Document:

exv10w11

Exhibit 10.11

CLOVIS ONCOLOGY, INC.

AT-WILL EMPLOYMENT, CONFIDENTIAL INFORMATION,

INVENTION ASSIGNMENT, AND ARBITRATION AGREEMENT

     As a condition of my employment with Clovis Oncology, Inc., its subsidiaries, affiliates,
successors or assigns (together, the “Company”), and in consideration of my employment with the
Company and my receipt of the compensation now and hereafter paid to me by Company, I agree to the
following provisions of this Clovis Oncology, Inc. At-Will Employment, Confidential Information,
Invention Assignment, and Arbitration Agreement (this “Agreement”):

     1.
At-Will Employment

     I UNDERSTAND AND ACKNOWLEDGE THAT MY EMPLOYMENT WITH THE COMPANY IS FOR NO SPECIFIED TERM AND
CONSTITUTES “AT-WILL” EMPLOYMENT. I ALSO UNDERSTAND THAT ANY REPRESENTATION TO THE CONTRARY IS
UNAUTHORIZED AND NOT VALID UNLESS IN WRITING AND SIGNED BY THE PRESIDENT OR CEO OF CLOVIS ONCOLOGY,
INC.. ACCORDINGLY, I ACKNOWLEDGE THAT MY EMPLOYMENT RELATIONSHIP MAY BE TERMINATED AT ANY TIME,
WITH OR WITHOUT GOOD CAUSE OR FOR ANY OR NO CAUSE, AT MY OPTION OR AT THE OPTION OF THE COMPANY,
WITH OR WITHOUT NOTICE. I FURTHER ACKNOWLEDGE THAT THE COMPANY MAY MODIFY JOB TITLES, SALARIES,
AND BENEFITS FROM TIME TO TIME AS IT DEEMS NECESSARY.

     2.
Confidentiality

          A. Definition of Confidential Information. I understand that “Company Confidential
Information” means information that the Company has or will develop, acquire, create, compile,
discover or own, that has value in or to the Company’s business which is not generally known and
which the Company wishes to maintain as confidential. Company Confidential Information includes
both information disclosed by the Company to me, and information developed or learned by me during
the course of my employment with Company. Company Confidential Information also includes all
information of which the unauthorized disclosure could be detrimental to the interests of Company,
whether or not such information is identified as Company Confidential Information. By example, and
without limitation, Company Confidential Information includes 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 therefor, customer lists and customers (including, but not limited to, customers of the
Company on which I called or with which 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, Company Confidential Information shall not include any such
information which I can establish (i) was publicly known or made generally available prior to the
time of disclosure by Company to me; (ii) becomes publicly known or made generally available after
disclosure by Company to me through no wrongful action or omission by me; or (iii) is in my
rightful possession, without confidentiality obligations, at the time of disclosure by Company as
shown by my then-contemporaneous written records. I understand that nothing in this Agreement is
intended to limit employees’ rights to discuss the terms, wages, and working conditions of their
employment, as protected by applicable law.

          B. Nonuse and Nondisclosure. I agree that during and after my employment with the Company, I
will hold in the strictest confidence, and take all reasonable precautions to prevent any
unauthorized use or disclosure of Company Confidential Information, and I will not (i) use the
Company Confidential Information for any purpose whatsoever other than for the benefit of the
Company in the course of my employment, or (ii) disclose the Company Confidential Information to
any third party without the prior written authorization of the President, CEO, or the Board of
Directors of the Company. Prior to disclosure when compelled by applicable law, I shall provide
prior written notice to the President, CEO, and General Counsel of Clovis Oncology, Inc. (as
applicable). I agree that I obtain no title to any Company Confidential Information, and that as
between Company and myself, Clovis Oncology, Inc. retains all Confidential Information as the sole
property of Clovis Oncology, Inc.. I understand that my unauthorized use or disclosure of Company
Confidential Information during my employment may lead to disciplinary action, up to and including
immediate termination and legal action by the Company. I understand that my obligations under this
Section 2.B shall continue after termination of my employment.

          C. Former Employer Confidential Information. I agree that during my employment with the
Company, I will not improperly use, disclose, or induce the Company to use any proprietary
information or trade secrets of any former employer or other person or entity with which I have an
obligation to keep in confidence. I further agree that I will not bring onto the Company’s
premises or transfer onto the Company’s technology systems any unpublished document, proprietary
information, or trade secrets belonging to any such third party unless disclosure to, and use by,
the Company has been consented to in writing by such third party.

          D. Third Party Information. I recognize that the Company has received and in the future will
receive from third parties associated with the Company, e.g., the Company’s customers, suppliers,
licensors, licensees, partners, or collaborators (“Associated Third Parties”), their confidential
or proprietary information (“Associated Third Party Confidential Information”) subject to a duty on
the Company’s part to maintain the confidentiality of such Associated Third Party Confidential
Information and to use it only for certain limited purposes. By way of example, Associated Third
Party Confidential Information may include the habits or practices of Associated Third Parties, the
technology of Associated Third Parties, requirements

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of Associated Third Parties, and information related to the business conducted between the
Company and such Associated Third Parties. I agree at all times during my employment with the
Company and thereafter, that I owe the Company and its Associated Third Parties a duty to hold all
such Associated Third Party Confidential Information in the strictest confidence, and not to use it
or to disclose it to any person, firm, corporation, or other third party except as necessary in
carrying out my work for the Company consistent with the Company’s agreement with such Associated
Third Parties. I further agree to comply with any and all Company policies and guidelines that may
be adopted from time to time regarding Associated Third Parties and Associated Third Party
Confidential Information. I understand that my unauthorized use or disclosure of Associated Third
Party Confidential Information or violation of any Company policies during my employment may lead
to disciplinary action, up to and including immediate termination and legal action by the Company.

     3.
Ownership

          A. Assignment of Inventions. As between Company and myself, I agree that all right, title,
and interest in and to any and copyrightable material, notes, records, drawings, designs,
inventions, improvements, ideas, developments, discoveries, processes, and trade secrets conceived,
discovered, authored, invented, developed or reduced to practice by me, solely or in collaboration
with others, during the period of time I am in the employ of the Company (including during my
off-duty hours), or with the use of Company’s equipment, supplies, facilities, or Company
Confidential Information, and any copyrights, patents, trade secrets, mask work rights or other
intellectual property rights relating to the foregoing, except as provided in Section 3.G below
(collectively, “Inventions”), are the sole property of Clovis Oncology, Inc. I also agree to
promptly make full written disclosure to Clovis Oncology, Inc. of any Inventions, and to deliver
and assign and hereby irrevocably assign fully to Clovis Oncology, Inc. all of my right, title and
interest in and to Inventions. I agree that this assignment includes a present conveyance to
Clovis Oncology, Inc. of ownership of Inventions that are not yet in existence. I further
acknowledge that all original works of authorship that are made by me (solely or jointly with
others) within the scope of and during the period of my employment with the Company and that are
protectable by copyright are “works made for hire,” as that term is defined in the United States
Copyright Act. I understand and agree that the decision whether or not to commercialize or market
any Inventions is within the Company’s sole discretion and for the Company’s sole benefit, and that
no royalty or other consideration will be due to me as a result of the Company’s efforts to
commercialize or market any such Inventions.

          B. Pre-Existing Materials. I have attached hereto as Exhibit A, a list describing all
inventions, discoveries, original works of authorship, developments, improvements, trade secrets
and other proprietary information or intellectual property rights owned by me or in which I have an
interest prior to, or separate from, my employment with the Company and which relate to the
Company’s proposed business, products, or research and development (“Prior Inventions”); or, if no
such list is attached, I represent and warrant that there are no such Prior Inventions.
Furthermore, I represent and warrant that if any Prior Inventions are included on

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Exhibit A, they will not materially affect my ability to perform all obligations under
this Agreement. I will inform Clovis Oncology, Inc. in writing before incorporating such Prior
Inventions into any Invention or otherwise utilizing such Prior Invention in the course of my
employment with the Company, and the Company is hereby granted a nonexclusive, royalty-free,
perpetual, irrevocable, transferable worldwide license (with the right to grant and authorize
sublicenses) to make, have made, use, import, offer for sale, sell, reproduce, distribute, modify,
adapt, prepare derivative works of, display, perform, and otherwise exploit such Prior Inventions,
without restriction, including, without limitation, as part of or in connection with such
Invention, and to practice any method related thereto. I will not incorporate any invention,
improvement, development, concept, discovery, work of authorship or other proprietary information
owned by any third party into any Invention without Clovis Oncology, Inc.’s prior written
permission.

          C. Moral Rights. Any assignment to Clovis Oncology, Inc. of Inventions includes all rights of
attribution, paternity, integrity, modification, disclosure and withdrawal, and any other rights
throughout the world that may be known as or referred to as “moral rights,” “artist’s rights,”
“droit moral,” or the like (collectively, “Moral Rights”). To the extent that Moral Rights cannot
be assigned under applicable law, I hereby waive and agree not to enforce any and all Moral Rights,
including, without limitation, any limitation on subsequent modification, to the extent permitted
under applicable law.

          D. Maintenance of Records. I agree to keep and maintain adequate, current, accurate, and
authentic written records of all Inventions made by me (solely or jointly with others) during the
term of my employment with the Company. The records will be in the form of notes, sketches,
drawings, electronic files, reports, or any other format that may be specified by the Company. As
between Company and myself, the records are and will be available to and remain the sole property
of Clovis Oncology, Inc. at all times.

          E. Further Assurances. I agree to assist the Company, or its designee, at the Company’s
expense, in every proper way to secure the Company’s rights in the Inventions 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, and all
other instruments that the Company shall deem proper or necessary in order to apply for, register,
obtain, maintain, defend, and enforce such rights, and in order to deliver, assign and convey to
the Company, its successors, assigns, and nominees the sole and exclusive rights, title, and
interest in and to all Inventions, and testifying in a suit or other proceeding relating to such
Inventions. I further agree that my obligations under this Section 3.E shall continue after the
termination of this Agreement.

          F. Attorney-in-Fact. I agree that, if the Company is unable because of my unavailability,
mental or physical incapacity, or for any other reason to secure my signature with respect to any
Inventions, including, without limitation, for the purpose of applying for or pursuing any
application for any United States or foreign patents or mask work or copyright registrations
covering the Inventions assigned to Clovis Oncology, Inc. in Section 3.A, then I

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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 on my behalf to execute and file any papers
and oaths, and to do all other lawfully permitted acts with respect to such Inventions to further
the prosecution and issuance of patents, copyright and mask work registrations with the same legal
force and effect as if executed by me. This power of attorney shall be deemed coupled with an
interest, and shall be irrevocable.

          G. Exception to Assignments. I UNDERSTAND THAT THE PROVISIONS OF THIS AGREEMENT REQUIRING
ASSIGNMENT OF INVENTIONS TO CLOVIS ONCOLOGY, INC. DO NOT APPLY TO ANY INVENTION THAT QUALIFIES
FULLY UNDER THE PROVISIONS OF THE COLORADO LABOR CODE. I WILL ADVISE CLOVIS ONCOLOGY, INC.
PROMPTLY IN WRITING OF ANY INVENTIONS THAT I BELIEVE MEET THE CRITERIA IN THE COLORADO LABOR CODE
AND ARE NOT OTHERWISE DISCLOSED ON EXHIBIT A.

     4. Conflicting Obligations

          A. Current Obligations. I agree that during the term of my employment with the Company, I
will not engage in or undertake any other employment, occupation, consulting relationship, or
commitment that is directly related to the business in which the Company is now involved or becomes
involved or has plans to become involved, nor will I engage in any other activities that conflict
with my obligations to the Company.

          B. Prior Relationships. Without limiting Section 4.A, I represent and warrant that I have no
other agreements, relationships, or commitments to any other person or entity that conflict with
the provisions of this Agreement, my obligations to the Company under this Agreement, or my ability
to become employed and perform the services for which I am being hired by the Company. I further
agree that if I have signed a confidentiality agreement or similar type of agreement with any
former employer or other entity, I will comply with the terms of any such agreement to the extent
that its terms are lawful under applicable law. I represent and warrant that after undertaking a
careful search (including searches of my computers, cell phones, electronic devices, and
documents), I have returned all property and confidential information belonging to all prior
employers (and/or other third parties I have performed services for in accordance with the terms of
my applicable agreement). Moreover, I agree to fully indemnify the Company, its directors,
officers, agents, employees, investors, shareholders, administrators, affiliates, divisions,
subsidiaries, predecessor and successor corporations, and assigns for all verdicts, judgments,
settlements, and other losses incurred by any of them resulting from my breach of my obligations
under any agreement with a third party to which I am a party or obligation to which I am bound, as
well as any reasonable attorneys’ fees and costs if the plaintiff is the prevailing party in such
an action, except as prohibited by law.

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     5. Return of Company Materials

     Upon separation from employment with the Company, on Company’s earlier request during my
employment, or at any time subsequent to my employment upon demand from the Company, I will
immediately deliver to Clovis Oncology, Inc., and will not keep in my possession, recreate, or
deliver to anyone else, any and all Company property, including, but not limited to, Company
Confidential Information, Associated Third Party Confidential Information, all devices and
equipment belonging to the Company (including computers, handheld electronic devices, telephone
equipment, and other electronic devices), all tangible embodiments of the Inventions, all
electronically stored information and passwords to access such property, Company credit cards,
records, data, notes, notebooks, reports, files, proposals, lists, correspondence, specifications,
drawings, blueprints, sketches, materials, photographs, charts, any other documents and property,
and reproductions of any of the foregoing items, including, without limitation, those records
maintained pursuant to Section 3.D. I also consent to an exit interview to confirm my compliance
with this Article 5.

     6. Termination Certification

     Upon separation from employment with the Company, I agree to immediately sign and deliver to
the Company the “Termination Certification” attached hereto as Exhibit B. I also agree to
keep Clovis Oncology, Inc. advised of my home and business address for a period of three (3) years
after termination of my employment with the Company, so that the Company can contact me regarding
my continuing obligations provided by this Agreement.

     7. Notification of New Employer

     In the event that I leave the employ of the Company, I hereby grant consent to notification by
the Company to my new employer about my obligations under this Agreement.

     8. Solicitation of Employees

     To the fullest extent permitted under applicable law, I agree that during my employment and
for a period of twelve (12) months immediately following the termination of my relationship with
the Company for any reason, whether voluntary or involuntary, with or without cause, I will not
directly or indirectly solicit any of the Company’s employees to leave their employment at the
Company. I agree that nothing in this Article 8 shall affect my continuing obligations under this
Agreement during and after this twelve (12) month period, including, without limitation, my
obligations under Article 2.

     9. Conflict of Interest Guidelines

     I agree to diligently adhere to all policies of the Company, including the Company’s insider
trading policies and the Company’s Conflict of Interest Guidelines. A copy of the Company’s
current Conflict of Interest Guidelines is attached as Exhibit C hereto, but I understand
that these Conflict of Interest Guidelines may be revised from time to time during my employment.

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     10. Representations

     Without limiting my obligations under Section 3.E above, I agree to execute any proper oath or
verify any proper document required to carry out the terms of this Agreement. I represent and
warrant that my performance of all the terms of this Agreement will not breach any agreement to
keep in confidence information acquired by me in confidence or in trust prior to my employment by
the Company. I hereby represent and warrant that I have not entered into, and I will not enter
into, any oral or written agreement in conflict herewith.

     11. Audit

     I acknowledge that I have no reasonable expectation of privacy in any computer, technology
system, email, handheld device, telephone, voicemail, or documents that are used to conduct the
business of the Company. All information, data, and messages created, received, sent, or stored in
these systems are, at all times, the property of the Company. As such, the Company has the right
to audit and search all such items and systems, without further notice to me, to ensure that the
Company is licensed to use the software on the Company’s devices in compliance with the Company’s
software licensing policies, to ensure compliance with the Company’s policies, and for any other
business-related purposes in the Company’s sole discretion. I understand that I am not permitted
to add any unlicensed, unauthorized, or non-compliant applications to the Company’s technology
systems, including, without limitation, open source or free software not authorized by the Company,
and that I shall refrain from copying unlicensed software onto the Company’s technology systems or
using non-licensed software or websites. I understand that it is my responsibility to comply with
the Company’s policies governing use of the Company’s documents and the internet, email, telephone,
and technology systems to which I will have access in connection with my employment.

     I am aware that the Company has or may acquire software and systems that are capable of
monitoring and recording all network traffic to and from any computer I may use. The Company
reserves the right to access, review, copy, and delete any of the information, data, or messages
accessed through these systems with or without notice to me and/or in my absence. This includes,
but is not limited to, all e-mail messages sent or received, all website visits, all chat sessions,
all news group activity (including groups visited, messages read, and postings by me), and all file
transfers into and out of the Company’s internal networks. The Company further reserves the right
to retrieve previously deleted messages from e-mail or voicemail and monitor usage of the Internet,
including websites visited and any information I have downloaded. In addition, the Company may
review Internet and technology systems activity and analyze usage patterns, and may choose to
publicize this data to assure that technology systems are devoted to legitimate business purposes.

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     12. Arbitration and Equitable Relief

          A. Arbitration. IN CONSIDERATION OF MY EMPLOYMENT WITH THE COMPANY, ITS PROMISE TO ARBITRATE
ALL EMPLOYMENT-RELATED DISPUTES, AND MY RECEIPT OF THE COMPENSATION, PAY RAISES, AND OTHER BENEFITS
PAID TO ME BY THE COMPANY, AT PRESENT AND IN THE FUTURE, I AGREE THAT ANY AND ALL CONTROVERSIES,
CLAIMS, OR DISPUTES WITH ANYONE (INCLUDING THE COMPANY AND ANY EMPLOYEE, OFFICER, DIRECTOR,
SHAREHOLDER, OR BENEFIT PLAN OF THE COMPANY, IN THEIR CAPACITY AS SUCH OR OTHERWISE), WHETHER
BROUGHT ON AN INDIVIDUAL, GROUP, OR CLASS BASIS, ARISING OUT OF, RELATING TO, OR RESULTING FROM MY
EMPLOYMENT WITH THE COMPANY OR THE TERMINATION OF MY EMPLOYMENT WITH THE COMPANY, INCLUDING ANY
BREACH OF THIS AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER THE ARBITRATION RULES SET
FORTH IN COLORADO CODE OF CIVIL PROCEDURE (THE “ACT”), AND PURSUANT TO COLORADO LAW. THE FEDERAL
ARBITRATION ACT SHALL CONTINUE TO APPLY WITH FULL FORCE AND EFFECT NOTWITHSTANDING THE APPLICATION
OF PROCEDURAL RULES SET FORTH IN THE ACT. DISPUTES THAT I AGREE TO ARBITRATE, AND THEREBY AGREE TO
WAIVE ANY RIGHT TO A TRIAL BY JURY, INCLUDE ANY STATUTORY CLAIMS UNDER LOCAL, STATE, OR FEDERAL
LAW, INCLUDING, BUT NOT LIMITED TO, CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE
AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE
OLDER WORKERS BENEFIT PROTECTION ACT, THE SARBANES-OXLEY ACT, THE WORKER ADJUSTMENT AND RETRAINING
NOTIFICATION ACT, THE FAMILY AND MEDICAL LEAVE ACT, THE COLORADO LABOR CODE, CLAIMS OF HARASSMENT,
DISCRIMINATION, AND WRONGFUL TERMINATION, AND ANY STATUTORY OR COMMON LAW CLAIMS. I FURTHER
UNDERSTAND THAT THIS AGREEMENT TO ARBITRATE ALSO APPLIES TO ANY DISPUTES THAT THE COMPANY MAY HAVE
WITH ME.

          B. Procedure. I AGREE THAT ANY ARBITRATION WILL BE ADMINISTERED BY JUDICIAL ARBITRATION &
MEDIATION SERVICES, INC. (“JAMS”), PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & PROCEDURES (THE
“JAMS RULES”). I AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY
ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION, MOTIONS
TO DISMISS AND DEMURRERS, AND MOTIONS FOR CLASS CERTIFICATION, PRIOR TO ANY ARBITRATION HEARING. I
AGREE THAT THE ARBITRATOR SHALL ISSUE A WRITTEN DECISION ON THE MERITS. I ALSO AGREE THAT THE
ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES AVAILABLE UNDER APPLICABLE LAW, AND THAT THE
ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY
LAW. I AGREE THAT THE DECREE OR AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED AS A FINAL AND
BINDING JUDGMENT IN

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ANY COURT HAVING JURISDICTION THEREOF. I UNDERSTAND THAT THE COMPANY WILL PAY FOR ANY
ADMINISTRATIVE OR HEARING FEES CHARGED BY THE ARBITRATOR OR JAMS EXCEPT THAT I SHALL PAY ANY FILING
FEES ASSOCIATED WITH ANY ARBITRATION THAT I INITIATE, BUT ONLY SO MUCH OF THE FILING FEES AS I
WOULD HAVE INSTEAD PAID HAD I FILED A COMPLAINT IN A COURT OF LAW. I AGREE THAT THE ARBITRATOR
SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN ACCORDANCE WITH COLORADO LAW, INCLUDING THE
COLORADO CODE OF CIVIL PROCEDURE, AND THAT THE ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL
COLORADO LAW TO ANY DISPUTE OR CLAIM, WITHOUT REFERENCE TO RULES OF CONFLICT OF LAW. TO THE EXTENT
THAT THE JAMS RULES CONFLICT WITH COLORADO LAW, COLORADO LAW SHALL TAKE PRECEDENCE. I AGREE THAT
ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE CONDUCTED IN COLORADO.

          C. Remedy. EXCEPT AS PROVIDED BY THE ACT AND THIS AGREEMENT, ARBITRATION SHALL BE THE SOLE,
EXCLUSIVE, AND FINAL REMEDY FOR ANY DISPUTE BETWEEN ME AND THE COMPANY. ACCORDINGLY, EXCEPT AS
PROVIDED FOR BY THE ACT AND THIS AGREEMENT, NEITHER I NOR THE COMPANY WILL BE PERMITTED TO PURSUE
COURT ACTION REGARDING CLAIMS THAT ARE SUBJECT TO ARBITRATION.

          D. Administrative Relief. I UNDERSTAND THAT THIS AGREEMENT DOES NOT PROHIBIT ME FROM PURSUING
AN ADMINISTRATIVE CLAIM WITH A LOCAL, STATE, OR FEDERAL ADMINISTRATIVE BODY OR GOVERNMENT AGENCY
THAT IS AUTHORIZED TO ENFORCE OR ADMINISTER LAWS RELATED TO EMPLOYMENT, INCLUDING, BUT NOT LIMITED
TO, THE DEPARTMENT OF FAIR EMPLOYMENT AND HOUSING, THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION, THE
NATIONAL LABOR RELATIONS BOARD, OR THE WORKERS’ COMPENSATION BOARD. THIS AGREEMENT DOES, HOWEVER,
PRECLUDE ME FROM PURSUING COURT ACTION REGARDING ANY SUCH CLAIM, EXCEPT AS PERMITTED BY LAW.

          E. Voluntary Nature of Agreement. I ACKNOWLEDGE AND AGREE THAT I AM EXECUTING THIS AGREEMENT
VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE. I FURTHER
ACKNOWLEDGE AND AGREE THAT I HAVE CAREFULLY READ THIS AGREEMENT AND THAT I HAVE ASKED ANY QUESTIONS
NEEDED FOR ME TO UNDERSTAND THE TERMS, CONSEQUENCES, AND BINDING EFFECT OF THIS AGREEMENT AND FULLY
UNDERSTAND IT, INCLUDING THAT I AM WAIVING MY RIGHT TO A JURY TRIAL. FINALLY, I AGREE THAT I HAVE
BEEN PROVIDED AN OPPORTUNITY TO SEEK THE ADVICE OF AN ATTORNEY OF MY CHOICE BEFORE SIGNING THIS
AGREEMENT.

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     13. Miscellaneous

          A. Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by the
laws of the State of Colorado without regard to Colorado’s conflicts of law rules that may result
in the application of the laws of any jurisdiction other than Colorado. To the extent that any
lawsuit is permitted under this Agreement, I hereby expressly consent to the personal and exclusive
jurisdiction and venue of the state and federal courts located in Colorado for any lawsuit filed
against me by the Company.

          B. Assignability. This Agreement will be binding upon my heirs, executors, assigns,
administrators, and other legal representatives, and will be for the benefit of the Company, its
successors, and its assigns. There are no intended third-party beneficiaries to this Agreement,
except as may be expressly otherwise stated. Notwithstanding anything to the contrary herein,
Clovis Oncology, Inc. may assign this Agreement and its rights and obligations under this Agreement
to any successor to all or substantially all of Clovis Oncology, Inc.’s relevant assets, whether by
merger, consolidation, reorganization, reincorporation, sale of assets or stock, or otherwise.

          C. Entire Agreement. This Agreement, together with the Exhibits herein and any executed
written offer letter between me and the Company, to the extent such materials are not in conflict
with this Agreement, sets forth the entire agreement and understanding between the Company and me
with respect to the subject matter herein and supersedes all prior written and oral agreements,
discussions, or representations between us, including, but not limited to, any representations made
during my interview(s) or relocation negotiations. I represent and warrant that I am not relying
on any statement or representation not contained in this Agreement. Any subsequent change or
changes in my duties, salary, or compensation will not affect the validity or scope of this
Agreement.

          D. Headings. Headings are used in this Agreement for reference only and shall not be
considered when interpreting this Agreement.

          E. Severability. If a court or other body of competent jurisdiction finds, or the Parties
mutually believe, any provision of this Agreement, or portion thereof, to be invalid or
unenforceable, such provision will be enforced to the maximum extent permissible so as to effect
the intent of the Parties, and the remainder of this Agreement will continue in full force and
effect.

          F. Modification, Waiver. No modification of or amendment to this Agreement, nor any waiver of
any rights under this Agreement, will be effective unless in a writing signed by the President or
CEO of Clovis Oncology, Inc. and me. Waiver by Clovis Oncology, Inc. of a breach of any provision
of this Agreement will not operate as a waiver of any other or subsequent breach.

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          G. Survivorship. The rights and obligations of the parties to this Agreement will survive
termination of my employment with the Company.

	 	 	 	 	 
	 	 	 
	Date:  5/13/09 	/s/ Andrew R. Allen
 	 
	 	Signature 	 
	 	 	 
	 	Andrew R. Allen
 	 
	 	Name of Employee (typed or printed) 	 
	 

	 	 	 

	Witness:

	 	 
	 
	 	 
	 

Signature

	 	 
	 
	 	 
	 

Name (typed or printed)

	 	 

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EXHIBIT A

LIST OF PRIOR INVENTIONS

AND ORIGINAL WORKS OF AUTHORSHIP

	 	 	 	 	 
	 	 	 	 	Identifying Number or Brief
	Title	 	Date	 	Description
	Patent

	 	 2000	 	 

___ No inventions or improvements

___ Additional Sheets Attached

	 	 	 	 	 
	 	 	 
	Date:  5/13/09 	/s/ Andrew R. Allen
 	 
	 	Signature 	 
	 	 	 
	 	Andrew R. Allen
 	 
	 	Name of Employee (typed or printed) 	 
	 	 	 

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EXHIBIT B

CLOVIS ONCOLOGY, INC. TERMINATION CERTIFICATION

     This is to certify that I do not have in my possession, nor have I failed to return, any
devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings,
blueprints, sketches, materials, equipment, any other documents or property, or reproductions of
any and all aforementioned items belonging to Clovis Oncology, Inc., its subsidiaries, affiliates,
successors or assigns (together, the “Company”).

     I further certify that I have complied with all the terms of the Company’s At-Will Employment,
Confidential Information, Invention Assignment, and Arbitration Agreement signed by me, including
the reporting of any inventions and original works of authorship (as defined therein) conceived or
made by me (solely or jointly with others), as covered by that agreement.

     I further agree that, in compliance with the At-Will Employment, Confidential Information,
Invention Assignment, and Arbitration Agreement, I will preserve as confidential all Company
Confidential Information and Associated Third Party Confidential Information, including trade
secrets, confidential knowledge, data, or other proprietary information relating to products,
processes, know-how, designs, formulas, developmental or experimental work, computer programs,
databases, other original works of authorship, customer lists, business plans, financial
information, or other subject matter pertaining to any business of the Company or any of its
employees, clients, consultants, or licensees.

     I also agree that for twelve (12) months from this date, I will not directly or indirectly
solicit any of the Company’s employees to leave their employment at the Company. I agree that
nothing in this paragraph shall affect my continuing obligations under the At-Will Employment,
Confidential Information, Invention Assignment, and Arbitration Agreement during and after this
twelve (12) month period, including, without limitation, my obligations under Article 2
(Confidentiality) thereof.

     After leaving the Company’s employment, I will be employed by ___________________________________________ in the
position of ________________________________________________________________________.

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	 	 
	 

	 	 	 	 	 	Signature

	 
	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name of Employee (typed or printed)	 
	 
	 	 	 	 	 	 	 
	Address for Notifications:
	 	 	 	 	 
	 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 

Page 13 of 15

 

EXHIBIT C

CLOVIS ONCOLOGY, INC. CONFLICT OF INTEREST GUIDELINES

     It is the policy of Clovis Oncology, Inc. to conduct its affairs in strict compliance with the
letter and spirit of the law and to adhere to the highest principles of business ethics.
Accordingly, all officers, employees, and independent contractors must avoid activities that are in
conflict, or give the appearance of being in conflict, with these principles and with the interests
of the Company. The following are potentially compromising situations that must be avoided:

     1. Revealing confidential information to outsiders or misusing confidential information.
Unauthorized divulging of information is a violation of this policy whether or not for personal
gain and whether or not harm to the Company is intended. (The At-Will Employment, Confidential
Information, Invention Assignment, and Arbitration Agreement elaborates on this principle and is a
binding agreement.)

     2. Accepting or offering substantial gifts, excessive entertainment, favors, or payments that
may be deemed to constitute undue influence or otherwise be improper or embarrassing to the
Company.

     3. Participating in civic or professional organizations that might involve divulging
confidential information of the Company.

     4. Initiating or approving personnel actions affecting reward or punishment of employees or
applicants where there is a family relationship or is or appears to be a personal or social
involvement.

     5. Initiating or approving any form of personal or social harassment of employees.

     6. Investing or holding outside directorship in suppliers, customers, or competing companies,
including financial speculations, where such investment or directorship might influence in any
manner a decision or course of action of the Company.

     7. Borrowing from or lending to employees, customers, or suppliers.

     8. Acquiring real estate of interest to the Company.

     9. Improperly using or disclosing to the Company any proprietary information or trade secrets
of any former or concurrent employer or other person or entity with whom obligations of
confidentiality exist.

     10. Unlawfully discussing prices, costs, customers, sales, or markets with competing companies
or their employees.

     11. Making any unlawful agreement with distributors with respect to prices.

Page 14 of 15

 

     12. Improperly using or authorizing the use of any inventions that are the subject of patent
claims of any other person or entity.

     13. Engaging in any conduct that is not in the best interest of the Company.

     Each officer, employee, and independent contractor must take every necessary action to ensure
compliance with these guidelines and to bring problem areas to the attention of higher management
for review. Violations of this conflict of interest policy may result in discharge without
warning.

Page 15 of 15exv10w12

Exhibit 10.12

CLOVIS ONCOLOGY, INC.

INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (this “Agreement”) is dated as of May 15, 2009, and is between
Clovis Oncology, Inc., a Delaware corporation (the “Company”), and John C. Reed (“Indemnitee”).

RECITALS

     A. Indemnitee’s service to the Company substantially benefits the Company.

     B. Individuals are reluctant to serve as directors or officers of corporations or in certain
other capacities unless they are provided with adequate protection through insurance or
indemnification against the risks of claims and actions against them arising out of such service.

     C. Indemnitee does not regard the protection currently provided by applicable law, the
Company’s governing documents and any insurance as adequate under the present circumstances, and
Indemnitee may not be willing to serve as a director or officer without additional protection.

     D. In order to induce Indemnitee to continue to provide services to the Company, it is
reasonable, prudent and necessary for the Company to contractually obligate itself to indemnify,
and to advance expenses on behalf of, Indemnitee as permitted by applicable law.

     E. This Agreement is a supplement to and in furtherance of the indemnification provided in the
Company’s certificate of incorporation and bylaws, and any resolutions adopted pursuant thereto,
and this Agreement shall not be deemed a substitute therefor, nor shall this Agreement be deemed to
limit, diminish or abrogate any rights of Indemnitee thereunder.

     The parties therefore agree as follows:

     1. Definitions.

          (a) “Corporate Status” describes the status of a person who is or was a director, trustee,
general partner, managing member, officer, employee, agent or fiduciary of the Company or any other
Enterprise.

          (b) “DGCL” means the General Corporation Law of the State of Delaware.

          (c) “Disinterested Director” means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification is sought by Indemnitee.

          (d) “Enterprise” means the Company and any other corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or
was serving at the request of the Company as a director, trustee, general partner, managing member,
officer, employee, agent or fiduciary.

          (e) “Expenses” include all reasonable attorneys’ fees, retainers, court costs, transcript
costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and
binding costs,

 

 

telephone charges, postage, delivery service fees, and all other disbursements or expenses of the
types customarily incurred in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, being or preparing to be a witness in, or otherwise participating in, a
Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting
from any Proceeding, including without limitation the premium, security for, and other costs
relating to any cost bond, supersedeas bond or other appeal bond or their equivalent, and (ii) for
purposes of Section 12(b), Expenses incurred by Indemnitee in connection with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement or under any directors’ and
officers’ liability insurance policies maintained by the Company. Expenses, however, shall not
include amounts paid in settlement by Indemnitee or the amount of judgments, penalties or fines
against Indemnitee.

          (f) “Independent Counsel” means a law firm, or a partner or member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the past five years has
been, retained to represent (i) the Company or Indemnitee in any matter material to either such
party (other than as Independent Counsel with respect to matters concerning Indemnitee under this
Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party
to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under
this Agreement.

          (g) “Proceeding” means any threatened, pending or completed action, suit, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing
or proceeding, whether brought in the right of the Company or otherwise and whether of a civil,
criminal, administrative or investigative nature, including any appeal therefrom and including
without limitation any such Proceeding pending as of the date of this Agreement, in which
Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or
otherwise by reason of (i) the fact that Indemnitee is or was a director or officer of the Company,
(ii) any action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting as
a director or officer of the Company, or (iii) the fact that he or she is or was serving at the
request of the Company as a director, trustee, general partner, managing member, officer, employee,
agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in
such capacity at the time any liability or Expense is incurred for which indemnification or
advancement of expenses can be provided under this Agreement.

          (h) Reference to “other enterprises” shall include employee benefit plans; references to
“fines” shall include any excise taxes assessed on a person with respect to any employee benefit
plan; references to “serving at the request of the Company” shall include any service as a
director, officer, employee or agent of the Company which imposes duties on, or involves services
by, such director, officer, employee or agent with respect to an employee benefit plan, its
participants or beneficiaries; and a person who acted in good faith and in a manner he or she
reasonably believed to be in the best interests of the participants and beneficiaries of an
employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests
of the Company” as referred to in this Agreement.

     2. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance
with the provisions of this Section 2 if, by reason of his or her Corporate Status, Indemnitee is,
or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding
by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 2,
Indemnitee shall be

-2-

 

indemnified to the fullest extent permitted by applicable law against all Expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or
her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the
best interests of the Company and, with respect to any criminal Proceeding, had no reasonable cause
to believe that his or her conduct was unlawful.

     3. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify
Indemnitee in accordance with the provisions of this Section 3 if, by reason of his or her
Corporate Status, Indemnitee is, or is threatened to be made, a party to or a participant in any
Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this
Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good
faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the Company. No indemnification for Expenses shall be made under this Section 3 in respect of
any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged by a
court of competent jurisdiction to be liable to the Company, unless and only to the extent that the
Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon
application that, despite the adjudication of liability but in view of all the circumstances of the
case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the
Delaware Court of Chancery or such other court shall deem proper. Anything in this Agreement to
the contrary notwithstanding, if the Indemnitee, by reason of the Indemnitee’s Corporate Status, is
or was, or is or was threatened to be made, a party to any Proceeding by or in the right of the
Company to procure a judgment in its favor, then the Company shall not indemnify the Indemnitee for
any judgment, fines, or amounts paid in settlement to the Company in connection with such
Proceeding.

     4. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. To the extent
that Indemnitee, by reason of his or her Corporate Status, is a party to or a participant in and is
successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter
therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. To the extent permitted
by applicable law, if Indemnitee is not wholly successful in such Proceeding but is successful, on
the merits or otherwise, in defense of one or more but less than all claims, issues or matters in
such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully
resolved claim, issue or matter. For purposes of this section, the termination of any claim, issue
or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.

     5. Indemnification for Expenses of a Witness. To the extent that Indemnitee is, by reason of
his or her Corporate Status, a witness, or is or was made (or asked) to respond to discovery
requests, in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to
the fullest extent permitted by applicable law against all Expenses actually and reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

     6. Additional Indemnification.

          (a) Notwithstanding any limitation in Sections 2, 3 or 4, the Company shall indemnify
Indemnitee to the fullest extent permitted by applicable law if Indemnitee, by reason of his or her
Corporate

-3-

 

Status, is, or is threatened to be made, a party to or a participant in any Proceeding (including a
Proceeding by or in the right of the Company to procure a judgment in its favor) against all
Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by
Indemnitee or on his or her behalf in connection with the Proceeding or any claim, issue or matter
therein.

          (b) For purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted
by applicable law” shall include, but not be limited to:

               (i) the fullest extent permitted by the provision of the DGCL that authorizes or contemplates
additional indemnification by agreement, or the corresponding provision of any amendment to or
replacement of the DGCL; and

               (ii) the fullest extent authorized or permitted by any amendments to or replacements of the
DGCL adopted after the date of this Agreement that increase the extent to which a corporation may
indemnify its officers and directors.

     7. Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be
obligated under this Agreement to make any indemnity in connection with any Proceeding (or any part
of any Proceeding):

          (a) for which payment has actually been made to or on behalf of Indemnitee under any statute,
insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond
the amount paid, and except as may otherwise be agreed between the Company, on the one hand, and
Indemnitee or another indemnitor of Indemnitee, on the other;

          (b) for an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities
Exchange Act of 1934, as amended, or similar provisions of federal, state or local statutory law or
common law, if Indemnitee is held liable therefor (including pursuant to any settlement
arrangements);

          (c) for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based
or equity-based compensation or of any profits realized by Indemnitee from the sale of securities
of the Company, as required in each case under the Securities Exchange Act of 1934, as amended
(including any such reimbursements that arise from an accounting restatement of the Company
pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the
payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in
violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor
(including pursuant to any settlement arrangements);

          (d) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding)
initiated by Indemnitee against the Company or its directors, officers, employees, agents or other
indemnitees, unless (i) the Company’s board of directors authorized the Proceeding (or the relevant
part of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification, in
its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii)
otherwise authorized in Section 12(b) or (iv) otherwise required by applicable law; or

          (e) if prohibited by applicable law.

-4-

 

     8. Advances of Expenses. The Company shall advance the Expenses incurred by Indemnitee in
connection with any Proceeding in which Indemnitee is, or is threatened to be made, a party to or a
participant in by reason of Indemnitee’s Corporate Status, and such advancement shall be made as
soon as reasonably practicable, but in any event no later than 60 days, after the receipt by the
Company of a written statement or statements from Indemnitee requesting such advances from time to
time (which shall include invoices received by Indemnitee in connection with such Expenses or
otherwise reasonably evidence the Expenses incurred by Indemnitee, but, in the case of invoices in
connection with legal services, any references to legal work performed or to expenditure made that
would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with
the invoice). Advances shall be unsecured and interest free and made without regard to Indemnitee’s
ability to repay such advances. Indemnitee hereby undertakes to repay any advance to the extent
that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company.
This Section 8 shall not apply to the extent advancement is prohibited by law and shall not apply
to any Proceeding for which indemnity is not permitted under this Agreement, but shall apply to any
Proceeding referenced in Section 7(b) or 7(c) prior to a determination that Indemnitee is not
entitled to be indemnified by the Company.

     9. Procedures for Notification and Defense of Claim.

          (a) Indemnitee shall notify the Company in writing upon being served with or otherwise
receiving any summons, citation, subpoena, complaint, indictment or other document relating to any
Proceeding or any matter which may be subject to indemnification covered hereunder with respect to
which Indemnitee intends to seek indemnification or advancement of Expenses as soon as reasonably
practicable following the receipt by Indemnitee thereof. The written notification to the Company
shall include, in reasonable detail, a description of the nature of the Proceeding and the facts
underlying the Proceeding. The failure by Indemnitee to notify the Company will not relieve the
Company from any liability which it may have to Indemnitee hereunder or otherwise than under this
Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of
any rights, except to the extent that such failure or delay materially prejudices the Company.

          (b) If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof,
the Company has directors’ and officers’ liability insurance in effect, the Company shall give
prompt notice of the commencement of the Proceeding to the insurers in accordance with the
procedures set forth in the applicable policies. The Company shall thereafter take all reasonably
necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts
payable as a result of such Proceeding in accordance with the terms of such policies.

          (c) In the event the Company may be obligated to make any indemnity in connection with a
Proceeding, the Company shall be entitled to assume the defense of such Proceeding with counsel
approved by Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to
Indemnitee of written notice of its election to do so. After delivery of such notice, approval of
such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not
be liable to Indemnitee for any fees or expenses of counsel subsequently incurred by Indemnitee
with respect to the same Proceeding. Notwithstanding the Company’s assumption of the defense of any
such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee’s
counsel to the extent (i) the employment of counsel by Indemnitee is authorized by the Company,
(ii) counsel for the Company or Indemnitee shall have reasonably concluded that there is a conflict
of interest between the Company and Indemnitee in the conduct of any such defense such that
Indemnitee needs to be separately represented, (iii) the Company is not financially or legally

-5-

 

able to perform its indemnification obligations or (iv) the Company shall not have retained, or
shall not continue to retain, such counsel to defend such Proceeding. The Company shall have the
right to conduct such defense as it sees fit in its sole discretion. Regardless of any provision in
this Agreement, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee’s
personal expense. The Company shall not be entitled, without the consent of Indemnitee, to assume
the defense of any claim brought by or in the right of the Company.

          (d) Indemnitee shall give the Company such information and cooperation in connection with the
Proceeding as may be reasonably appropriate.

          (e) The Company shall not be liable to indemnify Indemnitee for any settlement of any
Proceeding (or any part thereof) without the Company’s prior written consent, which shall not be
unreasonably withheld.

     10. Procedures upon Application for Indemnification.

          (a) To obtain indemnification, Indemnitee shall submit to the Company a written request,
including therein or therewith such documentation and information as is reasonably available to
Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification following the final disposition of the Proceeding. The Company shall,
promptly after receipt of such a request for indemnification, advise the board of directors that
Indemnitee has requested indemnification. Any delay in providing the request will not relieve the
Company from its obligations under this Agreement, except to the extent such failure is
prejudicial.

          (b) Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a
determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case
(A) by a majority vote of the Disinterested Directors, even though less than a quorum of the
Company’s board of directors, (B) by a committee of Disinterested Directors designated by a
majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board
of directors, (C) if there are no such Disinterested Directors or, if such Disinterested Directors
so direct, by Independent Counsel in a written opinion to the Company’s board of directors, a copy
of which shall be delivered to Indemnitee or (D) if so directed by the Company’s board of
directors, by the stockholders of the Company. If the determination of entitlement to
indemnification is to be made by Independent Counsel pursuant to this Section 10(b), the
Independent Counsel shall be selected by the Board of Directors and approved by Indemnitee. Upon
failure of the Board of Directors to so select, or upon the failure of Indemnitee to so approve,
such Independent Counsel shall be selected by the Court of Chancery of the State of Delaware or
such other person or body as the Indemnitee and the Company may agree in writing. If the person
making such determination shall determine that Indemnitee is entitled to indemnification as to part
(but not all) of the application for indemnification, such person shall reasonably pro-rate such
part of indemnification among such claims, issues or matters. If it is so determined that
Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days
after such determination. Indemnitee shall cooperate with the person, persons or entity making the
determination with respect to Indemnitee’s entitlement to indemnification, including providing to
such person, persons or entity upon reasonable advance request any documentation or information
that is not privileged or otherwise protected from disclosure and that is reasonably available to
Indemnitee and reasonably necessary to such determination. Any costs or expenses (including
attorneys’ fees and disbursements) reasonably incurred by Indemnitee in so cooperating with the
person, persons or entity making such determination shall be borne by the Company, to the fullest
extent permitted by applicable law.

-6-

 

     11. Presumptions and Effect of Certain Proceedings.

          (a) The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not
(except as otherwise expressly provided in this Agreement) of itself create a presumption that
Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in
or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

          (b) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted
in good faith to the extent Indemnitee relied in good faith on (i) the records or books of account
of the Enterprise, including financial statements, (ii) information supplied to Indemnitee by the
officers of the Enterprise in the course of their duties, (iii) the advice of legal counsel for the
Enterprise or its board of directors or counsel selected by any committee of the board of directors
or (iv) information or records given or reports made to the Enterprise by an independent certified
public accountant, an appraiser, investment banker or other expert selected with reasonable care by
the Enterprise or its board of directors or any committee of the board of directors. The provisions
of this Section 11(b) shall not be deemed to be exclusive or to limit in any way the other
circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set
forth in this Agreement.

          (c) Neither the knowledge, actions nor failure to act of any other director, officer,
agent or employee of the Enterprise shall be imputed to Indemnitee for purposes of determining the
right to indemnification under this Agreement.

          (d) Indemnitee shall cooperate with the person, persons or entity making such
determination with respect to Indemnitee’s entitlement to indemnification, including providing to
such person, persons or entity upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of
the Board of Directors shall act reasonably and in good faith in making a determination regarding
the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses
(including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the
person, persons or entity making such determination shall be borne by the Company (irrespective of
the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby
indemnifies and agrees to hold Indemnitee harmless therefrom.

          (e) The Company acknowledges that a settlement or other disposition short of final judgment
may be successful if it permits a party to avoid expense, delay, distraction, disruption and
uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any
manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it
shall be presumed that Indemnitee has been successful on the merits or otherwise in such
Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion by clear and convincing evidence.

     12. Remedies of Indemnitee.

          (a) Subject to Section 12(d), in the event that (i) a determination is made pursuant to
Section 10 of this Agreement that Indemnitee is not entitled to indemnification under this
Agreement,

-7-

 

(ii) advancement of Expenses is not timely made pursuant to Section 8 or 12(b) of this Agreement, (iii)
no determination of entitlement to indemnification shall have been made pursuant to Section 10 of
this Agreement within 90 days after the later of the receipt by the Company of the request for
indemnification or the final disposition of the Proceeding, (iv) payment of indemnification
pursuant to this Agreement is not made (A) within ten days after a determination has been made that
Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to
Sections 4, 5 and 12(b) of this Agreement, within 30 days after receipt by the Company of a written
request therefor, or (v) the Company or any other person or entity takes or threatens to take any
action to declare this Agreement void or unenforceable, or institutes any litigation or other
action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or
intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by
a court of competent jurisdiction of his or her entitlement to such indemnification or advancement
of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration with
respect to his or her entitlement to such indemnification or advancement of Expenses, to be
conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American
Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an
award in arbitration within 180 days following the date on which Indemnitee first has the right to
commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing
clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his or her
rights under Section 4 of this Agreement. The Company shall not oppose Indemnitee’s right to seek
any such adjudication or award in arbitration in accordance with this Agreement.

          (b) Neither (i) the failure of the Company, its board of directors, any committee or subgroup
of the board of directors, Independent Counsel or stockholders to have made a determination that
indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the
applicable standard of conduct, nor (ii) an actual determination by the Company, its board of
directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders
that Indemnitee has not met the applicable standard of conduct, shall be a defense to the action or
create a presumption that Indemnitee has or has not met the applicable standard of conduct. In the
event that a determination shall have been made pursuant to Section 10 of this Agreement that
Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced
pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or arbitration,
on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In
connection with any determination (including a determination by the Court of Chancery of the State
of Delaware (or other court of competent jurisdiction)) with respect to entitlement to
indemnification hereunder, the Company shall, to the fullest extent not prohibited by law, have the
burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the
case may be, and any decision that Indemnitee is not entitled to indemnification or advancement of
Expenses must be supported by clear and convincing evidence.

          (c) To the fullest extent permissible under applicable law, the Company shall indemnify
Indemnitee against all Expenses that are incurred by Indemnitee in connection with any action for
indemnification or advancement of Expenses from the Company under this Agreement or under any
directors’ and officers’ liability insurance policies maintained by the Company to the extent
Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as
reasonably practicable, but in any event no later than 60 days, after receipt by the Company of a
written request therefor) advance such Expenses to Indemnitee, subject to the provisions of Section
8.

          (d) Notwithstanding anything in this Agreement to the contrary, no determination as to
entitlement to indemnification shall be required to be made prior to the final disposition of the
Proceeding.

-8-

 

     13. Contribution.

          (a) To the fullest extent permissible under applicable law, whether or not the indemnification
provided in Sections 2, 3, 4, or 6 hereof is available, in respect of any threatened, pending or
completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined
in such Proceeding), the Company shall pay, in the first instance, the entire amount of any
judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such
payment, and the Company hereby waives and relinquishes any right of contribution it may have
against Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such
settlement provides for a full and final release of all claims asserted against Indemnitee.

          (b) To the fullest extent permissible under applicable law, without diminishing or impairing
the obligations of the Company set forth in the preceding subparagraph, if, for any reason,
Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in
any threatened, pending or completed Proceeding in which the Company is jointly liable with
Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount
of Expenses, judgments, fines, liabilities and amounts paid in settlement actually incurred and
paid or payable by Indemnitee in proportion to the relative benefits received by the Company and
all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable
with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the
other hand, from the transaction from which such Proceeding arose; provided, however, that the
proportion determined on the basis of relative benefit may, to the extent necessary to conform to
law, be further adjusted by reference to the relative fault of the Company and all officers,
directors or employees of the Company, other than Indemnitee, who are jointly liable with
Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the
other hand, in connection with the events that resulted in such expenses, judgments, fines,
liabilities or settlement amounts, as well as any other equitable considerations which the law may
require to be considered. The relative fault of the Company and all officers, directors or
employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would
be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be
determined by reference to, among other things, the degree to which their actions were motivated by
intent to gain personal profit or advantage, the degree to which their liability is primary or
secondary and the degree to which their conduct is active or passive.

          (c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claim
of contribution brought by officers, directors or employees of the Company, other than Indemnitee,
who may be jointly liable with Indemnitee.

          (d) To the fullest extent permissible under applicable law, if the indemnification provided
for in this Agreement is unavailable to Indemnitee, the Company, in lieu of indemnifying
Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for Expenses,
judgments, fines or amounts paid or to be paid in settlement, in connection with any claim relating
to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable
in light of all of the circumstances of such Proceeding in order to reflect (i) the relative
benefits received by the Company and Indemnitee as a result of the events and transactions giving
rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other
directors, officers, employees and agents) in connection with such events and transactions.

-9-

 

     14. Non-exclusivity. The rights of indemnification and to receive advancement of Expenses as
provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the Company’s certificate of incorporation or
bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. To the
extent that a change in Delaware law, whether by statute or judicial decision, permits greater
indemnification or advancement of Expenses than would be afforded currently under the Company’s
certificate of incorporation and bylaws and this Agreement, it is the intent of the parties hereto
that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change,
subject to the restrictions expressly set forth herein or therein. Except as expressly set forth
herein, no right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. Except as
expressly set forth herein, the assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
Notwithstanding anything in this Agreement to the contrary, the indemnification and contribution
provided for in this Agreement will remain in full force and effect regardless of any investigation
made by or on behalf of Indemnitee or Indemnitee’s agents.

     15. Primary Responsibility. The Company acknowledges that Indemnitee may have certain rights
to indemnification and advancement of expenses provided by the fund and/or certain affiliates
thereof with whom Indemnitee may be affiliated (collectively, the “Secondary Indemnitors”). The
Company agrees that, as between the Company and the Secondary Indemnitors, the Company is primarily
responsible for amounts required to be indemnified or advanced under the Company’s certificate of
incorporation or bylaws or this Agreement and any obligation of the Secondary Indemnitors to
provide indemnification or advancement for the same amounts is secondary to those Company
obligations. The Company waives any right of contribution or subrogation against the Secondary
Indemnitors with respect to the liabilities for which the Company is primarily responsible under
this Section 15. In the event of any payment by the Secondary Indemnitors of amounts otherwise
required to be indemnified or advanced by the Company under the Company’s certificate of
incorporation or bylaws or this Agreement, the Secondary Indemnitors shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee for indemnification or
advancement of expenses under the Company’s certificate of incorporation or bylaws or this
Agreement or, to the extent such subrogation is unavailable and contribution is found to be the
applicable remedy, shall have a right of contribution with respect to the amounts paid. The
Secondary Indemnitors are express third-party beneficiaries of the terms of this Section 15.

     16. No Duplication of Payments. Subject to the provisions of Section 15 above, the Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable
hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has
otherwise actually received payment for such amounts under any insurance policy, contract,
agreement or otherwise.

     17. Insurance. To the extent that the Company maintains an insurance policy or policies
providing liability insurance for directors, trustees, general partners, managing members,
officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall
be covered by such policy or policies to the same extent as the most favorably-insured persons
under such policy or policies in a comparable position.

     18. Subrogation. In the event of any payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all

-10-

 

papers required and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights.

     19. Services to the Company. Indemnitee agrees to serve as a director or officer of the
Company or, at the request of the Company, as a director, trustee, general partner, managing
member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is
duly elected or appointed or until Indemnitee tenders his or her resignation or is removed from
such position. Indemnitee may at any time and for any reason resign from such position (subject to
any other contractual obligation or any obligation imposed by operation of law), in which event the
Company shall have no obligation under this Agreement to continue Indemnitee in such position. This
Agreement shall not be deemed an employment contract between the Company (or any of its
subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that any
employment with the Company (or any of its subsidiaries or any Enterprise) is at will, and
Indemnitee may be discharged at any time for any reason, with or without cause, with or without
notice, except as may be otherwise expressly provided in any executed, written employment contract
between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing
formal severance policies adopted by the Company’s board of directors or, with respect to service
as a director or officer of the Company, the Company’s certificate of incorporation or bylaws or
the DGCL. No such document shall be subject to any oral modification thereof.

     20. Duration. This Agreement shall continue until and terminate upon the later of (a) ten
years after the date that Indemnitee shall have ceased to serve as a director or officer of the
Company or as a director, trustee, general partner, managing member, officer, employee, agent or
fiduciary of any other Enterprise, as applicable; or (b) one year after the final termination of
any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights
of indemnification or advancement of Expenses hereunder and of any proceeding commenced by
Indemnitee pursuant to Section 12 of this Agreement relating thereto.

     21. Successors. This Agreement shall be binding upon the Company and its successors and
assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise
to all or substantially all of the business or assets of the Company, and shall inure to the
benefit of Indemnitee and Indemnitee’s heirs, executors and administrators.

     22. Severability. Nothing in this Agreement is intended to require or shall be construed as
requiring the Company to do or fail to do any act in violation of applicable law. The Company’s
inability, pursuant to court order or other applicable law, to perform its obligations under this
Agreement shall not constitute a breach of this Agreement. If any provision or provisions of this
Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the
validity, legality and enforceability of the remaining provisions of this Agreement (including
without limitation, each portion of any section of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest
extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the extent
necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any section of this Agreement containing any such provision
held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

-11-

 

     23. Enforcement. The Company expressly confirms and agrees that it has entered into this
Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve
as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying
upon this Agreement in serving as a director or officer of the Company.

     24. Entire Agreement. This Agreement constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof and supersedes all prior agreements and
understandings, oral, written and implied, between the parties hereto with respect to the subject
matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the
indemnification provided in the Company’s certificate of incorporation and bylaws and applicable
law.

     25. Modification and Waiver. No supplement, modification or amendment to this Agreement shall
be binding unless executed in writing by the parties hereto. No amendment, alteration or repeal of
this Agreement shall adversely affect any right of Indemnitee under this Agreement in respect of
any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such
amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall
constitute or be deemed a waiver of any other provision of this Agreement nor shall any waiver
constitute a continuing waiver.

     26. Notices. All notices and other communications required or permitted hereunder shall be in
writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or
electronic mail or otherwise delivered by hand, messenger or courier service addressed:

          (a) if to Indemnitee, to Indemnitee’s address, facsimile number or electronic mail address as
shown on the signature page of this Agreement or in the Company’s records, as may be updated in
accordance with the provisions hereof; or

          (b) if to the Company, to the attention of the Chief Executive Officer or Chief Financial
Officer of the Company at c/o Peter Jakes, Willkie Farr & Gallagher LLP, 787 Seventh Ave., New
York, NY 10019 or at such other current address as the Company shall have furnished to the
Investors.

     Each such notice or other communication shall for all purposes of this Agreement be treated as
effective or having been given (i) if delivered by hand, messenger or courier service, when
delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid,
specifying next-business-day delivery, one business day after deposit with the courier), (ii) if
sent via mail, at the earlier of its receipt or five days after the same has been deposited in a
regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as
aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via
electronic mail, when directed to the relevant electronic mail address, if sent during normal
business hours of the recipient, or if not sent during normal business hours of the recipient, then
on the recipient’s next business day.

     27. Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among
the parties shall be governed by, and construed and enforced in accordance with, the laws of the
State of Delaware, without regard to its conflict of laws rules. Except with respect to any
arbitration commenced by Indemnitee pursuant to Section 12(a) of this Agreement, the Company and
Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising
out of or in connection with this Agreement shall be brought only in the Delaware Court of
Chancery, and not in any other state or federal court in the United States of America or any court
in any other country, (ii) consent to submit to the exclusive jurisdiction

-12-

 

of the Delaware Court of Chancery for purposes of any action or proceeding arising out of or in
connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to
service of process in the State of Delaware, The Corporation Trust Company, Wilmington, Delaware as
its agent in the State of Delaware as such party’s agent for acceptance of legal process in
connection with any such action or proceeding against such party with the same legal force and
validity as if served upon such party personally within the State of Delaware, (iv) waive any
objection to the laying of venue of any such action or proceeding in the Delaware Court of
Chancery, and (v) waive, and agree not to plead or to make, any claim that any such action or
proceeding brought in the Delaware Court of Chancery has been brought in an improper or
inconvenient forum.

     28. Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall for all purposes be deemed to be an original but all of which together shall constitute one
and the same Agreement. This Agreement may also be executed and delivered by facsimile signature
and in counterparts, each of which shall for all purposes be deemed to be an original but all of
which together shall constitute one and the same Agreement. Only one such counterpart signed by the
party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement.

     29. Captions. The headings of the paragraphs of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction
thereof.

(signature page follows)

-13-

 

     The parties are signing this Indemnification Agreement as of the date stated in the
introductory sentence.

	 	 	 	 	 
	 	COMPANY

CLOVIS ONCOLOGY, INC.

 	 
	 	/s/ Patrick J. Mahaffy
 	 
	 	(Signature) 	 
	 
	 	  Patrick J. Mahaffy
 	 
	 	(Print name) 	 
	 
	 	                                                     President and Chief Executive Officer
 	 
	 	(Title) 	 
	 	 	 
	 
	 	INDEMNITEE

 	 
	 	/s/ John C. Reed
 	 
	 	(Signature) 	 
	 	 	 
	 	                                                  John C. Reed
 	 
	 	(Print name) 	 
	 	 	 
	 	
 	 
	 	(Street address) 	 
	 	 	 
	 	
 	 
	 	(City, State and ZIP) 	 
	 	 	 
	 

  Clovis Oncology, Inc. — Indemnification Agreement

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