Document:

EX-10.12

 Exhibit 10.12 

TOCAGEN INC. 
 EXECUTIVE
EMPLOYMENT AGREEMENT 
 This Executive Employment Agreement (the “Agreement”) is made and
entered into effective as of October 27, 2016 (the “Effective Date”), by and between Martin Duvall (“Executive”) and Tocagen Inc. (the “Company”). 

WHEREAS, the Company and Executive desire to enter into this Agreement to define their
mutual rights and duties with respect to Executive’s compensation and benefits. 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree
as follows: 
 1. Employment by the Company. 

1.1 Position. Executive shall serve as the Company’s Chief Executive Officer (“CEO”).
Executive’s start date will be November 1, 2016, or such other date as mutually agreed by Executive and the Company (the “Start Date”). During the term of Executive’s employment with the Company, Executive will
devote Executive’s best efforts and substantially all of Executive’s business time and attention to the business of the Company, except for approved vacation periods and reasonable periods of illness or other incapacities permitted by the
Company’s general employment policies. Executive acknowledges that he will be appointed to the Company’s Board of Directors (the “Board”) effective as of the Start Date. If Executive ceases to serve as CEO of the
Company for any reason, then Executive will resign from his position as a member of the Board, if and as requested by the Board. 

1.2 Duties and Location. Executive shall perform such duties as are customarily associated with the position of CEO and
such other duties as are assigned to Executive by the Board. Executive’s primary office location shall be the Company’s headquarters located in San Diego, California. Subject to the terms of this Agreement, the Company reserves the right
to (a) reasonably require Executive to perform Executive’s duties at places other than Executive’s primary office location from time to time and to require reasonable business travel, and (b) modify Executive’s job title and
duties as it deems necessary and appropriate in light of the Company’s needs and interests from time to time. 
 1.3
Policies and Procedures. The employment relationship between the parties shall be governed by the general employment policies and practices of the Company, except that when the terms of this Agreement differ from or are in conflict with the
Company’s general employment policies or practices, this Agreement shall control. 
 2. Cash Compensation. 

2.1 Base Salary. For services to be rendered hereunder, Executive shall receive a base salary at the rate of $400,000
per year (the “Base Salary”), less standard payroll deductions and withholdings and payable in accordance with the Company’s regular payroll schedule. The Board may review Executive’s Base Salary for adjustment from
time to time and it 

  
 1. 

 
is expressly acknowledged and agreed that following the initial public offering of the Company’s common stock and listing of the Company’s common stock on a national securities exchange
(and regularly thereafter), the Board will review Executive’s total compensation, including Base Salary, target and maximum bonus amounts and equity compensation, with the advice of an independent compensation consultant and publicly-traded
peer group company data. 
 2.2 Bonus. Executive will be eligible to be considered for a discretionary annual
performance bonus of up to 40% of the Base Salary, based on achievement of individual and/or corporate performance targets, metrics and/or objectives to be determined and approved by the Board or the Compensation Committee thereof. Any such bonus
would be paid after the close of the fiscal year and after determination by the Board (or the Compensation Committee thereof) of (i) the level of achievement of the applicable individual and corporate performance targets, metrics and/or
objectives and (ii) the amount of the annual incentive compensation earned by Executive (if any). No annual incentive compensation is guaranteed and, in addition to the other conditions for earning such compensation, Executive must remain an
employee in good standing of the Company on the annual incentive compensation payment date in order to be eligible for any annual incentive compensation. 

3. Standard Company Benefits. Executive shall, in accordance with Company policy and the terms and conditions of the
applicable Company benefit plan documents, be eligible to participate in the benefit and fringe benefit programs provided by the Company to its executive officers and other employees from time to time. Any such benefits shall be subject to the terms
and conditions of the governing benefit plans and policies and may be changed by the Company in its discretion. 
 4.
Relocation Expenses. The Company will reimburse Executive for the following expenses, provided that (i) such reimbursement shall not exceed $100,000, in the aggregate, unless approved by the Board, (ii) such reimbursement shall
not apply to any expenses incurred by Executive after the one year anniversary of the Start Date, and (iii) expenses shall be submitted on an expense report in accordance with the Company’s existing expense reimbursement policies: 

(a) reasonable and documented expenses for relocating Executive’s primary residence to San Diego county, California,
including moving and other related costs (which for the avoidance of doubt, shall not include commissions paid to real estate agents or brokers or other closing costs associated with the sale or purchase of real property); 

(b) reasonable and documented expenses for temporary housing in San Diego county, California, incurred prior to the relocation
of Executive’s primary residence to San Diego county, California; 
 (c) reasonable and documented expenses for a
rental car in San Diego incurred prior to the relocation of Executive’s primary residence to San Diego county, California; and 

(d) documented round-trip coach class airfare for travel for Executive and Executive’s spouse between Executive’s
current residence and San Diego, California for purposes of searching for a primary residence in San Diego county, California (limited to two (2) such trips). 

  
 2. 

 Executive agrees to repay all reimbursed expenses under this Section 4
concurrent with Executive’s voluntary resignation from the Company at any time prior to the first anniversary of the Start Date. 

5. Other Expenses. The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred
by Executive in furtherance or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 

6. Equity Compensation. 

6.1 Base Options. As further consideration for Executive’s employment, promptly following Executive’s Start
Date and subject to approval by the Board, Executive will be granted a nonstatutory stock option (the “Base Option”) under the Company’s 2009 Equity Incentive Plan, as amended (the “Plan”) to
purchase that number of shares of the Company’s common stock that is equal to 3.0% of the fully-diluted capitalization of the Company (defined below) on the date of grant. The Base Option will have an exercise price equal to the fair market
value of the Common Stock as of the date of grant as determined by the Board and shall vest as follows: (i) 25% of the shares subject to the Base Option shall vest twelve months after the Start Date, subject to Executive’s continuing employment
with the Company, and no shares shall vest before such date. The remaining shares shall vest monthly on the last day of the each of the following 36 months in equal monthly amounts subject to Executive’s continuing employment with the Company.
The vesting of 100% of the Base Option shall be subject to full acceleration such that, immediately prior the effective time of a Change in Control (defined in the Plan) such shares shall be fully vested and immediately exercisable. The terms of the
Base Option are more fully set forth in the Plan and related grant notice and stock option agreement (together, the “Equity Documents”). 

6.2 Performance Options. In addition, promptly following the Start Date and subject to approval by the Board, Executive
will be granted a nonstatutory stock option (the “Performance Option”) under the Plan to purchase that number of shares of the Company’s common stock that is equal to 1.5% of the fully-diluted capitalization of the
Company on the date of grant. The Performance Option will have an exercise price equal to the fair market value of the Common Stock as of the date of grant as determined by the Board and shall vest upon the achievement of milestone(s) to be mutually
agreed by Executive and the Board and subject to Executive’s continuing employment with the Company upon the achievement of such milestone(s). In the event of a Change in Control prior to the full vesting of the Performance Option, the Board
shall have the discretion to accelerate vesting of the Performance Option, in whole or in part, based on progress towards the milestone(s). The Equity Documents contain additional terms and conditions applicable to the Performance Option. 

6.3 Definition. For the purposes of this Agreement “fully-diluted capitalization of the
Company” means the number of shares of the Company’s Common Stock actually outstanding plus the number of shares of Common Stock issuable upon the conversion of all shares of preferred stock actually outstanding plus the number of
shares of stock subject to outstanding warrants and outstanding equity awards (whether or not vested). 

  
 3. 

 7. Proprietary Information Obligations. 

7.1 Proprietary Information Agreement. As a condition to employment, Executive agrees to execute, and will continue to
abide by, the Company’s standard Confidential Information and Invention Assignment Agreement attached hereto as EXHIBIT A (“Proprietary Agreement”). 

7.2 Third-Party Agreements and Information. Executive represents and warrants that Executive’s employment by the
Company does not conflict with any prior employment or consulting agreement or other agreement with any third party, and that Executive will perform Executive’s duties to the Company without violating any such agreement. Executive represents
and warrants that Executive does not possess confidential information arising out of prior employment, consulting, or other third party relationships, that would be used in connection with Executive’s employment by the Company, except as
expressly authorized by that third party. During Executive’s employment by the Company, Executive will use in the performance of Executive’s duties only information that is generally known and used by persons with training and experience
comparable to Executive’s own, common knowledge in the industry, otherwise legally in the public domain, or obtained or developed by the Company or by Executive in the course of Executive’s work for the Company. 

8. Outside Activities and Non-Competition and
No-Solicit. 
 8.1 Outside Activities. Throughout Executive’s
employment with the Company, Executive may engage in civic and not-for-profit activities so long as such activities do not interfere with the performance of
Executive’s duties hereunder or present a conflict of interest with the Company or its affiliates. Subject to the restrictions set forth herein, and only with prior written disclosure to and consent of the Board, Executive may engage in other
types of business or public activities. The Board may rescind such consent, if the Board determines, in its sole discretion, that such activities compromise or threaten to compromise the Company’s or its affiliates’ business interests or
conflict with Executive’s duties to the Company or its affiliates. 
 8.2
Non-Competition During Employment. Except as otherwise provided in this Agreement, during Executive’s employment by the Company, Executive will not, without the express written consent
of the Board, directly or indirectly serve as an officer, director, stockholder, employee, partner, proprietor, investor, joint venturer, associate, representative or consultant of any person or entity engaged in, or planning or preparing to engage
in, business activity competitive with any line of business engaged in (or planned to be engaged in) by the Company or its affiliates; provided, however, that Executive may purchase or otherwise acquire up to (but not more than) one percent (1%) of
any class of securities of any enterprise (without participating in the activities of such enterprise) if such securities are listed on any national or regional securities exchange. In addition, Executive will be subject to certain restrictions
(including restrictions continuing after Executive’s employment ends) under the terms of the Proprietary Agreement. 

8.3 Non-Solicitation. Executive agrees that during the period of
employment with the Company and for twelve (12) months after the date Executive’s employment is terminated for any reason, Executive will not, either directly or through others, solicit or encourage or attempt to solicit or encourage any
employee, independent contractor, or consultant of the Company to terminate his or her relationship with the Company in order to become an employee, consultant or independent contractor to or for any other person or entity. 

  
 4. 

 9. Termination of Employment. 

9.1 At-Will Employment. Executive’s employment relationship is at-will. Either Executive or the Company may terminate the employment relationship at any time, with or without Cause (as defined below) or advance notice. In the event Executive’s employment with the Company
is terminated for any reason, Executive will be entitled to all of Executive’s earned compensation and benefits or otherwise as required by law through the date of termination. For the avoidance of doubt, Executive shall not be entitled to any
additional compensation or benefits hereunder in the event Executive’s employment is terminated for Cause, due to Executive’s resignation without Good Reason, upon Executive’s death or Executive’s Disability (as defined below);
provided that this Section 9.1 does not purport to alter (a) any separate agreement entered into after the Effective Date and pursuant which Executive is expressly entitled to benefits or other compensation on or after the events
set forth in this sentence, including, if applicable, the Equity Documents, or (b) any agreements between the Executive and any third party, including insurance policies or the like. If Executive’s employment terminates due to an
Involuntary Termination (as defined below), Executive will be eligible to receive the additional compensation and benefits described in Section 9.2. 

9.2 Termination Without Cause; Resignation for Good Reason. If at any time (i) the Company terminates
Executive’s employment without Cause (as defined below and other than as a result of Executive’s death or Disability), or (ii) Executive resigns for Good Reason (as defined below), and provided in any case such termination constitutes
a “separation from service”, as defined under Treasury Regulation Section 1.409A-1(h)) (a “Separation from Service”) (such termination described in (i) or (ii), an
“Involuntary Termination”), Executive shall be entitled to receive the following severance benefits, subject in all events to Executive’s compliance with Section 9.4 below: 

(i) Executive shall receive severance pay in the form of continuation of Executive’s base salary in effect
(ignoring any decrease that forms the basis for Executive’s resignation for Good Reason, if applicable) on the effective date of Executive’s Involuntary Termination for the first eighteen (18) months (the “Severance
Period”) after the date of such termination; 
 (ii) If Executive is eligible for and
timely elects to continue Executive’s health insurance coverage under the Company’s group health plans under the Consolidated Omnibus Budget Reconciliation Act of 1985 or the state equivalent (“COBRA”) following
Executive’s termination date, the Company will pay the COBRA group health insurance premiums for Executive and Executive’s eligible dependents until the earliest of (A) the close of the Severance Period, (B) the expiration of
Executive’s eligibility for the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for 

  
 5. 

 
substantially equivalent health insurance coverage in connection with new employment or self-employment. For purposes of this Section, references to COBRA premiums shall not include any amounts
payable by Executive under a Section 125 health care reimbursement plan under the U.S. Internal Revenue Code. Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA premiums
without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then regardless of whether Executive elects continued health coverage under COBRA,
and in lieu of providing the COBRA premiums, the Company will instead pay Executive on the last day of each remaining month of the Severance Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax
withholdings (such amount, the “Health Care Benefit Payment”). The Health Care Benefit Payment shall be paid in monthly installments on the same schedule that the COBRA premiums would otherwise have been paid and shall be
equal to the amount that the Company would have otherwise paid for COBRA premiums, and shall be paid until the earlier of (i) expiration of the Severance Period or (ii) the date when Executive becomes eligible for substantially equivalent
health insurance coverage in connection with new employment or self-employment; and 
 (iii) Executive shall receive
an extension of the period of time following which Executive may exercise vested shares subject to Executive’s equity awards to purchase Company common stock that are outstanding immediately prior to Executive’s Involuntary Termination
until the date that is the earlier of (i) the original Expiration Date (as defined in the respective Equity Documents for such options) and (ii) eighteen (18) months following the date of Involuntary Termination; provided, however, that
Executive’s rights to exercise vested options may terminate prior to such date, in accordance with the terms of the equity plan under which such options were granted (including upon a corporate transaction) or Executive’s violation of the
Proprietary Agreement or the Release (defined below).
 9.3 Conditions and Timing for Severance Benefits. The
severance benefits set forth in Section 9.2 above are expressly conditioned upon: (i) Executive’s continuing to comply with Executive’s obligations under Executive’s Proprietary Agreement; and (ii) Executive signing and
not revoking a general release of legal claims in the form provided by the Company which shall include a full general release of claims against the Company and related persons and entities and a commitment from Executive to comply with
Executive’s continuing obligations under Executive’s Proprietary Agreement, but will not include a release of any rights or claims for indemnification Executive may have pursuant to any written indemnification agreement with the Company to
which Executive is a party, the Company’s bylaws, or applicable law (the “Release”) within the applicable deadline set forth therein and permitting the Release to become effective in accordance with its terms, which must
occur no later than forty-five (45) days following the date of termination (the “Release Deadline”). The salary continuation payments described in Section 9.2 will be paid in substantially equal installments on the
Company’s regular payroll schedule and subject to standard deductions and withholdings over the Severance Period following termination; provided, however, that no payments will be made prior to the effectiveness of the Release. On the effective
date of the Release, the Company will pay Executive the salary continuation payments that Executive would have received on or prior to such date in a lump sum under the original schedule but for the delay while waiting for the effectiveness of the
release, with the balance of the cash severance being paid as originally scheduled. 

  
 6. 

 9.4 Definitions. For purposes of this Agreement: 

(i) “Cause” means, with respect to Executive, the occurrence of any of
the following events: (i) Executive’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) Executive’s attempted commission of, or
participation in, a fraud or act of dishonesty against the Company; (iii) Executive’s intentional, material violation of any contract or agreement between Executive and the Company or of any statutory duty owed to the Company that has not
been cured, if curable, within fifteen (15) days after written notice from the Board of such violation; (iv) Executive’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or
(v) Executive’s gross misconduct that has not been cured, if curable, within fifteen (15) days after written notice from the Board requesting that the Executive cure such misconduct. 

(ii) “Disability” means the inability of a Executive to engage in substantially gainful
Company activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve (12) months, and
shall be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 

(iii) “Good Reason” means Executive’s resignation from employment with the Company (or
successor to the Company, if applicable) due to any of the following actions taken by the Company (or successor to the Company, if applicable) without Executive’s prior written consent thereto: (1) a material reduction in Executive’s
base salary, which the parties agree is a reduction of at least 10% of Executive’s base salary (unless pursuant to a salary reduction program applicable generally to the Company’s similarly situated employees); (2) a material reduction in
Executive’s authority, duties or responsibilities; (3) a material reduction in the authority, duties, or responsibilities of the supervisor to whom Executive is required to report, including a requirement that Executive reports to a
corporate officer or employee instead of reporting directly to the Board; (4) from and after the earlier to occur of (x) the one year anniversary of the Start Date and (y) the date on which Executive relocates his primary residence to
San Diego county, California, a relocation of Executive’s principal place of employment to a place that increases Executive’s one-way commute by more than fifty (50) miles as compared to
Executive’s then-current principal place of employment immediately prior to such relocation (excluding regular travel in the ordinary course of business); and (5) a breach of a material provision of this Agreement by the Company.
Notwithstanding the foregoing, in order to resign for Good Reason, Executive must provide written notice to the Company within thirty (30) days after the first occurrence of the event giving rise to Good Reason setting forth the basis
for Executive’s resignation and allow the Company at least thirty (30) days from receipt of such written notice to cure such event, and, if such event is not reasonably cured within such period, Executive’s resignation from all
positions Executive then holds with the Company is effective not later than thirty (30) days after the expiration of the cure period. 

9.5 Section 409A. It is intended that all of the benefits and other payments payable under this Agreement satisfy, to
the greatest extent possible, an exemption from the application of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and 

  
 7. 

 
the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), and this Agreement will be
construed to the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and any ambiguities herein
shall be interpreted accordingly. Specifically, the benefits under this Agreement are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections
1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9) and each installment of severance benefits is a separate “payment”
for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i). However, if such exemptions are not available and Executive is, upon Separation from Service, a “specified employee” for purposes of
Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the severance benefits payments shall be delayed until the earlier of (i) six (6) months and one day after
Executive’s Separation from Service, or (ii) Executive’s death. Severance benefits shall not commence until Executive has a Separation from Service. If the severance benefits are not covered by one or more exemptions from the
application of Section 409A and the Release could become effective in the calendar year following the calendar year in which Executive’s Separation from Service occurs, the Release will not be deemed effective, for purposes of payment of
severance, any earlier than the Release Deadline. Except to the minimum extent that payments must be delayed because Executive is a “specified employee” or until the effectiveness of the Release, all severance amounts will be paid as soon
as practicable in accordance with the Company’s normal payroll practices. 
 9.6 Section 280G. If any payment or
benefit Executive will or may receive from the Company or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence,
be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount (defined below). The “Reduced Amount” will be either
(l) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (2) the entire Payment, whichever amount after taking into account all applicable federal, state and
local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results in
Executive’s receipt, on an after-tax basis, of the greatest amount of the Payment. If a reduction in the Payment is to be made so that the Payment equals the Reduced Amount, (x) the Payment will be
paid only to the extent permitted under the Reduced Amount alternative, and the Executive will have no rights to any additional payments and/or benefits constituting the Payment, and (y) reduction in payments and/or benefits will occur in the
following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits
paid to Executive. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. In no event will
the Company or any stockholder be liable to Executive for any amounts not paid as a result of the operation of this Section. The professional firm engaged by the Company for general tax purposes as of the day prior to the effective date of the
change in control will perform the foregoing calculations. If the tax firm so engaged by the Company is serving as accountant or auditor for the acquirer, the Company will appoint a nationally recognized tax firm to make the determinations required

  
 8. 

 
hereunder. The Company will bear all expenses with respect to the determinations by such firm required to be made hereunder. If the tax firm determines that no Excise Tax is payable with respect
to a Payment, either before or after the application of the Reduced Amount, it will furnish the Company and Executive with documentation that no Excise Tax is reasonably likely to be imposed with respect to such Payment. Any good faith
determinations of the tax firm made hereunder will be final, binding and conclusive upon the Company and Executive. 

10. Dispute Resolution. To ensure the rapid and economical resolution of disputes that may arise in connection with
Executive’s employment with the Company, Executive and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory claims, arising from or relating to the enforcement,
breach, performance, or interpretation of this Agreement, Executive’s employment with the Company, or the termination of Executive’s employment from the Company, will be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law, by final, binding and confidential arbitration conducted in San Diego, California by JAMS, Inc. (“JAMS”) or its successors, under
JAMS’ then applicable rules and procedures for employment disputes (which can be found at http://www.jamsadr.com/rules-clauses/, and which will be provided to Executive on request); provided that the arbitrator shall: (a) have the
authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential findings and
conclusions and a statement of the award. Executive and the Company shall be entitled to all rights and remedies that either would be entitled to pursue in a court of law. Both Executive and the Company acknowledge that by agreeing to this
arbitration procedure, they waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. The Company shall pay all filing fees in excess of those which would be required if the dispute were
decided in a court of law, and shall pay the arbitrator’s fee. Nothing in this Agreement is intended to prevent either the Company or Executive from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any
such arbitration. 
 11. General Provisions. 

11.1 Notices. Any notices provided must be in writing and will be deemed effective upon the earlier of personal
delivery (including personal delivery by fax) or the next day after sending by overnight carrier, to the Company at its primary office location and to Executive at the address as listed on the Company payroll. 

11.2 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping with the intent of the Parties. 

  
 9. 

 11.3 Waiver. Any waiver of any breach of any provisions of this Agreement
must be in writing to be effective, and it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

11.4 Complete Agreement. This Agreement, together with the Proprietary Agreement, and the Indemnification Agreement
attached hereto as EXHIBIT B, constitutes the entire agreement between Executive and the Company with regard to the subject matter hereof and is the complete, final, and exclusive embodiment of the Company’s and
Executive’s agreement with regard to this subject matter. This Agreement is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises,
warranties or representations. It cannot be modified or amended except in a writing signed by a duly authorized officer of the Company, with the exception of those changes expressly reserved to the Company’s discretion in this Agreement. 

11.5 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain
signatures of more than one party, but both of which taken together will constitute one and the same Agreement. 
 11.6
Headings. The headings of the paragraphs hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 

11.7 Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by
Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of Executive’s duties hereunder and Executive may not assign any of Executive’s rights
hereunder without the written consent of the Company, which shall not be withheld unreasonably. 
 11.8 Tax Withholding.
All payments and awards contemplated or made pursuant to this Agreement will be subject to withholdings of applicable taxes in compliance with all relevant laws and regulations of all appropriate government authorities. Executive acknowledges
and agrees that the Company has neither made any assurances nor any guarantees concerning the tax treatment of any payments or awards contemplated by or made pursuant to this Agreement. Executive has had the opportunity to retain a tax and financial
advisor and fully understands the tax and economic consequences of all payments and awards made pursuant to the Agreement. 

11.9 Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be
governed by the laws of the State of California. 
 [Signature Page Follows] 

  
 10. 

 IN WITNESS
WHEREOF, the parties have executed this Agreement on the date first written above. 
  

			
	TOCAGEN INC.
		
	 By:
	 	 /s/ Faheem Hasnain

		 	 Faheem Hasnain

		 	 Chairman of the Board

	
	EXECUTIVE
	
	 /s/ Martin Duvall

	 Martin Duvall

  
 11. 

 EXHIBIT A 

PROPRIETARY AGREEMENT 

  
 12. 

 EXHIBIT B 

INDEMNIFICATION AGREEMENT 

  
 13.Exhibit

1

Exhibit 10.45
EXECUTION VERSION
AMENDMENT NO. 1 dated as of January 27, 2017 (this “Amendment”), to the SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of July 1, 2016 (the “Credit Agreement”), among WILLIAM LYON HOMES, INC., a California corporation (the “Borrower”), WILLIAM LYON HOMES, a Delaware corporation (“Parent”), the lenders from time to time party thereto (the “Lenders”), and CREDIT SUISSE AG, as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders.
A.  Pursuant to the Credit Agreement, the Lenders have extended, and have agreed to extend, credit to the Borrower.

B.  The Borrower and Parent have requested, and the Required Lenders have agreed, to amend the Credit Agreement as provided herein.

Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms used but not defined herein shall have the meanings given them in the Credit Agreement.

SECTION 2.  Amendment to the Credit Agreement.   Subject to the satisfaction of the conditions set forth in Section 4 hereof, the definition of the term “Leverage Ratio” set forth in Section 1.1 of the Credit Agreement is hereby amended by inserting the following sentence at the end thereof: "Solely for purposes of calculating the Leverage Ratio, Consolidated Tangible Net Worth shall be adjusted to exclude (i) any gain or loss resulting from the early extinguishment of Indebtedness and (ii) the fees and expenses incurred by the Loan Parties and their Restricted Subsidiaries in connection with the incurrence or extinguishment of any Indebtedness.”.

SECTION 3.  Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, Parent and the Borrower represent and warrant to each of the Lenders and the Administrative Agent that, after giving effect to this Amendment, (a) the representations and warranties set forth in Section 4 of the Credit Agreement are true and correct in all material respects (except any representations and warranties which are qualified by materiality, which are correct and accurate in all respects) on and as of the Amendment No. 1 Effective Date (as defined below) as if made on and as of the Amendment No. 1 Effective Date, provided if any such representations and warranties are expressly made only as of a prior date, such representations and warranties are true and correct in all material respects (except any representations and warranties which are qualified by materiality are correct and accurate in all respects) as of such prior date; and (b) No Default or Event of Default shall have occurred and be continuing on the Amendment No. 1 Effective Date.

SECTION 4.  Amendment Effectiveness.  This Amendment shall become effective on the date (the “Amendment No. 1 Effective Date”) on which (a) the Administrative Agent shall have received counterparts of this Amendment that, when taken together, bear the signatures of the Borrower, Parent and the Required Lenders; and (b) the Administrative Agent shall have received all fees and reimbursement of all expenses required to be paid by the Borrower in connection with the 

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transactions contemplated hereby.

SECTION 5.  Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Issuing Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.  This Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein.  After the date hereof, any reference to the Credit Agreement shall mean the Credit Agreement as modified hereby.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

SECTION 6.  Acknowledgment and Consent. Each Loan Party hereby acknowledges that it has read this Amendment and consents to the terms hereof and further hereby affirms, confirms and agrees that (a) notwithstanding the effectiveness of this Amendment, the obligations of such Loan Party under each of the Loan Documents to which it is a party shall not be impaired and each of the Loan Documents to which such Loan Party is a party is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects, in each case, as amended hereby; and (b) its guaranty of the Obligations, and the pledge of and/or grant of a security interest in its assets as Collateral to secure the Obligations, all as and to the extent provided in the Security Documents as originally executed, shall continue in full force and effect in respect of, and to secure, the Obligations as modified hereby.

SECTION 7.  Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other customary means of electronic transmission (e.g., “pdf”) shall be as effective as delivery of a manually executed counterpart hereof. 

SECTION 8.  Applicable Law.  THIS AMENDMENT AND ALL CLAIMS AND CONTROVERSIES IN CONNECTION HEREWITH SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

SECTION 9.  Submission to Jurisdiction.  Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding shall be heard and determined only in such New York State or, to the extent permitted by law, in such Federal court.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Amendment shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this 

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Amendment or the other Loan Documents against the Borrower, Parent or their respective properties in the courts of any jurisdiction.

SECTION 10.  Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written.
	
		
	WILLIAM LYON HOMES, INC.,

	By /s/ Matthew R. Zaist

	 
	 

	 
	Name: Matthew R. Zaist

	 
	Title: President & Chief Executive Officer

	 
	 

	 
	 

	By /s/ Jason Liljestrom

	 
	 

	 
	Name: Jason Liljestrom

	 
	Title: VP, General Counsel & Corp Secretary

	 
	 

	
		
	WILLIAM LYON HOMES, INC.,

	By /s/ Matthew R. Zaist

	 
	 

	 
	Name: Matthew R. Zaist

	 
	Title: President & Chief Executive Officer

	 
	 

	 
	 

	By /s/ Jason Liljestrom

	 
	 

	 
	Name: Jason Liljestrom

	 
	Title: VP, General Counsel & Corp Secretary

	 
	 

5

	
		
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, individually and as Administrative Agent,

	By /s/ William O’Daly

	 
	 

	 
	Name: William O’Daly

	 
	Title: Authorized Signatory

	 
	 

	By /s/ D. Andrew Maletta

	 
	 

	 
	Name: D. Andrew Maletta

	 
	Title: Authorized Signatory

SIGNATURE PAGE TO 
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF JULY 1, 2016

	
		
	Name of Lender: Citibank, N.A.

	By /s/ Robert J. Kane

	 
	 

	 
	Name: Robert J. Kane

	 
	Title: Vice President

SIGNATURE PAGE TO 
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF JULY 1, 2016

	
		
	Name of Lender: JPMorgan Chase Bank, N.A.

	By /s/ Chiara W. Carter

	 
	 

	 
	Name: Chiara W. Carter

	 
	Title: Executive Director

SIGNATURE PAGE TO 
AMENDMENT NO. 1 TO
WILLIAM LYON HOMES, INC.
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
DATED AS OF JULY 1, 2016

	
		
	Name of Lender: Comerica Bank

	By /s/ David Plattner

	 
	 

	 
	Name: David Plattner

	 
	Title: VP - Western Market

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