Document:

EX-10.4

 Exhibit 10.4 

AMYLYX PHARMACEUTICALS, INC. 

EXECUTIVE CASH INCENTIVE BONUS PLAN 
  

	1.	 Purpose 

This Executive Cash Incentive Bonus Plan (the “Incentive Plan”) is intended to promote the achievement of
excellent performance and business results, aligning eligible executives of Amylyx Pharmaceuticals, Inc. (the “Company”) and its subsidiaries goals and interests to those of the Company and its stockholders. The plan enables
the Company to attract, retain, motivate and reward highly qualified executives who are responsible for providing leadership to the Company as it attains its significant business objectives. The Incentive Plan is for the benefit of Covered
Executives (as defined below). 
  

	2.	 Covered Executives 

From time to time, the Compensation Committee of the Board of Directors of the Company (the “Compensation
Committee”) may select certain key executives (the “Covered Executives”) to be eligible to receive bonuses hereunder. Participation in this Plan does not change the “at will” nature
of a Covered Executive’s employment with the Company. 
  

	3.	 Administration 

The Compensation Committee shall have the sole discretion and authority to administer and interpret the Incentive Plan. 

 

	4.	 Bonus Determinations 

(a) Corporate Performance Goals. A Covered Executive may receive a bonus payment under the Incentive Plan based upon the attainment of
one or more performance objectives that are established by the Compensation Committee and relate to financial and operational metrics with respect to the Company or any of its subsidiaries (the “Corporate Performance Goals”),
including, without limitation, the following: developmental, publication, clinical, supply chain or regulatory milestones; cash flow (including, but not limited to, operating cash flow and free cash flow); revenue; corporate revenue; earnings before
interest, taxes, depreciation and amortization; net income (loss) (either before or after interest, taxes, depreciation and/or amortization); changes in the market price of the Company’s common stock; economic value-added; acquisitions or
strategic transactions, including licenses, collaborations, joint ventures or promotion arrangements; operating income (loss); return on capital, assets, equity, or investment; stockholder returns; return on sales; gross or net profit levels;
productivity; expense efficiency; margins; operating efficiency; working capital; earnings (loss) per share of the Company’s common stock; sales or market shares; any of which may be (A) measured in absolute terms or compared to any
incremental increase, (B) measured in terms of growth, (C) compared to another company or companies or to results of a peer group, (D) measured against the market as a whole and/or as compared to applicable market indices and/or
(E) measured on a pre-tax or post-tax basis (if applicable). Further, any Corporate Performance Goals may be used to measure the performance of the Company as a
whole or a business unit or other segment of the Company, or one or more product lines or specific markets. The Corporate Performance Goals may differ from Covered Executive to Covered Executive.  

 (b) Calculation of Corporate Performance Goals. At the beginning of each applicable
performance period, the Compensation Committee will determine whether any significant element(s) will be included in or excluded from the calculation of any Corporate Performance Goal with respect to any Covered Executive. In all other
respects, Corporate Performance Goals will be calculated in accordance with the Company’s financial statements, generally accepted accounting principles, or under a methodology established by the Compensation Committee at the beginning of the
performance period and that is consistently applied with respect to a Corporate Performance Goal in the relevant performance period. 
 (c)
Target; Minimum; Maximum. Each Corporate Performance Goal shall have a “target” (100 percent attainment of the Corporate Performance Goal) and may also have a “minimum” hurdle and/or a “maximum” amount. 

(d) Bonus Requirements; Individual Goals. Except as otherwise set forth in this Section 4(d): (i) any bonuses paid to Covered
Executives under the Incentive Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance targets relating to the Corporate Performance Goals, (ii) bonus formulas for Covered Executives
shall be adopted in each performance period by the Compensation Committee and communicated to each Covered Executive at the beginning of each performance period and (iii) no bonuses shall be paid to Covered Executives unless and until the
Compensation Committee makes a determination with respect to the attainment of the performance targets relating to the Corporate Performance Goals. Notwithstanding the foregoing, the Compensation Committee may adjust bonuses payable under the
Incentive Plan based on achievement of one or more individual performance objectives or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Incentive Plan based on individual performance goals and/or
upon such other terms and conditions as the Compensation Committee may in its discretion determine. 
 (e) Individual Target Bonuses.
The Compensation Committee shall establish a target bonus opportunity for each Covered Executive for each performance period. For each Covered Executive, the Compensation Committee shall have the authority to apportion the target award so that a
portion of the target award shall be tied to attainment of Corporate Performance Goals and a portion of the target award shall be tied to attainment of individual performance objectives. 

(f) Employment Requirement. Subject to any additional terms contained in a written agreement between the Covered Executive and the
Company, the payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s employment by the Company on the bonus payment date. If a Covered Executive was not employed for an
entire performance period, the Compensation Committee may pro rate the bonus based on the number of days employed during such period. 

  
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	5.	 Timing of Payment 

(a) With respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g., quarterly or
semi-annually), the Corporate Performance Goals will be measured at the end of each performance period after the Company’s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals and/or
individual goals for such period are met, payments will be made as soon as practicable following the end of such period, but not later 74 days after the end of the fiscal year in which such performance period ends. 

(b) With respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate Performance Goals will be
measured as of the end of each such performance period (e.g., the end of each fiscal year) after the Company’s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals and/or individual goals for
any such period are met, bonus payments will be made as soon as practicable, but not later than 74 days after the end of the relevant fiscal year. 

(c) For the avoidance of doubt, bonuses earned at any time in a fiscal year must be paid no later than 74 days after the last day of such
fiscal year. 
  

	6.	 Amendment and Termination 

The Company reserves the right to amend or terminate the Incentive Plan at any time in its sole discretion. 

  
 3EX-10.5

 Exhibit 10.5 

AMYLYX PHARMACEUTICALS, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

The purpose of this Non-Employee Director Compensation Policy (the “Policy”) of Amylyx Pharmaceuticals, Inc.
(the “Company”) is to provide a total compensation package that enables the Company to attract and retain, on a long-term basis, high-caliber directors who are not employees or officers of the Company or its subsidiaries (“Outside
Directors”). This Policy will become effective as of the effective time of the registration statement for the Company’s initial public offering of equity securities (the “Effective Date”). In furtherance of the purpose stated
above, all Outside Directors shall be paid compensation for services provided to the Company as set forth below: 
 Cash Retainers 

Annual Retainer for Board Membership: $40,000 for general availability and participation in meetings and conference calls of our Board
of Directors, to be paid quarterly in arrears, pro-rated based on the number of actual days served by the director during such calendar quarter. No additional compensation will be paid for attending individual
meetings of the Board of Directors. 
  

					
	 Annual Retainer for Board Chair:
	  	$	77,500	 
	 Additional Annual Retainers for Committee Membership:
	  			
	 Audit Committee Chair:
	  	$	15,000	 
	 Audit Committee member:
	  	$	 7,500	 
	 Compensation Committee Chair:
	  	$	10,000	 
	 Compensation Committee member:
	  	$	 5,000	 
	 Nominating and Corporate Governance Committee Chair:
	  	$	 8,000	 
	 Nominating and Corporate Governance Committee member:
	  	$	 4,000	 

 Chair and committee member retainers are in addition to retainers for members of the Board of Directors.
No additional compensation will be paid for attending individual committee meetings of the Board of Directors. 
 Equity Retainers 

Initial Award: An initial, one-time stock option award (the “Initial Award”) to
purchase/covering 38,000 shares under the Company’s 2022 Stock Option and Incentive Plan will be granted to each new Outside Director upon his or her election to the Board of Directors, which shall vest
one-third on the first anniversary of the date of grant, and the remaining two-thirds will vest in equal monthly installments over two years, provided, however, that all
vesting shall cease if the director resigns from the Board of Directors or otherwise ceases to serve as a director of the Company. In addition, all vested options remain exercisable for twelve (12) months if the director resigns from the Board
of Directors or otherwise ceases to serve as a director. The Initial Award shall expire ten years from the date of grant, and shall have a per share exercise price equal to the Fair Market Value (as defined in the Company’s 2022 Stock Option
and Incentive Plan) of the Company’s common stock on the date of grant. This Initial Award applies only to Outside Directors who are first elected to the Board of Directors subsequent to the Effective Date. 

  
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 Annual Award: On each date of each Annual Meeting of Stockholders of the Company
following the Effective Date (the “Annual Meeting”), each continuing Outside Director, other than a director receiving an Initial Award, will receive an annual stock option award (the “Annual Award”) to purchase/covering 19,000
shares under the Company’s 2022 Stock Option and Incentive Plan, which shall vest in full upon the earlier of (i) the first anniversary of the date of grant or (ii) the date of the next Annual Meeting; provided, however, that all
vesting shall cease if the director resigns from the Board of Directors or otherwise ceases to serve as a director, unless the Board of Directors determines that the circumstances warrant continuation of vesting. In addition, all vested options
remain exercisable for twelve (12) months if the director resigns from the Board of Directors or otherwise ceases to serve as a director. Notwithstanding the foregoing, if an Outside Director was initially elected to the Board of Directors
within twelve (12) months preceding the Annual Meeting, then such Outside Director shall receive Annual Award that is pro-rated on a monthly basis for time serving as an Outside Director. Such Annual
Award shall expire ten years from the date of grant, and shall have a per share exercise price equal to the Fair Market Value (as defined in the Company’s 2022 Stock Option and Incentive Plan) of the Company’s common stock on the date of
grant. 
 Value: For purposes of this Policy, “Value” means with respect to any stock option award, the grant date fair
value of the option (i.e., Black-Scholes Value) determined in accordance with the reasonable assumptions and methodologies employed by the Company for calculating the fair value of options under Financial Accounting Standard Board (“FASB”)
Accounting Standards Codification (“ASC”) Topic 718. 
 Sale Event Acceleration: All outstanding Initial Awards and Annual
Awards held by an Outside Director shall become fully vested and exercisable upon a Sale Event (as defined in the Company’s 2022 Stock Option and Incentive Plan). 

Expenses 
 The Company will
reimburse all reasonable out-of-pocket expenses incurred by non-employee directors in attending meetings of the Board of Directors or any committee thereof. 

  
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 Maximum Annual Compensation 

The aggregate amount of compensation, including both equity compensation and cash compensation, paid by the Company to any Outside Director in
a calendar year for services as an Outside Director shall not exceed $750,000; provided, however, that such amount shall be $1,000,000 for the calendar year in which the applicable Outside Director is initially elected or appointed to the Board of
Directors; (or such other limits as may be set forth in Section 3(b) of the Company’s 2022 Stock Option and Incentive Plan or any similar provision of a successor plan). For this purpose, the “amount” of equity compensation paid
in a calendar year shall be determined based on the grant date fair value thereof, as determined in accordance with FASB ASC Topic 718 or its successor provision, but excluding the impact of estimated forfeitures related to service-based vesting
conditions. 
 Adopted December 29, 2021. 

  
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