Document:

ex10-20.htm

EXHIBIT 10.20

 

 

ISRAMCO, INC.

2011 STOCK INCENTIVE PLAN

1. Purpose.  The purpose of this Plan is to provide incentive to key Employees and members of the Board of Directors of, and consultants and advisors to, the Company, any Parent Corporation, or any Subsidiary, to encourage proprietary interest in the Company, to encourage such key Employees, members of the Board of Directors, consultants and advisors to remain in the employ and/or service of the Company and its Parent Corporation and Subsidiaries, and to attract new Employees, members of the Board of Directors, consultants and advisors with outstanding qualifications.

 

2. Definitions.  Unless otherwise defined herein or the context otherwise requires, the capitalized terms used herein shall have the following meanings:

 

(a) “Award” shall mean an award of Non-statutory Stock Options, Incentive Stock Options, or the award or sale of Restricted Shares.

 

(b) “Award Agreement” shall mean a written agreement in such form as may from time to time be approved by the Board, setting forth the terms and conditions of an Award.

 

(c) “Board” shall mean the Board of Directors of the Company.

 

(d) “Change of Control Transaction” shall mean (i) the acquisition, directly or indirectly, by any person, entity or group (within the meaning of Section 13(d)(3) of the Exchange Act) of the beneficial ownership of securities holding more than fifty percent (50%) of the total combined voting power of all outstanding securities of the Company, other than any Person that is a Parent Corporation as of the date of approval of this Plan by the Board; (ii) a merger or consolidation in which the Company is not the surviving entity, except for a transaction in which the stockholders of the Company immediately prior to such merger or consolidation hold, in the aggregate, securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the surviving entity immediately after such merger or consolidation; (iii) a reverse merger in which the Company is the surviving entity but in which securities possessing more than fifty percent (50%) of the total combined voting power of all outstanding voting securities of the Company are transferred to or acquired by a person or entity different from the persons or entities holding those securities immediately prior to such merger; or (iv) the sale, transfer or other disposition (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company.

 

2011 Stock Incentive Plan

  

  

 

(e) “Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(f) “Common Stock” shall mean the Company’s common stock, par value $0.01 per share.

 

(g) “Company” shall mean Isramco, Inc., a Delaware corporation.

 

(h) “Employee” shall mean any individual who is employed by the Company, a Subsidiary or Parent Corporation, as determined by the Board.

 

(i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended and in effect from time to time, or any successor statute.

 

(j) “Exercise Price” shall mean the purchase price per share deliverable upon the exercise of an Option.

 

(k) “Fair Market Value” shall mean the value of one (1) share of Common Stock, determined as follows:

 

(i) If the shares of Common Stock are (A) listed on an exchange, the closing price as reported for composite transactions on the business day immediately prior to the date of valuation or, if no sale occurred on that date, then the mean between the closing bid and asked prices on such exchange on such date, and (B) if listed on The Nasdaq Capital Market System of the National Association of Securities Dealers, Inc. Automated Quotation System (“Nasdaq”), or any successor, the last sale price on the business day immediately prior to the date of valuation or, if no sale occurred on such date, then the mean between the highest bid and lowest asked prices as of the close of business on the business day immediately prior to the date of valuation, as reported in Nasdaq;

 

(ii) If the shares of Common Stock are not listed on an exchange or on The Nasdaq Capital Market, or any successor, System or Nasdaq SmallCap but are otherwise traded over-the-counter, the mean between the highest bid and lowest asked prices quoted in the Nasdaq system as of the close of business on the business day immediately prior to the date of valuation or, if on such date such security is not quoted in the Nasdaq system, the mean between the representative bid and asked prices on such date in the domestic over-the-counter market as reported by the National Quotation Bureau, Inc., or any similar successor organization; and

 

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(iii) If neither clause (i) nor (ii) above applies, the fair market value as reasonably determined by the Board using reasonable valuation principles reasonably applied in good faith and in accordance with the regulations under Section 409A of the Code.  Such determination shall be conclusive and binding on all persons.

 

(l) “Incentive Stock Option” shall mean an Option granted to an Employee that meets the requirements of Section 422 of the Code.

 

(m) “Non-statutory Stock Option” shall mean an Option that does not meet the requirements of Section 422 of the Code.

 

(n) “Option” shall mean a Non-statutory Stock Option or an Incentive Stock Option.

 

(o) “Parent Corporation” shall mean any corporation or other entity (other than the Company) in an unbroken chain of corporations or other entities ending with the Company if each of the corporations or other entities other than the Company owns stock or other equity securities possessing 50% or more of the combined voting power of all classes of stock or other equity securities in one of the other corporations or other entities in such chain.

 

(p) “Participant” shall have the meaning ascribed to it in Section 6 hereof.

 

(q) “Person” shall have the meaning ascribed to it in Section 3(a) (9) of the Exchange Act, and shall include a “group,” as defined in Rule 13d-5 promulgated thereunder.

 

(r) “Plan” shall mean this Isramco, Inc. 2011 Stock Incentive Plan.

 

(s) “Restricted Shares” shall mean shares of Common Stock granted or sold pursuant to this Plan, subject to the other terms and conditions contained herein or in the applicable Award Agreement.

 

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(t)  “Subsidiary” shall mean, as to any person, (i) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such person and/or one or more Subsidiaries of such person, (ii) any limited liability company more than 50% of whose equity interests having by the terms thereof ordinary voting power to manage the operations of such limited liability company (irrespective of whether or not at the time interests of any class or classes of such limited liability company shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such person and/or one or more Subsidiaries of such person, and (iii) any partnership, association, joint venture or other entity in which such person and/or one or more Subsidiaries of such person have more than a 50% equity interest therein.

 

3. Effective Date and Duration of Plan.  This Plan shall become effective upon its approval by the Board subject to its subsequent approval by the stockholders of the Company.  This Plan shall terminate ten years from the date this Plan becomes effective, and no Award may be granted under this Plan thereafter, but such termination shall not affect any Award theretofore granted.

 

4. Types of Awards.  Awards pursuant to this Plan may be (i) Incentive Stock Options, (ii) Non-statutory Stock Options, or (iii) Restricted Shares.

 

5. Administration.

 

(a) This Plan will be administered by the Board, whose construction and interpretation of the terms and provisions hereof shall be final and conclusive.  The Board may in its sole discretion make Awards and authorize the Company to issue shares of Common Stock pursuant to such Awards, as provided in, and subject to the terms and conditions of, this Plan.  The Board shall have authority, subject to the express provisions of this Plan, to construe this Plan and the respective Award Agreements, to prescribe, amend and rescind rules and regulations relating to this Plan, to determine the terms and provisions of Award Agreements, which need not be identical, to advance the lapse of any waiting, forfeiture or installment periods and exercise dates, and to make all other determinations in the judgment of the Board necessary or desirable for the administration of this Plan.  The Board may correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Award Agreement in the manner and to the extent it shall deem expedient to carry this Plan into effect and it shall be the sole and final judge of such expediency.  No director shall be liable for any action or determination taken or made in good faith under or with respect to this Plan or any Award.

 

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(b) Delegation of Authority.  The Board may, to the full extent permitted by law, delegate any or all of its powers under this Plan to the Compensation Committee of the Board, as such Committee may be constituted from time to time, or such other Committee of the Board as the Board may determined from time to time (the “Committee”) of two or more directors, and if the Committee is so appointed all references to the Board in this Plan shall mean and relate to such Committee to the extent of the powers so delegated.  The Board may, from time to time, delegate to the Company’s Chief Executive Officer authority under this Plan to grant Awards to Participants.

 

6. Eligibility.  Awards shall be made only to persons who are, at the time of grant, officers, employees, members of the Board of Directors, consultants or advisors to the Company or any Parent Corporation or Subsidiary (collectively, “Participants”; individually, a “Participant”), but only Employees may be granted Incentive Stock Options.  A Participant who has been granted an Award may, if such person is otherwise eligible and if otherwise in accordance with the terms of this Plan, be granted an additional Award or Awards if the Board shall so determine.

 

7. Stock Subject to Plan.  Subject to adjustment as provided in Section 13 hereof, the maximum number of shares of Common Stock of the Company which may be issued and sold pursuant to Awards made under this Plan is 200,000 shares.  Such shares may be authorized and unissued shares or may be shares issued and thereafter acquired by the Company.  If either (i) Restricted Shares are forfeited or repurchased by the Company following their award under this Plan, or (ii) Options granted under this Plan are canceled, repurchased or expire or terminate for any reason without having been exercised in full, the forfeited or repurchased Restricted Shares, or the unpurchased shares of Common Stock subject to any such Option, as the case may be, shall again be available for subsequent Awards under this Plan.  Restricted Shares, Options and shares of Common Stock issuable upon exercise of Options granted under this Plan may be subject to transfer restrictions, repurchase rights or other restrictions as shall be determined by the Board.

 

8. Award Agreements.  As a condition to the grant of an Award under this Plan, each Participant shall sign an Award Agreement in such form, and providing for such terms and conditions, as the Board shall determine at the time such Award is authorized to be granted.  Such Award Agreements need not be identical but shall comply with, and be subject to, the terms and conditions set forth herein.

 

9. Options Generally.

 

(a) Purchase Price.  The Exercise Price of an Option shall be determined by the Board on the date of grant and set forth in the Award Agreement. The Exercise Price shall not be less than the Fair Market Value of the Common Stock as of the date of grant.

 

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(b) Payment of Exercise Price.  Payment of the Exercise Price of an Option shall be made in such manner as provided in the Award Agreement, which may include (i) cash, (ii) delivery of shares of Common Stock owned by the holder of the Option for longer than six months, (iii) a cashless exercise effected in accordance with rules adopted by the Board, upon approval by the Board, (iv) any other manner permitted by law and allowed by the Board in its sole discretion, or (v) any combination of the foregoing.

 

(c) Option Term.  Each Option and all rights thereunder shall expire on such date as the Board shall determine on the date the Option is authorized to be granted, and such Option shall be subject to earlier termination as may be provided in this Plan and in the applicable Award Agreement.  The Board shall have authority to extend the term of a Non-statutory Stock Option at any time.  In no event may any Option remain in effect after the expiration of ten years from the date on which such Option is granted (or five years in the case of Options described in Section 10(b)).

 

(d) Exercise of Options.  Each Option shall be exercisable either in full or in installments at such time or times and during such period as shall be set forth in the Award Agreement evidencing such Option; provided, however, that (i) no Option shall have a term in excess of ten years from the date of grant (or five years in the case of Options described in Section 10(b)), and (ii) the periods of time following an Option holder’s cessation of employment with the Company, any Parent Corporation or Subsidiary, or service as a member of the Board or consultant or advisor to the Company, any Parent Corporation or Subsidiary, or following an Option holder’s death or disability, during which an Option may be exercised, as provided in paragraph (f) below, shall not be included for purposes of determining the number of shares of Common Stock with respect to which such Option may be exercised.

 

(e) Rights as a Stockholder.  A Participant shall have no rights as a stockholder with respect to any shares covered by an Option until the date of issue of a stock certificate to such person for such shares.  Except as otherwise expressly provided in this Plan, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.

 

(f) Effect of Cessation of Service.  Notwithstanding anything contained in this Plan to the contrary, no Option may be exercised unless, at the time of such exercise, the Participant is, and has been continuously since the date of grant of such person’s Option, an Employee, a member of the Board of Directors, or serving as a consultant or advisor to one or more of the Company, a Parent Corporation or a Subsidiary, except if and to the extent the applicable Award Agreement provides otherwise (other than with respect to an Incentive Stock Option for which Section 10 hereof shall apply); provided, however, that in no event may any Option be exercised after the expiration date of the Option.

 

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(g) Transfer Restrictions.  Except as otherwise approved by the Board, during the life of the Participant an Option shall be exercisable only by or on behalf of such person and no Option granted under the Plan shall be assignable or transferable by the person to whom it is granted, either voluntarily or by operation of law (including a domestic relations order), except by will or the laws of descent and distribution.

 

(h) Restrictions.  The Company may condition the grant or exercise of any Option upon the grantee’s execution of an agreement that restricts or limits the rights of the grantee to sell or transfer the Common Stock issued thereunder. 

 

10. Incentive Stock Options.

 

Options granted under this Plan that are intended to be Incentive Stock Options shall be specifically designated as Incentive Stock Options and shall be subject to the following additional terms and conditions:

(a) Dollar Limitation.  The aggregate Fair Market Value (determined as of the respective date or dates of the grant) of the Common Stock with respect to which Incentive Stock Options granted to any Employee under this Plan (and under any other plans of the Company or any Parent Corporation or Subsidiary) are exercisable for the first time shall not exceed $100,000 in any calendar year.  In the event that Section 422 of the Code is amended to alter the limitation set forth therein, the limitation of this paragraph (a) shall be automatically adjusted accordingly.

 

(b) 10% Shareholder.  If any Employee to whom an Incentive Stock Option is to be granted under this Plan is at the time of the grant of such Option the owner of stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or of any Parent Corporation or any Subsidiary, then the following special provisions shall be applicable to the Incentive Stock Option granted to such individual:

 

(i) the Exercise Price per share of Common Stock subject to such Incentive Stock Option shall not be less than 110% of the Fair Market Value thereof at the time of grant; and

 

(ii) the exercise period of such Incentive Stock Option shall not exceed five years from the date of grant.

 

(c) Exercise Price.  Except as may be provided in Section 10(b), the Exercise Price per share of Common Stock subject to such Incentive Stock Option shall not be less than the Fair Market Value at the time of grant.

 

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(d) Effect of Cessation of Service.  No Incentive Stock Option may be exercised unless, at the time of such exercise, the Participant is, and has been continuously since the date of grant of such Option, an Employee, except that if and to the extent the applicable Award Agreement so provides:

 

(i) the Option may be exercised within a period not to exceed three months after the date the holder thereof ceases to be an Employee for any reason other than death or disability;

 

(ii) if the Participant dies while in the employ of the Company, a Parent Corporation or a Subsidiary or within three months after such Participant ceases to be such an Employee, the Option may be exercised by the person to whom it is transferred by will or the laws of descent and distribution within a period not to exceed one year after the date of death; and

 

(iii)             if the Participant becomes disabled (within the meaning of Section 22(e)(3) of the Code) while the Participant is an Employee, the Option may be exercised within a period not to exceed one year after the date such holder ceases to be an Employee because of such disability.

 

Except as modified by the preceding provisions of this Section 10, all the provisions of this Plan applicable to Options generally shall be applicable to Incentive Stock Options granted hereunder.

11. Restricted Shares.

 

(a) Awards of Shares.  Awards of Restricted Shares may be made under this Plan on such terms and conditions as the Board may from time to time approve, including the price, if any, to be paid by the recipient of the Restricted Shares.  Awards of Restricted Shares may be made alone, in addition to or in tandem with other Awards under this Plan Subject to the terms of this Plan, the Board shall determine the number of Restricted Shares to be awarded to each recipient and the Board may impose different terms and conditions on a Restricted Share Award than on any other Award made to the same recipient or other Award recipients.  Each recipient of Restricted Shares shall, except in the circumstances described in paragraph (b) below, be issued one or more stock certificates evidencing such Restricted Shares.  Each such certificate shall be registered in the name of such recipient, and shall bear an appropriate legend referring to the terms and conditions applicable to the Restricted Shares evidenced thereby.

 

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(b) Forfeiture of Restricted Shares.  In making an Award of Restricted Shares, the Board may impose a requirement that the recipient must remain in the employment or service (including service as an advisor or consultant) of the Company or any Parent Corporation or Subsidiary for a specified minimum period of time, or else forfeit all or a portion of such Restricted Shares. In such case, the certificate(s) evidencing the Restricted Shares shall be held in custody by the Company until such Shares are no longer subject to forfeiture.  The Board shall have authority to determine whether to accelerate the termination of any forfeiture provisions contained in any applicable Award Agreement.

 

(c) Rights as a Stockholder; Stock Dividends.  Subject to any restrictions set forth in the applicable Award Agreement, a recipient of Restricted Shares shall have voting, dividend and all other rights of a stockholder of the Company as of the date such Shares are issued and registered in such recipient’s name (whether or not certificates evidencing such Shares are delivered to such recipient).  Except as may otherwise be set forth in the applicable Award Agreement, stock dividends issued with respect to Restricted Shares shall be treated as additional Restricted Shares under the applicable Award Agreement and shall be subject to the same terms and conditions that apply to the Restricted Shares with respect to which such dividends are issued.

 

12. General Award Restrictions.

 

(a) Investment Representations.  The Company may require any person to whom an Award is made, as a condition of such Award, to give written assurances in substance and form satisfactory to the Company to the effect that such person is acquiring the Common Stock subject to the Award for such person’s own account for investment and not with any present intention of selling or otherwise distributing the same, and to such other effects as the Company deems necessary or appropriate in order to comply with applicable federal and state securities laws.

 

(b) Legends.  All certificates representing shares issued upon exercise of an Option or Restricted Shares shall have endorsed thereon the following legend:

 

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.

 

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(c) Special Conditions to Issuance of Shares.  Each Award shall be subject to the requirement that, if at any time counsel to the Company shall determine that the listing, registration or qualification of the shares of Common Stock subject to such Award upon any securities exchange or under any state or federal law, or the consent or approval of any governmental or regulatory body, is necessary as a condition of, or in connection with, the issuance or purchase of such shares thereunder, such shares may not be issued unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Board.  Nothing herein shall be deemed to require the Company to apply for or to obtain such listing, registration or qualification.

 

13. Recapitalization.  In the event that the number of outstanding shares of Common Stock of the Company changes or the Common Stock is exchanged for a different kind of shares or other securities of the Company, in either case by reason of any recapitalization, reclassification, stock split, stock dividend, combination or subdivision, appropriate adjustment shall be made in the number and kind of shares available under this Plan and under any Options granted under this Plan as determined by the Board.  Such adjustment to outstanding Options shall be made without change in the total exercise price applicable to the unexercised portion of such Options, but a corresponding adjustment in the applicable Exercise Price shall be made.  No adjustment shall be made pursuant to this Section 13 that would, within the meaning of any applicable provisions of the Code: (i) constitute a modification, extension or renewal of any Incentive Stock Option or a grant of additional benefits to the holder of an Incentive Stock Option; or (ii) cause an Option to become subject to Section 409A of the Code.

 

14. Change of Control Transaction.

 

(a) Unless otherwise provided in an Award Agreement, if a Change of Control Transaction occurs, outstanding Options shall be subject to the agreement implementing such transaction.  Such agreement, without the Participant’s consent, may provide for terms and conditions as determined by the Board (or any officer of the Company authorized by the Board), including, without limitation, the following:

 

(i) the continuation of such outstanding Options by the Company (if the Company is the surviving entity);

 

(ii) the assumption of the Plan and such outstanding Options by the surviving entity or its parent;

 

(iii) subject to Section 13, the substitution by the surviving entity or its parent of options with substantially the same terms for such outstanding Options; or

 

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(iv) the acceleration of all unexercised outstanding Options that would become exercisable during at least the 12-month period after the closing date of the Change of Control Transaction to a date prior to such closing date, and the termination of Options to the extent not exercised prior to such closing date.  To the extent that such Options are exercised in accordance with this subsection (iv), the Board, in its sole discretion, may elect to pay to a Participant an amount of cash, per share, equal to the Fair Market Value of the share of Common Stock (as such Fair Market Value is determined by the Board) issued as a result of the exercise of such Option minus the Exercise Price in exchange for the surrender of such share of Common Stock.  Acceleration of a greater number of outstanding Options may be provided in the sole discretion of the Board.

 

(b) If a Change of Control Transaction occurs, the Board, in its sole discretion, may accelerate the termination of some or all forfeiture provisions contained in any applicable Award Agreement.

 

15. No Special Employment Rights.  Nothing contained in this Plan or in any Award Agreement shall confer upon any Award recipient any right with respect to the continuation of such person’s employment by the Company (or any Parent Corporation or Subsidiary) or interfere in any way with the right of the Company (or any Parent Corporation or Subsidiary) at any time to terminate such employment or to increase or decrease the compensation of the Award recipient from the rate in existence at the time of the Award.  Whether an authorized leave of absence, or absence in military or government service, shall constitute termination or cessation of employment for purposes of this Plan or any Award shall be determined by the Board.

 

16. Other Employee Benefits.  The amount of any compensation deemed to be received by an Employee as a result of any Award (including the exercise of an Option, or the sale of shares of Common Stock received upon such exercise or of Restricted Shares) will not constitute “earnings” with respect to which any other employee benefits of such employee are determined, including, without limitation, benefits under any pension, profit sharing, life insurance or salary continuation plan.

 

17. Amendment of this Plan.  The Board may at any time and from time to time modify, amend or terminate this Plan in any respect, except to the extent stockholder approval is required by law.  The termination or any modification or amendment of this Plan shall not, without the consent of an Award recipient, affect such Award recipient’s rights under any Award Agreement unless such Award Agreement so specifies.  With the consent of the affected Award recipient, the Board may amend outstanding Award Agreements in a manner not inconsistent with this Plan.  The Board shall have the right to amend or modify the terms and provisions of this Plan and of any outstanding Incentive Stock Options granted under this Plan to the extent necessary to qualify any or all such Options for such favorable federal income tax treatment (including deferral of taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code.

 

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18. Withholding.

 

(a) Each Participant shall, no later than the date as of which the value of an Award first becomes includible in such person’s gross income for applicable tax purposes, pay to the Company, or make arrangements satisfactory to the Board regarding payment of, federal, state, local or other taxes of any kind required by law to be withheld with respect to such Award.  The obligations of the Company under this Plan shall be conditional on such payment or arrangements, and the Company (and where applicable, a Subsidiary or Parent Corporation) shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant.

 

(b) To the extent permitted by the Board, and subject to the terms and conditions as the Board may provide, a Participant may elect to have the withholding tax obligation, or any additional tax obligation with respect to any Awards hereunder, satisfied by (i) having the Company withhold shares of Common Stock otherwise deliverable to such person with respect to the Award or (ii) delivering to the Company shares of unrestricted Common Stock previously owned by the person, provided, that the Participant may elect to withhold only the minimum statutory taxes.

 

19. Compliance with Code Section 409A.

 

The Plan is intended to be exempt from the requirements of Code Section 409A and any regulations or guidance that may be adopted thereunder from time to time and shall be interpreted and administered consistent with that intent.  No Non-statutory Stock Option may be granted if such Option contains a term or condition that would provide for the deferral of income recognition beyond the date the Option is exercised. The Plan may be amended or interpreted by the Board as it determines necessary or appropriate in accordance with Code Section 409A and to avoid a plan failure under Code Section 409A(a)(1).  Notwithstanding the foregoing, if any Award is subject to and not exempt from, Code Section 409A, and if amounts under the Award are payable upon a Participant’s “separation from service” (as defined in Code Section 409A) when the Participant is a “specified employee” (as defined in Code Section 409A), the payment shall be delayed until the first business day that is at least six months after the Participant’s “separation from service.”

 

2011 Stock Incentive Plan

12Employment Agreement - Steven L. Hoerter

 Exhibit 10.31 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of this 22nd day of March 2012, by and
between Clovis Oncology, Inc., a Delaware corporation (the “Company”), and Steven L. Hoerter (the “Employee”). 
 W I T N E S S E T H : 
 WHEREAS, Employee is currently employed by the
Company as its Senior Vice President of Commercial; and 
 WHEREAS, the Company desires to employ Employee and to enter into
this Agreement embodying the terms of such employment, and Employee desires to enter into this Agreement and to accept such employment, subject to the terms and provisions of this Agreement. 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are mutually acknowledged, the Company and Employee hereby agree as follows: 
 Section 1.
Definitions. 
 (a) “Accounting Firm” shall have the meaning set forth in Section 13(b) hereof.

 (b) “Accrued Obligations” shall mean (i) all accrued but unpaid Base Salary through the date of
termination of Employee’s employment, (ii) any unpaid or unreimbursed expenses incurred prior to the date of termination in accordance with Section 7 hereof, and (iii) any benefits provided under the Company’s employee
benefit plans upon a termination of employment, in accordance with the terms contained therein. 
 (c)
“Agreement” shall have the meaning set forth in the preamble hereto. 
 (d) “Annual Bonus”
shall have the meaning set forth in Section 4(b) hereof. 
 (e) “Base Salary” shall mean the salary
provided for in Section 4(a) hereof or any increased salary granted to Employee pursuant to Section 4(a) hereof. 

(f) “Board” shall mean the Board of Directors of the Company. 

(g) “Change in Control” shall have the meaning ascribed to such term in the Stock Incentive Plan. 

(h) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated
thereunder. 
 (i) “Company” shall have the meaning set forth in the preamble hereto. 

 (j) “Company Group” shall mean the Company together with any direct or
indirect subsidiaries of the Company. 
 (k) “Compensation Committee” shall mean the committee of the Board
designated to make compensation decisions relating to senior executive officers of the Company Group. Prior to any time that such a committee has been designated, the Board shall be deemed the Compensation Committee for purposes of this Agreement.

 (l) “Delay Period” shall have the meaning set forth in Section 13 hereof. 

(m) “Disability” shall mean any physical or mental disability or infirmity of Employee that prevents the performance of
Employee’s duties for a period of (i) ninety (90) consecutive days or (ii) one hundred twenty (120) non-consecutive days during any twelve (12) month period. Any question as to the existence, extent, or potentiality of
Employee’s Disability upon which Employee and the Company cannot agree shall be determined by a qualified, independent physician selected by the Company and approved by Employee (which approval shall not be unreasonably withheld). The
determination of any such physician shall be final and conclusive for all purposes of this Agreement. 
 (n)
“Employee” shall have the meaning set forth in the preamble hereto. 
 (o) “Excess Payment”
shall have the meaning ascribed to such term in Section 13(b) below. 
 (p) “Excise Tax” shall have the
meaning set forth in Section 13(b) hereof. 
 (q) “Good Reason” shall mean, without Employee’s
consent, (i) a material diminution in Employee’s title, duties, or responsibilities as set forth in Section 3 hereof such that Employee is no longer serving in a senior executive capacity for the Company, (ii) a material
reduction in Base Salary set forth in Section 4(a) hereof or Annual Bonus opportunity set forth in Section 4(b) hereof (other than pursuant to an across-the-board reduction applicable to all similarly situated executives), (iii) the
relocation of Employee’s principal place of employment (as provided in Section 3(c) hereof) more than fifty (50) miles from its current location, or (iv) any other material breach of a provision of this Agreement by the Company
(other than a provision that is covered by clause (i), (ii), or (iii) above). Employee acknowledges and agrees that his exclusive remedy in the event of any breach of this Agreement shall be to assert Good Reason pursuant to the terms and
conditions of Section 8(e) hereof. Notwithstanding the foregoing, during the Term, in the event that the Company reasonably believes that Employee may have engaged in conduct that could constitute Just Cause hereunder, the Company may, in its
sole and absolute discretion, suspend Employee for up to sixty (60) days from performing his duties hereunder, and in no event shall any such suspension constitute an event pursuant to which Employee may terminate employment with Good Reason or
otherwise constitute a breach hereunder; provided, that no such suspension shall alter the Company’s obligations under this Agreement during such period of suspension. 

(r) “Gross-Up Payment” shall have the meaning ascribed to such term in Section 13(b) below. 

  
 -2-

 (s) “Just Cause” shall mean that the Company, acting in good faith based
upon the information then known to it, determines that (i) Employee has committed or engaged in negligent or willful conduct that is likely to be detrimental to the Company or any member of the Company Group; (ii) Employee has engaged in
acts which constitute theft, fraud, or other illegal or dishonest conduct which are considered to be harmful to the Company or any member of the Company Group as determined by the majority vote of its Board; (iii) Employee has willfully
disobeyed the reasonable and lawful directives of any superior officer or the Board; (iv) Employee has refused or is unwilling to perform his/her job duties; (v) Employee has failed adequately to perform his/her job duties;
(vi) Employee has demonstrated habitual absenteeism; (vii) Employee is substantially dependent on alcohol or any controlled substance or violates any general Company policy with regard to alcohol or controlled substances;
(viii) Employee has engaged in acts which constitute sexual or other forms of illegal harassment or discrimination; (ix) Employee makes public remarks that disparage the Company, the Board, or its officers, directors, advisors, employees,
affiliates or subsidiaries; (x) Employee violates his/her fiduciary duty to the Company, or his/her duty of loyalty to the Company; (xi) Employee materially breaches any term of this Agreement or the Non-Interference Agreement. The Parties
acknowledge that this definition of “Just Cause” in not intended and does not apply to any aspect of the relationship between the Company and Employee beyond determining Employee’s eligibility for severance pay pursuant to
Section 8 below. 
 (t) “Non-Interference Agreement” shall mean the Confidentiality, Non-Interference, and
Invention Assignment Agreement attached hereto as Exhibit A. 
 (u) “Parachute Payments” shall have the
meaning set forth in Section 13(b) hereof. 
 (v) “Parachute Tax” shall have the meaning ascribed to such
term in Section 13(b) below. 
 (w) “Person” shall mean any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity. 
 (x) “Release of Claims” shall mean the Release of Claims in substantially the same form attached hereto as Exhibit B (as the same may be revised from time to time by the
Company upon the advice of counsel to reflect changes in law). 
 (y) “Severance Benefits” shall have the
meaning set forth in Section 8(g) hereof. 
 (z) “Severance Term” shall mean the six (6) month period
following Employee’s termination by the Company without Just Cause (other than by reason of death or Disability) or by Employee for Good Reason; provided, that if such termination occurs within twelve (12) months following a Change
in Control, the Severance Term shall be the twelve (12) month period following such termination. 
 (aa) “Stock
Incentive Plan” shall mean the Clovis Oncology, Inc. 2011 Stock Incentive Plan, as the same may be amended and/or restated from time to time. 

  
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 (bb) “Target Bonus” shall have the meaning set forth in Section 4(b)
hereof. 
 (cc) “Term” shall mean the period specified in Section 2 hereof. 

(dd) “Underpayment” shall have the meaning ascribed to such term in Section 13(b) below. 

Section 2. Acceptance and Term. 
 The Company agrees to employ Employee, and Employee agrees to serve the Company, on the terms and conditions set forth herein. The Term shall commence on the date hereof and shall continue until
terminated in accordance with Section 8 hereof. 
 Section 3. Position, Duties, and Responsibilities; Place of
Performance. 
 (a) Position, Duties, and Responsibilities. During the Term, Employee shall be employed and serve as
the Senior Vice President of Commercial of the Company (together with such other position or positions consistent with Employee’s title as the Board shall specify from time to time) and shall have such duties and responsibilities commensurate
with such title. Employee also agrees to serve as an officer and/or director of any other member of the Company Group, in each case without additional compensation. During the Term, Employee shall report to the Company’s Chief Executive
Officer. 
 (b) Performance. Employee shall devote his full business time, attention, skill, and best efforts to the
performance of his duties under this Agreement and shall not engage in any other business or occupation during the Term, including, without limitation, any activity that (x) conflicts with the interests of the Company or any other member of the
Company Group, (y) interferes with the proper and efficient performance of Employee’s duties for the Company, or (z) interferes with Employee’s exercise of judgment in the Company’s best interests. Notwithstanding the
foregoing, nothing herein shall preclude Employee from (i) serving, with the prior written consent of the Board, as a member of the boards of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of
non-competing businesses and charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing his personal investments and affairs; provided, however, that the activities set out in
clauses (i), (ii), and (iii) shall be limited by Employee so as not to materially interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder. 

(c) Principal Place of Employment. Employee’s principal place of employment shall be in Boulder, Colorado, although Employee
understands and agrees that he may be required to travel from time to time for business reasons. 

  
 -4-

 Section 4. Compensation. 

During the Term, Employee shall be entitled to the following compensation: 

(a) Base Salary. Employee shall be paid an annualized Base Salary, payable in accordance with the regular payroll practices of the
Company, of not less than $315,000, with increases, if any, as may be approved in writing by the Compensation Committee. 
 (b)
Annual Bonus. Employee shall be eligible for an annual incentive bonus award determined by the Compensation Committee in respect of each fiscal year during the Term (the “Annual Bonus”). The target Annual Bonus for each
fiscal year shall be 35% of Base Salary (the “Target Bonus”), with the actual Annual Bonus payable being based upon the level of achievement of annual Company and individual performance objectives for such fiscal year, as determined
by the Compensation Committee and communicated to Employee. The Annual Bonus shall be paid to Employee at the same time as annual bonuses are generally payable to other senior executives of the Company subject to Employee’s continuous
employment through the payment date. 
 Section 5. Employee Benefits. 

During the Term, Employee shall be entitled to participate in health, insurance, retirement, and other benefits provided generally to
similarly situated employees of the Company. Employee shall also be entitled to the same number of holidays, vacation days, and sick days, as well as any other benefits, in each case as are generally allowed to similarly situated employees of the
Company in accordance with the Company policy as in effect from time to time. Nothing contained herein shall be construed to limit the Company’s ability to amend, suspend, or terminate any employee benefit plan or policy at any time without
providing Employee notice, and the right to do so is expressly reserved. 
 Section 6. Key-Man Insurance. 

At any time during the Term, the Company shall have the right to insure the life of Employee for the sole benefit of the Company, in such
amounts, and with such terms, as it may determine. All premiums payable thereon shall be the obligation of the Company. Employee shall have no interest in any such policy, but agrees to cooperate with the Company in procuring such insurance by
submitting to physical examinations, supplying all information required by the insurance company, and executing all necessary documents, provided that no financial obligation is imposed on Employee by any such documents. 

Section 7. Reimbursement of Business Expenses. 
 During the Term, the Company shall pay (or promptly reimburse Employee) for documented, out-of-pocket expenses reasonably incurred by Employee in the course of performing his duties and responsibilities
hereunder, which are consistent with the Company’s policies in effect from time to time with respect to business expenses, subject to the Company’s requirements with respect to reporting of such expenses. 

  
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 Section 8. Termination of Employment. 

(a) General. The Term shall terminate upon the earliest to occur of (i) Employee’s death, (ii) a termination by
reason of a Disability, (iii) a termination by the Company with or without Just Cause, and (iv) a termination by Employee with or without Good Reason. Upon any termination of Employee’s employment for any reason, except as may
otherwise be requested by the Company in writing and agreed upon in writing by Employee, Employee shall resign from any and all directorships, committee memberships, and any other positions Employee holds with the Company or any other member of the
Company Group. Notwithstanding anything herein to the contrary, the payment (or commencement of a series of payments) hereunder of any nonqualified deferred compensation (within the meaning of Section 409A of the Code) upon a termination of
employment shall be delayed until such time as Employee has also undergone a “separation from service” as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred compensation (calculated as of the date of
Employee’s termination of employment hereunder) shall be paid (or commence to be paid) to Employee on the schedule set forth in this Section 8 as if Employee had undergone such termination of employment (under the same circumstances) on
the date of his ultimate “separation from service.” 
 (b) Termination Due to Death or Disability.
Employee’s employment shall terminate automatically upon his death. The Company may terminate Employee’s employment immediately upon the occurrence of a Disability, such termination to be effective upon Employee’s receipt of written
notice of such termination. Upon Employee’s death or in the event that Employee’s employment is terminated due to his Disability, Employee or his estate or his beneficiaries, as the case may be, shall be entitled to: 

(i) The Accrued Obligations; and 
 (ii) Any unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount shall be paid at such time annual bonuses are paid to other senior
executives of the Company, but in no event later than the date that is 2 1/2 months following the last day of the fiscal year in which such termination occurred. 
 Following Employee’s death or a termination of Employee’s employment by reason of a Disability, except as set forth in this Section 8(b), Employee shall have no further rights to any
compensation or any other benefits under this Agreement. 
 (c) Termination by the Company with Just Cause. 

(i) The Company may terminate Employee’s employment at any time with Just Cause, effective upon Employee’s receipt of written
notice of such termination; provided, however, that with respect to any Just Cause termination relying on clause (iv) or (v) of the definition of Just Cause set forth in Section 1(r) hereof, to the extent that such act
or acts or failure or failures to act are curable, Employee shall be given not less than ten (10) days’ written notice by the Board of the Company’s intention to terminate him for Just Cause, 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 Just Cause is based, and such termination shall be effective at the expiration of such ten (10) day notice period unless
Employee has fully cured such act or acts or failure or failures to act that give rise to Just Cause during such period. 

  
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 (ii) In the event that the Company terminates Employee’s employment with Just Cause,
he shall be entitled only to the Accrued Obligations. Following such termination of Employee’s employment with Just Cause, except as set forth in this Section 8(c)(ii), Employee shall have no further rights to any compensation or any other
benefits under this Agreement. 
 (d) Termination by the Company without Just Cause. The Company may terminate
Employee’s employment at any time without Just Cause, effective upon Employee’s receipt of written notice of such termination. In the event that Employee’s employment is terminated by the Company without Just Cause (other than due to
death or Disability), Employee shall be entitled to: 
 (i) The Accrued Obligations; 

(ii) Any unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such
termination, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date that is 2 1/2 months following the last day of the fiscal year in which such
termination occurred; 
 (iii) Continued payment of Base Salary during the Severance Term, payable in accordance with
the Company’s regular payroll practices; 
 (iv) Subject to Employee’s election of COBRA continuation coverage under
the Company’s group health plan, on the first regularly scheduled payroll date of each month of the Severance Term, the Company will pay Employee a amount equal to the “applicable percentage” of the monthly COBRA premium cost (which,
for purposes hereof, shall be the percentage of Employee’s health care premium costs covered by the Company as of the date of termination); provided, that the payments pursuant to this clause (iv) shall cease earlier than the
expiration of the Severance Term in the event that Employee becomes eligible to receive any health benefits, including through a spouse’s employer, during the Severance Term; and 

(v) In the event that such termination occurs within twelve (12) months following a Change in Control: 

(A) accelerated vesting of all of Employee’s stock options and other equity-based awards and continued exercisability of
Employee’s stock options in accordance with the terms of the plan document governing such awards; and 
 (B) an amount
equal to the Target Bonus, payable in substantially equal monthly installments during the Severance Term. 
 Notwithstanding the foregoing, the
payments and benefits described in clauses (ii), (iii), (iv), and (v) above shall immediately terminate, and the Company shall have no further obligations to 

  
 -7-

 
Employee with respect thereto, in the event that Employee breaches any provision of the Non-Interference Agreement. Following such termination of Employee’s employment by the Company without
Just Cause, except as set forth in this Section 8(d), Employee shall have no further rights to any compensation or any other benefits under this Agreement. For the avoidance of doubt, Employee’s sole and exclusive remedy upon a termination
of employment by the Company without Just Cause shall be receipt of the Severance Benefits. 
 (e) Termination by Employee
with Good Reason. Employee may terminate his employment with Good Reason by providing the Company ten (10) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written notice, to be
effective, must be provided to the Company within sixty (60) days of the occurrence of such event. During such ten (10) day notice period, the Company shall have a cure right (if curable), and if not cured within such period,
Employee’s termination will be effective upon the expiration of such cure period, and Employee shall be entitled to the same payments and benefits as provided in Section 8(d) hereof for a termination by the Company without Just Cause,
subject to the same conditions on payment and benefits as described in Section 8(d) hereof. Following such termination of Employee’s employment by Employee with Good Reason, except as set forth in this Section 8(e), Employee shall
have no further rights to any compensation or any other benefits under this Agreement. For the avoidance of doubt, Employee’s sole and exclusive remedy upon a termination of employment with Good Reason shall be receipt of the Severance
Benefits. 
 (f) Termination by Employee without Good Reason. Employee may terminate his employment without Good Reason
by providing the Company thirty (30) days’ written notice of such termination. In the event of a termination of employment by Employee under this Section 8(f), Employee shall be entitled only to the Accrued Obligations. In the event
of termination of Employee’s employment under this Section 8(f), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination without changing the characterization of such termination as a
termination by Employee without Good Reason. Following such termination of Employee’s employment by Employee without Good Reason, except as set forth in this Section 8(f), Employee shall have no further rights to any compensation or any
other benefits under this Agreement. 
 (g) Release. Notwithstanding any provision herein to the
contrary, the payment of any amount or provision of any benefit pursuant to subsection (b), (d), or (e) of this Section 8 (other than the Accrued Obligations) (collectively, the “Severance Benefits”) shall be conditioned
upon Employee’s execution, delivery to the Company, and non-revocation of the Release of Claims (and the expiration of any revocation period contained in such Release of Claims) within sixty (60) days following the date of Employee’s
termination of employment hereunder. If Employee fails to execute the Release of Claims in such a timely manner so as to permit any revocation period to expire prior to the end of such sixty (60) day period, or timely revokes his acceptance of
such release following its execution, Employee shall not be entitled to any of the Severance Benefits. Further, to the extent that any of the Severance Benefits constitutes “nonqualified deferred compensation” for purposes of
Section 409A of the Code, any payment of any amount or provision of any benefit otherwise scheduled to occur prior to the sixtieth (60th) day following the date of Employee’s termination of employment hereunder, but for the condition on
executing the Release of Claims as set forth herein, shall not be made until 

  
 -8-

 
the first regularly scheduled payroll date following such sixtieth
(60th) day, after which any remaining Severance
Benefits shall thereafter be provided to Employee according to the applicable schedule set forth herein. For the avoidance of doubt, in the event of a termination due to Employee’s death or Disability, Employee’s obligations herein to
execute and not revoke the Release of Claims may be satisfied on his behalf by his estate or a person having legal power of attorney over his affairs. 
 Section 9. Non-Interference Agreement. 
 As a condition of, and prior to
commencement of, Employee’s employment with the Company, Employee shall have executed and delivered to the Company the Non-Interference Agreement. The parties hereto acknowledge and agree that this Agreement and the Non-Interference Agreement
shall be considered separate contracts, and the Non-Interference Agreement will survive the termination of this Agreement for any reason. 
 Section 10. Representations and Warranties of Employee. 
 Employee
represents and warrants to the Company that — 
 (a) Employee is entering into this Agreement voluntarily and that his
employment hereunder and compliance with the terms and conditions hereof will not conflict with or result in the breach by him of any agreement to which he is a party or by which he may be bound; 

(b) Employee has not violated, and in connection with his employment with the Company will not violate, any non-solicitation,
non-competition, or other similar covenant or agreement of a prior employer by which he is or may be bound; and 
 (c) in
connection with his employment with the Company, Employee will not use any confidential or proprietary information he may have obtained in connection with employment with any prior employer. 

Section 11. Taxes. 
 The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment, and social insurance taxes, as shall be required by law.
Employee acknowledges and represents that the Company has not provided any tax advice to him in connection with this Agreement and that he has been advised by the Company to seek tax advice from his own tax advisors regarding this Agreement and
payments that may be made to him pursuant to this Agreement, including specifically, the application of the provisions of Section 409A of the Code to such payments. 
 Section 12. Set Off; Mitigation. 
 The Company’s obligation to pay
Employee the amounts provided and to make the arrangements provided hereunder shall be subject to set-off, counterclaim, or recoupment of amounts owed by Employee to the Company or its affiliates; provided, however, that to the extent
any amount so subject to set-off, counterclaim, or recoupment is payable in installments 

  
 -9-

 
hereunder, such set-off, counterclaim, or recoupment shall not modify the applicable payment date of any installment, and to the extent an obligation cannot be satisfied by reduction of a single
installment payment, any portion not satisfied shall remain an outstanding obligation of Employee and shall be applied to the next installment only at such time the installment is otherwise payable pursuant to the specified payment schedule.
Employee shall not be required to mitigate the amount of any payment provided pursuant to this Agreement by seeking other employment or otherwise, and except as provided in Section 8(d)(iv) hereof, the amount of any payment provided for
pursuant to this Agreement shall not be reduced by any compensation earned as a result of Employee’s other employment or otherwise. 
 Section 13. Additional Tax Provisions. 
 (a) Section 409A
Provisions. Notwithstanding any provision in this Agreement to the contrary — 
 (i) Any payment otherwise required to
be made hereunder to Employee at any date as a result of the termination of Employee’s employment shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the
“Delay Period”). On the first business day following the expiration of the Delay Period, Employee shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding
sentence, and any remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein. 
 (ii) Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code. 

(iii) To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes
nonqualified deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement shall be made by the Company no later than the last day of the taxable year following the taxable year in which such
expense was incurred by Employee, (ii) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount of expenses eligible for reimbursement or in-kind benefits
provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated with regard to expenses
reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect. 

(iv) While the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any
penalty taxes under Section 409A of the Code, in no event whatsoever shall the Company or any of its affiliates be liable for any additional tax, interest, or penalties that may be imposed on Employee as a result of Section 409A of the
Code or any damages for failing to comply with Section 409A of the Code (other than for withholding obligations or other obligations applicable to employers, if any, under Section 409A of the Code). 

  
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 (b) Parachute Payment Gross-Up. If any payment, benefit, or distribution of any type
to or for the benefit of Employee, whether paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the “Parachute Payments”) would subject
Employee to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), the Company will make an additional payment to Employee in an amount (the “Gross-Up Payment”) such that, after payment
all taxes and any interest or penalties imposed with respect to such taxes (including, without limitation, federal, state, local income, employment, excise and other similar taxes, but excluding any taxes imposed under Section 409A of the Code)
(the “Parachute Tax”) on both the Parachute Payments and the Gross-Up Payment, Employee will be in the same position as if no Parachute Tax had been imposed; provided, that in no event may the Gross-Up Payment exceed
$2,000,000. Any Gross-Up Payment shall be timely paid by the Company on Employee’s behalf directly to the appropriate taxing authorities when due, but in all events no later than the last day of the calendar year after the calendar year in
which the Parachute Tax shall be paid. The determinations with respect to this Section 13(b) shall be made by an independent accounting firm selected by the Company and reasonably acceptable to Employee (the “Accounting
Firm”) paid by the Company. 
 (i) It is possible that, after the determinations and selections made pursuant to
Section 13(b), Employee will receive Parachute Payments and Gross-Up Payments that are, in the aggregate, either more or less than the limitations provided in Section 13(b) above (hereafter referred to as an “Excess
Payment” or “Underpayment”, respectively). If it is established, pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an Excess Payment
has been made, then Employee shall refund the Excess Payment to the Company promptly on demand, together with an additional payment in an amount equal to the product obtained by multiplying the Excess Payment times the applicable annual federal rate
(as determined in and under Section 1274(d) of the Code) times a fraction whose numerator is the number of days elapsed from the date of Employee’s receipt of such Excess Payment through the date of such refund and whose denominator is
365. In the event that it is determined (y) by a court of competent jurisdiction, or (z) by the Accounting Firm upon request by Employee or the Company, that an Underpayment has occurred, the Company shall pay an amount equal to the
Underpayment to Employee within ten (10) days of such determination together with an additional payment in an amount equal to the product obtained by multiplying the Underpayment times the applicable annual federal rate (as
determined in and under Section 1274(d) of the Code) times a fraction whose numerator is the number of days elapsed from the date of the Underpayment through the date of such payment and whose denominator is 365; provided, that in
no event shall the sum of (i) the Gross-Up Payment, and (ii) the additional payment pursuant to this sentence, exceed $2,000,000. 
 (ii) Any Gross-Up Payment, as determined pursuant to this Section 13(b), shall be paid by the Company and remitted to the relevant tax authorities when such payment is due, provided that in no event
shall such payment be made later than the end of your taxable year next following Employee’s taxable year in which the Parachute Tax on a Parachute Payment are remitted to the Internal Revenue Service or any other applicable taxing authority
or, in the case of amounts relating to a claim described in Section 13(b)(i) that does not result in the remittance of any federal, state, local and foreign income, excise, social security and other taxes, the calendar year in which the claim
is finally settled or otherwise resolved. 

  
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 Section 14. Successors and Assigns; No Third-Party Beneficiaries. 

(a) The Company. This Agreement shall inure to the benefit of the Company and its respective successors and assigns. Neither this
Agreement nor any of the rights, obligations, or interests arising hereunder may be assigned by the Company to a Person (other than another member of the Company Group, or its or their respective successors) without Employee’s prior written
consent (which shall not be unreasonably withheld, delayed, or conditioned); provided, however, that in the event of a sale of all or substantially all of the assets of the Company or any direct or indirect division or subsidiary
thereof to which the Employee’s employment primarily relates, the Company may provide that this Agreement will be assigned to, and assumed by, the acquiror of such assets, it being agreed that in such circumstances, Employee’s consent will
not be required in connection therewith. 
 (b) Employee. Employee’s rights and obligations under this Agreement
shall not be transferable by Employee by assignment or otherwise, without the prior written consent of the Company; provided, however, that if Employee shall die, all amounts then payable to Employee hereunder shall be paid in
accordance with the terms of this Agreement to Employee’s devisee, legatee, or other designee, or if there be no such designee, to Employee’s estate. 
 (c) No Third-Party Beneficiaries. Except as otherwise set forth in Section 8(b) or Section 14(b) hereof, nothing expressed or referred to in this Agreement will be construed to give any
Person other than the Company, the other members of the Company Group, and Employee any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. 

Section 15. Waiver and Amendments. 
 Any waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by each of the parties hereto; provided, however,
that any such waiver, alteration, amendment, or modification must be consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to
any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 
 Section 16. Severability. 
 If any covenants or such other provisions of
this Agreement are found to be invalid or unenforceable by a final determination of a court of competent jurisdiction, (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or
provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision hereof. 

  
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 Section 17. Governing Law and Jurisdiction. 

EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS AGREEMENT
IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF COLORADO APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO CONFLICT OF LAWS RULES. ANY DISPUTE OR CLAIM ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR CLAIM OF BREACH HEREOF SHALL BE BROUGHT EXCLUSIVELY IN THE UNITED STATES DISTRICT COURT FOR THE
20th JUDICIAL DISTRICT OF COLORADO, TO THE EXTENT FEDERAL
JURISDICTION EXISTS, AND IN ANY COURT SITTING IN COLORADO, BUT ONLY IN THE EVENT FEDERAL JURISDICTION DOES NOT EXIST, AND ANY APPLICABLE APPELLATE COURTS. BY EXECUTION OF THIS AGREEMENT, THE PARTIES HERETO, AND THEIR RESPECTIVE AFFILIATES, CONSENT
TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS, AND WAIVE ANY RIGHT TO CHALLENGE JURISDICTION OR VENUE IN SUCH COURT WITH REGARD TO ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT ALSO HEREBY
WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT. 
 Section 18. Notices. 
 (a) Place of Delivery. Every notice or other
communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other
party as herein provided; provided, that unless and until some other address be so designated, all notices and communications by Employee to the Company shall be mailed or delivered to the Company at its principal executive office, and all
notices and communications by the Company to Employee may be given to Employee personally or may be mailed to Employee at Employee’s last known address, as reflected in the Company’s records. 

(b) Date of Delivery. Any notice so addressed shall be deemed to be given or received (i) if delivered by hand, on the date
of such delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing, and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing.

 Section 19. Section Headings. 
 The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof or affect the meaning or interpretation of this
Agreement or of any term or provision hereof. 
 Section 20. Entire Agreement. 

This Agreement, together with any exhibits attached hereto, constitutes the entire understanding and agreement of the parties hereto
regarding the employment of Employee. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the parties relating to the subject matter of this Agreement. 

  
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 Section 21. Survival of Operative Sections. 

Upon any termination of Employee’s employment, the provisions of Section 8 through Section 22 of this Agreement (together
with any related definitions set forth in Section 1 hereof) shall survive to the extent necessary to give effect to the provisions thereof. 
 Section 22. Counterparts. 
 This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature. 

*            *          
  * 
 [Signatures to appear on the following page.] 

  
 -14-

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

	
	CLOVIS ONCOLOGY, INC.
	
	/s/ PATRICK J. MAHAFFY
	By: Patrick J. Mahaffy
	Title: President & CEO
	  
 EMPLOYEE

	
	/s/ STEVEN L. HOERTER 
	Steven L. Hoerter

 EXHIBIT A 
 CONFIDENTIALITY, NON-INTERFERENCE, AND INVENTION ASSIGNMENT AGREEMENT 

 EXHIBIT A 
 CONFIDENTIALITY, NON-INTERFERENCE, AND INVENTION ASSIGNMENT AGREEMENT 
 As
a condition of my becoming employed by, or continuing employment with, Clovis Oncology, Inc., a Delaware corporation (the “Company”), and in consideration of my employment with the Company and my receipt of the compensation now and
hereafter paid to me by the Company, I agree to the following: 
 Section 1. Confidential Information. 

(a) Company Group Information. I acknowledge that, during the course of my employment, I will have access to information about the
Company and its direct and indirect subsidiaries and affiliates (collectively, the “Company Group”) and that my employment with the Company shall bring me into close contact with confidential and proprietary information of the
Company Group. In recognition of the foregoing, I agree, at all times during the term of my employment with the Company and for the ten (10) year period following my termination of my employment for any reason, to hold in confidence, and not to
use, except for the benefit of the Company Group, or to disclose to any person, firm, corporation, or other entity without written authorization of the Company, any Confidential Information that I obtain or create. I further agree not to make copies
of such Confidential Information except as authorized by the Company. I understand that “Confidential Information” means information that the Company Group has developed, acquired, created, compiled, discovered, or owned or will
develop, acquire, create, compile, discover, or own, that has value in or to the business of the Company Group that is not generally known and that the Company wishes to maintain as confidential. I understand that Confidential Information includes,
but is not limited to, any and all non-public information that relates to the actual or anticipated business and/or products, research, or development of the Company, or to the Company’s technical data, trade secrets, or know-how, including,
but not limited to, research, product plans, or other information regarding the Company’s products or services and markets, customer lists, and customers (including, but not limited to, customers of the Company on whom I called or with whom I
may become acquainted during the term of my employment), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, and other business information
disclosed by the Company either directly or indirectly in writing, orally, or by drawings or inspection of premises, parts, equipment, or other Company property. Notwithstanding the foregoing, Confidential Information shall not include (i) any
of the foregoing items that have become publicly and widely known through no unauthorized disclosure by me or others who were under confidentiality obligations as to the item or items involved or (ii) any information that I am required to
disclose to, or by, any governmental or judicial authority; provided, however, that in such event I will give the Company prompt written notice thereof so that the Company Group may seek an appropriate protective order and/or waive in
writing compliance with the confidentiality provisions of this Confidentiality, Non-Interference, and Invention Assignment Agreement (the “Non-Interference Agreement”). 

(b) Former Employer Information. I represent that my performance of all of the terms of this Non-Interference Agreement as an
employee of the Company has not breached 

 
and will not breach any agreement to keep in confidence proprietary information, knowledge, or data acquired by me in confidence or trust prior or subsequent to the commencement of my employment
with the Company, and I will not disclose to any member of the Company Group, or induce any member of the Company Group to use, any developments, or confidential or proprietary information or material I may have obtained in connection with
employment with any prior employer in violation of a confidentiality agreement, nondisclosure agreement, or similar agreement with such prior employer. 
 Section 2. Developments. 
 (a) Developments Retained and Licensed. I
have attached hereto, as Schedule A, a list describing with particularity all developments, original works of authorship, developments, improvements, and trade secrets that I can demonstrate were created or owned by me prior to the
commencement of my employment (collectively referred to as “Prior Developments”), which belong solely to me or belong to me jointly with another, that relate in any way to any of the actual or proposed businesses, products, or
research and development of any member of the Company Group, and that are not assigned to the Company hereunder, or if no such list is attached, I represent that there are no such Prior Developments. If, during any period during which I perform or
performed services for the Company Group both before or after the date hereof (the “Assignment Period”), whether as an officer, employee, director, independent contractor, consultant, or agent, or in any other capacity, I
incorporate (or have incorporated) into a Company Group product or process a Prior Development owned by me or in which I have an interest, I hereby grant the Company, and the Company Group shall have, a non-exclusive, royalty-free, irrevocable,
perpetual, transferable worldwide license (with the right to sublicense) to make, have made, copy, modify, make derivative works of, use, sell, and otherwise distribute such Prior Development as part of or in connection with such product or process.

 (b) Assignment of Developments. I agree that I will, without additional compensation, promptly make full written
disclosure to the Company, and will hold in trust for the sole right and benefit of the Company all developments, original works of authorship, inventions, concepts, know-how, improvements, trade secrets, and similar proprietary rights, whether or
not patentable or registrable under copyright or similar laws, which I may solely or jointly conceive or develop or reduce to practice, or have solely or jointly conceived or developed or reduced to practice, or have caused or may cause to be
conceived or developed or reduced to practice, during the Assignment Period, whether or not during regular working hours, provided they either (i) relate at the time of conception, development or reduction to practice to the business of any
member of the Company Group, or the actual or anticipated research or development of any member of the Company Group; (ii) result from or relate to any work performed for any member of the Company Group; or (iii) are developed through the
use of equipment, supplies, or facilities of any member of the Company Group, or any Confidential Information, or in consultation with personnel of any member of the Company Group (collectively referred to as “Developments”). I
further acknowledge that all Developments made by me (solely or jointly with others) within the scope of and during the Assignment Period are “works made for hire” (to the greatest extent permitted by applicable law) for which I am, in
part, compensated by my salary, unless regulated otherwise by law, but that, in the event any such Development is deemed not to be a work made for hire, I hereby assign to the Company, or its designee, all my right, title, and interest throughout
the world in and to any such Development. 

 (c) Maintenance of Records. I agree to keep and maintain adequate and current written
records of all Developments made by me (solely or jointly with others) during the Assignment Period. The records may be in the form of notes, sketches, drawings, flow charts, electronic data or recordings, and any other format. The records will be
available to and remain the sole property of the Company Group at all times. I agree not to remove such records from the Company’s place of business except as expressly permitted by Company Group policy, which may, from time to time, be revised
at the sole election of the Company Group for the purpose of furthering the business of the Company Group. 
 (d)
Intellectual Property Rights. I agree to assist the Company, or its designee, at the Company’s expense, in every way to secure the rights of the Company Group in the Developments and any copyrights, patents, trademarks, service marks,
database rights, domain names, mask work rights, moral rights, and other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect thereto, the
execution of all applications, specifications, oaths, assignments, recordations, and all other instruments that the Company shall deem necessary in order to apply for, obtain, maintain, and transfer such rights and in order to assign and convey to
the Company Group the sole and exclusive right, title, and interest in and to such Developments, and any intellectual property and other proprietary rights relating thereto. I further agree that my obligation to execute or cause to be executed, when
it is in my power to do so, any such instrument or papers shall continue after the Assignment Period until the expiration of the last such intellectual property right to expire in any country of the world; provided, however, the
Company shall reimburse me for my reasonable expenses incurred in connection with carrying out the foregoing obligation. If the Company is unable because of my mental or physical incapacity or unavailability for any other reason to secure my
signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Developments or original works of authorship assigned to the Company as above, then I hereby irrevocably designate and
appoint the Company and its duly authorized officers and agents as my agent and attorney in fact to act for and in my behalf and stead to execute and file any such applications or records and to do all other lawfully permitted acts to further the
application for, prosecution, issuance, maintenance, and transfer of letters patent or registrations thereon with the same legal force and effect as if originally executed by me. I hereby waive and irrevocably quitclaim to the Company any and all
claims, of any nature whatsoever, that I now or hereafter have for past, present, or future infringement of any and all proprietary rights assigned to the Company. 
 Section 3. Returning Company Group Documents. 
 I agree that, at the time
of termination of my employment with the Company for any reason, I will deliver to the Company (and will not keep in my possession, recreate, or deliver to anyone else) any and all Confidential Information and all other documents, materials,
information, and property developed by me pursuant to my employment or otherwise belonging to the Company. I agree further that any property situated on the Company’s premises and owned by the Company (or any other member of the Company Group),
including disks and other storage media, filing cabinets, and other work areas, is subject to inspection by personnel of any member of the Company Group at any time with or without notice. 

 Section 4. Disclosure of Agreement. 

As long as it remains in effect, I will disclose the existence of this Non-Interference Agreement to any prospective employer, partner,
co-venturer, investor, or lender prior to entering into an employment, partnership, or other business relationship with such person or entity. 
 Section 5. Restrictions on Interfering. 
 (a) Non-Competition.
During the period of my employment with the Company (the “Employment Period”) and the Post-Termination Non-Compete Period, I shall not, directly or indirectly, individually or on behalf of any person, company, enterprise, or
entity, or as a sole proprietor, partner, stockholder, director, officer, principal, agent, or executive, or in any other capacity or relationship, engage in any Competitive Activities in any jurisdiction in which the Company Group is engaged in (or
has demonstrable plans to commence) business activities. 
 (b) Non-Interference. During the Employment Period and the
Post-Termination Non-Interference Period, I shall not, directly or indirectly for my own account or for the account of any other individual or entity, engage in Interfering Activities. 

(c) Definitions. For purposes of this Non-Interference Agreement : 

(i) “Business Relation” shall mean any current or prospective client, customer, licensee, or other business relation of
the Company Group, or any such relation that was a client, customer, licensee, supplier, or other business relation within the six (6) month period prior to the expiration of the Employment Period, in each case, to whom I provided services, or
with whom I transacted business, or whose identity became known to me in connection with my relationship with or employment by the Company. 
 (ii) “Competitive Activities” shall mean any business activity that is competitive with the then-current or demonstrably planned business activities of the Company Group. 

(iii) “Interfering Activities” shall mean (A) encouraging, soliciting, or inducing, or in any manner attempting to
encourage, solicit, or induce, any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person’s employment or services (or in the case of a consultant, materially reducing such services)
with the Company Group; (B) hiring any individual who was employed by the Company Group within the six (6) month period prior to the date of such hiring and with whom I had contact with during the Employment Period within the six
(6) month period prior to the date of such hiring; or (C) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount of
business conducted with the Company Group, or in any way interfering with the relationship between any such Business Relation and the Company Group. 

 (iv) “Person” shall mean any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity. 
 (v) “Post-Termination Non-Compete Period” shall mean the period commencing on the date of the termination of the Employment Period for any reason and ending on the six (6) month
anniversary of such date of termination. 
 (vi) “Post-Termination Non-Interference Period” shall mean the
period commencing on the date of the termination of the Employment Period for any reason and ending on the twelve (12) month anniversary of such date of termination. 
 (d) Non-Disparagement. I agree that during the Employment Period, and at all times thereafter, I will not make any disparaging or defamatory comments regarding any member of the Company Group or
its respective current or former directors, officers, or employees in any respect or make any comments concerning any aspect of my relationship with any member of the Company Group or any conduct or events which precipitated any termination of my
employment from any member of the Company Group. However, my obligations under this subparagraph (d) shall not apply to disclosures required by applicable law, regulation, or order of a court or governmental agency. 

Section 6. Reasonableness of Restrictions. 
 I acknowledge and recognize the highly competitive nature of the Company’s business, that access to Confidential Information renders me special and unique within the Company’s industry, and that
I will have the opportunity to develop substantial relationships with existing and prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners of the Company Group during the course of and as a result of my
employment with the Company. In light of the foregoing, I recognize and acknowledge that the restrictions and limitations set forth in this Non-Interference Agreement are reasonable and valid in geographical and temporal scope and in all other
respects and are essential to protect the value of the business and assets of the Company Group. I acknowledge further that the restrictions and limitations set forth in this Non-Interference Agreement will not materially interfere with my ability
to earn a living following the termination of my employment with the Company and that my ability to earn a livelihood without violating such restrictions is a material condition to my employment with the Company. 

Section 7. Independence; Severability; Blue Pencil. 
 Each of the rights enumerated in this Non-Interference Agreement shall be independent of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company
Group at law or in equity. If any of the provisions of this Non-Interference Agreement or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not affect the remainder of this Non-Interference
Agreement, which shall be given full effect without regard to the invalid portions. If any of the covenants contained herein are held to be invalid or unenforceable because of the duration of such provisions or the area or scope covered thereby, I
agree that the court making such determination shall have the power to reduce the duration, scope, and/or area of such provision to the maximum and/or broadest duration, scope, and/or area permissible by law, and in its reduced form said provision
shall then be enforceable. 

 Section 8. Injunctive Relief. 

I expressly acknowledge that any breach or threatened breach of any of the terms and/or conditions set forth in this Non-Interference
Agreement may result in substantial, continuing, and irreparable injury to the members of the Company Group. Therefore, I hereby agree that, in addition to any other remedy that may be available to the Company, any member of the Company Group shall
be entitled to seek injunctive relief, specific performance, or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of the terms of this Non-Interference Agreement without the necessity of
proving irreparable harm or injury as a result of such breach or threatened breach. Notwithstanding any other provision to the contrary, I acknowledge and agree that the Post-Termination Non-Compete Period, or Post-Termination Non-Interference
Period, as applicable, shall be tolled during any period of violation of any of the covenants in Section 5 hereof and during any other period required for litigation during which the Company or any other member of the Company Group seeks to
enforce such covenants against me if it is ultimately determined that I was in breach of such covenants. 
 Section 9.
Cooperation. 
 I agree that, following any termination of my employment, I will continue to provide reasonable
cooperation to the Company and/or any other member of the Company Group and its or their respective counsel in connection with any investigation, administrative proceeding, or litigation relating to any matter that occurred during my employment in
which I was involved or of which I have knowledge. As a condition of such cooperation, the Company shall reimburse me for reasonable out-of-pocket expenses incurred at the request of the Company with respect to my compliance with this paragraph. I
also agree that, in the event that I am subpoenaed by any person or entity (including, but not limited to, any government agency) to give testimony or provide documents (in a deposition, court proceeding, or otherwise) that in any way relates to my
employment by the Company and/or any other member of the Company Group, I will give prompt notice of such request to the Company and will make no disclosure until the Company and/or the other member of the Company Group has had a reasonable
opportunity to contest the right of the requesting person or entity to such disclosure. 
 Section 10. General
Provisions. 
 (a) Governing Law and Jurisdiction. EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY,
INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS NON-INTERFERENCE AGREEMENT IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF COLORADO APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO
CONFLICT OF LAWS RULES. FURTHER, I HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS NON-INTERFERENCE AGREEMENT. 

 (b) Entire Agreement. This Non-Interference Agreement sets forth the entire agreement
and understanding between the Company and me relating to the subject matter herein and merges all prior discussions between us. No modification or amendment to this Non-Interference Agreement, nor any waiver of any rights under this Non-Interference
Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent change or changes in my duties, obligations, rights, or compensation will not affect the validity or scope of this Non-Interference Agreement.

 (c) No Right of Continued Employment. I acknowledge and agree that nothing contained herein shall be construed as
granting me any right to continued employment by the Company, and the right of the Company to terminate my employment at any time and for any reason, with or without cause, is specifically reserved. 

(d) Successors and Assigns. This Non-Interference Agreement will be binding upon my heirs, executors, administrators, and other
legal representatives and will be for the benefit of the Company, its successors, and its assigns. I expressly acknowledge and agree that this Non-Interference Agreement may be assigned by the Company without my consent to any other member of the
Company Group as well as any purchaser of all or substantially all of the assets or stock of the Company, whether by purchase, merger, or other similar corporate transaction, provided that the license granted pursuant to Section 2(a) may be
assigned to any third party by the Company without my consent. 
 (e) Survival. The provisions of this Non-Interference
Agreement shall survive the termination of my employment with the Company and/or the assignment of this Non-Interference Agreement by the Company to any successor in interest or other assignee. 

*            *          
  * 
 I, Steven L. Hoerter, have executed this Confidentiality, Non-Interference, and Invention Assignment Agreement
on the respective date set forth below: 
  

							
				
	Date: March 22, 2012	 		 		 	/s/ STEVEN L. HOERTER
		 		 		 	(Signature)
				
		 		 		 	Steven L. Hoerter
		 		 		 	(Type/Print Name)

 SCHEDULE A 
 LIST OF PRIOR DEVELOPMENTS 
 AND ORIGINAL WORKS OF AUTHORSHIP

 EXCLUDED FROM SECTION 2 
  

					
	 Title
	 	 Date
	 	 Identifying Number or
 Brief Description

x  No Developments or improvements 
  ̈  Additional Sheets Attached 

Signature of Employee: /s/ STEVEN L. HOERTER 
 Print Name of Employee: Steven L. Hoerter 
 Date: March 22, 2012 

 EXHIBIT B 
 RELEASE OF CLAIMS 
 As used in this Release of Claims (this
“Release”), the term “claims” will include all claims, covenants, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, accounts, attorneys’ fees, judgments, losses, and
liabilities, of whatsoever kind or nature, in law, in equity, or otherwise. 
 For and in consideration of the Severance
Benefits (as defined in my Employment Agreement, dated March 22, 2012, with Clovis Oncology, Inc. (my “Employment Agreement”)), and other good and valuable consideration, I, Steven L. Hoerter, for and on behalf of myself and my
heirs, administrators, executors, and assigns, effective as of the date on which this release becomes effective pursuant to its terms, do fully and forever release, remise, and discharge the Company and each of its direct and indirect subsidiaries
and affiliates, and its successors and assigns, together with its officers, directors, partners, shareholders, employees, and agents (collectively, the “Group”), from any and all claims whatsoever up to the date hereof that I had,
may have had, or now have against the Group, whether known or unknown, for or by reason of any matter, cause, or thing whatsoever, including any claim arising out of or attributable to my employment or the termination of my employment with the
Company, whether for tort, breach of express or implied employment contract, intentional infliction of emotional distress, wrongful termination, unjust dismissal, defamation, libel, or slander, or under any federal, state, or local law dealing with
discrimination based on age, race, sex, national origin, handicap, religion, disability, or sexual orientation. This release of claims includes, but is not limited to, all claims arising under the Age Discrimination in Employment Act
(“ADEA”), Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Civil Rights Act of 1991, the Family Medical Leave Act, and the Equal Pay Act, each as may be amended from time to time, and all other federal,
state, and local laws, the common law, and any other purported restriction on an employer’s right to terminate the employment of employees. The release contained herein is intended to be a general release of any and all claims to the fullest
extent permissible by law. 
 I acknowledge and agree that as of the date I execute this Release, I have no knowledge of any
facts or circumstances that give rise or could give rise to any claims under any of the laws listed in the preceding paragraph. 

By executing this Release, I specifically release all claims relating to my employment and its termination under ADEA, a United States
federal statute that, among other things, prohibits discrimination on the basis of age in employment and employee benefit plans. 
 Notwithstanding any provision of this Release to the contrary, by executing this Release, I am not releasing (i) any claims relating to my rights under Section 8 of my Employment Agreement,
(ii) any claims that cannot be waived by law, or (iii) my right of indemnification as provided by, and in accordance with the terms of, the Company’s by-laws or a Company insurance policy providing such coverage, as any of such may be
amended from time to time. 

 I expressly acknowledge and agree that I – 

•    Am able to read the language, and understand the meaning and effect, of this Release; 

•    Have no physical or mental impairment of any kind that has interfered with my ability to read and
understand the meaning of this Release or its terms, and that I am not acting under the influence of any medication, drug, or chemical of any type in entering into this Release; 

•    Am specifically agreeing to the terms of the release contained in this Release because the Company has
agreed to pay me the Severance Benefits in consideration for my agreement to accept it in full settlement of all possible claims I might have or ever have had, and because of my execution of this Release; 

•    Acknowledge that, but for my execution of this Release, I would not be entitled to the Severance Benefits;

 •    Understand that, by entering into this Release, I do not waive rights or claims under ADEA that
may arise after the date I execute this Release; 
 •    Had or could have had
[twenty-one (21)][forty-five (45)]1 days from the date of
my termination of employment (the “Release Expiration Date”) in which to review and consider this Release, and that if I execute this Release prior to the Release Expiration Date, I have voluntarily and knowingly waived the
remainder of the review period; 
 •    Have not relied upon any representation or statement not set
forth in this Release or my Employment Agreement made by the Company or any of its representatives; 

•    Was advised to consult with my attorney regarding the terms and effect of this Release; and 

•    Have signed this Release knowingly and voluntarily. 

I represent and warrant that I have not previously filed, and to the maximum extent permitted by law agree that I will not file, a
complaint, charge, or lawsuit against any member of the Group regarding any of the claims released herein. If, notwithstanding this representation and warranty, I have filed or file such a complaint, charge, or lawsuit, I agree that I shall cause
such complaint, charge, or lawsuit to be dismissed with prejudice and shall pay any and all costs required in obtaining dismissal of such complaint, charge, or lawsuit, including 

 

	1	To be selected based on whether applicable termination was “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). 

 without limitation the attorneys’ fees of any member of the Group against whom I have filed such a
complaint, charge, or lawsuit. This paragraph shall not apply, however, to a claim of age discrimination under ADEA or to any non-waivable right to file a charge with the United States Equal Employment Opportunity Commission (the
“EEOC”); provided, however, that if the EEOC were to pursue any claims relating to my employment with Company, I agree that I shall not be entitled to recover any monetary damages or any other remedies or benefits as a
result and that this Release and Section 8 of my Employment Agreement will control as the exclusive remedy and full settlement of all such claims by me. 
 I hereby agree to waive any and all claims to re-employment with the Company or any other member of the Company Group and affirmatively agree not to seek further employment with the Company or any other
member of the Company Group. 
 Notwithstanding anything contained herein to the contrary, this Release will
not become effective or enforceable prior to the expiration of the period of seven (7) calendar days following the date of its execution by me (the “Revocation Period”), during which time I may revoke my acceptance of this
Release by notifying the Company and the Board of Directors of the Company, in writing, delivered to the Company at its principal executive office, marked for the attention of its Chief Executive Officer. To be effective, such revocation must be
received by the Company no later than 11:59 p.m. on the seventh (7th) calendar day following the execution of this Release. Provided that the Release is executed and I do not revoke it during the Revocation Period, the eighth (8th) day following the date on which this Release is executed shall
be its effective date. I acknowledge and agree that if I revoke this Release during the Revocation Period, this Release will be null and void and of no effect, and neither the Company nor any other member of the Company Group will have any
obligations to pay me the Severance Benefits. 
 The provisions of this Release shall be binding upon my heirs, executors,
administrators, legal personal representatives, and assigns. If any provision of this Release shall be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force or effect. The illegality
or unenforceability of such provision, however, shall have no effect upon and shall not impair the enforceability of any other provision of this Release. 
 EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS RELEASE IS GOVERNED BY AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF COLORADO APPLICABLE
TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD TO CONFLICT OF LAWS RULES. ANY DISPUTE OR CLAIM ARISING OUT OF OR RELATING TO THIS RELEASE OR CLAIM OF BREACH HEREOF SHALL BE BROUGHT EXCLUSIVELY IN THE UNITED STATES DISTRICT
COURT FOR THE 20th JUDICIAL DISTRICT OF COLORADO, TO THE
EXTENT FEDERAL JURISDICTION EXISTS, AND IN ANY COURT SITTING IN COLORADO, BUT ONLY IN THE EVENT FEDERAL JURISDICTION DOES NOT EXIST, AND ANY APPLICABLE APPELLATE COURTS. BY EXECUTION OF THIS RELEASE, I CONSENT TO THE EXCLUSIVE JURISDICTION OF SUCH
COURTS, AND WAIVE ANY RIGHT TO CHALLENGE JURISDICTION OR VENUE IN SUCH COURT WITH REGARD 

 
TO ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS RELEASE. FURTHER, I HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN
CONNECTION WITH THIS RELEASE. 
 Capitalized terms used, but not defined herein, shall have the meanings ascribed to such terms
in my Employment Agreement. 
  

	
	
	  
	Steven L. Hoerter
	Date:

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