Document:

Contingent Offer letter to Grant Yonehiro

 EXHIBIT 10.4 
 Date June 26, 2009 
 Grant Yonehiro 
 [Address]

 Dear Grant: 
 On behalf of Maxygen, Inc., I am pleased to
extend to you this offer of employment with a majority owned subsidiary of Maxygen (the “Maxygen Subsidiary”) that will be formed in connection with a transaction currently being negotiated between Maxygen and Astellas Pharma, Inc. (the
“Astellas Transaction”). As you know, this newly formed, majority-owned subsidiary will be focused on protein therapeutics development and discovery in collaboration with Astellas, which will be a minority owner of the Maxygen Subsidiary.
As discussed further below, this offer of employment and your acceptance are contingent upon the successful consummation of the Astellas Transaction, which event will be determined at Maxygen’s sole discretion. If you accept this offer of
employment with the Maxygen Subsidiary, your hire date (your “Start Date”) will be the date that the Astellas Transaction is successfully consummated. If the Astellas Transaction is not successfully consummated, you will remain an at-will
employee of Maxygen in your current position. 
 Your position with the Maxygen Subsidiary will be Chief Executive Officer and President, reporting to the
Board of Managers (or equivalent body, if the entity is not a limited liability company) of the Maxygen Subsidiary (the “Board”). Your position is a full-time, exempt, executive officer position. 
 Compensation 
 If you accept this offer and begin your employment with
the Maxygen Subsidiary, the Maxygen Subsidiary will pay you a base salary at a rate of $25,000 per month (equivalent to $300,000 per year), which will be paid in accordance with the normal payroll procedures established by the Maxygen Subsidiary.
The first and last payment by the Maxygen Subsidiary to you will be adjusted, if necessary, to reflect a commencement or termination date other than the first or last working day of a pay period. 
 For 2010, you will also be eligible to receive an annual performance-based discretionary cash bonus from the Maxygen Subsidiary. The anticipated range for this bonus
award for 2010 will be from 0% to 60% of your annualized base salary, with a target bonus of 45%. However, the decision of whether to award a bonus and the amount of such bonus shall be at the sole discretion of the Maxygen Subsidiary. Bonus
payments, if any, will be made on or before February 15, 2011 and will not be deemed earned until paid. You must be employed by the Maxygen Subsidiary on the date that the bonus is to be paid in order to be eligible to receive a bonus. You
should note that the Maxygen Subsidiary will have the authority to modify compensation and benefits from time to time as it deems necessary, in its sole discretion. 
 Equity Incentives 
 The Maxygen Subsidiary will be a limited liability company (LLC) and, as a result, it will not
issue stock options or other stock-related awards. Instead, the Maxygen Subsidiary will grant LLC equity or equity-based incentives. Accordingly, subject to approval by the board of managers of the Maxygen Subsidiary, you will be granted 3,750,000
common units in the Maxygen Subsidiary as profits interest units. It is anticipated that the profits interest award will be made to you within 15 days of your employment Start Date; however, the specific date of your grant is dependent on a variety
of factors. Your award will be subject to the terms and conditions of the Maxygen 

  

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Subsidiary equity compensation plan and a form of award agreement between you and the Maxygen Subsidiary, which will include vesting and transfer
restrictions. Your award also will be subject to the terms of the limited liability company agreement of the Maxygen Subsidiary. 
 Employee Benefits 

 In addition, as a full-time employee of the Maxygen Subsidiary, you will be eligible to participate in the employee benefit plans that are available to the
Maxygen Subsidiary, in accordance with the terms and eligibility requirements of those plans. Currently, it is anticipated that you will be eligible to continue your participation in certain employee benefit plans currently maintained by Maxygen,
including the insurance plans for medical, dental, vision, long and short-term disability and group life insurance and accidental death and dismemberment insurance (AD&D). 
 Maxygen and the Maxygen Subsidiary also intend to offer employees of the Maxygen Subsidiary the continued opportunity to participate in the Maxygen 401(k) savings plan. However, please note that the stock match
currently offered by Maxygen for contributions to the 401(k) plan is discretionary and Maxygen may reduce or discontinue this benefit at any time. 
 Your
benefits will also include eligibility for flexible time off (“FTO”). While the FTO plan of the Maxygen Subsidiary is anticipated to be substantially similar to the current Maxygen FTO plan, the FTO plan of the Maxygen Subsidiary is
currently being established and therefore is subject to modification by the Maxygen Subsidiary in its sole discretion. As discussed in more detail below, your service time with Maxygen will count towards your years of service with the Maxygen
Subsidiary in terms of the FTO accrual rate. Your earned, but unused FTO will be transferred with you to the Maxygen Subsidiary. 
 Other employee benefits
currently offered by Maxygen (such as the commuter reimbursement, health club reimbursement, ESPP) are under review and may be significantly modified, or eliminated by the Maxygen Subsidiary. You will be informed of any decisions of the Maxygen
Subsidiary regarding such benefits once they are made. 
 You may receive such other benefits as the Maxygen Subsidiary may offer from time to time, in its
sole discretion. In addition, the Maxygen Subsidiary will reserve the right to modify, amend or discontinue any benefit plan at any time, in its sole discretion. 
 Maxygen, Inc. Compensation and Benefits 
 FTO 
 Although your hire date with the Maxygen Subsidiary will be the date of the successful consummation of the Astellas Transaction, you will receive credit for your service time at Maxygen for purposes of calculating your FTO accrual at the
Maxygen Subsidiary. Any FTO days that you have earned with Maxygen will be honored by the Maxygen Subsidiary. Your existing FTO balance with Maxygen will be carried over to the Maxygen Subsidiary. In acceptance of this offer of employment, you
acknowledge and agree that your current FTO balance be transferred to the Maxygen Subsidiary and that your use of FTO will be subject to the terms and conditions of the vacation policies in place at the Maxygen Subsidiary. 
  

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 Maxygen Equity Plan Benefits 
 For stock options, because the Maxygen Subsidiary will be an “Affiliate” of Maxygen, all outstanding options for Maxygen common stock that were granted to you during your employment with Maxygen will continue to vest and be
exercisable in accordance with the terms of the applicable Maxygen equity plan and stock option agreement, as well as the Retention Agreement between you and Maxygen (the “Retention Agreement”). Any Maxygen restricted stock unit awards
(RSUs) you hold as of the date of this letter will be treated as set forth in your Retention Agreement. 
 As an employee of the Maxygen Subsidiary, you will
no longer be eligible to participate in the Maxygen Employee Stock Purchase Plan (ESPP). All payroll deductions credited to your ESPP account at the time of your termination from Maxygen will be promptly refunded to you. 
 Severance 
 In the event that the Maxygen Subsidiary terminates your
employment without Cause, or you resign your position with the Maxygen Subsidiary with Good Reason, in each case as defined below, then subject to the conditions set forth below, you will be entitled to the following benefits: 
  

	 	(a)	continuation of your then-current base salary for 6 months following the date of your employment termination (the “Termination Date”), payable on the Maxygen
Subsidiary’s normal payroll schedule; 

  

	 	(b)	 a payment to be made on or prior to the earlier of (i) the 60th day following your Termination Date, or (ii) 2 1/2
 months following the end of your tax year in which such amount is earned, equal to the pro-rated amount of your target bonus for the year in which the Termination Date occurs (in an amount, if any,
determined at the discretion of the Board); 

  

	 	(c)	 payment on or prior to the 60th day following the Termination Date of any earned but as yet unpaid bonus for the year preceding the year in which the Termination Date occurs; 

  

	 	(d)	accelerated vesting of any Maxygen Subsidiary or Maxygen equity awards such that you will be vested in the number of shares underlying such awards as you would have been vested in
had your employment continued for an additional 6 months beyond your Termination Date (with pro-rated monthly vesting applying in the event any award you hold as of immediately preceding the Termination Date is subject to annual vesting);

  

	 	(e)	an additional 6 months beyond the termination date that would otherwise apply under your options in which to exercise your vested options (including any options that vest pursuant
to paragraph (d) above); and 

  

	 	(f)	unless you are receiving health, dental and vision benefits paid for by Maxygen either directly or under the terms and conditions of the Retention Agreement (in which case the
medical coverage benefits provided in that agreement shall apply and this paragraph (f) shall not apply), and provided you timely elect coverage under COBRA, payment by the Maxygen Subsidiary of 100% of the cost, on your behalf, for your
continued group health, dental and vision coverage under COBRA for your and your eligible dependents until the earlier of the end of the 6-month period following the date on which you cease to be covered under either the Maxygen Subsidiary or the
Maxygen (as applicable) group health, dental and vision plans or the date on which you and your dependents become covered under another employer’s group health plans and programs that provide your and your dependents with comparable benefits
and levels of coverage. 

  

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 The benefits described in (a), (b), (d), (e) and (f) above are contingent upon your entering into and not
revoking an Agreement and Release (the “Release”) in the form attached hereto as Exhibit A and such Release becoming effective within 30 days following the Termination Date under the circumstances set forth above. The payments
described in (a) above, in addition to being subject to any delay in payment set forth below in “Section 409A Matters” will not commence until the Release has become effective with any accumulated amounts that are not paid during the
period in which the Release has not yet become effect being accumulated and being paid on the first payroll period next following the Release effective date. 
 For purposes of this letter agreement, the following definitions apply: 
 “Cause” for termination of your employment means your
(i) willful and continued failure to substantially perform your duties with the Maxygen Subsidiary (other than as a result of physical or mental disability) after a written demand for substantial performance is delivered to you by the Board,
which demand specifically identifies the manner in which the Board believes that you have not substantially performed your duties and that has not been cured within fifteen (15) days following your receipt of the written demand;
(ii) commission of a felony (other than a traffic-related offense) that in the written determination of the Board is likely to cause or has caused material injury to the Maxygen Subsidiary’s business; (iii) dishonesty with respect to
a significant matter relating to the Maxygen Subsidiary’s business; or (iv) material breach of any agreement by and between you and the Maxygen Subsidiary, which material breach has not been cured within fifteen (15) days following
your receipt of written notice from the Board identifying such material breach. 
 “Good Reason” for you to resign your employment shall exist upon
(i) any material reduction in your duties, authority, or responsibilities relative to your duties, authority, or responsibilities in effect immediately before such reduction, except if agreed to by you: (ii) a material reduction in your
base compensation as in effect immediately before such reduction, except if agreed to in writing by you; (iii) a relocation of the geographic location at which you must perform services more than thirty (30) miles from your then present
geographic location, except if agreed to in writing by you; (iv) a material breach by the Maxygen Subsidiary of any provision of this letter agreement; or (v) failure of the Maxygen Subsidiary to obtain the assumption of this letter
agreement by any successor or assign of the Maxygen Subsidiary; provided, however, that such events shall not constitute grounds for a Good Reason termination unless (i) you have provided notice to the Maxygen Subsidiary of the existence of the
one or more of the above conditions within ninety (90) days of its initial existence, (ii) the Maxygen Subsidiary has been provided at least thirty (30) days to remedy the condition, and the effective date of your resignation is
within six months of the initial occurrence or circumstance giving rise to Good Reason. 
 Section 409A Matters 
 (a) Notwithstanding any provision to the contrary herein, no Deferred Compensation Separation Payments (as defined below) that becomes payable under this letter agreement
by reason of your termination of employment with the Maxygen Subsidiary (or any successor entity thereto) will be made unless such termination of employment constitutes a “separation from service” within the meaning of Section 409A of
the Internal Revenue Code (the “Code”), and any final regulations and Internal Revenue Service guidance promulgated thereunder (“Section 409A”). Further, if you are a “specified employee” of the Maxygen Subsidiary (or
any affiliate, including Maxygen, or successor entity thereto) within the meaning of Section 409A on the Termination Date (other than a termination due to death), then the severance payable to you, if any, under this letter agreement, when
considered together with any other severance payments 

  

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or separation benefits that are considered deferred compensation under Section 409A (together, but excluding any amounts specified in paragraphs
(b) or (c) below, the “Deferred Compensation Separation Payments”) that are payable within the first six (6) months following your Termination Date shall be delayed until the first payroll date that occurs on or after the
date that is six (6) months and one (1) day after the Termination Date, when they shall be paid in full arrears. All subsequent Deferred Compensation Separation Payments, if any, shall be paid in accordance with the payment schedule
applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if you die following you termination but prior to the six (6) month anniversary of you termination, then any Payments delayed in accordance with this
paragraph will be payable in a lump sum as soon as administratively practicable after the date of your death and all other Payments will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and
benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (b) Any amounts paid under this letter agreement that satisfy the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Compensation
Separation Payments for purposes of clause (a) above. 
 (c) Any amount paid under this letter agreement that qualifies as a payment made as a result of
an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that do not exceed the Section 409A Limit shall not constitute Deferred Compensation Separation Payments for purposes of clause
(ii) above. “Section 409A Limit” will mean the lesser of two (2) times: (A) your annualized compensation based upon the annual rate of pay paid to you during the Maxygen Subsidiary’s taxable year preceding its taxable
year of your Termination Date as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (B) the maximum amount that may be taken into account under a qualified
plan pursuant to Section 401(a)(17) of the Code for the year in which your employment is terminated. 
 (d) Any taxable reimbursements and/or taxable
in-kind benefits provided in this letter agreement shall be made or provided in accordance with the requirements of Section 409A, including: (i) the amount of any such expense reimbursement or in-kind benefit provided during a taxable year
of you shall not affect any expenses eligible for reimbursement in any other taxable year; (ii) the reimbursement of an eligible expense shall be made no later than the last day of your taxable year that immediately follows the taxable year in
which the expense was incurred; and (iii) the right to any such reimbursement shall not be subject to liquidation or exchange for another benefit or payment. 
 (e) The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided in this letter agreement will be subject to the additional tax imposed under
Section 409A, and any ambiguities herein will be interpreted to so comply. You and the Maxygen Subsidiary agree to work together in good faith to consider amendments to this letter agreement and to take such reasonable actions which are
necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to you under Section 409A. 
 Other Terms and Conditions of Employment with the Maxygen Subsidiary 
 Any offer of employment by the Maxygen Subsidiary is not to be
construed as a contract of employment for any particular period of time. All employment with the Maxygen Subsidiary is “at 

  

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will.” Employment “at will” means that you are free to resign from your employment at any time, for any reason or no reason, with or without
cause and with or without notice. Similarly, the Maxygen Subsidiary may terminate your employment at any time for any reason or no reason, with or without cause and with or without notice. By accepting this offer of employment, you are accepting
employment by the Maxygen Subsidiary on the terms and conditions above and contingent upon the successful consummation of the Astellas Transaction. You agree that your employment is at will, and acknowledge that no one, other than the Board, has the
authority modify the at-will nature of your employment with the Maxygen Subsidiary. Any such modification must be in writing and signed by both you and the Chairperson of the Board to be effective. You should also understand that nothing contained
herein shall alter your current at-will employment relationship with Maxygen. 
 Please note that the Maxygen Subsidiary expects its employees to devote
their time and energies to their jobs with the Maxygen Subsidiary (although we acknowledge that you will have continued responsibilities directly with Maxygen). For this reason, employment with any other entity (other than Maxygen or another
subsidiary or affiliate thereof), or for yourself in competition with the Maxygen Subsidiary during the term of your the Maxygen Subsidiary employment, will not be permitted. If you want to take any outside work during your employment with the
Maxygen Subsidiary (other than as noted above), you are required to disclose the outside opportunity in writing to the Chairperson of the Board in advance so that the Maxygen Subsidiary can determine if any actual or potential conflict of interest
exists. 
 The business of the Maxygen Subsidiary will require all employees to be flexible in their ability to perform multiple tasks, and to accept changes
in scheduling and duties to reflect shifting demands. By accepting this offer of employment, you agree that your title and compensation are subject to change, and that your job duties may change from time to time, as required by the business needs
of the Maxygen Subsidiary. 
 During the course of your employment with the Maxygen Subsidiary, you may create, develop or have access to confidential
information belonging to the Maxygen Subsidiary, including trade secrets and proprietary information, such as technical and scientific research and/or protocols, customer and supplier information, business plans, marketing plans, unpublished
financial information, designs, drawings, innovations, inventions, discoveries, specifications, software, source codes, and personnel information. You agree that as a condition of your employment with the Maxygen Subsidiary, you will sign and comply
with the Confidential Information, Secrecy and Invention Agreement of the Maxygen Subsidiary. 
  

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 Arbitration of Disputes 
 As more fully set forth in the Confidential Information, Secrecy and Invention Agreement, in the event of any dispute or claim relating to or arising out of your employment relationship, you and the Maxygen Subsidiary agree to an
arbitration in which (i) you are waiving any and all rights to a jury trial but all court remedies will be available in arbitration, (ii) we agree that all disputes between you and the Maxygen Subsidiary shall be fully and finally resolved
by binding arbitration, (iii) all disputes shall be resolved by a neutral arbitrator who shall issue a written opinion, (iv) the arbitration shall provide for adequate discovery, and (v) the Maxygen Subsidiary shall pay all the
arbitration fees, except an amount equal to the filing fees you would have paid had you filed a complaint in a court of law. 
 Other Employment-Related
Matters 
 The terms and conditions of this letter supersede any prior or other written or oral communications to you concerning the terms of this
contingent employment offer, including (except as set forth in the Amended and Restated Change of Control Agreement with Maxygen, the Retention Agreement and any agreements contemplated in either of those agreements) any commitments or promises that
may have been made to you by or on behalf of the Maxygen Subsidiary, Maxygen, Astellas, or agreements between you and the Maxygen Subsidiary, Maxygen or Astellas regarding your employment with the Maxygen Subsidiary. 
 The Maxygen Subsidiary may seek to collect information from Maxygen regarding your background, qualifications, and performance, and to verify any information you may
provide to the Maxygen Subsidiary on those subjects. By signing below, you authorize the Maxygen Subsidiary, its affiliates and any of their authorized employees or agents to contact Maxygen to discuss your background, qualifications and performance
with them. You also authorize the Maxygen Subsidiary and its affiliates and any of their authorized employees to review your personnel records and arrange for their transfer to the Maxygen Subsidiary. 
 You acknowledge and agree that this offer of employment with the Maxygen Subsidiary and your acceptance hereof, is contingent upon the successful consummation of the
Astellas Transaction (as determined in the sole discretion of Maxygen) and creates no employment relationship with the Maxygen Subsidiary or any other obligation of the Maxygen Subsidiary or Maxygen regarding the matters set forth herein unless and
until such time. Accordingly, this offer of employment will become null and void if the Astellas Transaction is not consummated for whatever reason. You also acknowledge that this letter and any information you have received regarding the Astellas
Transaction is considered by Maxygen to be “Confidential Information” under the Confidential Information, Secrecy and Invention Agreement between Maxygen and you and is subject to restrictions on the use and disclosure of such information
as set forth in that agreement. 
  

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 Grant, we are pleased to extend this offer of employment to you on behalf of the Maxygen Subsidiary, and hope that your
association with the Maxygen Subsidiary will be successful and rewarding. Please indicate your acceptance of this contingent offer by signing this letter below and returning the letter to me by Friday, June 26, 2009. A copy of the letter is
enclosed for your records. 
  

			
	Sincerely,
	
	Maxygen, Inc.
		
	By:	 	 /s/ Lawrence Briscoe

		 	Lawrence Briscoe

 My signature below acknowledges my understanding that employment with the Maxygen Subsidiary is subject to
each of the following: (a) the successful consummation of the Astellas Transaction; and (b) my execution of the Confidential Information, Secrecy and Invention Agreement of the Maxygen Subsidiary before my first day of employment. I
understand and agree to the foregoing terms and conditions of employment with the Maxygen Subsidiary. 
  

	
	 /s/ Grant Yonehiro

	Grant Yonehiro
	
	 6/26/09

	Date

  

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 Exhibit A 
 to Offer Letter 
 MAXYGEN SUBSIDIARY 
 AGREEMENT AND RELEASE 
 I hereby confirm my obligations under the Confidential
Information, Secrecy and Invention Agreement I have previously entered into with the Maxygen Subsidiary (the “Company”). 
 I
acknowledge that I have read and understand Section 1542 of the California Civil Code that reads as follows: 
 A general release does
not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 
 I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any
claims I may have against the Company. 
 Except as otherwise set forth in this Agreement and Release (the “Release”), I hereby
release, acquit and forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands,
causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for
indemnification I may have as a result of any third party action against me based on my employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the Effective Date
of this Release (as defined below), including but not limited to: all such claims and demands directly or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not
limited to, claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the
Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of
1964, as amended; the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the federal Americans with Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; tort law; contract law;
wrongful discharge; discrimination; fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from
its obligation to (i) indemnify me 

  

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pursuant to any applicable statute, provision in the Company’s certificate of incorporation or bylaws, or indemnification agreement and to provide me
with continued coverage under the Company’s directors and officers liability insurance policy to the same extent that it has provided such coverage to previously departed officers and directors of the Company or (ii) provide the benefits
to me set forth in the Retention Agreement entered into between the Company and me; and provided further that this paragraph shall not be effective as a release to claims which cannot be waived under applicable law. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given
for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. If and only if I am covered by ADEA, I further acknowledge that I have been advised by this writing, as required by the
ADEA, that: (A) my waiver and release do not apply to any rights or claims that may arise after the Effective Date of this Release; (B) I have the right to consult with an attorney prior to executing this Release; (c) I have
twenty-one (21) days to consider this Release (although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following the execution of this Release to revoke the Release; and (E) this Release
shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day after this Release is executed by me (the “Effective Date”). If I am not covered by ADEA, I acknowledge that this Agreement
shall be effective as of the date upon which this Release has been executed by me (the “Effective Date”). 
  

			
	By:	 	  

		 	THE EXECUTIVE
		
	Date:	 	  

  

 - 10 -Amended and Restated Employment Agreement

 Exhibit 10.1 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIS AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (the “Agreement”) is dated this 30th day of June 2009, between
Home Bank, a federally-chartered savings bank located in Lafayette, Louisiana (the “Bank” or the “Employer”) and L. J. Dailey (the “Executive”). 
 WITNESSETH 
 WHEREAS, the Executive became an employee of the Bank upon the
merger of Crowley Building and Loan Association (“CB&L”) with and into the Bank pursuant to an Agreement and Plan of Reorganization, dated as of March 27, 2006 (the “Merger Agreement”); 
 WHEREAS, the Executive is currently employed as First Vice President and Crowley City President, and the Executive and the Bank have previously entered
into an Amended and Restated Employment Agreement dated December 22, 2008 (the “Prior Agreement”); 
 WHEREAS, the Bank
desires to amend and restate the Prior Agreement in order to make changes to reflect a change in the Executive’s title, duties and the term hereof, as well as certain other changes; and 
 WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter set forth; 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the parties
hereby agree as follows: 
 1. Definitions. The following words and terms shall have the meanings set forth below for the purposes of
this Agreement: 
 (a) Annual Compensation. The Executive’s “Annual Compensation” for purposes of this Agreement shall
be deemed to mean the sum of the Executive’s then current annual rate of base salary and any cash bonus paid to the Executive by the Employer for the calendar year immediately preceding the calendar year in which the Date of Termination occurs.

 (b) Base Salary. “Base Salary” shall have the meaning set forth in Section 3(a) hereof. 
 (c) Cause. Termination of the Executive’s employment for “Cause” shall mean termination because of personal dishonesty,
incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final
cease-and-desist order or material breach of any provision of this Agreement. 

 (d) Code. “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(e) Date of Termination. “Date of Termination” shall mean (i) if the Executive’s employment is terminated for Cause, the
date on which the Notice of Termination is given, and (ii) if the Executive’s employment is terminated for any other reason, the date specified in the Notice of Termination. 
 (f) Disability. “Disability” shall be deemed to have occurred if the Executive: (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under
an accident and health plan covering employees of the Employer. 
 (g) Effective Date. The “Effective Date” of the Agreement
shall be the date first written above. 
 (h) Employment Period. The Executive’s “Employment Period” under this
Agreement shall be for a period ending on the date specified in Section 2(a) hereof. 
 (i) Good Reason. Termination by the
Executive of the Executive’s employment for “Good Reason” shall mean termination by the Executive based on the occurrence of any of the following events: 
  

	 	(i)	any material breach of this Agreement by the Employer, including without limitation any of the following: (A) a material diminution in the Executive’s base compensation,
(B) a material diminution in the Executive’s authority, duties or responsibilities, or (C) a material diminution in the authority, duties or responsibilities of the officer to whom the Executive is required to report, or

  

	 	(ii)	any material change in the geographic location at which the Executive must perform his services under this Agreement; 

 provided, however, that prior to any termination of employment for Good Reason, the Executive must first provide written notice to the Employer within ninety
(90) days of the initial existence of the condition, describing the existence of such condition, and the Employer shall thereafter have the right to remedy the condition within thirty (30) days of the date the Employer received the written
notice from the Executive. If the Employer remedies the condition within such thirty (30) day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Employer does not remedy the condition within such
thirty (30) day cure period, then the Executive may deliver a Notice of Termination for Good Reason at any time within sixty (60) days following the expiration of such cure period. 
  

 2 

 (j) IRS. IRS shall mean the Internal Revenue Service. 
 (k) Notice of Termination. Any purported termination of the Executive’s employment by the Employer for any reason, including without
limitation for Cause, Disability or Retirement, or by the Executive for any reason, including without limitation for Good Reason, shall be communicated by a written “Notice of Termination” to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a dated notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment under the provision so indicated, (iii) specifies a Date of Termination, which shall be not less than thirty (30) nor more than ninety (90) days after such Notice of
Termination is given, except in the case of the Employer’s termination of the Executive’s employment for Cause, which shall be effective immediately; and (iv) is given in the manner specified in Section 10 hereof. 
 (l) Retirement. “Retirement” shall mean voluntary termination by the Executive in accordance with the Employer’s retirement
policies, including early retirement, generally applicable to its salaried employees. 
 2. Term of Employment. 
 (a) The Employer hereby employs the Executive as Business Development Officer, Crowley City, and the Executive hereby accepts said employment and agrees
to render such services to the Employer on the terms and conditions set forth in this Agreement. The term of this Agreement shall be for the period commencing as of the Effective Date and ending on the earlier of (x) the date of the Annual
Meeting of Shareholders of Home Bancorp, Inc., the Bank’s parent holding company, held in 2011 or (y) December 22, 2011, subject to earlier termination as provided herein. 
 (b) During the term of this Agreement, the Executive shall perform such executive services for the Employer as may be consistent with his titles and from
time to time assigned to him by the Employer’s President. 
 3. Compensation and Benefits. 
 (a) The Employer shall compensate and pay the Executive for his services during the term of this Agreement at a minimum base salary of $75,000 per year
(“Base Salary”), which may not be decreased without the Executive’s express written consent. In addition to his Base Salary, the Executive shall be entitled to receive during the term of this Agreement such bonus payments as may be
determined by the President of the Employer. 
 (b) During the Employment Period, the Executive shall be entitled to participate in and
receive the benefits of any pension or other retirement benefit plan, profit sharing plan or other plans, benefits and privileges given to employees and executives of the Employer, to the extent commensurate with his then duties and
responsibilities. The Employer shall not make any changes in such plans, benefits or privileges which would adversely affect the Executive’s rights 

  

 3 

 
or benefits thereunder, unless such change occurs pursuant to a program applicable to all executive officers of the Employer and does not result in a
proportionately greater adverse change in the rights of or benefits to the Executive as compared with any other executive officer of the Employer. Nothing paid to the Executive under any plan or arrangement presently in effect or made available in
the future shall be deemed to be in lieu of the salary payable to the Executive pursuant to Section 3(a) hereof. 
 (c) During the
Employment Period, the Executive shall be entitled to paid annual vacation in accordance with the policies as established from time to time by the Employer. The Executive shall not be entitled to receive any additional compensation from the Employer
for failure to take a vacation, nor shall the Executive be able to accumulate unused vacation time from one year to the next, except to the extent authorized by the Employer. 
 (d) During the Employment Period, the Employer shall provide the Executive with the use of an automobile. The Employer shall pay for all costs of
insurance coverage, repairs, maintenance and other incidental expenses, including license, fuel and oil, related to the Executive’s business use of the automobile, subject to such reasonable documentation and other limitations as may be
established by the Employer. 
 4. Expenses. The Employer shall reimburse the Executive or otherwise provide for or pay for all
reasonable expenses incurred by the Executive in furtherance of or in connection with the business of the Employer, including, but not by way of limitation, traveling expenses and all reasonable entertainment expenses, subject to such reasonable
documentation and other limitations as may be established by the Employer. If such expenses are paid in the first instance by the Executive, the Employer shall reimburse the Executive therefor. Such reimbursement shall be paid promptly by the
Employer and in any event no later than March 15 of the year immediately following the year in which such expenses were incurred. 
 5. Termination. 
 (a) The Employer shall have the right, at any time upon prior Notice of Termination, to terminate the
Executive’s employment hereunder for any reason, including without limitation termination for Cause, Disability or Retirement, and the Executive shall have the right, upon prior Notice of Termination, to terminate his employment hereunder for
any reason. 
 (b) In the event that (i) the Executive’s employment is terminated by the Employer for Cause or (ii) the
Executive terminates his employment hereunder other than for Disability, Retirement, death or Good Reason, the Executive shall have no right pursuant to this Agreement to compensation or other benefits for any period after the applicable Date of
Termination. 
 (c) In the event that the Executive’s employment is terminated as a result of Disability, Retirement or the
Executive’s death during the term of this Agreement, the Executive shall have no right pursuant to this Agreement to compensation or other benefits for any period after the applicable Date of Termination. 
  

 4 

 (d) In the event that (i) the Executive’s employment is terminated by the Employer for other
than Cause, Disability, Retirement or the Executive’s death or (ii) such employment is terminated by the Executive for Good Reason, then the Employer shall, subject to the provisions of Section 6 hereof, if applicable: 
 (1) pay to the Executive, in a lump sum within 10 business days after the Date of Termination, a cash severance amount equal to the Annual Compensation
that would have been paid to the Executive for the then remaining Employment Period; and 
 (2) maintain and provide for a period ending at
the earlier of (i) the expiration of the remaining Employment Period prior to the Notice of Termination or (ii) the date of the Executive’s full-time employment by another employer (provided that the Executive is entitled under the
terms of such employment to benefits substantially similar to those described in this subparagraph (2)), at no cost to the Executive, the Executive’s continued participation in all group insurance, life insurance, health and accident insurance,
and disability insurance offered by the Employer in which the Executive was participating immediately prior to the Date of Termination; provided that any insurance premiums payable by the Employer or any successor pursuant to this
Section 5(d)(2) shall be payable at such times and in such amounts (except that the Employer shall also pay any employee portion of the premiums) as if the Executive was still an employee of the Employer, subject to any increases in such
amounts imposed by the insurance company or COBRA, and the amount of insurance premiums required to be paid by the Employer in any taxable year shall not affect the amount of insurance premiums required to be paid by the Employer in any other
taxable year; and provided further that if the Executive’s participation in any group insurance plan is barred, the Employer shall either arrange to provide the Executive with insurance benefits substantially similar to those which the
Executive was entitled to receive under such group insurance plan or, if such coverage cannot be obtained, pay a lump sum cash equivalency amount within thirty (30) days following the date of termination of the Executive’s employment based
on the annualized rate of premiums being paid by the Employer as of the date of termination of the Executive’s employment. 
 6.
Limitation of Benefits under Certain Circumstances. If the payments and benefits pursuant to Section 5 hereof, either alone or together with other payments and benefits which the Executive has the right to receive from the Employer or its
affiliates would constitute a “parachute payment” under Section 280G of the Code, then the payments and benefits payable by the Employer pursuant to Section 5 hereof shall be reduced by the minimum amount necessary to result in
no portion of the payments and benefits payable by the Employer under Section 5 being non-deductible to the Employer pursuant to Section 280G of the Code and subject to the excise tax imposed under Section 4999 of the Code. If the
payments and benefits are required to be reduced, the cash severance shall be reduced first, followed by a reduction in the fringe benefits. The determination of any reduction in the payments and benefits to be made pursuant to Section 5 shall
be based upon the opinion of independent counsel selected by the Employer and paid by the Employer. Such counsel shall promptly prepare the foregoing opinion, but in no event later than 10 business days from the Date of Termination, and may use such
actuaries as such counsel deems necessary or advisable for the purpose. Nothing contained in this Section 6 shall result in a reduction of any payments or benefits to which the Executive may be entitled upon termination of employment under any
circumstances other than as specified in this Section 6, or a reduction in the payments and benefits specified in Section 5 below zero. 
  

 5 

 7. Mitigation; Exclusivity of Benefits. 
 (a) The Executive shall not be required to mitigate the amount of any benefits hereunder by seeking other employment or otherwise, nor shall the amount of
any such benefits be reduced by any compensation earned by the Executive as a result of employment by another employer after the Date of Termination or otherwise, except as set forth in Section 5(d)(2) above. 
 (b) The specific arrangements referred to herein are not intended to exclude any other benefits which may be available to the Executive upon a
termination of employment with the Employer pursuant to employee benefit plans of the Employer or otherwise. 
 8. Withholding. All
payments required to be made by the Employer hereunder to the Executive shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Employer may reasonably determine should be withheld pursuant to
any applicable law or regulation. 
 9. Assignability. The Employer may assign this Agreement and its rights and obligations hereunder
in whole, but not in part, to any corporation, association or other entity with or into which the Employer may hereafter merge or consolidate or to which the Employer may transfer all or substantially all of its assets, if in any such case said
corporation, association or other entity shall by operation of law or expressly in writing assume all obligations of the Employer hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its
rights and obligations hereunder. The Executive may not assign or transfer this Agreement or any rights or obligations hereunder. 
 10.
Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return
receipt requested, postage prepaid, addressed to the respective addresses set forth below: 
  

			
	To the Employer:	  	Board of Directors
		  	Home Bank
		  	503 Kaliste Saloom
		  	Lafayette, Louisiana 70508
		
	To the Executive:	  	L. J. Dailey
		  	at the address last appearing on
		  	the personnel records of the Employer

 11. Amendment; Waiver. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer or officers as may be specifically designated by the Board of Directors of the Employer to sign on its behalf; provided,
however, that if the Employer 

  

 6 

 
determines, after a review of the final regulations issued under Section 409A of the Code and all applicable Internal Revenue Code guidance, that this
Agreement should be further amended to avoid triggering the tax and interest penalties imposed by Section 409A of the Code, the Employer may amend this Agreement to the extent necessary to avoid triggering the tax and interest penalties imposed
by Section 409A of the Code. No waiver by any party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 12. Governing Law. The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the United States where applicable and otherwise by the substantive laws of the State of Louisiana. 
 13. Nature of Obligations. Nothing contained herein shall create or require the Employer to create a trust of any kind to fund any benefits which
may be payable hereunder, and to the extent that the Executive acquires a right to receive benefits from the Employer hereunder, such right shall be no greater than the right of any unsecured general creditor of the Employer. 
 14. Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. 
 15. Changes in Statutes or Regulations. If any statutory or regulatory provision referenced
herein is subsequently changed or re-numbered, or is replaced by a separate provision, then the references in this Agreement to such statutory or regulatory provision shall be deemed to be a reference to such section as amended, re-numbered or
replaced. 
 16. Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provisions of this Agreement, which shall remain in full force and effect. 
 17. Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 18. Regulatory Prohibition. Notwithstanding any other provision of this Agreement to the contrary, any payments made to the Executive pursuant to
this Agreement, or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act (12 U.S.C. § 1828(k)) and the regulations promulgated thereunder, including 12 C.F.R. Part 359.

 19. Regulatory Actions. The following provisions shall be applicable to the parties to the extent that they are required to be
included in employment agreements between a savings association and its employees pursuant to Section 563.39(b) of the Regulations Applicable to All Savings Associations, 12 C.F.R. § 563.39(b), or any successor thereto, and shall be
controlling in the event of a conflict with any other provision of this Agreement, including without limitation Section 5 hereof. 
  

 7 

 (a) If the Executive is suspended from office and/or temporarily prohibited from participating in the
conduct of the Employer’s affairs pursuant to notice served under Section 8(e)(3) or Section 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. §§ 1818(e)(3) and 1818(g)(1)), the Employer’s
obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Employer may, in its discretion: (i) pay the Executive all or part of the
compensation withheld while its obligations under this Agreement were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
 (b) If the Executive is removed from office and/or permanently prohibited from participating in the conduct of the Employer’s affairs by an order
issued under Section 8(e)(4) or Section 8(g)(1) of the FDIA (12 U.S.C. §§ 1818(e)(4) and (g)(1)), all obligations of the Employer under this Agreement shall terminate as of the effective date of the order, but vested rights of
the Executive and the Employer as of the date of termination shall not be affected. 
 (c) If the Employer is in default, as defined in
Section 3(x)(1) of the FDIA (12 U.S.C. § 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but vested rights of the Executive and the Employer as of the date of termination shall not be affected.

 (d) All obligations under this Agreement shall be terminated pursuant to 12 C.F.R. § 563.39(b)(5), except to the extent that it is
determined that continuation of the Agreement for the continued operation of the Employer is necessary: (i) by the Director of the Office of Thrift Supervision (“OTS”), or his/her designee, at the time the Federal Deposit Insurance
Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf of the Employer under the authority contained in Section 13(c) of the FDIA (12 U.S.C. § 1823(c)); or (ii) by the Director of the OTS, or
his/her designee, at the time the Director or his/her designee approves a supervisory merger to resolve problems related to operation of the Employer or when the Employer is determined by the Director of the OTS to be in an unsafe or unsound
condition, but vested rights of the Executive and the Employer as of the date of termination shall not be affected. 
 20. Payment of
Costs and Legal Fees and Reinstatement of Benefits. In the event any dispute or controversy arising under or in connection with the Executive’s termination is resolved in favor of the Executive, whether by judgment, arbitration or
settlement, the Executive shall be entitled to the payment of (a) all reasonable legal fees incurred by the Executive in resolving such dispute or controversy, and (2) any back-pay, including Base Salary, bonuses and any other cash
compensation, fringe benefits and any compensation and benefits due to the Executive under this Agreement. 
 21. Entire Agreement.
This Agreement embodies the entire agreement between the Employer and the Executive with respect to the matters agreed to herein. As of the Effective Date, any and all prior agreements between the Employer and the Executive with respect to the
matters agreed to herein, including the Prior Agreement, are hereby superseded and shall have no force or effect. 
  

 8 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

  

			
	HOME BANK
		
	By:	 	 /s/ John W. Bordelon

		 	John W. Bordelon
		 	President and Chief Executive Officer
	
	EXECUTIVE
		
	By:	 	 /s/ L.J. Dailey

		 	L. J. Dailey

  

 9

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