Document:

EX-10.8

 Exhibit 10.8 
  

			
		  	 866 Malcolm Road, Suite 100

Burlingame, CA 94010
 Phone: (650)
466-7125

 July 9, 2020 
 Sophia
Randolph, M.D., Ph.D. 
 Via Email 
 Re: Confirmatory
Employment Letter 
 Dear Sophia: 
 This
confirmatory employment letter agreement (the “Agreement”) is entered into between Sophia Randolph (“you”) and ALX Oncology Holdings Inc. (the “Company” or “we”), effective
as of July 9, 2020 (the “Effective Date”), to confirm the terms and conditions of your employment with the Company as of the Effective Date. 

1. Title; Position; Location. You will continue to serve as the Company’s Chief Medical Officer. You also will continue to report
to the Company’s Chief Executive Officer and will perform the duties and responsibilities customary for such position and such other related duties as are lawfully assigned by the Company’s Chief Executive Officer. You will perform your
duties from the Company’s corporate offices located in Chico, California (with the exception of the period during which any current shelter-in-place order or
similar work-from-home arrangement affecting your employment with the Company remains in effect), subject to customary travel as reasonably required by the Company and necessary to perform your job duties. 

2. Best Efforts. You will continue to devote your full business time and best efforts to the faithful and loyal performance of your
duties to the Company (except for permitted vacation periods and reasonable periods of illness or other incapacity). While you render services to the Company, you will not engage in any other employment, consulting or other business activity
(whether full-time or part-time) that would create a conflict of interest with the Company, and any engagement or participation in any outside business activity or business affairs by you will be subject to full disclosure and prior written approval
from the Company’s Board of Directors (the “Board”) or its Compensation Committee, as applicable. The Board has approved the outside activities set forth in Appendix A, as long as such activities are of a non-operational nature and do not interfere with the performance of your duties under this Agreement, and provided that such matters do not involve matters that are competitive with the Company’s actual or
anticipated business. You may engage in charitable and community activities as well as own, as a passive investment, less than two percent (2%) of the capital stock of any corporation listed on the national securities exchange or publicly traded in
the over-the-counter market, provided that such activities do not interfere with the performance of your duties under this Agreement. By signing this Agreement, you
confirm that you have no contractual commitments or other legal obligations that would prohibit you from continuing to perform your duties for the Company. 

 3. Base Salary. As of the Effective Date, your annual base salary will be $362,000
(“Salary”), which will be payable, less any applicable withholdings, in accordance with the Company’s normal payroll practices. Our Board and its Compensation Committee (the “Committee”) have approved that,
provided you remain employed through the Company’s initial public offering, your Salary will be increased to $440,000 effective as of the effective date of the Company’s registration statement relating to such initial public offering. Your
annual base salary will be subject to review and adjustment from time to time by our Board or the Committee, as applicable, in its sole discretion. 

4. Annual Bonus. For the Company’s 2020 fiscal year, you will have the opportunity to earn a target annual cash bonus equal to
forty percent (40%) of your annual base salary earned during the fiscal year, based on achieving performance objectives established by the Board or Committee, as applicable, in its sole discretion and payable upon achievement of those objectives as
determined by the Committee. Unless determined otherwise by the Board or Committee, as applicable, any such bonus will be subject to your continued employment through and until the date of payment, and any such bonus amounts paid will be subject to
any applicable withholdings. Your annual bonus opportunity and the applicable terms and conditions may be adjusted from time to time by our Board or the Committee, as applicable, in its sole discretion. 

5. Equity Awards. You will be eligible to receive awards of stock options or other equity awards pursuant to any plans or arrangements
the Company may have in effect from time to time. The Board or Committee, as applicable, will determine in its sole discretion whether you will be granted any such equity awards and the terms of any such award in accordance with the terms of any
applicable plan or arrangement that may be in effect from time to time. 
 6. Employee Benefits. You will continue to be eligible to
participate in the benefit plans and programs established by the Company for its employees from time to time, subject to their applicable terms and conditions, including without limitation any eligibility requirements. The Company will reimburse you
for reasonable travel or other expenses incurred by you in the furtherance of or in connection with the performance of your duties under this Agreement, pursuant to the terms of the Company’s expense reimbursement policy as may be in effect
from time to time. The Company reserves the right to modify, amend, suspend or terminate the benefit plans, programs, and arrangements it offers to its employees at any time. 

7. Severance. You will be eligible to enter into a Change in Control and Severance Agreement (the “Severance
Agreement”) applicable to you based on your position within the Company. Any Severance Agreement will become effective as of the business day immediately prior to the effective date of the Company’s registration statement relating to
the Company’s initial public offering. The Severance Agreement will specify the severance payments and benefits you may become entitled to receive in connection with certain qualifying terminations of your employment with the Company. For
purposes of clarity, other than any vesting acceleration benefits set forth in the Company’s 2020 Equity Incentive Plan and the award agreements thereunder governing the terms of your stock options to purchase shares of Company common
stock granted thereunder (to the extent not modified or superseded by your Severance Agreement), any severance payments, benefits and arrangements that may have applied to you before the Effective Date no longer will apply, and you will have no
rights or entitlements under any such plans, programs, agreements or arrangements. 

  
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 8. Confidentiality Agreement. As an employee of the Company, you will continue to
have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, your
acceptance of this Agreement confirms that the terms of the Company’s Employee Confidentiality, Inventions and Non-Interference Agreement you previously signed with the Company (the
“Confidentiality Agreement”) still apply. 
 9. At-Will Employment. This
Agreement does not imply any right to your continued employment for any period with the Company or any parent, subsidiary, or affiliate of the Company. Your employment with the Company is and will continue to be
at-will, as defined under applicable law. This Agreement and any provisions under it will not interfere with or limit in any way your or the Company’s right to terminate your employment relationship with
the Company at any time, with or without cause, to the extent permitted by applicable laws. 
 10. Protected Activity Not Prohibited.
The Company and you acknowledge and agree that nothing in this Agreement limits or prohibits you from filing and/or pursuing a charge or complaint with, or otherwise communicating or cooperating with or participating in any investigation or
proceeding that may be conducted by, any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and
the National Labor Relations Board (“Government Agencies”), including disclosing documents or other information as permitted by law, without giving notice to, or receiving authorization from, the Company. In addition, nothing in
this Agreement is intended to limit employees’ rights to discuss the terms, wages, and working conditions of their employment, nor to deny employees the right to disclose information pertaining to sexual harassment or any unlawful or
potentially unlawful conduct, as protected by applicable law. You further understand that you are not permitted to disclose the Company’s attorney-client privileged communications or attorney work product. In addition, you acknowledge that the
Company has provided you with notice in compliance with the Defend Trade Secrets Act of 2016 regarding immunity from liability for limited disclosures of trade secrets. The full text of the notice is attached in
Appendix B. 
 11. Miscellaneous. This Agreement, together with the Confidentiality
Agreement, the Severance Agreement and the stock options granted to you by the Company under its 2020 Equity Incentive Plan and the applicable award agreements thereunder, constitute the entire agreement between you and the Company regarding
the material terms and conditions of your employment, and they supersede and replace all prior negotiations, representations or agreements between you and the Company. This Agreement will be governed by the laws of the State of California but
without regard to the conflict of law provision. This Agreement may be modified only by a written agreement signed by a duly authorized officer of the Company (other than yourself) and you. 

[Signature page follows] 

  
 3 

 To confirm the current terms and conditions of your employment, please sign and date in the spaces indicated
and return this Agreement to me. 
  

			
	 Sincerely,

	
	 ALX Oncology Holdings Inc.

		
	By:	 	 /s/ Jaume Pons

		 	 Jaume Pons

		 	 President and Chief Executive
Officer

  

			
	Agreed to and accepted:
	
	 /s/ Sophia Randolph

Sophia Randolph

		
	Dated:	 	 July 9, 2020

 Appendix A 

[Omitted] 

 Appendix B 

Section 7 of the Defend Trade Secrets Act of 2016 

“ ... An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret
that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or
(B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. ... An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may
disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual—(A) files any document containing the trade secret under seal; and (B) does not disclose the trade
secret, except pursuant to court order.”EX-10.9

 Exhibit 10.9 

ALX ONCOLOGY HOLDINGS INC. 

EXECUTIVE INCENTIVE COMPENSATION PLAN 

1.    Purposes of the Plan. The Plan is intended to increase stockholder value and the success of the Company by
motivating Employees to (a) perform to the best of their abilities and (b) achieve the Company’s objectives. 

2.    Definitions. 

(a)    “Actual Award” means as to any Performance Period, the actual award (if any) payable to a
Participant for the Performance Period, subject to the authority of the Administrator (as defined in Section 3) under Section 4(d) to modify the award. 

(b)    “Affiliate” means any corporation or other entity (including, but not limited to, partnerships and
joint ventures) controlled by the Company. 
 (c)    “Board” means the Board of Directors of the
Company. 
 (d)    “Bonus Pool” means the pool of funds available for distribution to Participants.
Subject to the terms of the Plan, the Administrator establishes the Bonus Pool for each Performance Period. 

(e)    “Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific
section of the Code or regulation thereunder will include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding
such section or regulation. 
 (f)    “Committee” means a committee appointed by the Board (pursuant to
Section 3) to administer the Plan. 
 (g)    “Company” means ALX Oncology Holdings Inc., a
Delaware corporation, or any successor thereto. 
 (h)    “Company Group” means the Company and any
Parents, Subsidiaries, and Affiliates. 
 (i)    “Disability” means a permanent and total disability
determined in accordance with uniform and nondiscriminatory standards adopted by the Administrator from time to time. 

(j)    “Employee” means any executive, officer, or other employee of the Company Group, whether such
individual is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 

(k)    “Fiscal Year” means the fiscal year of the Company. 

 (l)    “Parent” means a “parent corporation,”
whether now or hereafter existing, as defined in Code Section 424(e). 
 (m)    “Participant”
means as to any Performance Period, an Employee who has been selected by the Administrator for participation in the Plan for that Performance Period. 

(n)    “Performance Period” means the period of time for the measurement of the performance criteria that
must be met to receive an Actual Award, as determined by the Administrator. A Performance Period may be divided into one or more shorter periods if, for example, but not by way of limitation, the Administrator desires to measure some performance
criteria over twelve (12) months and other criteria over three (3) months. 
 (o)    “Plan”
means this Executive Incentive Compensation Plan (including any appendix attached hereto), as may be amended from time to time. 

(p)    “Section 409A” means Section 409A of the Code and any proposed or final
Treasury Regulations and Internal Revenue Service guidance, compliance programs and other interpretive authority promulgated thereunder, or any state law equivalent, as each may be amended or promulgated, as applicable, from time to time. 

(q)    “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as
defined in Code Section 424(f), in relation to the Company. 
 (r)    “Target Award” means the
target award, at one hundred percent (100%) of target level performance achievement, payable under the Plan to a Participant for a Performance Period, as determined by the Administrator in accordance with Section 4(b). 

(s)    “Tax Withholdings” means tax, social insurance and social security liability or premium
obligations in connection with the awards under the Plan, including without limitation: (i) all federal, state, and local income, employment and any other taxes (including the Participant’s U.S. Federal Insurance Contributions Act (FICA)
obligation) that are required to be withheld by the Company Group, (ii) the Participant’s and, to the extent required by the Company Group, the fringe benefit tax liability of the Company Group associated with an award under the Plan, and
(iii) any other taxes or social insurance or social security liabilities or premium the responsibility for which the Participant has, or has agreed to bear, with respect to such award under the Plan. 

(t)    “Termination of Employment” means a cessation of the employee-employer relationship between an
Employee and the Company Group, including without limitation a termination by resignation, discharge, death, Disability, retirement, or the disaffiliation of a Parent, Subsidiary or Affiliate. For purposes of the Plan, transfer of employment of a
Participant between any members of the Company Group (for example, between the Company and a Subsidiary) will not be deemed a Termination of Employment. 

3.    Administration of the Plan. 

(a)    Administrator. The Plan will be administered by the Board or a Committee (the
“Administrator”). To the extent necessary or desirable to satisfy applicable laws, the Committee acting as the Administrator will consist of not less than two (2) members of the Board.

  
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The members of any Committee will be appointed from time to time by, and serve at the pleasure of, the Board. The Board may retain the authority to administer the Plan concurrently with a
Committee and may revoke the delegation of some or all authority previously delegated. Different Administrators may administer the Plan with respect to different groups of Employees. Unless and until the Board otherwise determines, the Board’s
Compensation Committee will administer the Plan. 
 (b)    Administrator Authority. It will be the duty of the
Administrator to administer the Plan in accordance with the Plan’s provisions. The Administrator will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to,
the power to (i) determine which Employees will be granted awards, (ii) prescribe the terms and conditions of awards, (iii) interpret the Plan and the awards, (iv) adopt such procedures and
sub-plans as are necessary or appropriate to permit participation in the Plan by Employees who are non-U.S. nationals or employed outside of the U.S. or to qualify
awards for special tax treatment under the laws of jurisdictions other than the U.S., (v) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (vi) interpret, amend or revoke any
such rules. Any determinations and decisions made or to be made by the Administrator pursuant to the provisions of the Plan, unless specified otherwise by the Administrator, will be in the Administrator’s sole discretion. 

(c)    Decisions Binding. All determinations and decisions made by the Administrator and/or any delegate of the
Administrator pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law. 

(d)    Delegation by Administrator. The Administrator, on such terms and conditions as it may provide, may delegate
all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company. Such delegation may be revoked at any time. 

(e)    Indemnification. Each person who is or will have been a member of the Administrator will be indemnified and
held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she
may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (ii) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or
paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of
Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 

  
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 4.    Selection of Participants and Determination of Awards. 

(a)    Selection of Participants. The Administrator will select the Employees who will be Participants for any
Performance Period. Participation in the Plan will be on a Performance Period by Performance Period basis. Accordingly, an Employee who is a Participant for a given Performance Period in no way is guaranteed or assured of being selected for
participation in any subsequent Performance Period or Performance Periods. No Employee will have the right to be selected to receive an award under this Plan or, if so selected, to be selected to receive a future award. 

(b)    Determination of Target Awards. The Administrator will establish a Target Award for each Participant (which
may be expressed as a percentage of a Participant’s average annual base salary for the Performance Period or a fixed dollar amount or such other amount or based on such other formula or factors as the Administrator determines). 

(c)    Bonus Pool. Each Performance Period, the Administrator may establish a Bonus Pool, which pool may be
established before, during or after the applicable Performance Period. Actual Awards will be paid from the Bonus Pool. 

(d)    Discretion to Modify Awards. Notwithstanding any contrary provision of the Plan, the Administrator, at any
time, may: (i) increase, reduce or eliminate a Participant’s Actual Award, and/or (ii) increase, reduce or eliminate the amount allocated to the Bonus Pool. The Actual Award may be below, at or above the Target Award, as determined by
the Administrator. The Administrator may determine the amount of any increase, reduction, or elimination based on such factors as it deems relevant, and will not be required to establish any allocation or weighting with respect to the factors it
considers. 
 (e)    Discretion to Determine Criteria. Notwithstanding any contrary provision of the Plan, the
Administrator will determine the performance goals, if any, applicable to any Target Award (or portion thereof) which may include, without limitation, goals related to: attainment of research and development milestones; sales bookings; business
divestitures and acquisitions; capital raising; cash flow; cash position; contract awards or backlog; corporate transactions; customer renewals; customer retention rates from an acquired company, subsidiary, business unit or division; earnings
(which may include any calculation of earnings, including but not limited to earnings before interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation and amortization and net taxes); earnings per share; expenses;
financial milestones; gross margin; growth in stockholder value relative to the moving average of the S&P 500 Index or another index; internal rate of return; leadership development or succession planning; license or research collaboration
arrangements; market share; net income; net profit; net sales; new product or business development; new product invention or innovation; number of customers; operating cash flow; operating expenses; operating income; operating margin; overhead or
other expense reduction; patents; procurement; product defect measures; product release timelines; productivity; profit; regulatory milestones or regularly-related goals; retained earnings; return on assets; return on capital; return on equity;
return on investment; return on sales; revenue; revenue growth; sales results; sales growth; savings; stock price; time to market; total stockholder return; working capital; unadjusted or adjusted actual contract value; unadjusted or adjusted total
contract value; and individual objectives such as peer reviews or other subjective or 

  
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objective criteria. As determined by the Administrator, the performance goals may be based on U.S. generally accepted accounting principles (“GAAP”) or non-GAAP results and any actual results may be adjusted by the Administrator for one-time items or unbudgeted or unexpected items and/or payments of Actual Awards under the
Plan when determining whether the performance goals have been met. The performance goals may be based on any factors the Administrator determines relevant, including without limitation on an individual, divisional, portfolio, project, business unit,
segment or Company-wide basis. Any criteria used may be measured on such basis as the Administrator determines, including without limitation: (i) in absolute terms, (ii) in combination with another performance goal or goals (for example,
but not by way of limitation, as a ratio or matrix), (iii) in relative terms (including, but not limited to, results for other periods, passage of time and/or against another company or companies or an index or indices), (iv) on a per-share basis, (v) against the performance of the Company as a whole or a segment of the Company and/or (vi) on a pre-tax or
after-tax basis. The performance goals may differ from Participant to Participant and from award to award. Failure to meet the applicable performance goals will result in a failure to earn the Target Award,
except as provided in Section 4(d). The Administrator also may determine that a Target Award (or portion thereof) will not have a performance goal associated with it but instead will be granted (if at all) as determined by the Administrator.

 5.    Payment of Awards. 

(a)    Right to Receive Payment. Each Actual Award will be paid solely from the general assets of the Company Group.
Nothing in this Plan will be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which the Participant may be entitled. 

(b)    Timing of Payment. Payment of each Actual Award will be made as soon as practicable after the end of the
Performance Period to which the Actual Award relates and after the Actual Award is approved by the Administrator, but in no event after the later of (i) the fifteenth (15th) day of the
third (3rd) month of the Company’s taxable year immediately following the Company’s taxable year in which the Participant’s Actual Award first becomes no longer subject to a
substantial risk of forfeiture, and (ii) March 15 of the calendar year immediately following the calendar year in which the Participant’s Actual Award first becomes no longer subject to a substantial risk of forfeiture. Unless
otherwise determined by the Administrator, to earn an Actual Award a Participant must be employed by the Company Group on the date the Actual Award is paid. 

(c)    Form of Payment. Each Actual Award generally will be paid in cash (or its equivalent) in a single lump sum.
The Administrator reserves the right to settle an Actual Award with a grant of an equity award with such terms and conditions, including any vesting requirements, as determined by the Administrator. 

(d)    Payment in the Event of Death or Disability. If a Termination of Employment occurs due to a
Participant’s death or Disability prior to payment of an Actual Award that the Administrator has determined will be paid for a prior Performance Period, then the Actual Award will be paid to the Participant or the Participant’s estate, as
the case may be, subject to the Administrator’s discretion to reduce or eliminate any Actual Award otherwise payable. 

  
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 6.    General Provisions. 

(a)    Tax Matters. 

(i)    Section 409A. It is the intent that this Plan be exempt from or comply with the requirements of
Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms will be interpreted to be so exempt or so comply. Each payment
under this Plan is intended to constitute a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2). In no event will the Company Group have any liability, obligation, or
responsibility to reimburse, indemnify or hold harmless any Participant or other Employee for any taxes, penalties or interest imposed, or other costs incurred, as a result of Section 409A. 

(ii)    Withholding Obligations. The Company Group will have the right and authority to deduct from any Actual
Award all applicable Tax Withholdings. Prior to the payment of an Actual Award or such earlier time as any Tax Withholdings are due, the Company Group is permitted to deduct or withhold, or require a Participant to remit to the Company Group, an
amount sufficient to satisfy any Tax Withholdings with respect to such Actual Award. 
 (b)    No Effect on
Employment or Service. Neither the Plan nor any award under the Plan will confer upon a Participant any right regarding continuing the Participant’s relationship as an Employee or other service provider to the Company Group, nor will they
interfere with or limit in any way the right of the Company Group or the Participant to terminate such relationship at any time, with or without cause, to the extent permitted by applicable laws. 

(c)    Forfeiture Events. 

(i)    Clawback Policy; Applicable Laws. All awards under the Plan will be subject to reduction, cancellation,
forfeiture, or recoupment in accordance with any clawback policy that the Company Group is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as
is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable laws. In addition, the Administrator may impose such other clawback, recovery or recoupment provisions with respect to an award under the Plan
as the Administrator determines necessary or appropriate, including without limitation a reacquisition right in respect of previously acquired cash, stock, or other property provided with respect to an award. Unless this Section 6(c)(i) is
specifically mentioned and waived in a written agreement between a Participant and a member of the Company Group or other document, no recovery of compensation under a clawback policy will give the Participant the right to resign for “good
reason” or “constructive termination” (or similar term) under any agreement with a member of the Company Group. 

(ii)    Additional Forfeiture Terms. The Administrator may specify when providing for an award under the Plan that
the Participant’s rights, payments, and benefits with respect to the award will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or
performance conditions of the award. Such events may include, without limitation, termination of the Participant’s status as an Employee for “cause” or any act by a Participant, whether before or after the Participant’s status as
an Employee terminates, that would constitute “cause.” 

  
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 (iii)    Accounting Restatements. If the Company is required to
prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the securities laws, then any Participant who knowingly or through gross negligence engaged
in the misconduct, or who knowingly or through gross negligence failed to prevent the misconduct, and any Participant who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, will
reimburse the Company Group the amount of any payment with respect to an award earned or accrued during the twelve (12) month period following the first public issuance or filing with the U.S. Securities and Exchange Commission (whichever first
occurred) of the financial document embodying such financial reporting requirement. 
 (d)    Successors. All
obligations of the Company under the Plan, with respect to awards under the Plan, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or
otherwise, of all or substantially all of the business or assets of the Company. 
 (e)    Nontransferability of
Awards. No award under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and except as provided in Section 5(d). All rights with
respect to an award granted to a Participant will be available during his or her lifetime only to the Participant. 

7.    Amendment, Termination, and Duration. 

(a)    Amendment, Suspension, or Termination. The Administrator may amend or terminate the Plan, or any part
thereof, at any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair any rights or obligations under any Actual Award earned by such Participant. No award may
be granted during any period of suspension or after termination of the Plan. 
 (b)    Duration of Plan. The Plan
will commence on the date first adopted by the Board or the Compensation Committee of the Board, and subject to Section 7(a) (regarding the Administrator’s right to amend or terminate the Plan), will remain in effect thereafter until
terminated. 
 8.    Legal Construction. 

(a)    Gender and Number. Unless otherwise indicated by the context, any feminine term used herein also will include
the masculine and any masculine term used herein also will include the feminine; the plural will include the singular and the singular will include the plural. 

(b)    Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or
unenforceable for any reason in any jurisdiction or as to any Participant, such invalidity, illegality, or unenforceability will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the invalid, illegal, or
unenforceable provision had not been included. 

  
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 (c)    Governing Law. The Plan and all awards will be construed
in accordance with and governed by the laws of the State of California, but without regard to its conflict of law provisions. 

(d)    Bonus Plan. The Plan is intended to be a “bonus program” as defined under U.S. Department of Labor
regulations section 2510.3-2(c) and will be construed and administered in accordance with such intention. 

(e)    Headings. Headings are provided herein for convenience only, and will not serve as a basis for
interpretation or construction of the Plan. 
 9.    Compliance with Applicable Laws. Awards under the Plan
(including without limitation the granting of such awards) will be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

*        *        * 

  
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