Document:

secondaremplagmtsun2020

                                                                                             SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT          THIS  SECOND  AMENDED    AND  RESTATED  EMPLOYMENT  AGREEMENT         (this  “Agreement”) is entered into by and between Zeno Management, Inc., a Delaware corporation (the  “Company”) and a wholly owned subsidiary of Zentalis Pharmaceuticals, Inc. (the “Parent”), and  Anthony Y. Sun, M.D. (“Executive”), and shall be effective as of October 1, 2020 (the “Effective  Date”).          WHEREAS,  the  Company  and  Executive  are  parties  to  that  certain  Employment   Agreement effective as of February 1, 2019 (as amended, the “Prior Agreement”); and          WHEREAS, the Company desires to continue to employ Executive, and Executive desires   to continue employment with the Company, and to amend and restate the Prior Agreement, on the   terms and conditions set forth in this Agreement.          NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties   agree as follows:           1.    Definitions.  As  used  in  this  Agreement,  the  following  terms  shall  have  the   following meanings:                 (a)   “Board” means the Board of Directors of the Company.                 (b)   “Cause” means any of the following:                       (i)   Executive’s  unauthorized  use  or  disclosure  of  confidential   information or trade secrets of the Company or its affiliates or any material breach of a written   agreement between Executive and the Company or any affiliate, including without limitation a   material  breach  of  any  employment,  confidentiality,  non-compete, non-solicit  or  similar   agreement;                       (ii)  Executive’s commission of, indictment for or the entry of a plea of   guilty or nolo contendere by Executive to, a felony under the laws of the United States or any state   thereof  or  any  crime  involving  dishonesty  or  moral turpitude  (or  any  similar  crime  in  any   jurisdiction outside the United States);                       (iii) Executive’s gross negligence or willful misconduct or Executive’s   willful or repeated failure or refusal to substantially perform assigned duties;                       (iv)  any  act  of  fraud,  embezzlement,  material  misappropriation  or   dishonesty committed by Executive against the Company or its affiliates; or                       (v)   any acts, omissions or statements by Executive which the Company   reasonably  determines  to  be  materially  detrimental  or  damaging  to  the reputation,  operations,   prospects or business relations of the Company or its affiliates;      US-DOCS\117414937.4 

 

                                                                                   provided, however, that prior to the determination that “Cause” under clauses (i), (iii), (iv) or (v)   of  this  Section  1(b)  has  occurred,  the  Company  shall  (A)  provide  to  Executive  in  writing,  in   reasonable detail, the reasons for the determination that such “Cause” exists, (B) afford Executive   a reasonable opportunity to remedy any such breach, (C) provide Executive an opportunity to be   heard prior to the final decision to terminate Executive’s employment hereunder for such “Cause”   and (D) make any decision that such “Cause” exists in good faith.                The foregoing definition shall not in any way preclude or restrict the right of the   Company or any successor or affiliate thereof to discharge or dismiss Executive for any other acts   or omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement,   to constitute grounds for termination for Cause.                 (c)   “Change in Control” shall have the meaning ascribed to such term in the   Zentalis Pharmaceuticals, Inc. 2020 Incentive Award Plan.                 (d)   “Code” means the Internal Revenue Code of 1986, as amended from time   to time, and the Treasury Regulations and other interpretive guidance issued thereunder.                 (e)   “Good  Reason” means  the  occurrence  of  any  of  the  following  events  or   conditions without Executive’s written consent:                     (i)  a  change  in  Executive’s  position  or  responsibilities  that  represents  a   substantial reduction in his position or responsibilities as in effect immediately prior thereto; the   assignment to Executive of any duties or responsibilities that are materially inconsistent with such   position or responsibilities; or any removal of Executive from or failure to reappoint or reelect   Executive to any of such positions, including Executive’s position as a member of the Board or   the board of directors of Parent, except in connection with the termination of Executive’s services   for Cause, as a result of his Permanent Disability or death, or by Executive other than for Good   Reason; provided, however, that neither a change in Executive’s reporting relationship as a result   of a Change in Control nor the fact that Executive’s reporting relationship is altered following a   Change in Control because the Company or its successor is a wholly-owned subsidiary of another   entity following such Change in Control shall alone constitute Good Reason;                       (ii)  a material reduction in Executive’s annual base salary;                       (iii) the Company requiring Executive (without Executive’s consent) to   be based at any place outside a ten (10)-mile radius of his then-current place of employment with   the Company prior to any such relocation, except for reasonably required travel on the Company’s   business; or                       (iv)  any  material  breach  by  the  Company  or  any  affiliate  of  its   obligations  to  Executive  under  any  applicable  employment  or  services  agreement  between   Executive and the Company or such affiliate.      US-DOCS\117414937.4                  2 

 

                                                                                              Executive must provide written notice to the Company of the occurrence of any   of the foregoing events or conditions without Executive’s written consent within sixty (60) days   of the occurrence of such event. The Company or any successor or affiliate shall have a period of   thirty (30) days to cure such event or condition after receipt of written notice of such event from   Executive. Executive’s Separation from Service by reason of resignation from employment with   the Company for Good Reason must occur within thirty (30) days following the expiration of the   foregoing thirty (30) day cure period.                 (f)   “Involuntary Termination” means (i) Executive’s Separation from Service   by  reason  of  Executive’s  discharge  by  the  Company  other  than  for  Cause,  or  (ii)  Executive’s   Separation from Service by reason of Executive’s resignation of employment with the Company   for  Good  Reason.  Executive’s  Separation  from Service  by  reason  of  Executive’s  death  or   discharge  by the  Company  following Executive’s  Permanent Disability shall  not constitute an   Involuntary Termination.                 (g)   Executive’s “Permanent Disability” shall be deemed to have occurred if   Executive  shall  become  physically  or  mentally  incapacitated  or  disabled  or  otherwise  unable   fully to discharge his duties hereunder for a period of ninety (90) consecutive calendar days or   for one hundred twenty (120) calendar days in any one hundred eighty (180) calendar-day period.   The existence of Executive’s Permanent Disability shall be determined by the Company on the   advice  of  a  physician  chosen  by  the  Company  and  the  Company  reserves  the  right  to  have   Executive examined by a physician chosen by the Company at the Company’s expense.                 (h)   “Separation from Service,” with respect to Executive, means Executive’s   “separation from service,” as defined in Treasury Regulation Section 1.409A-1(h).                              (i)   “Stock Awards” means all stock options, restricted stock and such other   awards  granted  pursuant  to  the  Company’s  stock  option  and  equity  incentive  award  plans  or   agreements and any shares of stock issued upon exercise thereof.           2.    Services to Be Rendered.                 (a)   Duties  and  Responsibilities.  Executive  shall  serve  as  Chief  Executive   Officer of the Company. In the performance of such duties, Executive shall report directly to the   Board and shall be subject to the direction of the Board and to such limits upon Executive’s   authority as the Board may from time to time impose. Executive hereby consents to serve as an   officer and/or director of the Company, Parent or any subsidiary or affiliate thereof without any   additional salary or compensation, if so requested by the Board. Executive shall be employed by   the Company on a full time basis. Executive’s primary place of work shall be the Company’s   offices in New York, New York. Executive will also be expected to travel to the Company’s   locations as needed in connection with his duties. Executive shall be subject to and comply with   the  policies and  procedures generally applicable to  senior  executives  of the  Company to  the   extent the same are not inconsistent with any term of this Agreement.                 (b)   Exclusive Services. Executive shall at all times faithfully, industriously and   to the best of his ability, experience and talent perform all of the duties that may be assigned to   Executive hereunder and shall devote substantially all of his productive time and efforts to the   performance of such duties. Subject to the terms of the Proprietary Information and Inventions    US-DOCS\117414937.4                  3 

 

                                                                                   Agreement referred  to  in  Section  5(b),  this  shall  not  preclude  Executive  from  (i)  serving  on   industry,  trade,  civic,  or  charitable  boards  or  committees;  (ii)  delivering  lectures  or  fulfilling   speaking engagements; (iii) serving on the board of directors or other similar governance body of   any entity; (iv) managing personal, family and other investments or (v) serving in an advisory   capacity for any entity; provided that such activities under this clause (v) do not interfere with his   duties to the Company, as determined in good faith by the Board.           3.    Compensation and Benefits. The Company shall pay or provide, as the case may   be, to Executive the compensation and other benefits and rights set forth in this Section 3.                 (a)   Base Salary. The  Company  shall  pay  to  Executive  a base  salary of   $550,000  per  year, payable  in  accordance  with  the  Company’s  usual  pay  practices  (and  in  any   event no less frequently than monthly). Executive’s base salary shall be subject to review annually   by and at the sole discretion of the Board or its designee.                 (b)   Annual Bonus. Executive shall participate in any annual bonus plan that   the Board or its designee may approve for the senior executives of the Company. In addition to   Executive’s base salary, Executive may be eligible to earn, for each fiscal year of the Company   ending during the term of Executive’s employment with the Company, an annual cash   performance  bonus  under  the  Company’s  bonus  plan,  as  approved  from  time  to  time  by  the   Board.  Executive’s  target  bonus  under  any  such  annual  bonus  plan  shall  be fifty-five  percent   (55%) of Executive’s base salary actually paid for the year to which such annual bonus relates   (the “Target  Bonus”).  Executive’s  actual  annual  bonus  will  be  determined  on  the  basis of   Executive’s and/or the Company’s or its affiliates’ attainment of financial or other performance   criteria established by the Board or its designee in accordance with the terms and conditions of   such bonus plan. Except as otherwise provided in this Agreement, Executive must be employed   by the Company on the date of payment of such annual bonus in order to be eligible to receive   such  annual  bonus.  Executive  hereby  acknowledges  and  agrees  that  nothing  contained  herein   confers upon Executive any right to an annual bonus in any year, and that whether the Company   pays Executive an annual bonus and the amount of any such annual bonus will be determined by   the Company in its sole discretion.                 (c)   Benefits.  Executive  shall  be  entitled  to  participate  in  benefits  under  the   Company’s benefit plans and arrangements, including, without limitation, any employee benefit   plan or arrangement made available in the future by the Company to its senior executives, subject   to and on a basis consistent with the terms, conditions and overall administration of such plans and   arrangements.  The  Company  shall  have  the  right  to  amend  or  delete  any  such  benefit  plan  or   arrangement made available by the Company to its senior executives and not otherwise specifically   provided for herein.                 (d)   Expenses. The Company shall reimburse Executive for reasonable out-of-   pocket business expenses incurred in connection with the performance of his duties hereunder,   subject to such policies as the Company may from time to time establish, and Executive furnishing   the Company with evidence in the form of receipts satisfactory to the Company substantiating the   claimed expenditures.      US-DOCS\117414937.4                  4 

 

                                                                                               (e)   Paid Time Off. Executive shall be entitled to such periods of paid time off   (“PTO”)  each  year  as  provided  from time  to  time  under  the  Company’s  PTO  policy  and  as   otherwise  provided  for  senior  executive  officers; provided, however,  that  Executive  shall  be   entitled to a minimum of twenty (20) days of PTO per year.                 (f)   Equity and Other Benefit Plans. Executive shall be entitled to participate in   any equity or other employee benefit plan that is generally available to senior executive officers   of the Company. Except as otherwise provided in this Agreement, Executive’s participation in   and benefits under any such plan shall be on the terms and subject to the conditions specified in   the governing document of the particular plan.           4.    Severance. Executive shall be entitled to receive benefits upon a Separation from   Service only as set forth in this Section 4:                 (a)   At-Will  Employment; Termination.  The  Company  and  Executive   acknowledge that Executive’s employment is and shall continue to be at-will, as defined under   applicable law, and that Executive’s employment with the Company may be terminated by either   party  at  any  time  for  any  or  no  reason,  with  or  without  notice.  If  Executive’s  employment   terminates for any reason, Executive shall not be entitled to any payments, benefits, damages,   awards or compensation other than as provided in this Agreement. Executive’s employment under   this Agreement shall be terminated immediately on the death of Executive.                 (b)   Severance  Upon  Involuntary  Termination.  Subject  to  Sections  4(d)  and   9(o)  and  Executive’s  continued  compliance  with  Section  5,  if  Executive’s  employment  is   Involuntarily Terminated, Executive shall be entitled to receive, in lieu of any severance benefits   to  which  Executive  may  otherwise  be  entitled  under  any  severance  plan  or  program  of  the   Company, the benefits provided below:                       (i)   the Company shall pay to Executive his fully earned but unpaid base   salary, when due, through the date of Executive’s Involuntary Termination at the rate then in effect,   accrued and unused PTO, plus all other benefits, if any, under any Company group retirement plan,   nonqualified deferred compensation plan, equity award plan or agreement, health benefits plan or   other Company group benefit plan to which Executive may be entitled pursuant to the terms of   such  plans  or  agreements  at  the  time  of  Executive’s  Involuntary  Termination  (the “Accrued   Obligations”);                       (ii)  Executive shall be entitled to receive severance pay in an amount   equal  to  (A)  Executive’s  monthly  base  salary  as  in  effect  immediately  prior  to  the  date  of   Executive’s  Involuntary  Termination,  multiplied  by  (B) twelve  (12),  which  amount  shall  be   payable in a lump sum sixty (60) days following Executive’s Involuntary Termination;                       (iii) Executive shall be entitled to receive Executive’s Target Bonus for   the year in which Executive’s Involuntary Termination occurs, prorated for the portion of the year      US-DOCS\117414937.4                  5 

 

                                                                                   that has expired prior to the date of Executive’s Involuntary Termination, which amount shall be   payable in a lump sum sixty (60) days following Executive’s Involuntary Termination;                       (iv)  for  the  period  beginning  on  the  date  of  Executive’s  Involuntary   Termination  and  ending  on  the  date  which  is twelve  (12)  full  months  following  the  date  of   Executive’s  Involuntary  Termination (or,  if  earlier,  (A)  the  date  on  which  the  applicable   continuation  period  under  the  Consolidated  Omnibus  Budget  Reconciliation  Act  of  1985,  as   amended  (“COBRA”)  expires  or  (B)  the  date  Executive  becomes  eligible  to  receive  the   equivalent  or  increased  healthcare  coverage  by  means  of  subsequent  employment  or  self-  employment)  (such  period,  the “COBRA  Coverage  Period”),  if  Executive  and/or  his eligible   dependents  who  were  covered  under  the  Company’s  health  insurance  plans  as  of the date of   Executive’s Involuntary Termination elect to have COBRA coverage and are eligible  for  such   coverage, the Company shall pay for or reimburse Executive on a monthly basis for an amount   equal to (1) the monthly premium Executive and/or his covered dependents, as applicable,  are   required to pay for continuation coverage pursuant to COBRA for Executive and/or his eligible   dependents, as applicable, who were covered under the Company’s health plans as of the date of   Executive’s Involuntary Termination (calculated by reference to the premium as of the date of   Executive’s Involuntary Termination) less (2) the amount Executive would have had to pay to   receive group health coverage for Executive and/or his covered dependents, as applicable, based   on the cost sharing levels in effect on the date of Executive’s Involuntary Termination. If any of   the  Company’s  health  benefits  are  self-funded  as  of  the  date  of  Executive’s  Involuntary   Termination, or if the Company cannot provide the foregoing benefits in a manner that is exempt   from  Section  409A  (as  defined  below)  or  that  is  otherwise  compliant with  applicable  law   (including, without limitation, Section 2716 of the Public Health Service Act), instead of providing   the payments or reimbursements as set forth above, the Company shall instead pay to Executive   the foregoing monthly amount as a taxable monthly payment for the COBRA Coverage Period (or   any remaining portion thereof). Executive shall be solely responsible for all matters relating to   continuation of coverage pursuant to COBRA, including, without limitation, the election of such   coverage and the timely payment of premiums. Executive shall notify the Company immediately   if Executive becomes eligible to receive the equivalent or increased healthcare coverage by means   of subsequent employment or self-employment.                 (v)   (A) in  the  event  of  Executive’s  Involuntary  Termination  within eighteen   (18) months following a Change in Control, (1) the references to twelve (12) months in clauses   (ii) and (iv) shall be increased to eighteen (18) months, and (2) in lieu of the amount in clause   (iii) above, Executive shall be entitled to receive an amount equal to one-and-a-half times (1.5x)   Executive’s  Target  Bonus  for  the  year  in  which  Executive’s  Involuntary  Termination  occurs,   which amounts shall be payable as provided in clauses (ii), (iii) and (iv) above, and (B) in the   event of Executive’s Involuntary Termination at any time following a Change in Control, all of   Executive’s Stock Awards will vest on an accelerated basis effective as of the date of Executive’s   Involuntary Termination.  The foregoing provisions are hereby deemed to be a part of each Stock   Award and to supersede any less favorable provision in any agreement or plan regarding such   Stock Award (and, for the avoidance of doubt, if any Stock Award is subject to more favorable   vesting  pursuant  to  any  agreement  or  plan  regarding  such  Stock  Award,  such  more  favorable   provisions shall continue to apply and shall not be limited by this clause (v)).                 (c)   Termination  for  Cause,  Voluntary  Resignation  Without  Good  Reason,   Death  or  Termination  for  Permanent  Disability.  In  the  event  of  Executive’s  termination  of    US-DOCS\117414937.4                  6 

 

                                                                                   employment  as  a  result  of  Executive’s  discharge  by  the  Company  for  Cause,  Executive’s   resignation without Good Reason, Executive’s death or Executive’s termination of employment   following  Executive’s Permanent  Disability,  the  Company  shall  not  have  any  other  or  further   obligations to Executive under this Agreement (including any financial obligations) except that   Executive shall be entitled to receive the Accrued Obligations. The foregoing shall be in addition   to, and not in lieu of, any and all other rights and remedies which may be available to the Company under   the circumstances, whether at law or in equity.                 (d)   Release.  As  a  condition  to  Executive’s  receipt  of  any  post-termination   benefits pursuant to Section 4(b) above, Executive (or, in the event of Executive’s incapacity as   a  result  of  his  Permanent  Disability,  Executive’s  legal  representative)  shall  execute  and  not   revoke a general release of all claims in favor of the Company and its affiliates (the “Release”) in   the form attached hereto as Exhibit A. In the event the Release does not become effective within   the  fifty- five  (55)  day  period  following  the  date  of  Executive’s  Involuntary  Termination,   Executive shall not be entitled to the aforesaid payments and benefits.                 (e)   Exclusive Remedy. Except as otherwise expressly required by law (e.g.,   COBRA) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits,   bonuses  and  other  amounts  hereunder  (if  any)  accruing  after  the termination  of  Executive’s   employment  shall  cease  upon  such  termination.  In  the  event  of  Executive’s  termination  of   employment with the Company, Executive’s sole remedy shall be to receive the payments and   benefits described in this Section 4. In addition, Executive acknowledges and agrees that he is   not entitled to any reimbursement by the Company for any taxes payable by Executive as a result   of the payments and benefits received by Executive pursuant to this Section 4, including, without   limitation, any excise tax imposed by Section 4999 of the Code. Any payments made to Executive   under this Section 4 shall be inclusive of any amounts or benefits to which Executive may be   entitled pursuant to the Worker Adjustment and Retraining Notification Act, 29 U.S.C. Sections   2101 et seq., and the Department of Labor regulations thereunder, or any similar state statute.                 (f)   No  Mitigation.  Except  as  otherwise  provided  in  Section  4(b)(iv)  above,   Executive shall not be required to mitigate the amount of any payment provided for in this Section   4 by seeking other employment or otherwise, nor shall the amount of any payment or benefit   provided for in this Section 4 be reduced by any compensation earned by Executive as the result   of  employment  by  another  employer  or  self-employment  or  by  retirement  benefits; provided,   however, that loans, advances or other amounts owed by Executive to the Company may be offset   by the Company against amounts payable to Executive under this Section 4.                 (g)   Return  of  the  Company’s  Property.  In the  event  of  Executive’s   termination  of employment for any reason, the Company shall have the right, at its option, to   require Executive to vacate his offices prior to or on the effective date of separation and to cease   all  activities  on the  Company’s behalf.  Upon  Executive’s  termination  of  employment  in  any   manner,  as  a  condition  to  Executive’s  receipt  of  any  severance  benefits  described  in  this   Agreement, Executive shall immediately surrender to the Company all lists, books and records   of,  or  in  connection  with,  the  Company’s  business,  and  all  other  property  belonging  to  the   Company,  it  being  distinctly  understood  that  all  such  lists,  books  and  records,  and  other   documents, are the property of the Company. Executive shall deliver to the Company a signed   statement  certifying  compliance  with  this  Section  4(g)  prior  to  the  receipt  of  any  severance   benefits described in this Agreement.      US-DOCS\117414937.4                  7 

 

                                                                                         5.    Certain Covenants.                 (a)   Noncompetition. Except as may  otherwise be approved by the Board,   during the term of Executive’s employment, Executive shall not have any ownership interest (of   record  or  beneficial)  in,  or  have  any  interest  as  an  employee,  salesman,  consultant,  officer  or   director  in,  or  otherwise  aid  or  assist  in  any  manner,  any  firm,  corporation,  partnership,   proprietorship or other business that engages in any county, city or part thereof in the United States   and/or any foreign country in a business which competes directly or indirectly (as determined by   the  Board)  with  the  Company’s  business  in  such  county,  city  or  part  thereof,  so  long  as  the   Company,  or  any  successor  in  interest  of  the  Company  to  the  business  and  goodwill  of  the   Company, remains engaged in such business in such county, city or part thereof or continues to   solicit customers  or  potential  customers  therein; provided, however,  that  Executive  may  own,   directly or indirectly, solely as an investment, securities of any entity which are traded on any   national securities exchange if Executive (i) is not a controlling person of, or a member of a group   which controls, such entity; or (ii) does not, directly or indirectly, own one percent (1%) or more   of any class of securities of any such entity.                 (b)   Confidential  Information.  Executive  and  the  Company  have  entered  into   the Company’s  standard  proprietary  information  and  inventions  assignment  agreement  (the   “Proprietary  Information  and  Inventions  Agreement”).  Executive  agrees  to  perform  each  and   every obligation of Executive therein contained.                 (c)   Solicitation of Employees. During the term of Executive’s employment or   service and for one (1) year thereafter (the “Restricted Period”), Executive will not, either directly   or through others, solicit or attempt to solicit any employee, independent contractor or consultant   of the Company or its affiliates to terminate his relationship with the Company or its affiliates in   order to become an employee, consultant or independent contractor to or for any other person or   entity, or otherwise encourage or solicit any employee of the Company or its affiliates to leave the   Company or such affiliates for any reason or to devote less than all of any such employee’s efforts   to  the  affairs  of  the  Company;  provided  that  the  foregoing  shall  not  affect  any  responsibility   Executive may have as an employee of the Company with respect to the bona fide hiring and firing   of Company personnel.                 (d)   Solicitation  of  Consultants.  Executive  shall  not  during  the  term  of   Executive’s employment or service and for the Restricted Period, directly or indirectly, hire, solicit   or encourage to cease work with the Company or any of its affiliates any consultant then under   contract with the Company or any of its affiliates.                 (e)   Nondisparagement.  Executive  agrees  that  neither  he  nor  anyone  acting   by, through, under or in concert with him shall disparage or otherwise communicate negative   statements or opinions about the Company, Parent, or their respective board members, officers,   employees or businesses. The Company agrees that neither its Board members nor officers, nor   the  board  members  or  officers  of  Parent,  shall disparage  or  otherwise  communicate  negative   statements or opinions about Executive. Except as may be required by law, neither Executive,   nor any member of Executive’s family, nor anyone else acting by, through, under or in concert   with  Executive  will  disclose  to  any  individual  or  entity  (other  than  Executive’s  legal  or  tax   advisors) the terms of this Agreement.                  (f)   Rights and Remedies Upon Breach. If Executive breaches or threatens to  US-DOCS\117414937.4                  8 

 

                                                                                   commit  a  breach  of  any  of  the provisions  of  this  Section  5  (the “Restrictive  Covenants”),  the   Company shall have the following rights and remedies, each of which rights and remedies shall be    independent of the other and severally enforceable, and all of which rights and remedies shall be   in addition to, and not in lieu of, any other rights and remedies available to the Company under   law or in equity:                       (i)   Specific Performance. The right and remedy to have the Restrictive   Covenants specifically enforced by any court having equity jurisdiction, all without the need to   post a bond or any other security or to prove any amount of actual damage or that money damages   would not provide an adequate remedy, it being acknowledged and agreed that any such breach or   threatened breach will cause irreparable injury to the Company and that money damages will not   provide adequate remedy to the Company; and                       (ii)  Accounting and Indemnification. The right and remedy to require   Executive (A)  to  account  for and  pay  over to  the  Company all compensation, profits,  monies,   accruals, increments or other benefits derived or received by Executive or any associated party   deriving  such benefits as  a  result  of any  such breach  of the Restrictive Covenants; and  (B) to   indemnify the Company against any other losses, damages (including special and consequential   damages),  costs  and  expenses,  including  actual  attorneys’ fees  and  court  costs,  which  may  be   incurred by them and which result from or arise out of any such breach or threatened breach of the   Restrictive Covenants.                 (g)   Severability of Covenants/Blue Pencilling. If any court determines that any   of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the   Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard   to the invalid portions. If any court determines that any of the Restrictive Covenants, or any part   thereof, are unenforceable because of the duration of such provision or the area covered thereby,   such court shall have the power to reduce the duration or area of such provision and, in its reduced   form, such provision shall then be enforceable and shall be enforced. Executive hereby waives   any and all right to attack the validity of the Restrictive Covenants on the grounds of the breadth   of their geographic scope or the length of their term.                 (h)   Enforceability in Jurisdictions. The Company and Executive intend to and   do  hereby  confer  jurisdiction  to  enforce  the  Restrictive  Covenants  upon  the  courts  of  any   jurisdiction within the geographical scope of such covenants. If the courts of any one or more of   such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of the breadth   of  such  scope  or  otherwise,  it  is  the  intention  of  the  Company  and  Executive  that  such   determination not bar or in any way affect the right of the Company to the relief provided above   in  the  courts  of  any  other  jurisdiction  within  the  geographical  scope  of  such  covenants,  as  to   breaches of such covenants in such other respective jurisdictions, such covenants as they relate to   each jurisdiction being, for this purpose, severable into diverse and independent covenants.                 (i)   Whistleblower  Provision.  Nothing  herein  shall be  construed  to  prohibit   Executive from communicating directly with, cooperating with, or providing information to, any   government  regulator,  including,  but  not  limited  to,  the  U.S.  Securities  and  Exchange   Commission,  the  U.S.  Commodity  Futures  Trading  Commission,  or  the  U.S.  Department  of   Justice. Executive acknowledges that the Company has provided Executive with the following   notice of immunity rights in compliance with the requirements of the Defend Trade Secrets Act:    US-DOCS\117414937.4                  9 

 

                                                                                   (i) Executive shall not be held criminally or civilly liable under any Federal or State trade secret   law for the disclosure of proprietary information that is made in confidence to a Federal, State, or   local government official or to an attorney solely for the purpose of reporting or investigating a   suspected violation of law, (ii) Executive shall not be held criminally or civilly liable under any   Federal or State trade secret law for the disclosure of proprietary information that is made in a   complaint or other document filed in a lawsuit or other proceeding, if such filing is made under   seal and (iii) if Executive files a lawsuit for retaliation by the Company for reporting a suspected   violation of law, Executive may disclose the proprietary information to Executive’s attorney and   use the proprietary information in the court proceeding, if Executive files any document   containing the proprietary information under seal, and does not disclose the proprietary   information, except pursuant to court order.                 (j)   Definitions. For purposes of this Section 5, the term “Company” means not   only Zeno Management, Inc., but also Parent as well as any company, partnership or entity which,   directly  or  indirectly,  controls,  is  controlled  by  or  is  under  common  control  with  Zeno   Management, Inc.           6.    Insurance; Indemnification.                 (a)   Insurance.  The  Company  shall  have  the  right  to  take  out  life,  health,   accident, “key-man” or other insurance covering Executive, in the name of the Company and at   the Company’s expense in any amount deemed appropriate by the Company. Executive shall assist   the Company in obtaining such insurance, including, without limitation, submitting to any required   examinations and providing information and data required by insurance companies.                 (b)   Indemnification. Executive will be provided with indemnification against   third party claims related to his work for the Company to the extent permitted by Delaware law.   The Company shall provide Executive with directors and officers liability insurance coverage at   least as favorable as that which the Company may maintain from time to time for members of the   Board and other executive officers.           7.    Arbitration. Any dispute, claim or controversy based on, arising out of or relating   to Executive’s employment or this Agreement shall be settled by final and binding arbitration in   New York, New York, before a single neutral arbitrator in accordance with the JAMS Employment   Arbitration  Rules  and  Procedures  (the “Rules”),  and  judgment  on  the  award  rendered  by  the   arbitrator  may  be  entered  in  any  court  having  jurisdiction.  The  Rules  may  be  found  online  at   www.jamsadr.com. If the parties are unable to agree upon an arbitrator, one shall be appointed by   JAMS in accordance with its Rules. Each party shall pay the fees of its own attorneys, the expenses   of  its  witnesses  and  all  other  expenses  connected  with  presenting its  case; provided, however,   Executive and the Company agree that, to the extent permitted by law, the arbitrator may, in his or   her discretion, award reasonable attorneys’ fees to the prevailing party; provided, further, that the   prevailing party shall be reimbursed for such fees, costs and expenses within forty-five (45) days   following  any  such  award,  but  in  no  event  later  than  the  last  day of Executive’s  taxable  year   following the taxable year in which the fees, costs and expenses were incurred; provided, further,   that the parties’ obligations pursuant to this sentence shall terminate on the tenth (10th) anniversary   of the date of Executive’s termination of employment. Other costs of the arbitration, including the   cost  of  any  record  or  transcripts  of  the  arbitration,  JAMS  administrative  fees,  the  fee  of  the   arbitrator, and all other fees and costs, shall be borne by the Company. This Section 7 is intended    US-DOCS\117414937.4                  10 

 

                                                                                   to be the exclusive method for resolving any and all claims by the parties against each other for   payment  of  damages  under  this  Agreement  or  relating  to  Executive’s  employment; provided,   however, that  Executive shall retain the  right  to file  administrative charges  with  or seek  relief   through any government agency of competent jurisdiction, and to participate in any government   investigation, including but not limited to (a) claims for workers’ compensation, state disability   insurance or unemployment insurance; (b) administrative claims brought before any state or federal   governmental authority; provided, however, that any appeal from an award or from denial of an   award  of  wages  and/or  waiting  time  penalties  shall  be  arbitrated  pursuant  to  the  terms  of  this   Agreement; and (c) claims for administrative relief from the United States Equal Employment   Opportunity Commission and/or any similar state agency in any applicable jurisdiction); provided,   further, that Executive shall not be entitled to obtain any monetary relief through such agencies   other than workers’ compensation benefits or unemployment insurance benefits. This Agreement   shall not limit either party’s right to obtain any provisional remedy, including, without limitation,   injunctive or similar relief, from any court of competent jurisdiction as may be necessary to protect   their rights and interests pending the outcome of arbitration, including without limitation injunctive   relief, in any court of competent jurisdiction. Seeking any such relief shall not be deemed to be a   waiver of such party’s right to compel arbitration. Both Executive and the Company expressly   waive their right to a jury trial.           8.    General Relationship. Executive shall be considered an employee of the Company   within the meaning of all federal, state and local laws and regulations including, but not limited   to, laws and regulations governing unemployment insurance, workers’ compensation, industrial   accident, labor and taxes.           9.    Miscellaneous.                 (a)   Modification;  Prior  Claims.  This  Agreement  and  the Proprietary   Information and Inventions Agreement (and the other documents referenced therein) set forth the   entire understanding of the parties with respect to the subject matter hereof, and supersede all   existing agreements between them concerning such subject matter, including the Prior Agreement.   This Agreement may be amended or modified only with the written consent of Executive and an   authorized representative of the Company. No oral waiver, amendment or modification will be   effective under any circumstances whatsoever.                 (b)   Assignment; Assumption by Successor. The rights of the Company under   this Agreement may, without the consent of Executive, be assigned by the Company, in its sole   and unfettered discretion, to any person, firm, corporation or other business entity which at any   time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially   all of the assets or business of the Company. The Company will require any successor (whether   direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or   assets of the Company expressly to assume and to agree to perform this Agreement in the same   manner  and  to  the  same  extent  that  the  Company  would  be  required  to  perform  it  if  no  such   succession had taken place; provided, however, that no such assumption shall relieve the Company   of its obligations hereunder. As used in this Agreement, the “Company” shall mean the Company   as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes   and agrees to perform this Agreement by operation of law or otherwise.      US-DOCS\117414937.4                  11 

 

                                                                                               (c)   Survival.  The  covenants,  agreements,  representations  and  warranties   contained in or made in Sections 4, 5, 6, 7 and 9 of this Agreement shall survive Executive’s   termination of employment.                 (d)   Third-Party  Beneficiaries.  Except  as  expressly  set  forth  herein,  this   Agreement does not create, and shall not be construed as creating, any rights enforceable by any   person not a party to this Agreement.                 (e)   Waiver.  The  failure  of  either  party  hereto  at  any  time  to  enforce   performance by the other party of any provision of this Agreement shall in no way affect such   party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of   any provision hereof be deemed to be a waiver by such party of any other breach of the same or   any other provision hereof.                 (f)   Section Headings. The headings of the several sections in this Agreement   are inserted solely for the convenience of the parties and are not a part of and are not intended to   govern, limit or aid in the construction of any term or provision hereof.                 (g)   Notices. Any notice required or permitted by this Agreement shall be in   writing and shall be delivered as follows with notice deemed given as indicated: (i) by personal   delivery when delivered personally; (ii) by overnight courier upon written verification of receipt;   (iii) by email, telecopy or facsimile transmission upon acknowledgment of receipt of electronic   transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of   receipt. Notice shall be sent to Executive at the address listed on the Company’s personnel records   and to the Company at its principal place of business, or such other address as either party may   specify in writing.                 (h)   Severability.  All  Sections,  clauses  and  covenants  contained  in  this   Agreement are severable, and in the event any of them shall be held to be invalid by any court, this   Agreement shall be interpreted as if such invalid Sections, clauses or covenants were not contained   herein.                 (i)   Governing  Law  and  Venue.  This  Agreement  is  to  be  governed  by  and   construed in accordance with the laws of the State of New York applicable to contracts made and   to be performed wholly within such State, and without regard to the conflicts of laws principles   thereof. Except as provided in Sections 5 and 7, any suit brought hereon shall be brought in the   state or federal courts sitting in New York, New York, the parties hereto hereby waiving any claim   or defense that such forum is not convenient or proper. Each party hereby agrees that any such   court shall have in personam jurisdiction over it and consents to service of process in any manner   authorized by New York law.                 (j)   Non-transferability of Interest. None of the rights of Executive to receive   any form of compensation payable pursuant to this Agreement shall be assignable or transferable   except through a testamentary disposition or by the laws of descent and distribution upon the death   of Executive. Any attempted assignment, transfer, conveyance, or other disposition (other than as   aforesaid) of any interest in the rights of Executive to receive any form of compensation to be   made by the Company pursuant to this Agreement shall be void.     US-DOCS\117414937.4                  12 

 

                                                                                               (k)   Gender.  Where  the  context  so  requires,  the  use  of  the  masculine  gender   shall include the feminine and/or neuter genders and the singular shall include the plural, and vice   versa, and the word “person” shall include any corporation, firm, partnership or other form of   association.                 (l)   Counterparts;  Facsimile  or  .pdf  Signatures.  This  Agreement  may  be   executed in any number of counterparts, each of which when so executed and delivered will be   deemed an original, and all of which together shall constitute one and the same agreement. This   Agreement may be executed and delivered by facsimile or by .pdf file and upon such delivery the   facsimile or .pdf signature will be deemed to have the same effect as if the original signature had   been delivered to the other party.                 (m)   Construction. The language in all parts of this Agreement shall in all cases   be construed simply, according to its fair meaning, and not strictly for or against any of the parties   hereto. Without limitation, there shall be no presumption against any party on the ground that such   party was responsible for drafting this Agreement or any part thereof.                 (n)   Withholding and Other Deductions. All compensation payable to Executive   hereunder shall be subject to such deductions as the Company is from time to time required to   make pursuant to law, governmental regulation or order.                 (o)   Code Section 409A.                       (i)   This  Agreement  is  not  intended  to  provide  for  any  deferral  of   compensation subject to Section 409A of the  Code, and,  accordingly,  the  severance  payments   payable under Section  4(b)(ii),  (iii)  and  (v) shall  be  paid  no  later  than  the  later  of:  (A)  the   fifteenth  (15th)  day  of  the  third  month  following  Executive’s  first  taxable  year  in  which  such   amounts are no longer subject to a substantial risk of forfeiture, and (B) the fifteenth (15th) day   of the third month following first taxable year of the Company in which such amounts are is no   longer subject to substantial risk of forfeiture, as determined in accordance with Code Section   409A  and  any  Treasury  Regulations  and  other  guidance  issued  thereunder.  To  the  extent   applicable,  this  Agreement shall be interpreted in accordance with Code Section 409A and   Department of Treasury regulations and other interpretive guidance issued thereunder. Each series   of installment payments made under this Agreement is hereby designated as a series of “separate   payments” within the meaning of Section 409A of the Code. For purposes of this Agreement, all   references to Executive’s “termination of employment” shall mean Executive’s Separation from   Service.                       (ii)  If Executive is a “specified employee” (as defined in Section 409A   of the Code), as determined by the Company in accordance with Section 409A of the Code, on the   date of Executive’s Separation from Service, to the extent that the payments or benefits under this   Agreement are subject to Section 409A of the Code and the delayed payment or distribution of all   or any portion of such amounts to which Executive is entitled under this Agreement is required in   order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such   portion deferred pursuant to this Section 9(o)(ii) shall be paid or distributed to Executive in a lump   sum on the earlier of (A) the date that is six (6)-months following Executive’s Separation from   Service, (B) the date of Executive’s death or (C) the earliest date as is permitted under Section   409A of the Code. Any remaining payments due under the Agreement shall be paid as otherwise    US-DOCS\117414937.4                  13 

 

                                                                                   provided herein.                       (iii) To the extent applicable, this Agreement shall be interpreted in   accordance with the applicable exemptions from Section 409A of the Code. If Executive and the   Company  determine  that  any  payments  or  benefits  payable  under this  Agreement  intended  to   comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply with Section 409A of the   Code, Executive and the Company agree to amend this Agreement, or take such other actions as   Executive  and  the  Company  deem  reasonably  necessary  or  appropriate,  to  comply  with  the   requirements  of  Section  409A  of  the  Code  and  the  Treasury  Regulations  thereunder  (and  any   applicable transition relief) while preserving the economic agreement of the parties. To the extent   that any provision in this Agreement is ambiguous as to its compliance with Section 409A of the   Code, the provision shall be read in such a manner that no payments payable under this Agreement   shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code.                       (iv)  Any reimbursement of expenses or in-kind benefits payable under   this Agreement shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv)   and shall be paid on or before the last day of Executive’s taxable year following the taxable year   in which Executive incurred the expenses. The amount of expenses reimbursed or in-kind benefits   payable  during  any  taxable  year  of  Executive’s  shall  not  affect  the  amount  eligible  for   reimbursement  or  in-kind  benefits  payable  in  any  other  taxable year  of  Executive’s,  and   Executive’s  right  to  reimbursement  for  such  amounts  shall  not  be  subject  to  liquidation  or   exchange for any other benefit.                                  [SIGNATURE PAGE FOLLOWS]      US-DOCS\117414937.4                  14 

 

                                                                                                  IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set   forth above.                                             ZENO MANAGEMENT, INC.                                               By: /s/ Kevin Bunker, Ph.D.                                                        Name: Kevin Bunker, Ph.D.                                           Title: Chief Operating Officer                                                EXECUTIVE                                                  /s/ Anthony  Y.  Sun, M.D.                                                       Anthony Y. Sun, M.D.                                                                              [SIGNATURE PAGE TO SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT]     US-DOCS\117414937.4 

 

                                                                                                                    EXHIBIT A                          GENERAL RELEASE OF CLAIMS        [The language in this Release may change based on legal developments and evolving best      practices; this form is provided as an example of what will be included in the final Release                                      document.]           This General Release of Claims (“Release”) is entered into as of this  day of  ,       , between Anthony Y. Sun, M.D. (“Executive”), and Zeno Management, Inc. (the “Company”)   (collectively referred to herein as the “Parties”).          WHEREAS, Executive and the Company are parties to that certain Second Amended and   Restated Employment Agreement dated as of October 1, 2020 (the “Agreement”);          WHEREAS, the Parties agree that Executive is entitled to certain severance benefits under   the Agreement, subject to Executive’s execution of this Release; and          WHEREAS, the Company and Executive now wish to fully and finally to resolve all matters   between them.          NOW, THEREFORE, in consideration of, and subject to, the severance benefits payable to   Executive pursuant to the Agreement, the adequacy of which is hereby acknowledged by Executive,   and which Executive acknowledges that he would not otherwise be entitled to receive, Executive   and the Company hereby agree as follows:           1.    General Release of Claims by Executive.                 (a)   Executive,  on  behalf  of  himself  and  his  executors,  heirs,  administrators,   representatives and assigns, hereby agrees to release and forever discharge the Company and all   predecessors,  successors  and  their  respective  parent corporations,  affiliates,  related,  and/or   subsidiary  entities,  and  all  of  their  past  and  present  investors,  directors,  shareholders,  officers,   general  or  limited  partners,  employees,  attorneys,  agents  and  representatives,  and  the  employee   benefit plans in which Executive is or has been a participant by virtue of his employment with or   service to the Company (collectively, the “Company Releasees”), from any and all claims, debts,   demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges,   complaints,  obligations,  promises,  agreements,  controversies,  suits,  expenses,  compensation,   responsibility and liability of every kind and character whatsoever (including attorneys’ fees and   costs),  whether  in  law  or  equity,  known  or  unknown,  asserted  or  unasserted,  suspected  or   unsuspected (collectively, “Claims”), which Executive has or may have had against such entities   based on any events or circumstances arising or occurring on or prior to the date hereof or on or   prior to the date hereof, arising directly or indirectly out of, relating to, or in any other way involving   in any manner whatsoever Executive’s employment by or service to the Company or the termination   thereof,  including  any  and  all  claims  arising  under  federal,  state, or  local  laws  relating  to   employment,  including  without  limitation  claims  of  wrongful  discharge,  breach  of  express  or   implied contract, fraud, misrepresentation, defamation, or liability in tort, and claims of any kind                                          1     US-DOCS\117414937.4 

 

                                                                                   that may be brought in any court or administrative agency including, without limitation, claims under   Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et seq.; the Americans   with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as   amended, 29 U.S.C. § 701 et seq.; the Civil Rights Act of 1866, and the Civil Rights Act of 1991;   42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C.   Section  621, et  seq.  (the “ADEA”);  the  Equal  Pay  Act,  as  amended,  29  U.S.C.  Section  206(d);   regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family   and Medical Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the Fair Labor Standards Act of 1938,   as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended,   29 U.S.C. § 1001 et seq.           Notwithstanding the generality of the foregoing, Executive does not release  the following   claims:                 (i)   Claims  for unemployment  compensation  or  any  state  disability  insurance         benefits pursuant to the terms of applicable state law;                 (ii)  Claims for workers’ compensation insurance benefits under the terms of any         worker’s compensation insurance policy or fund of the Company;                 (iii) Claims  pursuant  to  the  terms  and  conditions  of  the  federal  law  known  as         COBRA;                 (iv)  Claims for indemnity under the bylaws of the Company, as provided for by         Delaware law or under any applicable insurance policy with respect to Executive’s liability         as an employee, director or officer of the Company;                 (v)   Executive’s  right  to  bring  to  the  attention  of  the  Equal  Employment         Opportunity Commission or any other federal, state or local government agency claims of         discrimination,  or  from  participating  in  an  investigation or  proceeding  conducted  by  the         Equal Employment Opportunity Commission or any other federal, state or local government         agency; provided, however, that Executive does release his right to secure any damages for         alleged discriminatory treatment;                 (vi)  Claims based on any right Executive may have to enforce the Company’s         executory obligations under the Agreement;                 (vii) Claims Executive may have to vested or earned compensation and benefits;         and                 (viii) Executive’s right to communicate or cooperate with any government agency.                 (b)   EXECUTIVE ACKNOWLEDGES THAT HE HAS BEEN ADVISED OF   AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542,   WHICH PROVIDES AS FOLLOWS:      US-DOCS\117414937.4                    2 

 

                                                                                        “A  GENERAL  RELEASE  DOES  NOT  EXTEND  TO          CLAIMS  THAT  THE   CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN   HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF   KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER   SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”     BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES   ANY  RIGHTS  HE  MAY  HAVE  THEREUNDER,  AS  WELL  AS  UNDER  ANY  OTHER   STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.     [Note: Clauses (c), (d) and (e) apply only if Executive is age 40 or older at time of termination]                 (c)   Executive acknowledges that this Release was presented to him on the date   indicated above and that Executive is entitled to have [twenty-one (21)][forty-five (45)] days’ time   in which to consider it. Executive further acknowledges that the Company has advised him that he   is waiving his rights under the ADEA, and that Executive should consult with an attorney of his   choice before signing this Release, and Executive has had sufficient time to consider the terms of   this Release. Executive represents and acknowledges that if Executive executes this Release before   [twenty-one (21)][forty-five (45)] days have elapsed, Executive does so knowingly, voluntarily, and   upon the advice and with the approval of Executive’s legal counsel (if any), and that Executive   voluntarily waives any remaining consideration period.                 (d)   Executive  understands  that  after  executing this Release,  Executive  has the   right to revoke it within seven (7) days after his execution of it. Executive understands that this   Release will not become effective and enforceable unless the seven (7) day revocation period passes   and Executive does not revoke the Release in writing. Executive understands that this Release may   not be revoked after the seven (7) day revocation period has passed. Executive also understands that   any revocation of this Release must be made in writing and delivered to the Company at its principal   place of business within the seven (7) day period.                 (e)   Executive understands that this Release shall become effective, irrevocable,   and binding upon Executive on the eighth (8th) day after his execution of it, so long as Executive has   not revoked it within the time period and in the manner specified in clause (d) above.                 (f)   Executive further understands that Executive will not be given any severance   benefits under the Agreement unless this Release is effective on or before the date that is fifty-five   (55) days following the date of Executive’s termination of employment.           2.    No Assignment. Executive represents and warrants to the Company Releasees that   there has been no assignment or other transfer of any interest in any Claim that Executive may have   against the Company Releasees. Executive agrees to indemnify and hold harmless the Company   Releasees from any liability, claims, demands, damages, costs, expenses and attorneys’ fees incurred   as a result of any such assignment or transfer from Executive.           3.    Severability. In the event any provision of this Release is found to be unenforceable   by an arbitrator or court of competent jurisdiction, such provision shall be deemed modified to the   extent necessary to allow enforceability of the provision as so limited, it being intended that  the    US-DOCS\117414937.4                    3 

 

                                                                                   parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If a   deemed  modification  is  not  satisfactory  in  the  judgment  of  such  arbitrator  or  court,  the   unenforceable  provision  shall  be  deemed  deleted,  and  the  validity  and  enforceability  of  the   remaining provisions shall not be affected thereby.           4.    Interpretation;  Construction.  The  headings  set  forth  in  this  Release  are  for   convenience only and shall not be used in interpreting this Agreement. This Release has been   drafted  by  legal  counsel  representing  the  Company,  but  Executive  has  participated  in  the   negotiation  of  its  terms.  Furthermore,  Executive  acknowledges  that  Executive  has  had  an   opportunity to review and revise the Release and have it reviewed by legal counsel, if desired, and,   therefore, the normal rule of construction to the effect that any ambiguities are to be resolved   against the drafting party shall not be employed in the interpretation of this Release. Either party’s   failure to enforce any provision of this Release shall not in any way be construed as a waiver of   any such provision, or prevent that party thereafter from enforcing each and every other provision   of this Release.           5.    Governing Law and Venue. This Release will be governed by and construed in   accordance with the laws of the United States of America and the State of New York applicable to   contracts made and to be performed wholly within such State, and without regard to the conflicts   of laws principles thereof. Any suit brought hereon shall be brought in the state or federal courts   sitting in New York, New York, the Parties hereby waiving any claim or defense that such forum   is not convenient or proper. Each party hereby agrees that any such court shall have in personam   jurisdiction over it and consents to service of process in any manner authorized by New York law.           6.    Entire Agreement. This Release and the Agreement constitute the entire agreement   of the Parties in respect of the subject matter contained herein and therein and supersede all prior   or simultaneous representations, discussions, negotiations and agreements, whether written or oral.   This Release may be amended or modified only with the written consent of Executive and an   authorized representative of the Company. No oral waiver, amendment or modification will be   effective under any circumstances whatsoever.           7.    Counterparts.  This  Release  may  be  executed  in  multiple  counterparts,  each  of   which shall be deemed to be an original but all of which together shall constitute one and the same   instrument.                               [SIGNATURE PAGE FOLLOWS]                                                                   4                              [SIGNATURE PAGE TO RELEASE]  US-DOCS\117414937.4 

 

                                                                                        IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the   foregoing Release as of the date first written above.     EXECUTIVE                                 ZENO MANAGEMENT, INC.                                                 By:                                     Print Name: Anthony Y. Sun, M.D.          Print Name:                                                                       Title:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   [SIGNATURE PAGE TO RELEASE]  US-DOCS\117414937.4aremplagmtbunker2020

                                                                                        AMENDED AND RESTATED EMPLOYMENT AGREEMENT         THIS  AMENDED  AND  RESTATED         EMPLOYMENT  AGREEMENT  (this  “Agreement”) is entered into by and between Zeno Management, Inc., a Delaware corporation  (the “Company”) and a wholly owned subsidiary of Zentalis Pharmaceuticals, Inc. (the “Parent”),  and Kevin  Bunker,  Ph.D. (“Executive”),  and  shall  be  effective  as  of October  1,  2020 (the  “Effective Date”).         WHEREAS,  the  Company  and  Executive  are  parties  to  that  certain  Employment  Agreement effective as of February 1, 2019 (as amended, the “Prior Agreement”); and         WHEREAS, the Company desires to continue to employ Executive, and Executive desires  to continue employment with the Company, and to amend and restate the Prior Agreement, on the  terms and conditions set forth in this Agreement.         NOW, THEREFORE, in consideration of the mutual promises herein contained, the parties  agree as follows:         1.    Definitions.   As  used  in  this  Agreement,  the  following  terms  shall  have  the  following meanings:                (a)   “Board” means the Board of Directors of the Company.                (b)   “Cause” means any of the following:                     (i)   Executive’s  unauthorized  use  or  disclosure  of  confidential  information or trade secrets of the Company or its affiliates or any material breach of a written  agreement between Executive and the Company or any affiliate, including without limitation a  material  breach  of  any  employment,  confidentiality,  non-compete,  non-solicit  or  similar  agreement;                      (ii)  Executive’s commission of, indictment for or the entry of a plea of  guilty or nolo contendere by Executive to, a felony under the laws of the United States or any state  thereof  or  any  crime  involving  dishonesty  or  moral  turpitude  (or  any  similar  crime  in  any  jurisdiction outside the United States);                      (iii)  Executive’s gross negligence or willful misconduct or Executive’s  willful or repeated failure or refusal to substantially perform assigned duties;                      (iv)  any  act  of  fraud,  embezzlement,  material  misappropriation  or  dishonesty committed by Executive against the Company or its affiliates; or                      (v)   any acts, omissions or statements by Executive which the Company  reasonably  determines  to  be  materially  detrimental  or  damaging  to  the  reputation,  operations,  prospects or business relations of the Company or its affiliates;      US-DOCS\117462390.2 

 

provided, however, that prior to the determination that “Cause” under clauses (i), (iii), (iv) or (v)  of  this  Section  1(b)  has  occurred,  the  Company  shall  (A)  provide  to  Executive  in  writing,  in  reasonable detail, the reasons for the determination that such “Cause” exists, (B) afford Executive  a reasonable opportunity to remedy any such breach, (C) provide Executive an opportunity to be  heard prior to the final decision to terminate Executive’s employment hereunder for such “Cause”  and (D) make any decision that such “Cause” exists in good faith.               The foregoing definition shall not in any way preclude or restrict the right of the  Company or any successor or affiliate thereof to discharge or dismiss Executive for any other acts  or omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement,  to constitute grounds for termination for Cause.               (c)   “Change in Control” shall have the meaning ascribed to such term in the  Zentalis Pharmaceuticals, Inc. 2020 Incentive Award Plan.                            (d)   “Code” means the Internal Revenue Code of 1986, as amended from time  to time, and the Treasury Regulations and other interpretive guidance issued thereunder.               (e)   “Good  Reason” means  the  occurrence  of  any  of  the  following  events  or  conditions without Executive’s written consent:                          (i)  a  change  in  Executive’s  position  or  responsibilities  that  represents  a  substantial reduction in his position or responsibilities as in effect immediately prior thereto; the  assignment to Executive of any duties or responsibilities that are materially inconsistent with such  position or responsibilities; or any removal of Executive from or failure to reappoint or reelect  Executive to  any  of  such  positions,  except  in  connection  with  the  termination  of Executive’s  services for Cause, as a result of his Permanent Disability or death, or by Executive other than for  Good Reason; provided, however, that neither a change in Executive’s reporting relationship as a  result of a Change in Control nor the fact that Executive’s reporting relationship is altered following  a Change in Control because the Company or its successor is a wholly-owned subsidiary of another  entity following such Change in Control shall alone constitute Good Reason;                                        (ii)  a material reduction in Executive’s annual base salary;                      (iii) the Company requiring Executive (without Executive’s consent) to  be based at any place outside a fifty (50)-mile radius of his then-current place of employment with  the Company prior to any such relocation, except for reasonably required travel on the Company’s  business; or                     (iv)  any  material  breach  by  the  Company or  any  affiliate of  its  obligations  to  Executive  under  any  applicable  employment  or  services  agreement  between  Executive and the Company or such affiliate.               Executive must provide written notice to the Company of the occurrence of any of  the foregoing events or conditions without Executive’s written consent within sixty (60) days of  the occurrence of such event.  The Company or any successor or affiliate shall have a period of  thirty (30) days to cure such event or condition after receipt of written notice of such event from                                         2                                       US-DOCS\117462390.2 

 

Executive.  Executive’s Separation from Service by reason of resignation from employment with  the Company for Good Reason must occur within thirty (30) days following the expiration of the  foregoing thirty (30) day cure period.                 (f)   “Involuntary Termination” means (i) Executive’s Separation from Service  by  reason  of  Executive’s  discharge  by  the  Company  other  than  for  Cause,  or  (ii) Executive’s  Separation from Service by reason of Executive’s resignation of employment with the Company  for  Good  Reason.   Executive’s  Separation  from  Service  by  reason  of  Executive’s  death  or  discharge  by  the  Company  following  Executive’s Permanent  Disability  shall  not  constitute  an  Involuntary Termination.                 (g)   Executive’s “Permanent Disability” shall be deemed to have occurred if  Executive shall become physically or mentally incapacitated or disabled or otherwise unable fully  to discharge his duties hereunder for a period of ninety (90) consecutive calendar days or for one  hundred twenty (120) calendar days in any one hundred eighty (180) calendar-day period.  The  existence of Executive’s Permanent Disability shall be determined by the Company on the advice  of a physician chosen by the Company and the Company reserves the right to have Executive  examined by a physician chosen by the Company at the Company’s expense.                    (h)  “Separation from Service,” with respect to Executive, means Executive’s  “separation from service,” as defined in Treasury Regulation Section 1.409A-1(h).                (i)   “Stock Awards” means all stock options, restricted stock and such other  awards  granted  pursuant  to  the  Company’s  stock  option  and  equity  incentive  award  plans  or  agreements and any shares of stock issued upon exercise thereof.         2.    Services to Be Rendered.                 (a)   Duties  and  Responsibilities.   Executive  shall  serve as Chief Operating  Officer of the Company.  In the performance of such duties, Executive shall report directly to,  and shall be subject to the direction of, the Chief Executive Officer of the Company (the “CEO”)  and to such limits upon Executive’s authority as the CEO may from time to time impose. In the  event of the CEO’s unavailability or incapacity, Executive shall report directly to the Board.   Executive hereby consents to serve as an officer and/or director of the Company, Parent or any  subsidiary or affiliate thereof without any additional salary or compensation, if so requested by  the  Board or  the  CEO.   Executive  shall  be  employed  by  the  Company  on  a full  time  basis.   Executive’s primary place of work shall be the Company’s offices in San Diego, California.   Executive will also be expected to travel to the Company’s locations as needed in connection  with his duties.  Executive  shall  be  subject  to  and  comply  with  the  policies  and  procedures  generally  applicable  to  senior  executives  of  the  Company  to  the  extent  the  same  are  not  inconsistent with any term of this Agreement.               (b)   Exclusive Services.  Executive shall at all times faithfully, industriously and  to the best of his ability, experience and talent perform all of the duties that may be assigned to  Executive hereunder and shall devote substantially all of his productive time and efforts to the  performance of such duties.  Subject to the terms of the Proprietary Information and Inventions  Agreement  referred  to  in  Section  5(b),  this  shall  not  preclude  Executive  from (i)  serving on                                         3                                       US-DOCS\117462390.2 

 

industry, trade, civic, or charitable boards or committees; (ii) managing personal, family and other  investments; (iii) serving in an advisory capacity for any entity; or (iv) serving on the board of  directors  or  other  similar  governance  body  of  any  entity; provided that  such  activities do  not  interfere with his duties to the Company, as determined in good faith by the CEO or the Board.           3.    Compensation and Benefits.  The Company shall pay or provide, as the case may  be, to Executive the compensation and other benefits and rights set forth in this Section 3.               (a)   Base Salary.  The Company shall pay to Executive a base salary of $420,000  per year, payable in accordance with the Company’s usual pay practices (and in any event no less  frequently than monthly).  Executive’s base salary shall be subject to review annually by and at  the sole discretion of the Board or its designee.               (b)   Annual Bonus.  Executive shall participate in any annual bonus plan that  the Board or its designee may approve for the senior executives of the Company.    In addition to  Executive’s base salary, Executive may be eligible to earn, for each fiscal year of the Company  ending during the term of Executive’s employment with the Company, an annual cash performance  bonus under the Company’s bonus plan, as approved from time to time by the Board.  Executive’s  target bonus under any such annual bonus plan shall be forty-five percent (45%) of Executive’s  base salary actually paid for the year to which such annual bonus relates (the “Target Bonus”).   Executive’s  actual  annual  bonus  will  be  determined  on  the  basis  of Executive’s  and/or  the  Company’s or its affiliates’ attainment of financial or other performance criteria established by the  Board or its designee in accordance with the terms and conditions of such bonus plan.  Except as  otherwise provided in this Agreement, Executive must be employed by the Company on the date  of payment of such annual bonus in order to be eligible to receive such annual bonus.  Executive  hereby acknowledges and agrees that nothing contained herein confers upon Executive any right  to an annual bonus in any year, and that whether the Company pays Executive an annual bonus  and the amount of any such annual bonus will be determined by the Company in its sole discretion.                             (c)   Benefits.  Executive shall be entitled to participate in benefits under the  Company’s benefit plans and arrangements, including, without limitation, any employee benefit  plan or arrangement made available in the future by the Company to its senior executives, subject  to and on a basis consistent with the terms, conditions and overall administration of such plans and  arrangements.  The  Company  shall  have  the  right  to  amend  or  delete  any  such  benefit  plan  or  arrangement made available by the Company to its senior executives and not otherwise specifically  provided for herein.                 (d)   Expenses.  The Company shall reimburse Executive for reasonable out-of- pocket business expenses incurred in connection with the performance of his duties hereunder,  subject to such policies as the Company may from time to time establish, and Executive furnishing  the Company with evidence in the form of receipts satisfactory to the Company substantiating the  claimed expenditures.                 (e)   Paid Time Off.  Executive shall be entitled to such periods of paid time off  (“PTO”)  each  year  as  provided  from  time  to  time  under  the  Company’s  PTO  policy  and  as  otherwise  provided  for  senior  executive  officers; provided, however,  that  Executive  shall  be  entitled to a minimum of twenty (20) days of PTO per year.                                          4                                       US-DOCS\117462390.2 

 

            (f)   Equity and Other Benefit Plans.  Executive shall be entitled to participate in  any equity or other employee benefit plan that is generally available to senior executive officers  of the Company.  Except as otherwise provided in this Agreement, Executive’s participation in  and benefits under any such plan shall be on the terms and subject to the conditions specified in  the governing document of the particular plan.         4.    Severance.  Executive shall be entitled to receive benefits upon a Separation from  Service only as set forth in this Section 4:               (a)   At-Will Employment;  Termination.   The  Company  and  Executive  acknowledge that Executive’s employment is and shall continue to be at-will, as defined under  applicable law, and that Executive’s employment with the Company may be terminated by either  party  at  any  time for  any  or  no  reason,  with  or  without  notice.   If  Executive’s  employment  terminates for any reason, Executive shall not be entitled to any payments, benefits, damages,  awards or compensation other than as provided in this Agreement.  Executive’s employment under  this Agreement shall be terminated immediately on the death of Executive.                 (b)   Severance Upon Involuntary Termination.   Subject to Sections 4(d) and  9(o) and  Executive’s  continued  compliance  with  Section 5, if  Executive’s  employment  is  Involuntarily Terminated, Executive shall be entitled to receive, in lieu of any severance benefits  to  which  Executive  may  otherwise  be  entitled  under  any  severance  plan  or  program  of  the  Company, the benefits provided below:                     (i)   the Company shall pay to Executive his fully earned but unpaid base  salary, when due, through the date of Executive’s Involuntary Termination at the rate then in effect,  accrued and unused PTO, plus all other benefits, if any, under any Company group retirement plan,  nonqualified deferred compensation plan, equity award plan or agreement, health benefits plan or  other Company group benefit plan to which Executive may be entitled pursuant to the terms of  such  plans  or  agreements  at  the  time  of  Executive’s  Involuntary  Termination (the “Accrued  Obligations”);                     (ii)  Executive shall be entitled to receive severance pay in an amount  equal  to  (A) Executive’s  monthly  base  salary  as  in  effect  immediately  prior  to  the  date  of  Executive’s  Involuntary  Termination,  multiplied  by  (B) twelve  (12), which amount  shall  be  payable in a lump sum sixty (60) days following Executive’s Involuntary Termination;                     (iii) Executive shall be entitled to receive Executive’s Target Bonus for  the year in which Executive’s Involuntary Termination occurs, prorated for the portion of the year  that has expired prior to the date of Executive’s Involuntary Termination, which amount shall be  payable in a lump sum sixty (60) days following Executive’s Involuntary Termination;                      (iv)  for  the  period  beginning  on  the  date  of Executive’s Involuntary  Termination and  ending  on  the  date  which  is twelve  (12) full  months  following  the  date  of  Executive’s Involuntary  Termination (or,  if  earlier,  (A)  the  date  on  which  the  applicable  continuation  period  under  the  Consolidated  Omnibus  Budget  Reconciliation  Act  of  1985,  as  amended (“COBRA”) expires or (B) the date Executive becomes eligible to receive the equivalent  or increased healthcare coverage by means of subsequent employment or self-employment) (such                                         5                                       US-DOCS\117462390.2 

 

period, the “COBRA Coverage Period”), if Executive and/or his eligible dependents who were  covered under the Company’s health insurance plans as of the date of Executive’s Involuntary  Termination elect to have COBRA coverage and are eligible for such coverage, the Company shall  pay for or reimburse Executive on a monthly basis for an amount equal to (1) the monthly premium  Executive  and/or  his  covered  dependents,  as  applicable,  are required  to  pay  for  continuation  coverage pursuant to COBRA for Executive and/or his eligible dependents, as applicable, who  were  covered  under  the  Company’s  health  plans  as  of  the  date  of Executive’s Involuntary  Termination (calculated by reference to the premium as of the date of Executive’s Involuntary  Termination) less (2) the amount Executive would have had to pay to receive group health coverage  for Executive and/or his covered dependents, as applicable, based on the cost sharing levels in  effect on the date of Executive’s Involuntary Termination.  If any of the Company’s health benefits  are self-funded as of the date of Executive’s Involuntary Termination, or if the Company cannot  provide the foregoing benefits in a manner that is exempt from Section 409A (as defined below)  or that is otherwise compliant with applicable law (including, without limitation, Section 2716 of  the Public Health Service Act), instead of providing the payments or reimbursements as set forth  above, the Company shall instead pay to Executive the foregoing monthly amount as a taxable  monthly payment for the COBRA Coverage Period (or any remaining portion thereof).  Executive  shall be solely responsible for all matters relating to continuation of coverage pursuant to COBRA,  including, without limitation, the election of such coverage and the timely payment of premiums.   Executive  shall  notify  the  Company  immediately  if  Executive becomes  eligible  to  receive  the  equivalent  or  increased  healthcare  coverage by  means  of  subsequent  employment  or  self- employment.               (v)   (A) in  the  event  of  Executive’s  Involuntary  Termination  within  eighteen  (18) months following a Change in Control, the Target Bonus payable pursuant to clause (iii) shall  not be subject to proration, which amount shall be payable as provided in clause (iii) above, and  (B) in the event of Executive’s Involuntary Termination at any time following a Change in Control,  all  of  Executive’s  Stock  Awards  will  vest  on  an  accelerated  basis  effective  as  of  the  date  of  Executive’s Involuntary Termination. The foregoing provisions are hereby deemed to be a part of  each Stock Award and to supersede any less favorable provision in any agreement or plan regarding  such Stock Award (and, for the avoidance of doubt, if any Stock Award is subject to more favorable  vesting  pursuant  to  any  agreement  or  plan  regarding  such  Stock  Award,  such  more  favorable  provisions shall continue to apply and shall not be limited by this clause (v)).                (c)  Termination  for  Cause,  Voluntary  Resignation  Without  Good  Reason,  Death  or  Termination  for  Permanent  Disability.  In  the event  of  Executive’s  termination  of  employment  as  a  result  of  Executive’s  discharge  by  the  Company  for  Cause,  Executive’s  resignation without Good Reason, Executive’s death or Executive’s termination of employment  following  Executive’s  Permanent Disability,  the  Company  shall  not  have  any  other  or  further  obligations to Executive under this Agreement (including any financial obligations) except that  Executive shall be entitled to receive the Accrued Obligations.  The foregoing shall be in addition  to, and not in lieu of, any and all other rights and remedies which may be available to the Company  under the circumstances, whether at law or in equity.               (d)   Release.   As  a  condition  to  Executive’s  receipt  of  any  post-termination  benefits pursuant to Section 4(b) above, Executive (or, in the event of Executive’s incapacity as a  result of his Permanent Disability, Executive’s legal representative) shall execute and not revoke                                         6                                       US-DOCS\117462390.2 

 

a general release of all claims in favor of the Company and its affiliates (the “Release”) in the form  attached hereto as Exhibit A.  In the event the Release does not become effective within the fifty- five (55) day period following the date of Executive’s Involuntary Termination, Executive shall  not be entitled to the aforesaid payments and benefits.                 (e)   Exclusive Remedy.  Except as otherwise expressly required by law (e.g.,  COBRA) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits,  bonuses  and  other  amounts  hereunder  (if  any)  accruing  after  the  termination  of  Executive’s  employment  shall  cease  upon  such  termination.   In  the  event  of  Executive’s  termination  of  employment with the Company, Executive’s sole remedy shall be to receive the payments and  benefits described in this Section 4.  In addition, Executive acknowledges and agrees that he is not  entitled to any reimbursement by the Company for any taxes payable by Executive as a result of  the payments and benefits received by Executive pursuant to this Section 4, including, without  limitation, any excise tax imposed by Section 4999 of the Code.  Any payments made to Executive  under this Section 4 shall be inclusive of any amounts or benefits to which Executive may be  entitled pursuant to the Worker Adjustment and Retraining Notification Act, 29 U.S.C. Sections  2101 et seq., and the Department of Labor regulations thereunder, or any similar state statute.               (f)   No Mitigation.  Except as otherwise provided in Section 4(b)(iv) above,  Executive shall not be required to mitigate the amount of any payment provided for in this Section  4 by seeking other employment or  otherwise, nor shall the amount of any payment or benefit  provided for in this Section 4 be reduced by any compensation earned by Executive as the result  of  employment  by  another  employer  or  self-employment  or  by  retirement  benefits; provided,  however, that loans, advances or other amounts owed by Executive to the Company may be offset  by the Company against amounts payable to Executive under this Section 4.                 (g)   Return of the Company’s Property.  In the event of Executive’s termination  of employment for any reason, the Company shall have the right, at its option, to require Executive  to vacate his offices prior to or on the effective date of separation and to cease all activities on the  Company’s behalf.  Upon Executive’s termination of employment in any manner, as a condition  to  Executive’s  receipt  of  any  severance  benefits  described  in  this  Agreement,  Executive  shall  immediately surrender to the Company all lists, books and records of, or in connection with, the  Company’s  business,  and  all  other  property  belonging  to  the  Company,  it  being  distinctly  understood that all such lists, books and records, and other documents, are the property of the  Company.  Executive shall deliver to the Company a signed statement certifying compliance with  this Section 4(g) prior to the receipt of any severance benefits described in this Agreement.         5.    Certain Covenants.                      (a)   Noncompetition.   Except  as  may  otherwise  be  approved  by  the  Board,  during the term of Executive’s employment, Executive shall not have any ownership interest (of  record  or  beneficial)  in,  or  have  any  interest  as  an  employee,  salesman,  consultant,  officer  or  director  in,  or  otherwise  aid  or  assist  in  any  manner,  any  firm,  corporation,  partnership,  proprietorship or other business that engages in any county, city or part thereof in the United States  and/or any foreign country in a business which competes directly or indirectly (as determined by  the  Board)  with  the  Company’s  business  in  such  county,  city  or  part  thereof,  so  long  as  the  Company,  or  any  successor  in  interest  of  the  Company  to  the  business  and  goodwill  of  the                                         7                                       US-DOCS\117462390.2 

 

Company, remains engaged in such business in such county, city or part thereof or continues to  solicit  customers  or  potential  customers  therein; provided, however,  that  Executive  may  own,  directly or indirectly, solely as an investment, securities of any entity which are traded on any  national securities exchange if Executive (i) is not a controlling person of, or a member of a group  which controls, such entity; or (ii) does not, directly or indirectly, own one percent (1%) or more  of any class of securities of any such entity.                (b)   Confidential Information.  Executive and the Company have entered into  the  Company’s  standard  proprietary  information  and  inventions  assignment  agreement  (the  “Proprietary  Information  and  Inventions  Agreement”).   Executive  agrees  to  perform  each  and  every obligation of Executive therein contained.               (c)   Solicitation of Employees.  During the term of Executive’s employment or  service and for one (1) year thereafter (the “Restricted Period”), Executive will not, either directly  or through others, solicit or attempt to solicit any employee, independent contractor or consultant  of the Company or its affiliates to terminate his relationship with the Company or its affiliates in  order to become an employee, consultant or independent contractor to or for any other person or  entity, or otherwise encourage or solicit any employee of the Company or its affiliates to leave the  Company or such affiliates for any reason or to devote less than all of any such employee’s efforts  to  the  affairs  of  the  Company;  provided  that  the  foregoing  shall  not  affect  any  responsibility  Executive may have as an employee of the Company with respect to the bona fide hiring and firing  of Company personnel.                (d)   Solicitation  of  Consultants.   Executive  shall  not  during  the  term  of  Executive’s employment or service and for the Restricted Period, directly or indirectly, hire, solicit  or encourage to cease work with the Company or any of its affiliates any consultant then under  contract with the Company or any of its affiliates.               (e)   Nondisparagement.  Executive agrees that neither he nor anyone acting  by, through, under or in concert with him shall disparage or otherwise communicate negative  statements or opinions about the Company, Parent, or their respective board members, officers,  employees or businesses.  The Company agrees that neither its Board members nor officers, nor  the board members or officers of Parent, shall disparage or otherwise communicate negative  statements or opinions about Executive.  Except as may be required by law, neither Executive,  nor any member of Executive’s family, nor anyone else acting by, through, under or in concert  with  Executive  will  disclose  to  any  individual  or  entity  (other  than  Executive’s  legal  or  tax  advisors) the terms of this Agreement.                 (f)   Rights and Remedies Upon Breach.  If Executive breaches or threatens to  commit  a  breach  of  any  of  the  provisions  of  this  Section 5  (the “Restrictive  Covenants”),  the  Company shall have the following rights and remedies, each of which rights and remedies shall be  independent of the other and severally enforceable, and all of which rights and remedies shall be  in addition to, and not in lieu of, any other rights and remedies available to the Company under  law or in equity:                     (i)   Specific Performance.  The right and remedy to have the Restrictive  Covenants specifically enforced by any court having equity jurisdiction, all without the need to                                         8                                       US-DOCS\117462390.2 

 

post a bond or any other security or to prove any amount of actual damage or that money damages  would not provide an adequate remedy, it being acknowledged and agreed that any such breach or  threatened breach will cause irreparable injury to the Company and that money damages will not  provide adequate remedy to the Company; and                     (ii)  Accounting and Indemnification.  The right and remedy to require  Executive (A) to account for and  pay  over to  the  Company all compensation, profits,  monies,  accruals, increments or other benefits derived or received by Executive or any associated party  deriving  such benefits as  a  result of any  such  breach  of the Restrictive  Covenants; and (B) to  indemnify the Company against any other losses, damages (including special and consequential  damages),  costs  and  expenses,  including  actual  attorneys’ fees  and  court  costs,  which  may  be  incurred by them and which result from or arise out of any such breach or threatened breach of the  Restrictive Covenants.                (g)   Severability of Covenants/Blue Pencilling.  If any court determines that any  of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the  Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard  to the invalid portions.  If any court determines that any of the Restrictive Covenants, or any part  thereof, are unenforceable because of the duration of such provision or the area covered thereby,  such court shall have the power to reduce the duration or area of such provision and, in its reduced  form, such provision shall then be enforceable and shall be enforced.  Executive hereby waives  any and all right to attack the validity of the Restrictive Covenants on the grounds of the breadth  of their geographic scope or the length of their term.               (h)   Enforceability in Jurisdictions.  The Company and Executive intend to and  do  hereby  confer  jurisdiction  to  enforce  the  Restrictive  Covenants  upon  the  courts  of  any  jurisdiction within the geographical scope of such covenants.  If the courts of any one or more of  such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of the breadth  of  such  scope  or  otherwise,  it  is  the  intention  of  the  Company  and  Executive  that  such  determination not bar or in any way affect the right of the Company to the relief provided above  in  the  courts  of  any  other  jurisdiction  within  the  geographical  scope  of  such  covenants,  as  to  breaches of such covenants in such other respective jurisdictions, such covenants as they relate to  each jurisdiction being, for this purpose, severable into diverse and independent covenants.               (i)   Whistleblower Provision.  Nothing herein shall be construed to prohibit  Executive from communicating directly with, cooperating with, or providing information to, any  government  regulator,  including,  but  not  limited  to,  the  U.S.  Securities  and  Exchange  Commission,  the  U.S.  Commodity  Futures  Trading  Commission,  or the  U.S.  Department  of  Justice.  Executive acknowledges that the Company has provided Executive with the following  notice of immunity rights in compliance with the requirements of the Defend Trade Secrets Act:  (i) Executive shall not be held criminally or civilly liable under any Federal or State trade secret  law for the disclosure of proprietary information that is made in confidence to a Federal, State,  or local government official or to an attorney solely for the purpose of reporting or investigating  a suspected violation of law, (ii) Executive shall not be held criminally or civilly liable under any  Federal or State trade secret law for the disclosure of proprietary information that is made in a  complaint or other document filed in a lawsuit or other proceeding, if such filing is made under  seal and (iii) if Executive files a lawsuit for retaliation by the Company for reporting a suspected                                         9                                       US-DOCS\117462390.2 

 

violation of law, Executive may disclose the proprietary information to Executive’s attorney and  use  the proprietary information  in  the  court  proceeding,  if Executive files any  document  containing  the proprietary information  under  seal,  and  does not  disclose  the proprietary  information, except pursuant to court order.               (j)   Definitions.  For purposes of this Section 5, the term “Company” means not  only Zeno Management, Inc., but also Parent as well as any company, partnership or entity which,  directly  or  indirectly,  controls,  is  controlled  by  or  is  under  common  control  with  Zeno  Management, Inc.         6.    Insurance; Indemnification.                 (a)   Insurance.   The  Company  shall  have  the  right  to  take  out  life,  health,  accident, “key-man” or other insurance covering Executive, in the name of the Company and at  the Company’s expense in any amount deemed appropriate by the Company.  Executive shall assist  the Company in obtaining such insurance, including, without limitation, submitting to any required  examinations and providing information and data required by insurance companies.               (b)   Indemnification.  Executive will be provided with indemnification against  third party claims related to his work for the Company to the extent permitted by Delaware law.   The Company shall provide Executive with directors and officers liability insurance coverage at  least as favorable as that which the Company may maintain from time to time for other executive  officers.         7.    Arbitration.  Any dispute, claim or controversy based on, arising out of or relating  to Executive’s employment or this Agreement shall be settled by final and binding arbitration in  San Diego, California, before a single neutral arbitrator in accordance with the JAMS Employment  Arbitration  Rules  and  Procedures (the “Rules”),  and  judgment  on  the  award  rendered  by  the  arbitrator may be entered in any court having jurisdiction.  The Rules may be found online at  www.jamsadr.com and will be provided to Executive upon request.  If the parties are unable to  agree upon an arbitrator, one shall be appointed by JAMS in accordance with its Rules.  Each party  shall  pay  the  fees  of  its  own  attorneys,  the  expenses  of  its  witnesses  and  all  other  expenses  connected with presenting its case; provided, however, Executive and the Company agree that, to  the extent permitted by law, the arbitrator may, in his or her discretion, award reasonable attorneys’  fees to the prevailing party; provided, further, that the prevailing party shall be reimbursed for such  fees, costs and expenses within forty-five (45) days following any such award, but in no event later  than the last day of Executive’s taxable year following the taxable year in which the fees, costs and  expenses were incurred; provided, further, that the parties’ obligations pursuant to this sentence  shall  terminate  on  the  tenth  (10th)  anniversary  of  the date  of  Executive’s  termination  of  employment.  Other costs of the arbitration, including the cost of any record or transcripts of the  arbitration, JAMS administrative fees, the fee of the arbitrator, and all other fees and costs, shall  be borne by the Company.  This Section 7 is intended to be the exclusive method for resolving any  and all claims by the parties against each other for payment of damages under this Agreement or  relating to Executive’s employment; provided, however, that Executive shall retain the right to file  administrative  charges  with  or  seek  relief  through  any  government  agency  of  competent  jurisdiction, and to participate in any government investigation, including but not limited to (a)  claims  for  workers’ compensation,  state  disability insurance  or  unemployment  insurance;  (b)                                        10                                       US-DOCS\117462390.2 

 

administrative claims brought  before  any  state  or  federal  governmental  authority; provided,  however, that any appeal from an award or from denial of an award of wages and/or waiting time  penalties  shall  be  arbitrated  pursuant  to  the  terms  of  this  Agreement;  and  (c)  claims  for  administrative relief from the United States Equal Employment Opportunity Commission and/or  any similar state agency in any applicable jurisdiction); provided, further, that Executive shall not  be entitled to obtain any monetary relief through such agencies other than workers’ compensation  benefits or unemployment insurance benefits.  This Agreement shall not limit either party’s right  to obtain any provisional remedy, including, without limitation, injunctive or similar relief, from  any court of competent jurisdiction as may be necessary to protect their rights and interests pending  the outcome of arbitration, including without limitation injunctive relief, in any court of competent  jurisdiction.  Seeking any such relief shall not be deemed to be a waiver of such party’s right to  compel arbitration.  Both Executive and the Company expressly waive their right to a jury trial.         8.    General Relationship.  Executive shall be considered an employee of the Company  within the meaning of all federal, state and local laws and regulations including, but not limited  to, laws and regulations governing unemployment insurance, workers’ compensation, industrial  accident, labor and taxes.         9.    Miscellaneous.               (a)   Modification;  Prior  Claims.  This  Agreement and  the Proprietary  Information and Inventions Agreement (and the other documents referenced therein) set forth the  entire understanding of the parties with respect to the subject matter hereof, and supersede all  existing agreements between them concerning such subject matter, including the Prior Agreement.   This Agreement may be amended or modified only with the written consent of Executive and an  authorized representative of the Company.  No oral waiver, amendment or modification will be  effective under any circumstances whatsoever.               (b)   Assignment; Assumption by Successor.  The rights of the Company under  this Agreement may, without the consent of Executive, be assigned by the Company, in its sole  and unfettered discretion, to any person, firm, corporation or other business entity which at any  time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or substantially  all of the assets or business of the Company.  The Company will require any successor (whether  direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or  assets of the Company expressly to assume and to agree to perform this Agreement in the same  manner  and  to  the  same  extent  that the  Company  would  be  required  to  perform  it  if  no  such  succession had taken place; provided, however, that no such assumption shall relieve the Company  of its obligations hereunder.  As used in this Agreement, the “Company” shall mean the Company  as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes  and agrees to perform this Agreement by operation of law or otherwise.               (c)   Survival.   The  covenants,  agreements,  representations  and  warranties  contained in or made in Sections 4, 5, 6, 7 and 9 of this Agreement shall survive Executive’s  termination of employment.                                        11                                       US-DOCS\117462390.2 

 

            (d)   Third-Party  Beneficiaries.   Except  as  expressly  set  forth  herein,  this  Agreement does not create, and shall not be construed as creating, any rights enforceable by any  person not a party to this Agreement.               (e)   Waiver.   The  failure  of  either  party  hereto  at  any  time  to  enforce  performance by the other party of any provision of this Agreement shall in no way affect such  party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of  any provision hereof be deemed to be a waiver by such party of any other breach of the same or  any other provision hereof.               (f)   Section Headings.  The headings of the several sections in this Agreement  are inserted solely for the convenience of the parties and are not a part of and are not intended to  govern, limit or aid in the construction of any term or provision hereof.               (g)   Notices.  Any notice required or permitted by this Agreement shall be in  writing and shall be delivered as follows with notice deemed given as indicated:  (i) by personal  delivery when delivered personally; (ii) by overnight courier upon written verification of receipt;  (iii) by email, telecopy or facsimile transmission upon acknowledgment of receipt of electronic  transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of  receipt.  Notice shall be sent to Executive at the address listed on the Company’s personnel records  and to the Company at its principal place of business, or such other address as either party may  specify in writing.               (h)   Severability.   All  Sections,  clauses  and  covenants  contained  in  this  Agreement are severable, and in the event any of them shall be held to be invalid by any court, this  Agreement shall be interpreted as if such invalid Sections, clauses or covenants were not contained  herein.               (i)   Governing  Law  and  Venue.   This  Agreement  is  to  be  governed  by  and  construed in accordance with the laws of the State of California applicable to contracts made and  to be performed wholly within such State, and without regard to the conflicts of laws principles  thereof.  Except as provided in Sections 5 and 7, any suit brought hereon shall be brought in the  state or federal courts sitting in San Diego County, California, the parties hereto hereby waiving  any claim or defense that such forum is not convenient or proper.  Each party hereby agrees that  any such court shall have in personam jurisdiction over it and consents to service of process in any  manner authorized by California law.               (j)   Non-transferability of Interest.  None of the rights of Executive to receive  any form of compensation payable pursuant to this Agreement shall be assignable or transferable  except through a testamentary disposition or by the laws of descent and distribution upon the death  of Executive.  Any attempted assignment, transfer, conveyance, or other disposition (other than as  aforesaid) of any interest in the rights of Executive to receive any form of compensation to be  made by the Company pursuant to this Agreement shall be void.               (k)   Gender.  Where the context so requires, the use of the masculine gender  shall include the feminine and/or neuter genders and the singular shall include the plural, and vice                                        12                                       US-DOCS\117462390.2 

 

versa, and the word “person” shall include any corporation, firm, partnership or other form of  association.               (l)   Counterparts;  Facsimile  or  .pdf  Signatures.   This  Agreement  may  be  executed in any number of counterparts, each of which when so executed and delivered will be  deemed an original, and all of which together shall constitute one and the same agreement.  This  Agreement may be executed and delivered by facsimile or by .pdf file and upon such delivery the  facsimile or .pdf signature will be deemed to have the same effect as if the original signature had  been delivered to the other party.               (m)   Construction.  The language in all parts of this Agreement shall in all cases  be construed simply, according to its fair meaning, and not strictly for or against any of the parties  hereto.  Without limitation, there shall be no presumption against any party on the ground that such  party was responsible for drafting this Agreement or any part thereof.               (n)   Withholding and Other Deductions.  All compensation payable to Executive  hereunder shall be subject to such deductions as the Company is from time to time required to  make pursuant to law, governmental regulation or order.               (o)   Code Section 409A.                       (i)   This  Agreement  is  not  intended  to  provide  for  any  deferral of  compensation subject to Section 409A of the  Code, and,  accordingly,  the  severance  payments  payable under Section 4(b)(ii), (iii) and (v) shall be paid no later than the later of:  (A) the fifteenth  (15th) day of the third month following Executive’s first taxable year in which such amounts are  no longer subject to a substantial risk of forfeiture, and (B) the fifteenth (15th) day of the third  month following first taxable year of the Company in which such amounts are is no longer subject  to substantial risk of forfeiture, as determined in accordance with Code Section 409A and any  Treasury  Regulations  and  other  guidance  issued  thereunder.   To  the  extent  applicable,  this  Agreement shall be interpreted in accordance with Code Section 409A and Department of Treasury  regulations and other interpretive guidance issued thereunder.  Each series of installment payments  made under this Agreement is hereby designated as a series of “separate payments” within the  meaning  of  Section  409A  of  the  Code.    For  purposes  of  this  Agreement,  all  references  to  Executive’s “termination of employment” shall mean Executive’s Separation from Service.                       (ii)  If Executive is a “specified employee” (as defined in Section 409A  of the Code), as determined by the Company in accordance with Section 409A of the Code, on the  date of Executive’s Separation from Service, to the extent that the payments or benefits under this  Agreement are subject to Section 409A of the Code and the delayed payment or distribution of all  or any portion of such amounts to which Executive is entitled under this Agreement is required in  order to avoid a  prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, then such  portion deferred pursuant to this Section 9(o)(ii) shall be paid or distributed to Executive in a lump  sum on the earlier of (A) the date that is six (6)-months following Executive’s Separation from  Service, (B) the date of Executive’s death or (C) the earliest date as is permitted under Section  409A of the Code.  Any remaining payments due under the Agreement shall be paid as otherwise  provided herein.                                        13                                       US-DOCS\117462390.2 

 

                  (iii) To  the  extent  applicable,  this  Agreement  shall  be  interpreted  in  accordance with the applicable exemptions from Section 409A of the Code.  If Executive and the  Company  determine  that  any  payments  or  benefits  payable  under  this  Agreement  intended  to  comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply with Section 409A of the  Code, Executive and the Company agree to amend this Agreement, or take such other actions as  Executive  and  the  Company  deem  reasonably  necessary  or  appropriate,  to  comply  with  the  requirements  of  Section  409A  of  the  Code  and the  Treasury  Regulations  thereunder  (and  any  applicable transition relief) while preserving the economic agreement of the parties.  To the extent  that any provision in this Agreement is ambiguous as to its compliance with Section 409A of the  Code, the provision shall be read in such a manner that no payments payable under this Agreement  shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code.                     (iv)  Any reimbursement of expenses or in-kind benefits payable under  this Agreement shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv)  and shall be paid on or before the last day of Executive’s taxable year following the taxable year  in which Executive incurred the expenses.  The amount of expenses reimbursed or in-kind benefits  payable  during  any  taxable  year  of  Executive’s  shall  not  affect the  amount  eligible  for  reimbursement  or  in-kind  benefits  payable  in any  other  taxable  year  of  Executive’s,  and  Executive’s  right  to  reimbursement  for  such  amounts  shall  not  be  subject  to  liquidation  or  exchange for any other benefit.                                [SIGNATURE PAGE FOLLOWS]                                                 14                                       US-DOCS\117462390.2 

 

                                                                                    IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set  forth above.                                       ZENO MANAGEMENT, INC.                                                By:  /s/  Anthony  Y. Sun,  M.D.                                          Name:  Anthony Y. Sun, M.D.                                               Title:  President and Chief Executive Officer                                                EXECUTIVE                                                 /s/   Kevin  Bunker,  Ph.D.                                              Kevin Bunker, Ph.D.          [SIGNATURE PAGE TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT]  US-DOCS\117462390.2 

 

                                                                                                               EXHIBIT A                                                                 GENERAL RELEASE OF CLAIMS                                              [The language in this Release may change based on legal developments and evolving best     practices; this form is provided as an example of what will be included in the final Release                                     document.]          This General Release of Claims (“Release”) is entered into as of this _____ day of ________,  ____, between Kevin Bunker, Ph.D. (“Executive”), and Zeno Management, Inc. (the “Company”)  (collectively referred to herein as the “Parties”).          WHEREAS, Executive and the Company are parties to that certain Amended and Restated  Employment Agreement dated as of October 1, 2020 (the “Agreement”);          WHEREAS, the Parties agree that Executive is entitled to certain severance benefits under  the Agreement, subject to Executive’s execution of this Release; and          WHEREAS, the Company and Executive now wish to fully and finally to resolve all matters  between them.          NOW, THEREFORE, in consideration of, and subject to, the severance benefits payable to  Executive pursuant to the Agreement, the adequacy of which is hereby acknowledged by Executive,  and which Executive acknowledges that he would not otherwise be entitled to receive, Executive  and the Company hereby agree as follows:          1.    General Release of Claims by Executive.                  (a)   Executive,  on  behalf  of himself and his executors,  heirs,  administrators,  representatives and assigns, hereby agrees to release and forever discharge the Company and all  predecessors,  successors  and  their  respective  parent  corporations,  affiliates,  related,  and/or  subsidiary  entities,  and  all  of  their  past  and  present  investors,  directors,  shareholders,  officers,  general  or  limited  partners,  employees,  attorneys,  agents  and  representatives,  and  the  employee  benefit plans in which Executive is or has been a participant by virtue of his employment with or  service to the Company (collectively, the “Company Releasees”), from any and all claims, debts,  demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges,  complaints,  obligations,  promises,  agreements,  controversies,  suits,  expenses,  compensation,  responsibility and liability of every kind and character whatsoever (including attorneys’ fees and  costs),  whether  in  law  or  equity,  known  or  unknown,  asserted  or  unasserted,  suspected  or  unsuspected (collectively, “Claims”), which Executive has or may have had against such entities  based on any events or circumstances arising or occurring on or prior to the date hereof or on or  prior to the date hereof, arising directly or indirectly out of, relating to, or in any other way involving  in any manner whatsoever Executive’s employment by or service to the Company or the termination  thereof,  including  any  and  all  claims  arising  under  federal,  state,  or  local  laws  relating  to  employment,  including  without  limitation  claims  of  wrongful  discharge,  breach  of  express  or  implied contract, fraud, misrepresentation, defamation, or liability in tort, and claims of any kind                                         1    US-DOCS\117462390.2 

 

that may be brought in any court or administrative agency including, without limitation, claims under  Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et seq.; the Americans  with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as  amended, 29 U.S.C. § 701 et seq.; the Civil Rights Act of 1866, and the Civil Rights Act of 1991;  42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C.  Section  621, et seq. (the “ADEA”);  the  Equal  Pay  Act,  as  amended,  29  U.S.C.  Section  206(d);  regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family  and Medical Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the Fair Labor Standards Act of 1938,  as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended,  29 U.S.C. § 1001 et seq.          Notwithstanding the generality of the foregoing, Executive does not release the following  claims:                (i)   Claims  for  unemployment  compensation  or  any  state  disability  insurance        benefits pursuant to the terms of applicable state law;                             (ii)  Claims for workers’ compensation insurance benefits under the terms of any        worker’s compensation insurance policy or fund of the Company;                       (iii) Claims  pursuant  to  the  terms  and  conditions  of  the  federal  law  known  as        COBRA;                       (iv)  Claims for indemnity under the bylaws of the Company, as provided for by        Delaware law or under any applicable insurance policy with respect to Executive’s liability        as an employee, director or officer of the Company;                      (v)   Executive’s right  to  bring  to  the  attention  of  the  Equal  Employment        Opportunity Commission or the California Department of Fair Employment and Housing or        any  other  federal,  state  or  local  government  agency  claims  of  discrimination,  or  from        participating  in  an  investigation  or  proceeding  conducted  by  the  Equal  Employment        Opportunity Commission or any other federal, state or local government agency; provided,        however,  that Executive does  release  his  right  to  secure  any  damages  for  alleged        discriminatory treatment;                      (vi)  Claims based on any right Executive may have to enforce the Company’s        executory obligations under the Agreement;                       (vii) Claims Executive may have to vested or earned compensation and benefits;        and                      (viii) Executive’s right to communicate or cooperate with any government agency.                      (b)   EXECUTIVE  ACKNOWLEDGES THAT HE       HAS BEEN ADVISED OF  AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542,  WHICH PROVIDES AS FOLLOWS:                                         2  US-DOCS\117462390.2 

 

        “A  GENERAL  RELEASE  DOES  NOT  EXTEND  TO  CLAIMS  THAT  THE  CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN  HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF  KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER  SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”    BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES  ANY  RIGHTS  HE  MAY  HAVE  THEREUNDER,  AS  WELL  AS  UNDER  ANY  OTHER  STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.    [Note:  Clauses (c), (d) and (e) apply only if Executive is age 40 or older at time of termination]                (c)   Executive acknowledges that this Release was presented to him on the date  indicated above and that Executive is entitled to have [twenty-one (21)][forty-five (45)] days’ time  in which to consider it.  Executive further acknowledges that the Company has advised him that he  is waiving his rights under the ADEA, and that Executive should consult with an attorney of his  choice before signing this Release, and Executive has had sufficient time to consider the terms of  this Release.  Executive represents and acknowledges that if Executive executes this Release before  [twenty-one (21)][forty-five (45)] days have elapsed, Executive does so knowingly, voluntarily, and  upon the advice and with the approval of Executive’s legal counsel (if any), and that Executive  voluntarily waives any remaining consideration period.                (d)   Executive understands that  after executing this Release,  Executive  has the  right to revoke it within seven (7) days after his execution of it.  Executive understands that this  Release will not become effective and enforceable unless the seven (7) day revocation period passes  and Executive does not revoke the Release in writing.  Executive understands that this Release may  not be revoked after the seven (7) day revocation period has passed.  Executive also understands that  any revocation of this Release must be made in writing and delivered to the Company at its principal  place of business within the seven (7) day period.                (e)   Executive understands that this Release shall become effective, irrevocable,  and binding upon Executive on the eighth (8th) day after his execution of it, so long as Executive has  not revoked it within the time period and in the manner specified in clause (d) above.                  (f)   Executive further understands that Executive will not be given any severance  benefits under the Agreement unless this Release is effective on or before the date that is fifty-five  (55) days following the date of Executive’s termination of employment.          2.    No Assignment.  Executive represents and warrants to the Company Releasees that  there has been no assignment or other transfer of any interest in any Claim that Executive may have  against the Company Releasees.  Executive agrees to indemnify and hold harmless the Company  Releasees from any liability, claims, demands, damages, costs, expenses and attorneys’ fees incurred  as a result of any such assignment or transfer from Executive.         3.    Severability.  In the event any provision of this Release is found to be unenforceable  by an arbitrator or court of competent jurisdiction, such provision shall be deemed modified to the                                         3  US-DOCS\117462390.2 

 

extent necessary to allow enforceability of the provision as so limited, it being intended that the  parties shall receive the benefit contemplated herein to the fullest extent permitted by law.  If a  deemed  modification  is  not  satisfactory  in  the  judgment  of  such  arbitrator  or  court,  the  unenforceable  provision  shall  be  deemed  deleted,  and the  validity  and  enforceability  of  the  remaining provisions shall not be affected thereby.          4.    Interpretation;  Construction.   The  headings  set  forth  in  this  Release  are  for  convenience only and shall not be used in interpreting this Agreement.  This Release has been  drafted  by  legal  counsel  representing  the  Company,  but  Executive  has  participated  in  the  negotiation  of  its  terms.   Furthermore,  Executive  acknowledges  that  Executive  has  had  an  opportunity to review and revise the Release and have it reviewed by legal counsel, if desired, and,  therefore, the normal rule of construction to the effect that any ambiguities are to be resolved  against the drafting party shall not be employed in the interpretation of this Release.  Either party’s  failure to enforce any provision of this Release shall not in any way be construed as a waiver of  any such provision, or prevent that party thereafter from enforcing each and every other provision  of this Release.         5.    Governing Law and Venue.  This Release will be governed by and construed in  accordance with the laws of the United States of America and the State of California applicable to  contracts made and to be performed wholly within such State, and without regard to the conflicts  of laws principles thereof.  Any suit brought hereon shall be brought in the state or federal courts  sitting in San Diego County, California, the Parties hereby waiving any claim or defense that such  forum is not convenient or proper.  Each party hereby agrees that any such court shall have in  personam  jurisdiction  over  it  and  consents  to  service  of  process  in  any  manner  authorized  by  California law.         6.    Entire Agreement.  This Release and the Agreement constitute the entire agreement  of the Parties in respect of the subject matter contained herein and therein and supersede all prior  or simultaneous representations, discussions, negotiations and agreements, whether written or oral.   This Release may be amended or modified only with the written consent of Executive and an  authorized representative of the Company.  No oral waiver, amendment or modification will be  effective under any circumstances whatsoever.           7.    Counterparts.   This  Release  may  be  executed  in  multiple  counterparts,  each  of  which shall be deemed to be an original but all of which together shall constitute one and the same  instrument.                             [SIGNATURE PAGE FOLLOWS]                                              4  US-DOCS\117462390.2 

 

                                                                                    IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the  foregoing Release as of the date first written above.    EXECUTIVE                                 ZENO MANAGEMENT, INC.                                                                  By:                                    Print Name:  Kevin Bunker, Ph.D.          Print Name:                                                                      Title:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   [SIGNATURE PAGE TO RELEASE]    US-DOCS\117462390.2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]