Document:

Exhibit 10.2

 

THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

PROMISSORY NOTE 

 

	Effective Date: July 24, 2019	U.S. $1,395,000.00

 

FOR VALUE RECEIVED,
CBAK Energy Technology, Inc., a Nevada corporation (“Borrower”),
promises to pay to Atlas Sciences, LLC, a Utah limited liability company, or its
successors or assigns (“Lender”), $1,395,000.00 and any interest, fees, charges, and late fees accrued hereunder
on the date that is twelve (12) months after the Purchase Price Date (the “Maturity Date”) in accordance with
the terms set forth herein and to pay interest on the Outstanding Balance at the rate of ten percent (10%) per annum from the Purchase
Price Date until the same is paid in full. All interest calculations hereunder shall be computed on the basis of a 360-day year
comprised of twelve (12) thirty (30) day months, shall compound daily and shall be payable in accordance with the terms
of this Note. This Promissory Note (this “Note”) is issued and made effective as of July 24, 2019 (the “Effective
Date”). This Note is issued pursuant to that certain Securities Purchase Agreement dated July 24, 2019, as the same may
be amended from time to time, by and between Borrower and Lender (the “Purchase Agreement”). Certain capitalized
terms used herein are defined in Attachment 1 attached hereto and incorporated herein by this reference.

 

This Note carries an
OID of $125,000.00. In addition, Borrower agrees to pay $20,000.00 to Lender to cover Lender’s legal fees, accounting costs,
due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of this Note (the “Transaction
Expense Amount”), all of which amount is fully earned and included in the initial principal balance of this Note. The
purchase price for this Note shall be $1,250,000.00 (the “Purchase Price”), computed as follows: $1,395,000.00
original principal balance, less the OID, less the Transaction Expense Amount. The Purchase Price shall be payable by Lender by
wire transfer of immediately available funds.

 

1. Payment;
Prepayment.

 

1.1. Payment.
All payments owing hereunder shall be in lawful money of the United States of America and delivered to Lender at the address or
bank account furnished to Borrower for that purpose. All payments shall be applied first to (a) costs of collection, if any, then
to (b) fees and charges, if any, then to (c) accrued and unpaid interest, and thereafter, to (d) principal.

 

1.2. Prepayment.
Notwithstanding the foregoing, Borrower shall have the right to prepay all or any portion of the Outstanding Balance. If Borrower
exercises its right to prepay this Note, Borrower shall make payment to Lender of an amount in cash equal to 125% multiplied by
the portion of the Outstanding Balance Borrower elects to repay.

 

2. Security.
This Note is unsecured.

 

3. Redemption.
Beginning on the date that is six (6) months after the Purchase Price Date, Lender shall have the right, exercisable at any time
in its sole and absolute discretion, to redeem any amount of this Note up to $250,000.00 (such amount, the “Redemption
Amount”) per calendar month by providing written notice to Borrower (each, a “Redemption Notice”).
For the avoidance of doubt, Lender may submit to Borrower one (1) or more Redemption Notices in any given calendar month so long
as the aggregate amount being redeemed in such month does not exceed $250,000.00. The Redemption Amount must be at least $50,000.00
unless the Outstanding Balance of the Note is less than $50,000.00. Upon receipt of any Redemption Notice, Borrower shall pay the
applicable Redemption Amount in cash to Lender within three (3) Trading Days of Borrower’s receipt of such Redemption Notice.

 

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4. Defaults
and Remedies.

 

4.1. Defaults.
The following are events of default under this Note (each, an “Event of Default”): (a) Borrower fails to pay
any principal, interest, fees, charges, or any other amount when due and payable hereunder; (b) a receiver, trustee or other similar
official shall be appointed over Borrower or a material part of its assets and such appointment shall remain uncontested for twenty
(20) days or shall not be dismissed or discharged within sixty (60) days; (c) Borrower becomes insolvent or generally fails to
pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; (d)
Borrower makes a general assignment for the benefit of creditors; (e) Borrower files a petition for relief under any bankruptcy,
insolvency or similar law (domestic or foreign); (f) an involuntary bankruptcy proceeding is commenced or filed against Borrower;
(g) Borrower or any pledgor, trustor, or guarantor of this Note defaults or otherwise fails to observe or perform any covenant,
obligation, condition or agreement of Borrower or such pledgor, trustor, or guarantor contained herein or in any other Transaction
Document (as defined in the Purchase Agreement), other than those specifically set forth in this Section 4.1 and Section 4 of the
Purchase Agreement; (h) any representation, warranty or other statement made or furnished by or on behalf of Borrower or any pledgor,
trustor, or guarantor of this Note to Lender herein, in any Transaction Document, or otherwise in connection with the issuance
of this Note is false, incorrect, incomplete or misleading in any material respect when made or furnished; (i) the occurrence of
a Fundamental Transaction without Lender’s prior written consent; (j) Borrower effectuates a reverse split of its Common
Stock without twenty (20) Trading Days prior written notice to Lender; (k) any United States money judgment, writ or similar process
is entered or filed against Borrower or any subsidiary of Borrower or any of its property or other assets for more than $1,000,000.00,
and shall remain unvacated, unbonded or unstayed for a period of twenty (20) calendar days unless otherwise consented to by Lender;
(l) Borrower fails to be DWAC Eligible at any time after the six (6) month anniversary of the Purchase Price Date; (m) Borrower
fails to observe or perform any covenant set forth in Section 4 of the Purchase Agreement (other than the covenant with respect
to Unapproved Restricted Issuances); (n) Borrower makes any Unapproved Restricted Issuance; or (o) Borrower, any affiliate of Borrower,
or any pledgor, trustor, or guarantor of this Note breaches any covenant or other term or condition contained in any Other Agreements
(after giving effect to any grace periods therein or any waivers). Notwithstanding the foregoing, the occurrence of any event specified
in Section 4.1(g) – (o) shall not be considered an Event of Default hereunder if such event is cured within ten (10) days
of the occurrence of such event.

 

4.2. Remedies.
At any time and from time to time after Lender becomes aware of the occurrence of any Event of Default, Lender may accelerate this
Note by written notice to Borrower, with the Outstanding Balance becoming immediately due and payable in cash at the Mandatory
Default Amount. Notwithstanding the foregoing, at any time following the occurrence of any Event of Default, Lender may, at its
option, elect to increase the Outstanding Balance by applying the Default Effect (subject to the limitation set forth below) via
written notice to Borrower without accelerating the Outstanding Balance, in which event the Outstanding Balance shall be increased
as of the date of the occurrence of the applicable Event of Default pursuant to the Default Effect, but the Outstanding Balance
shall not be immediately due and payable unless so declared by Lender (for the avoidance of doubt, if Lender elects to apply the
Default Effect pursuant to this sentence, it shall reserve the right to declare the Outstanding Balance immediately due and payable
at any time and no such election by Lender shall be deemed to be a waiver of its right to declare the Outstanding Balance immediately
due and payable as set forth herein unless otherwise agreed to by Lender in writing). Notwithstanding the foregoing, upon the occurrence
of any Event of Default described in clauses (b), (c), (d), (e) or (f) of Section 4.1, the Outstanding Balance as of the date of
acceleration shall become immediately and automatically due and payable in cash at the Mandatory Default Amount, without any written
notice required by Lender. At any time following the occurrence of any Event of Default, upon written notice given by Lender to
Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable Event of Default occurred at an
interest rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law (“Default
Interest”). In connection with acceleration described herein, Lender need not provide, and Borrower hereby waives, any
presentment, demand, protest or other notice of any kind, and Lender may immediately and without expiration of any grace period
enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration
may be rescinded and annulled by Lender at any time prior to payment hereunder and Lender shall have all rights as a holder of
the Note until such time, if any, as Lender receives full payment pursuant to this Section 4.2. No such rescission or annulment
shall affect any subsequent Event of Default or impair any right consequent thereon. Nothing herein shall limit Lender’s
right to pursue any other remedies available to it at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief.

 

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5. Unconditional
Obligation; No Offset. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable obligation
of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now has
or may have hereafter against Lender, its successors and assigns, and agrees to make the payments called for herein in accordance
with the terms of this Note.

 

6. Waiver.
No waiver of any provision of this Note shall be effective unless it is in the form of a writing signed by the party granting the
waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any other provision or consent
to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing waiver or consent or
commit a party to provide a waiver or consent in the future except to the extent specifically set forth in writing.

 

7. Approved
Restricted Issuance. The Outstanding Balance will automatically be increased by three percent (3%) for each Approved Restricted
Issuance made by Borrower (without the need for Lender to provide any notice to Borrower of such increase), which increase will
be effective as of the date of each applicable Approved Restricted Issuance.

 

8. Opinion
of Counsel. In the event that an opinion of counsel is needed for any matter related to this Note, Lender has the right to
have any such opinion provided by its counsel.

 

9. Governing
Law; Venue. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of Utah. The provisions set forth in the Purchase Agreement
to determine the proper venue for any disputes are incorporated herein by this reference.

 

10. Arbitration
of Disputes. By its issuance or acceptance of this Note, each party agrees to be bound by the Arbitration Provisions (as defined
in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

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11. Cancellation.
After repayment of the entire Outstanding Balance, this Note shall be deemed paid in full, shall automatically be deemed canceled,
and shall not be reissued.

 

12. Amendments.
The prior written consent of both parties hereto shall be required for any change or amendment to this Note.

 

13. Assignments.
Borrower may not assign this Note without the prior written consent of Lender. This Note may be offered, sold, assigned or transferred
by Lender without the consent of Borrower, so long as such transfer is in accordance with applicable federal and state securities
laws.

 

14. Notices.
Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be given in accordance
with the subsection of the Purchase Agreement titled “Notices.”

 

15. Liquidated
Damages. Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions of this Note,
Lender’s damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’
inability to predict future interest rates, future share prices, future trading volumes and other relevant factors. Accordingly,
Lender and Borrower agree that any fees, balance adjustments, Default Interest or other charges assessed under this Note are not
penalties but instead are intended by the parties to be, and shall be deemed, liquidated damages.

 

16. Severability.
If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve the objective of Borrower
and Lender to the fullest extent permitted by law and the balance of this Note shall remain in full force and effect.

 

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blank; signature page follows]

  

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IN WITNESS WHEREOF,
Borrower has caused this Note to be duly executed as of the Effective Date.

  

	
         
	BORROWER:
	 	 
	 	CBAK Energy Technology, Inc.
	 	 	 
	 	By:	/s/ Yunfei Li
	 	Name:	Yunfei Li
	 	Title:	CEO

 

ACKNOWLEDGED, ACCEPTED AND AGREED:

 

LENDER:

 

Atlas
Sciences, LLC

 

	By: 	/s/ John Finlayson	 
	 	John Finlayson, CEO	 

  

[Signature Page
to Promissory Note]

 

     

     

    

 

ATTACHMENT 1

DEFINITIONS

 

For purposes
of this Note, the following terms shall have the following meanings:

 

A1. “Approved
Restricted Issuance” means a Restricted Issuance (as defined in the Purchase Agreement) for which Borrower received Lender’s
written consent prior to the applicable issuance.

 

A2. “Default
Effect” means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred by (a) fifteen
percent (15%) for each occurrence of any Major Default, (b) ten percent (10%) for each occurrence of an Unapproved Restricted Issuance
Default, or (c) five percent (5%) for each occurrence of any Minor Default, and then adding the resulting product to the Outstanding
Balance as of the date the applicable Event of Default occurred, with the sum of the foregoing then becoming the Outstanding Balance
under this Note as of the date the applicable Event of Default occurred; provided that the Default Effect may only be applied three
(3) times hereunder with respect to Major Defaults and three (3) times hereunder with respect to Minor Defaults. There shall be
no limit on the number of times the Default Effect may be applied with respect to Unapproved Restricted Issuance Defaults. Notwithstanding
the forgoing, in no event shall the Default Effect result in the Outstanding Balance to be increased by more than twenty-five percent
(25%) in the aggregate.

 

A3. “DTC”
means the Depository Trust Company or any successor thereto.

 

A4. “DTC/FAST
Program” means the DTC’s Fast Automated Securities Transfer program.

 

A5. “DWAC”
means the DTC’s Deposit/Withdrawal at Custodian system.

 

A6. “DWAC
Eligible” means that (a) Borrower’s Common Stock is eligible at DTC for full services pursuant to DTC’s operational
arrangements, including without limitation transfer through DTC’s DWAC system; (b) Borrower has been approved (without revocation)
by DTC’s underwriting department; (c) Borrower’s transfer agent is approved as an agent in the DTC/FAST Program; and
(d) Borrower’s transfer agent does not have a policy prohibiting or limiting delivery of Common Stock via DWAC.

 

A7. “Fundamental
Transaction” means that (a) (i) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more
related transactions, consolidate or merge with or into (whether or not Borrower or any of its subsidiaries is the surviving corporation)
any other person or entity, or (ii) Borrower or any of its subsidiaries shall, directly or indirectly, in one or more related
transactions, sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its respective
properties or assets to any other person or entity, or (iii) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, allow any other person or entity to make a purchase, tender or exchange offer that is accepted
by the holders of more than 50% of the outstanding shares of voting stock of Borrower (not including any shares of voting stock
of Borrower held by the person or persons making or party to, or associated or affiliated with the persons or entities making or
party to, such purchase, tender or exchange offer), or (iv) Borrower or any of its subsidiaries shall, directly or indirectly,
in one or more related transactions, consummate a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other person or entity whereby such
other person or entity acquires more than 50% of the outstanding shares of voting stock of Borrower (not including any shares of
voting stock of Borrower held by the other persons or entities making or party to, or associated or affiliated with the other persons
or entities making or party to, such stock or share purchase agreement or other business combination), or (v) Borrower or
any of its subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize or reclassify
the Common Stock, other than an increase in the number of authorized shares of Borrower’s Common Stock, or reverse splits
of its outstanding and authorized shares of Common Stock to meet Nasdaq listing requirements or (b) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations
promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding voting stock of Borrower.

 

     

     

    

 

A8. “Major
Default” means any Event of Default occurring under Sections 4.1(a) or 4.1(m).

 

A9. “Mandatory
Default Amount” means the Outstanding Balance following the application of the Default Effect.

 

A10. “Minor
Default” means any Event of Default that is not a Major Default or an Unapproved Restricted Issuance Default.

 

A11. “OID”
means an original issue discount.

 

A12. “Other
Agreements” means, collectively, (a) all existing and future agreements and instruments between, among or by Borrower
(or an affiliate), on the one hand, and Lender (or an affiliate), on the other hand, and (b) any financing agreement or a material
agreement that affects Borrower’s ongoing business operations.

 

A13. “Outstanding
Balance” means as of any date of determination, the Purchase Price, as reduced or increased, as the case may be, pursuant
to the terms hereof for payment, offset, or otherwise, plus the OID, the Transaction Expense Amount, accrued but unpaid interest,
collection and enforcements costs (including attorneys’ fees) incurred by Lender, transfer, stamp, issuance and similar taxes
and fees incurred under this Note.

 

A14. “Purchase
Price Date” means the date the Purchase Price is delivered by Lender to Borrower.

 

A15. “Trading
Day” means any day on which the New York Stock Exchange (or such other principal market for the Common Stock) is open
for trading. For purposes of determining Borrower’s cash payment deadline under this Note, such “Trading Day”
shall exclude any day on which banking institutions in Dalian, China are authorized or required by law or other governmental action
to close.

 

A16. “Unapproved
Restricted Issuance” means a Restricted Issuance for which Borrower did not receive Lender’s written consent prior
to the applicable issuance.

 

A17. “Unapproved
Restricted Issuance Default” means an Event of Default occurring under Section 4.1(n) of this Note.

 

[Remainder of page
intentionally left blank]EX-10.1

 Exhibit 10.1 

TURNING POINT THERAPEUTICS, INC. 

EXECUTIVE EMPLOYMENT AGREEMENT 

for 
 YI LARSON 

This Executive Employment Agreement (this “Agreement”), is made and entered into as of July 25, 2019, by and between Yi
Larson (“Executive”) and Turning Point Therapeutics, Inc. (the “Company”). 

WHEREAS, the Company desires for Executive to provide services to the Company, and wishes to provide
Executive with certain compensation and benefits in return for such employment services; and 

WHEREAS, Executive wishes to be employed by the Company and to provide personal services to the Company
in return for certain compensation and benefits. 
 NOW, THEREFORE, in consideration of
the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1.    Employment by the Company. 

1.1    Position. Executive shall serve as the Company’s Executive Vice President and Chief Financial
Officer, reporting to Athena Countouriotis, M.D., the Company’s President & CEO (the “CEO”). Executive’s commencement of employment with the Company will be on or before September 3, 2019 (such actual date of
commencement of employment with the Company, the “Start Date”). During the term of Executive’s employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business
time and attention to the business of the Company, except for approved vacation periods and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies. 

1.2    Duties and Location. Executive shall perform such duties as are customarily associated with the
position of Executive Vice President and Chief Financial Officer and such other duties as are assigned to Executive by the CEO. Executive’s primary office location shall be the Company’s headquarters located in San Diego, California.
Subject to the terms of this Agreement, the Company reserves the right to reasonably require Executive to perform Executive’s duties at places other than Executive’s primary office location from time to time and to require reasonable
business travel. 
 1.3    Policies and Procedures. The employment relationship between the parties shall
be governed by the general employment policies and practices of the Company, except that when the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.

 2.    Compensation. 

2.1    Base Salary. For services to be rendered hereunder, Executive shall receive a base salary at the rate
of $18,750 semi-monthly, which equates to $450,000 per year (the “Base Salary”), less standard payroll deductions and withholdings and payable in accordance with the Company’s regular payroll schedule. 

2.2    Annual Bonus. Executive will be eligible for an annual discretionary bonus (the “Annual
Bonus”) of up to 40% of Executive’s then current annual Base Salary (the “Target Bonus Amount”). Whether Executive receives an Annual Bonus for any given year, and the amount of any such Annual Bonus, will be
determined in the good faith discretion of the Company’s Board of Directors (the “Board”) (or the Compensation Committee thereof) and the CEO, based upon the Company’s and Executive’s achievement of corporate and
individual objectives and milestones to be determined on an annual basis by the Board (or Compensation Committee thereof). No Annual Bonus is guaranteed and, in addition to the other conditions for earning such compensation, Executive must remain an
employee in good standing of the Company on the scheduled Annual Bonus payment date in order to be eligible for any Annual Bonus. Executive’s Performance Bonus for 2019, if any, will not be pro-rated
based upon the portion of 2019 that Executive is employed by the Company. 
 2.3    Sign-On Bonus. Executive will be provided with a sign-on bonus of $150,000. The sign-on bonus is subject to
repayment in the event Executive voluntarily terminates her employment with the Company without Good Reason (as defined below) or if the Company terminates Executive’s employment for Cause (as defined below), in either event within the thirty-six (36) months of Executive’s employment with the Company. 

3.    Standard Company Benefits. Executive shall, in accordance with Company policy and the terms and
conditions of the applicable Company benefit plan documents, be eligible to participate in the benefit and fringe benefit programs provided by the Company to its executive officers and other employees from time to time. Any such benefits shall be
subject to the terms and conditions of the governing benefit plans and policies and may be changed by the Company in its discretion. As an executive at the Company, Executive will be eligible to take paid time off (“PTO”) under the
Company’s Discretionary PTO Policy (the “Discretionary PTO Policy”). Under the Discretionary PTO Policy, Executive does not accrue PTO. Rather, Executive is permitted to use discretion in achieving an appropriate work/life
balance by taking time off as needed and consistent with job demands. There is no set minimum or maximum amount of time off that may be taken in a given year, however Executive must obtain prior approval from the CEO before taking PTO, except for
absences that qualify under state and local paid sick leave laws. Although there is no limit on the amount of time that may be taken under the Discretionary PTO Policy, Executive is expected to exercise this right responsibly and continue to satisfy
all professional obligations. Neglect of professional obligations may result in disciplinary action, up to and including termination of employment. 

4.    Expenses. The Company will reimburse Executive for reasonable travel, entertainment or other expenses
incurred by Executive in furtherance or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 

  
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 5.    Relocation. 

5.1    Temporary Housing Allowance. To assist Executive with Executive’s relocation to San Diego, the
Company will provide Executive with a temporary housing allowance of $10,000 per month for 12 months, for a maximum of $120,000. The temporary housing allowance will be paid on the first pay period of each month following the Start Date,
subject to Executive’s continued service, and is subject to all applicable withholding and payroll taxes. The temporary housing allowance payment will be grossed up to compensate for income taxes, which tax
gross-up shall be paid in accordance with Treasury Regulation Section 1.409A-3(i)(1)(v). In the event that (i) Executive voluntarily terminates her employment
with the Company without Good Reason (as defined in the Severance Plan) within thirty-six (36) months after the Start Date, or (ii) the Company terminates Executive’s employment for Cause (as
defined in the Severance Plan) within thirty-six (36) months after the Start Date, Executive agrees to repay the full amount of the temporary housing allowance (together with any related tax-gross up payment) within thirty (30) days after termination of Executive’s employment. 

5.2    Relocation Assistance. To assist Executive with expenses associated with Executive’s relocation
to the San Diego area, Executive will be provided with a one-time relocation assistance payment of $100,000, should Executive elect to relocate to San Diego by the first anniversary of the Start Date and
provide written notice of such election to Company prior to such anniversary date (“Relocation Election”). In such event, this relocation assistance payment will be made on the first regularly scheduled pay date following the date of the
Relocation Election, subject to Executive’s continued service. The relocation assistance payment will be paid and treated as taxable compensation and will be subject to any withholding tax and payroll deductions required by law. The relocation
assistance payment will be grossed up to compensate for income taxes, which tax gross-up shall be paid in accordance with Treasury Regulation
Section 1.409A-3(i)(1)(v). In the event that (i) Executive voluntarily terminates her employment with the Company without Good Reason (as defined in the Severance Plan) within thirty-six (36) months after the Start Date, or (ii) the Company terminates Executive’s employment for Cause (as defined in the Severance Plan) within
thirty-six (36) months after the Start Date, Executive agrees to repay the full amount of the relocation assistance payment (together with any related tax-gross up
payment) within thirty (30) days after termination of Executive’s employment. 
 5.3    Commuting
Allowance.    In the event that Executive does not make the Relocation Election and does not receive the relocation assistance payment under Section 5.2, then starting from the first anniversary of the Start Date, to
assist the Executive with housing and commuting expenses in connection with Executive’s commute to the Company’s San Diego office, the Company will provide Executive with a commuting allowance payment of $5,000 per month. The commuting
allowance payments will be treated as taxable compensation and will be grossed up to compensate for income taxes, which tax gross-up shall be paid in accordance with Treasury Regulation Section 1.409A-3(i)(1)(v). 
 6.    Stock Option Grant. Subject to
approval by the Board, Executive shall be granted an option to purchase 312,397 shares of Common Stock of the Company at the fair market value on the date of grant (the “Option”). The Option shall be governed in all respects by the
terms of the governing equity plan documents and option agreement between Executive 

  
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and the Company, and shall be subject to a vesting schedule whereby 25% of the shares subject to the Option shall vest one year after grant, with the remaining shares vesting in equal monthly
installments over the following three years thereafter, subject to Executive’s continuous service.  

7.    Proprietary Information Obligations. 

7.1    Proprietary Information Agreement. Executive shall execute, and will abide by, the Company’s
standard Employment, Confidential Information and Invention Assignment Agreement (“Proprietary Agreement”). 

7.2    Third-Party Agreements and Information. Executive represents and warrants that Executive’s
employment by the Company does not conflict with any prior employment or consulting agreement or other agreement with any third party, and that Executive will perform Executive’s duties to the Company without violating any such agreement.
Executive represents and warrants that Executive does not possess confidential information arising out of prior employment, consulting, or other third party relationships, that would be used in connection with Executive’s employment by the
Company, except as expressly authorized by that third party. During Executive’s employment by the Company, Executive will use in the performance of Executive’s duties only information that is generally known and used by persons with
training and experience comparable to Executive’s own, common knowledge in the industry, otherwise legally in the public domain, or obtained or developed by the Company or by Executive in the course of Executive’s work for the Company.

 8.    Outside Activities and Non-Competition During Employment.

 8.1    Outside Activities. Throughout Executive’s employment with the Company, Executive may
engage in civic and not-for-profit activities so long as such activities do not interfere with the performance of Executive’s duties hereunder or present a conflict
of interest with the Company or its affiliates. Subject to the restrictions set forth herein, and only with prior written disclosure to and consent of the Board, Executive may engage in other types of business or public activities. The Board may
rescind such consent, if the Board determines, in its sole discretion, that such activities compromise or threaten to compromise the Company’s or its affiliates’ business interests or conflict with Executive’s duties to the Company or
its affiliates. 
 8.2    Non-Competition During Employment.
Except as otherwise provided in this Agreement, during Executive’s employment by the Company, Executive will not, without the express written consent of the Board, directly or indirectly serve as an officer, director, stockholder, employee,
partner, proprietor, investor, joint ventures, associate, representative or consultant of any person or entity engaged in, or planning or preparing to engage in, business activity competitive with any line of business engaged in (or planned to be
engaged in) by the Company or its affiliates; provided, however, that Executive may purchase or otherwise acquire up to (but not more than) 1% of any class of securities of any enterprise (without participating in the activities of such enterprise)
if such securities are listed on any national or regional securities exchange. In addition, Executive will be subject to certain restrictions (including restrictions continuing after Executive’s employment ends) under the terms of the
Proprietary Agreement. 

  
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 9.    Termination of Employment; Severance and Change in
Control Benefits. 
 9.1    At-Will Employment.
Executive’s employment relationship is at-will. Either Executive or the Company may terminate the employment relationship at any time, with or without Cause (as such term is defined in the Company’s
Severance Benefit Plan – C-Suite (the “Severance Plan”)) or advance notice. 

9.2    Covered Termination Unrelated to Change in Control. In the event Executive’s employment with the
Company is terminated due to a Covered Termination (as defined in the Severance Plan) at any time except during the Change in Control Protection Period (as defined in the Severance Plan), then Executive shall be entitled to the benefits provided
under, and subject to the terms and conditions of, the Severance Plan. 
 9.3    Covered Termination During
Change in Control Protection Period. In the event Executive’s employment with the Company is terminated due to a Covered Termination during the Change in Control Protection Period, then in lieu of (and not additional to) the severance
benefits described in Section 9.2, Executive shall be entitled to the benefits provided under, and subject to the terms and conditions of, the Severance Plan. 

9.4    Termination for Cause; Death or Disability. Executive will not be eligible for, or entitled to any
severance benefits, including (without limitation) the Severance Benefits and Change in Control benefits listed in Sections 9.2 and 9.3 above, if the Company terminates Executive’s employment for Cause, or Executive’s employment terminates
due to Executive’s death or disability. 
 10.    Dispute Resolution. To ensure the rapid and
economical resolution of disputes that may arise in connection with Executive’s employment with the Company, Executive and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to
statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, Executive’s employment with the Company, or the termination of Executive’s employment from the Company, will be
resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law, by final, binding and confidential arbitration conducted in San Diego, California by JAMS,
Inc. (“JAMS”) or its successors, under JAMS’ then applicable rules and procedures for employment disputes (which can be found at http://www.jamsadr.com/rules-clauses/, and which will be provided to Executive on request);
provided that the arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision
including the arbitrator’s essential findings and conclusions and a statement of the award. Executive and the Company shall be entitled to all rights and remedies that either would be entitled to pursue in a court of law. Both Executive and
the Company acknowledge that by agreeing to this arbitration procedure, they waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. The Company shall pay all filing fees in excess of those
which would be required if the dispute were decided in a court of law, and shall pay the arbitrator’s fee. Nothing in this Agreement is intended to prevent either the Company or Executive from obtaining injunctive relief in court to prevent
irreparable harm pending the conclusion of any such arbitration. 

  
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 11.    General Provisions. 

11.1    Notices. Any notices provided must be in writing and will be deemed effective upon the earlier of
personal delivery (including personal delivery by fax) or the next day after sending by overnight carrier, to the Company at its primary office location and to Executive at the address as listed on the Company payroll. 

11.2    Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping with the intent of the Parties. 

11.3    Waiver. Any waiver of any breach of any provisions of this Agreement must be in writing to be
effective, and it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

11.4    Complete Agreement. This Agreement, together with the Severance Plan and the Proprietary Agreement,
constitutes the entire agreement between Executive and the Company with regard to the subject matter hereof and is the complete, final, and exclusive embodiment of the Company’s and Executive’s agreement with regard to this subject matter.
This Agreement is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. It cannot be modified or
amended except in a writing signed by a duly authorized officer of the Company, with the exception of those changes expressly reserved to the Company’s discretion in this Agreement. 

11.5    Counterparts. This Agreement may be executed in separate counterparts, any one of which need not
contain signatures of more than one party, but both of which taken together will constitute one and the same Agreement. 

11.6    Headings. The headings of the paragraphs hereof are inserted for convenience only and shall not be
deemed to constitute a part hereof nor to affect the meaning thereof. 
 11.7    Successors and Assigns.
This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of
Executive’s duties hereunder and Executive may not assign any of Executive’s rights hereunder without the written consent of the Company, which shall not be withheld unreasonably. 

11.8    Tax Withholding. All payments and awards contemplated or made pursuant to this Agreement will be
subject to withholdings of applicable taxes in compliance with all relevant laws and regulations of all appropriate government authorities. Executive acknowledges and agrees that the Company has neither made any assurances nor any guarantees
concerning the tax treatment of any payments or awards contemplated by or made pursuant to 

  
 6 

 
this Agreement. Executive has had the opportunity to retain a tax and financial advisor and fully understands the tax and economic consequences of all payments and awards made pursuant to this
Agreement. 
 11.9    Non-Solicitation. Executive agrees that for
the one year period after the date Executive’s employment ends, Executive will not, as an officer, director, employee, consultant, owner, partner, or in any other capacity, either directly or through others, solicit, induce, encourage, or
participate in soliciting, inducing or encouraging any employee, consultant, or independent contractor of the Company to terminate his, her or its relationship with the Company or its affiliates, even if Executive did not initiate the discussion or
seek out the contact. 
 11.10    Non-disparagement. Executive
agrees not to disparage the Company and its affiliates, and the Company’s and its affiliates’ officers, directors, employees, shareholders, investors and agents, in any manner likely to be harmful to them or their business, business
reputation or personal reputation; provided that Executive may respond accurately and fully to any question, inquiry or request for information when required by legal process or as part of a government investigation. Notwithstanding the foregoing,
nothing herein shall limit Executive’s right to voluntarily communicate with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities and Exchange Commission, other
federal government agency or similar state or local agency or to discuss the terms and conditions of Executive’s employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act. 

11.11    Choice of Law. All questions concerning the construction, validity and interpretation of this
Agreement will be governed by the laws of the State of California. 
 IN WITNESS WHEREOF,
the parties have executed this Agreement on the day and year first written above. 
  

			
	TURNING POINT THERAPEUTICS, INC.
		
	By:	 	/s/ Athena Countouriotis
		 	 Athena Countouriotis, M.D.

Chief Executive Officer

  

	
	EXECUTIVE
	
	/s/ Yi Larson
	Yi Larson

  
 7

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