Document:

Exhibit 10.4

 

SPRINGWORKS
THERAPEUTICS, INC.

SENIOR EXECUTIVE CASH INCENTIVE BONUS PLAN

 

1.          Purpose

 

This Senior Executive Cash Incentive Bonus
Plan (the “Incentive Plan”) is intended to provide an incentive for superior work and to motivate eligible executives
of SpringWorks Therapeutics, Inc. (the “Company”) and its subsidiaries toward even higher achievement and business
results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and
retain highly qualified executives. The Incentive Plan is for the benefit of Covered Executives (as defined below).

 

2.          Covered
Executives

 

From time to time, the Compensation Committee
of the Board of Directors of the Company (the “Compensation Committee”) may select certain key executives (the “Covered
Executives”) to be eligible to receive bonuses hereunder. Participation in this Plan does not change the “at will”
nature of a Covered Executive’s employment with the Company.

 

3.          Administration

 

The Compensation Committee shall have the
sole discretion and authority to administer and interpret the Incentive Plan.

 

4.          Bonus
Determinations

 

(a)          Corporate
Performance Goals. A Covered Executive may receive a bonus payment under the Incentive Plan based upon the attainment of one
or more performance objectives that are established by the Compensation Committee and relate to financial and operational metrics
with respect to the Company or any of its subsidiaries (the “Corporate Performance Goals”), including the following:
developmental, clinical or regulatory milestones; cash flow (including, but not limited to, operating cash flow and free cash flow);
revenue; corporate revenue; earnings before interest, taxes, depreciation and amortization; net income (loss) (either before or
after interest, taxes, depreciation and/or amortization); changes in the market price of the Company’s common stock; economic
value-added; acquisitions or strategic transactions; operating income (loss); return on capital, assets, equity, or investment;
stockholder returns; return on sales; gross or net profit levels; productivity; expense efficiency; margins; operating efficiency;
customer satisfaction; working capital; earnings (loss) per share of the Company’s common stock; bookings, new bookings or
renewals; sales or market shares; number of customers, number of new customers or customer references; operating income and/or
net annual recurring revenue, any of which may be (A) measured in absolute terms or compared to any incremental increase,
(B) measured in terms of growth, (C) compared to another company or companies or to results of a peer group, (D) measured against
the market as a whole and/or as compared to applicable market indices and/or (E) measured on a pre-tax or post-tax basis (if applicable).
Further, any Corporate Performance Goals may be used to measure the performance of the Company as a whole or a business unit or
other segment of the Company, or one or more product lines or specific markets.  The Corporate Performance Goals may differ
from Covered Executive to Covered Executive.

 

     

     

    

 

(b)          Calculation
of Corporate Performance Goals. At the beginning of each applicable performance period, the Compensation Committee will determine
whether any significant element(s) will be included in or excluded from the calculation of any Corporate Performance Goal with
respect to any Covered Executive.  In all other respects, Corporate Performance Goals will be calculated in accordance with
the Company’s financial statements, generally accepted accounting principles, or under a methodology established by the Compensation
Committee at the beginning of the performance period and which is consistently applied with respect to a Corporate Performance
Goal in the relevant performance period.

 

(c)          Target;
Minimum; Maximum. Each Corporate Performance Goal shall have a “target” (100 percent attainment of the Corporate
Performance Goal) and may also have a “minimum” hurdle and/or a “maximum” amount.

 

(d)          Bonus
Requirements; Individual Goals. Except as otherwise set forth in this Section 4(d): (i) any bonuses paid to Covered Executives
under the Incentive Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance
targets relating to the Corporate Performance Goals, (ii) bonus formulas for Covered Executives shall be adopted in each performance
period by the Compensation Committee and communicated to each Covered Executive at the beginning of each performance period and
(iii) no bonuses shall be paid to Covered Executives unless and until the Compensation Committee makes a determination with respect
to the attainment of the performance targets relating to the Corporate Performance Goals. Notwithstanding the foregoing, the Compensation
Committee may adjust bonuses payable under the Incentive Plan based on achievement of one or more individual performance objectives
or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Incentive Plan based on individual
performance goals and/or upon such other terms and conditions as the Compensation Committee may in its discretion determine.

 

(e)          Individual
Target Bonuses. The Compensation Committee shall establish a target bonus opportunity for each Covered Executive for each performance
period. For each Covered Executive, the Compensation Committee shall have the authority to apportion the target award so that a
portion of the target award shall be tied to attainment of Corporate Performance Goals and a portion of the target award shall
be tied to attainment of individual performance objectives.

 

(f)          Employment
Requirement. Subject to any additional terms contained in a written agreement between the Covered Executive and the Company,
the payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s
employment by the Company on the bonus payment date. If a Covered Executive was not employed for an entire performance period,
the Compensation Committee may pro rate the bonus based on the number of days employed during such period.

 

5.          Timing
of Payment

 

(a)          With
respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g., quarterly or semi-annually),
the Corporate Performance Goals will be measured at the end of each performance period after the Company’s financial reports
with respect to such period(s) have been published. If the Corporate Performance Goals and/or individual goals for such period
are met, payments will be made as soon as practicable following the end of such period, but not later 74 days after the end of
the fiscal year in which such performance period ends.

 

    	2

     

    

 

(b)          With
respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate Performance Goals will
be measured as of the end of each such performance period (e.g., the end of each fiscal year) after the Company’s financial
reports with respect to such period(s) have been published. If the Corporate Performance Goals and/or individual goals for any
such period are met, bonus payments will be made as soon as practicable, but not later than 74 days after the end of the relevant
fiscal year.

 

(c)          For
the avoidance of doubt, bonuses earned at any time in a fiscal year must be paid no later than 74 days after the last day of such
fiscal year.

 

6.          Amendment
and Termination

 

The Company reserves the right to amend
or terminate the Incentive Plan at any time in its sole discretion.

 

    	3Exhibit 10.5

 

SPRINGWORKS THERAPEUTICS, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

 

The purpose of this Non-Employee Director Compensation
Policy (the “Policy”) of SpringWorks Therapeutics, Inc., a Delaware corporation (the “Company”), is to
provide a total compensation package that enables the Company to attract and retain, on a long-term basis, high-caliber directors
who are not employees or officers of the Company. This Policy will become effective as of the effective time of the registration
statement for the Company’s initial firm commitment underwritten public offering of equity securities (the “Effective
Date”) and will apply to all non-employee directors of the Board (such directors, the “Eligible Directors”) of
the Company (the “Board”). In furtherance of this purpose, except as otherwise provided in any written agreement between
the Company and an Eligible Director, all Eligible Directors shall be paid compensation for services provided to the Company as
set forth below:

 

Cash Retainers

 

Annual Retainer for Board Membership:
$35,000 for general availability and participation in meetings and conference calls of our Board. No additional compensation for
attending individual Board meetings.

 

Additional Annual Retainer for Non-Executive
Chair of the Board: $65,000

 

Additional Annual Retainers for Committee
Membership:

 

	Audit Committee Chairperson:	 	$	15,000	 
	 	 	 	 	 
	Audit Committee member:	 	$	7,500	 
	 	 	 	 	 
	Compensation Committee Chairperson:	 	$	10,000	 
	 	 	 	 	 
	Compensation Committee member:	 	$	5,000	 
	 	 	 	 	 
	Nominating and Corporate Governance Committee Chairperson:	 	$	8,000	 
	 	 	 	 	 
	Nominating and Corporate Governance Committee member:	 	$	4,000	 

 

Note:
Chair and committee member retainers are in addition to retainers for members of the Board of Directors.

 

All cash retainers will be paid quarterly,
in arrears, or upon the earlier of resignation or removal of the Eligible Director. Cash retainers owing to Eligible Directors
shall be annualized, meaning that with respect to Eligible Directors who join the Board during the calendar year, and with respect
to all Eligible Directors for 2019, such amounts shall be pro-rated based on the number of calendar days served by such Eligible
Director following the Effective Date.

 

For purposes
of this Policy, “Value” means with respect to any award of stock options the grant date fair value of the option (i.e.,
Black-Scholes Value) determined in accordance with the reasonable assumptions and methodologies employed by the Company for calculating
the fair value of options under ASC 718.

 

    	 	 	 

     

    

 

Equity Retainers

 

Initial Equity
Grant: Upon the Effective Date, each Eligible Director serving as of such date shall receive a one-time equity grant of an
option to purchase that number of shares of Common Stock that has a Value equivalent to $336,819. Such initial equity grant shall
vest in equal quarterly installments during the twelve quarters following the grant date, subject to the Eligible Director’s
continued service on the Board through each such date. For each Eligible Director joining the Board after the Effective Date, upon
his or her initial appointment to the Board, each such Eligible Director shall receive a one-time equity grant of an option to
purchase that number of shares of Common Stock that has a Value equivalent to $336,819. Such initial equity grant shall vest in
equal quarterly installments during the twelve quarters following the grant date, subject to the
Eligible Director’s continued service on the Board through each such date.

 

Annual Equity
Grant: Immediately following each annual meeting of the Company’s stockholders, each continuing Eligible Director
will receive an annual equity grant of an option to purchase that number of shares of Common Stock
that has a Value equivalent to $168,410. Such annual equity grant shall vest on the earlier of the one-year anniversary of the
grant date and the Company’s next annual meeting of stockholders, subject to the Eligible Director’s continued service
on the Board through such date.

 

All of the foregoing
option grants will become immediately exercisable upon the death, disability of an Eligible Director or upon a Sale Event
(as defined in the Company’s 2019 Stock Option and Incentive Plan). In addition, Eligible Directors will have until the earlier
of one year following cessation of service as a director or the original expiration date of the option to exercise the option (to
the extent vested at the date of such cessation), provided that the Eligible Director has not been removed for cause.

 

Any stock option granted to an Eligible Director pursuant to this
Policy will be granted at an exercise price equal to the Fair Market Value of a share of Common Stock on the date of grant (as
defined in the Company’s 2019 Stock Option and Incentive Plan).

 

Expenses

 

The Company shall reimburse all reasonable
out-of-pocket expenses incurred by Eligible Directors in attending Board and committee meetings.

 

ADOPTED: August
7, 2019, subject to effectiveness of the Company’s Registration Statement on Form S-1.

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