Document:

EX-10.1

 Exhibit 10.1 

ATHIRA PHARMA, INC. 

AMENDED AND RESTATED CHANGE IN CONTROL AND SEVERANCE AGREEMENT 

This Amended and Restated Change in Control and Severance Agreement (the “Agreement”) is effective as of
January 31, 2022 (the “Effective Date”), and amends and restates the Change in Control and Severance Agreement by and between Athira Pharma, Inc., a Delaware corporation (the “Company”), and Mark Litton
(“Executive”), dated as of September 8, 2020 (the “Prior Agreement”). 
 This Agreement provides
certain protections to Executive in connection with a change in control of the Company or in connection with the involuntary termination of Executive’s employment under the circumstances described in this Agreement. Certain capitalized terms
used in this Agreement are defined in Section 7 below. 
 The Company and Executive agree as follows: 

1. Term of Agreement. This Agreement will continue indefinitely until terminated by written consent of the parties hereto, or if
earlier, upon the date that all of the obligations of the parties hereto with respect to this Agreement have been satisfied. 
 2. At-Will Employment. The Company and Executive acknowledge that Executive’s employment is and will continue to be at-will, as defined under applicable law. No
payments, benefits, or provisions under this Agreement will confer upon Executive any right to continue Executive’s employment with the Company, nor will they interfere with or limit in any way the right of the Company or Executive to terminate
such relationship at any time, with or without cause, to the extent permitted by applicable laws. 
 3. Severance Benefits. 

3.1. Qualifying Termination Outside of the Change in Control Period. In the event of a Qualifying Termination that occurs other than
during the Change in Control Period, Executive will receive the following payments and benefits from the Company, subject to the requirements of this Agreement: 

(a) Salary Severance. A single, lump sum, cash payment equal to one hundred percent (100%) of Executive’s Salary. 

(b) COBRA Severance. Subject to Executive timely electing continuation coverage under the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”) and further subject to Section 5.3, Executive will receive Company-paid group health, dental and vision coverage for Executive and any of Executive’s eligible dependents, as applicable
(the “COBRA Severance”), following the Qualifying Termination until the earliest of: (i) twelve (12) months following the date of the Qualifying Termination, (ii) the date on which Executive and Executive’s
eligible dependents (as applicable) become covered under similar plans, or (iii) the expiration of Executive’s (and any of Executive’s eligible dependents’, as applicable) eligibility for continuation coverage under COBRA. 

 (c) Vesting Acceleration of Certain Equity Awards. Vesting acceleration of twenty-five percent (25%) of the shares subject to the stock option Award granted to Executive on August 15, 2019, that are outstanding and unvested as of the date of the Qualifying Termination. 

3.2. Qualifying Termination During the Change in Control Period. In the event of a Qualifying Termination that occurs during the Change
in Control Period, Executive will receive the following payments and benefits from the Company, subject to the requirements of this Agreement: 

(a) Salary Severance. A single, lump sum, cash payment equal to one hundred fifty percent (150%) of Executive’s Salary. 

(b) Bonus Severance. A single, lump sum, cash payment equal to one hundred fifty percent (150%) of Executive’s Target Bonus.

 (c) COBRA Severance. Subject to Executive timely electing continuation coverage under COBRA and further subject to
Section 5.3, Executive will receive COBRA Severance until the earliest of: (i) eighteen (18) months following the date of the Qualifying Termination, (ii) the date on which Executive and Executive’s eligible
dependents (as applicable) become covered under similar plans, or (iii) the expiration of Executive’s (and any of Executive’s eligible dependents, as applicable) eligibility for continuation coverage under COBRA. 

(d) Vesting Acceleration of Service-based Awards. Vesting acceleration of one hundred percent (100%) of any Service-based Awards that
are outstanding and unvested as of the date of the Qualifying Termination. 
 For the avoidance of doubt, in the event of Executive’s
Qualifying Termination that occurs prior to a Change in Control, any then outstanding and unvested portion of Executive’s Awards will remain outstanding (and unvested) until the earlier of (x) one (1) month following the Qualifying
Termination, or (y) a Change in Control that occurs within one (1) month following the Qualifying Termination, solely so that any benefits due on a Qualifying Termination can be provided if the Qualifying Termination occurs during the
Change in Control Period (provided that in no event will Executive’s stock option Awards or similar Awards remain outstanding beyond the Award’s maximum term to expiration). If no Change in Control occurs within one (1) month
following a Qualifying Termination, any unvested portion of Executive’s Awards automatically and permanently will be forfeited on the date one (1) month following the date of the Qualifying Termination without having vested. 

3.3. Termination Other Than a Qualifying Termination. If the termination of Executive’s employment does not constitute a
Qualifying Termination, then Executive will not be entitled to receive any severance or other benefits in connection with such termination except for those, if any, as may then be established under the Company’s then existing severance and
benefits plans or programs. 

  
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 3.4. Non-duplication of Payment or Benefits. For purposes of clarity,
in the event of a Qualifying Termination that occurs during the period within one (1) month prior to a Change in Control, any severance payments and benefits to be provided to Executive under Section 3.2 will be reduced by any amounts that
already were provided to Executive under Section 3.1. Notwithstanding any provision of this Agreement to the contrary, if Executive is entitled to any cash severance, continued health coverage benefits, vesting acceleration of any Awards, or
other severance or separation benefits similar to those provided under this Agreement, by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which the Company is a party other than this Agreement
(“Other Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to Executive. 

3.5. Death of Executive. In the event of Executive’s death before all payments or benefits Executive is entitled to receive under
this Agreement have been provided, the unpaid amounts will be provided to Executive’s designated beneficiary, if living, or otherwise to Executive’s personal representative in accordance with the terms of this Agreement. 

3.6. Change in Control Vesting Acceleration. Notwithstanding anything to the contrary in this Agreement, in the event of a Change in
Control in which the acquiring or succeeding corporation (or an affiliate thereof) does not assume or substitute for any of Executive’s Awards (or portions thereof) granted under the Company’s 2014 Equity Incentive Plan (the
“2014 Plan”), (a) Executive will fully vest in and have the right to exercise such outstanding Awards (or portions thereof) not assumed or substituted for, including shares as to which such Award would not
otherwise be vested or exercisable, and (b) the Company will notify Executive in writing or electronically that any such Award that is an option (or its applicable portion) will be exercisable for a period of time determined by the
administrator of the 2014 Plan in its sole discretion, and the option Award (or its applicable portion) will terminate upon the expiration of such period. 

4. Accrued Compensation. On any termination of Executive’s employment with the Company, Executive will be entitled to receive all
accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to Executive under any Company-provided plans, policies, and arrangements. 

5. Conditions to Receipt of Severance. 

5.1. Separation Agreement and Release of Claims. Executive’s receipt of any severance payments or benefits upon a Qualifying
Termination under Sections 3.1 and 3.2 is subject to Executive signing and not revoking the Company’s then standard separation agreement and release of claims with the Company (the “Release”), which must become effective
and irrevocable no later than the sixtieth (60th) day following the date of the Qualifying Termination (the “Release Deadline Date”). If the Release does not become effective
and irrevocable by the Release Deadline Date, Executive will forfeit any right to severance payments or benefits under Section 3. 

  
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 5.2. Payment Timing. Any lump sum cash severance payments under Section 3
relating to salary severance and any bonus severance will be provided to Executive on the first regularly scheduled payroll date of the Company following the date the Release becomes effective and irrevocable, provided that any additional amounts of
such cash severance payments that become payable as a result of a Change in Control occurring within one (1) month after Executive’s Qualifying Termination will be paid on the later of (x) the first regularly scheduled payroll date of
the Company following the date the Release becomes effective and irrevocable, or (y) the date of the Change in Control, in each case subject to any delay required by Section 5.4 below. Any Service-based Awards that are restricted stock
units, performance shares, performance units, and/or similar full value awards (“Full Value Awards”) that accelerate vesting under Section 3.2(d) will be settled, subject to any delay required by Section 5.4 below (or the
terms of the Full Value Award agreement or other Company plan, policy, or arrangement governing the settlement timing of the Full Value Award to the extent such terms specifically require any such delay in order to comply with the requirements of
Section 409A, as applicable), (a) on a date within ten (10) days following the date the Release becomes effective and irrevocable, or (b) if later, in the event of a Qualifying Termination that occurs prior to a Change in
Control, on a date on or before the date of completion of the Change in Control. 
 5.3. COBRA Severance Limitations. If the
Company determines in its sole discretion that it cannot provide the COBRA Severance without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health
Service Act), then in lieu of such COBRA Severance, subject to any delay required by Section 5.4 below, the Company will provide to Executive a taxable monthly payment payable on the last day of a given month (except as provided below in this
Section 5.3), in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage in effect on the date of the Qualifying Termination (which amount will be based on the
premium rates applicable for the first month of COBRA Severance for Executive and any eligible dependents of Executive) (each, a “COBRA Replacement Payment”), which COBRA Replacement Payments will be made regardless of whether
Executive elects COBRA continuation coverage and will end on the earlier of (a) the date upon which Executive obtains other employment, or (b) the date the Company has paid an amount totaling the number of COBRA Replacement Payments equal
to the number of months in the applicable COBRA Severance period set forth in clause (i) of Section (b) or Section (c), as applicable. For the avoidance of doubt, the COBRA Replacement Payments may be used for any purpose,
including, but not limited to continuation coverage under COBRA, and will be subject to any applicable withholdings. Notwithstanding the foregoing, any COBRA Replacement Payments that otherwise would be payable prior to the date that the
Release becomes effective and irrevocable shall be paid in a single lump sum on the first regularly scheduled payroll date of the Company following the date the Release becomes effective and irrevocable, and any remaining COBRA Replacement Payments
will be paid in accordance with the schedule described further above in this Section 5.3, in each case subject to any delay required by Section 5.4 below). Notwithstanding anything to the contrary under this Agreement, if the Company
determines in its sole discretion at any time that it cannot provide the COBRA Replacement Payments without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive the
COBRA Replacement Payments or any further COBRA Severance. 

  
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 5.4. Section 409A. The Company intends that all payments and benefits provided under
this Agreement or otherwise are exempt from, or comply with, the requirements of Section 409A so that none of the payments or benefits will be subject to the additional tax imposed under Section 409A, and any ambiguities and ambiguous
terms in this Agreement will be interpreted in accordance with this intent. No payments or benefits to be provided to Executive, if any, under this Agreement or otherwise, when considered together with any other severance payments or separation
benefits that are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation from service” within the meaning of
Section 409A. To the extent required to be exempt from or comply with Section 409A, references to the termination of Executive’s employment or similar phrases used in this Agreement will mean Executive’s “separation from
service” within the meaning of Section 409A. 
 (a) Any payments or benefits paid or provided under this Agreement that satisfy
the requirements of the “short-term deferral” rule under Treasury Regulations Section 1.409A-1(b)(4), or that qualify as payments made as a result of an involuntary separation from service under
Treasury Regulations Section 1.409A-1(b)(9)(iii) that is within the limit set forth thereunder, will not constitute Deferred Payments for purposes of this Section 5.4. 

(b) Notwithstanding any provisions to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of
Section 409A at the time of Executive’s separation from service (other than due to death), then any payments or benefits under this Agreement that constitute Deferred Payments payable within the first six (6) months after
Executive’s separation from service instead will be payable on the date six (6) months and one (1) day after Executive’s separation from service; provided that in the event of Executive’s death within such six (6) month
period, any payments delayed by this subsection (b) will be paid to Executive in a lump sum as soon as administratively practicable after the date of Executive’s death. To the extent that Executive is not a specified employee but
Executive’s Qualifying Termination occurs at a time during the year whereby the Release Deadline Date will occur in the year immediately following the year in which the Qualifying Termination occurs, then any payments or benefits under this
Agreement that constitute Deferred Payments that otherwise would be payable prior to the Release Deadline Date instead will be paid on the first regularly scheduled payroll date of the Company following the Release Deadline Date. 

(c) The Company reserves the right to amend this Agreement as it considers necessary or advisable, in its sole discretion and without the
consent of Executive or any other individual, to comply with any provision required to avoid the imposition of the additional tax imposed under Section 409A or to otherwise avoid income recognition under Section 409A prior to the actual
payment of any benefits or imposition of any additional tax. Each payment, installment, and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Treasury Regulations
Section 1.409A-2(b)(2). In no event will Executive have any discretion to choose Executive’s taxable year in which any payments or benefits are provided under this Agreement. In no event will the
Company or any parent, subsidiary or other affiliate of the Company have any responsibility, liability or obligation to reimburse, indemnify or hold harmless Executive for any taxes, penalties or interest that may be imposed, or other costs that may
be incurred, as a result of Section 409A. 

  
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 6. Limitation on Payments. 

6.1. Reduction of Severance Benefits. If any payment or benefit that Executive would receive from the Company or any other party
whether in connection with the provisions in this Agreement or otherwise (the “Payments”) would (a) constitute a “parachute payment” within the meaning of Section 280G of the Code and (b) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payments will be either delivered in full, or delivered as to such lesser extent that would result in no portion of the
Payments being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in Executive’s receipt, on an
after-tax basis, of the greatest amount of Payments, notwithstanding that all or some of the Payments may be subject to the Excise Tax. If a reduction in Payments is made in accordance with the immediately
preceding sentence, the reduction will occur, with respect to the Payments considered parachute payments within the meaning of Code Section 280G, in the following order: (i) reduction of cash payments in reverse chronological order (that
is, the cash payment owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first cash payment to be reduced); (ii) cancellation of equity awards that were granted “contingent on a change in
ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the equity awards (that is, the most recently granted equity awards will be cancelled first); (iii) reduction of the
accelerated vesting of equity awards in the reverse order of date of grant of the equity awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and (iv) reduction of employee benefits in reverse
chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will Executive have any discretion with respect to the ordering
of Payment reductions. Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and neither the Company nor any parent, subsidiary or
other affiliate of the Company have any responsibility, liability or obligation to reimburse, indemnify or hold harmless Executive for any of those payments of personal tax liability. 

6.2. Determination of Excise Tax Liability. Unless the Company and Executive otherwise agree in writing, any determinations required
under this Section 6 will be made in writing by a nationally recognized accounting or valuation firm (the “Firm”) selected by the Company, whose determinations will be conclusive and binding upon Executive and the Company for
all purposes. For purposes of making the calculations required by this Section 6, the Firm 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. The Company and Executive will furnish to the Firm such information and documents as the Firm reasonably may request in order to make determinations under this Section 6. The Company will bear
the costs and make all payments required to be made to the Firm for the Firm’s services that are rendered in connection with any calculations contemplated by this Section 6. The Company will have no liability to Executive for the
determinations of the Firm. 

  
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 7. Definitions. The following terms referred to in this Agreement will have the
following meanings: 
 7.1. “Award” means stock options and other equity awards covering shares of Company common stock
granted to Executive. 
 7.2. “Board” means the Company’s Board of Directors. 

7.3. “Cause” means Executive’s: (a) indictment or conviction of any felony or any crime involving dishonesty or
moral turpitude; (b) participation in any fraud against the Company or other dishonesty which is not the result of an innocent or inadvertent mistake by Executive with respect to the Company; (c) willful violation of Executive’s
obligations to the Company after there has been delivered to Executive a written demand for performance from the Board which describes the basis for the Board’s belief that Executive has not substantially satisfied Executive’s obligations
to the Company; (d) continued violation or breach of any material written Company policy, agreement with the Company, or any statutory or fiduciary duty to the Company after there has been delivered to you a written notification of such
violation or breach; or (e) damaging or misappropriating or attempting to damage or misappropriate any property, including intellectual property, of the Company. 

7.4. “Change in Control” means the first occurrence of any of the following events on or after the Effective Date: 

(a) Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person,
or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the
stock of the Company; provided, however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company
will not be considered a Change in Control; provided, further, that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board also will not be considered a Change in
Control. Further, if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s
voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall
not be considered a Change in Control under this subsection (a). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other
business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or 

(b) Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the
U.S. Securities Exchange Act of 1934, as amended, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment
or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (b), if any Person is considered to be in effective control of the Company, the acquisition of
additional control of the Company by the same Person will not be considered a Change in Control; or 

  
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 (c) Change in Ownership of a Substantial Portion of the Company’s
Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition
by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such
acquisition or acquisitions; provided, however, that for purposes of this subsection (c), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (i) a transfer to an entity that is
controlled by the Company’s stockholders immediately after the transfer, or (ii) a transfer of assets by the Company to: (A) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to
the Company’s stock, (B) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (C) a Person, that owns, directly or indirectly, fifty percent
(50%) or more of the total value or voting power of all the outstanding stock of the Company, or (D) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person
described in this subsection (c)(ii)(C). For purposes of this subsection (c), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated
with such assets. 
 For purposes of this definition, persons will be considered to be acting as a group if they are owners of a
corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control
event within the meaning of Section 409A. Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (x) its sole purpose is to change the jurisdiction of the Company’s incorporation, or
(y) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 

7.5. “Change in Control Period” means the period beginning on the date one (1) month prior to a Change in Control and
ending on (and inclusive of) the date that is the one (1) year anniversary of a Change in Control. 
 7.6. “Code”
means the 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. 
 7.7. “Confidentiality
Agreement” means Executive’s At-will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement entered into with the Company dated September 8, 2020. 

  
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 7.8. “Director” means a member of the Board. 

7.9. “Disability” means total and permanent disability as defined in Code Section 22(e)(3). 

7.10. “Good Reason” means Executive’s termination of Executive’s employment with the Company within thirty
(30) days following the end of the Company’s Cure Period (as defined below) as a result of the occurrence of any of the following without Executive’s written consent: (a) a material reduction in Executive’s duties or
responsibilities that is inconsistent with Executive’s position, provided that a mere change of title alone shall not constitute such a material reduction; (b) the requirement that Executive change Executive’s principal office to a
facility that increases Executive’s commute by more than forty (40) miles from Executive’s commute to the location at which Executive was employed prior to such change; or (c) a material reduction in Executive’s base salary
or a material reduction in Executive’s employee benefits (e.g., medical, dental, insurance, short- and long-term disability insurance and 401(k) retirement plan benefits, collectively (the “Employee Benefits”) to which
Executive is entitled immediately prior to such reduction (other than (x) in connection with a general decrease in the annual base salary or Employee Benefits of all similarly situated employees, and (y) following the Change in Control, to
the extent necessary to make Executive’s annual base salary or Employee Benefits commensurate with those of other employees of the Company or its successor entity or parent entity who are similarly situated with Executive following such Change
in Control); provided, however, that Executive must provide written notice to the Board of the condition that could constitute a “Good Reason” event within ninety (90) days following the initial existence of such condition and
such condition must not have been remedied by the Company within thirty (30) days (the “Cure Period”) of such written notice. To the extent Executive’s primary work location is not the Company’s corporate offices due
to a shelter-in-place order, quarantine order, or similar work-from-home requirement that
applies to Executive, Executive’s primary office location, from which a change in location under the foregoing clause (b) will be measured, will be considered the Company’s office location where Executive’s employment with the
Company primarily was based immediately prior to the commencement of such shelter-in-place order, quarantine order, or similar work-from-home requirement. 

7.11. “Qualifying Termination” means a termination of Executive’s employment with the Company either (a) by the
Company without Cause and other than due to Executive’s death or Disability, or (b) by Executive for Good Reason. 
 7.12.
“Salary” means Executive’s annual base salary in effect immediately prior to Executive’s Qualifying Termination (or, if the termination is due to a resignation for Good Reason based on a material reduction in
Executive’s base salary, then Executive’s annual base salary in effect immediately prior to the reduction) or, if Executive’s Qualifying Termination occurs during the Change in Control Period and the amount is greater,
Executive’s annual base salary in effect immediately prior to the Change in Control. 
 7.13.
“Section 409A” means Code Section 409A and the Treasury Regulations and guidance thereunder, and any applicable state law equivalent, as each may be promulgated, amended or modified from time to time. 

  
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 7.14. “Service-based Awards” means Awards that, as of the date of the
Qualifying Termination, or in the case of a Qualifying Termination during the Change in Control Period, the later of the date of the Qualifying Termination or immediately prior to the Change in Control, are held by Executive and subject to continued
service-based vesting criteria, but not subject to the achievement of any performance-based or other similar vesting criteria. 
 7.15.
“Target Bonus” means Executive’s annual (or annualized, if applicable) target bonus in effect immediately prior to Executive’s Qualifying Termination or, if Executive’s Qualifying Termination occurs during the Change
in Control Period and the amount is greater, Executive’s annual (or annualized, if applicable) target bonus in effect immediately prior to the Change in Control. 

8. Successors. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors, and legal representatives
of Executive upon Executive’s death, and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose,
“successor” means 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. None
of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance, or other
disposition of Executive’s right to compensation or other benefits will be null and void. 
 9. Notice. 

9.1. General. All notices and other communications required or permitted under this Agreement will be in writing and will be
effectively given (a) upon actual delivery to the party to be notified, (b) upon transmission by email, (c) twenty-four (24) hours after confirmed facsimile transmission, (d) one (1) business day after deposit with a
recognized overnight courier, or (e) three (3) business days after deposit with the U.S. Postal Service by first class certified or registered mail, return receipt requested, postage prepaid, addressed: (i) if to Executive, at the
address Executive will have most recently furnished to the Company in writing, (ii) if to the Company, at the following address: 

Athira Pharma, Inc. 
 18706
North Creek Parkway, Suite 104 
 Bothell, WA 98011 

Attention: General Counsel 

9.2. Notice of Termination. Any termination of Executive’s employment by the Company for Cause will be communicated by a notice of
termination of Executive’s employment to Executive, and any termination by Executive for Good Reason will be communicated by a notice of termination to the Company, in each case given in accordance with Section 9.1. The notice will
indicate the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination
date (which will be not more than thirty (30) days after the later of (a) the giving of the notice or (b) the end of any applicable cure period). 

  
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 10. Resignation. The termination of Executive’s employment for any reason also
will constitute, without any further required action by Executive, Executive’s voluntary resignation from all officer and/or director positions held at the Company or any of its subsidiaries or affiliates, and at the Board’s request,
Executive will execute any documents reasonably necessary to reflect the resignations. 
 11. Miscellaneous Provisions. 

11.1. No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor
will any payment be reduced by any earnings that Executive may receive from any other source except as specified in Sections 3.4, 5.4 and 6. 

11.2. Waiver; Amendment. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by an authorized officer of the Company (other than Executive) and by 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 will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 11.3.
Headings. Headings are provided herein for convenience only, and will not serve as a basis for interpretation or construction of this Agreement. 

11.4. Entire Agreement. This Agreement, together with the Confidentiality Agreement, Executive’s confirmatory employment letter
with the Company dated September 8, 2020, and the Company’s 2014 Equity Incentive Plan, 2020 Equity Incentive Plan and award agreements thereunder governing Executive’s outstanding Awards, constitutes the entire agreement of
the parties and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter of this Agreement,
including the Prior Agreement. 
 11.5. Governing Law. This Agreement will be governed by the laws of the State of Washington but
without regard to the conflict of law provision. To the extent that any lawsuit is permitted with respect to any provisions under this Agreement, Executive hereby expressly consents to the personal and exclusive jurisdiction and venue of the state
and federal courts located in the State of Washington for any lawsuit filed against Executive by the Company. 
 11.6. Severability.
If any provision of this Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable for any reason, such invalidity, illegality, or unenforceability will not affect the remaining parts of this Agreement, and this Agreement will be
construed and enforced as if the invalid, illegal, or unenforceable provision had not been included. 
  

  
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 11.7. Withholding. The Company (and any parent, subsidiary or other affiliate of the
Company, as applicable) will have the right and authority to deduct from any payments or benefits all applicable federal, state, local, and/or non-U.S. taxes or other required withholdings and payroll
deductions (“Withholdings”). Prior to the payment of any amounts or provision of any benefits under this Agreement, the Company (and any parent, subsidiary or other affiliate of the Company, as applicable) is permitted to deduct or
withhold, or require Executive to remit to the Company, an amount sufficient to satisfy any applicable Withholdings with respect to such payments and benefits. Neither the Company nor any parent, subsidiary or other affiliate of the Company will
have any responsibility, liability or obligation to pay Executive’s taxes arising from or relating to any payments or benefits under this Agreement. 

11.8. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same instrument. 
 [Signature page follows] 

  
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 By her, his, or its signature below, each of the parties signifies its acceptance of the
terms of this Agreement, in the case of the Company by its duly authorized officer. 
  

							
	COMPANY	 		 		 	ATHIRA PHARMA, INC.
				
		 	By:	 		 	/s/ Glenna Mileson
				
		 	 Title:
	 		 	Chief Financial Officer
				
		 	Date:	 		 	January 31, 2022

  

							
				
	EXECUTIVE	 		 		 	/s/ Mark Litton
				
		 	Date:	 		 	January 31, 2022

  
 - 13 -EX-10.2

 Exhibit 10.2 

ATHIRA PHARMA, INC. 

OUTSIDE DIRECTOR COMPENSATION POLICY 

As amended January 27, 2022 

Athira Pharma, Inc. (the “Company”) believes that the granting of equity and cash compensation to members of the
Company’s Board of Directors (the “Board,” and members of the Board, “Directors”) represents an effective tool to attract, retain and reward Directors who are not employees of the Company (“Outside
Directors”). This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy regarding cash compensation and grants of equity awards to its Outside Directors. Unless
otherwise defined herein, capitalized terms used in this Policy will have the meaning given such term in the Company’s 2020 Equity Incentive Plan, as amended from time to time, or if such plan no longer is in use at the time of the grant of an
equity award, the meaning given such term or similar term in the equity plan then in place under which the equity award is granted (the “Plan”). Each Outside Director will be solely responsible for any tax obligations incurred by
such Outside Director as a result of the equity awards and cash and other compensation such Outside Director receives under this Policy. 

1. Effective Date. This Policy will be effective as of the day immediately prior to the effective date of the first registration
statement that is filed by the Company and declared effective pursuant to Section 12(b) of the U.S. Securities Exchange Act of 1934, as amended, with respect to any class of the Company’s securities (the effective date of such registration
statement, the “Registration Date,” and the effective date of this Policy, the “Effective Date”). 
 2.
Cash Compensation 
 2.1 Board Member Annual Cash Retainer. Following the Effective Date, each Outside Director will be paid
an annual cash retainer of $35,000. There are no per-meeting attendance fees for attending Board meetings or meetings of any committee of the Board. 

2.2 Additional Annual Cash Retainers. Following the Effective Date, each Outside Director who serves as the Chair of the Board, or the
chair or a member of a committee of the Board, will be eligible to earn additional annual fees as follows: 
  

					
	 Chair of the Board:
	  	$	30,000	 
	 Audit Committee Chair:
	  	$	15,000	 
	 Audit Committee Member:
	  	$	7,500	 
	 Compensation Committee Chair:
	  	$	10,000	 
	 Compensation Committee Member:
	  	$	5,000	 
	 Nominating and Corporate Governance Committee Chair:
	  	$	8,000	 
	 Nominating and Corporate Governance Committee Member:
	  	$	4,000	 

  

 For clarity, each Outside Director who serves as the chair of a committee will receive only
the additional annual fee as the chair of the committee and not the additional annual fee as a member of such committee while serving as such chair, provided, that the Outside Director who serves as the Chair of the Board will receive the annual fee
for services provided in such role as well as the annual fee as an Outside Director. 
 2.3 Payment Timing and Proration. Each annual
cash retainer under this Policy will be paid quarterly in arrears on a prorated basis to each Outside Director who has served in the relevant capacity at any time during the immediately preceding fiscal quarter of the Company (“Fiscal
Quarter”), and such payment will be made no later than thirty (30) days following the end of such immediately preceding Fiscal Quarter. For clarity, an Outside Director who has served as an Outside Director, as a member of an
applicable committee (or chair thereof) during only a portion of the relevant Fiscal Quarter will receive a prorated payment of the quarterly installment of the applicable annual cash retainer(s), calculated based on the number of days during such
Fiscal Quarter such Outside Director has served in the relevant capacities. For clarity, an Outside Director who has served as an Outside Director or as a member of an applicable committee (or chair thereof) from the Effective Date through the end
of the Fiscal Quarter containing the Effective Date (the “Initial Period”), as applicable, will receive a prorated payment of the quarterly installment of the applicable annual cash retainer(s), calculated based on the number of
days during the Initial Period that such Outside Director has served in the relevant capacities. 
 3. Equity Compensation. Outside
Directors will be eligible to receive all types of Awards (except Incentive Stock Options) under the Plan, including discretionary Awards not covered under this Policy. All grants of Awards to Outside Directors pursuant to Sections 3.2, 3.3,
and 3.4 of this Policy will be automatic and nondiscretionary, except as otherwise provided herein, and will be made in accordance with the following provisions: 

3.1 No Discretion. No person will have any discretion to select which Outside Directors will be granted Awards under this Policy or to
determine the number of Shares to be covered by such Awards (except as provided in Sections 3.5.4 and 10 below). 
 3.2 Initial
Awards. Each individual who first becomes an Outside Director following the Effective Date automatically will be granted an award of Options (an “Initial Award”) to purchase 27,742 Shares. The grant date of the Initial
Award will be the first Trading Day on or after the date on which such individual first becomes an Outside Director (such first date as an Outside Director, the “Initial Start Date”), whether through election by the stockholders of
the Company or appointment by the Board to fill a vacancy. If an individual was an Inside Director, becoming an Outside Director due to termination of the individual’s status as an Employee will not entitle the Outside Director to an Initial
Award. Each Initial Award will be scheduled to vest as to one thirty-sixth (1/36th) of the Shares subject to the Initial Award on a monthly basis following the Initial Award’s grant date on the same day
of the month as such grant date (or on the last day of the month, if there is no corresponding day in such month), subject to the Outside Director remaining a Service Provider through the applicable vesting date. 

  
 - 2 - 

 3.3 Annual Award. On the first Trading Day immediately following each Annual Meeting
of the Company’s stockholders (an “Annual Meeting”), each Outside Director who, as of the date of such Annual Meeting, has been in continuous service as an Outside Director since the date of the most recently preceding Annual
Meeting, automatically will be granted an award of Options to purchase 13,871 Shares. An Outside Director who, as of the date of such Annual Meeting, has not been in continuous service as an Outside Director since the date of the most recently
preceding Annual Meeting, automatically will be granted a prorated award of Options, with the number of Options granted pursuant to such prorated award equal to the product of 13,871 multiplied by the quotient of (i) the number of whole months
of continuous service as an Outside Director completed as of the date of such Annual Meeting divided by (ii) twelve (12), rounded down to the nearest whole share (up to a maximum of 13,871 shares) (the awards described in this Section 3.3,
each, an “Annual Award”). The Annual Award will be scheduled to vest as to all of the Shares subject to the Annual Award on the earlier of (i) the one (1) year anniversary of the date the Annual Award is granted or
(ii) the day immediately before the date of the next Annual Meeting that occurs after the Annual Award’s grant date, subject to the Outside Director remaining a Service Provider through the applicable vesting date. 

3.4 IPO Award. Effective as of the Registration Date, each Outside Director will be granted an award of Options (the “IPO
Award”) to purchase 27,742 Shares. Each IPO Award will be scheduled to vest as to one thirty-sixth (1/36th) of the Shares subject to the IPO Award
on a monthly basis following the Vesting Commencement Date on the same day of the month as the Vesting Commencement Date (or the last day of the month, if there is no corresponding day in a given month) over a period of three (3) years from the
Vesting Commencement Date, so that all of the Shares subject to the IPO Award will be scheduled to be vested by three-year anniversary of the Vesting Commencement Date, subject to the Outside Director remaining a Service Provider through the
applicable vesting date. The Vesting Commencement Date of any IPO Award granted to each Outside Director other than James Johnson will be the Registration Date. The Vesting Commencement Date of any IPO Award granted to James Johnson will be
August 26, 2020. 
 3.5 Additional Terms of Initial Awards, Annual Awards and IPO Awards. The terms and conditions of each
Initial Award, Annual Award and IPO Award (each, a “Policy Award”) will be as follows. 
 3.5.1 The term of each Policy
Award will be ten (10) years, subject to earlier termination as provided in the Plan. 
 3.5.2 The per Share exercise price of each
Policy Award will be equal to one hundred percent (100%) of the Fair Market Value per Share on such Policy Award’s grant date. For purposes of clarity, the per Share exercise price of an IPO Award will be equal to the initial Share price to the
public as set forth in the final prospectus included within the registration statement on Form S-1 filed with the Securities and Exchange Commission for the Company’s initial public offering of its Common
Stock. 
 3.5.3 Each Policy Award will be granted under and subject to the terms and conditions of the Plan and the applicable form of
Award Agreement previously approved by the Board or its Committee, as applicable, for use thereunder. 
 3.5.4 The Board or its Committee,
as applicable and in its discretion, may change and otherwise revise the terms of Policy Awards to be granted in the future pursuant to this Policy, including without limitation the number of Shares subject thereto and type of Award. 

  
 - 3 - 

 4. Change in Control. In the event of a Change in Control, each Outside Director will
fully vest in his or her outstanding Company equity awards as of immediately prior to the Change in Control, including any Policy Award, provided that the Outside Director continues to be an Outside Director through the date of such Change in
Control. 
 5. Annual Compensation Limit. No Outside Director may be granted, in any Fiscal Year, Awards with values (based on their
grant date fair value determined in accordance with U.S. generally accepted accounting principles), and be provided any other compensation (including without limitation any cash retainers or fees) in amounts that, in any Fiscal Year, in the
aggregate, exceed $500,000, provided that such amount is increased to $750,000 in the Fiscal Year of his or her initial service as an Outside Director. Any Awards or other compensation provided to an individual (a) for his or her services as an
Employee, or for his or her services as a Consultant other than as an Outside Director, or (b) prior to the Registration Date, will be excluded for purposes of this Section 5. 

6. Travel Expenses. Each Outside Director’s reasonable, customary and properly documented travel expenses to meetings of the Board
and any of its committees, as applicable, will be reimbursed by the Company. 
 7. Adjustments. In the event that any dividend or
other distribution (whether in the form of cash, Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, reclassification, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs (other than any
ordinary dividends or other ordinary distributions), the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under this Policy, will adjust the number and class of the
shares of stock issuable pursuant to Policy Awards. 
 8. Section 409A. In no event will cash compensation or expense reimbursement
payments under this Policy be paid after the later of (a) the fifteenth (15th) day of the third (3rd) month following the end of the Company’s taxable year in which the compensation is earned or expenses are incurred, as applicable, or
(b) the fifteenth (15th) day of the third (3rd) month following the end of the calendar year in which the compensation is earned or expenses are incurred, as applicable, in compliance with the “short-term deferral” exception under
Section 409A. It is the intent of this Policy that this Policy and all payments hereunder be exempt from or otherwise comply with the requirements of Section 409A so that none of the compensation to be provided hereunder will be subject to
the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or comply. In no event will the Company or any of its Parents or Subsidiaries have any responsibility, liability,
or obligation to reimburse, indemnify, or hold harmless an Outside Director (or any other person) for any taxes imposed, or other costs incurred, as a result of Section 409A. 

9. Stockholder Approval. The initial adoption of this Policy will be subject to approval by the Company’s stockholders prior to
the Effective Date. Unless otherwise required by applicable law, following such approval, this Policy will not be subject to approval by the Company’s stockholders, including, for clarity, as a result of or in connection with any action taken
with respect to this Policy as contemplated in Section 10. 

  
 - 4 - 

 10. Revisions. The Board or any committee of the Board that has been designated
appropriate authority with respect to Outside Director compensation (or with respect to any applicable element or elements thereof, authority with respect to such element or elements) (the “Committee”) may amend, alter, suspend or
terminate this Policy at any time and for any reason. Further, the Board may provide for cash, equity, or other compensation to Outside Directors in addition to the compensation provided under this Policy. No amendment, alteration, suspension or
termination of this Policy will materially impair the rights of an Outside Director with respect to compensation that already has been paid or awarded, unless otherwise mutually agreed between the Outside Director and the Company. Termination of
this Policy will not affect the Board’s or the Committee’s ability to exercise the powers granted to it with respect to Awards granted under the Plan pursuant to this Policy before the date of such termination, including without limitation
such applicable powers set forth in the Plan. 

*                
*                 * 

  
 - 5 -

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