Document:

EX-10.11

 Exhibit 10.11 
  

 
 November 19, 2012 

Julie Hambleton, M.D. 
 [Home Address] 

Dear Julie, 
 We are very pleased to extend to you an offer of
employment with Five Prime Therapeutics, Inc. as a member of our Executive Committee with the title of Senior Vice President and Chief Medical Officer, reporting directly to me. 

We would like for your full-time employment with FivePrime to begin at your earliest convenience, but no later than Monday, December 17, 2012. 

We would pay you a base salary at a gross semi-monthly rate of $14,583.33, which is equivalent to $350,000 per year, less applicable taxes and withholding.
Once you begin full-time employment, you would be eligible to participate in FivePrime’s benefit plans and programs available to all regular, full-time employees. These benefits currently include medical, vision, dental, disability, 401(k)
investment plan, Section 125 (flex spending), Section 132 (mass transit) and paid time-off programs. 
 Effective January 1, 2013, you would
be eligible to participate in FivePrime’s bonus program and your annual target bonus amount would be 35% of your annual base salary. We would determine your actual annual performance bonus based on an assessment of your meeting individual goals
(50% weighting) as well as FivePrime’s attainment of corporate goals (50% weighting), as determined by FivePrime’s Board of Directors. 
 Subject
to approval by FivePrime’s Board of Directors, we would grant you an option to purchase 1,400,000 shares of common stock of FivePrime. The exercise price per share would be the fair market value of common stock on the date of grant, as
determined by the Board of Directors. We would issue your stock option award under our 2010 Equity Incentive Plan. Your stock option award would be subject to a Notice of Grant of Stock Option and Stock Option Agreement, and the Executive Severance
and Benefits Agreement. Subject to your continued employment with FivePrime and the other terms and conditions of your stock option grant, your stock option award would vest over four years, with 25% of the shares vesting on the first anniversary of
your start date and the balance vesting in equal monthly installments over the subsequent 36 months. 
 Julie, we want you to be able to accept this offer
and join us at FivePrime before the end of 2012. To encourage you to walk away from any bonus compensation tied to your current position, we are additionally offering a $60,000 sign-on bonus payable with the first payroll following your employment
start date. You agree that if you voluntarily resign your employment with FivePrime or if FivePrime terminates your employment for cause, you would promptly repay to FivePrime (i) 100% of the sign-on bonus, if such employment
termination occurred prior to the one-year anniversary of the start of your employment; or (ii) 50% of the sign-on bonus, if such employment termination occurred prior to the two-year anniversary of the start of your employment. 

In addition, as an officer of FivePrime, we would enter into an Executive Severance Benefits Agreement with you, which would provide certain severance and
change in control benefits to you. A copy of the 

  
 Five Prime Therapeutics,
Inc. · Two Corporate Drive · South San Francisco, CA 94080 · Phone (415) 365-5600 · Fax (415) 365-5601 

www.fiveprime.com 

 
Executive Severance Benefits Agreement is attached for your review. The actual agreement would be executed on your employment start date. 

As a condition of our offer of employment, we require you to sign and comply with our Confidential Information and Innovation Assignment Agreement, which
among other things prohibits unauthorized use or disclosure of FivePrime’s proprietary information. During your tenure with FivePrime, we would expect you to also abide by FivePrime’s policies and procedures. Federal law requires us to
verify your identity and eligibility for employment in the United States. Accordingly, our offer of employment is also conditioned upon this verification. 

Your employment with FivePrime would not be for a set term and you would be an at-will employee. You would be free to terminate your employment with FivePrime
at any time and for any reason whatsoever simply by notifying us. Likewise, we would be free to terminate your employment at any time for any reason whatsoever, with or without cause or advance notice. This at-will employment relationship cannot be
changed except in writing and signed by FivePrime’s Chief Executive Officer. 
 This letter, along with the Confidential Information and Innovation
Assignment Agreement, supersedes any prior representations or agreements, whether written or oral, with respect to our offer of employment to you. This letter may not be modified or amended except by a written agreement, signed by FivePrime and you.

 To accept this offer of employment, please sign, date and return this letter and the Confidential Information and Innovation Assignment Agreement by the
end of the business day on Monday, November 26, 2012. Please either fax the document to (415) 520-9842, attention Lauretta Cesario, or email a scanned copy to eFax-HR@fiveprime.com. 

Again, Julie, I am very pleased to make this offer to you. I believe you bring essential skills and experience to FivePrime at this pivotal transition stage
of our development and that your contributions will be strategic in continuing our progress. We all look forward to having you join our team as we continue to move toward our goal to bring important therapeutics to patients. 

 

	
	Very truly yours,
	
	 /s/ Lewis T. Williams

	Lewis T. “Rusty” Williams, M.D., Ph.D.
	Founder, President and Chief Executive Officer
	
	Accepted:

	
	
	 /s/ Julie
Hambleton                                        
11/19/12

	Julie Hambleton, M.D.
                                      
Date

	
	
	 12/17/12

	Anticipated Start DateEX-10.12

 Exhibit 10.12 

September 3, 2009 
 Marc L. Belsky 

[Home Address] 
 Dear Marc, 

We are very pleased to offer you employment with Five Prime Therapeutics, Inc. as Vice President, Finance. 

We would like for your full-time employment with the Company to begin at your earliest convenience, but no later than Friday, October 2, 2009. 

You will be paid at a bi-weekly rate of $8,846.40 which is approximately equivalent to $230,000 per year. Once you begin full-time employment, you will be
eligible to receive FivePrime’s package of benefits that will be available to all regular, full-time employees. These benefits currently include medical, vision, dental, disability, 401(k) investment plan, Section 125 (flex spending),
Section 132 (mass transit) and paid time-off programs. 
 Starting from your date of hire, you will be eligible to participate in the Company’s
Bonus Program based on an assessment of meeting individual goals as well as the Company’s attainment of corporate goals. Your target bonus amount is 30% of your base salary or $69,000 and will be prorated for 2009. Due to the current economic
environment, for the 2009 performance year all executive bonuses at FivePrime, including yours, will be paid 50% in cash and 50% in stock options. 

Subject to approval by the Company’s Board of Directors, you will be granted an option to purchase 175,000 shares of the Company’s common stock. The
exercise price per share will be the market price set by the Board of Directors at date of grant. Twenty-five percent (25%) of the shares will vest on the first anniversary of your date of hire, with the balance vesting in equal monthly
installments over the subsequent thirty-six (36) months. Other grant terms will be as provided in the 2002 Equity Incentive Plan, your grant notice, and the stock option agreement that you will need to sign. 

During your tenure with the Company, you will be expected to abide by Company policies and procedures. As a condition of your employment, you will be
required: 1) to provide the Company with proof of your right to work in the United States; and 2) to sign and comply with the Company’s Employee Confidentiality and Inventions Assignment Agreement, which among other things prohibits
unauthorized use or disclosure of FivePrime’s proprietary information. 
 In your work for the Company, you will be expected to refrain from use or
disclosure of any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. You will be expected to use only that information which is generally known and used by
persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. Further, you agree that you will not bring
onto Company premises any unpublished documents or property of any former employer or other person to whom you have an obligation of confidentiality. 

 You may terminate your employment with FivePrime at any time and for any reason whatsoever simply by notifying
the Company. Likewise, FivePrime may terminate your employment at any time for any reason whatsoever, with or without cause or advance notice. This at-will employment relationship cannot be changed except in writing signed by a Company officer. 

This letter, together with the Employee Confidentiality and Inventions Assignment Agreement, will constitute the complete and exclusive statement of your
employment agreement with FivePrime, and their terms supersede any other oral or written agreements or promises made to you. 
 Please fax this page to Five
Prime Therapeutics, Inc. by the end of the business day on Thursday, September 10, 2009. The fax should be addressed to Lauretta Cesario using the fax number 415-365-5601. 

Again, we are very pleased to make this offer of employment to you. We are confident that our relationship can be mutually rewarding and that your
contributions will be important to the Company and its mission. We look forward to having the opportunity to continue to build a vibrant and successful company with you. 
  

	
	Very truly yours,
	
	 /s/ Julia P. Gregory

	Julia P. Gregory
	President and CEO
	
	Accepted:
	
	 /s/ Marc L. Belsky

	Marc L. Belsky
	
	 9/5/2009

	Date

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