Document:

Exhibit 10.11

 

Olema
Pharmaceuticals, Inc.

665
3rd Street, Suite 250

San
Francisco, Ca 94107

 

May 14, 2020

 

Kinney Horn

 

Re:       Employment Terms

 

Dear Kinney:

 

We are pleased to confirm our offer to
have you join Olema Pharmaceuticals, Inc. (the “Company”). The terms and conditions in this letter (the “Agreement”)
will become effective as of effective May 25, 2020.

 

Position. You will devote your full
productive time to performing services to the Company as its Chief Business Officer, reporting directly to the CEO. As Chief Business
Officer, you will work with other members of the management team, the Board’s Finance Committee and the Board to meet strategic
and financial goals. You will work at the Company’s corporate headquarters, which are currently located in San Francisco,
California, subject to business travel. Your employment relationship with the Company will also be governed by the general employment
policies and practices of the Company.

 

Time Commitment; Outside Activities.
You agree to perform the duties and responsibilities of your positions, and such other duties and responsibilities as shall from
time to time be mutually agreed upon between you and your supervising officer (the CEO). As a full-time exempt employee, you will
be expected to work the Company’s normal business hours and such additional time as may be required by the nature of your
position. You agree that, while employed by the Company, you will devote substantially all of your business time and your best
efforts, business judgment, skill and knowledge to the advancement of the business and interests of the Company and to the discharge
of your duties and responsibilities for it; provided, however, it is agreed that you may participate in outside charitable,
civic, educational, professional, community or industry activities to the extent such activities do not individually or in the
aggregate interfere with your duties and responsibilities to the Company or create an actual or potential conflict of interest
with the Company’s business; provided, further, that your service on any outside boards (whether for profit
or non-profit) shall require the prior consent of the CEO.

 

Compensation. Your base salary will
be paid at the rate of $375,000 per year, less standard payroll deductions and withholdings. Your base salary will be payable in
accordance with the Company’s standard payroll policies and subject to annual adjustment pursuant to the Company’s
policies as in effect from time to time. You will be eligible to receive a year-end incentive bonus beginning in 2020, targeted
at 35% of your base salary (“Bonus”) in accordance with milestones mutually acceptable to you and the Company’s
Board of Directors.

 

Equity. Upon acceptance of our offer,
I will recommend that the Board of Directors of the Company grant you an option to purchase an aggregate of 702,744 shares of Common
Stock of the Company at a per share exercise price equal to the fair market value of such shares on the date of grant. The options
will be governed by the Company’s 2014 Stock Plan (the “Plan”) and a stock option agreement to be entered into
between the Company and you. The options will be NSOs and will be exercisable after termination until the expiration of the 10
year term of the options. The stock option agreement will provide, among other things, that, subject to your continued employment
with the Company, your options shall vest over a four-year period (in 48 equal monthly installments thereafter). In addition, (i)
if after the first anniversary the Company terminates your employment without Cause (as defined below) or you resign for Good Reason
(as defined below), and in either case you meet the conditions for receipt of severance benefits provided below, then 50% of your
then unvested time-based equity grants with respect to shares of the Company's Common Stock shall accelerate and become fully vested
as of the Date of Termination (as defined below); or (ii) if, within the twelve (12) month period that immediately follows a Change
of Control (as defined below), your employment with the Company is terminated: (a) by the Company without Cause, or (b) by you
for Good Reason, then 100% of your then unvested time-based equity grants with respect to shares of the Company's Common Stock
shall accelerate and become fully vested as of the Date of Termination.

 

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Benefits. You will be eligible to
participate in the Company’s standard employee benefit plans, including group health insurance, 401(k), and vacation programs,
in accordance with the terms and conditions of the plans and applicable policies which may be in effect from time to time, and
provided by the Company to its executive employees generally. The Company may modify its benefits programs from time to time in
its discretion.

 

Expense Reimbursements. The Company
will reimburse you for all reasonable business expenses incurred by you in the performance of your duties, subject to the Company’s
expense reimbursement policies applicable to senior executives in effect from time to time.

 

Other Requirements. Your offer is
contingent upon (1) your signing of the enclosed Employee Nondisclosure and Assignment Agreement (the “Proprietary Information
Agreement”), (2) your signing of the enclosed Employee Arbitration Agreement, and (3) your providing proof of your eligibility
to work in the United States.

 

At-Will Employment Relationship.
Your employment relationship with the Company is at-will. Accordingly, both you and the Company may terminate the employment relationship
at any time, with or without cause, and with or without advance notice.

 

Termination. The Company may terminate
your employment for “Cause” (as defined below) upon written notice to you effectively immediately, in which case you
will not be entitled to receive any form of payment other than (i) your earned base salary through your last day of employment
(“Date of Termination”); (ii) reimbursement for any business expenses incurred by you consistent with Company
policy through the Date of Termination; and (iii) amounts, if any, accrued and payable under the terms of the Company’s benefit
plans through the Date of Termination (together, the “Accrued Obligations”). You may terminate your employment
voluntarily other than for “Good Reason” (as defined below) upon at least thirty (30) days’ prior written notice
to the Board, in which case you will not be entitled to receive any form of payment other than the Accrued Obligations.

 

Severance Benefits. Notwithstanding
the at-will nature of your employment, if (a) at any time the Company terminates your employment without Cause (as defined below),
and other than as a result of your death or disability, or (b) after the first anniversary you resign for Good Reason (as defined
below), and provided in each case such termination constitutes a “separation from service” (as defined under Treasury
Regulation Section 1.409A-1(h)) (a “Separation from Service”), then in addition to the Accrued Obligations you
will be entitled to receive severance in the form of (i) nine (9) months of your then base salary, such amount to be paid in equal
installments over a nine (9) month period after the Date of Termination payable in accordance with the Company’s usual payroll
practices and periods, subject to applicable taxes and withholding, commencing on the first payroll date following the date the
Release becomes effective and irrevocable (as discussed in the following paragraph), (ii) a pro-rated bonus based on your annual
base salary, and (iii) if you were participating in the Company’s group health plan immediately prior to the Date of Termination
and you elect COBRA health continuation, payment for nine (9) months of monthly COBRA premiums at the same rate as the Company
pays for active employees for you and your eligible dependents, subject to applicable COBRA terms and in compliance with applicable
non-discrimination or other requirements under the Internal Revenue Code (the “Code”), the Patient Protection
and Affordable Care Act, or the Health Care and Education Reconciliation Act (collectively, the “Severance Benefits”).

 

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Such severance benefits are conditional
upon (x) your continuing to comply with your obligations under your Proprietary Information Agreement, (y) your delivering to the
Company an effective, general release of claims in favor of the Company in a form acceptable to the Company that becomes effective
and irrevocable within 60 days following your Date of Termination (the “Release”), and (z) if you are a member
of the Board, your resignation from the Board, to be effective no later than your Date of Termination (or such other date as requested
by the Board). In the event the termination occurs at a time during the calendar year when the Release could become effective and
irrevocable in the calendar year following the calendar year in which your termination of employment occurs (whether or not it
actually becomes effective and irrevocable in the following year), then any severance payments and benefits under this Agreement
that would be considered deferred compensation under Internal Revenue Code Section 409A will be paid on the first payroll date
to occur during the calendar year following the calendar year in which such termination occurs following the date the Release actually
becomes effective and irrevocable.

 

Definitions. For purposes of this
Agreement:

 

“Cause” shall mean: (i) your
dishonest statements or acts with respect to the Company or any affiliate of the Company, or any current or prospective customers,
suppliers, vendors or other third parties with which such entity does business that results in or is reasonably anticipated to
result in harm to the Company; (ii) your conviction of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit,
dishonesty or fraud; (iii) your failure to perform your assigned duties and responsibilities to the reasonable satisfaction of
the Company; (iv) your gross negligence, willful misconduct or insubordination, that results in or is reasonably anticipated to
result in harm to the Company; or (v) your violation of any material provision of any agreement(s) between you and the Company
including agreements relating to non-solicitation, nondisclosure and/or assignment of inventions; provided, however, that for purposes
of (i), (iii), (iv) or (v), the Company will provide you with a written notice describing the basis for the Board’s belief
that you may be terminated for the occurrence of such event and an opportunity to cure such alleged deficiencies within 30 days
(if such deficiency is curable)..

 

“Good Reason” shall mean that
you have complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following
events: (i) a material diminution in your base salary except for across-the-board salary reductions based on the Company’s
financial performance similarly affecting all or substantially all senior management employees of the Company; (ii) a change in
the geographic location at which you provide services to the Company of greater than twenty-five (25) miles; or (iii) a material
reduction in your job duties, authorities or responsibilities. A resignation will only be for Good Reason if you deliver written
notice of such condition(s) to the Company within ninety (90) days after the initial occurrence of such condition(s), the Company
has failed to cure such condition(s) within thirty (30) days after the delivery of such notice, and you in fact resign within 60
days after the initial notice.

 

“Change of Control” shall mean
the (i) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power
immediately prior to such transaction in their capacity as such no longer own a majority of the outstanding voting power of the
Company (or its successor); (ii) any sale of all or substantially all of the assets or capital stock of the Company (other than
in a spin-off or similar transaction) to an unrelated person or entity; (iii) the acquisition of all or a majority of the outstanding
voting stock of the Company in a single transaction or a series of related transactions by a person or entity or (iv) any other
acquisition of the business of the Company, as determined by the Board in its sole discretion. For the avoidance of doubt, in no
event shall a bona fide equity or debt financing of the Company, including a financing in which greater than 50% of the Company’s
outstanding equity securities are acquired by a third-party, or reorganization required to effect an initial public offering or
solely to change the domicile or form of organization of the Company, be deemed a “Change of Control” for purposes
of this Agreement.

 

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409A. It is intended that the payments
and benefits payable under this Agreement comply with or are exempt from, to the greatest extent possible, Internal Revenue Code
Section 409A (“Section 409A”), and this Agreement will be construed to the greatest extent possible as consistent
with those provisions. If the Company determines that this Agreement may or does not comply with Section 409A, the Company may
adopt such amendments to this Agreement (with or without your consent) or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate
to comply with the requirements of Section 409A. If you are a “specified employee” within the meaning of Section 409A
of the Code then no payment or benefit that is payable on account of your separation from service shall be made before the date
that is six (6) months after your separation from service (or, if earlier, the date of your death) if and to the extent that such
payment or benefit constitutes deferred compensation subject to Section 409A of the Code. Each payment pursuant to this Agreement
(including each installment of the severance payments described above) is intended to constitute a separate payment for purposes
of Treasury Regulation Section 1.409A-2(b)(2). If any payments or benefits under Section 7(c) above, constitute “non-qualified
deferred compensation” under Section 409A of the Code, and the period to execute the Release described in such section commences
in one calendar year and ends in another calendar year, then regardless of when the Release is returned to the Company and becomes
effective, the Release Effective Date will not be deemed to occur until such later calendar year. While the payments and benefits
provided hereunder are intended to be structured in a manner to avoid the application of any taxes, interest or penalties under
Section 409A of the Code, in no event whatsoever shall the Company, its officers, shareholders, agents, or the Board be liable
for the acceleration of any income or any additional tax, interest or penalty that may be imposed upon you by reason of Section
409A of the Code or the comparable provisions of California or other state or local law or damages for failing to comply with Section
409A of the Code or such state or local law. To the extent that any reimbursements payable pursuant to this offer letter are subject
to Section 409A, any such reimbursements payable to you pursuant to this Agreement shall be paid to you no later than December
31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect
the amount eligible for reimbursement in any subsequent year, and your right to reimbursement under this Agreement will not be
subject to liquidation or exchange for another benefit.

 

Entire Agreement; Governing Law; Miscellaneous.
This Agreement, together with your equity documentation, Arbitration Agreement and Proprietary Information Agreement, represents
the entire agreement between you and the Company on such subject matters and supersedes and replaces any prior representations,
promises, understandings or agreements, whether oral or written, between you and the Company regarding the subject matter described
in this letter. This Agreement may only be changed in an express written document signed by you and the Board (except with respect
to terms that are reserved to the Company’s discretion). This Agreement may be executed in counterparts which shall be deemed
to be part of one original, and facsimile signatures shall be equivalent to original signatures. This Agreement shall be construed
and enforced in accordance with the laws of the State of California without regard to conflicts of law principles.

 

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Please sign below to indicate your acceptance
of these terms.

 

	 	Sincerely,
	 
	 	Olema Pharmaceuticals, Inc.
	 
	 	/s/ Cyrus Harmon
	 	Cyrus Harmon, CEO
	 
	Understood And Agreed:
	 
	/s/ Kinney Horn	 
	Name: Kinney Horn

 

    

     

    

 

EMPLOYEE
ARBITRATION AGREEMENT

 

Olema Pharmaceuticals,
Inc. (the “Company”) and the undersigned (“Employee”) hereby agree that, to the fullest extent
permitted by law, any and all claims or controversies between them (or between Employee and any present or former officer, director,
agent, or employee of the Company or any parent, subsidiary, or other entity affiliated with the Company) relating in any manner
to the employment or the termination of employment of Employee (“Arbitrable Claims”) shall be resolved by final
and binding arbitration. Except as specifically provided herein, any arbitration proceeding shall be conducted in accordance with
the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“the AAA Rules”)
(available online at www.adr.org). Arbitrable Claims shall include contract claims, tort claims, claims relating to compensation
and stock options, as well as claims based on any federal, state, or local law, statute, or regulation, including but not limited
to any claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans
with Disabilities Act, the Family and Medical Leave Act, the California Family Rights Act, the California Labor Code, and the California
Fair Employment and Housing Act. Arbitrable Claims shall also include all claims that you or the Company may have now or in the
future arising out of or relating to any alleged class, collective, or other representative action against the other party that
has not been certified as of the effective date of this Agreement. However, claims for unemployment compensation, workers’
compensation, and claims under the National Labor Relations Act shall not be subject to arbitration.

 

A neutral and impartial
arbitrator shall be chosen by mutual agreement of the parties; however, if the parties are unable to agree upon an arbitrator within
a reasonable period of time, then a neutral and impartial arbitrator shall be appointed in accordance with the arbitrator nomination
and selection procedure set forth in the AAA Rules. The arbitrator shall prepare a written decision containing the essential findings
and conclusions on which the award is based so as to ensure meaningful judicial review of the decision. The arbitrator shall apply
the same substantive law, with the same statutes of limitations and same remedies, that would apply if the claims were brought
in a court of law. The arbitrator shall have the authority to consider and decide pre-hearing motions, including dispositive motions.

 

Either the Company
or Employee may bring an action in court to compel arbitration under this Agreement and to enforce an arbitration award. Except
as otherwise provided in this Agreement, neither party shall initiate or prosecute any lawsuit in any way related to any arbitrable
claim, including without limitation any claim as to the making, existence, validity, or enforceability of the agreement to arbitrate.
The arbitrator will not have the authority to adjudicate class, collective, or representative claims (including without limitation
claims under the California Private Attorneys General Act on behalf of any person other than you individually), to award any class,
collective, or other representative relief on behalf of any person other than you, or, without all parties’ consent, to consolidate
the claims of two or more individuals, or otherwise preside over any form of a class, collective, or other representative proceeding.
All arbitration hearings under this Agreement shall be conducted in San Francisco, California.

 

Nothing in this Agreement
precludes a party from filing an administrative charge before an agency that has jurisdiction over an Arbitrable Claim. In addition,
either party may, at its option, seek injunctive relief under Cal. Code Civ. Proc. § 1281.8 in a court of competent jurisdiction
for any claim or controversy arising out of or related to the unauthorized use, disclosure, or misappropriation of the confidential
and/or proprietary information of either party. By way of example, the Company may choose to use the court system to seek injunctive
relief to prevent disclosure of its proprietary information or trade secrets; similarly, Employee may elect to use the court system
to seek injunctive relief to protect Employee’s own inventions or trade secrets.

 

This Agreement shall
be governed by the California Arbitration Act (Cal. Code Civ. Proc. § 1280 et seq.). In ruling on procedural and substantive
issues raised in the arbitration itself, the Arbitrator shall in all cases apply the substantive law of the State of California.
This Agreement is intended to be enforceable under the Federal Arbitration Act.

 

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Each party shall pay
its own costs and attorney’s fees, unless a party prevails on a statutory claim, and the statute provides that the prevailing
party is entitled to payment of its attorneys’ fees. In that case, the arbitrator may award reasonable attorneys’ fees
and costs to the prevailing party as provided by law. The costs and fees of the arbitrator shall be paid by the Company.

 

This Agreement is not,
and shall not be construed to create any contract of employment, express or implied. This Agreement does not alter Employee’s
at-will employment status. Either Employee or the Company may terminate Employee’s employment at any time, for any reason
or no reason, with or without prior notice.

 

If any provision of
this Agreement shall be held by a court or the arbitrator to be invalid, unenforceable, or void, such provision shall be enforced
to the fullest extent permitted by law, and the remainder of this Agreement shall remain in full force and effect. The parties’
obligations under this Agreement shall survive the termination of Employee’s employment with the Company and the expiration
of this Agreement.

 

The Company and Employee
understand and agree that this Arbitration Agreement contains a full and complete statement of any agreements and understandings
regarding resolution of disputes between the parties, and the parties agree that this Arbitration Agreement supersedes all previous
agreements, whether written or oral, express or implied, relating to the subjects covered in this agreement. The parties also agree
that the terms of this Arbitration Agreement cannot be revoked or modified except in a written document signed by both Employee
and the Company President.

 

THE PARTIES ALSO UNDERSTAND
AND AGREE THAT THIS AGREEMENT CONSTITUTES A WAIVER OF THEIR RIGHT TO A TRIAL BY JURY OF ANY CLAIMS OR CONTROVERSIES COVERED BY
THIS AGREEMENT. THE PARTIES AGREE THAT NONE OF THOSE CLAIMS OR CONTROVERSIES SHALL BE RESOLVED BY A JURY TRIAL. TO THE FULLEST
EXTENT PERMITTED BY LAW, YOU AND THE COMPANY EACH WAIVE ANY RIGHT EITHER MAY HAVE TO BRING ANY CLASS, COLLECTIVE, OR REPRESENTATIVE
ACTION AGAINST THE OTHER, WHETHER IN ARBITRATION, IN COURT, OR OTHERWISE, OR TO PARTICIPATE AS A MEMBER OF ANY CLASS OR COLLECTIVE
ACTION AGAINST THE OTHER.

 

THE PARTIES FURTHER
ACKNOWLEDGE THAT THEY HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS THIS AGREEMENT WITH THEIR LEGAL COUNSEL AND HAVE AVAILED THEMSELVES
OF THAT OPPORTUNITY TO THE EXTENT THEY WISH TO DO SO.

 

	 	Olema Pharmaceuticals, Inc.
	 
	 	/s/ Cyrus Harmon
	 	Cyrus Harmon, CEO
	 	 
	Employee:
	 
	/s/ Kinney Horn	 
	Name: Kinney Horn
	Date: May 20, 2020

 

    2Exhibit 10.12

 

Olema
Pharmaceuticals, Inc.

665
3rd Street, Suite 250

San
Francisco, Ca 94107

 

June 15, 2020

 

Shane W. Kovacs

 

	Re:	Employment Terms

 

Dear Shane:

 

We are pleased to confirm our offer to
have you join Olema Pharmaceuticals, Inc. (the “Company”). The terms and conditions in this letter (the “Agreement”)
will become effective as of effective June 15, 2020.

 

Position. You will devote your full
productive time to performing services to the Company as its Chief Financial Officer and Chief Operating Officer, reporting directly
to the CEO. You will work from New York, NY, subject to business travel, including the Company’s San Francisco, CA office.
You will be provided with a WeWork office or equivalent thereof in New York, where you are able to perform your duties. Your employment
relationship with the Company will also be governed by the general employment policies and practices of the Company.

 

Time Commitment; Outside Activities.
You agree to perform the duties and responsibilities of your positions, and such other duties and responsibilities as shall from
time to time be mutually agreed upon between you and your supervising officer (the CEO). As a full-time exempt employee, you will
be expected to work the Company’s normal business hours and such additional time as may be required by the nature of your
position. You agree that, while employed by the Company, you will devote substantially all of your business time and your best
efforts, business judgment, skill and knowledge to the advancement of the business and interests of the Company and to the discharge
of your duties and responsibilities for it; provided, however, it is agreed that you may participate in outside charitable,
civic, educational, professional, community or industry activities, and serve on the boards of for-profit companies that do not
compete with the Company, to the extent such activities do not individually or in the aggregate interfere with your duties and
responsibilities to the Company or create an actual or potential conflict of interest with the Company’s business; provided,
further, that your service on any outside boards (whether for profit or non-profit) shall require the prior consent of the
CEO.

 

Compensation. Your base salary will
be paid at the rate of $400,000 per year, less standard payroll deductions and withholdings. Your base salary will be payable in
accordance with the Company’s standard payroll policies and subject to annual adjustment pursuant to the Company’s
policies as in effect from time to time. You will be eligible to receive a year-end incentive bonus beginning in 2020, targeted
at 35% of your base salary (“Bonus”) in accordance with milestones mutually acceptable to you and the Company’s
Board of Directors.

 

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Equity. As of your start date, the
Board of Directors of the Company will grant you 1,000,000 common shares (the “restricted shares”) of the Company,
which will be valued at a per share price equal to the fair market value of such shares on the date of grant. The restricted shares
will be subject to the terms and conditions applicable to stock issuance under the Company’s 2014 Stock Plan (the “Plan”)
and the applicable Restricted Stock Issuance Agreement. The Restricted Stock Issuance Agreement will provide, among other things,
that, subject to your continued employment with the Company, your restricted shares shall vest at the rate of one fourth (1/4)
(rounded to the nearest whole share) of the restricted shares on your first anniversary with the Company, and an additional one
forty-eighth (1/48) of the restricted shares (rounded to the nearest whole share) per month thereafter. In addition, (i) if after
the first anniversary the Company terminates your employment without Cause (as defined below) or you resign for Good Reason (as
defined below), and in either case you meet the conditions for receipt of severance benefits provided below, then 50% of your then
unvested time-based equity grants with respect to shares of the Company’s Common Stock shall accelerate and become fully
vested as of the Date of Termination (as defined below); or (ii) if, within the twelve (12) month period that immediately follows
a Change of Control (as defined below) or the initial public offering of the Company’s shares (the “IPO”), your
employment with the Company is terminated: (a) by the Company without Cause, or (b) by you for Good Reason, then 100% of your then
unvested time-based equity grants with respect to shares of the Company’s Common Stock shall accelerate and become fully
vested as of the Date of Termination. Upon the termination of your employment for any reason, any restricted shares that are unvested
as of the date of such termination (and whose vesting is not accelerated) shall be forfeited (subject to following sentence). In
addition, if your employment is terminated without Cause or by you for Good Reason and either a Change of Control or IPO occurs
within three months following the date of termination, your unvested time-based equity grants will become fully vested on the date
of the Change of Control or IPO.

 

Benefits. You will be eligible to
participate in the Company’s standard employee benefit plans, including group health insurance, 401(k), and vacation programs,
in accordance with the terms and conditions of the plans and applicable policies which may be in effect from time to time, and
provided by the Company to its executive employees generally. The Company may modify its benefits programs from time to time in
its discretion.

 

Expense Reimbursements. The Company
will reimburse you for all reasonable business expenses incurred by you in the performance of your duties, including travel and
lodging expenses incurred in the course of travel to locations for Company purposes, subject to the Company’s expense reimbursement
policies applicable to senior executives in effect from time to time. You will be entitled to travel business class (if available)
on flights longer than five (5) hours in duration.

 

Other Requirements. Your offer is
contingent upon (1) your signing of the enclosed Employee Nondisclosure and Assignment Agreement (the “Proprietary Information
Agreement”), (2) your signing of the enclosed Employee Arbitration Agreement, and (3) your providing proof of your eligibility
to work in the United States.

 

At-Will Employment Relationship.
Your employment relationship with the Company is at-will. Accordingly, both you and the Company may terminate the employment relationship
at any time, with or without cause, and with or without advance notice.

 

Termination. The Company may terminate
your employment for “Cause” (as defined below) upon written notice to you effectively immediately, in which case you
will not be entitled to receive any form of payment other than (i) your earned base salary through your last day of employment
(“Date of Termination”); (ii) except in case of a termination for Cause, any bonus for the immediately
preceding fiscal year that is due and owed that remains unpaid; (iii) reimbursement for any business expenses incurred by you consistent
with Company policy through the Date of Termination; and (iv) amounts, if any, accrued and payable under the terms of the Company’s
benefit plans through the Date of Termination including unused vacation accrued through the Date of Termination (together, the
 “Accrued Obligations”). You may terminate your employment voluntarily other than for “Good Reason”
(as defined below) upon at least thirty (30) days’ prior written notice to the Board, in which case you will not be entitled
to receive any form of payment other than the Accrued Obligations.

 

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Severance Benefits. Notwithstanding
the at-will nature of your employment, if (a) at any time the Company terminates your employment without Cause (as defined below),
and other than as a result of your death or disability, or (b) after the first anniversary you resign for Good Reason (as defined
below), and provided in each case such termination constitutes a “separation from service” (as defined under Treasury
Regulation Section 1.409A-1(h)) (a “Separation from Service”), then in addition to the Accrued Obligations you
will be entitled to receive severance in the form of (i) nine (9) months of your then base salary (disregarding any decrease that
constituted Good Reason), such amount to be paid in equal installments over a nine (9) month period after the Date of Termination
payable in accordance with the Company’s usual payroll practices and periods, subject to applicable taxes and withholding,
commencing on the first payroll date following the date the Release becomes effective and irrevocable (as discussed in the following
paragraph), (ii) an amount equal to your pro-rated target Bonus for the year, paid on the first payroll date after the Release
becomes effective and irrevocable, and (iii) if you were participating in the Company’s group health plan immediately prior
to the Date of Termination and you elect COBRA health continuation, payment for nine (9) months of monthly COBRA premiums at the
same rate as the Company pays for active employees for you and your eligible dependents, subject to applicable COBRA terms and
in compliance with applicable non-discrimination or other requirements under the Internal Revenue Code (the “Code”),
the Patient Protection and Affordable Care Act, or the Health Care and Education Reconciliation Act (collectively, the “Severance
Benefits”).

 

If our employment is terminated by reason
of your death or permanent disability, you or your estate will be entitled to, in addition to the Accrued Obligations, an amount
equal to your pro-rated target Bonus for the year.

 

Such severance benefits are conditional
upon (x) your continuing to comply with your obligations under your Proprietary Information Agreement, and (y) your delivering
to the Company an effective, general release of claims in favor of the Company in a form reasonably acceptable to the Company,
that does not require you to release your right to the Severance or your right to be indemnified against third party claims, and
does not impose any additional restrictive covenants on your activities following termination, that becomes effective and irrevocable
within 60 days following your Date of Termination (the “Release”). In the event the termination occurs at a
time during the calendar year when the Release could become effective and irrevocable in the calendar year following the calendar
year in which your termination of employment occurs (whether or not it actually becomes effective and irrevocable in the following
year), then any severance payments and benefits under this Agreement that would be considered deferred compensation under Internal
Revenue Code Section 409A will be paid on the first payroll date to occur during the calendar year following the calendar year
in which such termination occurs following the date the Release actually becomes effective and irrevocable.

 

Definitions. For purposes of this
Agreement:

 

“Cause” shall mean: (i) your
dishonest statements or acts with respect to the Company or any affiliate of the Company, or any current or prospective customers,
suppliers, vendors or other third parties with which such entity does business that results in or is reasonably anticipated to
result in harm to the Company; (ii) your conviction of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit,
dishonesty or fraud; (iii) your repeated failure or willful or intentional failure to perform your assigned duties and responsibilities
to the reasonable satisfaction of the Company; (iv) your gross negligence, willful misconduct or insubordination, or your misfeasance
or malfeasance (demonstrated by a pattern of failure to perform job duties diligently and professionally), that results in or is
reasonably anticipated to result in harm to the Company; or (v) your violation of any material provision of any agreement(s) between
you and the Company including agreements relating to non-solicitation, nondisclosure and/or assignment of inventions; provided,
however, that for purposes of (i), (iii), (iv) or (v), the Company will provide you with a written notice describing the basis
for the Board’s belief that you may be terminated for the occurrence of such event and an opportunity to cure such alleged
deficiencies within 30 days (if such deficiency is curable)..

 

    3

     

    

 

“Good Reason” shall mean that
you have complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following
events: (i) a material diminution in your base salary except for across-the-board salary reductions based on the Company’s
financial performance similarly affecting all or substantially all senior management employees of the Company; (ii) a change in
the geographic location at which you provide services to the Company of greater than twenty-five (25) miles; (iii) a material reduction
in your job duties, authorities or responsibilities; (iv) the failure of the Board to approve the grant of restricted shares described
above, or (v) a material breach by the Company of the terms of any agreement between you and the Company. A resignation will only
be for Good Reason if you deliver written notice of such condition(s) to the Company within ninety (90) days after the initial
occurrence of such condition(s), the Company has failed to cure such condition(s) within thirty (30) days after the delivery of
such notice, and you in fact resign within 90 days after the initial notice.

 

“Change of Control” shall mean
the (i) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power
immediately prior to such transaction in their capacity as such no longer own a majority of the outstanding voting power of the
Company (or its successor); (ii) any sale of all or substantially all of the assets or capital stock of the Company (other than
in a spin-off or similar transaction) to an unrelated person or entity; (iii) the acquisition of all or a majority of the outstanding
voting stock of the Company in a single transaction or a series of related transactions by a person or entity or (iv) any other
acquisition of the business of the Company, as determined by the Board in its sole discretion. For the avoidance of doubt, in no
event shall a bona fide equity or debt financing of the Company, including a financing in which greater than 50% of the Company’s
outstanding equity securities are acquired by a third-party, or reorganization required to effect an IPO or solely to change the
domicile or form of organization of the Company, be deemed a “Change of Control” for purposes of this Agreement.

 

409A. It is intended that the payments
and benefits payable under this Agreement comply with or are exempt from, to the greatest extent possible, Internal Revenue Code
Section 409A (“Section 409A”), and this Agreement will be construed to the greatest extent possible as consistent
with those provisions. If the Company determines that this Agreement may or does not comply with Section 409A, the Company may
adopt such amendments to this Agreement (with or without your consent) or adopt other policies and procedures (including amendments,
policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate
to comply with the requirements of Section 409A. If you are a “specified employee” within the meaning of Section 409A
of the Code then no payment or benefit that is payable on account of your separation from service shall be made before the date
that is six (6) months after your separation from service (or, if earlier, the date of your death) if and to the extent that such
payment or benefit constitutes deferred compensation subject to Section 409A of the Code. Each payment pursuant to this Agreement
(including each installment of the severance payments described above) is intended to constitute a separate payment for purposes
of Treasury Regulation Section 1.409A-2(b)(2). If any payments or benefits under Section 7(c) above, constitute “non-qualified
deferred compensation” under Section 409A of the Code, and the period to execute the Release described in such section commences
in one calendar year and ends in another calendar year, then regardless of when the Release is returned to the Company and becomes
effective, the Release Effective Date will not be deemed to occur until such later calendar year. While the payments and benefits
provided hereunder are intended to be structured in a manner to avoid the application of any taxes, interest or penalties under
Section 409A of the Code, in no event whatsoever shall the Company, its officers, shareholders, agents, or the Board be liable
for the acceleration of any income or any additional tax, interest or penalty that may be imposed upon you by reason of Section
409A of the Code or the comparable provisions of California or other state or local law or damages for failing to comply with Section
409A of the Code or such state or local law. To the extent that any reimbursements payable pursuant to this offer letter are subject
to Section 409A, any such reimbursements payable to you pursuant to this Agreement shall be paid to you no later than December
31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect
the amount eligible for reimbursement in any subsequent year, and your right to reimbursement under this Agreement will not be
subject to liquidation or exchange for another benefit.

 

    4

     

    

 

Indemnification. At all times during
and following your employment, to the maximum extent permitted by applicable law, the Company will (i) indemnify you against any
claim, loss, expense, fine, penalty or liability (collectively a “loss”) to which you may be subject by reason of serving
as an officer or employee of the Company or any subsidiary of the Company, or as a fiduciary of any employee benefit plan, (ii) advance
to you, as incurred, an expense (including reasonable attorney’s fees) incurred in defending any civil, criminal, or administrative
proceeding that may result in an indemnifiable loss, subject to your obligation to repay any such advance if it is subsequently
determined that you were not entitled to indemnification, and (iii) cause you to be covered by any directors and officers liability
policy, employment matters policy, fiduciary policy, or similar insurance policy maintained by the Company at the level applicable
to the Company’s current senior executives. The provisions of this paragraph shall be in addition to, and not in lieu of,
any right to indemnification you may have under the Company’s governing instruments or otherwise.

 

Entire Agreement; Governing Law; Miscellaneous.
This Agreement, together with your equity documentation, Arbitration Agreement and Proprietary Information Agreement, represents
the entire agreement between you and the Company on such subject matters and supersedes and replaces any prior representations,
promises, understandings or agreements, whether oral or written, between you and the Company regarding the subject matter described
in this letter. This Agreement may only be changed in an express written document signed by you and the Board (except with respect
to terms that are reserved to the Company’s discretion). This Agreement may be executed in counterparts which shall be deemed
to be part of one original, and facsimile signatures shall be equivalent to original signatures. This Agreement shall be construed
and enforced in accordance with the laws of the State of California without regard to conflicts of law principles.

 

    5

     

    

 

Please sign below to indicate your acceptance
of these terms.

 

	 	Sincerely,
	 	 
	 	Olema Pharmaceuticals, Inc.
	 	 
	 	/s/ Cyrus Harmon
	 	Cyrus Harmon, CEO

 

	Understood And Agreed:	 
	 	 
	/s/ Shane W. Kovacs	 
	Name: Shane W. Kovacs	 

 

     

     

    

 

EMPLOYEE
ARBITRATION AGREEMENT

 

Olema Pharmaceuticals,
Inc. (the “Company”) and the undersigned (“Employee”) hereby agree that, to the fullest extent
permitted by law, any and all claims or controversies between them (or between Employee and any present or former officer, director,
agent, or employee of the Company or any parent, subsidiary, or other entity affiliated with the Company) relating in any manner
to the employment or the termination of employment of Employee (“Arbitrable Claims”) shall be resolved by final
and binding arbitration. Except as specifically provided herein, any arbitration proceeding shall be conducted in accordance with
the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“the AAA Rules”)
(available online at www.adr.org). Arbitrable Claims shall include contract claims, tort claims, claims relating to compensation
and stock purchase and stock options, as well as claims based on any federal, state, or local law, statute, or regulation, including
but not limited to any claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act,
the Americans with Disabilities Act, the Family and Medical Leave Act, the California Family Rights Act, the California Labor Code,
and the California Fair Employment and Housing Act. Arbitrable Claims shall also include all claims that you or the Company may
have now or in the future arising out of or relating to any alleged class, collective, or other representative action against the
other party that has not been certified as of the effective date of this Agreement. However, claims for unemployment compensation,
workers’ compensation, and claims under the National Labor Relations Act shall not be subject to arbitration.

 

A neutral and impartial
arbitrator shall be chosen by mutual agreement of the parties; however, if the parties are unable to agree upon an arbitrator within
a reasonable period of time, then a neutral and impartial arbitrator shall be appointed in accordance with the arbitrator nomination
and selection procedure set forth in the AAA Rules. The arbitrator shall prepare a written decision containing the essential findings
and conclusions on which the award is based so as to ensure meaningful judicial review of the decision. The arbitrator shall apply
the same substantive law, with the same statutes of limitations and same remedies, that would apply if the claims were brought
in a court of law. The arbitrator shall have the authority to consider and decide pre-hearing motions, including dispositive motions.

 

Either the Company
or Employee may bring an action in court to compel arbitration under this Agreement and to enforce an arbitration award. Except
as otherwise provided in this Agreement, neither party shall initiate or prosecute any lawsuit in any way related to any arbitrable
claim, including without limitation any claim as to the making, existence, validity, or enforceability of the agreement to arbitrate.
The arbitrator will not have the authority to adjudicate class, collective, or representative claims (including without limitation
claims under the California Private Attorneys General Act on behalf of any person other than you individually), to award any class,
collective, or other representative relief on behalf of any person other than you, or, without all parties’ consent, to consolidate
the claims of two or more individuals, or otherwise preside over any form of a class, collective, or other representative proceeding.
All arbitration hearings under this Agreement shall be conducted in San Francisco, California.

 

Nothing in this Agreement
precludes a party from filing an administrative charge before an agency that has jurisdiction over an Arbitrable Claim. In addition,
either party may, at its option, seek injunctive relief under Cal. Code Civ. Proc. § 1281.8 in a court of competent jurisdiction
for any claim or controversy arising out of or related to the unauthorized use, disclosure, or misappropriation of the confidential
and/or proprietary information of either party. By way of example, the Company may choose to use the court system to seek injunctive
relief to prevent disclosure of its proprietary information or trade secrets; similarly, Employee may elect to use the court system
to seek injunctive relief to protect Employee’s own inventions or trade secrets.

 

This Agreement shall
be governed by the California Arbitration Act (Cal. Code Civ. Proc. § 1280 et seq.). In ruling on procedural and substantive
issues raised in the arbitration itself, the Arbitrator shall in all cases apply the substantive law of the State of California.
This Agreement is intended to be enforceable under the Federal Arbitration Act.

 

    1

     

    

 

Each party shall pay
its own costs and attorney’s fees, unless a party prevails on a statutory claim, and the statute provides that the prevailing
party is entitled to payment of its attorneys’ fees. In that case, the arbitrator may award reasonable attorneys’ fees
and costs to the prevailing party as provided by law. The costs and fees of the arbitrator shall be paid by the Company.

 

This Agreement is not,
and shall not be construed to create any contract of employment, express or implied. This Agreement does not alter Employee’s
at-will employment status. Either Employee or the Company may terminate Employee’s employment at any time, for any reason
or no reason, with or without prior notice.

 

If any provision of
this Agreement shall be held by a court or the arbitrator to be invalid, unenforceable, or void, such provision shall be enforced
to the fullest extent permitted by law, and the remainder of this Agreement shall remain in full force and effect. The parties’
obligations under this Agreement shall survive the termination of Employee’s employment with the Company and the expiration
of this Agreement.

 

The Company and Employee
understand and agree that this Arbitration Agreement contains a full and complete statement of any agreements and understandings
regarding resolution of disputes between the parties, and the parties agree that this Arbitration Agreement supersedes all previous
agreements, whether written or oral, express or implied, relating to the subjects covered in this agreement. The parties also agree
that the terms of this Arbitration Agreement cannot be revoked or modified except in a written document signed by both Employee
and the Company President.

 

THE PARTIES ALSO UNDERSTAND
AND AGREE THAT THIS AGREEMENT CONSTITUTES A WAIVER OF THEIR RIGHT TO A TRIAL BY JURY OF ANY CLAIMS OR CONTROVERSIES COVERED BY
THIS AGREEMENT. THE PARTIES AGREE THAT NONE OF THOSE CLAIMS OR CONTROVERSIES SHALL BE RESOLVED BY A JURY TRIAL. TO THE FULLEST
EXTENT PERMITTED BY LAW, YOU AND THE COMPANY EACH WAIVE ANY RIGHT EITHER MAY HAVE TO BRING ANY CLASS, COLLECTIVE, OR REPRESENTATIVE
ACTION AGAINST THE OTHER, WHETHER IN ARBITRATION, IN COURT, OR OTHERWISE, OR TO PARTICIPATE AS A MEMBER OF ANY CLASS OR COLLECTIVE
ACTION AGAINST THE OTHER.

 

THE PARTIES FURTHER
ACKNOWLEDGE THAT THEY HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS THIS AGREEMENT WITH THEIR LEGAL COUNSEL AND HAVE AVAILED THEMSELVES
OF THAT OPPORTUNITY TO THE EXTENT THEY WISH TO DO SO.

 

	 	Olema Pharmaceuticals, Inc.
	 	 
	 	/s/ Cyrus Harmon
	 	Cyrus Harmon, CEO

 

	Employee:	 
	 	 
	/s/ Shane W. Kovacs	 
	Name: Shane W. Kovacs	 
	Date: June ___, 2020	 

 

    2

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