Document:

rvmd-ex101_328.htm

 

Exhibit 10.1

Revolution Medicines, Inc.

Non-Employee Director Compensation Program

 

As amended, June 22, 2021

 

This Revolution Medicines, Inc. (the “Company”) Non-Employee Director Compensation Program (this “Program”) has been adopted under the Company’s 2020 Incentive Award Plan (the “Plan”).  The cash and equity compensation described in this Program shall be paid or made, as applicable, automatically and without further action of the board of directors of the Company (the “Board”) to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”) who is entitled to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. Capitalized terms not otherwise defined herein shall have the meaning ascribed in the Plan.

 

Cash Compensation

 

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

 

	
Non-Employee Director:
	
$40,000

	
Lead Independent Director
	
$25,000

	
Non-Executive Chair:
	
$30,000

	
Audit Committee Chair:
	
$15,000

	
Compensation Committee Chair:
	
$12,000

	
Nominating and Corporate Governance Committee Chair:
	
$10,000

	
Research and Development Committee Chair:
	
$10,000

	
Audit Committee Member (non-Chair):
	
$7,500

	
Compensation Committee Member (non-Chair):
	
$6,000

	
Nominating and Corporate Governance Committee Member (non-Chair):
	
$5,000

	
Research and Development Committee Member (non-Chair):
	
$5,000

 

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

 

Equity Compensation

 

 

 

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

 

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

 

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

 

	
Annual Awards:
	
Each Non-Employee Director who has been serving on the Board since prior to April 1 of the calendar year in which an annual meeting of the Company’s stockholders (each, an “Annual Meeting”) occurs and will continue to serve as a Non-Employee Director immediately following such meeting, shall be granted (i) an Option under the Plan or any other applicable Company equity incentive plan then-maintained by the Company to purchase 12,659 shares of Common Stock (the “Annual Option”) and (ii) 3,617 restricted stock units under the Plan or any other applicable Company equity incentive plan then-maintained by the Company (the “Annual RSUs” and together with the Annual Option, the “Annual Awards”). 

 

Notwithstanding the foregoing, the number of shares subject to each Annual Award granted to any Non-Employee Director who joined the Board after the previous Annual Meeting, but prior to April 1 of the calendar year in which the applicable Annual Meeting occurs will be multiplied by a fraction, the numerator of which is the number of days elapsed between the date of such Non-Employee Director’s appointment and the applicable Annual Meeting and the denominator of which is 365, and rounded down to the nearest whole share. 

 

For the avoidance of doubt, any Non-Employee Director who joins the Board after April 1 of a calendar year shall not be eligible for Annual Awards granted at the first Annual Meeting that occurs after their appointment in the calendar year of their appointment.

 

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

 

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

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

 

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

 

No portion of the Initial Awards or Annual Awards which is unvested or unexercisable at the time of a Non-Employee Director’s termination of service shall become vested and exercisable thereafter.

 

Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their service with the Company and any parent or subsidiary of the Company and remain on the Board will not receive Initial Awards, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from service with the Company and any parent or subsidiary of the Company, Annual Awards as described above. 

 

 

 

Change in Control

 

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US-DOCS\116583922.5

 

 

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

 

Reimbursements

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

Miscellaneous

 

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

 

 

 

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I hereby certify that the foregoing Program was adopted by the Board of Directors of Revolution Medicines, Inc. on June 22, 2021.

* * * * *

Executed on June 22, 2021.

 

Margaret A. Horn

Corporate Secretaryrvmd-ex102_557.htm

Exhibit 10.2

EXECUTION VERSION

 

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed.

 

 

 

 

August 5, 2021

 

Revolution Medicines, Inc.

700 Saginaw Dr.

Redwood City, CA 94063

 

To Whom It May Concern:

 

Reference is hereby made to that certain Collaborative Research, Development and Commercialization Agreement (as amended from time to time, the “Agreement”), dated as of June 8, 2018, by and between Revolution Medicines, Inc. (“RevMed”) and Aventis, Inc. (“Aventis”), as amended by that certain letter agreement dated as of August 24, 2018, and as assigned by Aventis to Genzyme Corporation (“Sanofi”) pursuant to that certain Assignment and Assumption Agreement dated as of December 20, 2018.  Except as otherwise specifically indicated herein, capitalized terms used but not defined in this letter agreement (this “Letter”) shall have the meanings assigned to them in the Agreement.

 

In consideration of our ongoing Collaboration, and the mutual covenants contained herein, RevMed and Sanofi hereby acknowledge and agree as follows:

 

1.RMC-4630-03 – Amgen Doublet. 

 

a.In accordance with the terms of the Agreement, the JRDC has reviewed and approved the proposed RMC-4630-03 study, consisting of a combination study of RMC-4630 and Amgen’s LumakrasTM (sotorasib), in each case, as set forth in the protocol and the budget separately agreed to by the Parties through the JRDC and JSC, as applicable (such study, “RMC-4630-03” and such budget, the “RMC-4630-03 Budget”), and has added RMC-4630-03 to the Development Plan.  For clarity, notwithstanding any prior agreement by the Parties to the contrary, RMC-4630-03 shall be considered a study under the Development Plan (and not a RevMed Study) and part of the Collaboration subject to the terms of the Agreement as modified by this Letter.  

 

b.Notwithstanding anything in the Agreement to the contrary, Sanofi and RevMed shall each be responsible for fifty percent (50%) of the RevMed R&D Costs for RMC-4630-03, for clarity, including but not limited to RevMed’s Manufacturing Costs of any Product required for RMC-4630-03 and costs of supply of LumakrasTM for the US sites in RMC-4630-03 (provided that such RevMed R&D Costs are incurred per the RMC-4630-03 Budget, as the same may be updated by the Parties from time to time in accordance with the Agreement, and do not exceed [***]% of the applicable amounts set forth in the RMC-4630-03 Budget for the particular Calendar Quarter).  The RevMed R&D Costs to be shared by the Parties shall initially be borne by RevMed.  Promptly following the end of each Calendar Quarter during which RMC-4630-03 is ongoing or RevMed R&D Costs for RMC-4630-03 are incurred, but in no event later than [***] following the end of such Calendar Quarter, RevMed 

50 Binney Street, Cambridge, MA 02142

Tel:  617.252.7500 - Fax: 617.252.7600

 

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will provide to the JRDC a detailed expense report in form approved by the JRDC with respect to such RevMed R&D Costs incurred by or on behalf of RevMed during such Calendar Quarter consistent with this Section 1(b) (including, if requested by Sanofi in writing, copies of receipts or invoices from Third Parties for all RevMed R&D Out-of-Pocket Costs). RevMed shall deliver an invoice to Sanofi for an amount of cash sufficient to reconcile to Sanofi’s agreed percentage of such RevMed R&D Costs. Sanofi will reimburse RevMed in Dollars all undisputed amounts within such expense reports under this Section 1(b) within [***] following receipt of the invoice therefor.

 

c.Sanofi shall have rights to use, at no additional cost, any data arising from RMC-4630-03 (“RMC-4630-03 Study Data”) in its performance of its obligations and exercise of its rights under the Collaboration except in connection with filing of MAAs for the Indication and Product Treatment Regimen that were the subject of RMC-4630-03.  If Sanofi wishes to use or actually uses, RMC-4630-03 Study Data in support of filing a MAA for the Indication and Product Treatment Regimen that were the subject of RMC-4630-03, it shall notify RevMed in writing and shall make a buy-in payment to RevMed in Dollars equal to [***], such payment to be made within [***] after the date that Sanofi receives an invoice from RevMed setting forth such amount.

 

2.No Other Modifications. This Letter constitutes an Ancillary Agreement, as defined in, and pursuant to, the Agreement.  This Letter amends the Agreement and shall be deemed to be a part of and incorporated into the Agreement.  In the event of a conflict between this Letter and the Agreement, this Letter shall control.  Except as expressly set forth in this Letter, all of the terms and conditions of the Agreement shall remain unchanged and are ratified and confirmed in all respects and remain in full force and effect.

 

3.Counterparts. This Letter may be executed in one (1) or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 

4.Governing Law. This letter agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to any rules of conflict of laws.  

 

[Signature Page Follows]

 

50 Binney Street, Cambridge, MA 02142

Tel:  617.252.7500 - Fax: 617.252.7600

 

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Please acknowledge RevMed’s agreement with this Letter by returning a signed copy of this Letter.  

 

Sincerely, 

 

Genzyme Corporation

 

By: /s/ Peter Adamson

Name:Peter Adamson

Title:  Global Head, Oncology Development & Pediatric Innovation

 

 

 

 

Acknowledged and Agreed:

 

Revolution Medicines, Inc.

 

By:___/s/ Margaret A. Horn___________________________

Name: Margaret A. Horn, J.D.

Title: Chief Operating Officer

 

 

50 Binney Street, Cambridge, MA 02142

Tel:  617.252.7500 - Fax: 617.252.7600

 

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