Document:

EX-10.9

 Exhibit 10.9 
  

 
 Peloton Therapeutics, Inc. 

2330 Inwood Road, Suite 226 
 Dallas, TX 75235-7323 

April 22, 2019 
 Eli M. Wallace, Ph.D. 

c/o Peloton Therapeutics, Inc. 
 Dear Eli: 

This letter agreement (the “Agreement”) is entered into between you and Peloton Therapeutics, Inc. (the
“Company” or “we”), effective as of April 22, 2019 (the “Effective Date”), to confirm the terms and conditions of your employment with the Company as of the Effective Date. This Agreement
supersedes and replaces any and all employment terms, compensation, or benefits you may have had or to which you may have been entitled prior to the Effective Date. 

1.    Title; Position. You will continue to serve as the Company’s Chief Scientific Officer. You
also will continue to report to the Company’s Chief Executive Officer and will perform the duties and responsibilities customary for such position and such other related duties as are lawfully assigned by the Company’s Chief Executive
Officer. 
 2.    Base Salary. Your base salary will be $13,462.50 per pay period (equivalent to $323,100 on an
annual basis) (and effective on the IPO, increasing to $14,166.67 per pay period (equivalent to $340,000 on an annual basis)), less payroll deductions and all required withholdings, in accordance with the Company’s normal payroll practices.
Your annual base salary will be subject to review and adjustment from time to time by the Committee, in its sole discretion. “IPO” means the effective date of the registration statement filed with the U.S. Securities and Exchange
Commission in connection with the Company’s initial public offering. 
 3.    Bonus Opportunity. You will
have the opportunity to earn a target annual cash bonus equal to 30% (and effective on the IPO, increasing to 40%) of your annual base salary, less payroll deductions and all required withholdings, based on achieving performance objectives
established by the Company’s Board of Directors or its authorized committee (in either case, the “Committee”), in its sole discretion and payable on or following the Committee’s determination of the achievement of those
objectives. Unless determined otherwise by the Committee, you must be an active employee of the Company in good standing on the date any achieved portion of the bonus is paid in order to be eligible for and to earn such bonus. Your annual bonus
opportunity and the applicable terms and conditions may be adjusted from time to time by the Committee. 

4.    Benefits. You will continue to be eligible to participate in the benefit plans and programs established by
the Company for its employees from time to time, subject to their applicable terms and conditions, including without limitation any eligibility requirements. The Company also will pay or reimburse you for
pre-approved fees you may incur to maintain professional memberships and licenses provided you timely submit substantiation for such fees after they have been approved. The Company reserves the right to
modify, amend, suspend or terminate the benefit plans and programs it offers to its employees at any time. 
  

 5.    Equity Awards. You will be eligible to receive awards of
stock options or other equity awards pursuant to any plans or arrangements the Company may have in effect from time to time. The Committee, in its sole discretion, will determine whether you will be granted any such equity awards and the terms of
any such equity awards in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time. 

6.    Severance. You will participate in the Company’s Change in Control and Severance Policy (the
“Policy”). The Policy and a participation agreement thereunder (the “Participation Agreement”) will specify the severance payments and benefits you will become entitled to receive in connection with certain
qualifying terminations of your employment with the Company. These protections will supersede all other severance payments and benefits to which you otherwise may be entitled, or may become entitled in the future, under any plan, program or policy
that the Company may have in effect from time to time. For purposes of clarification, any severance plans, programs, agreements or arrangements that may have applied to you before the Effective Date no longer will apply and you no longer will have
any rights or entitlements under any such plans, programs, agreements or arrangements. 
 7.    Proprietary
Information Agreement. As an employee of the Company, you will continue to have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be
the property of the Company. To protect the interests of the Company, your acceptance of this Agreement confirms that the terms of the Company’s At-Will Employment, Confidential Information, Invention
Assignment, and Arbitration Agreement you previously signed with the Company (the “Proprietary Information Agreement”) still apply. 

8.    Prior Employment/Third Party Information. We ask that, if you have not already done so, you disclose to the
Company any and all agreements relating to your prior employment that may affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements, if any
exist, will not prevent you from performing the duties of your position and you represent that such is the case. Moreover, you agree that, during the term of your employment with the Company, (A) you will not engage in any other employment,
occupation, consulting, or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your
obligations to the Company, and (B) you agree not to bring any third-party confidential information to the Company, including that of your former employer, and that you will not in any way utilize any such information in performing your duties
for the Company, as discussed, in each case, in more detail in the Proprietary Information Agreement. 
 9.    At-Will Employment. Notwithstanding anything herein to the contrary, your employment relationship with the Company continues to at-will. Accordingly, you or the Company
may terminate your employment at any time and for any reason, with or without cause, provided that you may be entitled to certain severance payments and benefits in the event of your termination as specifically provided in your Participation
Agreement. 

  
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 10.    Protected Activity Not Prohibited. Nothing in this
Agreement or in any other agreement between you and the Company, as applicable, will in any way limit or prohibit you from engaging for a lawful purpose in any Protected Activity. For purposes of this Agreement, “Protected Activity” means
filing a charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by, any state, federal, or local governmental agency or commission, including the U.S.
Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (the “Government Agencies”). You understand that in
connection with such Protected Activity, you are permitted to disclose documents or other information as permitted by law, and without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, you agree to take
all reasonable precautions to prevent any unauthorized use or disclosure of any information that may constitute Company confidential information under the Proprietary Agreement to any parties other than the Government Agencies. You further
understand that “Protected Activity” does not include the disclosure of any Company attorney-client privileged communications. Any language in the Proprietary Information Agreement regarding your right to engage in Protected
Activity that conflicts with, or is contrary to, this paragraph is superseded by this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, you are notified that an individual will not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of
reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit
for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing
the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 
 11.    Entire
Agreement; Choice of Law. This Agreement, together with your Proprietary Information Agreement, the Policy, the Participation Agreement, and any plans or agreements governing any outstanding stock options equity awards granted to you by
the Company under its equity plans and the applicable stock option agreement thereunder, forms the complete and exclusive statement of your agreement with the Company concerning this offer. The terms of this Agreement cannot be changed (except those
changes expressly reserved to the Company’s discretion in this Agreement) other than by a written agreement signed by you and a duly authorized officer of the Company. This Agreement is to be governed by the laws of the State in which you
work/last worked without reference to its conflicts of law principles. 
 12.    Severability; No Waiver. In case
any provision contained in this Agreement shall, for any reason, be held invalid or unenforceable in any respect, such invalidity or unenforceability will not affect the other provisions of this Agreement, and such provision will be construed and
enforced so as to render it valid and enforceable consistent with the general intent of the parties insofar as possible under applicable law. With respect to the enforcement of this Agreement, no waiver of any right or rights will be effective
unless it is in writing. This Agreement may be executed in more than one counterpart, and signatures transmitted electronically will be deemed equivalent to originals. 

  
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	Sincerely,
	
	/s/ John A. Josey
	John A. Josey, Ph.D.
	President and Chief Executive Officer

 Understood and Accepted: 
  

							
	 /s/ Eli M. Wallace
	 		  	 April 22, 2019
	  	
	Eli M. Wallace, Ph.D.	 		  	Date	  	

  
 4EX-10.10

 Exhibit 10.10 

PELOTON THERAPEUTICS, INC. 

EXECUTIVE INCENTIVE COMPENSATION PLAN 

1.    Purposes of the Plan. The Plan is intended to increase stockholder value and the success of the Company by
motivating Employees to (i) perform to the best of their abilities and (ii) achieve the Company’s objectives. 

2.    Definitions. 

(a) “Actual Award” means as to any Performance Period, the actual award (if any) payable to a Participant for the Performance
Period, subject to the Committee’s authority under Section 3(d) to modify the award. 
 (b) “Affiliate” means any
corporation or other entity (including, but not limited to, partnerships and joint ventures) controlled by the Company. 
 (c)
“Board” means the Board of Directors of the Company. 
 (d) “Bonus Pool” means the pool of funds available
for distribution to Participants. Subject to the terms of the Plan, the Committee establishes the Bonus Pool (if any) for each Performance Period. 

(e) “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation
thereunder will include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

(f) “Committee” means the committee appointed by the Board (pursuant to Section 5) to administer the Plan. Unless and
until the Board otherwise determines, the Board’s Compensation Committee will administer the Plan and be considered the Committee for purposes of the Plan. 

(g) “Company” means Peloton Therapeutics, Inc., a Delaware corporation, or any successor thereto. 

(h) “Disability” means a permanent and total disability determined in accordance with uniform and nondiscriminatory standards
adopted by the Committee from time to time. 
 (i) “Employee” means any executive, officer, or key employee of the Company
or of an Affiliate, whether such individual is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 

(j) “Fiscal Year” means the fiscal year of the Company. 

 (k) “Participant” means as to any Performance Period, an Employee who has
been selected by the Committee for participation in the Plan for that Performance Period. 
 (l) “Performance Period” means
the period of time for the measurement of the performance criteria that must be met to receive an Actual Award, as determined by the Committee in its sole discretion. A Performance Period may be divided into one or more shorter periods if, for
example, but not by way of limitation, the Committee desires to measure some performance criteria over 12 months and other criteria over 3 months. 

(m) “Plan” means this Executive Incentive Compensation Plan, as set forth in this instrument (including any appendix attached
hereto) and as hereafter amended from time to time. 
 (n) “Target Award” means the target award, at 100% of target level
performance achievement, payable under the Plan to a Participant for the Performance Period, as determined by the Committee in accordance with Section 3(b). 

3.    Selection of Participants and Determination of Awards. 

(a)    Selection of Participants. The Committee, in its sole discretion, will select the Employees who will be
Participants for any Performance Period. Participation in the Plan is in the sole discretion of the Committee, on a Performance Period by Performance Period basis. Accordingly, an Employee who is a Participant for a given Performance Period in no
way is guaranteed or assured of being selected for participation in any subsequent Performance Period or Performance Periods. 

(b)    Determination of Target Awards. The Committee, in its sole discretion, will establish a Target Award for
each Participant (which may be expressed as a percentage of a Participant’s average annual base salary for the Performance Period or a fixed dollar amount or such other amount or based on such other formula as the Committee determines). 

(c)    Bonus Pool. Each Performance Period, the Committee, in its sole discretion, may establish a Bonus Pool,
which pool may be established before, during or after the applicable Performance Period. Actual Awards will be paid from the Bonus Pool. 

(d)    Discretion to Modify Awards. Notwithstanding any contrary provision of the Plan, the Committee may, in its
sole discretion and at any time, (i) increase, reduce or eliminate a Participant’s Actual Award, and/or (ii) increase, reduce or eliminate the amount allocated to the Bonus Pool. The Actual Award may be below, at or above the Target
Award, in the Committee’s discretion. The Committee may determine the amount of any increase, reduction or elimination on the basis of such factors as it deems relevant, and will not be required to establish any allocation or weighting with
respect to the factors it considers. 
 (e)    Discretion to Determine Criteria. Notwithstanding any contrary
provision of the Plan, the Committee, in its sole discretion, will determine the performance goals (if any) applicable to any Target Award (or portion thereof) which may include, without limitation: (i) research and development,
(ii) regulatory milestones or regulatory-related goals, (iii) gross margin, (iv) financial milestones, (v) new product or business development, (vi) operating 

  
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margin, (viii) product release timelines or other product release milestones, (ix) publications, (x) cash flow, (xi) procurement, (xii) savings, (xiii) internal
structure, (xiv) leadership development, (xv) project, function or portfolio-specific milestones, (xvi) license or research collaboration agreements, (xvii) capital raising, (xviii) initial public offering preparations,
(xix) patentability and (xx) individual objectives such as peer reviews or other subjective or objective criteria. As determined by the Committee, the performance goals may be based on generally accepted accounting principles
(“GAAP”) or non-GAAP results and any actual results may be adjusted by the Committee for one-time items or unbudgeted or unexpected items and/or payments of
Actual Awards under the Plan when determining whether the performance goals have been met. The goals may be on the basis of any factors the Committee determines relevant, and may be on an individual, divisional, business unit, segment or
Company-wide basis. Any criteria used may be measured on such basis as the Committee determines, including but not limited to, as applicable, (A) in absolute terms, (B) in combination with another performance goal or goals (for example,
but not by way of limitation, as a ratio or matrix), (C) in relative terms (including, but not limited to, results for other periods, passage of time and/or against another company or companies or an index or indices), (D) on a per-share basis, (E) against the performance of the Company as a whole or a segment of the Company and/or (F) on a pre-tax or
after-tax basis. The performance goals may differ from Participant to Participant and from award to award. Failure to meet the goals will result in a failure to earn the Target Award, except as provided in
Section 3(d). The Committee also may determine that a Target Award (or portion thereof) will not have a performance goal associated with it but instead will be granted (if at all) in the sole discretion of the Committee. 

4.    Payment of Awards. 

(a)    Right to Receive Payment. Each Actual Award will be paid solely from the general assets of the Company.
Nothing in this Plan will be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which he or she may be entitled. 

(b)    Timing of Payment. Payment of each Actual Award shall be made as soon as practicable after the end of the
Performance Period to which the Actual Award relates and after the Actual Award is approved by the Committee, but in no event later than the later of (i) the 15th day of the third month of the Fiscal Year immediately following the Fiscal Year
in which the Participant’s Actual Award is first no longer subject to a substantial risk of forfeiture, and (ii) March 15 of the calendar year immediately following the calendar year in which the Participant’s Actual Award is
first no longer subject to a substantial risk of forfeiture. Unless otherwise determined by the Committee, to earn an Actual Award a Participant must be employed by the Company or any Affiliate on the date the Actual Award is paid. 

It is the intent that this Plan be exempt from or comply with the requirements of Code Section 409A so that none of the payments to be
provided hereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply. Each payment under this Plan is intended to constitute a separate payment for
purposes of Treasury Regulation Section 1.409A-2(b)(2). 

  
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 (c)    Form of Payment. Each Actual Award generally will be paid
in cash (or its equivalent) in a single lump sum. The Committee reserves the right, in its sole discretion, to settle an Actual Award with a grant of an equity award under the Company’s then-current equity compensation plan, which equity award
may have such terms and conditions, including vesting, as the Committee determines in its sole discretion. 

(d)    Payment in the Event of Death or Disability. If a Participant dies or is terminated due to his or her
Disability prior to the payment of an Actual Award the Committee has determined will be paid for a prior Performance Period, the Actual Award will be paid to his or her estate or to the Participant, as the case may be, subject to the
Committee’s discretion to reduce or eliminate any Actual Award otherwise payable. 
 5.    Plan
Administration. 
 (a)    Committee is the Administrator. The Plan will be administered by the Committee. The
Committee will consist of not less than 2 members of the Board. The members of the Committee will be appointed from time to time by, and serve at the pleasure of, the Board. 

(b)    Committee Authority. It will be the duty of the Committee to administer the Plan in accordance with the
Plan’s provisions. The Committee will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (i) determine which Employees will be granted
awards, (ii) prescribe the terms and conditions of awards, (iii) interpret the Plan and the awards, (iv) adopt such procedures and sub-plans as are necessary or appropriate to permit
participation in the Plan by Employees who are foreign nationals or employed outside of the United States, (v) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (vi) interpret,
amend or revoke any such rules. 
 (c)    Decisions Binding. All determinations and decisions made by the
Committee, the Board, and/or any delegate of the Committee pursuant to the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law. 

(d)    Delegation by Committee. The Committee, in its sole discretion and on such terms and conditions as it may
provide, may delegate all or part of its authority and powers under the Plan to one or more directors and/or officers of the Company. 

(e)    Indemnification. Each person who is or will have been a member of the Committee will be indemnified and
held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she
may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (ii) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or
paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she will give the Company an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it on his or her own behalf. The foregoing right of 

  
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indemnification will not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as
a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 

6.    General Provisions. 

(a)    Tax Withholding. The Company (or the Affiliate employing the applicable Employee) will withhold all
applicable taxes from any Actual Award, including any federal, state and local taxes (including, but not limited to, the Participant’s FICA and SDI obligations). 

(b)    No Effect on Employment or Service. Nothing in the Plan will interfere with or limit in any way the right of
the Company (or the Affiliate employing the applicable Employee) to terminate any Participant’s employment or service at any time, with or without cause. For purposes of the Plan, transfer of employment of a Participant between the Company and
any one of its Affiliates (or between Affiliates) will not be deemed a termination of employment. Employment with the Company and its Affiliates is on an at-will basis only. The Company expressly reserves the
right, which may be exercised at any time and without regard to when during a Performance Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect that
such treatment might have upon him or her as a Participant. 
 (c)    Participation. No Employee will have the
right to be selected to receive an award under this Plan, or, having been so selected, to be selected to receive a future award. 

(d)    Successors. All obligations of the Company under the Plan, with respect to awards granted hereunder, will be
binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company. 

(e)    Nontransferability of Awards. No award granted under the Plan may be sold, transferred, pledged, assigned,
or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution. All rights with respect to an award granted to a Participant will be available during his or her lifetime only to the Participant. 

7.    Amendment, Termination, and Duration. 

(a)    Amendment, Suspension, or Termination. The Board or the Committee, in its sole discretion, may amend or
terminate the Plan, or any part thereof, at any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair any rights or obligations under any Actual Award
theretofore earned by such Participant. No award may be granted during any period of suspension or after termination of the Plan. 

(b)    Duration of Plan. The Plan will commence on the date first adopted by the Board or the Committee, and
subject to Section 7(a) (regarding the Board’s and/or the Committee’s right to amend or terminate the Plan), will remain in effect thereafter until terminated. 

  
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 8.    Legal Construction. 

(a)    Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also will
include the feminine and any feminine term used herein also will include the masculine; the plural will include the singular and the singular will include the plural. 

(b)    Severability. In the event any provision of the Plan will be held illegal or invalid for any reason, the
illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included. 

(c)    Requirements of Law. The granting of awards under the Plan will be subject to all applicable laws, rules and
regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

(d)    Governing Law. The Plan and all awards will be construed in accordance with and governed by the laws of the
State of Texas, but without regard to its conflict of law provisions. 
 (e)    Bonus Plan. The Plan is intended
to be a “bonus program” as defined under U.S. Department of Labor regulation 2510.3-2(c) and will be construed and administered in accordance with such intention. 

(f)    Captions. Captions are provided herein for convenience only, and will not serve as a basis for
interpretation or construction of the Plan. 

*            *           
 * 

  
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