pmvp-ex1017_538.htm



Exhibit 10.17

 

PMV PHARMACEUTICALS, INC.

AMENDED & RESTATED SAB CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT (the “Agreement”) is made and entered into by and between PMV PHARMACEUTICALS, INC., a Delaware corporation (the “Company”), and Richard Heyman, Ph.D., an individual (“Consultant”), effective as of May 15, 2021 (“Effective Date”).

 

RECITALS

 

WHEREAS, Consultant and the Company have previously entered into an SAB Consulting Agreement (the “Prior Agreement”) pursuant to which the Company has appointed, and Consultant has agreed to serve, on the Company’s Scientific Advisory Board (the “SAB”); and

 

WHEREAS, PMV Pharma and Consultant desire to amend and restate the terms of the Prior Agreement in its entirety as set forth herein;

 

NOW THEREFORE, in consideration of the mutual obligations specified in this Agreement, the parties agree that the Prior Agreement shall be amended and restated as follows:

 


	
 
	
1.
	
CONSULTING SERVICES ENGAGEMENT. The Company hereby retains Consultant, and Consultant hereby accepts such retention, to perform consulting services for the Company as set forth herein.
	
 




 


	
 
	
1.1.
	
SERVICES. Consultant shall provide services described in Exhibit 1 (“Services”) for the Company.
	
 




 


	
 
	
1.2.
	
COMPENSATION. Company agrees to pay Consultant the compensation set forth in Exhibit 1.
	
 




 


	
 
	
1.3.
	
TERM AND TIME COMMITMENT. This Agreement will commence on the Effective Date and will continue from the Effective Date for a three (3) year term, unless terminated earlier by either party according to section 1.6 below.
	
 




 


	
 
	
1.4.
	
PAYMENT TERMS AND EXPENSE REIMBURSEMENT:




 


	
 
	
1.4.1.
	
PAYMENT. Company shall pay Consultant on a quarterly basis, effect on the first day of each calendar quarter.
	
 




 


	
 
	
1.4.2.
	
EXPENSES. The Company shall reimburse Consultant for expenses actually incurred by Consultant in performing the Services, including but not limited to travel and accommodation expenses, so long as such expenses are reasonable and necessary as determined by the Company and, where such policies exist, comply with the Company’s expense policies. Consultant shall maintain adequate books and records relating to any expenses to be reimbursed. Consultant shall submit in a timely manner original receipts along with invoices and summarize expenses in a form acceptable to the Company.
	
 




 

 



 

 

 


	
 
	
1.5.
	
INDEPENDENT CONTRACTOR STATUS. It is understood and agreed that Consultant is an independent contractor, is not an agent or employee of the Company, and is not authorized to act on behalf of the Company. Consultant agrees not to hold himself or herself out as, or give any person any reason to believe that he or she is an employee, agent, joint venturer or partner of the Company. Consultant will not be eligible for any employee benefits, nor will the Company make deductions from any amounts payable to Consultant for taxes or insurance. All payroll and employment taxes, insurance, and benefits shall be the sole responsibility of Consultant. Consultant retains the right to provide services for others during the term of this Agreement and is not required to devote his or her services exclusively for the Company.
	
 




 


	
 
	
1.6.
	
TERMINATION. The Company or Consultant may terminate this Agreement at any time by giving ten (10) business days’ written notice. Company may terminate this Agreement immediately upon written notice and without prior notice if Consultant refuses to or is unable to perform the Services or is in breach of any material provision of this Agreement. In the event of such termination, Consultant shall cease work immediately after receiving such notice of termination, unless otherwise agreed to in writing with the Company. At the time of termination of this Agreement for any reason, Consultant shall return to the Company all Confidential Information, Service Product, and other materials belonging to the Company, and shall notify the Company of any compensation earned and expenses incurred up to the termination date, which compensation and expenses shall be paid by the Company within 30 days of the Company’s receipt of Consultant’s invoice for same.
	
 




 


	
 
	
2.
	
CONFIDENTIALITY AND ASSIGNMENT OF INVENTIONS. As a condition of this Agreement, Consultant agrees to all the terms of Section 1, Exhibit 2 (Confidentiality) and Section 2, Exhibit 2 (Assignment of Inventions).
	
 




 


	
 
	
3.
	
SURVIVING SECTIONS. Sections 1 (Confidentiality) and 2 (Ownership of Inventions) of Exhibit 2 of the Agreement shall survive any termination of this Agreement for the period of five (5) years from the execution of this Agreement.
	
 




 


	
 
	
4.
	
ASSIGNMENT; BENEFIT. This Agreement is for the personal services of Consultant and may not be assigned by him or her, nor shall it be assignable by operation of law, without the prior written consent of the Company. This Agreement may not be assigned by the Company, nor shall it be assignable by operation of law, without the prior written consent of Consultant. The parties’ rights and obligations under this Agreement will bind and inure to the benefit of their respective successors, heirs, executors, and administrators and permitted assigns.
	
 




 


	
 
	
5.
	
GOVERNING LAW; SEVERABILITY. This Agreement shall be governed by and construed according to the laws of the State of New Jersey without regard to its conflict of laws rules. If any provision of this Agreement is found by a court of competent jurisdiction to be unenforceable, that provision shall be severed and the remainder of this Agreement shall continue in full force and effect.
	
 




 


	
 
	
6.
	
COMPLETE UNDERSTANDING; MODIFICATION. This Agreement, together with any Exhibits attached hereto, constitutes the final, exclusive and complete understanding and agreement of the Company and Consultant with respect to the subject matter hereof. Any waiver,
	
 




 



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modification or amendment of any provision of this Agreement shall be effective only if in writing and signed by Consultant and a Company officer.

 


	
 
	
7.
	
LIABILITY. Consultant represents that he or she is experienced and qualified to perform the Services hereunder and shall use his or her best efforts to provide the Services with the highest level of skill and professionalism. Except for the foregoing, Consultant makes no warranties with regard to the Services and none shall be implied. In no event shall Consultant be liable for special or consequential damages, either in contract or tort, whether or not the possibility of such damages has been disclosed to Consultant in advance or could have been reasonably foreseen by Consultant. In the event this limitation of damages is held unenforceable, the parties agree that because of the difficulty in foreseeing possible damages, Consultant’s liability to the Company shall not exceed the amount of any payments made by the Company to Consultant under this Agreement, any such liability for payment to be construed as liquidated damages and not as a penalty.
	
 




 


	
 
	
8.
	
NOTICES. Any notices required or permitted hereunder shall be given to the appropriate party at the address specified below or at such other address as the party shall specify in writing. Such notice shall be deemed given upon personal delivery to the appropriate address or sent by certified or registered mail, three days after the date of mailing.
	
 





	
 
	
If to the Company:
	
If to the Consultant: David Mack, Ph.D.Richard Heyman, Ph.D.
	
 




President and CEO264 Torrey Pines Terrace

PMV Pharmaceuticals, Inc.Del Mar, CA 92014 8 Clark Drive

Cranbury, NJ 08512

 

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In Witness Whereof, the parties hereto have executed this Agreement as of the Effective

Date.

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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PMV Pharma, Inc. SAB Consulting Agreement

Exhibit 1

 


	
 
	
1.
	
SERVICES: Advise and consult with the Company as a member of its Scientific Advisory Board (SAB) and as to such matters as may be mutually agreed by the Company and Consultant.
	
 




 


	
 
	
2.
	
COMPENSATION:




 


	
 
	
2.1.
	
Cash. Consultant will be paid $15,000 per year in quarterly installments at the beginning of each quarter, with the increased cash compensation commencing with the next succeeding calendar quarter following the Effective Date.
	
 




 


	
 
	
2.2.
	
Equity. Consultant will receive an option grant of 5,781 shares of Company stock at the prevailing option price as determined by the Board of Directors (and subject to the other terms and conditions of the Company’s Equity Incentive Plan), vesting in equal amounts monthly over 36 months beginning from the Effective Date.
	
 




 


	
 
	
3.
	
EXPENSES: Consultant shall be reimbursed for reasonable expenses incurred in performance of Consultants’ obligations; provided these expenses shall be invoiced on a monthly basis and are approved by the Company. Domestic air travel, if approved by the Company, shall be reimbursed at business or comparable rate; international air travel, if approved by the Company, shall be reimbursed at business or comparable rate.
	
 




 


	
 
	
4.
	
TIME COMMITMENT: Consultant shall provide consulting services to the Company at Company’s reasonable request; (not to exceed 5 days per year during the term of the Agreement without prior consent of the Company) for the term of the agreement, or as agreed between Consultant and Company.
	
 




 


	
 
	
5.
	
CONTACT PERSON: David Mack, CEO (dmack@pmvpharma.com; 650-224-8240)




 



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PMV Pharma Consulting Agreement

Exhibit 2

Confidentiality and Assignment of Invention

 


	
 
	
1.
	
Confidential Information.




 


	
 
	
1.1.
	
Subject to the limitations set forth in Paragraph 1.2, all information disclosed by Company to Consultant or generated by Consultant in the course of performing the Services shall be “Confidential Information.” In particular, Confidential Information shall include, but not be limited to, information relating to any compound, chemical, peptide, protein, complex, conjugate, assay, biological material, virus, extract, media, vector, gene sequence, cell, cell component, cell line, formulation or sample; any procedure, discovery, invention, formula, data, result, process, idea or technique; any trade secret, trade dress, copyright, patent or other intellectual property right, or any registration or application therefore, or materials relating thereto; and any information relating to any of the foregoing or to any research, development (including pre-clinical and clinical development), manufacturing, engineering, marketing, servicing, sales, financing, legal or other business activities or to any present or future products, prices, plans, forecasts, suppliers, clients, customers, employees, consultants or investors; whether in oral, written, graphic or electronic form.
	
 




 


	
 
	
1.2.
	
The term “Confidential Information” shall not include information which Consultant can demonstrate by competent written proof: (a) is now, or hereafter becomes, through no act or failure to act on the part of Consultant, generally known or available in the public domain; (b) is known by Consultant at the time of receiving such information as evidenced by his/her records or other reasonable proof; or (c) is hereafter furnished to Consultant by a third party, as a matter of right and without restriction on disclosure.
	
 




 


	
 
	
1.3.
	
Consultant shall maintain all Confidential Information received from Company in trust and confidence and shall not disclose without the prior written permission of the Company any such Confidential Information to any third party or use any such Confidential Information for any unauthorized purpose. In particular and without limitation, Consultant shall not use any Confidential Information to support any patent application or related filing. Consultant may use such Confidential Information only to the extent required to perform the Services. Consultant shall not use Confidential Information for any purpose or in any manner, which would constitute a violation of any laws or regulations, including without limitation the export control laws of the United States. Nothing in this Agreement shall be construed to grant Consultant any rights or licenses (a) under Company’s trade secrets, trademarks, inventions, copyrights, patents or other intellectual property rights, or (b) to retain, distribute or commercialize any Confidential Information belonging to Company, in either case, except as necessary to perform the Services.
	
 




 



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1.4.
	
Other Employer Information. Consultant agrees that he or she will not, during his or her engagement with the Company, improperly use or disclose any proprietary information or trade secrets of his or her former or concurrent employers, companies or clients, if any, and that he or she will not bring onto the premises of the Company any unpublished documents or any property belonging to his or her former or concurrent employers, companies or clients unless consented to in writing by said employers, companies or clients.
	
 




 


	
 
	
1.5.
	
Third Party Information. Consultant recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and, in some cases, to use it only for certain limited purposes. Consultant agrees that he or she owes the Company and such third parties, both during the term of his or her engagement and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation (except in a manner that is consistent with the Company’s agreement with the third party) or use it for the benefit of anyone other than the Company or such third party (consistent with the Company’s agreement with the third party).
	
 




 


	
 
	
1.6.
	
Consultant acknowledges that his or her breach of this Agreement may cause the Company irreparable damage for which recovery of damages would be inadequate, and that the Company shall therefore be entitled to seek timely injunctive relief under this Agreement, as well as such further relief as may be granted by a court of competent jurisdiction in connection with any breach or enforcement of the Company’s obligations hereunder o the unauthorized use or release of any such Confidential Information.
	
 




 


	
 
	
2.
	
Assignment of Inventions.




 


	
 
	
2.1.
	
Disclosure of Inventions. Consultant shall promptly and fully disclose to the Company any and all ideas, improvements, inventions, know-how, techniques and works of authorship developed by Consultant during his or her performance of the Services for the Company (the “Service Product”). Consultant agrees to keep and maintain adequate and current records (in the form of notes, sketches, drawings or in any other form that may be required by the Company) of all work performed relating to the Services, including all proprietary information developed relating thereto, and such records shall be available to and remain the sole property of the Company at all times.
	
 




 


	
 
	
2.2.
	
Inventions Assigned to the Company. Consultant agrees that any and all Service Product shall be the sole and exclusive property of the Company. Consultant hereby assigns to the Company all his or her right, title and interest in and to any and all Service Product. Consultant explicitly acknowledges and agrees that all works of authorship contained in the Service Product are “works for hire” under the copyright laws of the United States, and that the Company shall own the copyright in all such works of authorship.
	
 




 



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Consultant further agrees that the Company is and shall be vested with all rights, title and interests, including patent, copyright, trade secret and trademark rights, in all of Consultant’s Service Product under this Agreement.

 


	
 
	
2.3.
	
Obtaining Intellectual Property Protection. Consultant agrees to assist the Company in every proper way to obtain and enforce United States and foreign proprietary rights relating to the Service Product in any and all countries. To that end, Consultant agrees to execute, verify and deliver such documents and perform such other acts (including appearing as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such proprietary rights and the assignment thereof. In addition, Consultant agrees to execute, verify and deliver assignments of such proprietary rights to the Company or its designee. Consultant’s obligation to assist the Company with respect to proprietary rights in any and all countries shall continue beyond the termination of his or her engagement, but the Company shall compensate Consultant at a reasonable rate after such termination for the time actually spent by Consultant at the Company’s request on such assistance.
	
 




 

In the event the Company is unable for any reason, after reasonable effort, to secure Consultant’s signature on any document needed in connection with the actions specified in the preceding paragraph, Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his or her agent and attorney in fact, to act for and in his or her behalf to execute, verify and file, with the same legal force and effect as if executed by him or her, any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph. Consultant hereby waives and quitclaims to the Company any and all claims of any nature whatsoever which Consultant now or may hereafter have for infringement of any proprietary rights assigned to the Company.

 



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AMENDMENT TO SAB AGREEMENT

 

This Amendment to the SAB Agreement (this "Amendment") is hereby made and entered into as of July 16, 2021, by and between PMV Pharmaceuticals, Inc. ("PMV Pharma"

) and Richard Heyman, Ph.D. ("Heyman").

 

RECITALS

 

WHEREAS, PMV Pharma and Heyman, Chairman of PMV Pharma's Board of Directors, entered into the Amended & Restated SAB Consulting Agreement as of May 15, 2021 (the "SAB Agreement");

 

WHEREAS, PMV Pharma and Heyman desire to amend certain of the terms of the SAB Agreement as set forth herein; and

 

NOW, THEREFORE, in consideration of the foregoing premises and the Parties mutual desire to continue the discussions referenced in the SAB Agreement and herein, it is hereby agreed as follows:

 


	
 
	
1.
	
The SAB Agreement is hereby amended as follows:




 


	
 
	
(a)
	
Compensation: Heyman shall, effective as of September 1, 2021, waive any further compensation for his continued services on PMV Pharma's SAB, provided that Heyman shall retain all rights to any and all SAB compensation accrued on or prior to that date.
	
 




 


	
 
	
2.
	
Except as expressly provided in this Amendment, all other terms, conditions and provisions of the SAB Agreement shall continue in full force and effect as provided therein. Each capitalized term used and not defined herein shall have the respective meaning assigned to such term in the SAB Agreement.
	
 




 

IN WITNESS WHEREOF, PMV Pharma and Heyman have entered into this Amendment effective as of the date first set forth above.