAR grant. The SAR Agreement includes the Grant Notice for the SAR and the agreement containing the
written summary of the general terms and conditions applicable to the SAR and which is provided to a Participant along with the
Grant Notice. Each SAR Agreement will be subject to the terms and conditions of the Plan.


 


(ppp)        
“Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50%
of the outstanding Common Stock having ordinary voting power to elect a majority of the board of directors of such corporation
(irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power
by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership,
limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting
or participation in profits or capital contribution) of more than 50%.


 


(qqq)        
“Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section
424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or
any Affiliate.


 


(rrr)        
“Trading Policy” means the Company’s policy permitting certain individuals to sell Company
shares only during certain "window" periods and/or otherwise restricts the ability of certain individuals to transfer
or encumber Company shares, as in effect from time to time.


 


(sss)        
“Unvested Non-Exempt Award” means the portion of any Non-Exempt Award that had not vested
in accordance with its terms upon or prior to the date of any Corporate Transaction.


 


(ttt)          
“Vested Non-Exempt Award” means the portion of any Non-Exempt Award that had vested in accordance
with its terms upon or prior to the date of a Corporate Transaction.


 



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