Document:

fprx-ex1017_21.htm

Exhibit 10.17

 

 

 

December 20, 2019

 

Mr. William R. Ringo

VIA ELECTRONIC MAIL

 

Dear Bill,

 

This letter amends the employment offer letter we entered into with you on October 4, 2019, as amended October 8, 2019.

 

We will reimburse you for or pay the expenses of (i) up to one commercial roundtrip flight (any class of service and including any change fees) per month between San Francisco International Airport (SFO) and Indianapolis International Airport (IND) for each of you and your spouse during your employment as interim Chief Executive Officer (each such trip a “Monthly Flight”) and (ii) ground transportation (including by taxi or other on-demand transportation service or executive car service) to and from your short-term residence in San Francisco, California, and SFO and to and from your residence in the Indianapolis, Indiana, area and IND (“Ground Transportation”) in connection with any Monthly Flight.  In addition, we will reimburse you for or pay the expenses of (i) the commercial flights (for any class of service and including any change fees) you or your spouse have taken between San Francisco International Airport (SFO) and Indianapolis International Airport (IND) during your employment as interim Chief Executive Officer and (ii) any related Ground Transportation.  We will pay you a gross-up amount to the extent any such reimbursements or payments referred to in the preceding sentences are deemed income to you to cover the amount of withholding taxes that would be due on such deemed income.

 

To accept this amendment to your offer letter, please sign, date and return this letter to Francis Sarena, Chief Strategy Officer and Secretary of Five Prime.  

 

Sincerely,

 

	
	
Five Prime Therapeutics, Inc.

	
 

	
/s/ Peder Jensen

	
Peder Jensen

	
Chairman of the Compensation and Management Development Committee 

	
of the Board of Directors

 

	
	
Accepted:

	
 

	
/s/ William R. Ringo

	
William R. Ringo

 

 

	
 
	
 

	
Phone + 1 415 365 5600
	
Five Prime Therapeutics, Inc.

	
fiveprime.com
	
111 Oyster Point Boulevard

	
 
	
South San Francisco, CA 94080fprx-ex1021_23.htm

Exhibit 10.21

 

 

 

December 12, 2019

 

Dear Francis,

 

As you know, you are a party to that certain Executive Severance Benefits Agreement dated February 18, 2011, as amended on May 8, 2013 (the “Severance Agreement”), with Five Prime Therapeutics, Inc. (the “Company”), pursuant to which you are entitled to certain severance benefits upon a Change in Control Termination (as defined in the Severance Agreement) or a Covered Termination (as defined in the Severance Agreement).  

 

The Company’s Board of Directors has approved the adoption of an Executive Severance Benefit Plan (the “Severance Plan”), pursuant to which you are eligible for certain specified severance benefits upon certain covered termination events.  You hereby agree that, effective upon the full execution and delivery of this letter agreement, your right to severance benefits shall be determined entirely by the Severance Plan, except in the following respect:  If, at any time other than during the Change in Control Determination Period (as defined in the Plan), you experience an Involuntary Termination (as defined in the Plan), you will be eligible for the stock award acceleration benefit set forth in Section 3.4 of the Severance Agreement (subject to the terms and conditions of the Severance Plan) in lieu of the stock award acceleration benefit set forth in Section 4.1.3 of the Severance Plan.

 

You expressly acknowledge and agree that, except as expressly set forth herein, effective upon the full execution and delivery of this letter agreement, the Severance Agreement shall have no further force or effect, and that you are expressly waiving any right to benefits under the Severance Agreement except as expressly set forth herein.

 

Please sign below to indicate your acceptance of these terms.

 

Sincerely,

 

Five Prime Therapeutics, Inc.

 

	
	
/s/ William R. Ringo

	
William R. Ringo

	
Chief Executive Officer

 

	
Understood, Accepted and Agreed:
	
 
	
 

	
 
	
 
	
 

	
/s/ Francis Sarena
	
 
	
December 12, 2019

	
Francis Sarena
	
 
	
Date

 

Five Prime Therapeutics, Inc. • 111 Oyster Point Boulevard • South San Francisco, CA 94080 • Phone (415) 365-5600 • Fax (415) 365-5601

www.fiveprime.comfprx-ex1023_22.htm

Exhibit 10.23

 

 

December 12, 2019

 

Dear David,

 

As you know, you are a party to that certain Executive Severance Benefits Agreement dated November 26, 2018 (the “Severance Agreement”) with Five Prime Therapeutics, Inc. (the “Company”), pursuant to which you are entitled to certain severance benefits upon a Change in Control Termination (as defined in the Severance Agreement) or a Covered Termination (as defined in the Severance Agreement). 

 

The Company’s Board of Directors has approved the adoption of an Executive Severance Benefit Plan (the “Severance Plan”), pursuant to which you are eligible for certain specified severance benefits upon certain covered termination events.  You hereby agree that, effective upon the full execution and delivery of this letter agreement, your right to severance benefits shall be determined entirely by the Severance Plan, except in the following respect:  If, at any time other than during the Change in Control Determination Period (as defined in the Plan), you experience an Involuntary Termination (as defined in the Plan), you will be eligible for the stock award acceleration benefit set forth in Section 3.4 of the Severance Agreement (subject to the terms and conditions of the Severance Plan) in lieu of the stock award acceleration benefit set forth in Section 4.1.3 of the Severance Plan.

 

You expressly acknowledge and agree that, except as expressly set forth herein, effective upon the full execution and delivery of this letter agreement, the Severance Agreement shall have no further force or effect, and that you are expressly waiving any right to benefits under the Severance Agreement except as expressly set forth herein.

 

Please sign below to indicate your acceptance of these terms.

 

Sincerely,

 

Five Prime Therapeutics, Inc.

 

/s/ William R. Ringo

William R. Ringo

Chief Executive Officer

 

Understood, Accepted and Agreed:

 

	
/s/ David Smith
	
 
	
December 12, 2019

	
David Smith
	
 
	
Date

 

Five Prime Therapeutics, Inc. • 111 Oyster Point Boulevard • South San Francisco, CA 94080 • Phone (415) 365-5600 • Fax (415) 365-5601

www.fiveprime.comfprx-ex1024_29.htm

Exhibit 10.24

 

 

January 15, 2020

 

 

David Smith

Via Hand Delivery

 

Re: Retention Bonus

 

Dear David,

 

We view your contribution as an Executive Team member and an employee of Five Prime Therapeutics, Inc. (“Five Prime” or “we”) as important to our long-term success.  To show our appreciation for your contribution to the success of Five Prime and as a further incentive to your continued employment with Five Prime, Five Prime is entering into this letter agreement (this “Retention Agreement”) with you.  

 

Subject to (i) your continued employment in good standing with Five Prime through December 31, 2020, (ii) Five Prime’s (A) [***], (B) [***], or (C) [***], in each case on or before December 31, 2020 ((A), (B) or (C) a “Performance Trigger”), and (iii) the terms and conditions of this Retention Agreement, you will earn and we will pay to you on December 31, 2020, a retention bonus (the “Retention Bonus”) in an amount equal to your Bonus Target (as that term is defined in Five Prime’s  Annual Bonus Plan) for the 2020 calendar year.  The Retention Bonus will be in addition to any bonus you may earn with respect to calendar year 2020 performance under our Annual Bonus Plan.  The Retention Bonus will be subject to all applicable taxes and withholdings.  If we do not achieve any of the Performance Triggers on or before December 31, 2020, the Retention Bonus will not be due and payable and you will forfeit any right to the Retention Bonus.

 

Notwithstanding the foregoing or anything else in this Retention Agreement, if prior to December 31, 2020 your employment with Five Prime terminates due to an Involuntary Termination (as such term is defined in Five Prime’s Executive Severance Benefit Plan, effective November 20, 2019 (the “ESBP”)), then following the date of such Involuntary Termination, Five Prime will pay you, in addition to any other benefits you may be entitled to under that certain letter agreement, dated December 12, 2019, between Five Prime and you or the ESBP, an amount equal to your Bonus Target for the 2020 calendar year.  Any amount that would be payable pursuant to the preceding sentence would be contingent on your signing, and not revoking, Five Prime’s form of release agreement, and Five Prime would pay such amount promptly in the next pay period following the effective date of your release agreement but not earlier than 10 days following such effective date. 

 

If your employment with Five Prime terminates for any reason other than an Involuntary Termination before December 31, 2020, then you would not receive any portion of the Retention Bonus.

 

You agree that the Retention Bonus will not be “grossed up” and will be subject to all applicable payroll withholdings and deductions. 

 

		
	
 
	
 

	
Phone + 1 415 365 5600

fiveprime.com
	
Five Prime Therapeutics, Inc.

111 Oyster Point Boulevard 

South San Francisco, CA 94080

 

David Smith

January 15, 2020

Page 2

 

 

Except as otherwise provided in this Retention Agreement, all the other terms and conditions of your employment relationship with Five Prime will continue to apply.  This Retention Agreement is not intended to change the at-will nature of your employment with Five Prime.  You will be free to terminate your employment with Five Prime at any time and for any reason whatsoever simply by notifying us.  Likewise, we will be free to terminate your employment at any time for any reason whatsoever, with or without cause or advance notice.  

 

To indicate your acceptance of the terms of this Retention Agreement, please sign and date this Retention Agreement in the space provided below and return it to Andrea Danforth.

 

Sincerely,

 

	
Five Prime Therapeutics, Inc.
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
/s/ William R. Ringo
	
 
	
/s/ David Smith

	
William R. Ringo
	
 
	
David Smith

	
Chief Executive Officer
	
 
	
January 20, 2020

	
 
	
 
	
Date

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