Document:

EX-10.11

 Exhibit 10.11 

ANAPLAN, INC. 

CASH INCENTIVE PLAN 

(AS ADOPTED EFFECTIVE NOVEMBER 30, 2018) 

 TABLE OF CONTENTS 

 

					
	 	 	 	  	Page
	 ARTICLE 1.
	 	 BACKGROUND AND PURPOSE
	  	1
	 1.1
	 	 Effective Date
	  	1
	 1.2
	 	 Purpose of the Plan
	  	1
			
	 ARTICLE 2.
	 	 DEFINITIONS
	  	1
			
	ARTICLE 3.	 	 SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS
	  	3
	 3.1
	 	 Selection of Participants
	  	3
	 3.2
	 	 Determination of Performance Period and Performance Goals
	  	3
	 3.3
	 	 Determination of Target Awards
	  	3
	 3.4
	 	 Determination of Payout Formula or Formulae
	  	3
	 3.5
	 	 Determination of Actual Awards
	  	3
	 3.6
	 	 Adjustments
	  	4
			
	ARTICLE 4.	 	 PAYMENT OF AWARDS
	  	4
	 4.1
	 	 Right to Receive Payment
	  	4
	 4.2
	 	 Timing of Payment
	  	4
	 4.3
	 	 Form of Payment
	  	4
	 4.4
	 	 Payment in the Event of Death
	  	5
			
	ARTICLE 5.	 	 ADMINISTRATION
	  	5
	 5.1
	 	 Committee Authority
	  	5
	 5.2
	 	 Decisions Binding
	  	5
	 5.3
	 	 Delegation by the Committee
	  	5
			
	ARTICLE 6.	 	 GENERAL PROVISIONS
	  	5
	 6.1
	 	 Tax Withholding
	  	5
	 6.2
	 	 No Effect on Employment
	  	5
	 6.3
	 	 No Effect on Other Benefits
	  	6
	 6.4
	 	 Successors
	  	6
	 6.5
	 	 Nontransferability of Awards
	  	6
			
	ARTICLE 7.	 	 DURATION, AMENDMENT AND TERMINATION
	  	6
	 7.1
	 	 Duration of the Plan
	  	6
	 7.2
	 	 Amendment, Suspension or Termination
	  	6
			
	ARTICLE 8.	 	 LEGAL CONSTRUCTION
	  	6
	 8.1
	 	 Severability
	  	6
	 8.2
	 	 Requirements of Law
	  	6
	 8.3
	 	 Governing Law
	  	6
	 8.4
	 	 Captions
	  	6
			
	 Appendix A
	 	 Performance Metrics
	  	7

  
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 ANAPLAN, INC. 

CASH INCENTIVE PLAN 

ARTICLE 1. BACKGROUND AND PURPOSE 

1.1    Effective Date. The Plan was adopted by the Committee, became effective immediately upon such adoption
and is not subject to approval by the Company’s stockholders. 
 1.2    Purpose of the Plan. The Plan
is intended to motivate Participants to achieve excellent short- and long-term financial performance for the Company and its business units. The Plan provides Participants with the opportunity to earn cash incentive awards for the achievement of
goals relating to the performance of the Company. 
 ARTICLE 2. DEFINITIONS 

The following words and phrases shall have the following meanings, unless a different meaning is plainly required by the context: 

2.1    “Actual Award” means, as to any Performance Period, the actual award (if any) payable to a
Participant for the Performance Period. Each Actual Award is determined by the Payout Formula for the Performance Period, subject to the Committee’s authority under Section 3.5 to increase, eliminate or reduce the award otherwise indicated
by the Payout Formula. 
 2.2    “Affiliate” means any corporation or other entity (including, without
limitation, partnerships and joint ventures) controlled by the Company. 
 2.3    “Base Salary” means,
as to any Performance Period, the Participant’s annualized rate of base salary at the end of the Progress Period and Performance Period, , prorated for a partial Performance Period if the Participant was not employed for the full duration of
the Performance Period and shall exclude relocation expenses, sign-on bonus, any other form of non-recurring bonus and any other payments not considered part of the
annual base salary. Base Salary shall be calculated before both (a) deductions for taxes or benefits and (b) deferrals of compensation pursuant to Company-sponsored plans or Affiliate-sponsored plans. 

2.4    “Board” means the Company’s Board of Directors. 

2.5    “Committee” means the Compensation Committee of the Board. 

2.6    “Company” means Anaplan, Inc., a Delaware corporation, or any successor thereto. 

2.7    “Disability” means a permanent disability, as determined for purposes of the principal long-term
disability insurance plan maintained by the Company for the benefit of the Participant. If there is no such plan, Disability shall be determined in accordance with a policy established by the Committee. 

 2.8    “Employee” means a common-law employee of the Company or of an Affiliate, whether such employee is so employed when the Plan is adopted or becomes so employed after the adoption of the Plan. 

2.9    “Fiscal Quarter” means a fiscal quarter within a Fiscal Year of the Company. 

2.10    “Fiscal Year” means the fiscal year of the Company. 

2.11    “Participant” means, as to any Performance Period, an Employee who has been selected for
participation in the Plan for that Performance Period pursuant to Section 3.1. 
 2.12    “Payout
Formula” means, as to any Performance Period, the formula or payout matrix (or other measure) established by the Committee pursuant to Section 3.4 in order to determine the Actual Awards (if any) to be paid to Participants. The formula
or matrix (or other measure) may differ from Participant to Participant. 
 2.13    “Performance Period”
means a Fiscal Year, or any longer or shorter period determined by the Committee. 
 2.14    “Performance
Goals” means the goal(s) determined by the Committee to be applicable to a Participant for a Target Award for a Performance Period. As determined by the Committee, the Performance Goal(s) may provide for a targeted level or levels of
achievement using the performance criteria specified by the Committee. Such criteria shall be based on one or more of the performance metrics set forth in Appendix A attached to the Plan or other criteria determined by the
Committee. 
 2.15    “Plan” means this Anaplan, Inc. Cash Incentive Plan, as set forth in this
instrument and as hereafter amended from time to time. 
 2.16    “Progress Payment” means a portion of
the Target Award or Actual Award determined in accordance with Section 3.5 that has been earned by the Participant as of the end of the Progress Period, based on achievement of the applicable Performance Goals, and that may be paid to the
Participant during the Performance Period. 
 2.17    “Progress Period” means a period shorter than and
within the Performance Period for which a Progress Payment may be made. 
 2.18    “Retirement” means,
with respect to any Participant, a Termination of Employment occurring in accordance with a policy or policies established by the Committee from time to time. 

2.19    “Target Award” means the target award payable under the Plan to a Participant for the Performance
Period or Progress Period, as applicable, expressed as a percentage of his or her Base Salary or a specific dollar amount, as determined by the Committee in accordance with Section 3.3. 

  
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 2.20    “Termination of Employment” means a cessation
of the employee-employer relationship between an Employee and the Company or an Affiliate for any reason, including (without limitation) a termination by resignation, discharge, death, Disability, Retirement or the disaffiliation of an Affiliate,
but excluding a transfer from the Company to an Affiliate or between Affiliates. 
 ARTICLE 3. SELECTION OF PARTICIPANTS AND
DETERMINATION OF AWARDS 
 3.1    Selection of Participants. The Committee shall select the Employees
who shall be Participants for any Performance Period. Participation in the Plan is in the sole discretion of the Committee. Accordingly, an Employee who is a Participant for a given Performance Period is in no way assured of being selected for
participation in any subsequent Performance Period. 
 3.2    Determination of Performance Period and
Performance Goals. The Committee, in its sole discretion, shall establish the duration of each Performance Period. The Performance Period may differ from Participant to Participant and from award to award. The Committee shall establish the
Performance Goals applicable for each Participant or a group of Participants for each Performance Period. Such Performance Goals shall be set forth in writing and shall be based on one or more of the performance metrics set forth in
Appendix A attached to the Plan or other criteria determined by the Committee. Any criteria used may be measured: (a) in absolute terms; (b) in relative terms, including (without limitation) the passage of time
and/or against other companies or metrics; (c) on a per-share basis; (d) against the performance of the Company as a whole or against particular segments or products of the Company; (e) against
personal performance evaluations and/or (f) on a pre-tax or after-tax basis. Any Performance Goal may be measured using generally accepted accounting principles or
on a basis other than generally accepted accounting principles. The applicable Performance Goals during a Performance Period may differ from Participant to Participant and from award to award. 

3.3    Determination of Target Awards. To the extent applicable, the Committee shall establish a Target
Award for each Participant for each Performance Period. Such Target Award shall be set forth in writing. 

3.4    Determination of Payout Formula or Formulae. The Committee shall establish a Payout Formula or
Formulae for purposes of determining the Actual Award (if any) payable to each Participant. Each Payout Formula shall: (a) be in writing; (b) be based on a comparison of actual performance to the Performance Goals; (c) provide for the
payment of a Participant’s Target Award if the Performance Goals for the Performance Period are achieved at the predetermined level; and (d) provide for the payment of an Actual Award greater than or less than the Participant’s Target
Award, depending upon the extent to which actual performance exceeds or falls below the Performance Goals. Achievement of specified levels of the Performance Goals will result in an Actual Award, as determined by the Committee, provided, however,
that the maximum bonus award payable to any Participant with respect to such a Performance Period shall not exceed $4,000,000. 

3.5    Determination of Actual Awards. After the end of each Performance Period or, to the extent that
Progress Payments will be made, after the end of each Progress Period, 

  
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the Committee shall certify in writing the extent to which the Performance Goals applicable to each Participant for the Performance Period or Progress Period, as applicable, were achieved or
exceeded, as determined by the Committee. The Actual Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance that has been certified by the Committee. Any contrary provision of the Plan
notwithstanding, the Committee may: (a) reduce or eliminate the Actual Award that otherwise would be payable under the Payout Formula; (b) determine whether or not any Participant will receive an Actual Award in the event that the
Participant incurs a Termination of Employment before such Actual Award or Progress Payment is to be paid pursuant to Section 4.2; or (c) determine to pay an Actual Award to any Participant based upon the satisfaction of any subjective or
objective criteria that the Committee deems appropriate, including with respect to any subjective or objective criteria relating to any new or completed Performance Period.     

3.6    Adjustments. The Committee may adjust the results under any Performance Goal to mitigate the effects
of material, unusual or non-recurring gains and losses, accounting charges or other extraordinary events that were not budgeted and were not foreseen at the time the applicable Performance Goals were set, such
as merger or acquisition related charges, charges for restructuring and reorganization plans, discontinued business operations, extraordinary items and all items of gain, loss or expense determined to be extraordinary or unusual in nature or related
to the disposal of a segment of a business or significant part of a business, or related to a change in accounting principle (including the cumulative effect of accounting changes) in each case. The Committee may appropriately adjust any evaluation
of Performance Goals to exclude any of the following events that occurs during a Performance Period: (a) asset write-downs; (b) litigation, claims, judgments or settlements; (c) the effect of changes in tax law, accounting principles
or other such laws or provisions affecting reported results; (d) accruals for reorganization and restructuring programs or accruals of any amounts for payment under the Plan; (e) mergers or acquisitions; and (f) any other
extraordinary, unusual or non-recurring items. 
 ARTICLE 4. PAYMENT OF AWARDS 

4.1    Right to Receive Payment. Each Actual Award or Progress Payment that may become payable under the Plan
shall be paid solely from the general assets of the Company or the Affiliate that employs the Participant (as the case may be), as determined by the Company. No amounts awarded or accrued under the Plan shall be funded, set aside or otherwise
segregated prior to payment. The obligation to pay Actual Awards or Progress Payments under the Plan shall at all times be an unfunded and unsecured obligation of the Company. Participants shall have the status of general creditors of the Company or
the Affiliate that employs the Participant. Nothing contained herein shall be construed as a contract of employment or deemed to give any Participant the right to be retained in the employ of the Company. 

4.2    Timing of Payment. Subject to Section 3.5, payment of each Actual Award or Progress Payment
shall be made as soon as administratively practicable, but in no event later than two and one-half months after the end of the Company fiscal year to which such Actual Award or Progress Payment relates. 

4.3    Form of Payment. Each Actual Award or Progress Payment shall be paid in cash (or its equivalent) in a
single lump sum. 

  
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 4.4    Payment in the Event of Death. If a Participant
dies before receiving an Actual Award or Progress Payment (determined under Section 3.5) that was scheduled to be paid before his or her death for a prior Performance Period or Progress Period, then the Actual Award or Progress Payment shall be
paid to the Participant’s designated beneficiary or, if no beneficiary has been designated, to the administrator or representative of his or her estate. Any beneficiary designation or revocation of a prior designation shall be effective only if
it is in writing, signed by the Participant and received by the Company prior to the Participant’s death. 
 ARTICLE 5.
ADMINISTRATION 
 5.1    Committee Authority. The Plan shall be administered by the Committee, subject
to Section 5.3. The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including (without limitation) the power to: (a) determine which Employees shall be granted
awards; (b) prescribe the terms and conditions of the awards; (c) interpret the Plan; (d) adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan
by Employees who are foreign nationals or employed outside of the United States; (e) adopt rules for the administration, interpretation and application of the Plan; (f) correct any defect, omission or inconsistency in the Plan in a manner
and to the extent it shall deem necessary or expedient to the make the Plan fully effective; (g) exercise such powers and perform such acts as the Committee deems necessary, desirable, convenient and expedient to promote the best interests of
the Company that are not in conflict with the Plan and (h) interpret, amend or revoke any such rules. 

5.2    Decisions Binding. All determinations and decisions made by the Committee, the Board or any delegate
of the Committee pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons and shall be given the maximum deference permitted by law. 

5.3    Delegation by the Committee. The Committee, on such terms and conditions as it may provide, may
delegate all or part of its authority and powers under the Plan to one or more directors and/or employees of the Company. 
 ARTICLE 6.
GENERAL PROVISIONS 
 6.1    Tax Withholding. The Company or an Affiliate, as applicable, shall
withhold all required taxes from an Actual Award or Progress Payment, including any federal, state, local or other taxes. 

6.2    No Effect on Employment. Nothing in the Plan shall: (a) interfere with or limit in any way the
right of the Company or an Affiliate, as applicable, to terminate any Participant’s employment or service at any time, with or without cause; or (b) modify the at-will basis of any applicable
Participant’s at-will employment with the Company or any Affiliate. The Company (on behalf of itself and on behalf of each of its Affiliates) expressly reserves the right, which may be exercised at any
time and without regard to when during or after a Performance Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect that such treatment might have upon
him or her as a Participant. 

  
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 6.3    No Effect on Other Benefits. Except as expressly
set forth in a Participant’s employment agreement with the Company, any Actual Awards or Progress Payments under the Plan shall not be considered for the purpose of calculating other benefits to which such Participant may be entitled,
including: (a) any termination, severance, redundancy or end-of-service payments; (b) other bonuses or long-service awards; (c) overtime premiums;
(d) future Base Salary. 
 6.4    Successors. All obligations of the Company and any Affiliate under
the Plan, with respect to awards granted hereunder, shall be binding on any successor to the Company and/or such Affiliate, whether the existence of such successor is the result of a merger, consolidation, direct or indirect purchase of all or
substantially all of the business or assets of the Company or such Affiliate, or any similar transaction. 

6.5    Nontransferability of Awards. No award granted under the Plan shall be sold, transferred, pledged,
assigned or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution or to the limited extent provided in Section 4.4. All rights with respect to an award granted to a Participant shall be available
during his or her lifetime only to the Participant. 
 ARTICLE 7. DURATION, AMENDMENT AND TERMINATION 

7.1    Duration of the Plan. The Plan shall commence on the date specified herein and shall remain in effect
thereafter until terminated pursuant to Section 7.2. 
 7.2    Amendment, Suspension or Termination.
The Board or the Committee may amend, suspend or terminate the Plan, or any part thereof, at any time and for any reason. No award may be granted during any period of suspension or after termination of the Plan. 

ARTICLE 8. LEGAL CONSTRUCTION 

8.1    Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason,
the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

8.2    Requirements of Law. The granting of awards under the Plan shall be subject to all applicable laws,
rules and regulations, and to such approvals by any governmental agencies or national securities markets as may be required. 

8.3    Governing Law. The Plan and all awards shall be construed in accordance with and governed by the laws
of the State of California, without regard to their conflict-of-law provisions. 

8.4    Captions. Captions are provided herein for convenience only and shall not serve as a basis for
interpretation or construction of the Plan. 
 8.5    Compensation Recovery for Fraud or Misconduct. In
the event the Company adopts any policy related to the recovery of compensation in the event of fraud or other misconduct, any Actual Awards or Progress Payments payable thereafter under the Plan shall be subject to such policy as in effect from
time to time, and the terms and conditions of such policy shall be incorporated into the Plan. 

  
 6 

 APPENDIX A 

PERFORMANCE METRICS 

The Committee may establish Performance Goals derived from the following metrics: 

 

	•	 	 Backlog 

  

	•	 	 Bookings (including annual or total contract value bookings) 

 

	•	 	 Cash 

  

	•	 	 Cash and short-term investments 

 

	•	 	 Cash flow return on investment 

 

	•	 	 Comparisons with various stock market indices 

 

	•	 	 Customer satisfaction 

  

	•	 	 Deferred revenue 

  

	•	 	 Earnings or earnings per share (including earnings before taxes, earnings before interest and taxes or earnings
before interest, taxes, depreciation and amortization) 

  

	•	 	 Economic value added 

  

	•	 	 Expenses or expense reductions 

 

	•	 	 Free cash flow or free cash flow per share 

 

	•	 	 Gross margin 

  

	•	 	 Gross profits 

  

	•	 	 Headcount 

  

	•	 	 Implementation, completion or attainment of measurable objectives with respect to research, development,
products, projects or recruiting and maintaining personnel 

  

	•	 	 Market capitalization 

  

	•	 	 Market share 

  

	•	 	 Net earnings 

  

	•	 	 Net income (before or after taxes) 

 

	•	 	 Net operating income (before or after taxes) 

 

	•	 	 Operating income 

  

	•	 	 Operating margin or cash margin 

 

	•	 	 Operating profit/loss (on a GAAP or non-GAAP basis)

  

	•	 	 Operating ratio 

  

	•	 	 Other standards of financial performance 

 

	•	 	 Personal performance evaluations 

 

	•	 	 Pre- or after-tax income (before
or after allocation of corporate overhead and bonus) 

  

	•	 	 Reductions in costs 

  
 7 

	•	 	 Return on assets, investments or capital employed 

 

	•	 	 Return on equity 

  

	•	 	 Revenue 

  

	•	 	 Revenue excluding total advertising cost 

 

	•	 	 Stock price 

  

	•	 	 Total expenses 

  

	•	 	 Total stockholder return 

 

	•	 	 Working capital 

  

	•	 	 Increases or growth in any of the foregoing 

  
 8Exhibit 10.1

 

Dr.
Philippe Calais

2040
Alta Meadows Lane #1609

Del Ray Beach, Florida 33333

 

December
7, 2018

 

Re:
Interim Chief Executive Officer Agreement

 

Dear Philippe:

 

On
behalf of Cohbar, Inc. (the “Company”), I am pleased to offer you the position of Interim Chief Executive Officer
of the Company on the terms and conditions set forth in this letter agreement (this “Agreement”). You have agreed
to accept this role while we engage in a search for a permanent Chief Executive Officer, for which you will be a considered a
candidate should you choose. You may accept this Agreement by signing and returning a copy of this Agreement to the Company as
provided below.

 

1. Term
of Employment. Your employment under this Agreement will commence as of December 7, 2018 (the “Start Date”) and
will continue until the earliest to occur of: (i) the date that is four (4) months after the Start Date, unless extended by the
parties through mutual agreement, (ii) the date on which a permanent Chief Executive Officer commences employment with the Company
and any transition services you agree to provide thereafter have been completed (if you are selected as the permanent Chief Executive
Officer you will sign a different agreement), or (iii) your resignation or the termination of your employment by the Company (each
of the foregoing, the “Separation Date”). Your employment is terminable by you or the Company at any time (for any
reason or for no reason) in accordance with Section 6 of this Agreement.

 

2. Position
and Duties.

 

(a) General.
You will initially serve as Interim Chief Executive Officer of the Company. Your duties and authority as Interim Chief Executive
Officer will be prescribed by the Board of Directors of the Company (the “Board”) and will be commensurate with those
of a chief executive officer of a company of comparable size and with a similar business as the Company. During the term of your
employment under this Agreement, you will report directly to the Board and will devote such time as is necessary to the business
of the Company in order to fulfill the expectations of the Board as provided above.

 

(b) Continued
Board Membership; Resignation from Audit Committee. During the term of your employment under this Agreement, you will continue
to serve as a member of the Board. Effective on the Start Date, you hereby resign from your membership on the Audit Committee
of the Board.

 

     

     

    

 

3. Withholding.
The Company will be entitled to withhold from any amounts payable under this Agreement any federal, state, or local withholding
or other taxes, deductions or charges which the Company is required to withhold.

 

4. Compensation
and Benefits. In consideration for your services to the Company under this Agreement, you will receive the following compensation
and benefits from the Company during your term of employment:

 

(a) Base
Salary. Until the Separation Date, the Company will pay you a prorated salary at the annualized rate of Three Hundred and
Forty Thousand Dollars ($340,000), to be paid in accordance with the Company’s regular payroll practices (“Base Salary”).

 

(b) Performance
Bonus. You may also be eligible for a yearly target bonus of forty percent (40%) of your Base Salary, prorated for the term
of your employment. Whether you receive a bonus shall depend on personal and/or Company performance determined by the Board in
its discretion. Decisions on the grant of bonuses, the criteria under which the bonus shall be awarded, the achievement of such
criteria, the amount of any bonus earned, and the timing of the bonus payment are solely within the discretion of the Company’s
Board of Directors. Any bonus payment made to you will be subject to the normal and/or authorized deductions and withholdings.

 

(c) Benefits.
During your employment with the Company, you will be eligible to participate in the Company’s employee benefit plans,
policies and arrangements (currently medical/vision/dental care and 401(k)), as may now or hereafter be adopted by the
Company, in accordance with the terms of such plans, policies and arrangements, and on the same basis as other members of the
senior management team. Given that you already have healthcare coverage, we understand that you will not participate in the
Company’s healthcare plan.

 

(d) Expenses.
The Company will reimburse you for business expenses that are reasonable and necessary for you to perform, and were incurred by
you in the course of the performance of, your duties pursuant to this Agreement and in accordance with the Company’s expense
reimbursement policies. In addition, the Company will reimburse you for your reasonable expenses for accommodations in Menlo Park,
air travel expenses for commuting to and from your principal residence and Menlo Park, and a rental car, in each case during the
period of your employment under this Agreement.

 

(e) Transition
Payment. In consideration of your efforts in preparing for a transition into the role of Interim Chief Executive Officer,
you shall also receive the equivalent of one month’s Base Salary on the first regular payroll date after the Start Date.

 

    2

     

    

 

(f) Stock
Options. Pursuant to the Company’s Amended and Restated 2011 Equity Incentive Plan or a successor plan (the “Plan”),
the Company shall grant you options to purchase up to 96,000 shares of the Company’s common stock at an exercise price to
be determined by the Board of Directors at the time of the grant in accordance with applicable law (the “Options”).
The Options will be subject to the terms of the Plan and will become exercisable over a vesting term of four (4) months, subject
to your continuous employment during such period. Vesting of the Options will commence on the Start Date will vest in equal monthly
installments of 24,000 shares on the same day of each month following the Start Date such that all shares subject to the award
shall be vested and exercisable as of the date that is four (4) months after the Start Date. The terms of the Options shall be
governed by the Plan and a Stock Option Agreement (the “Option Agreement”). You acknowledge that the Options do not,
and will not, constitute wages or compensation. Unless otherwise provided in the Plan or required by law, the Board of Directors
of the Company shall have sole discretion regarding the, exercise price of the Options and other terms and conditions of the Options
grant.

 

5.
Covenants. By accepting the terms of this Agreement, you hereby agree to the following covenants (in addition to any obligations
you may have by law):

 

(a) Nondisclosure;
Inventions. During your employment with the Company and at all times thereafter, (i) you will not divulge, transmit or otherwise
disclose (except as legally compelled by court order, and then only to the extent required, after prompt notice to the Board of
any such order), directly or indirectly, other than in the regular and proper course of business of the Company, any customer
lists, trade secrets or other confidential knowledge or information with respect to the operations or finances of the Company
or with respect to confidential or secret processes, services, techniques, customers or plans with respect to the Company, including,
without limitation, any know-how, research and development, software, databases, inventions, processes, formulae, peptides, drug
targets, technology, designs and other intellectual property, information concerning finances, investments, pricing, costs, products,
services, vendors, partners, investors, personnel, compensation, recruiting, training, government and regulatory activities and
approvals concerning the past, current or future business, activities and operations of the Company (all of the foregoing collectively
hereinafter referred to as “Confidential Information”), and (ii) you will not use, directly or indirectly, any Confidential
Information for the benefit of anyone other than the Company; provided, that you have no obligation, express or implied, to refrain
from using or disclosing to others any such knowledge or information which is or hereafter will become available to the general
public other than through disclosure by you. All Confidential Information, new processes, techniques, know-how, methods, inventions,
plans, products, and patents developed, made or invented by you, alone or with others, while an employee of the Company which
are related to the business of the Company will be and become the sole property of the Company, unless released in writing by
the Board, and you hereby assign any and all rights therein or thereto to the Company.

 

(b) Specific
Performance. In the event of a breach or threatened breach of any provision of this Section 5, in addition to any remedies
at law, either party hereto will be entitled to seek equitable relief in the form of specific performance, temporary restraining
order, temporary or permanent injunction or any other equitable remedy which may then be available.

 

    3

     

    

 

6.
Termination. Your employment with the Company is “at-will.” Accordingly, both you and the Company remain free at all times to terminate the employment relationship for any reason, upon fourteen (14) days’
written notice to the other party, or immediately upon written notice in the case of termination for Cause (as defined below).
Upon any termination of your employment the Company shall pay you any earned but unpaid portion of your Base Salary, bonus, benefits
and unreimbursed business expenses, in each case with respect to the period ending on the Separation Date.

 

If,
prior to the date that is four (4) months after the Start Date, your employment is terminated by the Company without Cause or
as a result of the hiring of a permanent Chief Executive Officer, then, in addition to payments earned through the Separation
Date: (i) the Company will pay you the amount of your Base Salary as would have been earned had your employment continued until
the date that is four (4) months after the Start Date and (ii) the Options shall become fully vested and exercisable. Payments
due to you after the Separation Date shall be paid in accordance with the Company’s regular payroll practices.

 

For
purposes hereof, “Cause” means (i) your conviction of, or plea of nolo contendere to, a felony or crime
involving moral turpitude (other than traffic violations); (ii) material dishonesty or fraudulent conduct by you against the
Company; (iii) your material breach of a key Company policy including, but not limited to, acts of harassment,
discrimination, or violence; use of unlawful drugs or drunkenness during normal work hours (and otherwise provided such
policy has been provided to you in advance of such alleged breach), or your material breach of this Agreement, provided that
if such violation or breach is curable, such violation or breach may be cured by you within ten (10) days after you receive
written notice from the Board of such violation or breach; (iv) the willful failure by you to perform your duties for the
Company if such failure to perform is not cured by you within ten (10) days after you receive written notice from the Board
of such failure; (v) competing with the Company, diversion of any corporate opportunity or other similar conflict of interest
or self-dealing incurring to your material direct or indirect benefit; (vi) the existence of any past or future conviction,
order, decree, judgment, event, circumstance or fact that would disqualify the Company from relying on Rule 506 of Regulation
D or would require disclosure under Rule 506(e) thereof, or would reasonably be expected to prevent or interfere with the
Company’s ability to retain audit services or (vii) gross negligence or intentional misconduct that results in
significant injury to the Company or its affiliates. Provided, however, that prior to the determination that
“Cause” under this paragraph has occurred, the Company shall (A) provide to you in writing, in reasonable detail,
the reasons for the determination that such “Cause” exists, (B) allow the expiration of any cure period specified
above without your cure, (C) provide you an opportunity to be heard by the Board prior to the final decision to terminate
your employment hereunder for such “Cause” and (D) make any decision that such “Cause” exists in good
faith.

 

7.
Miscellaneous.

 

(a) Entire
Agreement. This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement between you
and the Company with regard to the terms and conditions of your employment as Interim Chief Executive Officer. It is entered
into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it
supersedes any other such promises, warranties or representations and any other written or oral statements concerning your
rights to any compensation, equity or benefits from the Company, its predecessors or successors in interest.

 

    4

     

    

 

(b) Assignment/Binding
Effect. You acknowledge that the services to be performed by you pursuant to this Agreement are unique and personal. You
may not assign any of your rights or delegate any of your duties or obligations under this Agreement without the prior
written consent of the Company. The Company, however, may assign its rights and obligations. The rights and obligations of
the parties under this Agreement shall inure to the benefit of and shall be binding upon their respective legal
representatives, successors and permitted assigns.

 

(b) Amendments.
This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.

 

(c) Counterparts.
This Agreement may be signed in counterparts and the counterparts taken together will constitute one agreement.

 

(d) Governing
Law and Venue. This Agreement will be governed by and construed in accordance with the laws of the State of California, without
giving effect to any choice of law or conflicting provision or rule. For all disputes under this Agreement or related to your
employment, the parties agree that any suit or action between them shall be instituted and commenced exclusively in the local
state or federal courts in San Mateo County, California. Both parties waive the right to change such venue and hereby consent
to the jurisdiction of such courts for all potential claims under this Agreement or related to your employment.

 

If
this Agreement is acceptable to you, please sign below and return the original, fully executed Agreement to the Company.

 

	 	Sincerely,
	 	 
	 	/s/
    Albion Fitzgerald
	 	Albion Fitzgerald

 

	ACCEPTED
    AND AGREED:	 
	 	 
	/s/
    Phillipe Calais	 
	Phillipe
    Calais	 

 

    5

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