Document:

Bonus Plan

 Exhibit 10.11 

OBALON THERAPEUTICS, INC. 

BONUS PLAN 
 INTRODUCTION 

1. Effective Date; Objective. This Bonus Plan (“Plan”) shall be effective upon the day immediately prior to the date the
Company’s Registration Statement on Form S-1 filed in connection with the Company’s initial public offering becomes effective, and is effective for calendar year 2017 and each year thereafter
(each, an “Eligibility Period”), unless otherwise amended or terminated by Obalon Therapeutics, Inc. (“Obalon Therapeutics” or the “Company”) in accordance with the Plan. The Plan supersedes all prior bonus
plans. The objective of the Plan is to financially incentivize and reward employees based upon the Company’s performance and for their individual contributions to the success of Obalon Therapeutics. 

2. Administration. The Plan shall be administered by the Compensation Committee of the Board of Directors (the “Plan
Administrator”), which shall have the discretionary authority to interpret and administer the Plan, including all terms defined herein, and to adopt rules and regulations to implement the Plan, as it deems necessary. In addition, the Plan
Administrator hereby delegates to the Company’s Chief Financial Officer and Vice President of Finance (such individuals, the “Executive Administrators” and together with the Plan Administrator, the “Administrators”) the
day-to-day implementation and interpretation of the Plan, including the approval of individual payouts under the Plan to employees other than Obalon Therapeutics’ executive management team. Notwithstanding the foregoing, the approval of
the Plan Administrator shall be required for the approval of the Plan itself and any material amendments to the Plan; approval of the aggregate payout under the Plan; and approval of individual payouts under the Plan to Obalon Therapeutics’
“executive officers” (as determined by the Board of Directors for purposes of Section 16 under the Securities Exchange Act of 1934). All of the foregoing may also be approved by the Board of Directors; however, for covered employees
within the meaning of Internal Revenue Code (“Code”) Section 162(m), the Plan Administrator may choose to take applicable actions in conformance with the requirements of Code Section 162(m). Any action that requires the approval of
the Executive Administrators must be approved unanimously, and any action that requires the approval of the Executive Administrators may instead also be approved by the Plan Administrator. The decisions of the Administrators are final and
binding and shall be given the maximum deference permitted by law. 
 3. Participants. Participation in the Plan is limited to
Full-Time regular and Part-Time regular Obalon Therapeutics employees who are employed by Obalon Therapeutics on or before the start of the applicable Eligibility Period who are not covered by any other bonus, commission, or incentive plan
(“Participants”). Participation in the Plan is effective on the later of January 1, 2016 or the applicable subsequent calendar year or the day the Participant commences as a Full-Time/Part-Time regular employee of Obalon
Therapeutics. A Participant may be considered ineligible for the Plan at any time and for any reason at the Administrators’ discretion regardless of whether he or she remains an employee of the Company. This Plan is intended to
compensate individuals for performance as well as encourage employee retention through and until the date the bonus is paid; retention is therefore a key component of Plan eligibility. This Plan excludes employees who are not expressly
classified by Obalon Therapeutics as “regular,” including but not limited to temporary employees. 

 4. Changes in Plan. The Company reserves the right, in its sole discretion, to modify
or terminate the Plan in total or in part, at any time. Any such change must be in writing and approved by the Plan Administrator. However, no modification or termination shall apply retroactively as to cause a forfeiture of an earned
Bonus.
 5. Interpretation of Plan. In the event of a question or dispute involving the interpretation or administration of the
Plan, the Plan Administrator will interpret and administer the Plan. The decision of the Plan Administrator shall be made based upon its sole discretion, and shall be final and binding. All inquiries should be in writing to the VP of Human
Resources, who will forward the inquiry to the Plan Administrator for consideration and decision within 30 business days. 
 6. Entire
Agreement. This Plan is the entire plan between Obalon Therapeutics and Participants and supersedes all prior compensation or incentive plans or any written or verbal representations regarding the subject matter of this Plan. 

BONUS PLAN ELEMENTS 
 7.
Bonus Pool. Each Eligibility Period, the Plan Administrator, in its sole discretion, will establish a Bonus Pool, which may be established before, during or after the applicable Eligibility Period. Actual awards will be paid from
the Bonus Pool. 
 8. Discretion to Determine Criteria. The Plan Administrator will, in its sole discretion, determine the
performance goals applicable to any award which shall be selected from the Performance Factors set forth in the 2016 Equity Incentive Plan. The goals may be on the basis of any such factors the Plan Administrator determines relevant, and may be
on an individual, divisional, business unit or Company-wide basis. Performance goals may be measured over the period of time determined by the Plan Administrator in its sole discretion. An Eligibility Period may be divided into one or more
shorter periods if, for example, but not by way of limitation, the Plan Administrator desires to measure some performance criteria over 12 months and other criteria over fewer months. The performance goals may differ from Participant to
Participant and from award to award. Failure to meet the goals will result in a failure to earn the award, except as provided herein. As determined by the Plan Administrator, the performance goals may be based on GAAP or non-GAAP results
and any actual results may be adjusted by the Plan Administrator for one-time items, unbudgeted or unexpected items, acquisition-related activities or changes in applicable accounting rules when determining whether the performance goals have been
met. It is within the sole discretion of the Plan Administrator to make or not make any such equitable adjustments. 
 9. Eligible
Earnings are defined as base salary (“Eligible Earnings”), prorated for hire date, base salary rate changes, bonus target percent changes and leaves of absence (proration based on 365 days in the year) that occur in the Eligibility
Period. Eligible earnings exclude Company payments that are in addition to base salary including but not limited to payments for moving or relocation allowances, or other bonuses or commissions. Changes to base salary throughout the
calendar year will be reflected in final wages used to calculate the bonus. 

  
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 10. Bonus Target. Is the percentage of Eligible Earnings to be paid out at 100%
performance achievement, determined by each Participant’s position and communicated at the time of hire or as amended in writing. The bonus may be weighted based on Individual Performance to measurable objectives and Company
Performance. The bonus can provide for payout above target for performance in excess of the Individual Performance factors and/or Company Performance factors.

For covered employees within the meaning of Code Section 162(m), the Plan Administrator may choose to approve performance goals intended to
constitute pre-established performance goals within the meaning of Section 162(m). The Plan Administrator reserves the right, in its sole discretion, to reduce or eliminate the amount of a bonus payment otherwise payable to a
Participant. In addition, with respect to bonus payments issued to Participants who are not subject to the limitations of Code Section 162(m), the Plan Administrator reserves the right, in its sole discretion, to increase the amount of an
incentive payment otherwise payable to a Participant with respect to any period. 
 11. Bonus Vesting and Payments. Bonuses are
earned on the date of payment and not sooner, either in whole or in part. Bonuses will be paid in cash. Bonuses will be paid as soon as practicable after the Company announces its financial results for the fiscal year, which generally
occurs in the first quarter of the succeeding year. Bonuses, if any, will be paid before March 15 of such succeeding calendar year. All bonus payments will be made net of applicable withholding taxes. 

12. Transfers: Employees who participate in the Plan and who transfer to a new position not covered by this Plan and instead
covered by another bonus, sales or incentive plan may be considered for a Bonus calculated on a pro-rata basis for the applicable period. The Administrators will coordinate and administer this Plan with the other bonus, sales, or incentive plan
and his/her/its determinations shall be final and binding. 
 13. Inactive Employees. Employees on leave of absence, extended
vacation or out of the office will be considered for a prorated Bonus for both the Company Performance and Individual Performance (based upon their level of performance and contribution while actively employed during the plan year). The
proration will be calculated based on the percentage of the year worked. The Administrators will determine the appropriate proration and his/her determinations shall be final and binding. 

14. Termination of Employment Before Date of Payment. A Participant who terminates employment before the date the bonus is earned,
whether termination is voluntary or involuntary, shall earn no Bonus.
 15. Employment at Will. The employment of all
Participants at Obalon Therapeutics is for an indefinite period of time and is terminable at will, at any time by either party, with or without cause being shown or advance notice by either party. This Plan shall not be construed to create a
contract of employment for a specified period of time between Obalon Therapeutics and any Participant, or to change the at-will employment status of any Participant. 

  
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 16. General Provisions. Bonus payments represent unfunded and unsecured obligations
of the Company and a holder of any right hereunder in respect of any incentive payment shall have no rights other than those of a general unsecured creditor to the Company. No Participant will have the right to alienate, pledge or encumber his
or her interest in this Plan, and such interest will not (to the extent permitted by law) be subject in any way to the claims of the Participant’s creditors or to attachment, execution or other process of law. The validity, construction,
and effect of the Plan, any rules and regulations relating to the Plan, and any bonus payment shall be determined in accordance with the laws of the State of California (without giving effect to principles of conflicts of laws thereof) and
applicable Federal law. No incentive payment made under the Plan shall be intended to be deferred compensation under Section 409A of the Code and will be interpreted accordingly. The Plan is intended to be a “bonus program” as
defined under U.S. Department of Labor regulation 2510.3-2(c) and will be construed and administered in accordance with such intention. 

  
 4Form of Executive Retention Agreement (Non-CEO)

 Exhibit 10.12 

RETENTION AGREEMENT 

This Retention Agreement (the “Agreement”) is entered into by and between [Name] (the “Executive”) and
Obalon Therapeutics, Inc., a Delaware corporation (the “Company”), on                      , 2016, and is effective on the first
date on which a registration statement covering the initial public offering of the common stock of the Company is declared effective by the United States Securities and Exchange Commission (the “Effective Date”). 

1. Term of Agreement. 
 Except to the
extent renewed as set forth in this Section 1, this Agreement shall terminate the earlier of the third (3rd) anniversary of the Effective Date (the “Expiration Date”) or the date
the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination; provided however, if a definitive agreement relating to a Change in Control has been signed by the
Company on or before Expiration Date, then this Agreement shall remain in effect through the earlier of: 
 (a) The date the
Executive’s employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination, or 

(b) The date the Company has met all of its obligations under this Agreement following a termination of the Executive’s employment with
the Company due to a Qualifying Termination or CIC Qualifying Termination. 
 This Agreement shall renew automatically and continue in
effect for three (3) year periods measured from the initial Expiration Date, unless the Company provides Executive notice of non-renewal at least three (3) months prior to the date on which this Agreement would otherwise renew. For the avoidance of
doubt, and notwithstanding anything to the contrary in Section 2 or 3 below, the Company’s non-renewal of this Agreement shall not constitute a Qualifying Termination or CIC Qualifying Termination, as applicable. 

2. Qualifying Termination. If the Executive is subject to a Qualifying Termination, then, subject to Sections 4, 9, and 10 below, Executive will be
entitled to the following benefits: 
 (a) Severance Benefits. The Company shall pay the Executive [twelve (12)]1 / [six (6)]2 months of his or her monthly base salary (at the rate in effect immediately prior to the actions that resulted in the Qualifying
Termination). The Executive will receive his or her severance payment in a cash lump-sum in accordance with the Company’s standard payroll procedures which will be made on the first business day occurring after the sixtieth (60th) day following the Separation, provided that the Release Conditions have been satisfied. 

(b) Continued Employee Benefits. If Executive timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act
(“COBRA”), the Company shall pay the full amount of Executive’s COBRA premiums on behalf of the Executive for the Executive’s continued coverage under the Company’s health, dental and vision plans, including coverage
for the Executive’s eligible dependents, for the [twelve (12)]3 / [six (6)]4 month period following the Executive’s Separation or, if
earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer. Notwithstanding the foregoing, if the Company, in its sole discretion, 

 

	1 	CFO 

	2 	Executive officers who are not CEO or CFO 

	3 	CFO 

	4 	 Executive officer who are not CEO or CFO 

 
determines that it cannot provide the foregoing subsidy of COBRA coverage without potentially violating or causing the Company to incur additional expense as a result of noncompliance with
applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company instead shall provide to Executive a taxable monthly payment in an amount equal to the monthly COBRA premium that Executive would be required
to pay to continue the group health coverage in effect on the date of the Separation (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made regardless of whether Executive elects COBRA
continuation coverage and shall commence on the later of (i) the first day of the month following the month in which Executive experiences a Separation and (ii) the effective date of the Company’s determination of violation of applicable law,
and shall end on the earlier of (x) the effective date on which Executive becomes covered by a health, dental or vision insurance plan of a subsequent employer, and (y) the last day of the period twelve (12)]5 / [six (6)]6 months after the Separation, provided that, any taxable payments under Section 2(b) will not be paid before the first business
day occurring after the sixtieth (60th) day following the Separation and, once they commence, will include any unpaid amounts accrued from the date of Executive’s Separation (to the extent
not otherwise satisfied with continuation coverage). However, if the period comprising the sum of the sixty (60)-day period described in the preceding sentence and the ten (10)-day period described in Section 7(e)(3) below spans two calendar years,
then the payments which constitute deferred compensation subject to Section 409A will not in any case be paid in the first calendar year. Executive shall have no right to an additional gross-up payment to account for the fact that such COBRA premium
amounts are paid on an after-tax basis. 
 3. CIC Qualifying Termination. If the Executive is subject to a CIC Qualifying Termination, then, subject
to Sections 4, 9, and 10 below, Executive will be entitled to the following benefits: 
 (a) Severance and Bonus Payments. The
Company or its successor shall pay the Executive (i) twelve (12) months of his or her monthly base salary (at the rate in effect immediately prior to the actions that resulted in the Separation) and (ii) a pro rata portion (based on number of months
worked in the Company’s fiscal year of the Separation) of Executive’s then-current target bonus opportunity. Such payment shall be paid in a cash lump sum payment in accordance with the Company’s standard payroll procedures,
which payment will be made on the first business day occurring after the sixtieth (60th) day following the Separation, provided that the Release Conditions have been satisfied. 

(b) Equity. 
  

	 	(i)	Post-IPO Equity Awards. Each of Executive’s then-outstanding Post-IPO Equity Awards, including awards that would otherwise vest only upon satisfaction of performance criteria, shall accelerate and
become vested and exercisable as to 100% of the then unvested shares subject to the Equity Award. “Post-IPO Equity Awards” means all options to purchase shares of Company common stock that are granted on or after the Effective Date,
as well as any and all other stock-based awards granted to the Executive, including but not limited to stock bonus awards, restricted stock, restricted stock units or stock appreciation rights that are granted on or after the Effective Date. Subject
to Section 4, the accelerated vesting described above shall be effective as of the Separation. 

  

	 	(ii)	Pre-IPO Equity Awards. For clarity, except as explicitly provided in Section 3(b)(iii) below, any options to purchase shares of Company common stock that were granted prior to the Effective Date, regardless
of whether or not exercised prior to the Effective Date (“Pre-IPO Equity Awards”), shall not be affected by or subject to this Agreement, and such Pre-IPO Equity Awards shall continue to be governed by the vesting and acceleration
provisions contained in the grant agreements for the Pre-IPO Equity Awards and, if applicable, any separate letter 

  

	5 	CFO 

	6 	 Executive officers who are not CEO or CFO 

  
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agreement pertaining to vesting acceleration of Pre-IPO Equity Awards entered into between the Company and Executive (such agreements, collectively, the “Pre-IPO Equity Award
Agreements”). 

  

	 	(iii)	Non-Assumption of Equity Awards. Notwithstanding anything to the contrary, if the successor or acquiring corporation (if any) of the Company refuses to assume, convert, replace or substitute Executive’s
unvested Equity Awards, as provided in Section 2.1.1 of the Plan, in connection with a Corporate Transaction (as defined in the Plan), then notwithstanding any other provision in this Agreement, the Plan or any Pre-IPO Equity Award Agreement to the
contrary, each of Executive’s then-outstanding and unvested Equity Awards that are not assumed, converted, replaced or substituted, including awards that would otherwise vest only upon satisfaction of performance criteria (measured at 100% of
target), shall accelerate and become vested and exercisable as to 100% of the then unvested shares subject to the Equity Award effective immediately prior to the Corporate Transaction. 

(c) Pay in Lieu of Continued Employee Benefits. If Executive timely elects continued coverage under the Consolidated Omnibus
Budget Reconciliation Act (“COBRA”), the Company or its successor shall pay the full amount of Executive’s COBRA premiums on behalf of the Executive for the Executive’s continued coverage under the Company’s health,
dental and vision plans, including coverage for the Executive’s eligible dependents, for the twelve (12) month period following the Executive’s Separation or, if earlier, until Executive is eligible to be covered under another
substantially equivalent medical insurance plan by a subsequent employer. Notwithstanding the foregoing, if the Company, in its sole discretion, determines that it cannot provide the foregoing subsidy of COBRA coverage without potentially
violating or causing the Company to incur additional expense as a result of noncompliance with applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company instead shall provide to Executive a taxable
monthly payment in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue the group health coverage in effect on the date of the Separation (which amount shall be based on the premium for the first month of
COBRA coverage), which payments shall be made regardless of whether Executive elects COBRA continuation coverage, shall commence on the later of (i) the first day of the month following the month in which Executive experiences a Separation and (ii)
the effective date of the Company’s determination of violation of applicable law, and shall end on the earlier of (x) the effective date on which Executive becomes covered by a health, dental or vision insurance plan of a subsequent employer,
and (y) the last day of the period twelve (12) months after the Separation, provided that, any taxable payments under Section 3(c) will not be paid before the first business day occurring after the sixtieth (60th) day following the Separation and, once they commence, will include any unpaid amounts accrued from the date of Executive’s Separation (to the extent not otherwise satisfied with continuation
coverage). However, if the period comprising the sum of the sixty (60)-day period described in the preceding sentence and the ten (10)-day period described in Section 7(e)(3) below spans two calendar years, then the payments which constitute
deferred compensation subject to Section 409A will not in any case be paid in the first calendar year. Executive shall have no right to an additional gross-up payment to account for the fact that such COBRA premium amounts are paid on an
after-tax basis. 
 4. General Release. Any other provision of this Agreement notwithstanding, the benefits under Section 2 and 3 shall
not apply unless the Executive (i) has executed a general release (in a form prescribed by the Company) of all known and unknown claims that he or she may then have against the Company or persons affiliated with the Company and such release has
become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims. The release must be in the form prescribed by the Company, without alterations (this document effecting the
foregoing, the “Release”). The Company will deliver the form of Release to the Executive within thirty (30) days after the Executive’s Separation. The Executive must execute and return the Release within the time
period specified in the form. 

  
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 5. Accrued Compensation and Benefits. Notwithstanding anything to the contrary in Section 2
and 3 above, in connection with any termination of employment (whether or not a Qualifying Termination or CIC Qualifying Termination), the Company shall pay Executive’s earned but unpaid base salary and other vested but unpaid cash entitlements
for the period through and including the termination of employment, including unused earned vacation pay and unreimbursed documented business expenses incurred by Executive through and including the date of termination (collectively “Accrued
Compensation and Expenses”), as required by law and the applicable Company plan or policy. In addition, Executive shall be entitled to any other vested benefits earned by Executive for the period through and including the termination date
of Executive’s employment under any other employee benefit plans and arrangements maintained by the Company, in accordance with the terms of such plans and arrangements, except as modified herein (collectively “Accrued
Benefits”). Any Accrued Compensation and Expenses to which the Executive is entitled shall be paid to the Executive in cash as soon as administratively practicable after the termination and, in any event, no later than two and one-half
(2-1/2) months after the end of the taxable year of the Executive in which the termination occurs or at such earlier time as may be required by Section 10 below or to such lesser extent as may be mandated by Section 9 below. Any Accrued
Benefits to which the Executive is entitled shall be paid to the Executive as provided in the relevant plans and arrangements. 
 6. Covenants. 

(a) Non-Competition. The Executive agrees that, during his or her employment with the Company, he or she shall 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. 

(b) Cooperation and Non-Disparagement. The Executive agrees that, during the six (6) month period following his or her cessation
of employment, he or she shall cooperate with the Company in every reasonable respect and shall use his or her best efforts to assist the Company with the transition of Executive’s duties to his or her successor. The Executive further
agrees that, during this six-month period, he or she shall not in any way or by any means disparage the Company, the members of the Company’s Board of Directors or the Company’s officers and employees.

7. Definitions. 
 (a)
“Cause” means: (i) Executive’s conviction for, or guilty plea to, a felony involving moral turpitude; (ii) a willful refusal by Executive to comply with the lawful and reasonable instructions of the Company, or to otherwise
perform Executive’s duties as lawfully and reasonably determined by the Company, in each case that is not cured by Executive (if such refusal is of a type that is capable of being cured) within 15 days of written notice being given to Executive
of such refusal; (iii) any willful act or acts of dishonesty undertaken by Executive and intended to result in Executive’s (or any other person’s) material gain or personal enrichment at the expense of the Company or any of its customers,
partners, affiliates, or employees; or (iv) any willful act of gross misconduct by Executive which is injurious to the Company. 
 (b)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (c) “Change in Control.” For
all purposes under this Agreement, a Change in Control shall mean a “Corporate Transaction,” as such term is defined in the Plan, provided that the transaction (including any series of transactions) also qualifies as a change in
control event under U.S. Treasury Regulation 1.409A-3(i)(5). 
 (d) “CIC Qualifying Termination” means a Separation (i)
within twelve (12) months following a Change in Control or (ii) within three (3) months preceding a Change in Control (but as to part (ii), only if the Separation occurs after a Potential Change in Control) resulting, in either case (i) or (ii),
from (A) the Company or its successor terminating the Executive’s employment for any reason other than Cause or (B) the Executive voluntarily resigning his or her employment for Good Reason. A termination or resignation due to the
Executive’s death or disability shall not constitute a CIC Qualifying Termination. A 

  
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“Potential Change in Control” means the date of execution of a legally binding and definitive agreement for a corporate transaction which, if consummated, would constitute the
applicable Change in Control (which for the avoidance of doubt, would include a merger agreement, but not a term sheet for a merger agreement). In the case of a termination following a Potential Change in Control and before a Change in Control,
solely for purposes of benefits under this Agreement, the date of Separation will be deemed the date the Change in Control is consummated. 

(e) “Good Reason” means, without the Executive’s consent, (i) a reduction in Executive’s then-current base salary
(except for a reduction that is part of a proportional reduction of the base salaries of all Company executives), bonus opportunity or commissions opportunity; (ii) the offices of the Company that Executive is required to report to being moved such
that Executive’s usual commuting distance is increased by more than ten (10) miles; or (iii) [a material and adverse change to Executive’s duties or responsibilities, or if there is a change to Executive’s title and role after which
Executive does not have the title and role of Chief Financial Officer of the top-level acquiring entity whose stock is publicly traded]7 / [a material and adverse change to Executive’s title,
duties or responsibilities]8; provided, however, that a resignation by Executive shall not be considered to be for a “Good Reason” unless (i) Executive provides written notice to the
Company’s Chief Executive Officer of the occurrence of the event which Executive contends constitutes Good Reason within ninety (90) days of the date such event occurs, which notice states Executive’s intention to resign for a “Good
Reason” under this Agreement as a result thereof, (ii) the Company does not effect a cure with respect to such event within thirty (30) days of receipt of such written notice, and (iii) Executive thereafter resigns and ceases to perform
services as an employee of the Company within ten (10) days of the expiration of the Company’s cure period. 
 (f)
“Plan” means the Company’s 2016 Equity Incentive Plan, as may be amended from time to time. 
 (g) “Release
Conditions” mean the following conditions: (i) Company has received the Executive’s executed Release and (ii) any rescission period applicable to the Executive’s executed Release has expired.

(h) “Qualifying Termination” means a Separation that is not a CIC Qualifying Termination, but which results from (i) the
Company terminating the Executive’s employment for any reason other than Cause or (ii) the Executive voluntarily resigning his or her employment for Good Reason. A termination or resignation due to the Executive’s death or disability
shall not constitute a Qualifying Termination.
 (i) “Separation” means a “separation from service,” as defined
in the regulations under Section 409A of the Code. 
 8. Successors. 

(a) Company’s Successors. The Company shall require any successor (whether direct or indirect and whether by purchase, lease,
merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets, by an agreement in substance and form satisfactory to the Executive, to assume this Agreement and to agree expressly to
perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to
the Company’s business and/or assets or which becomes bound by this Agreement by operation of law. 
 (b) Executive’s
Successors. This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. 
  

	7 	CFO 

	8 	Executive officers who are not CEO or CFO 

  
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 9. Golden Parachute Taxes. 

(a) Best After-Tax Result. In the event that any payment or benefit received or to be received by Executive pursuant to this
Agreement or otherwise (“Payments”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this subsection (a), be subject to the excise tax imposed by Section
4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax (“Excise Tax”), then, subject to the provisions of Section 10, such Payments shall be either (A) provided in full pursuant to
the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in no portion of such Payments being subject to the Excise Tax (“Reduced Amount”), whichever of the foregoing
amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by Executive, on an
after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Unless the Company and Executive otherwise agree
in writing, any determination required under this Section shall be made by independent tax counsel designated by the Company and reasonably acceptable to Executive (“Independent Tax Counsel’), whose determination shall be conclusive
and binding upon Executive and the Company for all purposes. For purposes of making the calculations required under this Section, Independent Tax Counsel may make reasonable assumptions and approximations concerning applicable taxes and may
rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that Independent Tax Counsel shall assume that Executive pays all taxes at the highest marginal rate. The Company
and Executive shall furnish to Independent Tax Counsel such information and documents as Independent Tax Counsel may reasonably request in order to make a determination under this Section. The Company shall bear all costs that Independent Tax
Counsel may reasonably incur in connection with any calculations contemplated by this Section. In the event that Section 9(a)(ii)(B) above applies, then based on the information provided to Executive and the Company by Independent Tax Counsel,
Executive may, in Executive’s sole discretion and within thirty (30) days of the date on which Executive is provided with the information prepared by Independent Tax Counsel, determine which and how much of the Payments (including the
accelerated vesting of equity compensation awards) to be otherwise received by Executive shall be eliminated or reduced (as long as after such determination the value (as calculated by Independent Tax Counsel in accordance with the provisions of
Sections 280G and 4999 of the Code) of the amounts payable or distributable to Executive equals the Reduced Amount). If the Internal Revenue Service (the “IRS”) determines that any Payment is subject to the Excise Tax, then
Section 9(b) hereof shall apply, and the enforcement of Section 9(b) shall be the exclusive remedy to the Company. 
 (b)
Adjustments. If, notwithstanding any reduction described in Section 9(a) hereof (or in the absence of any such reduction), the IRS determines that Executive is liable for the Excise Tax as a result of the receipt of one or more Payments,
then Executive shall be obligated to surrender or pay back to the Company, within one-hundred twenty (120) days after a final IRS determination, an amount of such payments or benefits equal to the “Repayment Amount.” The
Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the Company so that Executive’s net proceeds with respect to such Payments (after taking into account
the payment of the Excise Tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount with respect to such Payments shall be zero (0) if a Repayment Amount of more than zero (0) would not eliminate the
Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by Executive from the Payments. If the Excise Tax is not eliminated pursuant to this Section 9(b), Executive shall pay the
Excise Tax. 

  
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 10. Miscellaneous Provisions. 

(a) Section 409A. To the extent (i) any payments to which Executive becomes entitled under this Agreement, or any agreement or plan
referenced herein, in connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) Executive is deemed at the time of such termination of employment to be a
“specified” employee under Section 409A of the Code, then such payment or payments shall not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the Executive’s Separation; or (ii) the
date of Executive’s death following such Separation; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Executive, including (without limitation) the additional twenty
percent (20%) tax for which Executive would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during
that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to Executive or Executive’s beneficiary in one lump sum (without interest). Except as otherwise expressly provided herein, to the extent any
expense reimbursement or the provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be subject to (and not exempt from) Section 409A of the Code, the amount of any such expenses eligible for
reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement or in kind benefits to be provided in any other calendar year, in no event shall any expenses be reimbursed after
the last day of the calendar year following the calendar year in which Executive incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another
benefit. To the extent that any provision of this Agreement is ambiguous as to its exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum
permissible extent, and for any payments where such construction is not tenable, that those payments comply with Section 409A to the maximum permissible extent. To the extent any payment under this Agreement may be classified as a “short-term
deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this Agreement (or
referenced in this Agreement) are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A. 

(b) Other Arrangements. This Agreement supersedes any and all cash severance arrangements and vesting acceleration arrangements on
change in control under any agreement governing Equity Awards, severance and salary continuation arrangements, programs and plans which were previously offered, or may be offered on the Effective Date or thereafter, by the Company to the Executive,
including change in control severance arrangements and vesting acceleration arrangements pursuant to an agreement governing Equity Awards, employment agreement or offer letter, and Executive hereby waives Executive’s rights to such other
benefits, provided that this Agreement shall not supersede the acceleration of vesting arrangements of any Pre-IPO Equity Awards (except as explicitly provided in Section 3(b)(iii) hereof). In no event shall any individual receive cash severance
benefits under both this Agreement and any other vesting acceleration arrangement, severance pay or salary continuation program, plan or other arrangement with the Company, provided that this Agreement shall not supersede the acceleration of vesting
arrangements of any Pre-IPO Equity Awards (except as explicitly provided in Section 3(b)(iii) hereof). For the avoidance of doubt, in no event shall Executive receive (i) payment under both Section 2 and Section 3 and/or (ii) acceleration of Equity
Award vesting under both (a) Section 3(b)(iii) and (b) Section 3(b)(i) and/or Section 3(b)(ii), as applicable, in each case with respect to Executive’s Separation. 

(c) Dispute Resolution. To ensure rapid and economical resolution of any and all disputes that might arise in connection with this
Agreement, Executive and the Company agree that any and all disputes, claims, and causes of action, in law or equity, arising from or relating to this Agreement or its enforcement, performance, breach, or interpretation, will be resolved solely and
exclusively by final, binding, and confidential arbitration, by a single arbitrator, in San Diego County, and conducted by Judicial Arbitration & Mediation Services, Inc. (“JAMS”) under its then-existing employment rules and

  
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procedures. Nothing in this section, however, is intended to prevent either party from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such
arbitration. Each party to an arbitration or litigation hereunder shall be responsible for the payment of its own attorneys’ fees. 

(d) Notice. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been
duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or deposited with Federal Express Corporation, with shipping charges prepaid. In the case of the Executive, mailed
notices shall be addressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be
directed to the attention of its Secretary. 
 (e) Waiver. No provision of this Agreement shall be modified, waived or discharged
unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by either party of any breach of, or of compliance with, any condition
or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(f) Withholding Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required
to be withheld by law. 
 (g) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall
not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
 (h) No Retention
Rights. Nothing in this Agreement shall confer upon the Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any subsidiary of the Company
or of the Executive, which rights are hereby expressly reserved by each, to terminate his or her service at any time and for any reason, with or without Cause. 

(i) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of California (other than its choice-of-law provisions). 

  
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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company
by its duly authorized officer, as of the day and year first above written. 
  

					
	EXECUTIVE	 		 	OBALON THERAPEUTICS, INC.
			
	  
	 		 	  

	[Name]	 		 	By:
		 		 	Title:

  
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