Document:

EX-10.12

 Exhibit 10.12 

 
 

 
 March 17th, 2016 

Rekha Hemrajani 
 On behalf of FLX Bio, Inc.
(the “Company”), I am pleased to invite you to join the Company as Chief Operating Officer. FLX is an ambitious undertaking focused on the creation, development and commercialization of breakthrough therapies for cancer patients. We
believe that this offer represents an extraordinary opportunity and we look forward to the possibility of you joining our team. This letter sets forth the terms of your employment: 

1.    Position. Your title will be Chief Operating Officer, and you will report to the CEO. While you render
services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing this letter agreement, you confirm to
the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. 

2.    Salary. The Company will pay you a starting salary at the rate of $310,000 per year, payable in accordance
with the Company’s standard payroll schedule. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. 

3.    Bonus. Each year, you will be eligible to earn an annual bonus targeted at thirty (30%) of your annual base
salary, which will allow you to participate in the success of the Company. Whether you receive a bonus for any given year, and the amount of any such bonus, shall be determined by the Board of Directors (the “Board”) in its sole
discretion, and shall be based upon achievement of individual and Company performance objectives as determined by the Board and other criteria to be determined by the Board. Any bonus shall be paid within thirty (30) days after the Board’s
determination that a bonus shall be awarded. Bonuses are typically determined in January and paid within 30-60 days afterwards. You must be employed on the day that your bonus (if any) is paid in order to earn
the bonus. Therefore, if your employment is terminated either by you or the Company for any reason prior to the bonus being paid, you will not have earned the bonus and no partial or prorated bonus will be paid. 

 Rekha Hemrajani 

March 17th, 2016 
  

 4.    Employee Benefits. As a regular employee of the Company, you
will be eligible to participate in a number of Company-sponsored benefits. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. 

5.    Stock Option. Subject to the approval of the Board, you will be granted an option to purchase 550,000 shares
of the Company’s Common Stock (the “Option”). The exercise price per share of the Option will equal to the fair market value on the date of grant, and the Option shall be early exercisable. The Option will be subject to the terms and
conditions of the Company’s 2015 Stock Plan (the “Plan”) and the applicable Stock Option Agreement. You will vest in 25% of the shares subject to the Option after 12 months of continuous service, and the balance will vest in equal
monthly installments over the next 36 months of continuous service, as described in the applicable Stock Option Agreement 
 In addition, Subject to the
approval of the Board, you will be granted a second option (the “Second Option”) to purchase 200,000 shares of the Company’s Common Stock. The exercise price per share of the Second Option will be equal to the fair market value on the
date of grant, and the Second Option shall be early exercisable. Open completion of a business development goal set forth and agreed to by the Board, you will vest 25% of the shares, and the balance will vest in equal monthly installments over the
next 36 months of continuous service, as described in the applicable Stock Option Agreement. 
 If you are subject to an Involuntary Termination (as defined
below) within 12 months after a Change in Control (as defined below), then the Company shall accelerate the vesting of the Option and Second Option such that 100% of the shares subject to the Option and Second Option shall become fully vested. 

6.    Severance. 

(a)    General. If you are subject to an Involuntary Termination, then you will be entitled to the benefits
described in this Section 6. However, this Section 6 will not apply unless you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Board and all of its subsidiaries, to the extent
applicable, and (iii) have executed a general release of all claims that you may have against the Company or persons affiliated with the Company. The release must be in the form prescribed by the Company, without alterations. You must execute
and return the release on or before the date specified by the Company in the prescribed form (the “Release Deadline”). The Release Deadline will in no event be later than 50 days after your Separation. If you fail to return the release on
or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 

  
 2 

 Rekha Hemrajani 

March 17th, 2016 
  

 (b)    Benefits. 

(i)    If you are subject to an Involuntary Termination, then the Company will pay you severance equal to three
(3) months of your base salary. This severance will be paid in the form of salary continuation at the rate in effect at the time of your Separation and in accordance with the Company’s standard payroll procedures. The salary continuation
payments will commence within 60 days after your Separation and, once they commence, will include any unpaid amounts accrued from the date of your Separation. However, if the 60-day period described in the
preceding sentence spans two calendar years, then the payments will in any event begin in the second calendar year. 

(ii)    In addition, if you are subject to an Involuntary Termination, and you timely elect continued coverage under
COBRA, then the Company will pay your COBRA premiums for the same period of time that you are receiving the salary continuation described in Section 7(b)(i) above. This benefit will cease in the event you become eligible for group health
insurance coverage through a new employer or cease to be eligible for COBRA continuation coverage for any reason. 

7.    Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as
a condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 

8.    Employment Relationship. Employment with the Company is for no specific period of time. Your employment with
the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this
letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to
time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 

9.    Tax Matters. 

(a)    Withholding. All forms of compensation referred to in this letter agreement are subject to reduction to
reflect applicable withholding and payroll taxes and other deductions required by law. 
 (b)    Section 409A.
For purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each salary continuation payment under Section 4(b) is hereby designated as a separate payment. If the Company determines that you
are a “specified employee” under Section 409A(a)(2)(B)(i) of the Code at the time of your Separation, then (i) the salary continuation payments under Section 7(b), to the extent that they are subject to Section 409A of
the Code, will commence on the first business day following (A) expiration of the six-month period measured from your Separation or (B) the date of your death and (ii) the installments that
otherwise would have been paid prior to such date will be paid in a lump sum when the salary continuation payments commence. 

  
 3 

 Rekha Hemrajani 

March 17th, 2016 
  

 (c)    Tax Advice. You are encouraged to obtain your own tax
advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or the
Board related to tax liabilities arising from your compensation. 
 10.    Interpretation, Amendment and Enforcement.
This letter agreement and Exhibit A supersede and replace any prior agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the Company and constitute the complete agreement between you and the
Company regarding the subject matter set forth herein. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement
and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other
relationship between you and the Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state
courts located in San Mateo County, California in connection with any Dispute or any claim related to any Dispute. 

11.    Definitions. The following terms have the meaning set forth below wherever they are used in this letter
agreement: 
 “Cause” means (a) your unauthorized use or disclosure of the Company’s confidential information or
trade secrets, which use or disclosure causes material harm to the Company, (b) your material breach of any agreement between you and the Company, (c) your material failure to comply with the Company’s written policies or rules,
(d) your conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (e) your gross negligence or willful misconduct, (f) your continuing failure to
perform assigned duties after receiving written notification of the failure from the Board; (g) unsatisfactory job performance after receiving written notification of such from the Board; or (h) your failure to cooperate in good faith with
a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation. 

“Change in Control” means: (a) the acquisition of the Company by another entity by means of any transaction or series of
related transactions to which the Company is party (including, without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes) other than a transaction or series of
transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction continue to retain (either by such voting securities remaining outstanding or by such voting securities being converted into
voting securities of the surviving entity), as a result of shares in the Company held by such holders prior to such transaction, at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such
surviving entity outstanding immediately after such transaction or series of transactions; or (b) a sale, lease or other conveyance of all or substantially all of the assets of the Company. 

  
 4 

 Rekha Hemrajani 

March 17th, 2016 
  

 “Involuntary Termination” means either (a) your Termination Without
Cause or (b) your Resignation for Good Reason. 
 “Resignation for Good Reason” means a Separation as a result of your
resignation after one of the following conditions has come into existence without your consent: 
 (a) A reduction in your
base salary by more than 10%, excluding an across-the-board salary reduction that affects all senior management; 

(b) A material diminution of your authority, duties or responsibilities; or 

(c) A relocation of your principal workplace that increases your one-way commute by
more than 30 miles. 
 A Resignation for Good Reason will not be deemed to have occurred unless you give the Company written notice of the condition within
90 days after the condition comes into existence, the Company fails to remedy the condition within 30 days after receiving your written notice, and you resign within thirty days after the expiration of this cure period. 

“Separation” means a “separation from service,” as defined in the regulations under Section 409A of the Code.

 “Termination Without Cause” means a Separation as a result of a termination of your employment by the Company without
Cause, provided you are willing and able to continue performing services within the meaning of Treasury Regulation 1.409A-l(n)(l). 

*  *  *  *  * 

We look forward to working with you as part of the FLX team. You may indicate your agreement with these terms and accept this offer by signing and dating both
the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and retuning them to me no later than March 21st, 2016. 

Upon acceptance of this offer, you mutually agree to a start date on or before March 31st, 2016. 

If you do not return this fully signed letter and the signed Proprietary Information and Inventions Agreement within this deadline, the Company’s offer
will expire. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States. 

  
 5 

 Rekha Hemrajani 

March 17th, 2016 
  

 
			
	Very truly yours,
	
	FLX BIO, INC.
		
	By:	 	 /s/ Brian R. Wong

		 	Brian R. Wong, M.D., Ph.D.
		 	Chief Executive Officer

 I have read and accept this employment offer: 
  

			
	 /s/ Rekha Hemrajani

	Signature of Rekha Hemrajani
		
	Dated:	 	3/18/2016

 Attachment 
 Exhibit A:
Proprietary Information and Inventions Agreement 

  
 6 

 PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 

The following confirms and memorializes an agreement that FLX BIO, INC., a Delaware corporation (the “Company”) and I (Rekha
Hemrajani) have had since the commencement of my employment (which term, for purposes of this agreement, shall be deemed to include any relationship of service to the Company that I may have had prior to actually becoming an employee) with the
Company in any capacity and that is and has been a material part of the consideration for my employment by Company: 

1.    I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict with
this Agreement or my employment with Company. I will not violate any agreement with or rights of any third party or, except as expressly authorized by Company in writing hereafter, use or disclose my own or any third party’s confidential
information or intellectual property when acting within the scope of my employment or otherwise on behalf of Company. Further, I have not retained anything containing any confidential information of a prior employer or other third party, whether or
not created by me. 
 2.    Company shall own all right, title and interest (including patent rights, copyrights, trade
secret rights, mask work rights, sui generis database rights and all other intellectual property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works,
designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by me during the term of my employment with Company to and only to the fullest extent allowed by
California Labor Code Section 2870 (which is attached as Appendix A) (collectively “Inventions”) and I will promptly disclose all Inventions to Company. Without disclosing any third party confidential information, I will also
disclose anything I believe is excluded by Section 2870 so that the Company can make an independent assessment. I hereby make all assignments necessary to accomplish the foregoing. I shall further assist Company, at Company’s expense, to
further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned or assigned. I hereby irrevocably designate and appoint Company as my agent and attorney-in-fact, coupled with an interest and with full power of substitution, to act for and in my behalf to execute and file any document and to do all other lawfully
permitted acts to further the purposes of the foregoing with the same legal force and effect as if executed by me. Without limiting Section 1 or Company’s other rights and remedies, if, when acting within the scope of my employment or
otherwise on behalf of Company, I use or disclose my own or any third party’s confidential information or intellectual property (or if any Invention cannot be fully made, used, reproduced, distributed and otherwise exploited without using or
violating the foregoing), Company will have and I hereby grant Company a perpetual, irrevocable, worldwide royalty-free, non-exclusive, sublicensable right and license to exploit and exercise all such
confidential information and intellectual property rights. 
 3.    To the extent allowed by law, paragraph 2 includes
all rights of paternity, integrity, disclosure and withdrawal and any other rights 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 I retain any such Moral Rights under applicable law, I hereby ratify and consent to any action that may be taken with respect to such Moral Rights by or authorized by Company and agree not to assert any Moral Rights with
respect thereto. I will confirm any such ratifications, consents and agreements from time to time as requested by Company. 

 4.    I agree that all Inventions and all other business, technical and
financial information (including, without limitation, the identity of and information relating to customers or employees) I develop, learn or obtain during the term of my employment that relate to Company or the business or demonstrably anticipated
business of Company or that are received by or for Company in confidence, constitute “Proprietary Information.” I will hold in confidence and not disclose or, except within the scope of my employment, use any Proprietary Information.
However, I shall not be obligated under this paragraph with respect to information I can document is or becomes readily publicly available without restriction through no fault of mine. Upon termination of my employment, I will promptly return to
Company all items containing or embodying Proprietary Information (including all copies), except that I may keep my personal copies of (i) my compensation records, (ii) materials distributed to shareholders generally and (iii) this
Agreement. I also recognize and agree that I have no expectation of privacy with respect to Company’s telecommunications, networking or information processing systems (including, without limitation, stored computer files, email messages and
voice messages) and that my activity and any files or messages on or using any of those systems may be monitored at any time without notice. 

5.    Until one year after the term of my employment, I will not encourage or solicit any employee or consultant of
Company to leave Company for any reason (except for the bona fide firing of Company personnel within the scope of my employment). 

6.    I agree that during the term of my employment with Company (whether or not during business hours), I will not engage
in any activity that is in any way competitive with the business or demonstrably anticipated business of Company, and I will not assist any other person or organization in competing or in preparing to compete with any business or demonstrably
anticipated business of Company. 
 7.    I agree that this Agreement is not an employment contract for any particular
term and that I have the right to resign and Company has the right to terminate my employment at will, at any time, for any or no reason, with or without cause. In addition, this Agreement does not purport to set forth all of the terms and
conditions of my employment, and, as an employee of Company, I have obligations to Company which are not set forth in this Agreement. However, the terms of this Agreement govern over any inconsistent terms and can only be changed by a subsequent
written agreement signed by the President of Company. 
 8.    I agree that my obligations under paragraphs 2, 3, 4, 5
and 9 of this Agreement shall continue in effect after termination of my employment, regardless of the reason or reasons for termination, and whether such termination is voluntary or involuntary on my part, and that Company is entitled to
communicate my obligations under this Agreement to any future employer or potential employer of mine. My obligations under paragraphs 2, 3 and 4 also shall be binding upon my heirs, executors, assigns, and administrators and shall inure to the
benefit of Company, it subsidiaries, successors and assigns. 

  
 2 

 9.    Any dispute in the meaning, effect or validity of this Agreement
shall be resolved in accordance with the laws of the State of California without regard to the conflict of laws provisions thereof. I further agree that if one or more provisions of this Agreement are held to be illegal or unenforceable under
applicable California law, such illegal or unenforceable portion(s) shall be limited or excluded from this Agreement to the minimum extent required so that this Agreement shall otherwise remain in full force and effect and enforceable in accordance
with its terms. This Agreement is fully assignable and transferable by Company, but any purported assignment or transfer by me is void. I also understand that any breach of this Agreement will cause irreparable harm to Company for which damages
would not be an adequate remedy, and, therefore, Company will be entitled to injunctive relief with respect thereto in addition to any other remedies and without any requirement to post bond. 

I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME WITHOUT RESERVATION. NO PROMISES
OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY, IN DUPLICATE, WITH THE UNDERSTANDING THAT THE COMPANY WILL RETAIN ONE COUNTERPART AND THE OTHER COUNTERPART WILL BE RETAINED
BY ME. 
  

							
	March 18, 2016	 		 		 	Employee
				
		 		 		 	 /s/ Rekha Hemrajani

		 		 		 	Signature
				
		 	            	 	            	 	 Rekha Hemrajani

		 		 		 	Name (Printed)

 Accepted and Agreed to: 
 FLX
BIO, INC. 
  

			
	 By
	 	 /s/ Brian Wong

		 	 Brian Wong, CEO

  
 3 

 APPENDIX A 

California Labor Code Section 2870. Application of provision providing that employee shall assign or offer to assign rights in
invention to employer. 
 (a)    Any provision in an employment agreement which provides that an employee shall
assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies,
facilities, or trade secret information except for those inventions that either: 
 (1)    Relate at the time of
conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 

(2)    Result from any work performed by the employee for his employer. 

(b)    To the extent a provision in an employment agreement purports to require an employee to assign an invention
otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.EX-10.13

 Exhibit 10.13 

March 19, 2019 
 Rekha Hemrajani 

Dear Rekha: 
 This letter sets forth the substance of the
separation and consulting agreement (the “Agreement”) that FLX Bio, Inc. (the “Company”) is offering to you. 

1.    SEPARATION. Pursuant to our discussions, you are resigning your
employment with the Company effective today, March 19, 2019 (the “Separation Date”) and the Company has accepted your resignation as of the Separation Date. The Separation Date will be your last day of work for the Company and your
employment termination date. 
 2.    ACCRUED SALARY AND
PAID TIME OFF. On the Separation Date, the Company will pay you all accrued salary, and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and
withholdings. You are entitled to these payments by law. 
 3.    HEALTH
INSURANCE. To the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you will be eligible to continue your group health insurance
benefits at your own expense following the Separation Date. Later, you may be able to convert to an individual policy through the provider of the Company’s health insurance, if you wish. You will be provided with a separate notice describing
your rights and obligations under COBRA. 
 4.    PROMISSORY NOTE.
You entered into a Limited Recourse Promissory Note effective June 15, 2016 by which you became indebted to the Company in the amount of $255,000. The principal amount of the loan under the Promissory Note was reduced on February 13, 2018 in
connection with the repurchase by the Company from The Sanjay Popli & Rekha Hemrajani Revocable Living Trust of 50,000 shares of common stock of the Company and on March 19, 2019 in connection with the repurchase by the Company from The
Sanjay Popli & Rekha Hemrajani Revocable Living Trust of 321,876 shares of common stock of the Company. The amount of principal and accrued interest currently outstanding on the loan is $138,236.10. Pursuant to the Promissory Note, you must
repay the outstanding principal amount of the loan, plus interest, immediately upon your voluntary termination of services to the Company. You acknowledge that you are voluntarily terminating your services to the Company as of the Separation Date
and agree to repay the outstanding principal and interest to the Company within thirty (30) days after the Separation Date, in which case the Company agrees to reduce the amount of accrued interest payable by you under the Promissory Note by
$4,669.15 (the “Interest Reduction Amount”). You acknowledge and agree that the Interest Reduction Amount will be a taxable benefit paid by the Company to you. 

  
 1 

 5.    CONSULTING
AGREEMENT. If you timely sign this Agreement, allow it to become effective, and comply with your obligations under this Agreement, including, but not limited to, your obligation to repay the loan described in
Paragraph 4, then the Company will engage your S-Corp entity as a consultant under the terms set forth below. 

a.    Consulting Period. You will serve as a consultant to the Company beginning on
March 20, 2019, and ending on June 20, 2019 (the “Consulting Period”) as a Senior Advisor to the CEO, unless terminated earlier pursuant to Section 5(j). 

b.     Consulting Services. As a consultant, you will be responsible for assisting the
Company in any area of your expertise, as reasonably requested by the Company (the “Consulting Services”). It is anticipated that you will provide eight (8) hours of Consulting Services per week. You will conduct the Consulting
Services at a location of your choosing. You will exercise the highest degree of professionalism and utilize your expertise and creative talents in performing the Consulting Services. You will exercise the highest degree of professionalism and
utilize your expertise and creative talents in performing the Consulting Services. 
 c.    Consulting
Fee. Provided that you (i) perform the Consulting Services to the Company’s satisfaction (as determined by the Company in its sole discretion), and (ii) comply with your contractual obligations to the Company (including, without
limitation, the obligations set forth herein), then the Company will pay you consulting fees equal to $425.00 per hour. 

d.    Equity. During your employment with the Company, you were granted options to purchase shares of the
Company’s common stock pursuant to the Company’s 2015 Stock Plan (the “Plan”). You agree that during the Consulting Period, the vesting on these options will cease. As a further benefit to you, however, the Company will extend
the time period during which you may exercise your vested options such that you may exercise any shares that vested during your employment through June 20, 2020, subject to your continued compliance with all legal and contractual obligations you owe
to the Company. You are encouraged to obtain independent tax advice concerning your options and how the terms of this Agreement may affect the tax treatment of the options. Except as expressly provided herein, the options shall continue to be
governed in all respects by the governing plan documents and agreements. 
 e.    Tax Treatment.
The Company will not make any withholdings or deductions, and will issue you a form 1099, with respect to any consulting fees paid to you. You will be responsible for all taxes with respect to the consulting fees, and you agree to indemnify, hold
harmless and defend the Company from any and all claims, liabilities, damages, taxes, fines or penalties sought or recovered by any governmental entity, including but not limited to the Internal Revenue Service or any state taxing authority, arising
out of or in connection with the consulting fees. 
 f.    Independent Contractor Status. You agree
that during the Consulting Period, (i) you will be an independent contractor to the Company and not an employee of the Company, and (ii) the Company will not make payments for state or federal income tax, FICA (social security and
Medicare), make unemployment insurance or disability insurance contributions, or obtain workers’ compensation insurance on your behalf. 

  
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 g.    Protection of Information. You agree that
during the Consulting Period and thereafter, you will not use or disclose any confidential or proprietary information or materials of the Company that you obtain or develop in the course of performing consulting services for the Company. Any and all
work product you create in the course of performing consulting services for the Company will be the sole and exclusive property of the Company. You hereby assign to the Company all right, title, and interest in all inventions, techniques, processes,
materials, and other intellectual property developed in the course of performing consulting services for the Company. 

h.    Limitations on Authority. You will have no responsibilities or authority as a consultant to the
Company other than as provided above. You agree not to represent or purport to represent the Company in any manner whatsoever to any third party except with my prior written consent. 

i.    Standards of Conduct; Noncompetition. You agree not to engage in any conduct during the
Consulting Period that is detrimental to the interests of the Company. You further agree during the Consulting Period that you will not, directly or indirectly, as an officer, director, employee, consultant, owner, manager, member, partner, or in
any other capacity solicit, perform, or provide, or attempt to perform or provide Conflicting Services in the United States, nor will you assist another person to solicit, perform or provide or attempt to perform or provide Conflicting Services in
the United States. You and the Company agree that for purposes of this Agreement, “Conflicting Services” means any product, service, or process or the research and development thereof, of any person or organization other than the Company
that is substantially similar to or competitive with a product, service, or process, including the research and development thereof, of the Company. Notwithstanding the above, you will not be deemed to be engaged directly or indirectly in any
Conflicting Services if you participate in any such business solely as a passive investor in up to one percent (1%) of the equity securities of a company or partnership, the securities of which are publicly traded. The Company understands that you
will be employed by Arcus Biosciences during the Consulting Period, which the Company does not consider to be “Conflicting Services.” 

j.    Termination of Consulting Period. Either you or the Company may terminate the Consulting
Period, at any time and for any reason, upon thirty (30) days written notice to the other party. Upon termination of the Consulting Period by either party, the Company will have no further obligations to you, including any obligation to pay you
further consulting fees. 
 6.    OTHER COMPENSATION OR
BENEFITS. You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, severance, or benefits after the Separation Date. You further expressly acknowledge
and agree that you are not entitled to any severance benefits from the Company under the terms of your Employment Agreement with the Company as your termination is not Involuntary as that term is defined in the Employment Agreement. 

7.    EXPENSE REIMBURSEMENTS. You agree that, within ten (10) days
after the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for
these expenses pursuant to its regular business practice. 

  
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 8.    RETURN OF
COMPANY PROPERTY. By the Separation Date, you agree to return to the Company all Company documents (and all copies thereof) and other Company property within your possession, custody or
control, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to), credit cards,
entry cards, identification badges, and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof); provided, however, that you are permitted
to retain any Company property that is necessary for the performance of your services under the Consulting Agreement. Your timely return of all such Company documents and other property is a condition precedent to your receipt of the benefits
provided under this Agreement. 
 9.    PROPRIETARY INFORMATION
OBLIGATIONS. You acknowledge and agree to abide by your continuing obligations under your Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 

10.    CONFIDENTIALITY. The provisions of this Agreement
will be held in strictest confidence by you and will not be publicized or disclosed in any manner whatsoever; provided, however, that: (a) you may disclose this Agreement to your immediate family; (b) you may disclose this Agreement
in confidence to your attorneys, accountants, auditors, tax preparers, and financial advisors; (c) you may disclose this Agreement, and any other documents or information (without notice to the Company) when communicating with the Equal
Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or
commission (“Governmental Agencies”), or during the course of an investigation or proceeding that may be conducted by any Government Agency; and (d) you may disclose this Agreement insofar as such disclosure may be necessary to
enforce its terms or as otherwise required by law. In particular, and without limitation, you agree not to disclose the terms of this Agreement to any current or former Company employee. Nothing in this provision or this Agreement is intended to
prohibit or restrain you in any manner from making disclosures that are protected under the whistleblower provisions of federal or state law or regulation. 

11.    NONDISPARAGEMENT. You agree not to disparage the Company and its officers,
directors, employees, shareholders and agents, in any manner likely to be harmful to them or their business, business reputations or personal reputations, and the Company’s officers and directors agree not to disparage you in any manner likely
to be harmful to your personal or professional reputations; provided that both you and the Company may respond accurately and fully to any question, inquiry or request for information when required by legal process (e.g., a valid subpoena or other
similar compulsion of law) or as part of a government investigation. In addition, nothing in this provision or this Agreement is intended to prohibit or restrain you in any manner from making disclosures that are protected under the whistleblower
provisions of federal or state law or regulation. 

  
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 12.    NO ADMISSIONS.
You understand and agree that the promises and payments in consideration of this Agreement shall not be construed to be an admission of any liability or obligation by the Company to you or to any other person, and that the Company makes no such
admission. 
 13.    RELEASE OF CLAIMS. 

a.    General Release. In exchange for the consideration under this Agreement to which you
would not otherwise be entitled, you hereby generally and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent or subsidiary entities, insurers, affiliates
and assigns from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions prior to or on the date you sign this Agreement. 

b.    Scope of Release. The Released Claims include, but are not limited to: (i) all
claims arising out of or in any way related to your employment with the Company, or the termination of that employment; (ii) all claims related to your compensation or benefits from the Company, including salary, bonuses, commissions, vacation,
paid time off, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership, equity, or profits interests in the Company; (iii) all claims for breach of contract, wrongful termination, and breach of the
implied covenant of good faith and fair dealing; (iv) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all federal, state, and local statutory claims,
including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination
in Employment Act of 1967 (as amended) (the “ADEA”), the California Labor Code (as amended), and the California Fair Employment and Housing Act (as amended). 

c.    ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and
releasing any rights you may have under the ADEA (“ ADEA Waiver”), and that the consideration given for the waiver and release in this Section is in addition to anything of value to which you are already entitled. You further
acknowledge that you have been advised, as required by the ADEA, that: (i) your waiver and release do not apply to any rights or claims that may arise after the date that you sign this Agreement; (ii) you should consult with an attorney
prior to signing this Agreement (although you may choose voluntarily not to do so); (iii) you have twenty-one (21) days to consider this Agreement (although you may choose voluntarily to sign it earlier); (iv) you have seven (7) days
following the date you sign this Agreement to revoke the ADEA Waiver (by providing written notice of your revocation to me); and (v) the ADEA Waiver will not be effective until the date upon which the revocation period has expired unexercised,
which will be the eighth day after you sign this Agreement (“Effective Date”). 

d.    Excluded Claims. Notwithstanding the foregoing, the following are not included in the Released
Claims (the “Excluded Claims”): (i) any rights or claims for indemnification you may have pursuant to any written indemnification agreement with the 

  
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Company to which you are a party or under applicable law; (ii) any rights which are not waivable as a matter of law; and (iii) any claims for breach of this Agreement. You hereby
represent and warrant that, other than the Excluded Claims, you are not aware of any claims you have or might have against any of the Released Parties that are not included in the Released Claims. You understand that nothing in this Agreement limits
your ability to file a charge or complaint with any Governmental Agency. While this Agreement does not limit your right to receive an award for information provided to the Securities and Exchange Commission, you understand and agree that, to maximum
extent permitted by law, you are otherwise waiving any and all rights you may have to individual relief based on any claims that you have released and any rights you have waived by signing this Agreement. 

14.    SECTION 1542 WAIVER. In granting the release herein, which
includes claims that may be unknown to you at present, you acknowledge that you have read and understand Section 1542 of the California Civil Code: “A general release does not extend to claims that the creditor or releasing party does
not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” You hereby expressly waive and
relinquish all rights and benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and unsuspected claims
granted in this Agreement. 
 15.    DISPUTE
RESOLUTION. To ensure the timely and economical resolution of disputes that may arise in connection with your employment with the Company, you and the Company agree that any and all disputes, claims,
or causes of action arising from or relating to the enforcement, breach, performance, negotiation, execution, or interpretation of this Agreement, your employment, or the termination of your employment, including but not limited to statutory claims,
shall be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, conducted by JAMS, Inc. (“JAMS”)
under the then applicable JAMS rules (which can be found at the following web address: https://www.jamsadr.com/rules-employment-arbitration/). By agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such
dispute through a trial by jury or judge or administrative proceeding. The Company acknowledges that you will have the right to be represented by legal counsel at any arbitration proceeding. In addition, all claims, disputes, or causes of action
under this paragraph, whether by you or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated
with the claims of any other person or entity. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding sentences
regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. This paragraph shall not
apply to an action or claim brought in court pursuant to the California Private Attorneys General Act of 2004, as amended. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award
such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and 

  
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 conclusions and a statement of the award. The arbitrator shall be authorized to award any or all remedies
that you or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS’ arbitration fees in excess of the amount of court fees that would be required of you if the dispute were decided in a court of law. Nothing in
this Agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and
enforced as judgments in the federal and state courts of any competent jurisdiction. 

16.    MISCELLANEOUS. This Agreement, including Exhibit A,
constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to the subject matter hereof. It is entered into without reliance on any promise or representation, written or oral, other than
those expressly contained herein, and it supersedes any other agreements, promises, warranties or representations concerning its subject matter. This Agreement may not be modified or amended except in a writing signed by both you and a duly
authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. If any
provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this Agreement and the provision in question shall be modified so as to be rendered enforceable
in a manner consistent with the intent of the parties insofar as possible under applicable law. This Agreement shall be construed and enforced in accordance with the laws of the State of California without regard to conflicts of law principles. Any
ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Agreement, or rights hereunder, shall be in writing and shall not be deemed to be a waiver of any successive breach or rights
hereunder. This Agreement may be executed in counterparts which shall be deemed to be part of one original, and facsimile and signatures transmitted by PDF shall be equivalent to original signatures. 

If this Agreement is acceptable to you, please sign below and return the original to me within twenty-one (21) days. The Company’s offer contained
herein will automatically expire if we do not receive the fully signed Agreement within this timeframe. 
 Sincerely, 

 

			
		
	By:	 	 /s/ Brian Wong

		 	Brian Wong, M.D., Ph.D.
		 	Chief Executive Officer

 Exhibit A – Proprietary Information and Inventions Agreement 

  
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 I HAVE READ, UNDERSTAND AND
AGREE FULLY TO THE FOREGOING AGREEMENT: 
  

					
	 /s/ Rekha Hemrajani
	 	                            	 	 3/19/2019

	 Rekha Hemrajani
	 		 	Date

  
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 EXHIBIT A 

PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 

  
 9

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