SEC Contract Filing

Filing Date: 2019-02-26

Document Content:
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<TYPE>EX-10.27
<SEQUENCE>5
<FILENAME>fprx-ex1027_371.htm
<DESCRIPTION>EX-10.27
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<p style="margin-bottom:8pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:8pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.27</p>
<p style="text-align:center;margin-bottom:8pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Executive Severance Benefits Agreement</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Executive Severance Benefits Agreement (this &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;), effective as of November 26, 2018 (the &#8220;<font style="text-decoration:underline;">Effective Date</font>&#8221;), is between<font style="font-weight:bold;"> </font>David Smith (&#8220;<font style="text-decoration:underline;">Executive</font>&#8221;) and Five Prime Therapeutics, Inc.<font style="font-weight:bold;"> </font>(&#8220;<font style="text-decoration:underline;">FivePrime</font>&#8221;).&nbsp;&nbsp;This Agreement is intended to provide Executive with certain compensation and benefits in the event that Executive is subject to certain qualifying terminations of employment.&nbsp;&nbsp;Certain capitalized terms used in this Agreement are defined in Article 6.</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Background</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A.<font style="margin-left:36pt;"></font>FivePrime and Executive entered into an offer letter effective October 24, 2018 (the &#8220;<font style="text-decoration:underline;">Offer Letter</font>&#8221;) pursuant to which FivePrime offered to employ Executive in the position of Executive Vice President and Chief Financial Officer of FivePrime and Executive accepted such offer of employment.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B.<font style="margin-left:36pt;"></font>Pursuant to the Offer Letter, FivePrime and Executive agreed to enter into this Agreement.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FivePrime and Executive hereby agree as follows:</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:12pt;font-family:Arial;text-transform:uppercase;font-style:normal;font-variant: normal;">article 1<font style="text-transform:none;color:#000000;"><br /><br /></font><font style="font-family:Arial Bold;text-transform:none;color:#000000;">Scope of and Consideration for this Agreement</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;color:#000000;font-size:12pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">1.1<font style="margin-left:72pt;"></font><font style="font-weight:normal;color:#000000;">FivePrime and Executive wish to set forth the compensation and benefits that Executive shall be entitled to receive upon a Change in Control Termination or a Covered Termination.</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;color:#000000;font-size:12pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">1.2<font style="margin-left:72pt;"></font><font style="font-weight:normal;color:#000000;">The duties and obligations of FivePrime to Executive under this Agreement shall be in consideration for Executive&#8217;s employment with FivePrime and, with respect to the benefits described in Article 2 and Article 3, Executive&#8217;s compliance with the limitations and conditions on benefits as described in Article 4, including the execution of an effective Release, return of Company property and continued compliance with this Agreement.</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-weight:bold;color:#000000;font-size:12pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;"><a name="_Ref503147146"></a>1.3<font style="margin-left:72pt;"></font><font style="font-weight:normal;color:#000000;">This Agreement shall supersede any other policy, plan, program or arrangement, including any contract between Executive and any entity, relating to severance benefits payable by FivePrime to Executive in connection with a Change in Control Termination or Covered Termination.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:8pt;text-indent:0%;font-size:12pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</a></p>
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