Document:

EX-10.13

 Exhibit 10.13 

 
 

 
 April 16, 2020 

Andrew L. Guggenhime 

	
	  

 Dear Andrew, 
 I
am pleased to offer you a position with SutroVax, Inc. (the “Company”) as Chief Financial Officer and Chief Business Officer (“CFO & CBO”) reporting directly to me. on the following terms
(collectively, the “Agreement”). If you accept our offer, your first day of employment will be on or before May 11, 2020, or as otherwise mutually agreed (“Start Date”). 

As CFO & CBO, you will lead our Finance, Accounting, Business and Corporate Development, Strategy, Communications (including Investor
Relations, Corporate Communications, Public Relations and Employee Communications) and Facilities functions. 
 You will receive a base
salary of $400,000.00 per annum ($33,333.33 monthly), which will be paid semi-monthly in accordance with the Company’s normal payroll procedures (“Base Salary”). Your Base Salary will be subject to review for potential increase
at least annually. You will also be eligible to earn an annual cash bonus with a value up to 30.0% of your Base Salary (“Annual Bonus”), prorated for 2020 based on your Start Date. The actual amount of the Annual Bonus will be
determined at the sole discretion of the Company’s Board based upon measures of Company performance and is not earned until paid. Any Annual Bonus will be paid within two and one-half (2.5) months after
the end of the calendar year to which the Annual Bonus relates. 
 As an employee, you will be eligible to receive certain employee benefits
including participation in the Company Option Plan. The details of these employee benefits are explained in Exhibit A. You should note that the Company may modify job titles, salaries and benefits from time to time as it deems
necessary. 
 SutroVax, Inc., 353 Hatch Drive, Foster City, CA 94404 

 The Company is excited about your joining and looks forward to a beneficial and productive
relationship. Nevertheless, you should be aware that your employment with the Company is for no specified period and constitutes at-will employment. As a result, you are free to resign at any time, for any
reason or for no reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice. We request that, in the event of resignation, you give the Company at least two
weeks’ notice. 
 Effective on your Start Date, the Company will enter into with you: (i) the Executive Change in Control and
Severance Agreement attached as Exhibit B; and (ii) the Indemnity Agreement attached as Exhibit C. 

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility
for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 

We also ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that
may affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from performing the duties of your position and you
represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other activities that conflict with your obligations to the
Company. Notwithstanding the above, nothing prohibits you from holding any interest in any investment funds or other passive investments or ownership of no more than five percent (5%) of the equity securities of any publicly traded company. In
addition, the Company consents to you serving on two (2) non-competing Boards, provided you disclose the identity of the Boards to the Company in advance. In that regard, you have already disclosed your
current service on the Board of Metacrine, Inc. and the Company consents to your continued service on that Board during your employment with the Company. You agree not to bring any third-party confidential information to the Company, including that
of your former employers, and that in performing your duties for the Company you will not in any way utilize any such information. 
 As a
Company employee, you will be expected to abide by the Company’s rules and standards. Specifically, you will be required to sign an acknowledgment that you have read and that you understand the Company’s rules of conduct which are included
in the Company’ Employee Handbook. 
 SutroVax, Inc., 353 Hatch Drive, Foster City, CA 94404 

 As a condition of your employment, you are also required to sign and comply with an At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement (“CIIA”) which requires, among other provisions, the assignment of patent rights to any invention made
during your employment at the Company, and non-disclosure of Company proprietary information. In the event of any dispute or claim relating to or arising out of our employment relationship, you and the Company
agree that (i) any and all disputes between you and the Company shall be fully and finally resolved by binding arbitration, (ii) you and the Company are waiving any and all rights to a jury trial but all court remedies will be available in
arbitration, (iii) all disputes shall be resolved by a mutually-agreed, neutral arbitrator who shall issue a written opinion including essential findings of fact and conclusions of law, (iv) the arbitration shall provide for adequate
discovery, (v) in resolving any matter, the arbitrator will strictly follow the substantive law applicable to the dispute, claim or controversy and the arbitrator’s authority and jurisdiction will be limited to determining the dispute in
conformity with applicable law as to liability, damages and remedies, to the same extent as if the dispute was determined by a court without a jury, (vi) the Company will pay all the costs unique to arbitration, including all administrative
costs and arbitrator fees, except an amount equal to the filing fees you would have paid had you filed a complaint in a court of law; and (vii) except if prohibited by law, the prevailing party in any arbitration will be entitled to an award of
reasonable attorneys’ fees and costs, in addition to any other relief, if so determined by the arbitrator. 
 This Agreement will in
all respects be governed by the laws of the State of California, without regard to its conflict of law rules. In the event of any conflict between the terms of this Agreement and the terms of any other agreement between you and the Company, the
terms of this Agreement will be controlling. This Agreement will inure to the benefit of, be binding on, and enforceable by the parties and their successors, heirs, representatives, and assigns. The Company will require any successors or assigns to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. 

This Agreement, including its exhibits and any documents referenced in it or Exhibit A, constitutes the entire agreement between you and the
Company regarding the terms of your employment with the Company and supersedes any prior representations or agreements regarding such employment, including, but not limited to, any representations made during your recruitment, interviews or pre-employment negotiations, whether written or oral. This Agreement, including, but not limited to, its at-will employment provision, may not be modified or amended except by
a written agreement signed by the CEO of the Company and you. 
 SutroVax, Inc., 353 Hatch Drive, Foster City, CA 94404 

 To accept the Company’s offer, please sign and date this letter in the space provided
below. This offer of employment will terminate if it is not accepted, signed and returned by April 20, 2020. 
 We look forward to your
favorable reply and to working with you at SutroVax 
 We look forward to your favorable reply and to working with you at SutroVax. 

 

	
	 Sincerely,

	
	 /s/ Grant E. Pickering

	 Grant E. Pickering

	 President & CEO

	 SutroVax, Inc.

 Attachments: 

Employee Benefits (Exhibit A) 
 Executive Change in
Control and Severance Agreement (Exhibit B) 
 Indemnity Agreement (Exhibit C) 

Accepted and agreed to: 
  

			
	Signature:	 	 /s/ Andrew Guggenhime

	Printed Name:	 	 Andrew Guggenhime

	Date:	 	 April 17, 2020

 SutroVax, Inc., 353 Hatch Drive, Foster City, CA 94404 

 Exhibit A 

Employee Benefits 
  

	 	•	 	 Initial Equity Grant. Subject to approval by the Company’s Board, within seven (7) days of your
Start Date, you will be granted an option to purchase 885,032 shares of the Company’s Common Stock, representing 1.35% of the capital stock of the Company (the “Base Option”), calculated on a fully-diluted basis, consisting of
all outstanding capital stock of the Company (on an as-converted to common stock basis), plus all outstanding stock options or warrants, as well as the authorized but unused share reserve for the
Company’s equity incentive plan (“Fully Diluted Capitalization”). The exercise price for the Base Option will be the fair market value of the Company’s common stock on the date of the grant, as reasonably determined by the
Company’s Board. The Base Option will vest over four (4) years, with 25% vesting on the first anniversary of the Start Date and 1/36 of the remaining portion vesting monthly thereafter. 

 

	 	•	 	 Anti-Dilution. If the Company issues shares of capital stock in connection with a financing or similar
transaction at any time prior to an initial public offering or Change in Control (“Financing”), subject to approval by the Company’s Board, within 30 days after the initial closing of such Financing, you will be granted an
additional stock option (the “True-Up Option”) to purchase at least such number of additional shares of the Company’s common stock such that your total stock option grants represent 1.35%
of the Fully Diluted Capitalization of the Company immediately following such Financing; provided that, the Company will only be obligated to issue a True-Up Option in an amount equal to 98,336 shares (subject
to adjustment for stock splits, combinations and the like), which number, when taken together with the Base Option, represents 1.5% of the Fully Diluted Capitalization of the Company as of the Start Date. For the avoidance of doubt, none of the
issuance of shares pursuant to the exercise of stock options or other equity awards, future increases of the Company’s authorized share reserve, or shares issuable to Lonza pursuant to the Company’s manufacturing arrangements will be
considered in determining your entitlement to True-Up Option grants as described in this paragraph. Any True-Up Option will have the then current fair market value per
share and vest over four (4) years, with 25% vesting on the first anniversary of the grant date and 1/36 of the remaining portion vesting monthly thereafter, unless a shorter vesting schedule or other more favorable terms for you are specified
by the Company’s Board at the time the grant is made. Excepting value and vesting, the remaining terms of the Base Option shall apply to any True-Up Option. 

SutroVax, Inc., 353 Hatch Drive, Foster City, CA 94404 

	 	•	 	 Additional Equity Terms. The Base Option and any True-Up Option
will be an incentive stock option to the maximum extent permitted by applicable law and will be governed by the SutroVax, Inc. 2014 Equity Incentive Plan and respective Stock Option Agreements, which will be consistent in all respects with the terms
of this Agreement and any applicable Change in Control and Severance Agreement. Once all or any portion of any stock option granted to you (including the Base Option and/or any True-Up Option) becomes vested,
the vested options will be immediately exercisable and no longer subject to any forfeiture, clawback or Company repurchase rights. You will have at least three (3) months following the termination of your employment for any reason to exercise
any vested stock options. 

  

	 	•	 	 Employee Benefit Plans. You will be eligible for Medical, Dental, Vision, Life, Short-term Disability and
Long-term Disability insurance benefits applicable to all similarly situated employees. You will also be eligible to participate in the Company’s 401(k) Plan, Flexible Spending Plan(s) (FSA), Health Savings Plan (HSA) and Commuter Plan.

  

	 	•	 	 Sabbatical. The Company consents to you taking a sabbatical of up to four (4) weeks during the first
six (6) months of your employment; provided, you submit proposed dates to the CEO for approval (which approval will not be unreasonably withheld) and ensure all your essential responsibilities are covered and addressed during the sabbatical
period. 

  

	 	•	 	 The Company will reimburse you for all reasonable business expenses, in accordance with the Company’s
expense reimbursement policies. 

 SutroVax, Inc., 353 Hatch Drive, Foster City, CA 94404EX-10.14

 Exhibit 10.14 

EXECUTIVE CHANGE IN CONTROL AND SEVERANCE AGREEMENT 

This Executive Severance Agreement (the “Agreement”) is entered into by and between
                     (the “Executive”) and Vaxcyte, Inc., a Delaware corporation (the “Company”),
effective as of the Effective Date (as defined below). 
 RECITALS 

A. The Company’s Board of Directors (the “Board”) believes that it is in the best interests of the Company and its
stockholders to provide Executive with certain benefits upon a termination of Executive’s employment under certain circumstances, which benefits are intended to provide Executive with financial security and provide sufficient income and
encouragement to Executive to remain with the Company, notwithstanding the possibility of a termination of Executive’s employment with the Company. 

B. To accomplish the foregoing objectives, the Board desires to provide the opportunity for severance and change in control benefits to
Executive on the terms provided in this Agreement. 
 Now therefore, in consideration of the mutual promises, covenants and agreements
contained herein, and in consideration of the continuing employment of Executive by the Company, the parties hereto agree as follows: 
 1.
Effectiveness and Term of Agreement. This Agreement shall become effective as of                     , the “Effective
Date”) and will terminate as of such time as the Company has met all of its obligations hereunder following a termination of Executive’s employment with the Company. 

2. Qualifying Termination. If Executive is subject to a Qualifying Termination, then, subject to Sections 4, 8, and 9 below,
Executive will be entitled to the following benefits: 
 (a) Severance Benefits. The Company shall pay Executive an amount equal
to the sum of (i)              (    ) months of his or her then-current monthly base salary, (ii) target Annual Bonus,
pro-rated as a percentage of the number of days Executive remained employed in the applicable year prior to the effective date of termination (“Termination Date”) and (iii) any unpaid
bonuses arising from the achievement of performance goals in the fiscal year immediately prior to the fiscal year in which the Qualifying Termination occurs that Executive would have been paid had Executive remained an employee through the
applicable payment date (provided that such payment date would have occurred in the fiscal year in which the Qualifying Termination occurs). Executive will receive his or her severance payment in a cash lump sum, less applicable
withholdings, which will be paid on the first business day occurring after the sixtieth (60th) day following the Separation, provided that the Release Conditions have been
satisfied. If Executive is subject to a Qualifying Termination, no Equity Awards (as defined below) shall accelerate, except as may be provided in an individual award agreement between Executive and the Company. 

(b) Continued Employee Benefits. If Executive timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act
or any local, state or federal law of similar effect (“COBRA”), the Company shall pay, directly to the applicable plan administrator on Executive’s behalf, the full amount of COBRA premiums for Executive’s continued
coverage under the Company’s health, dental and vision plans, including coverage for Executive’s spouse and eligible dependents, for the             
(    )-month period following Executive’s Separation or, if earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer; provided
that if the Company determines that it cannot provide the payment of COBRA on 

 
behalf of Executive without violating applicable law or incurring additional expense under applicable law, the Company will provide Executive, in lieu thereof, a taxable lump sum payment for the
balance of the nine (9)-month COBRA period, which payment will equal 100% of the applicable COBRA premium for Executive and any dependents. The number of months of COBRA to be paid, in the event of a cash payment under the preceding sentence, shall
be reduced by the number of months of COBRA premiums previously paid by the Company. 
 3. CIC Qualifying Termination. If
Executive is subject to a CIC Qualifying Termination, then, subject to Sections 4, 8, and 9 below, Executive will be entitled to the following benefits: 

(a) Severance and Bonus Payments. The Company or its successor shall pay Executive an amount equal to the sum of (i)
             (    ) months of his or her monthly base salary, (ii) Executive’s then current target annual bonus, each at the rate in effect
immediately prior to the actions that resulted in the Qualifying Termination and (iii) any unpaid bonuses arising from the achievement of performance goals in the fiscal year immediately prior to the fiscal year in which the Qualifying
Termination occurs that Executive would have been paid had Executive remained an employee through the applicable payment date (provided that such payment date would have occurred in the fiscal year in which the Qualifying Termination occurs).
Executive will receive his or her severance payment in a cash lump sum, less applicable withholdings, which will be paid on the first business day occurring after the sixtieth (60th) day
following the Separation, provided that the Release Conditions have been satisfied. 
 (b) Equity. As of
the Termination Date, each of Executive’s then outstanding unvested Equity Awards, excluding awards that vest based upon the satisfaction of performance criteria, shall accelerate and immediately become fully vested (and, if applicable,
exercisable) with respect to 100% of the shares subject thereto. “Equity Awards” means all options to purchase shares of Company common stock, restricted stock units, and all other stock-based awards granted to Executive, including
but not limited to stock bonus awards, restricted stock and stock appreciation rights. Subject to Section 4, the accelerated vesting described above shall be effective as of the Separation. In the event an Equity Award vests based upon the
satisfaction of performance criteria, the treatment of such Equity Award shall be based upon the terms of such Equity Award and shall not be subject to accelerated vesting pursuant to the terms of this Section 3(b). In the event an Equity Award
does not vest based upon the satisfaction of performance criteria and was granted prior to the Effective Date, the treatment of such Equity Award shall be based upon the terms of such Equity Award and shall not be subject to accelerated vesting
pursuant to the terms of this Section 3(b); provided, however, that to the extent that this Section 3(b) provides for more favorable vesting acceleration than the terms of such Equity Award, then the terms of this Section 3(b)
shall apply to such Equity Award instead. 
 (c) Continued Employee Benefits. If Executive timely elects continued coverage under
COBRA, the Company shall pay, directly to the applicable plan administrator on Executive’s behalf, the full amount of COBRA premiums for Executive’s continued coverage under the Company’s health, dental and vision plans, including
coverage for Executive’s spouse and eligible dependents, for the              (    )-month period following Executive’s Separation or, if
earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer; provided that if the Company determines that it cannot provide the payment of COBRA on behalf
of Executive without violating applicable law or incurring additional expense under applicable law, the Company will provide Executive, in lieu thereof, a taxable lump sum payment for the balance of the
             (    )-month COBRA period, which payment will equal 100% of the applicable COBRA premium for Executive and any dependents. The number of
months of COBRA to be paid, in any case, shall be reduced by the number of months of COBRA previously paid by the Company. 

 (d) Benefits True Up. In the event Executive terminates pursuant to a Qualifying
Termination under Section 2 and that termination later qualifies as a CIC Qualifying Termination, then the Company shall make a true-up payment to Executive so that the aggregate of all benefits
provided to Executive are those in this Section 3. Notwithstanding the timing described in Sections 3(a), 3(b) and 3(c), this true-up payment will occur on the closing of the Change of Control,
and any equity awards that would otherwise forfeit upon a Qualifying Termination shall remain outstanding and eligible to vest for three (3) months following such Qualifying Termination to permit the acceleration described in Section 3(b)
above. 
 4. General Release. Any other provision of this Agreement notwithstanding, the benefits under Section 2
and 3 shall not apply unless Executive has timely executed a general release of claims in a form prescribed by the Company and such release has become effective (the document effecting the foregoing, the “Release”). The Company will
deliver the form of Release to Executive within ten (10) days after Executive’s Separation. Executive must execute and return the Release within the time period specified in the form, and in all events within sixty (60) days following
the termination event described in Section 2 or 3, as applicable. 
 5. Accrued Compensation and
Benefits. Notwithstanding anything to the contrary in Section 2 and 3 above, the Company shall pay Executive’s earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and including
the Separation, including unused earned vacation pay and unreimbursed documented business expenses incurred by Executive prior to the date of termination (collectively, “Accrued Compensation and Expenses”). In addition, Executive
shall be entitled to any other vested benefits earned by Executive under any other employee benefit plans and arrangements maintained by the Company for the period through and including the Separation, in accordance with the terms of such plans and
arrangements, except as may be modified herein (collectively, “Accrued Benefits”). Any Accrued Compensation and Expenses to which Executive is entitled shall be paid to Executive in cash as soon as administratively practicable after
the termination, and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year in which Separation occurs or at such
earlier time as may be required by applicable law. Any Accrued Benefits to which Executive is entitled shall be paid to Executive as provided in the relevant plans and arrangements. 

6. Definitions. 
 (a)
“Cause” will mean one or more of the following: (i) the conviction of, or plea of guilty or no contest to any felony or willful criminal act involving fraud, misappropriation, embezzlement; (ii) the willful and material
misappropriation of the funds or property of the Company; (iii) Executive’s willful refusal (except due to authorized absence or disability) to perform Executive’s material duties or comply with the lawful and reasonable instructions
of the Board or Company policy in a manner consistent with Executive’s position and duties hereunder; (iv) any willful and material act or omission aiding or abetting a competitor, vendor or client of the Company to the material
disadvantage or detriment of the Company; (v) gross negligence or willful misconduct with respect to the Company; (vi) repeatedly reporting to work under the influence of alcohol or illegal drugs in a manner that materially adversely
affects Executive’s performance of Executive’s duties; (vii) any willful conduct causing the Company substantial public disgrace or substantial disrepute or substantial economic harm; (viii) Executive’s willful and
unauthorized use or disclosure of material confidential information or trade secrets of the Company; or (ix) any other willful and material breach of any agreement between Executive and the Company. In all events, the determination of
“Cause” shall be made by a good faith, majority vote of the Board of Directors. With respect to subparts (iii) through (ix) above, Cause shall not exist unless Executive is first given written notice specifying the claimed grounds for
Cause and a reasonable opportunity (not less than 30 days) to cure, if curable, the claimed grounds for Cause. 

 (b) “Change in Control” has the meaning set forth in the Company’s
2020 Equity Incentive Plan, as it may be amended from time to time, or any successor plan thereto. 
 (c) “CIC Qualifying
Termination” means a Separation (i) within twelve (12) months following a Change in Control or (ii) within three (3) months preceding a Change in Control, in each case, resulting from (i) the Company terminating
Executive’s employment for any reason other than Cause or (ii) Executive voluntarily resigning his or her employment for Good Reason. A termination or resignation due to Executive’s death or disability shall not constitute a CIC
Qualifying Termination. 
 (d) “Code” means the Internal Revenue Code of 1986, as amended. 

(e) “Good Reason” means the occurrence of the following without Executive’s consent: (i) a relocation of
Executive’s principal workplace by more than 35 miles unless such relocation is within 35 miles of Executive’s principal residence; (ii) a material reduction in Executive’s base pay or target bonus in excess of 10%, other than in
connection with across-the-board reductions in base pay or bonus based on the Company’s financial performance similarly affecting all or substantially all of the
Company’s Executives; (iii) a material reduction of Executive’s duties, authority, or responsibilities, relative to Executive’s duties, authority, or responsibilities as in effect immediately prior to such reduction;
(iv) any requirement that Executive engage in any conduct he or she reasonably believes is illegal; or (v) a material breach by the Company of this Agreement or any other agreement between Executive and the Company. A condition shall not
be considered “Good Reason” unless Executive gives the Company written notice of such condition within ninety (90) days after such condition comes into existence or Employee knew or should have known with reasonable diligence of its
existence, and the Company fails to remedy such condition with thirty (30) days after receiving Executive’s written notice. Executive must resign Executive’s employment no later than fifteen (15) days following expiration of the
Company’s thirty (30) day cure period or written receipt from the Company of its intent not to cure. 
 (f) “Qualifying
Termination” means a Separation that is not a CIC Qualifying Termination, but which results from (i) the Company terminating Executive’s employment for any reason other than Cause or (ii) Executive voluntarily resigning his
employment for Good Reason. A termination or resignation due to Executive’s death or disability shall not constitute a Qualifying Termination. 

(g) “Release Conditions” means (i) the Company has received Executive’s executed Release and (ii) any
rescission period applicable to Executive’s executed Release has expired such that the Release is effective. 
 (h)
“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the Code. 

(i) For purposes of this Agreement, no act or failure to act on Employee’s part shall be considered “willful” unless it
is done, or omitted to be done, by Executive intentionally, in bad faith and without reasonable belief that the action or omission was in the best interest of the Company. 

7. Successors. 
 (a)
Company’s Successors. The Company shall require any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or
assets, by an agreement in substance and form satisfactory to Executive, to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the
absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets or which becomes bound by this Agreement by operation of law. 

 (b) Executive’s Successors. This Agreement and all rights of Executive hereunder
shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

8. Golden Parachute Taxes. 

In the event that (i) any payment or benefit arising out of or in connection with a change of ownership or effective control of the
Company or a substantial portion of its assets within the meaning of Section 280G of the Code (such change, a “280G Change in Control”), that is made or provided, or to be made or provided, by the Company (or any successors
thereto or affiliates thereof) to Executive, whether pursuant to the terms of this Agreement or any other plan, agreement, or arrangement (any such payment or benefit, a “Parachute Payment”) would be subject to the excise tax
imposed by Section 4999 of the Code (the “Excise Tax”) and (ii) the net after-tax amount (taking into account all applicable taxes payable by Executive, including any Excise Taxes)
that Executive would receive with respect to such Parachute Payments does not exceed the net after-tax amount that Executive would receive if the amount of such Parachute Payments were reduced to the maximum
amount that could otherwise be payable to Executive without the imposition of the Excise Tax, then such Parachute Payments shall be reduced to the extent necessary to eliminate the imposition of the Excise Tax. Any reduction in the Parachute
Payments required to be made pursuant to this section shall be made first with respect to Parachute Payments payable in cash before being made in respect to any Parachute Payments to be provided in the form of benefits or equity award acceleration,
and in the form of benefits before being made with respect to equity award acceleration, and in any case, shall be made with respect to such Parachute Payments in inverse order of the scheduled dates or times for the payment or provision of such
Parachute Payments. 
 9. Miscellaneous Provisions. 

(a) Section 409A. To the extent (i) any payments to which Executive becomes entitled under this Agreement, or any agreement or
plan referenced herein, in connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) Executive is deemed at the time of such termination of
employment to be a “specified” employee under Section 409A of the Code, then such payment or payments shall not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from
Executive’s Separation; or (ii) the date of Executive’s death following such Separation; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Executive,
including (without limitation) the additional twenty percent (20%) tax for which Executive would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period,
any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to Executive or Executive’s beneficiary in one lump sum (without interest). Except
as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be
subject to (and not exempt from) Section 409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not
affect the expenses eligible for reimbursement or in kind benefits to be provided in any other calendar year, in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which Executive
incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. To the extent that any
provision of this Agreement is ambiguous as to its exemption or compliance 

 
with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where
such construction is not tenable, that those payments comply with Section 409A to the maximum permissible extent. To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of
Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this Agreement (or referenced in this
Agreement) are intended to constitute separate payments for purposes of Section 1.409A-2(b) (2) of the regulations under Section 409A. Notwithstanding anything to the contrary in this
Agreement, if the period of time comprising (x) the time to consider and make effective the Release and (y) the time after the expiration or cessation of any cure period or attempt to cure Good Reason, spans two calendar years, then, any
payments that constitute deferred compensation subject to Section 409A will be made in the second calendar year. If either the Company or Executive reasonably determines that any payment or benefit provided under this Agreement will violate
Section 409A of the Code, the Company and Executive will use best efforts to restructure the payment in a manner that is either exempt from or compliant with Section 409A of the Code. The Company and Executive will execute any and all
amendments to this Agreement as may be necessary to ensure compliance with the distribution provisions of Section 409A of the Code in an effort to avoid or minimize, to the extent allowable by law, the tax (and any interest or penalties
thereon) associated with Section 409A of the Code. If it is determined that a payment under this Agreement was (or may be) made in violation of Section 409A of the Code, the Company will cooperate reasonably with any effort by Executive to
mitigate the tax consequences of such violation, including cooperation with Executive’s participation in any IRS voluntary compliance program or other correction procedure under Section 409A of the Code that may be available to Executive.

 (b) Other Arrangements. This Agreement supersedes any and all severance arrangements and accelerated vesting benefits which were
previously offered or provided by the Company to Executive, and Executive hereby waives Executive’s rights to such other benefits. For the avoidance of doubt, in no event shall Executive receive benefits under both Sections 2 and Section 3
with respect to Executive’s Separation. This Agreement may only be modified in a writing signed by both Executive and an authorized officer of the Company. 
  

(c) Choice of Law; Dispute Resolution. The terms of this Agreement and the resolution of any disputes as to the meaning, effect,
performance or validity of this Agreement, Executive’s employment with the Company or any other relationship between Executive and the Company (the “Disputes”) will be governed by California law, excluding laws relating to
conflicts or choice of law. In any action related to any Dispute, Executive and the Company submit to the exclusive personal jurisdiction and venue of the federal and state courts located in the San Mateo or San Francisco Counties, California. 

(d) Notice. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been
duly given when sent by email and personally delivered or mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or deposited with Federal Express Corporation, with shipping charges prepaid. In the case of
Executive, notices shall be addressed to him or her at the home address and personal email address which he or she most recently communicated to the Company in writing. In the case of the Company, notices shall be addressed to its corporate
headquarters, directed to the attention of its Secretary, and sent to the email address for such individual. Employee agrees to update Company in the event his/her mailing or email address changes during employment. 

(e) Waiver. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall
be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

 (f) Withholding Taxes. All payments made under this Agreement shall be subject to
applicable withholding and income taxes. 
 (g) Severability. The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

(h) At-Will Employment. Nothing in this Agreement shall confer upon
Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any subsidiary of the Company or of Executive, which rights are hereby expressly reserved
by each, to terminate his or her service at any time and for any reason. 
 (i) Counterparts. This Agreement may be
executed in counterparts and by pdf or other electronic means and, when so executed, shall be considered one and the same instrument, have the same force and effect as an original, and constitute an effective, binding agreement on each of the
Parties. 
 [Signature Page to Executive Change In Control And Severance Agreement Follows] 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by its duly authorized officer, as of the day and year first above written. This Agreement may be signed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same
instrument. 
  

					
	EXECUTIVE	 		  	COMPANY
			
	  
	 		  	  

	Name:	 		  	Name:
	 	 	 	  	Title:

 [Signature Page to Executive Severance Agreement]

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