Document:

exv10w6

Exhibit 10.6

CLOVIS ONCOLOGY, INC.

2009 EQUITY INCENTIVE PLAN

STOCK OPTION AGREEMENT

     Unless otherwise defined herein, the terms defined in the 2009 Equity Incentive Plan (the
“Plan”) shall have the same defined meanings in this Stock Option Agreement (the “Option
Agreement”).

I. NOTICE OF STOCK OPTION GRANT

     Name:

     Address:

     The undersigned Participant has been granted an Option to purchase Common Stock of the
Company, subject to the terms and conditions of the Plan and this Option Agreement, as follows:

	 	 	 	 	 	 	 

	 

	 	Date of Grant:
	 
 

	 	  
	 
	 	 	 	 	 	 
	 

	 	Vesting Commencement Date:
	 
 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Exercise Price per Share:
	$	
 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Total Number of Shares Granted:
	 
 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Total Exercise Price :
	$ 	
 

	 	 
	 
	 	 	 	 	 	 
	 	 	Type of Option:	Incentive Stock Option / Nonstatutory Stock Option
	 
	 	 	 	 	 	 
	 

	 	Term/Expiration Date:
	 
 

	 	 

     Vesting Schedule:

     This Option shall be exercisable, in whole or in part, according to the following vesting
schedule:

     Twenty-five percent (25%) of the Shares subject to the Option shall vest on the one (1) year
anniversary of the Vesting Commencement Date, and one forty-eighth (1/48th) of the
Shares subject to the Option shall vest each month thereafter on the same day of the month as the
Vesting Commencement Date (and if there is no corresponding day, on the last day of the month),
subject to Participant continuing to be a Service Provider through each such date.

 

 

     Termination Period:

     This Option shall be exercisable for three (3) months after Participant ceases to be a Service
Provider, unless such termination is due to Participant’s death or Disability, in which case this
Option shall be exercisable for twelve (12) months after Participant ceases to be a Service
Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after
the Term/Expiration Date as provided above and this Option may be subject to earlier termination as
provided in Section 13(c) of the Plan.

II. AGREEMENT

     1. Grant of Option. The Administrator of the Company hereby grants to the Participant
named in the Notice of Stock Option Grant in Part I of this Agreement (“Participant”), an option
(the “Option”) to purchase the number of Shares set forth in the Notice of Stock Option Grant, at
the exercise price per Share set forth in the Notice of Stock Option Grant (the “Exercise Price”),
and subject to the terms and conditions of the Plan, which is incorporated herein by reference.
Subject to Section 18(c) of the Plan, in the event of a conflict between the terms and conditions
of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail.

          If designated in the Notice of Stock Option Grant as an Incentive Stock Option (“ISO”), this
Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code.
Nevertheless, to the extent that it exceeds the $100,000 rule of Code Section 422(d), this Option
shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option
(or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification,
such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event
shall the Administrator, the Company or any Parent or Subsidiary or any of their respective
employees or directors have any liability to Participant (or any other person) due to the failure
of the Option to qualify for any reason as an ISO.

     2. Exercise of Option.

          (a) Right to Exercise. This Option shall be exercisable during its term in
accordance with the Vesting Schedule set out in the Notice of Stock Option Grant and with the
applicable provisions of the Plan and this Option Agreement.

          Notwithstanding anything in the Plan or this Option Agreement to the contrary, the Participant
shall be permitted to exercise the Option at any time prior to the time such Option vests (such
exercise being referred to as an “Early Exercise”). In such event, upon exercise of the Option,
the Participant will receive Restricted Stock, subject to the same vesting schedule set forth above
and otherwise subject to the terms of Section 8 of the Plan and the Exercise Notice in the form
attached as Exhibit A (the “Exercise Notice”), where the purchase price of such Restricted
Stock shall be the exercise price paid by the Participant for such Restricted Stock. The
Participant acknowledges that the filing of any election under Section 83(b) of the Code in
connection with an Early Exercise shall be the sole responsibility of the Participant.

          (b) Method of Exercise. This Option shall be exercisable by delivery of an Exercise
Notice or in a manner and pursuant to such procedures as the Administrator may determine, which
shall state the election to exercise the Option, the number of Shares with respect to which the

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Option is being exercised, and such other representations and agreements as may be required by
the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price
as to all Exercised Shares, together with any applicable tax withholding. This Option shall be
deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice
accompanied by the aggregate Exercise Price, together with any applicable tax withholding.

          No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such
exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes the Shares
shall be considered transferred to Participant on the date on which the Option is exercised with
respect to such Shares.

     3. Participant’s Representations. In the event the Shares have not been registered
under the Securities Act of 1933, as amended, at the time this Option is exercised, Participant
shall, if required by the Company, concurrently with the exercise of all or any portion of this
Option, deliver to the Company his or her Investment Representation Statement in the form attached
hereto as Exhibit B.

     4. Lock-Up Period. Participant hereby agrees that Participant shall not offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or
dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter
into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of any Common Stock (or other securities) of the Company
held by Participant (other than those included in the registration) for a period specified by the
representative of the underwriters of Common Stock (or other securities) of the Company not to
exceed one hundred and eighty (180) days following the effective date of any registration statement
of the Company filed under the Securities Act (or such other period as may be requested by the
Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other
distribution of research reports and (ii) analyst recommendations and opinions, including, but not
limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any
successor provisions or amendments thereto).

          Participant agrees to execute and deliver such other agreements as may be reasonably requested
by the Company or the underwriter which are consistent with the foregoing or which are necessary to
give further effect thereto. In addition, if requested by the Company or the representative of the
underwriters of Common Stock (or other securities) of the Company, Participant shall provide,
within ten (10) days of such request, such information as may be required by the Company or such
representative in connection with the completion of any public offering of the Company’s securities
pursuant to a registration statement filed under the Securities Act. The obligations described in
this Section 4 shall not apply to a registration relating solely to employee benefit plans on Form
S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating
solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in
the future. The Company may impose stop-transfer instructions with respect to the shares of Common
Stock (or other securities) subject to the foregoing restriction until the end of said one hundred
and eighty (180) day (or other) period. Participant agrees that any transferee of the Option or
shares acquired pursuant to the Option shall be bound by this Section 4.

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     5. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the
following, or a combination thereof, at the election of the Participant:

          (a) cash;

          (b) check;

          (c) consideration received by the Company under a formal cashless exercise program adopted by
the Company in connection with the Plan;

          (d) by delivery of a notice of “net exercise” to the Company, in a form provided by the
Company, pursuant to which the Participant shall receive the number of shares of Common Stock
underlying the Options so exercised reduced by the number of shares of Common Stock equal to the
aggregate exercise price of the Options divided by the Fair Market Value on the date of exercise;
or

          (e) surrender of other Shares which (i) shall be valued at its Fair Market Value on the date
of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security
interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result
in any adverse accounting consequences to the Company.

     6. Restrictions on Exercise. This Option may not be exercised until such time as the
Plan has been approved by the stockholders of the Company, or if the issuance of such Shares upon
such exercise or the method of payment of consideration for such shares would constitute a
violation of any Applicable Law.

     7. Non-Transferability of Option.

          (a) This Option may not be transferred in any manner otherwise than by will or by the laws of
descent or distribution and may be exercised during the lifetime of Participant only by
Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors,
administrators, heirs, successors and assigns of Participant.

          (b) Further, until the Company becomes subject to the reporting requirements of Section 13 or
15(d) of the Exchange Act, or after the Administrator determines that it is, will, or may no longer
be relying upon the exemption from registration of Options under the Exchange Act as set forth in
Rule 12h-1(f) promulgated under the Exchange Act (the “Reliance End Date”), Participant shall not
transfer this Option or, prior to exercise, the Shares subject to this Option, in any manner other
than (i) to persons who are “family members” (as defined in Rule 701(c)(3) of the Securities Act of
1933, as amended) through gifts or domestic relations orders, or (ii) to an executor or guardian of
Participant upon the death or disability of Participant. Until the Reliance End Date, the Options
and, prior to exercise, the Shares subject to this Option, may not be pledged, hypothecated or
otherwise transferred or disposed of, including by entering into any short position, any “put
equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule
16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii) of
this paragraph.

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     8. Term of Option. This Option may be exercised only within the term set out in the
Notice of Stock Option Grant, and may be exercised during such term only in accordance with the
Plan and the terms of this Option.

     9. Tax Obligations.

          (a) Tax Withholding. Participant agrees to make appropriate arrangements with the
Company (or the Parent or Subsidiary employing or retaining Participant) for the satisfaction of
all Federal, state, local and foreign income and employment tax withholding requirements applicable
to the Option exercise. Participant acknowledges and agrees that the Company may refuse to honor
the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the
time of exercise.

          (b) Notice of Disqualifying Disposition of ISO Shares. If the Option granted to
Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares
acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of
Grant, or (ii) the date one (1) year after the date of exercise, Participant shall immediately
notify the Company in writing of such disposition. Participant agrees that Participant may be
subject to income tax withholding by the Company on the compensation income recognized by
Participant.

          (c) Code Section 409A. Under Code Section 409A, an Option that vests after December
31, 2004 (or that vested on or prior to such date but which was materially modified after October
3, 2004) that was granted with a per Share exercise price that is determined by the Internal
Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on the date of grant
(a “discount option”) may be considered “deferred compensation.” An Option that is a “discount
option” may result in (i) income recognition by Participant prior to the exercise of the Option,
(ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and
interest charges. The “discount option” may also result in additional state income, penalty and
interest tax to the Participant. Participant acknowledges that the Company cannot and has not
guaranteed that the IRS will agree that the per Share exercise price of this Option equals or
exceeds the Fair Market Value of a Share on the date of grant in a later examination. Participant
agrees that if the IRS determines that the Option was granted with a per Share exercise price that
was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely
responsible for Participant’s costs related to such a determination.

     10. Entire Agreement; Governing Law. The Plan is incorporated herein by reference.
The Plan and this Option Agreement constitute the entire agreement of the parties with respect to
the subject matter hereof and supersede in their entirety all prior undertakings and agreements of
the Company and Participant with respect to the subject matter hereof, and may not be modified
adversely to the Participant’s interest except by means of a writing signed by the Company and
Participant. This Agreement is governed by the internal substantive laws but not the choice of law
rules of Colorado.

     11. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE
VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE
PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING

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PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING
SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR
IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY
PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE
COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S
RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

     Participant acknowledges receipt of a copy of the Plan and represents that he or she is
familiar with the terms and provisions thereof, and hereby accepts this Option subject to all of
the terms and provisions thereof. Participant has reviewed the Plan and this Option in their
entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and
fully understands all provisions of the Option. Participant hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Administrator upon any questions
arising under the Plan or this Option. Participant further agrees to notify the Company upon any
change in the residence address indicated below.

	 	 	 	 	 	 	 

	PARTICIPANT

	 	 	 	CLOVIS ONCOLOGY, INC.
	 	 
	 
 

Signature

	 	 	 	 
 

By
	 	  
	  

Print
Name

	 	 	 	  

Print
Name
	 	 
	 
 

	 	 	 	 
 

Title
	 	 
	  

Residence
Address

	 	 	 	 	 	 

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EXHIBIT A

2009 EQUITY INCENTIVE PLAN

EXERCISE NOTICE

Clovis Oncology, Inc.

2525 28th Street

Boulder, CO 80301

Attention: President

     1. Exercise of Option. Effective as of today, ________________, ____, the undersigned
(“Participant”) hereby elects to exercise Participant’s option (the “Option”) to purchase
________________ shares of the Common Stock (the “Shares”) of Clovis Oncology, Inc. (the “Company”)
under and pursuant to the 2009 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement
dated ___________, _____ (the “Option Agreement”).

     2. Delivery of Payment. Participant herewith delivers to the Company the full
purchase price of the Shares, as set forth in the Option Agreement, and any and all withholding
taxes due in connection with the exercise of the Option.

     3. Representations of Participant. Participant acknowledges that Participant has
received, read and understood the Plan and the Option Agreement and agrees to abide by and be bound
by their terms and conditions.

     4. Rights as Stockholder. Except in the event of an Early Exercise (as such term is
defined in the Option Agreement), until the issuance of the Shares (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company), no right
to vote or receive dividends or any other rights as a stockholder shall exist with respect to the
Common Stock subject to an Award, notwithstanding the exercise of the Option. The Shares shall be
issued to Participant as soon as practicable after the Option is exercised in accordance with the
Option Agreement. No adjustment shall be made for a dividend or other right for which the record
date is prior to the date of issuance except as provided in Section 13 of the Plan.

     In the event of an Early Exercise, Participant will have the rights of a stockholder with
respect to the Restricted Stock to the extent set forth in Section 8 of the Plan.

     5. Company’s Right of First Refusal. Before any Shares held by Participant or any
transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise
transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall
have a right of first refusal to purchase the Shares on the terms and conditions set forth in this
Section 5 (the “Right of First Refusal”).

          (a) Notice of Proposed Transfer. The Holder of the Shares shall deliver to the
Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or
otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee

 

 

(“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed
Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes
to transfer the Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered
Price to the Company or its assignee(s).

          (b) Exercise of Right of First Refusal. At any time within thirty (30) days after
receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the
Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to
any one or more of the Proposed Transferees, at the purchase price determined in accordance with
subsection (c) below.

          (c) Purchase Price. The purchase price (“Purchase Price”) for the Shares purchased by
the Company or its assignee(s) under this Section 5 shall be the Offered Price. If the Offered
Price includes consideration other than cash, the cash equivalent value of the non-cash
consideration shall be determined by the Board of Directors of the Company in good faith.

          (d) Payment. Payment of the Purchase Price shall be made, at the option of the
Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any
outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an
assignee, to the assignee), or by any combination thereof within thirty (30) days after receipt of
the Notice or in the manner and at the times set forth in the Notice.

          (e) Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be
transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s)
as provided in this Section 5, then the Holder may sell or otherwise transfer such Shares to that
Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other
transfer is consummated within one hundred and twenty (120) days after the date of the Notice, that
any such sale or other transfer is effected in accordance with any applicable securities laws and
that the Proposed Transferee agrees in writing that the provisions of this Section 5 shall continue
to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the
Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be
given to the Company, and the Company and/or its assignees shall again be offered the Right of
First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

          (f) Exception for Certain Family Transfers. Anything to the contrary contained in
this Section 5 notwithstanding, the transfer of any or all of the Shares during the Participant’s
lifetime or on the Participant’s death by will or intestacy to the Participant’s immediate family
or a trust for the benefit of the Participant’s immediate family shall be exempt from the
provisions of this Section 5. “Immediate Family” as used herein shall mean spouse, lineal
descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other
recipient shall receive and hold the Shares so transferred subject to the provisions of this
Section 5, and there shall be no further transfer of such Shares except in accordance with the
terms of this Section 5.

          (g) Termination of Right of First Refusal. The Right of First Refusal shall terminate
as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the
general public, or (ii) a Change in Control in which the successor corporation has equity
securities that are publicly traded (the “ROFR Lapse Date”).

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     6. Company’s Repurchase Right. If, prior to the ROFR Lapse Date, the Holder ceases to
be a Service Provider for any reason then, at any time during the sixty (60) day period following
the date of such cessation, or if longer, the sixty (60) day period following the date upon which
the Holder acquired the Shares, the Company shall have the right to repurchase the Shares at a per
share price equal to the Fair Market Value (the “Repurchase Right”). The Repurchase Right shall be
exercisable upon written notice to the Holder indicating the number of shares of Stock to be
repurchased and the date on which the repurchase is to be effected, such date to be not more than
thirty (30) days after the date of such notice. To the extent not otherwise held in book entry
form by the Company, the certificates representing the Shares to be repurchased in connection with
the exercise of the Repurchase Right shall be delivered to the Company prior to the close of
business on the date specified for the repurchase.

     7. Tax Consultation. Participant understands that Participant may suffer adverse tax
consequences as a result of Participant’s purchase or disposition of the Shares. Participant
represents that Participant has consulted with any tax consultants Participant deems advisable in
connection with the purchase or disposition of the Shares and that Participant is not relying on
the Company for any tax advice.

     8. Restrictive Legends and Stop-Transfer Orders.

          (a) Legends. Participant understands and agrees that the Company shall cause the
legends set forth below or legends substantially equivalent thereto, to be placed upon any
certificate(s) evidencing ownership of the Shares together with any other legends that may be
required by the Company or by state or federal securities laws:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT
OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES,
SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
THEREWITH.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS
ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE
ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE
PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST
REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF
THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN
AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT

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BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD
WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

          (b) Stop-Transfer Notices. Participant agrees that, in order to ensure compliance
with the restrictions referred to herein, the Company may issue appropriate “stop transfer”
instructions to its transfer agent, if any, and that, if the Company transfers its own securities,
it may make appropriate notations to the same effect in its own records.

          (c) Refusal to Transfer. The Company shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions
of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right to vote or
pay dividends to any purchaser or other transferee to whom such Shares shall have been so
transferred.

     9. Successors and Assigns. The Company may assign any of its rights under this
Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the
benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs,
executors, administrators, successors and assigns.

     10. Interpretation. Any dispute regarding the interpretation of this Exercise Notice
shall be submitted by Participant or by the Company forthwith to the Administrator, which shall
review such dispute at its next regular meeting. The resolution of such a dispute by the
Administrator shall be final and binding on all parties.

     11. Governing Law; Severability. This Exercise Notice is governed by the internal
substantive laws, but not the choice of law rules, of Colorado. In the event that any provision
hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or
void, this Exercise Notice shall continue in full force and effect.

     12. Entire Agreement. The Plan and Option Agreement are incorporated herein by
reference. This Exercise Notice, the Plan, the Option Agreement and the Investment Representation
Statement constitute the entire agreement of the parties with respect to the subject matter hereof
and supersede in their entirety all prior undertakings and agreements of the Company and
Participant with respect to the subject matter hereof, and may not be modified adversely to the
Participant’s interest except by means of a writing signed by the Company and Participant.

	 	 	 	 	 	 	 

	Submitted by:

	 	 	 	Accepted by:
	 	 
	PARTICIPANT

	 	 	 	CLOVIS ONCOLOGY, INC.	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Signature

	 	 	 	By	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Print Name

	 	 	 	Print Name	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title	 	 
	 
	 	 	 	 	 	 
	Address:

	 	 	 	Address:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Date Received	 	 

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EXHIBIT B

INVESTMENT REPRESENTATION STATEMENT

	 	 	 	 	 

	PARTICIPANT

	 	:
	 	 
	 
	 	 	 	 
	COMPANY

	 	:
	 	CLOVIS ONCOLOGY, INC.
	 
	 	 	 	 
	SECURITY

	 	:
	 	COMMON STOCK
	 
	 	 	 	 
	AMOUNT

	 	:
	 	 
	 
	 	 	 	 
	DATE

	 	:
	 	 

     In connection with the purchase of the above-listed Securities, the undersigned Participant
represents to the Company the following:

     (a) Participant is aware of the Company’s business affairs and financial condition and has
acquired sufficient information about the Company to reach an informed and knowledgeable decision
to acquire the Securities. Participant is acquiring these Securities for investment for
Participant’s own account only and not with a view to, or for resale in connection with, any
“distribution” thereof within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”).

     (b) Participant acknowledges and understands that the Securities constitute “restricted
securities” under the Securities Act and have not been registered under the Securities Act in
reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the
bona fide nature of Participant’s investment intent as expressed herein. In this connection,
Participant understands that, in the view of the Securities and Exchange Commission, the statutory
basis for such exemption may be unavailable if Participant’s representation was predicated solely
upon a present intention to hold these Securities for the minimum capital gains period specified
under tax statutes, for a deferred sale, for or until an increase or decrease in the market price
of the Securities, or for a period of one (1) year or any other fixed period in the future.
Participant further understands that the Securities must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such registration is
available. Participant further acknowledges and understands that the Company is under no
obligation to register the Securities. Participant understands that the certificate evidencing the
Securities shall be imprinted with any legend required under applicable state securities laws.

     (c) Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated
under the Securities Act, which, in substance, permit limited public resale of “restricted
securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering
subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies
under Rule 701 at the time of the grant of the Option to Participant, the exercise shall be exempt
from registration under the Securities Act. In the event the Company becomes subject to the
reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90)
days thereafter (or such

 

 

longer period as any market stand-off agreement may require) the Securities exempt under Rule
701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144,
including in the case of affiliates (1) the availability of certain public information about the
Company, (2) the amount of Securities being sold during any three (3) month period not exceeding
specified limitations, (3) the resale being made in an unsolicited “broker’s transaction”,
transactions directly with a “market maker” or “riskless principal transactions” (as those terms
are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if
applicable.

          In the event that the Company does not qualify under Rule 701 at the time of grant of the
Option, then the Securities may be resold in certain limited circumstances subject to the
provisions of Rule 144, which may require (i) the availability of current public information about
the Company; (ii) the resale to occur more than a specified period after the purchase and full
payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of
Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and
(4) of the paragraph immediately above.

     (d) Participant further understands that in the event all of the applicable requirements of
Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with
Regulation A, or some other registration exemption shall be required; and that, notwithstanding the
fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission
has expressed its opinion that persons proposing to sell private placement securities other than in
a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial
burden of proof in establishing that an exemption from registration is available for such offers or
sales, and that such persons and their respective brokers who participate in such transactions do
so at their own risk. Participant understands that no assurances can be given that any such other
registration exemption shall be available in such event.

	 	 	 

	 

	 	PARTICIPANT
	 

	 	 
	 

	 	 
	 

	 	Signature
	 

	 	 
	 

	 	 
	 

	 	Print Name
	 

	 	 
	 

	 	 
	 

	 	Date

-2-exv10w8

Exhibit 10.8

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

Page 2 of 15

 

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

Page 3 of 15

 

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

Page 4 of 15

 

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.

Page 5 of 15

 

     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.

Page 6 of 15

 

     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.

Page 7 of 15

 

     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

Page 8 of 15

 

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.

Page 9 of 15

 

     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.

Page 10 of 15

 

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

	 	 	 	 	 
	 	 	 
	Date: 5/12/09 	/s/ Patrick J. Mahaffy
 	 
	 	Signature	 
	 
	 	Patrick J. Mahaffy	 
	 	Name of Employee (typed or printed) 	 
	 	 	 

	 	 	 	 	 
	 	Witness:	 
	 	 	 
	 	 	 
	 	Signature 	 
	 	 	 
	 	 	 
	 	Name (typed or printed) 	 
	 	 	 

Page 11 of 15

 

	 	 	 	 	 

EXHIBIT A

LIST OF PRIOR INVENTIONS

AND ORIGINAL WORKS OF AUTHORSHIP

	 	 	 	 	 
	 	 	 	 	Identifying Number or Brief
	Title	 	Date	 	Description
	
	 	
	 	

___ No inventions or improvements

___ Additional Sheets Attached

	 	 	 	 	 
	Date:  5/12/09 	Patrick J. Mahaffy	 
	 	Signature 	 
	 
	 	Patrick J. Mahaffy	 
	 	Name of Employee (typed or printed) 	 
	 	 	 
	 	 	 

Page 12 of 15

 

	 	 	 	 	 

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 15

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