Document:

Exhibit 10.7

 

Olema
Pharmaceuticals, Inc.

 

Non-Employee
Director Compensation Policy

 

 

Each member of the
Board of Directors (the “Board”) of Olema Pharmaceuticals, Inc. (the “Company”)
who is not also serving as an employee of the Company or any of its subsidiaries (each such member, an “Eligible Director”)
will receive the compensation described in this Non-Employee Director Compensation Policy (this “Policy”).
An Eligible Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date
cash is to be paid or equity awards are to be granted, as the case may be. This Policy shall be effective as of the date the registration
statement for the Company’s initial public offering of common stock is declared effective (the “Effective Date”)
and may be amended at any time in the sole discretion of the Board, or by the Compensation Committee of the Board at the recommendation
of the Board.

 

Annual Cash Compensation

 

The annual cash compensation
amount set forth below is payable to Eligible Directors in equal quarterly installments, payable in arrears on the last day of
each fiscal quarter in which the service occurred. The first quarterly installment payable after the Effective Date to Eligible
Directors in office as of the Effective Date will be pro-rated for the partial quarter measured from the Effective Date to the
last day of the quarter. Further, if an Eligible Director joins the Board or a committee of the Board at a time other than effective
as of the first day of a fiscal quarter, his or her first quarterly installment will be pro-rated based on days served in the applicable
quarter. All annual cash fees are vested upon payment.

 

		1.	Annual Board Service Retainer:

a.       All
Eligible Directors: $40,000

b.       Non-executive
chairperson of the Board: $70,000 (inclusive of Annual Board Service Retainer)

 

	 	2.	Annual Committee Member (non-Chair) Service
    Retainer:

a.       Member
of the Audit Committee: $8,000

b.       Member
of the Compensation Committee: $6,000

c.       Member
of the Nominating and Corporate Governance Committee: $5,000

 

		3.	Annual Committee Chair Service Retainer (inclusive of Committee Member Service Retainer):

a.       Chairperson
of the Audit Committee: $16,000

b.       Chairperson
of the Compensation Committee: $12,000

c.       Chairperson
of the Nominating and Corporate Governance Committee: $10,000

 

The Company will also
reimburse each of the Eligible Directors for his or her travel expenses incurred in connection with his or her attendance at Board
and committee meetings. Such reimbursements shall be paid on the same date as the annual cash fees are paid.

 

    1

     

    

 

Equity Compensation

 

The equity
compensation set forth below will be granted under the Company’s 2020 Equity Incentive Plan, as the same may be amended
or restated from time to time (the “Plan”). Capitalized terms used below not otherwise defined in
this Policy shall have the meanings given to them in the Plan All stock options granted under this Policy will be
nonstatutory stock options, with an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan)
of the underlying common stock on the date of grant, a term of 10 years from the date of grant (subject to earlier
termination in connection with a termination of service as provided in the Plan), and subject to all the terms, conditions
and limits set forth in the Plan and the applicable award agreement. For the avoidance of doubt, the share numbers in this
Policy shall be subject to adjustment as provided in the Plan.

 

		1.	Initial Grant: For each Eligible Director who is first elected or appointed to the Board
following the Effective Date, on the date of such Eligible Director’s initial election or appointment to the Board (or, if
such date is not a market trading day, the first market trading day thereafter), the Eligible Director will be automatically, and
without further action by the Board or Compensation Committee of the Board, granted a stock option to purchase a number of shares
of the Company’s common stock equal to 21,520 shares of the Company’s common stock. The shares subject to each such
stock option will vest monthly over a three-year period, subject to the Eligible Director’s Continuous Service on each vesting
date, and will vest in full upon a Change in Control, subject to the Eligible Director’s Continuous Service through such
date. In addition, on the date of such Eligible Director’s initial election or appointment to the Board (or, if such date
is not a market trading day, the first market trading day thereafter), such Eligible Director shall automatically, and without
further action by the Board or Compensation Committee of the Board, be granted an additional stock option representing the Annual
Grant (as defined below) he or she would have received had he or she been elected to the Board at the prior annual meeting of stockholders,
pro-rated for the partial year of service. For example, if an Eligible Director is appointed to the Board on December 1, 2021,
and the Company’s last annual meeting were on June 1, 2021, the Eligible Director would receive an additional pro-rated grant
for 50% of the Annual Grant, with such pro-rated grant vesting upon the earlier of (a) the first anniversary of the date the Annual
Grants to non-employee directors were last made and (b) the next annual meeting of stockholders. Such additional option will vest
in full upon a Change in Control, subject to the Eligible Director’s Continuous Service through such date.

 

		2.	Annual Grant: On the first market trading day after each annual
                                                                                              stockholders meeting of the Company, each Eligible Director who continues to serve as a member of the Board through and
                                                                                              following such stockholders meeting will be automatically, and without further action by the Board or Compensation Committee
                                                                                              of the Board, granted a stock option to purchase 21,520 shares of the Company’s common stock (the “Annual
                                                                                              Grant”). The shares subject to each such stock option will vest monthly over a one-year period following the
                                                                                              grant date, and will vest in full on the date of the Company’s next annual stockholders meeting if such stock option is
                                                                                              not otherwise fully vested by such date, subject to the Eligible Director’s Continuous Service on each vesting date.
                                                                                              Such option will vest in full upon a Change in Control, subject to the Eligible Director’s Continuous Service through
                                                                                              such date.

 

Compensation Limits

 

Notwithstanding anything
to the contrary in this Policy, all compensation payable under this Policy will be subject to any limits on the maximum amount
of Eligible Director compensation set forth in the Plan, as in effect from time to time.

 

Adopted by the Board of Directors: November 10,
2020

 

Effective: [_], 2020

 

    2Exhibit 10.9

 

 

November 13, 2020

 

Sean Bohen, M.D., Ph.D.

VIA EMAIL

 

		Re:	Employment Terms

 

Dear Sean:

 

As you know, you are currently employed
by Olema Pharmaceuticals, Inc. (the “Company”) as its Chief Executive Officer, pursuant to the terms of an offer
letter from the Company dated September 1, 2020 (the “Offer Letter”). In connection with your continuing employment,
you and the Company are hereby agreeing to the amended terms of employment set forth herein. The terms set forth in this offer
letter (“Agreement”) amend, restate, supersede and replace the terms set forth in the Offer Letter in their entirety.

 

1.            Position;
Duties. You will remain employed as Chief Executive Officer, reporting directly to the
Company’s Board of Directors (the “Board”), based in the Company’s San Francisco area offices or at other
locations as mutually agreed. You agree to devote your commercially reasonable efforts and full business time, skill and attention
to the performance of your duties. During the period in which you are employed as the Company’s CEO, you will serve as a
member of the Board. Unless the Board provides otherwise, upon your termination of employment as CEO for any reason, you will automatically
and without further action immediately be deemed to have resigned from the Board. You are also required to adhere to the general
employment policies and practices of the Company that may be in effect from time to time, except that when the terms of this Agreement
conflict with the Company’s general employment policies or practices, this Agreement will control. The Company may change
your position, duties, work location and compensation from time to time in its discretion, subject to the terms and conditions
set forth herein.

 

2.            Salary.
Your annual base salary will remain $500,000, less applicable deductions and withholdings,
payable in accordance with the Company’s payroll practices, as may be in effect from time to time.

 

3.            Benefits.
You will continue to be eligible to participate in the Company’s standard benefit programs, subject to the terms and conditions
of such plans. The Company may, from time to time, change these benefits in its discretion.

 

4.            Equity
Awards. You have previously been granted various equity interests in the Company (the
 “Awards”). The Awards will continue to be governed by the terms of the existing plan documents, award agreements and
grant notices. For sake of clarity, the option award that was granted to you in connection with the commencement of your employment
will be subject to 100% accelerated vesting upon the closing of a Change in Control (as defined below). You will be eligible for
future equity awards as determined by the Board and/or its Compensation Committee.

 

     

     

    

 

5.            Performance
Bonuses. You will continue to be eligible to earn an annual incentive bonus, with a target
equal to 50% of your annual base salary. Whether you receive a bonus, and the amount of any such bonus, shall be determined by
the Board in its reasonable discretion, and shall be based upon achievement of performance objectives to be mutually agreed upon
between you and the Board and other criteria to be determined by the Board. Any annual bonus shall be paid within 30 days after
the Board’s determination that a bonus shall be awarded and in any event shall be paid by March 15 for the immediately
preceding year. If your employment terminates for any reason prior to the end of the calendar year, then you will not have earned
a bonus for that year and will not receive any portion of it. Notwithstanding the foregoing, if your employment is terminated by
the Company without Cause (as defined below), or you resign for Good Reason (as defined below), in either case after the end of
a calendar year, but before the bonus for that year has been paid, then you will remain eligible to a bonus for that preceding
year, to be awarded and paid on the same terms as the remaining executive team.

 

6.            At
Will Employment; Severance.

 

(a)             At-Will
Employment. Your employment with Company will remain “at-will.” This means
that either you or Company may terminate your employment at any time, with or without Cause (as defined below), and with or without
advance notice.

 

(b)             Termination
For Cause; Resignation Without Good Reason. If, at any time, the Company terminates your
employment for Cause (as defined herein), or if you resign without Good Reason (as defined below), or if your employment terminates
as a result of your death or disability, you will receive your base salary accrued through your last day of employment, as well
as any unused vacation (if applicable) accrued through your last day of employment. Under these circumstances, you will not be
entitled to any other form of compensation from the Company, including severance benefits.

 

(c)             Termination
without Cause or Resignation for Good Reason Unrelated to Change in Control. If, at any
time outside the Change in Control Period (as defined below), the Company terminates your employment without Cause, or you resign
for Good Reason, and other than as a result of your death or disability, and provided such termination constitutes a “separation
from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition
thereunder, a “Separation from Service”), then subject to the preconditions set forth in Section 7 below, you
shall be entitled to receive the following severance benefits:

 

(i)            The
Company will pay you an amount equal to 18 months of your then-current base salary (excluding any salary reduction that served
as the basis for any Good Reason resignation), less all applicable withholdings and deductions, paid over such 18-month period,
on the schedule described in Section 7 below.

 

     

     

    

 

(ii)           You
will remain eligible for an annual bonus for the year in which your Separation from Service is effective, with the bonus amount
to be determined by the Board (or the Compensation Committee thereof) based on corporate performance during the year, and then
prorated based on your months of service during the applicable bonus year. Any bonus awarded will be subject to deductions and
withholdings and paid at the same time as when bonuses are paid to the rest of senior management.

 

(iii)          If
you timely elect continued coverage under COBRA for yourself and your covered dependents under the Company’s group health
plans following such termination or resignation of employment, then the Company shall pay the entire COBRA premiums necessary to
continue your health insurance coverage in effect for yourself and your eligible dependents on the termination date until the earliest
of (A) the close of the 18 month period following the termination of your employment, (B) the expiration of your eligibility
for the continuation coverage under COBRA, and (C) the date when you become eligible for substantially equivalent health insurance
coverage in connection with new employment. If you become eligible for coverage under another employer's group health plan or otherwise
cease to be eligible for COBRA during the period provided in this clause, you must immediately notify the Company of such event,
and all payments and obligations under this clause shall cease.

 

(iii)          The
Company will accelerate the time-based vesting of your equity awards such that you will be deemed vested as to service in those
shares that would have vested as to your continued service to the Company had you remained employed for an additional 12 months.

 

(d)            Termination
without Cause or Resignation for Good Reason In Connection With Change in Control. If,
at any time within the Change in Control Period (as defined below), the Company terminates your employment without Cause, or you
resign for Good Reason, and other than as a result of your death or disability, and provided such termination constitutes a Separation
from Service, then subject to the preconditions set forth in Section 7 below, you shall be entitled to receive the following
severance benefits:

 

(i)            The
Company will pay you a lump-sum amount equal to 1.5 times your then-current annual base salary plus your target bonus for the year
in which your termination occurs (less deductions and withholdings)(excluding any salary or bonus reduction that served as the
basis for any Good Reason resignation).

 

(ii)           You
will remain eligible for an annual bonus for the year in which your Separation from Service is effective, with the bonus amount
to be determined by the Board (or the Compensation Committee thereof) based on corporate performance during the year, and then
prorated based on your months of service during the applicable bonus year. Any bonus awarded will be subject to deductions and
withholdings and paid at the same time as when bonuses are paid to the rest of senior management.

 

(iii)          If
you timely elect continued coverage under COBRA for yourself and your covered dependents under the Company’s group health
plans following such termination or resignation of employment, then the Company shall pay the entire COBRA premiums necessary to
continue your health insurance coverage in effect for yourself and your eligible dependents on the termination date until the earliest
of (A) the close of the 18 month period following the termination of your employment, (B) the expiration of your eligibility
for the continuation coverage under COBRA, and (C) the date when you become eligible for substantially equivalent health insurance
coverage in connection with new employment. If you become eligible for coverage under another employer’s group health plan
or otherwise cease to be eligible for COBRA during the period provided in this clause, you must immediately notify the Company
of such event, and all payments and obligations under this clause shall cease; and

 

    

     

    

 

(iii)          The
Company will accelerate the time-based vesting of your equity grants such that you will be deemed fully vested as to service in
all such shares.

 

7.             Severance
Conditions. Your receipt of the severance benefits set forth in Section 6 is conditional
upon (a) your continuing to comply with your obligations under your Employee Proprietary Information and Invention Assignment
Agreement; (b) your delivering to the Company an effective, general release of claims in favor of the Company in substantially
the form attached as Exhibit A within 60 days following your termination date; and (c) if you are then
a member of the Board, your resignation from the Board, to be effective no later than the date of your termination date (or such
other date as requested by the Board). The salary continuation set forth in Section 6(c)(i) will be paid in equal installments
on the Company’s regular payroll schedule and will be subject to applicable tax withholdings over the period outlined above
following the date of your termination date; provided, however, that no payments will be made prior to the 60th day following your
Separation from Service. On the 60th day following your Separation from Service, the Company will pay you in a lump sum the salary
continuation that you would have received on or prior to such date under the original schedule but for the delay while waiting
for the 60th day in compliance with Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as
amended (the “Code”) and the effectiveness of the release, with the balance of the salary continuation being paid as
originally scheduled.

 

8.            Definitions.

 

(a)            Cause.
For purposes of this Agreement, “Cause” means any of the following: (i) theft,
breach of fiduciary duty, or intentional falsification of Company documents or records; (ii) material failure to abide by
any Company policy after written notice from the Company regarding failure to abide by such policy; (iii) intentional and
unauthorized use, misappropriation, destruction or diversion of any material tangible or intangible asset or corporate opportunity
of the Company (including, without limitation, improper use or disclosure of the Company’s confidential or proprietary information);
(iv) any intentional act that has a material detrimental effect on the Company’s reputation or business; (v) repeated
failure or inability to perform any reasonable assigned duties after written notice from the Company of, and a reasonable opportunity
to cure, such failure or inability; (vi) any material breach of any contractual or legal obligation to the Company and the
failure to cure within ten days after delivery of written notice thereof (to the extent such breach or violation is curable); or
(vii) conviction (including any plea of guilty or nolo contendere) of any felony.

 

     

     

    

 

(b)            Good
Reason. For purposes of this Agreement, “Good Reason” shall mean that you
have resigned based on the occurrence of any of the following events: (i) a material diminution in your total target cash
compensation (base and bonus) of more than 10% except for across-the-board salary reductions similarly affecting all or substantially
all senior executives of the Company; (ii) a change in the geographic location of your primary place of work that results
in an increase in your one-way commute by more than 25 miles (provided, however, that this subclause (ii) shall only be applicable
after the Company resumes normal in-person office operations in connection with the COVID-19 pandemic); (iii) a material reduction
in your job duties or responsibilities; or (iv) a material breach of this Agreement by the Company; provided, however, that
you shall not be deemed to have Good Reason if the Company survives as a separate legal entity following a Change in Control and
you hold materially the same position in such legal entity as before the Change in Control. A resignation will only be for Good
Reason if you deliver written notice of such condition to the Company within 30 days after the initial occurrence of such condition,
the Company has failed to cure such condition within 30 days after the delivery of such notice, and you in fact resign within 45
days after you deliver the initial notice.

 

(c)            Change
in Control. For purposes of this Agreement, “Change in Control” means (i) a
sale of all or substantially all of the Company’s assets other than to an Excluded Entity (as defined below); (ii) a
merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation,
limited liability company or other entity other than an Excluded Entity; or (iii) the consummation of a transaction, or series
of related transactions, in which any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Securities Exchange
Act of 1934, as amended), directly or indirectly, of all of the Company’s then outstanding voting securities. An “Excluded
Entity” means a corporation or other entity of which the holders of voting capital stock of the Company outstanding immediately
prior to such transaction are the direct or indirect holders of voting securities representing a majority of the votes entitled
to be cast by all of such corporation’s or other entity’s voting securities outstanding immediately after such transaction.

 

(d)            Change
in Control Period. For purposes of this Agreement, the “Change in Control Period”
shall be the period starting three months before the effective date of a Change in Control and extending through the period ending
18 months following the effective date of a Change in Control.

 

     

     

    

 

9.             Section 409A.
The payments and benefits under this Agreement are intended to qualify for exemptions from the application of Section 409A
and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and to the extent not
so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A to
the extent necessary to avoid adverse taxation under Section 409A. Notwithstanding anything to the contrary herein, to the
extent required to comply with Section 409A, a termination of employment shall not be deemed to have occurred for purposes
of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment
unless such termination is also a Separation from Service. Your right to receive any installment payments will be treated as a
right to receive a series of separate payments and, accordingly, each installment payment shall at all times be considered a separate
and distinct payment. Notwithstanding any provision to the contrary in this Agreement, if you are deemed by the Company at the
time of your Separation from Service to be a “specified employee” for purposes of Section 409A, and if any of
the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred
compensation,” then, to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited
distribution under Section 409A and the related adverse taxation under Section 409A, such payments shall not be provided
to you prior to the earliest of (a) the expiration of the six-month period measured from the date of Separation from Service,
(b) the date of your death or (c) such earlier date as permitted under Section 409A without the imposition of adverse
taxation. With respect to payments to be made upon execution of an effective release, if the release revocation period spans two
calendar years, payments will be made in the second of the two calendar years to the extent necessary to avoid adverse taxation
under Section 409A. With respect to reimbursements or in-kind benefits provided hereunder (or otherwise) that are not exempt
from Section 409A, the following rules shall apply: (x) the amount of expenses eligible for reimbursement, or in-kind
benefits provided, during any one taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefit to
be provided in any other taxable year, (y) in the case of any reimbursements of eligible expenses, reimbursement shall be
made on or before the last day of the taxable year following the taxable year in which the expense was incurred and (z) the
right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

 

10.          280G.

 

(a)            If
any payment or benefit you will or may receive from the Company or from another source (a “280G Payment”) would
(i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for
this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such
280G Payment pursuant to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount”
shall be the largest portion, up to and including the total, of the Payment after taking into account all applicable federal, state
and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), that results
in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment
may be subject to the Excise Tax. If more than one method of reduction will result in the same economic benefit, the items so reduced
will be reduced pro rata (the “Pro Rata Reduction Method”).

 

(b)            Notwithstanding
any provision of paragraph (a) to the contrary, if the reduction method or the Pro Rata Reduction Method would result in any
portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant
to Section 409A, then the reduction method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so
as to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the modification shall
preserve to the greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as
a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated)
before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation”
within the meaning of Section 409A of the Code shall be reduced (or eliminated) before Payments that are not deferred compensation
within the meaning of Section 409A of the Code.

 

     

     

    

 

11.          Confidentiality
Obligations. You are required to remain in compliance with the terms of your Employee
Proprietary Information and Invention Assignment Agreement.

 

12.          Arbitration.
To ensure the timely and economical resolution of disputes that may arise between you and the Company, both you and the Company
mutually agree that pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by applicable
law, you will submit solely to final, binding and confidential arbitration any and all disputes, claims, or causes of action arising
from or relating to: the negotiation, execution, interpretation, performance, breach or enforcement of this Agreement; or your
employment with the Company (including but not limited to all statutory claims); or the termination of your employment with the
Company (including but not limited to all statutory claims). BY AGREEING TO THIS ARBITRATION PROCEDURE, BOTH YOU AND THE COMPANY
WAIVE THE RIGHT TO RESOLVE ANY SUCH DISPUTES THROUGH A TRIAL BY JURY OR JUDGE OR THROUGH AN ADMINISTRATIVE PROCEEDING. The Arbitrator
shall have the sole and exclusive authority to determine whether a dispute, claim or cause of action is subject to arbitration
under this section and to determine any procedural questions which grow out of such disputes, claims or causes of action and bear
on their final disposition. All claims, disputes, or causes of action under this section, whether by you or the Company, must be
brought solely in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported
class or representative proceeding, nor joined or consolidated with the claims of any other person or entity. The Arbitrator may
not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding.
To the extent that the preceding sentences in this paragraph are found to violate applicable law or are otherwise found unenforceable,
any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. Any arbitration
proceeding under this Arbitration section shall be presided over by a single arbitrator and conducted by JAMS, Inc. (“JAMS”)
in San Francisco, CA under the then applicable JAMS rules for the resolution of employment disputes (available upon request
and also currently available at http://www.jamsadr.com/rules-employment-arbitration/). You and the Company both have the right
to be represented by legal counsel at any arbitration proceeding, at each party’s own expense. The Arbitrator shall: (a) have
the authority to compel adequate discovery for the resolution of the dispute; (b) issue a written arbitration decision, to
include the arbitrator’s essential findings and conclusions and a statement of the award; and (c) be authorized to award
any or all remedies that you or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration
fees in excess of the amount of court fees that would be required of you if the dispute were decided in a court of law. This section
shall not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law, including, without limitation,
claims brought pursuant to the California Private Attorneys General Act of 2004, as amended, the California Fair Employment and
Housing Act, as amended, and the California Labor Code, as amended, to the extent such claims are not permitted by applicable law
to be submitted to mandatory arbitration and such applicable law is not preempted by the Federal Arbitration Act or otherwise invalid
(collectively, the “Excluded Claims”). In the event you intend to bring multiple claims, including one of the Excluded
Claims listed above, the Excluded Claims may be filed with a court, while any other claims will remain subject to mandatory arbitration.
Nothing in this section is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable
harm pending the conclusion of any such arbitration. Any final award in any arbitration proceeding hereunder may be entered as
a judgment in the federal and state courts of any competent jurisdiction and enforced accordingly.

 

     

     

    

 

13.          Miscellaneous.
This Agreement (including the agreement referenced herein) is the complete and exclusive
statement of your agreement with the Company on the subject matters herein, and supersedes and replaces any and all prior agreements
or representations with regard to the subject matter hereof, whether written or oral (including those set forth in the Offer Letter).
It is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot
be modified, amended or extended except in a writing signed by you and a duly authorized member of the Board. This Agreement is
intended to bind and inure to the benefit of and be enforceable by you and the Company, and our respective successors, assigns,
heirs, executors and administrators, except that you may not assign any of your duties or rights hereunder without the express
written consent of the Company. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable
in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will
not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced as if such
invalid, illegal or unenforceable provisions had never been contained herein. This Agreement and the terms of your employment with
the Company shall be governed in all aspects by the laws of the State of California.

 

If you agree to the terms and conditions
set forth herein, please sign below.

 

Best regards,

 

	/s/ Ian Clark	 	 
	Ian Clark	 	 
	On Behalf of the Board of Directors	 	 
	 	 	 
	Accepted and agreed:	 	 
	 	 	 
	/s/ Sean Bohen	 	 
	Sean Bohen, M.D., Ph.D.	 	 
	 	 	 
	Date: November 13, 2020	 	 

 

     

     

    

 

EXHIBIT A

 

FORM OF RELEASE

 

In exchange for the severance benefits
to be provided to me by the Company pursuant to my Employment Agreement with the Company, I hereby agree to the following.

 

I hereby generally and completely release
the Company and its parents, subsidiaries, successors, predecessors, and affiliates, and each of their respective directors, officers,
employees, stockholders, shareholders, agents, attorneys, insurers, and assigns, from any and all claims, liabilities and obligations,
both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time
prior to and including the date I sign this release. This general release includes, but is not limited to: (a) all claims
arising out of or in any way related to my employment or the termination of that employment; (b) all claims related to my
compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits,
stock, stock options, or any other ownership interests; (c) all claims for breach of contract, wrongful termination, and breach
of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional
distress, and discharge in violation of public policy; and (e) all federal, state, provincial and local statutory claims,
including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal
Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Employee Retirement
Income Security Act of 1974 (as amended), the California Fair Employment and Housing Act (as amended), and any state or local law
in any jurisdiction where I have performed services for the Company.

 

Notwithstanding the foregoing, I understand
that the following claims are not included in my release: (a) any rights or claims for indemnification I may have pursuant
to any written indemnification agreement; the charter, bylaws, or operating agreements of the Company; or under applicable law;
(b) any rights that cannot be waived as a matter of law; or (c) any rights I have to severance under my Employment Agreement.

 

I acknowledge that I am knowingly and voluntarily
waiving and releasing any rights I may have under the federal Age Discrimination in Employment Act (as amended) (“ADEA”),
and that the consideration for such waiver is in addition to anything of value to which I was already entitled. I further acknowledge
that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights
or claims that may arise after the date I sign this release; (b) I should consult with an attorney prior to signing this release
(although I may choose voluntarily not do so); (c) I have 21 days to consider this release (although I may choose voluntarily
to sign this release earlier); (d) I have seven days following the date I sign this release to revoke it by providing written
notice to the Board of Directors; and (e) this release will not be effective until the date upon which the revocation period
has expired, which will be the eighth day after I sign this release.

 

     

     

    

 

I acknowledge that I have read and understand
Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which
the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release, which
if known by him or her would have materially affected his or her settlement with the debtor or released party.” I hereby
expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with
respect to my release of any claims hereunder.

 

I hereby represent that I have been
paid all compensation owed and for all hours worked; I have received all the leave and leave benefits and protections for
which I am eligible pursuant to the Family and Medical Leave Act, the California Family Rights Act, or otherwise; and I have
not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim. I further
acknowledge my continuing obligations under my Employee Proprietary Information and Inventions Assignment Agreement.

 

I hereby agree not to disparage the Company
or any of its officers, directors, employees, shareholders, and agents, in any manner likely to be harmful to its or their business,
business reputations or personal reputations, and the Company agrees (through its officers and directors) not to disparage me in
any manner likely to be harmful to my personal or professional reputations; provided that both the Company and I may respond accurately
and fully to any question, inquiry or request for information when required by the legal process or in connection with a government
investigation. In addition, I understand that nothing herein is intended to prohibit or restrain me in any manner from making
disclosures that are protected under the whistleblower provisions of state or federal law or regulation.

 

I understand that nothing in this
release limits my ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Department of
Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the California Department of
Fair Employment and Housing, the Securities and Exchange Commission or any other federal, state or local governmental agency
or commission (“Government Agencies”). I further understand this release does not limit my ability
to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted
by any Government Agency, including providing documents or other information, without notice to the Company. While this
release does not limit my right to receive an award for information provided to the Securities and Exchange
Commission, I understand and agree that, to maximum extent permitted by law, I am otherwise waiving any and all
rights I may have to individual relief based on any claims that I have released and any rights waived by signing this
release.

 

SEAN BOHEN

 

(Signature)                   Date:

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