Document:

EX-10.7

 Exhibit 10.7 

LONGBOARD PHARMACEUTICALS, INC. 

PERFORMANCE BONUS PLAN 

1.    PURPOSE 
 The
Longboard Pharmaceuticals, Inc. Performance Bonus Plan (the “Plan”) is designed to provide incentives to participating employees to make important contributions to the success of Longboard Pharmaceuticals, Inc. (the
“Company”) and reward such employees for outstanding performance. The Plan is also intended to enhance the ability of the Company to attract and retain highly talented individuals. 

2.    ADMINISTRATION 

The Plan will be administered by the Compensation Committee (the “Plan Administrator”) of the Board of Directors (the
“Board”) of the Company. The Plan Administrator will have the sole discretion and authority to administer and interpret the Plan, and the decisions of the Plan Administrator will in every case be final and binding on all
persons having an interest in the Plan. 
 3.    ELIGIBILITY 

(a)    Participation 

Each employee of the Company who (i) is an “officer” of the Company (within the meaning of Section 16 of the Securities Exchange Act of
1934, as amended, and Rule 16a-1 thereunder) (such individuals, the “Officers”) or is otherwise designated by the Plan Administrator as a participant in the Plan and (ii) has been
provided with a Target Award (as defined in Section 4 below) by means of a written agreement with the Company or written notification by the Company, is eligible to participate in the Plan and shall be considered a
“Participant” in the Plan. Unless otherwise specified by the Plan Administrator or expressly provided in a written agreement between a Participant and the Company, an individual who commences employment with the Company
during an applicable performance period may become a Participant for such performance period, commencing on the date such individual commences employment with the Company (provided such individual meets all other eligibility criteria for
participation in the Plan) and will receive a pro-rated Target Award (as defined below) for such initial performance period. 

(b)    Awards 
 Each
Participant in a performance period will be granted an award of a contingent right to a future payment under the Plan (an “Award”) for such performance period, which will be paid contingent upon achievement of applicable
performance goals established by the Plan Administrator for the applicable performance period and earned upon satisfaction of all applicable conditions for earning such Awards.

(c)    Award Payments 

In order to be eligible to receive payment of an Award, a Participant must meet the following criteria unless otherwise specified by the Plan Administrator or
expressly provided in a written 

 
agreement between such Participant and the Company: (A) continue to be employed with the Company from the date his or her participation in the Plan commences for the applicable performance
period through the date the Award is paid; and (B) comply with any rules of the Plan established by the Plan Administrator. If a Participant’s position with the Company changes during a performance period (e.g., the Participant was an
Officer in the beginning of the performance period and ceases to be an Officer during the performance period) but continues to be an employee through the date the Award is paid and otherwise is eligible to receive payment of an Award, such
individual’s Award may be adjusted as determined appropriate by the Plan Administrator. There is no guarantee for any payment of an Award under the Plan. Awards are paid as advances and not earned until no longer subject to recoupment in
accordance with the Clawback Provisions described in Section 6(h) below, as applicable. 
 4.    METHOD
FOR ESTABLISHING AND DETERMINING AWARDS 

(a)    Establishment of Target Awards 

For each performance period, each Participant shall have a target award opportunity under the Plan (“Target Award”), expressed in such
Participant’s offer letter or employment agreement with the Company or otherwise in writing and approved by the Plan Administrator, as either a percentage of such Participant’s Base Salary earned during such performance period or as a set
dollar amount. The Plan Administrator is not obligated to treat all Plan Participants similarly. For purposes of the Plan, unless otherwise determined by the Plan Administrator, “Base Salary” for a Participant means the total
amount of base salary or base wages earned by such Participant during the applicable performance period while such individual is a Participant. Base Salary does not include any bonuses, commissions or other incentive compensation, amounts received
or otherwise recognized in connection with equity awards, expense reimbursements, relocation payments, overtime or shift differential payments, contributions made by the Company under any employee benefit plan, the value of any employee benefits or
perquisites paid for by the Company, or any other similar items of compensation. Base Salary will be determined before any deductions for taxes or benefits and deferrals of compensation pursuant to any Company-sponsored plan. 

(b)    Establishment of Performance Periods 

The Plan Administrator will establish the applicable performance periods during which actual performance will be measured against the performance goals
established by the Plan Administrator to determine the Participant’s potential Award. Performance periods will generally be established by the Plan Administrator in reference to the Company’s fiscal year and may consist of a single fiscal
year, multiple fiscal years, or one or more portions of a fiscal year. 
 (c)    Establishment of Performance Goals

 With respect to each performance period, the Plan Administrator will establish the following for each Participant: (i) one or more performance
goals (which may be corporate performance goals and/or individual performance goals) and (ii) the relative weights, if any, of such performance goals and (iii) such other terms and conditions of the Award, if any, the Plan Administrator
determines appropriate in its discretion (and in accordance with the terms of the Plan). The Plan Administrator will make such determinations under this Section 5(c) at the times and in the manner

 
determined appropriate in its sole discretion and is not obligated to treat all Plan Participants similarly. Unless otherwise determined by the Plan Administrator, performance goals established
for each Award shall be selected pursuant to the “Performance Goals” and “Performance Criteria” set forth in the Company’s 2021 Equity Incentive Plan (or successor thereto). 

(d)    Evaluation of Performance Results 

Following the end of each performance period, the Plan Administrator will determine whether (and to what extent) the performance goals established for such
performance period have been achieved. 
 (e)    Determination of Actual Awards 

For each performance period, the Plan Administrator will determine the amount of any actual Award for each Participant (which may be below, at or above the
applicable Target Award) based on (i) the extent to which the performance goals established for such performance period have been achieved (and any relative weighting of such performance goals), (ii) such Participant’s Target Award, and
(iii) if and the extent to which any and all other conditions for a Participant to earn and receive an Award have been met. Notwithstanding the foregoing, in determining the amount of any actual Award for any Participant, the Plan Administrator
will have the discretion to reduce the amount of any actual Award below the amount calculated under the terms of the Plan, including to zero, or increase the amount of any actual Award above the amount calculated under the terms of the Plan. In
making such determination the Plan Administrator may take into consideration such other factors as it determines appropriate, in its sole discretion, including the Participant’s individual performance. Awards will additionally be subject to any
maximum payout limitation approved by the Plan Administrator for the applicable performance period. 
 Unless otherwise determined by the Plan
Administrator: (i) any Participant who switches from full-time to part-time employment during the performance period will have his or her actual Award reduced on a pro-rata basis based upon the applicable
percentage of full-time equivalent employment that was in effect on an aggregate basis during the performance period and (ii) no adjustment will be made to the determined amount of an actual Award for any Participant due to any reduction in the
percentage of full-time equivalent employment of a Participant that occurs after expiration of the performance period and prior to determination of the actual Award.  

Unless prohibited by applicable law or otherwise determined by the Plan Administrator: (i) any Participant who is absent due to an approved leave of
absence during the performance period, and who otherwise is eligible to receive and earns an actual Award for such performance period, will have his or her actual Award reduced on a pro-rata basis based upon
the applicable period of active employment during the performance period and (ii) no adjustment will be made to the determined amount of an actual Award for any Participant due to any leave of absence that commences after expiration of the
performance period and prior to determination of the actual Award. 
 5.    PAYMENT OF
AWARDS 
 Following, and subject to, the Plan Administrator’s determination of actual Awards for a performance period, the Plan
Administrator will approve the payment of Awards for such performance period, subject to satisfaction of any continued services or additional conditions established by the Plan Administrator to receive the Award. Payment of Awards under the Plan

 
will be made as soon as practicable after such approval or satisfaction of such conditions, as applicable. However, Awards are not earned until no longer subject to recovery pursuant to the
Clawback Provisions described in Section 6(h) below, as applicable. As a result, to the extent the Clawback Provisions described in Section 6(h) below apply, the Company pays Awards in advance of the Participant’s earning of the
Award, and such advances are subject to recovery pursuant to the Clawback Provisions described in Section 6(h) below. 
 All Awards made under the Plan
will be paid in the form of cash or, if approved by the Board or the Committee, an equity award under the Company’s 2021 Equity Incentive Plan (or any successor thereto), as determined by the Plan Administrator in its sole discretion. The terms
and conditions of any such equity award will be determined by the Plan Administrator in its sole discretion. 

6.    MISCELLANEOUS 

(a)    Withholding of Compensation. The Company will deduct and withhold from any amounts payable to
Participants under the Plan any amounts required to be deducted and withheld by the Company under the provisions of any applicable federal, state, local or foreign statute, law, regulation, ordinance or order. The Company reserves the right to
require a Participant to satisfy such deduction and withholding obligation in such manner as specified by the Company under applicable law, in the event that amounts payable to Participants under the Plan are not paid in the form of cash. 

(b)    Plan Funding. The Plan will be unfunded. Nothing contained in the Plan will be deemed to require the
Company to deposit, invest or set aside amounts for the payment of any Awards under the Plan. 

(c)    Amendment or Termination of the Plan. The Plan may be amended or terminated at any time by the
Compensation Committee or the Board. 
 (d)    No Guarantee of Continued Service. The Plan will not confer
any rights upon an employee to remain in employment or other service with the Company or any affiliate of the Company for any specific duration or interfere with or otherwise restrict in any way the rights of the Company or any affiliate of the
Company to terminate an employee’s employment or service with the Company (or affiliate, if applicable) for any reason, with or without cause or advance notice. 

(e)    No Assignment or Transfer. None of the rights, benefits, obligations or duties under the Plan may be
assigned or transferred by any individual employee or Participant. Any purported assignment or transfer by any employee or Participant will be void. Participation in the Plan does not give any individual any ownership, security, or other rights in
any assets of the Company. 
 (f)    Validity. In the event any provision of the Plan is held invalid,
void, or unenforceable, the same will not affect, in any respect whatsoever, the validity of any other provision of the Plan. 

(g)    Governing Documents. Each Award under the Plan shall be governed by the

 
provisions of the Plan as set forth herein. This Plan contains the entire agreement between the Company and each Participant on this subject, and supersedes all prior bonus compensation plans or
programs of the Company and all other previous oral or written statements or written agreements regarding any such bonus compensation programs or plans. 

(h)    Clawback/Recovery. All Awards and payouts under the Plan will be subject to recoupment in accordance
with the following provisions, as applicable (the “Clawback Provisions”): (i) any clawback policy that the Company (x) is required to adopt pursuant to the listing standards of any national securities exchange or
association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law and (y) otherwise voluntarily adopts, to the extent applicable
and permissible under applicable law; and (ii) such other clawback, recovery or recoupment provisions set forth in an individual written agreement between the Company and the Participant. No recovery of compensation under such a Clawback
Provision will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company. 

(i)    Recovery of Mistaken Payments: On occasion or by mistake, the Company may overpay or make incorrect
payments of Awards. For these situations, to the extent permitted by applicable law, the Company reserves the right to offset or recover such mistaken payment amounts from any future payments of compensation to the Participant. By signing below, the
Participant hereby authorizes the Company to reduce from any amounts owed to the Participant by the Company (including Base Salary, expense reimbursements, other bonuses or accrued vacation pay) such mistaken payment amounts and, to the extent the
mistaken payment amounts are not repaid to the Company from such reduction, then the unpaid balance becomes a debt the Participant owes to the Company. 

(j)    Governing Law. The rights and obligations of any employee under the Plan will be governed by and
interpreted, construed and enforced in accordance with the laws of the state in which the Participant primarily performs services to the Company, without regard to its or any other jurisdiction’s conflicts of laws principles. 

(k)    Section 409A. All Plan payments are intended to satisfy the requirements for the
“short-term deferral” exemption from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4) and any ambiguities herein shall be interpreted accordingly. 

[End of Plan]EX-10.9

 Exhibit 10.9 

LONGBOARD PHARMACEUTICALS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

ADOPTED: FEBRUARY 28, 2021 
 Each
member of the Board of Directors (the “Board”) of Longboard Pharmaceuticals, Inc. (the “Company”) who is not also serving as an employee of to the Company or any of its subsidiaries and who is
designated by the Board or the Compensation Committee of the Board as eligible to receive compensation for his or her services as a member of the Board (each such member, an “Eligible Director”)
will be eligible to receive the compensation described in this Non-Employee Director Compensation Policy (the “Director Compensation Policy”). 

This Director Compensation Policy will become effective upon the execution of the underwriting agreement between the Company and the underwriter(s) managing
the initial public offering of the Company’s common stock (the “Common Stock”), pursuant to which the Common Stock is priced for the initial public offering (the initial public offering price being referred to as the
“IPO Price,” and the date of such execution being referred to as the “IPO Date”). As of the IPO Date, the Director Compensation Policy will supersede all agreements or arrangements currently in
place with Eligible Directors related to cash and equity compensation. The Director Compensation Policy may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board. 

An Eligible Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date cash is earned or equity
awards are granted, as the case may be. 
 Annual Cash Compensation 

Commencing at the end of the calendar quarter in which the IPO Date occurs, each Eligible Director will receive the cash compensation set forth below
for service on the Board. The annual cash compensation amounts will be payable in equal quarterly installments, in arrears following the end of each quarter in which the service
occurred, pro-rated for any partial months of service. All annual cash fees are vested upon payment. 
  

	1.	 Annual Board Service Retainer: 

 

	 	a.	 All Eligible Directors: $40,000 

 

	 	b.	 Additional Chair of the Board Service Retainer: $30,000 

 

	2.	 Annual Committee Member Service Retainer: 

 

	 	a.	 Member of the Audit Committee: $10,000 

 

	 	b.	 Member of the Compensation Committee: $7,500 

 

	 	c.	 Member of the Nominating and Corporate Governance Committee: $5,000 

 

	3.	 Annual Committee Chair Service Retainer (in addition to Committee Member Service Retainer):

  

	 	a.	 Chairman of the Audit Committee: $10,000 

 

	 	b.	 Chairman of the Compensation Committee: $7,500 

 

	 	c.	 Chairman of the Nominating and Corporate Governance Committee: $5,000 

 Equity Compensation 

Equity awards will be granted under the Company’s 2021 Equity Incentive Plan, as it may be amended from time to time and including any
successor plan thereto (the “Plan”). All stock options granted under this Director Compensation Policy will be Nonstatutory Stock Options (as defined in the Plan) that contain the following terms (i) an exercise price
per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying Common Stock on the date of grant, (ii) a term of ten years from the date of grant (subject to earlier termination as provided in the Plan), (iii)
vesting acceleration in full upon a Change in Control (as defined in the Plan) or upon the Eligible Director’s death or Disability (as defined in the Plan), (iv) a post-termination exercise period for vested options upon the Eligible
Director’s termination of Continuous Service other than for Cause (as such terms are defined in the Plan) of three years from the date of termination (subject to earlier termination as provided in the Plan or as a result of the ten year maximum
term of the option). 
 (a) Automatic Equity Grants. 

(i) New Directors. Without any further action of the Board, each Eligible Director who, after the IPO
Date, is elected or appointed for the first time to join the Board will automatically, upon the date of his or her initial election or appointment to the Board (or, if such date is not a market trading day, the first market trading day thereafter)
(the “Start Date”), be granted a Nonstatutory Stock Option to purchase 12,367 shares common stock of the Company (the “Initial Option Grant”) which will vest in a series of 36 equal monthly
installments over the three-year period measured from the Start Date, subject to the Eligible Director’s Continuous Service (as defined in the Plan) through each such date. Eligible Directors whose initial election or appointment to the Board
occurred within the 30 day period prior to the IPO Date shall receive an Initial Option Grant on the IPO Date, without further action by the Board, and the exercise price per share for such option grants shall be the IPO Price. 

In addition to the Initial Option Grant, if such Eligible Director’s Start Date occurs on the date of the Company’s annual meeting
of stockholders, such Eligible Director will automatically, upon the date of such annual meeting of stockholders, be granted the Annual Option Grant described in (a)(ii) below. If such Eligible Director’s Start Date occurs on a date other than
the date of the Company’s the annual meeting of stockholders, such Eligible Director will automatically, upon the Start Date, be granted the Annual Option Grant described in (a)(ii) below, prorated based on the number of full calendar months
between the Start Date and the Company’s next annual meeting of stockholders (the “Prorated Annual Grant”). Each Prorated Annual Grant will vest in equal monthly installments from the Start Date through the date of the
Company’s next annual meeting of stockholders. For purposes of calculating the Prorated Annual Grant and its vesting schedule, the Company’s annual meeting of stockholders shall be assumed to occur in May of each year (beginning with and
including May 2022), irrespective of when the Company’s annual meeting of stockholders actually occurs. For example, if an Eligible Director was initially appointed or elected to the Board on October 15, 2022, then such Eligible Director
would receive a Prorated Annual Grant on October 15, 2022 to purchase 6,184 shares of common stock (50% of the Annual Option Grant) that vests in six equal monthly installments from November 15, 2022 through April 15,
2023.    For clarity, for any Eligible Directors whose Start Date occurs in 2021 prior to May 2021, the Prorated Annual Grant will be larger than the Annual Option Grant as a result of the Company not expecting to hold an annual
meeting of stockholders in 2021. 
 Eligible Directors whose Start Date occurred within the 30 day period prior to the IPO Date shall
receive a Prorated Option Grant on the IPO Date, without further action by the Board, and the exercise price per share for such option grants shall be the IPO Price. 

(ii) Continuing Directors. Without any further action of the Board, at the close of business on
the date of each annual meeting of Company stockholders following the IPO Date (the “Grant Date”), each person who is then an Eligible Director will, unless the Board or the Compensation Committee of the Board determines
otherwise prior to such time, automatically be granted a Nonstatutory Stock Option to purchase 12,367 shares of common stock (the “Annual Option Grant”). Each Annual Option Grant will vest in a series of 12 equal monthly
installments following the date of grant, provided that, in any event the Annual Option Grant will become fully vested on the day before the Company’s next annual meeting of stockholders following the Grant Date, subject to the Eligible
Director’s Continuous Service (as defined in the Plan) through each such date. 

(c) Non-Employee Director Compensation Limit. Notwithstanding the foregoing, the
aggregate value of all compensation granted or paid, as applicable, to any individual for service as a Non-Employee Director (as defined in the Plan) shall in no event exceed the limits set forth in
Section 3(d) of the Plan. 
 (d) Remaining Terms. The remaining terms and conditions of each award, including
transferability, will be as set forth in the Plan and the Company’s Standard Option Grant Package applicable to Non-Employee Directors, in the forms adopted from time to time by the Board or Compensation
Committee of the Board. 

 Expenses 

The Company will reimburse Eligible Director for ordinary, necessary and
reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board and
committee meetings; provided, that the Eligible Director timely submit to the Company appropriate documentation substantiating such expenses in accordance with the Company’s travel and expense policy, as in effect from time to
time.

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