Document:

Exhibit 10.5 

 

EXECUTION VERSION

 

ACE CONVERGENCE ACQUISITION CORP.

1013 Centre Road, Suite
403S

Wilmington, Delaware,
19805

 

	ACE Convergence Acquisition LLC	May 27, 2020

1013 Centre Road, Suite 403S

Wilmington, Delaware, 19805

 

RE:       Securities
Subscription Agreement

 

Ladies and Gentlemen:

ACE Convergence Acquisition
Corp., a Cayman Islands exempted company (the “Company”), is pleased to accept the offer ACE Convergence Acquisition
LLC, a Delaware limited liability company (the “Subscriber” or “you”), has made to subscribe
for 5,750,000 of the Company’s Class B ordinary shares (the “Shares”), US$0.0001 par value per share
(the “Class B Shares”), up to 750,000 of which are subject to forfeiture by you if the underwriters of
the Company’s initial public offering of its securities (“IPO”), if any, do not fully exercise their
over-allotment option (the “Over-allotment Option”). For the purposes of this agreement (this “Agreement”),
references to “Ordinary Shares” are to, collectively, the Class B Shares and the Company’s Class A ordinary
shares, US$0.0001 par value per share (the “Class A Shares”). Upon certain terms and conditions, the Class
B Shares will automatically convert into Class A Shares on a one-for-one basis, subject to adjustment. Unless the context otherwise
requires, as used herein “Shares” shall be deemed to include any Class A Shares issued upon conversion of the
Class B Shares comprising the Shares. The terms on which the Company is willing to issue the Shares to the Subscriber, and the
Company and the Subscriber’s agreements regarding such Shares, are as follows:

 

1.             Subscription
of Shares.

 

For the sum of US$25,000,
which the Company acknowledges receiving in cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby
subscribes for the Shares from the Company, subject to forfeiture, on the terms and subject to the conditions set forth in this
Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company shall register the Shares in the
name of the Subscriber on the register of members of the Company and, at its option, deliver to the Subscriber a certificate registered
in the Subscriber’s name representing the Shares (the “Original Certificate”), or effect such delivery
in book-entry form. All references in this Agreement to Shares being forfeited shall take effect as surrenders for no consideration
of such shares as a matter of Cayman Islands law.

 

     

     

    

 

2.             Representations,
Warranties and Agreements.

 

2.1           Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber hereby
represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1       
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed
upon or made any recommendation or endorsement of the offering of the Shares.

 

2.1.2       
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of
the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing
documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any
law, statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the
Subscriber is subject.

 

2.1.3       
Incorporation and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good
standing under the laws of the State of Delaware and possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of
the Subscriber, enforceable against the Subscriber in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in
equity).

 

2.1.4       
Experience, Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters
and is able to evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of
its investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities
Act (as defined below) and therefore cannot be sold unless such transaction is registered under the Securities Act or an exemption
from such registration is available. The Subscriber is capable of evaluating the merits and risks of its investment in the Company
and has the capacity to protect its own interests. The Subscriber must bear the economic risk of this investment until the Shares
are sold pursuant to: (i) an effective registration statement under the Securities Act or (ii) an exemption from registration
available with respect to such sale. The Subscriber is able to bear the economic risks of an investment in the Shares and to afford
a complete loss of the Subscriber’s investment in the Shares.

 

2.1.5       
Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had
the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company,
as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information
to verify the accuracy of all information so obtained. In determining whether to make this investment, the Subscriber has relied
solely on the Subscriber’s own knowledge and understanding of the Company and its business based upon the Subscriber’s
own due diligence investigation and the information furnished pursuant to this paragraph. The Subscriber understands that no person
has been authorized to give any information or to make any representations which were not furnished pursuant to this Section 2
and the Subscriber has not relied on any other representations or information in making its investment decision, whether written
or oral, relating to the Company, its operations and/or its prospects.

 

    2 

     

    

 

2.1.6       
Private Placement. The Subscriber represents that it is an “accredited investor”
as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities
Act”), and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption applicable
to “accredited investors” within the meaning of Section 501(a) of Regulation D under the Securities Act or similar
exemptions under state law.

 

2.1.7       
Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination
thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502 under the Securities Act.

 

2.1.8       
Restrictions on Transfer; Shell Company. The Subscriber understands the Shares are being offered in a transaction
not involving a public offering within the meaning of the Securities Act. The Subscriber understands the Shares will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act and the Subscriber understands that any certificates
or book-entries representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber
decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred
only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration. The Subscriber
agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such
transfer, the Subscriber may, at the Company’s option, be required to deliver to the Company an opinion of counsel satisfactory
to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. The Subscriber further acknowledges
that because the Company is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Shares until
at least one year following consummation of the initial business combination of the Company (which may not occur), despite technical
compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9       
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required,
necessary or appropriate on the part of the Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2           Company’s
Representations, Warranties and Agreements. To induce the Subscriber to subscribe for the Shares, the Company hereby represents
and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1       
Incorporation and Corporate Power. The Company is a Cayman Islands exempted company and is qualified to do business
in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the
financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority
necessary to carry out the transactions contemplated by this Agreement.

 

    3 

     

    

 

2.2.2       
 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Company’s Memorandum
and Articles of Association, as amended to the date hereof (the "Memorandum and Articles"), (ii) any agreement,
indenture or instrument to which the Company is a party or (iii) any law, statute, rule or regulation to which the Company
is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3       
Title to Shares. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Memorandum
and Articles, and registration in the register of members of the Company, the Shares will be duly and validly issued as fully
paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Memorandum and Articles,
the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind,
other than (a) transfer restrictions hereunder and under the other agreements to which the Shares may be subject, (b) transfer
restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions of the
Subscriber.

 

2.2.4       
No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated
by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other
relief in connection with any transactions.

 

2.2.5       
Authorization. The Class A Shares issuable upon conversion of the Class B Shares have been duly authorized
and reserved for issuance upon such conversion.

 

3.             Forfeiture
of Shares.

 

3.1           Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO
is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares)
shall forfeit at the time such Over-allotment Option expires (or earlier if the underwriters of the IPO waive their ability to
exercise such Over-allotment Option) any and all rights to such number of Shares (up to an aggregate of 750,000 Shares and pro
rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the number
of Shares will equal 20% of the issued and outstanding Ordinary Shares immediately following the IPO (in each case, not including
Class A Shares issuable upon exercise of any warrants). Such forfeiture shall take effect as a surrender for no consideration
as a matter of Cayman Islands law, and shall occur upon the expiration of the Over-allotment Option.

 

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3.2           Termination
of Rights as Shareholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber
(or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such
action as is appropriate to cancel such forfeited Shares.

 

3.3           Share
Certificates. In the event an adjustment to the Original Certificate, if any, is required pursuant to this Section 3, then
the Subscriber shall return such Original Certificate to the Company or its designated agent as soon as practicable upon its receipt
of notice from the Company advising the Subscriber of such adjustment, following which a new certificate (the “New Certificate”),
if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate,
if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held
by the Subscriber shall be made in book-entry form or the register of members of the Company (as applicable).

 

4.             Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber
hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust
account which will be established for the benefit of the Company’s public shareholders and into which substantially all
of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company
upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the
Subscriber purchases securities in the IPO or in the aftermarket, any Class A Shares so purchased shall be eligible to receive
any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any Ordinary Shares
held by it into funds held in the Trust Account upon the successful completion of an initial business combination.

 

5.             Restrictions
on Transfer.

 

5.1           Securities
Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider
Letter”) dated on or prior to the closing of the IPO by and among the Subscriber, the Company and the other parties
thereto, the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares
unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities
laws with respect to the Shares proposed to be transferred shall then be effective or (b) the Company has received, if requested
by the Company, an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because
such transaction is exempt from registration under the Securities Act and the rules promulgated by the Securities and Exchange
Commission thereunder and with all applicable state securities laws.

 

5.2           Lock-up.
The Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter. Pursuant to the Insider Letter, the Subscriber will agree (subject to certain customary exceptions) not
to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares until the earliest to occur of: (a) one
year after the completion of the Company’s initial business combination (b), if the last sale price of the Class A
Shares equals or exceeds US$12.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
Company’s initial business combination and (c) the date on which the Company consummates a liquidation, merger, share
exchange, reorganization or other similar transaction after the Company’s initial business combination that results in all
of the Company’s shareholders having the right to exchange their Shares for cash, securities or other property.

 

    5 

     

    

 

5.3          
Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially
as follows:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND
SUCH LAWS WHICH, IN THE OPINION OF COUNSEL (IF THE COMPANY SO REQUESTS), IS AVAILABLE.” 

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
DURING THE TERM OF THE LOCKUP.” 

 

5.4           Additional
Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary
dividend payable in a form other than Ordinary Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization
or a similar transaction affecting the Company’s outstanding Ordinary Shares without receipt of consideration, any new,
substituted or additional securities or other property which are by reason of such transaction distributed with respect to any
Shares subject to this Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section
5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number
and/or class of Ordinary Shares subject to this Section 5 and Section 3.

 

5.5           Registration
Rights. The Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements
of the Securities Act and will become freely tradable only after certain conditions are met or they are registered pursuant to
a registration rights agreement to be entered into with the Company prior to the closing of the IPO (the “Registration
Rights Agreement”).

 

6.             Other
Agreements.

 

6.1           Further
Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably be
necessary to carry out the intent of this Agreement.

 

    6 

     

    

 

6.2          
Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be
in writing and delivered (i) personally or sent by first class registered or certified mail, overnight courier service or
facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently
provided to such party or such other address or fax number as may be designated in writing by such party, or (iii) by electronic
mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

6.3           Entire
Agreement. This Agreement, together with that certain Insider Letter to be entered into between the Subscriber and the Company
and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration Statement,
embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject matter hereof
and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation,
warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change
or restrict, the express terms and provisions of this Agreement.

 

6.4          
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written
agreement executed by all parties hereto.

 

6.5         
Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or
consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which
it was given, and shall not constitute a continuing waiver or consent.

 

6.6           Assignment.
The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of
the other party.

 

6.7         
Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding
on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto.
Nothing in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person
or entity shall be regarded as a third-party beneficiary of this Agreement.

 

6.8         
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state.

 

6.9           Severability.
In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in
this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent
that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement
shall nevertheless remain in full force and effect.

 

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6.10         No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy
of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment
or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not
constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly
required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand
in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other
or further action in any circumstances without such notice or demand.

 

6.11        
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this
Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution
and delivery hereof and any investigations made by or on behalf of the parties.

 

6.12        
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other
financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such
a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from
any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming
to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such
claim.

 

6.13        
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience
of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14        
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature
page were an original thereof.

 

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6.15         
Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If
an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of
any provision of this Agreement. The words “include,” “includes,” and “including” will be
deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed
to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
 “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will
have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in
any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless
of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that
such party hereto is in breach of the first representation, warranty, or covenant.

 

6.16         
Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof
has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against
any party hereto.

 

6.17         
Surrender of Class A Ordinary Share. The Subscriber hereby surrenders to the Company for cancellation and for nil
consideration one Class A ordinary share of a par value US$0.0001 standing in its name in the register of members of the Company.

 

7.             
Voting and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination
that the Company negotiates and submits for approval to the Company’s shareholders and shall not seek redemption with respect
to any of the Shares in connection with an initial business combination or any amendment to the Company’s Memorandum and
Articles of Association, as amended, prior to an initial business combination. Additionally, the Subscriber agrees not to tender
any Shares in connection with a tender offer presented to the Company’s shareholders in connection with an initial business
combination negotiated by the Company.

 

8.             
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in
this Agreement.

 

[Signature page follows]

 

    9 

     

    

 

If the foregoing accurately sets forth our
understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	ACE CONVERGENCE ACQUISITION CORP.

 

	 	By:	/s/ Denis Tse
	 	 	Name:	Denis Tse
	 	 	Title:	Secretary

 

ACE CONVERGENCE
ACQUISITION LLC  

 

	By:	/s/ Denis Tse	 
		Name:	Denis Tse	 
		Title:	President	 

 

[Signature Page
to Securities Subscription Agreement]EX-10.12

 Exhibit 10.12 

REVOLUTION MEDICINES, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM 

As amended, June 17, 2020 
 This Revolution
Medicines, Inc. (the “Company”) Non-Employee Director Compensation Program (this “Program”) has been adopted under the Company’s 2020 Incentive Award Plan
(the “Plan”). Capitalized terms not otherwise defined herein shall have the meaning ascribed in the Plan. 
 Cash Compensation

 Annual retainers will be paid in the following amounts to Non-Employee Directors: 

 

					
	 Non-Employee Director:
	  	$	36,000	 
	 Lead Independent Director
	  	$	25,000	 
	 Non-Executive Chair:
	  	$	30,000	 
	 Audit Committee Chair:
	  	$	15,000	 
	 Compensation Committee Chair:
	  	$	10,000	 
	 Nominating and Corporate Governance Committee Chair:
	  	$	8,000	 
	 Audit Committee Member (non-Chair):
	  	$	7,500	 
	 Compensation Committee Member (non-Chair):
	  	$	5,000	 
	 Nominating and Corporate Governance Committee Member
(non-Chair):
	  	$	4,000	 

 All annual retainers will be paid in cash quarterly in arrears promptly following the end of the applicable calendar quarter,
but in no event more than 30 days after the end of such quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable
positions described above, for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director, or in such position, as applicable. 
 Equity Compensation 

 

	 Initial Awards: 
	Each Non-Employee Director who is initially elected or appointed to serve on the Board shall be granted (i) an Option under the Plan or any other applicable Company equity incentive plan
then-maintained by the Company to purchase 25,318 shares of Common Stock (the “Initial Option”) and (ii) 7,234 restricted stock units under the Plan or any other applicable Company equity incentive plan then-maintained by the
Company (the “Initial RSUs” and together with the Initial Option, the “Initial Awards”). 

	 	The Initial Option will be automatically granted on the date on which such Non-Employee Director commences service on the Board, and will vest as to 1/36th of the shares subject thereto on each monthly anniversary of the applicable date of grant such that the shares subject to the Initial Option are fully vested on the third anniversary of the grant,
subject to the Non-Employee Director continuing in service through each such vesting date. 

  

	 	The Initial RSUs will be automatically granted on the date on which such Non-Employee Director commences service on the Board, and, subject to the
Non-Employee Director continuing in service through each such vesting date, will vest in 12 substantially equal quarterly installments commencing on the first Quarterly Vesting Date (as defined below)
following the grant date. For the purposes of this Program, a “Quarterly Vesting Date” shall mean March 15, June 15, September 15 or December 15. 

 

	 Annual Awards: 
	Each Non-Employee Director who has been serving on the Board for at least four months as of each meeting of the Company’s stockholders (each, an “Annual Meeting”) and will
continue to serve as a Non-Employee Director immediately following such meeting, shall be granted (i) an Option under the Plan or any other applicable Company equity incentive plan then-maintained by the
Company to purchase 12,659 shares of Common Stock (the “Annual Option”) and (ii) 3,617 restricted stock units under the Plan or any other applicable Company equity incentive plan then-maintained by the Company (the
“Annual RSUs” and together with the Annual Option, the “Annual Awards”). 

  

	 	The Annual Option will be automatically granted on the date of the applicable Annual Meeting, and will vest in full on the earlier of (i) the first anniversary of the date of grant and (ii) immediately prior
to the Annual Meeting following the date of grant, subject to the Non-Employee Director continuing in service through such vesting date. 

 

	 	The Annual RSUs will be automatically granted on the date of the applicable Annual Meeting, and will vest in full on the earlier of (i) the first anniversary of the first Quarterly Vesting Date following the date
of grant and (ii) immediately prior to the Annual Meeting following the date of grant, subject to the Non-Employee Director continuing in service through such vesting date. 

  
 2 

 The per share exercise price of each Option granted to a
Non-Employee Director shall equal the Fair Market Value of a share of Common Stock on the date the Option is granted. 

The term of each Option granted to a Non-Employee Director shall be ten years from the date the Option is granted.

 No portion of the Initial Awards or Annual Awards which is unvested or unexercisable at the time of a
Non-Employee Director’s termination of service shall become vested and exercisable thereafter. 
 Members of
the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their service with the Company and any parent or subsidiary of the Company and remain on the Board will not receive Initial Awards, but
to the extent that they are otherwise eligible, will be eligible to receive, after termination from service with the Company and any parent or subsidiary of the Company, Annual Awards as described above. 

Change in Control 
 Upon a Change in Control of the
Company, all outstanding equity awards granted under the Plan and any other equity incentive plan maintained by the Company that are held by a Non-Employee Director shall become fully vested and/or
exercisable, irrespective of any other provisions of the Non-Employee Director’s Award Agreement. 

Reimbursements 
 The Company shall reimburse each Non-Employee Director for all reasonable, documented, out-of-pocket travel and other business expenses incurred by such Non-Employee Director in the performance of his or her duties to the Company in accordance with the Company’s applicable expense reimbursement policies and procedures as in effect from time to time. 

Miscellaneous 
 The other provisions of the Plan
shall apply to the Awards granted automatically pursuant to this Program, except to the extent such other provisions are inconsistent with this Program. All applicable terms of the Plan apply to this Program as if fully set forth herein, and all
grants of Awards hereby are subject in all respects to the terms of the Plan (including Section 5.5 of the Plan limiting the sum of the grant date fair value of all equity-based Awards and the maximum amount that may become payable pursuant to
all cash-based Awards that may be granted to a Service Provider (as defined in the Plan) as compensation for services as a Non-Employee Director during any calendar year to $1,000,000). The grant of any Award
under this Program shall be made solely by and subject to the terms set forth in a written agreement in a form to be approved by the Board and duly executed by an executive officer of the Company. 

* * * * * 

  
 3

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