Document:

EX-10.37

 Exhibit 10.37 

EXAGEN DIAGNOSTICS, INC. 

May 16, 2017 
 Kamal Adawi 

Dear Kamal, 
 I am pleased to confirm our offer for you to join
Exagen Diagnostics, Inc. as Chief Financial Officer (CFO), with a start date of Monday, June 12. This offer is contingent upon the successful completion of a pre-employment background check. This position
will report to CEO-Ron Rocca and will be part of the executive team. We are offering you an annual salary of $225,000 with a 20% bonus which will be subject to the company meeting certain performance
expectations. In addition, you will receive options to purchase the company’s common stock contingent upon the approval of the Exagen Board of Directors, the timing of which will also be subject to the Board’s discretion. 

You are eligible to participate in the Exagen benefits program, a summary of which you will receive separately. Exagen currently has a safe harbor 401K plan
and contributes an amount equal to 3% of your annual income into your 401K. There is no vesting period in the 401(k). In addition, you will accrue 3 weeks (or 120 hours) of paid time off a year in addition to the ten holidays currently recognized by
Exagen. 
 You will become eligible to participate in the Exagen benefits program on your date of hire. You will receive the benefits enrollment information
upon written acceptance of the offer. 
 Employment at Will: This letter is intended to communicate certain terms and conditions of employment with Exagen
Diagnostics, Inc. but is not intended to be and should not be considered an employment contract. Your employment is not for a specific duration and may be terminated by you or Exagen Diagnostics, Inc. at any time, for any reason or for no reason
whatsoever, with or without notice and with or without cause unless otherwise specified by law. Your employment is “at will.” The “at will” status of your employment may not be altered except by a separate written contract signed
by the Chief Executive Officer of Exagen Diagnostics, Inc. No one other than the Chief Executive Officer has the authority to enter an employment contract with you. 

I look forward to working with you as a member of the Exagen team. We are excited about the contributions you will make to the success of our company. If you
have any further questions, please do not hesitate to contact me. 

 Please sign and return a hard copy to me. 

Sincerely, 
 Ron Rocca 

President & CEO 
 Exagen Diagnostics, Inc. 

www.AviseTest.com 
 www.Exagen.com 

	
	
	/s/ Kamal Adawi
	I Accept the Offer Stated Above

 EXAGEN INC. 

September 4, 2019 
 Re: Offer Letter
Amendment 
 Dear Kamal: 
 We are providing
you with this letter agreement (the “Letter Agreement”) to inform you that Exagen Inc. (the “Company”) is amending your offer letter with the Company, dated May 16, 2017 (as amended by this Letter
Agreement, the “Offer Letter”), to provide for severance upon a qualifying termination of employment, subject to the terms and conditions set forth below. 

 

	 	1.	 Severance Payment. Upon a termination of employment by the Company without Cause (as defined below), you
will receive an amount equal to six months of your base salary, as in effect on the date of termination (the “Severance Payment”), payable in a lump sum on the 30th day
following the termination date. “Cause” means any of the following events that the Board of Directors of the Company has determined, in good faith, has occurred: (i) your failure to substantially perform your duties
(other than a failure resulting from your disability), including your failure to follow any lawful directive from the Board of Directors of the Company or the Company’s Chief Executive Officer; (ii) your violation of any code or standard
of behavior generally applicable to employees or executives of the Company; (iii) engaging in conduct that may reasonably result in reputational, economic or financial injury to the Company or its affiliates; (iv) your commission of,
indictment for or plea of nolo contendere to a felony, any crime involving fraud or embezzlement under federal, state or local laws or a crime involving moral turpitude; (v) your failure to devote substantially all of your working time to the
business of the Company and its affiliates; (vi) your unlawful use (including being under the influence) or possession of illegal drugs on the premises of the Company or any of its affiliates or while performing your duties and responsibilities
for the Company or any of its affiliates; (vii) your commission of an act of fraud, willful misconduct or gross negligence with respect to the Company or its affiliates, or your material breach of fiduciary duty against the Company or any of
its affiliates; (viii) your engaging in misconduct in connection with the performance of any of your duties, including by embezzlement or theft from the Company or its affiliates, misappropriating funds from the Company or its affiliates or
securing or attempting to secure personally any profit in connection with any transaction entered into on behalf of the Company or its affiliates; or (ix) your active disloyalty to the Company or its affiliates, including willfully aiding a
competitor or improperly disclosing confidential information. 

  

	 	2.	 General Release of Claims. As a condition to your receipt of the Severance Payment, you must execute,
return, not rescind and comply with a general release of claims in a form prescribed by the Company. 

  

	 	3.	 Code Section 409A. 

 

	 	a.	 To the extent applicable, the Offer Letter shall be interpreted in accordance with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other such guidance that
may be issued after the date hereof (collectively, “Section 409A”). Notwithstanding any provision of the Offer Letter to the contrary, in the event that following the date hereof, the Company
determines that any compensation or benefits payable under the Offer Letter may be subject to Section 409A, the Company may adopt such amendments to the Offer Letter or adopt other policies or procedures (including amendments, policies and
procedures with retroactive effect), or take any other actions that the Company 

	 	
determines are necessary or appropriate to preserve the intended tax treatment of the compensation and benefits payable hereunder, including without limitation actions intended to (i) exempt
the compensation and benefits payable under the Offer Letter from Section 409A, and/or (ii) comply with the requirements of Section 409A, provided, however, that this Section does not, and shall not be construed so as to, create any
obligation on the part of the Company to adopt any such amendments, policies or procedures or to take any other such actions. In no event shall the Company, its affiliates or any of their respective officers, directors or advisors be liable for any
taxes, interest or penalties imposed under Section 409A or any corresponding provision of state or local law. 

  

	 	b.	 Any right under the Offer Letter to a series of installment payments shall be treated as a right to a series of
separate payments. Notwithstanding anything to the contrary in the Offer Letter, no compensation or benefits shall be paid to you during the six-month period following your “separation from service”
with the Company (within the meaning of Section 409A) if the Company determines that paying such amounts at the time or times indicated herein would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of
any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six-month period (or such earlier date upon which such amount can be paid under
Section 409A without resulting in a prohibited distribution, including as a result of your death), the Company shall pay you a lump-sum amount equal to the cumulative amount that would have otherwise been
payable to you during such period (without interest). 

  

	 	c.	 To the extent any reimbursements or in-kind benefits due to you under
the Offer Letter constitute “deferred compensation” to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, any such reimbursements or
in-kind benefits shall be paid or reimbursed reasonably promptly, but in no event later than December 31st of the year following the year in which the expense was incurred. The amount of any such payments
eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and your right to such payments or reimbursements of any such expenses shall not be subject to
liquidation or exchange for any other benefit. 

 All terms and provisions of the Offer Letter not amended hereby, either
expressly or by necessary implication, shall remain in full force and effect. 
 Please indicate your acknowledgement of, and agreement to,
the terms and conditions set forth in this Letter Agreement by signing a copy of this Letter Agreement and returning it to the Company as soon as practicable. 

 

			
	Sincerely,
	
	Exagen Inc.
	
	/s/ Fortunato Ron Rocca
	By:	 	Fortunato Ron Rocca
	Title:	 	President and Chief Executive Officer

 Acknowledged, Accepted and Agreed: 

 

					
			
	/s/ Kamal Adawi	 	  
	 	September 4, 2019
	Kamal Adawi	 		 	DateEX-10.38

 Exhibit 10.38 

EXAGEN INC. 
 NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM 
 Eligible Directors (as defined below) on the board of
directors (the “Board”) of Exagen Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director
Compensation Program (this “Program”). The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically as set forth herein and without further action of the Board, to each
member of the Board who is not an employee of the Company or any of its parents, affiliates or subsidiaries (each, an “Eligible Director”), who may be eligible to receive such cash or equity compensation, unless such Eligible
Director declines the receipt of such cash or equity compensation by written notice to the Company. Eligible Directors will include members of the Board who are designated by or affiliated with Sun Mountain Capital, H.I.G. Capital, LLC and
Tullis-Dickerson Capital Focus III, L.P. (the “Affiliated Directors”). 
 This Program shall become effective upon
the closing of the initial public offering of the Company’s common stock (the “Effective Date”) and shall remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended,
modified or terminated by the Board at any time in its sole discretion. No Eligible Director shall have any rights hereunder, except with respect to equity awards granted pursuant to Section 2 of this Program. 

1.    Cash Compensation. 

a.    Annual Retainers. Each Eligible Director shall be eligible to receive an annual cash retainer
of $50,000 for service on the Board. 
 b.    Additional Annual Retainers. An Eligible Director
shall be eligible to receive the following additional annual retainers, as applicable: 

(i)    Chairman of the Board. An Eligible Director serving as Chairman of the Board shall be
eligible to receive an additional annual retainer of $20,000 for such service. 
 (ii)    Audit
Committee. An Eligible Director serving as Chairperson of the Audit Committee shall be eligible to receive an additional annual retainer of $12,000 for such service. An Eligible Director serving as a member of the Audit Committee (other than the
Chairperson) shall be eligible to receive an additional annual retainer of $7,500 for such service. 

(iii)    Compensation Committee. An Eligible Director serving as Chairperson of the Compensation
Committee shall be eligible to receive an additional annual retainer of $10,000 for such service. An Eligible Director serving as a member of the Compensation Committee (other than the Chairperson) shall be eligible to receive an additional annual
retainer of $7,500 for such service. 
 (iv)     Nominating and Corporate Governance Committee. An
Eligible Director serving as Chairperson of the Nominating and Corporate Governance Committee shall be eligible to receive an additional annual retainer of $9,000 for such service. An Eligible Director serving as a member of the Nominating and
Corporate Governance Committee (other than the Chairperson) shall be eligible to receive an additional annual retainer of $7,500 for such service. 

c.    Payment of Retainers. The annual cash retainers described in Sections 1(a) and 1(b) shall
be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than 30 days following the end of each calendar quarter. In the event an Eligible

  
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Director does not serve as a director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, the retainer paid to such Eligible Director shall be prorated
for the portion of such calendar quarter actually served as a director, or in such position, as applicable. With respect to each Affiliated Director, any such annual cash retainers shall, when payable, be paid to Sun Mountain Capital, H.I.G.
Capital, LLC or Tullis-Dickerson Capital Focus III, L.P., as applicable. 
 2.    Equity Compensation. 

a.    General. Eligible Directors shall be granted the equity awards described below. The awards
described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2019 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be
amended from time to time, the “Equity Plan”) and may be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms approved by the Board prior to or in
connection with such grants. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of equity awards hereby are subject in all respects to the terms of the Equity Plan. Capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the Equity Plan. 
 b.    Initial
Awards. Each Eligible Director who is initially elected or appointed to serve on the Board after the Effective Date automatically shall be granted an option to purchase 15,000 shares of the Company’s common stock (the “Initial
Equity Award”). The Initial Equity Award shall be granted on the date on which such Eligible Director is appointed or elected to serve on the Board, and shall vest as to 1/36th of the
shares underlying the option on each monthly anniversary of the grant date, subject to such Eligible Director’s continued service through the applicable vesting date, so that the option is fully vested on the third anniversary of the grant
date, subject to such Eligible Director’s continued service through the applicable vesting date. 

c.    Annual Awards. An Eligible Director who is serving on the Board as of the date of the annual
meeting of the Company’s stockholders (the “Annual Meeting”) each calendar year beginning with calendar year 2020 shall be granted, on such Annual Meeting date, an option to purchase 9,000 shares of the Company’s
common stock (an “Annual Award” and together with the Initial Equity Award, the “Director Equity Awards”). Each Annual Award shall vest in full on the earlier to occur of (i) the one-year anniversary of the applicable grant date and (ii) the date of the next Annual Meeting following the grant date, subject to continued service through the applicable vesting date. 

d.    Accelerated Vesting Events. Notwithstanding the foregoing, an Eligible Director’s
Director Equity Award(s) shall vest in full immediately prior to the occurrence of a Change in Control to the extent outstanding at such time. 

e.    Post-Termination Exercise Period. Except as may otherwise be provided in the applicable award
agreement, any portion of a Director Equity Award which vests and becomes exercisable will remain exercisable until the earlier of the maximum term of the option and the one-year anniversary of the Eligible Director’s Termination of Service,
unless such Termination of Service is for cause. 
 3.    Compensation Limits. Notwithstanding anything to the
contrary in this Program, all compensation payable under this Program will be subject to any limits on the maximum amount of non-employee Director compensation set forth in the Equity Plan, as in effect from
time to time. 
 ***** 

  
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