Document:

EX-10.11

 Exhibit 10.11 

4D Molecular Therapeutics, Inc. 

Employment Agreement 

This Employment Agreement (this “Agreement”), dated as of January 15, 2019, is made by and between 4D Molecular
Therapeutics, Inc., a Delaware corporation (together with any successor thereto, the “Company”), and Peter Francis, M.D. (“Executive”) (collectively referred to as the “Parties” or individually
referred to as a “Party”). 
 WHEREAS, Executive is currently employed by the Company as its Senior Vice President,
Clinical Translational R&D Program Leader, Retina Therapeutic Area, and the Company shall promote Executive as of the Effective Date (as defined below) to its Chief Medical Officer on the terms and conditions provided hereunder and upon
Executive’s execution of this Agreement, the Prior Agreement (as defined below) shall be superseded and no longer of any force or effect; 

WHEREAS, it is the desire of the Company to assure itself of the continued services of the Executive following the Effective Date and
thereafter on the terms herein provided by entering into this Agreement; and 
 WHEREAS, it is the desire of Executive to provide
continued services to the Company following the Effective Date and thereafter on the terms herein provided. 
 NOW, THEREFORE,
in consideration of the foregoing, and for other good and valuable consideration, including the respective covenants and agreements set forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

  

	1.	 Employment. 

(a) General. Effective as of January 15, 2019 (the “Effective Date”), the Company shall employ Executive and
Executive shall remain in the employ of the Company, for the period and in the positions set forth in this Section 1, and subject to the other terms and conditions herein. 

(b) Employment Term. The term of this Agreement (the “Term”) shall commence on the Effective Date and end on the date
this Agreement is terminated under Section 3 below. 
 (c) Positions. Executive shall serve as the Chief Medical Officer of the
Company with such responsibilities, duties and authority normally associated with such position and as may from time to time be reasonably assigned to Executive by the Company. Executive shall report directly to the Company’s Chief Executive
Officer. At the Company’s request, Executive shall serve the Company and/or its subsidiaries and affiliates in such other capacities in addition to the foregoing as the Company shall designate, provided that such additional capacities are
consistent with Executive’s position as the Company’s Chief Medical Officer. If Executive serves in any one or more of such additional capacities, Executive’s compensation shall not automatically be increased on account of such
additional service. 
 (d) Duties. Executive shall devote substantially all of Executive’s working time, attention and efforts
to the business and affairs of the Company (which shall include service to its affiliates), except during any paid vacation or other excused absence periods. Executive shall not engage in outside business activities (including serving on outside
boards or committees) without the prior written consent of the Board, as defined below (which shall not be unreasonably withheld); provided that Executive shall be permitted to (i) manage Executive’s personal, financial and legal
affairs, (ii) participate in trade 

 
associations and charitable and community affairs, (iii) continue to serve on the board of directors or advisory boards of the companies/organizations set forth on Exhibit A attached
hereto, if any, and (iv) provide not more than one day per week of clinical ophthamology services in Oregon, in each case, subject to compliance with this Agreement and provided that such activities do not materially interfere with
Executive’s performance of Executive’s duties and responsibilities hereunder or violate the terms of that certain Confidential Information and Invention Assignment Agreement previously entered into by and between Executive and the Company
(the “Confidentiality Agreement”). Executive agrees to observe and comply with the rules and policies of the Company as adopted by the Company from time to time, in each case as amended from time to time, as set forth in writing,
and as delivered or made available to Executive (each, a “Policy”). 
 (e) Location. The Company acknowledges that
Executive resides in Portland, Oregon; however, the parties agree that to the extent feasible, Executive shall perform his/her duties hereunder at the offices of the Company located in Emeryville, California. In addition, the parties agree that from
time to time Executive may be required to travel to other locations in the proper conduct of Executive’s responsibilities under this Agreement. 
  

	2.	 Compensation and Related Matters. 

(a) Annual Base Salary. During the Term and effective as of the Effective Date, Executive shall receive a base salary at a rate of
$325,000 per annum, which shall be paid in accordance with the customary payroll practices of the Company and shall be pro-rated for partial years of employment. Such annual base salary shall be reviewed from
time to time by the Board (such annual base salary, as it may be adjusted from time to time, the “Annual Base Salary”). 

(b) Annual Bonus. During the Term and commencing for the full calendar year 2019, Executive will be eligible to participate in such
annual incentive program established by the Board. Executive’s annual incentive compensation under such incentive program (the “Annual Bonus”) shall be targeted at thirty five percent (35%) of Executive’s Annual Base
Salary (the “Target Bonus”). The Annual Bonus payable under the incentive program shall be based on the achievement of performance goals to be determined by the Board. The payment of any Annual Bonus pursuant to the incentive
program will be made on or before March 15th of the year following the year in which such Annual Bonus is earned. 

(c) Benefits. During the Term, Executive shall be eligible to participate in employee benefit plans, programs and arrangements as the
Company may from time to time offer to provide to its executives, consistent with the terms thereof and as such plans, programs and arrangements may be amended from time to time. Notwithstanding the foregoing, nothing herein is intended, or shall be
construed, to require the Company to institute or continue any, or any particular, plan or benefit. In no event shall Executive be eligible to participate in any severance plan or program of the Company, except as set forth in Section 4 below.
In no event shall Executive be eligible to participate in any severance plan or program of the Company, except as set forth in Section 4 below, 

(d) Vacation; Holidays. During the Term, Executive shall be entitled to paid vacation per calendar year
(pro-rated for partial years) in accordance with the Policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive. In addition, the Company offers employees time
off for standard Company holidays in accordance with the Policies. 

  
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 (e) Business Expenses. During the Term, the Company shall reimburse Executive for all
reasonable travel and other business expenses incurred by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement Policy, including reasonable airfare between the Bay Area
and Portland and reasonable lodging and dinner expenses while working from the Company’s Emeryville offices. 
 (f) Equity
Awards. 
 (i) Promotion Option. As soon as reasonably practicable following the Effective Date, Executive shall
be granted, subject to approval by the Board, an option to purchase 146,680 shares of the Company’s common stock (the “Option”), with an exercise price per share equal to the fair market value of a share of the Company’s
common stock on the date of grant (as determined by the Board in its sole discretion), provided that Executive is employed by the Company on the date of grant. The Option shall vest and become exercisable as to 1/48th of the shares subject to
the Option on each monthly anniversary of the Effective Date, or if no such date exists, on the last day of calendar month, (each such date, a “Vesting Date”) such that the Option will be fully vested and exercisable on the fourth
anniversary of the Effective Date, subject to Executive’s continued service with the Company through the applicable Vesting Date. 

(ii) Previous Equity Awards. Executive’s existing equity awards shall continue in accordance with their current
terms and conditions. 
 (iii) Generally. The Option and Executive’s existing equity awards, and any shares
acquired upon exercise, will be subject to the terms and conditions of the Company’s equity incentive plan and award agreements to be entered into between Executive and the Company. Executive’s equity awards, including the Option, shall
also have the accelerated vesting as provided in Section 4 below. 
  

	3.	 Termination. 

(a) At-Will Employment. The Company and Executive acknowledge that Executive’s employment
is and shall continue to be “at-will,” as defined under applicable law. This means that it is not for any specified period of time and can be terminated by Executive or by the Company at any time,
with or without advance notice, and for any or no particular reason or cause. It also means that Executive’s job duties, title, and responsibility and reporting level, work schedule, compensation, and benefits, as well as the Company’s
personnel policies and procedures, may be changed with prospective effect, with or without notice, at any time in the sole discretion of the Company (subject to any ramification such changes may have under Section 4 below). This “at-will” nature of Executive’s employment shall remain unchanged during Executive’s tenure as an employee and may not be changed, except in an express writing signed by Executive and a
duly-authorized representative of the Company. If Executive’s employment terminates for any lawful reason, Executive shall not be entitled to any payments, benefits, damages, award, or compensation other than as provided in this Agreement. 

(b) Circumstances. Executive’s employment hereunder may be terminated by the Company or Executive, as applicable, without any
breach of this Agreement under the following circumstances: 
 (i) Death. Executive’s employment hereunder shall
terminate upon Executive’s death. 
 (ii) Disability. If Executive has incurred a Disability, as defined below,
the Company may terminate Executive’s employment. 

  
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 (iii) Termination for Cause. The Company may terminate
Executive’s employment for Cause, as defined below. 
 (iv) Termination without Cause. The Company may terminate
Executive’s employment without Cause. 
 (v) Resignation from the Company with Good Reason. Executive may resign
Executive’s employment with the Company with Good Reason, as defined below. 
 (vi) Resignation from the Company
without Good Reason. Executive may resign Executive’s employment with the Company for any reason other than Good Reason or for no reason. 

(c) Notice of Termination. During the Term, any termination of Executive’s employment by the Company or by Executive under this
Section 3 (other than termination pursuant to Section 3(a)(i) above) shall be communicated by a written notice (a “Notice of Termination”) to the other Party hereto (i) indicating the specific termination provision in
this Agreement relied upon, (ii) setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated, if applicable, and (iii) specifying
a Date of Termination (as defined below). The failure by either party to set forth in the Notice of Termination any fact or circumstance shall not waive any right of the party hereunder or preclude the party from asserting such fact or circumstance
in enforcing the party’s rights hereunder. 
 (d) Termination Date. For purposes of this Agreement, “Date of
Termination” shall mean the date of the termination of Executive’s employment with the Company, which, if Executive’s employment is terminated as a result of Executive’s death, will be the date of Executive’s death, and
otherwise shall be the date specified in a Notice of Termination. 
 (e) Deemed Resignation. Upon termination of Executive’s
employment for any reason, Executive shall be deemed to have resigned from all offices and directorships, if any, then held with the Company or any of its subsidiaries. 
  

	4.	 Obligations upon a Termination of Employment. 

(a) Company Obligations upon Termination. Upon termination of Executive’s employment pursuant to any of the circumstances listed in
Section 3(b) above, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of Executive’s Annual Base Salary earned through the Date of Termination, but not yet paid to Executive; (ii) any
accrued but unpaid paid vacation owed to Executive pursuant to Section 2(d) above, if applicable; (iii) any expenses owed to Executive pursuant to Section 2(e) above; and (iv) any amount accrued and arising from Executive’s
participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the
“Company Arrangements”). Except as otherwise expressly required by law or as specifically provided in a Company Arrangement or herein, all of Executive’s rights to salary, severance, benefits, bonuses and other compensatory
amounts hereunder (if any) shall cease upon the termination of Executive’s employment hereunder. 

  
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 (b) Executive’s Obligations upon Termination. 

(i) Cooperation. Executive shall provide Executive’s reasonable cooperation in connection with any action or
proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder; provided the Company shall indemnify and hold harmless Executive with respect to any such cooperation and
reimburse Executive for Executive’s reasonable costs and expenses (including legal counsel selected by Executive and reasonably acceptable to the Company) and such cooperation shall not unreasonably burden Executive or unreasonably interfere
with any subsequent employment that Executive may undertake. 
 (ii) Return of Company Property. Executive hereby
acknowledges and agrees that all Personal Property (as defined below) and equipment furnished to, or prepared by, Executive in the course of, or incident to, Executive’s employment, belongs to the Company and shall be promptly returned to the
Company upon termination of Executive’s employment (and will not be kept in Executive’s possession or delivered to anyone else). For purposes of this Agreement, “Personal Property” includes, without limitation, all books,
manuals, records, reports, notes, contracts, lists, blueprints, and other documents, or materials, or copies thereof (including computer files), keys, building card keys, company credit cards, telephone calling cards, computer hardware and software,
laptop computers, docking stations, cellular and portable telephone equipment, personal digital assistant (PDA) devices and all other proprietary information relating to the business of the Company or its subsidiaries or affiliates. Following
termination, Executive shall not retain any written or other tangible material containing any proprietary information of the Company or its subsidiaries or affiliates. 

(c) Severance Payments upon a Termination without Cause or Resignation with Good Reason. If, during the Term (whether before or after a
Change in Control), Executive’s employment terminates pursuant to Section 3(a)(iv) above due to the Company’s termination without Cause or pursuant to Section 3(a)(v) above due to Executive’s resignation with Good Reason,
then, subject to Executive’s delivery to the Company of an executed waiver and release of claims in a form approved by the Company (the “Release”) that becomes effective and irrevocable in accordance with Section 9(m)(vi)
below, and Executive’s continued compliance with Section 5 below, Executive shall receive, in addition to payments and benefits set forth in Section 4(a) above, the following: 

(i) an amount in cash equal to nine (9) months of Executive’s then-existing Annual Base Salary, payable, less
applicable withholdings and deductions, in a single lump sum cash payment on the first regular payroll date following the date the Release becomes effective and irrevocable or as otherwise provided in Section 9(m)(vi) below; and 

(ii) during the period commencing on the Date of Termination and ending on the nine (9) month anniversary thereof or, if
earlier, the date on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any case, the “COBRA Period”), subject to Executive’s valid election to continue
healthcare coverage under Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to Executive and Executive’s dependents, at the Company’s sole expense,
or (B) reimburse Executive and Executive’s dependents for coverage under its group health plan (if any), at the same levels and costs in effect on the Date of Termination (excluding, for purposes of calculating cost, an employee’s
ability to pay premiums with pre-tax dollars); provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation
coverage period to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover Executive or
Executive’s dependents under its 

  
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group health plans or (3) the Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then,
in any such case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments over the COBRA Period (or remaining portion thereof). 

(d) Change in Control. Notwithstanding anything herein to the contrary, in the event of a Change in Control during the Term, the
vesting and, if applicable, exercisability of Executive’s then outstanding and unvested equity awards shall accelerate (and, if applicable, all restrictions and rights of repurchase on such awards shall lapse) as of immediately prior to such a
Change in Control in respect of one hundred percent (100%) of the then-unvested shares of Company common stock subject thereto (excluding any such awards that vest in whole or in part based on the attainment of performance-vesting conditions, which
shall be governed by the terms of the applicable award agreement). 
 (e) No Requirement to Mitigate; Survival. Executive shall not
be required to mitigate the amount of any payment provided for under this Agreement by seeking other employment or in any other manner. Notwithstanding anything to the contrary in this Agreement, the termination of Executive’s employment shall
not impair the rights or obligations of any Party. 
 (f) Certain Reductions. The Company shall reduce Executive’s severance
benefits under this Agreement, in whole or in part, by any other severance benefits, pay in lieu of notice, or other similar benefits payable to Executive by the Company in connection with Executive’s termination, including but not limited to,
payments or benefits pursuant to (i) any applicable legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act, or (ii) any Company policy or practice providing for Executive to remain on the
payroll without being in active service for a limited period of time after being given notice of the termination of Executive’s employment. The benefits provided under this Agreement are intended to satisfy, to the greatest extent possible, any
and all statutory obligations that may arise out of Executive’s termination of employment. Such reductions shall be applied on a retroactive basis, with severance benefits previously paid being recharacterized as payments pursuant to the
Company’s statutory obligation. 
 (g) Survival. Notwithstanding anything to the contrary in this Agreement, the provisions of
Sections 5 through 9 of this Agreement will survive the termination of Executive’s employment and the termination of the Term. 
  

	5.	 Restrictive Covenants and Confidentiality. 

Executive will continue to abide by and be subject to the terms and conditions of the Confidentiality Agreement, which is hereby incorporated
by reference into this Agreement. Executive acknowledges that the provisions of the Confidentiality Agreement will survive the termination of Executive’s employment and the termination of the Term for the periods set forth in the
Confidentiality Agreement. 
  

	6.	 Assignment and Successors. 

The Company may assign its rights and obligations under this Agreement to any of its affiliates or to any successor to all or substantially all
of the business or the assets of the Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors,
administrators, heirs, distributees, devisees, and legatees, as applicable. None of Executive’s rights or obligations may be 

  
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assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will or operation of law. Notwithstanding the foregoing, Executive
shall be entitled, to the extent permitted under applicable law and applicable Company Arrangements, to select and change a beneficiary or beneficiaries to receive compensation hereunder following Executive’s death by giving written notice
thereof to the Company. 
  

	7.	 Certain Definitions. 

(a) Board. The “Board” shall mean the Board of Directors of the Company or an authorized committee of the Board. 

(a) Cause. “Cause” shall mean (i) Executive’s material failure to perform Executive’s principal
assigned duties or responsibilities as a Service Provider (as defined in the Company’s 2015 Equity Incentive Plan) (other than a failure resulting from Executive’s Disability) provided, that, the failure of Executive to achieve
certain results, such as the Company’s business plan, in and of itself, would not constitute “Cause”; (ii) Executive’s engaging in any act of dishonesty, fraud or material misrepresentation; (iii) Executive’s violation
of any federal or state law or regulation applicable to the business of the Company or its affiliates which results in or could reasonably be expected to result in harm or creates material risk to the Company, as determined by the Board;
(iv) Executive’s breach of the Confidentiality Agreement, any other confidentiality agreement or invention assignment agreement, or any other material contract between Executive and the Company (or any affiliate of the Company) or
violation of any of the written policies of the Company (or any affiliate of the Company); or (v) Executive’s being convicted of, or entering a plea of nolo contendere to, any crime or committing any act of moral turpitude. The
Company shall not terminate Executive for Cause pursuant to clause “(i)” above without first providing Executive with written notice of the acts or omissions constituting the grounds for such termination and if in the reasonable judgment
of the Company such failure may be cured within thirty (30) days, expiration of a reasonable cure period not to exceed thirty (30) days following the date of such notice. 

(b) Change in Control. “Change in Control” shall have the meaning set forth in the version of the Company’s 2015
Equity Incentive Plan in effect on the Effective Date. Notwithstanding the foregoing, a “Change in Control” must also constitute a “change in control event,” as defined in Treasury Regulation
§1.409A-3(i)(5). 
 (c) Code. “Code” shall mean the Internal Revenue
Code of 1986, as amended, and the regulations and guidance promulgated thereunder. 
 (d) Disability. “Disability”
shall mean a permanent and total disability within the meaning of Section 22(e)(3) of the Code, as it may be amended from time to time. 

(e) Good Reason. For the sole purpose of determining Executive’s right to severance payments and benefits as described above,
“Good Reason” shall mean Executive’s voluntary termination of Executive’s employment following the occurrence of one or more of the following, without Executive’s express written consent and the failure of the Company
to cure such Good Reason, all pursuant to this paragraph: 
 (i) the Company’s offices move more than fifty
(50) miles away from their current location; 

  
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 (ii) any material and adverse change including any material diminution in
Executive’s title, duties, authority or responsibilities, but excluding changes in Executive’s title, duties, authority, responsibilities, and reporting relationships in the event of a Change in Control; provided Executive’s
remaining duties and responsibilities are consistent with industry norms for the title at companies, subsidiaries or divisions of similar size and circumstances; 

(iii) the assignment to Executive of duties materially inconsistent with Executive’s position with the Company; 

(iv) a reduction in Executive’s Annual Base Salary or Target Bonus other than pursuant to a reduction in compensation that
applies to all executive and senior officers; and 
 (v) any material breach by the Company of this Agreement. 

The Board will be given not less than thirty (30) days’ written notice by Executive (within twenty (20) days of the occurrence of the event
constituting Good Reason) of Executive’s intention to terminate Executive’s employment for Good Reason, such notice to state in detail the particular act or acts or failure or failures to act that constitute the grounds on which the
proposed termination for Good Reason is based and proposed actions to provide a sufficient cure of such act or acts, or failure or failures to act, and such termination shall be effective at the expiration of such notice period only if the Company
has not materially cured such act or acts or failure or failures to act that give rise to Good Reason during such period. Notwithstanding the foregoing, the Company in its sole election may waive any cure periods and Executive’s termination
will be effective on such earlier date determined by the Board. 
  

	8.	 Parachute Payments. 

(a) Notwithstanding any other provisions of this Agreement or any Company Arrangement, in the event that any payment or benefit by the Company
or otherwise to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits, including the payments and benefits under Section 4
above, being hereinafter referred to as the “Total Payments”), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Total Payments shall be
reduced (in the order provided in Section 8(b) below) to the minimum extent necessary to avoid the imposition of the Excise Tax on the Total Payments, but only if (i) the net amount of such Total Payments, as so reduced (and after
subtracting the net amount of federal, state and local income and employment taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total
Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the amount of the
Excise Tax to which Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). 

(b) The Total Payments shall be reduced in the following order: (i) reduction on a pro-rata basis
of any cash severance payments that are exempt from Section 409A of the Code (“Section 409A”), (ii) reduction on a pro-rata basis of any
non-cash severance payments or benefits that are exempt from Section 409A, (iii) reduction on a pro-rata basis of any other payments or benefits that are
exempt from Section 409A, and (iv) reduction of any payments or benefits otherwise payable to Executive on a pro-rata basis or such other manner that complies with Section 409A; provided,
in case of subclauses (ii), (iii) and (iv), that reduction of any payments attributable to the acceleration of vesting of Company equity awards shall be first applied to Company equity awards that would otherwise vest last in time. 

  
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 (c) The Company will select an adviser with experience in performing calculations regarding
the applicability of Section 280G of the Code and the Excise Tax, provided that the adviser’s determination shall be made based upon “substantial authority” within the meaning of Section 6662 of the Code, (the
“Adviser”) to make determinations regarding the application of this Section 8. The Adviser shall provide its determination, together with detailed supporting calculations and documentation, to Executive and the Company within
fifteen (15) business days following the date on which Executive’s right to the Total Payments is triggered, if applicable, or such other time as requested by Executive (provided, that Executive reasonably believes that any of the
Total Payments may be subject to the Excise Tax) or the Company. The costs of obtaining such determination and all related fees and expenses (including related fees and expenses incurred in any later audit) shall be borne by the Company. Any good
faith determinations of the Adviser made hereunder shall be final, binding and conclusive upon the Company and Executive. 
 (d) In the
event it is later determined that to implement the objective and intent of this Section 8, (i) a greater reduction in the Total Payments should have been made, the excess amount shall be returned promptly by Executive to the Company or
(ii) a lesser reduction in the Total Payments should have been made, the excess amount shall be paid or provided promptly by the Company to Executive, except to the extent the Company reasonably determines would result in imposition of an
excise tax under Section 409A. 
  

	9.	 Miscellaneous Provisions. 

(a) Governing Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and
otherwise in accordance with the substantive laws of the State of California without reference to the principles of conflicts of law of the State of California or any other jurisdiction that would result in application of the laws of a jurisdiction
other than the State of California, and where applicable, the laws of the United States. 
 (b) Validity. The invalidity or
unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

(c) Notices. Any notice, request, claim, demand, document and other communication hereunder to any Party shall be effective upon
receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage prepaid, as follows: 

(i) If to the Company, to the Board at the Company’s headquarters, 

(ii) If to Executive, to the last address that the Company has in its personnel records for Executive, or 

(iii) At any other address as any Party shall have specified by notice in writing to the other Party. 

(d) Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of
which together will constitute one and the same Agreement. Signatures delivered by facsimile or PDF shall be deemed effective for all purposes. 

  
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 (e) Entire Agreement. The terms of this Agreement, the Confidentiality Agreement, any
indemnification agreement between the Company and Executive and any equity award agreement between the Company and Executive are intended by the Parties to be the final expression of their agreement with respect to the subject matter hereof and
supersede all prior understandings and agreements, whether written or oral, including without limitation that certain prior offer letter between Executive and the Company dated as of July 28, 2016 (the “Prior Agreement”);
provided that the equity acceleration provisions in this Agreement shall supersede the provisions of any equity award agreement between the Company and Executive. The Parties further intend that this Agreement shall constitute the complete
and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement. 

(f) Amendments; Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by
Executive and a duly authorized representative of Company. By an instrument in writing similarly executed, Executive or a duly authorized representative of the Company may waive compliance by the other Party with any specifically identified
provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure. No
failure to exercise and no delay in exercising any right, remedy, or power hereunder preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity. 

(g) No Inconsistent Actions. The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of action
inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this
Agreement. 
 (h) Construction. This Agreement shall be deemed drafted equally by both the Parties. Its language shall be construed
as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings in this Agreement are only for convenience and are not intended to affect construction or
interpretation. Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. Also, unless the context clearly indicates to the contrary, (i) the
plural includes the singular and the singular includes the plural; (ii) “and” and “or” are each used both conjunctively and disjunctively; (iii) “any,” “all,” “each,” or “every” means
“any and all,” and “each and every”; (iv) “includes” and “including” are each “without limitation”; (v) “herein,” “hereof,” “hereunder” and other similar compounds of
the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (vi) all pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter,
singular or plural as the identity of the entities or persons referred to may require. 
 (i) Arbitration. Any controversy, claim or
dispute arising out of or relating to this Agreement, shall be settled solely and exclusively by a binding arbitration process administered by JAMS/Endispute in Alameda County, California. Such arbitration shall be conducted in accordance with the
then-existing JAMS/Endispute Rules of Practice and Procedure, before a sole arbitrator pursuant to its Streamlined Arbitration Rules and Procedures. The rules can be found at https://www.jamsadr.com/rules-employment-arbitration/, or a copy
will be provided upon request. The arbitrator shall: (i) provide adequate discovery for the resolution of the dispute; and (ii) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a
statement of the award. Except to the extent of filing fees Executive would incur were the matter to be litigated in court, the Company shall be responsible for the JAMS/Endispute administrative fees and the arbitrator’s fees and costs. The
arbitrator shall award the prevailing Party attorneys’ fees and expert fees, if any. The Parties agree to abide by all 

  
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decisions and awards rendered in such proceedings. Such decisions and awards rendered by the arbitrator shall be final and conclusive. All such controversies, claims or disputes shall be settled
in this manner in lieu of any action at law or equity; provided, however, that nothing in this subsection shall be construed as precluding the bringing of an action for injunctive relief or specific performance as provided in this
Agreement or the Confidentiality Agreement. This dispute resolution process and any arbitration hereunder shall be confidential and neither any Party nor the neutral arbitrator shall disclose the existence, contents or results of such process
without the prior written consent of all Parties, except where necessary or compelled in a court to enforce this arbitration provision or an award from such arbitration or otherwise in a legal proceeding. If JAMS/Endispute no longer exists or is
otherwise unavailable, the Parties agree that the American Arbitration Association (“AAA”) shall administer the arbitration in accordance with its then-existing rules as modified by this subsection. In such event, all references
herein to JAMS/Endispute shall mean AAA. Executive and the Company understand that by agreement to arbitrate any claim pursuant to this Section 9(i), they will not have the right to have any claim decided by a jury or a court, but shall instead
have any claim decided through arbitration. Executive and the Company waive any constitutional or other right to bring claims covered by this Agreement other than in their individual capacities. Except as may be prohibited by applicable law, the
foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class or representative proceeding. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute
over intellectual property rights by court action instead of arbitration. 
 (j) Enforcement. If any provision of this Agreement is
held to be illegal, invalid or unenforceable under present or future laws effective during the Term, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had
never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.
Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be
legal, valid and enforceable. 
 (k) Withholding. The Company shall be entitled to withhold from any amounts payable under this
Agreement any federal, state, local or foreign withholding or other taxes or charges that the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of
withholding shall arise. 
 (l) Whistleblower Protections and Trade Secrets. Notwithstanding anything to the contrary contained
herein, nothing in this Agreement prohibits Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under
Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive an award for
information provided to any such government agencies). Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement: (i) Executive shall not be in breach of this Agreement, and shall not be
held criminally or civilly liable under any federal or state trade secret law (A) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of
reporting or investigating a suspected violation of law, or (B) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if
Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive
files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. 

  
 11 

 (m) Section 409A. 

(i) General. The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt
from Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred
unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A. 
 (ii)
Separation from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement that is considered nonqualified deferred compensation under Section 409A and is designated
under this Agreement as payable upon Executive’s termination of employment shall be payable only upon Executive’s “separation from service” with the Company within the meaning of Section 409A (a “Separation from
Service”). 
 (iii) Specified Employee. Notwithstanding anything in this Agreement to the contrary, if
Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which Executive
is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (A) the expiration of the six
(6)-month period measured from the date of Executive’s Separation from Service with the Company or (B) the date of Executive’s death. Upon the first business day following the expiration of the applicable Section 409A period, all
payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as otherwise provided herein.

 (iv) Expense Reimbursements. To the extent that any reimbursements under this Agreement are subject to
Section 409A, any such reimbursements payable to Executive shall be paid to Executive no later than December 31st of the year following the year in which the expense was incurred;
provided, that Executive submits Executive’s reimbursement request promptly following the date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any
subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(v) Installments. Executive’s right to receive any installment payments under this Agreement, including without
limitation any continuation salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate
and distinct payment as permitted under Section 409A. 

  
 12 

 (vi) Release. Notwithstanding anything to the contrary in this
Agreement, to the extent that any payments due under this Agreement as a result of Executive’s termination of employment are subject to Executive’s execution and delivery of a Release, (A) the Company shall deliver the Release to
Executive within ten (10) business days following Executive’s Date of Termination, and the Company’s failure to deliver a Release prior to the expiration of such ten (10) business day period shall constitute a
waiver of any requirement to execute a Release, (B) if Executive fails to execute the Release on or prior to the Release Expiration Date (as defined below) or timely revokes Executive’s acceptance of the Release thereafter, Executive shall
not be entitled to any payments or benefits otherwise conditioned on the Release, and (C) in any case where Executive’s Date of Termination and the Release Expiration Date fall in two separate taxable years, any payments required to be
made to Executive that are conditioned on the Release and are treated as nonqualified deferred compensation for purposes of Section 409A shall be made in the later taxable year. For purposes hereof, “Release Expiration Date”
shall mean (1) if Executive is under 40 years old as of the Date of Termination, the date that is seven (7) days following the date upon which the Company timely delivers the Release to Executive, or such shorter time prescribed by the
Company, and (2) if Executive is 40 years or older as of the Date of Termination, the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to
Executive, or, in the event that Executive’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967),
the date that is forty-five (45) days following such delivery date. To the extent that any payments of nonqualified deferred compensation (within the meaning of Section 409A) due under this Agreement as a result of Executive’s
termination of employment are delayed pursuant to this Section 9(m)(vi), such amounts shall be paid in a lump sum on the first payroll date following the date that Executive executes and does not revoke the Release (and the applicable
revocation period has expired) or, in the case of any payments subject to Section 9(m)(vi)(C), on the first payroll period to occur in the subsequent taxable year, if later. 

 

	10.	 Prior Employment. 

Executive represents and warrants that the performance of Executive’s duties hereunder will not breach any duty owed by Executive to any
prior employer or other person. Executive further represents and warrants to the Company that (a) the performance of Executive’s obligations hereunder will not violate any agreement between Executive and any other person, firm,
organization, or other entity; (b) Executive is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous employer or other party that
would be violated by Executive entering into this Agreement and/or providing services to the Company pursuant to the terms of this Agreement; and (c) Executive’s performance of Executive’s duties under this Agreement will not require
Executive to, and Executive shall not, rely on in the performance of Executive’s duties or disclose to the Company or any other person or entity or induce the Company in any way to use or rely on any trade secret or other confidential or
proprietary information or material belonging to any previous employer of Executive. 
  

	11.	 Executive Acknowledgement. 

Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance
upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive’s own judgment. 

[Signature Page Follows] 

  
 13 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first
above written. 
  

			
	4D MOLECULAR THERAPEUTICS, INC.
		
	By:	 	/s/ David Kirn
	Name: David Kirn
	Title: CEO

  

	
	EXECUTIVE
	
	/s/ Peter Francis
	Peter Francis, M.D.

 [Signature Page to Employment Agreement] 

 EXHIBIT A 

CURRENT SERVICE 
 [Note to Draft:
List any current service by Executive that has been approved by the Company, such as clinical work.]EX-10.12

 Exhibit 10.12 

 

			
	

	 	

 January 4, 2019 
 August
Moretti 
 [*****] 
 Dear August: 

We are pleased to make you the following offer of employment. We believe you will play an important and meaningful role in our mission of
curing people of genetic diseases. 
 Position. Your title will be Chief Financial Officer. You will be reporting to the CEO, David
Kirn. Your employment commencement date will be January 7, 2018 (the actual date you start employment, the “Start Date”). Your primary work location will be at 5980 Horton Street, Suite 460, Emeryville, California, at
the 4D Molecular Therapeutics, Inc. (together with its successors, the “Company”) labs and offices. You agree to devote your full time and best efforts to the performance of your duties to the Company. Notwithstanding the
foregoing, you may devote reasonable time to unpaid activities such as supervision of personal investments and activities involving professional, charitable, educational, religious, civic and similar types of activities, speaking engagements and
membership on committees, provided such activities do not individually or in the aggregate interfere with the performance of your duties under this Agreement, violate the Company’s standards of conduct, or present a conflict of
interest. You may serve on the board of directors or advisory boards of private or publicly traded companies (other than the Company’s Board) only with the Board’s prior written consent. This is a full-time exempt position. 

Compensation/Benefits. Your will receive an annual salary of $380,000 (USD). You will be paid twice a month less applicable
withholdings and deductions in accordance with the Company’s normal payroll practices. You will also be eligible to receive employee benefits (medical, dental and vacation) according to the terms of the applicable Company policy or benefit
plan, as in effect or amended from time to time. You should note that, subject to any consequences under this offer letter, the Company may modify job titles, salaries and benefits from time to time as it deems necessary or appropriate and in
accordance with applicable laws. In addition, you will be eligible to receive a discretionary annual performance bonus, with a target of up to 35% of your base salary, the amount of which is subject to approval by the Company’s Board of
Directors and based on the achievement of certain individual and corporate performance objectives. 

  
 

 

 Incentive Compensation. In addition, if you decide to join the Company, it will be
recommended at the first meeting of the Company’s board of directors following the Start Date that the Company grant you an option to purchase shares of Common Stock in the Company at a price per share equal to the fair market value per share
of such Common Stock on the date of grant, as determined by the Company’s board of directors (the “Option”), which is approximately 225,060 of the Fully Diluted Shares (as defined below). Subject to your continued employment with the
Company through the applicable vesting date, 25% of the shares underlying the Option will vest on the first anniversary of the Start Date and 1/48th of the total number of shares initially underlying the Option will vest on each monthly anniversary
thereafter. Your grant shall be subject to the terms and conditions of the Company’s 2015 Equity Incentive Plan and a Stock Option Agreement entered into with the Company and you, including vesting requirements. No right to any equity is earned
or accrued until such time that vesting occurs, nor does the Option confer any right to continue vesting or employment. For purposes hereof, “Fully Diluted Shares” shall be calculated by adding the number of outstanding
shares of capital stock plus the number of shares subject to issuance under outstanding options or warrants, in each case, as of the close of the business day preceding the date of determination. 

Severance Prior To Change In Control. If you are terminated by the Company without Cause (as defined below) or resign for Good Reason
(as defined below) outside of a Change of Control or Stock Sale (as defined below), you will be eligible to receive a lump sum payment equal to nine (9) months of your-then current base salary as well as be eligible to receive reimbursement of
the COBRA (as defined below) premiums for you and your covered dependents, for up to nine (9) months, subject to required withholdings and deductions, provided in each case that you have signed a general release of claims in favor of the
Company in customary form acceptable to the Company (the “Release”) and the Release has become effective and irrevocable within 60 days following the date of your termination, and subject to your continued compliance with the CIIAA (as
defined below). The cash payment shall be made in a single lump sum within 60 days of your termination date, provided the Release is effective at such time. The Company shall notify you of any right to continue group health plan coverage sponsored
by the Company or an affiliate of the Company immediately prior to your termination pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and you must timely elect to
receive such continued COBRA coverage. Any COBRA reimbursements shall be paid to you following your submission of your COBRA payments to the applicable plan provider and following 60 days of the scheduled COBRA due date. If you obtain employment
during this nine (9) month period that entitles you and your spouse and eligible dependents to comprehensive medical coverage, you must notify the Company, and no further COBRA reimbursements or payment shall be made by the Company to you
pursuant to this paragraph. 
 Severance in Connection with Change In Control or Stock Sale. In the event you are terminated by the
Company without Cause or resign for Good Reason, either within one month before a Change in Control or Stock Sale (each, as defined in the Company’s 2015 Equity Incentive Plan) or within twelve (12) months after a Change in Control or
Stock Sale (such period, the “Change in Control Period”), you will be eligible to receive the severance payments and benefits set forth in the paragraph above and the vesting and, if applicable, exercisability of your
outstanding equity awards, including, without limitation, the Option, shall accelerate in full effective as of immediately prior to the date of termination, provided in each case that you have signed the Release and the Release has become effective
and irrevocable within 60 days following the date of your termination, and subject to your continued compliance with the CIIAA (as defined below). 

  
 2 

 “Cause”. “Cause” shall mean: (i) your material failure to
perform your principal assigned duties or responsibilities as a Service Provider (other than a failure resulting from your Disability (as defined in the Plan); provided, that, the failure of you to achieve certain results, such as the Company’s
business plan, in and of itself, would not constitute “Cause”; (ii) your engaging in any act of dishonesty, fraud or material misrepresentation; (iii) your violation of any federal or state law or regulation applicable to the business
of the Company or its affiliates which results in or could reasonably be expected to result in harm or creates material risk to the Company, as determined by the Board of Directors; (iv) your breach of any confidentiality agreement or invention
assignment agreement, or your material breach of any other material contract between you and the Company (or any affiliate of the Company) or material violation of any of the written policies of the Company (or any affiliate of the Company); or
(v) your being convicted of, or entering a plea of nolo contendere to, any felony or committing any act of moral turpitude; or (vi) your commission of any act or involvement in any situation, or occurrence, which brings you into widespread
public disrepute, contempt, scandal or ridicule, or which justifiably shocks, insults or offends a significant portion of the community, or you being subject to publicity for any such conduct or involvement in such conduct. The Company shall not
terminate you for Cause pursuant to clause “(i)” above) without first providing you with written notice of the acts or omissions constituting the grounds for such termination and if in the reasonable judgment of the Company such failure
may be cured within thirty (30) days, expiration of a reasonable cure period not to exceed thirty (30) days following the date of such notice. 

“Good Reason”. For purposes of this letter agreement, “Good Reason” means (i) a material diminution in your
base salary except for across-the-board salary reductions similarly affecting all or substantially all similarly situated employees of the Company, (ii) a material
diminution in your authority duties or responsibilities, or (iii) a change of more than 50 miles in the geographic location at which you provide services to the Company, provided, however, that in the event of the occurrence of a Good Reason
condition listed above you must provide notice to the Company within thirty (30) days of the initial occurrence of such condition and allow the Company thirty (30) days in which to cure such condition. Additionally, in the event the
Company fails to cure the condition within the cure period provided, you must terminate employment with the Company within sixty (60) days of the end of the cure period. 

No conflicts. By signing below, you agree that there is no lawful reason to prevent you from accepting a position with the Company. 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 by
the Company. It is the Company’s understanding that any such agreements will not prevent you from performing the duties of your position with the Company, and you represent that such is the case. 

  
 3 

 Company Policies. As a Company employee, you will be expected to abide by the
Company’s rules and policies, which may change from time to time in accordance with applicable laws. 
 Confidential
Information/Nondisclosure/Nonsolicitation of Employees. As a condition of your employment with the Company, you are required to sign the Company’s Confidential Information and Invention Assignment Agreement, a copy of which is enclosed (the
“CIIAA”). 
 At-Will Employment. Your employment is at will, which
means that either you or the Company can terminate your employment with the Company at any time with or without notice and with or without cause. Nothing in this letter or the CIIAA shall be construed to alter the
at-will nature of your employment relationship with the Company. 
 Conditions of Employment.
The Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees. Your job offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check.
You are also required, as a condition of employment, to provide to the Company with the required I-9 documentation evidencing your identity and eligibility for employment in the United States. This
documentation must be provided to us within three business days of your first day of employment or your employment may be terminated. 

Severability. Should any provision contained in this letter be held as invalid, illegal or unenforceable, such holding shall not affect
the validity of the remainder of this letter, the balance of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as though originally set forth herein. 

Acceptance of Offer. To accept the Company’s offer of employment, please sign and date this letter in the space provided below and
return a scanned copy of this letter and the signed CIIAA to [*****]. Please bring or mail the original to: Lisa Stemmerich, 4D Molecular Therapeutics, 5980 Horton Street, Suite 460, Emeryville, CA 94608. 

Entire Agreement. This letter, along with the CIIAA and the Option agreement to be entered into between you and the Company, sets forth
the terms of your employment with the Company and supersedes any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews or
pre-employment negotiations, whether written or oral. This letter, including, but not limited to, its at-will employment provision, may not be modified or amended except
by a written agreement signed by you and the Company’s Chief Executive Officer. 
 We look forward to your favorable reply and to
working with you at 4D Molecular Therapeutics. 

  
 4 

 
	
	Sincerely,
	
	/s/ David Kirn
	David Kirn, CEO

 Agreed to and accepted: 
  

			
		
	Signature:	 	/s/ August Moretti
	Printed Name:	 	August Moretti
	Date:	 	1/8/2019

 Enclosures: Confidential Information and Invention Assignment Agreement 

  
 5

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