SEC Contract Filing

Filing Date: 2021-03-22

Document Content:
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<TYPE>EX-10.7
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<FILENAME>d132337dex107.htm
<DESCRIPTION>EX-10.7
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.7 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTIVE EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This EXECUTIVE EMPLOYMENT AGREEMENT (the &#147;<B>Agreement</B>&#148;), dated as of December&nbsp;23, 2020, is by and between Vincera Pharma,
Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;), and Hermes Garban (&#147;<B>Executive</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company
wishes to retain the services of Executive and Executive wishes to be employed by the Company on the terms and subject to the conditions set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, and the respective covenants, agreements
and undertakings set forth herein, the Company and Executive agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Employment. </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Effective Date</U>. Your employment will commence on March&nbsp;1, 2020 <B>(&#147;Effective Date&#148;</B>). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Title; Duties</U>. Executive shall serve as the Chief Medical Officer of the Company and shall have such authority and responsibilities,
and perform such duties, as may be consistent with such title and position as may be determined and assigned by the Chief Executive Officer of the Company (the &#147;<B>CEO</B>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Time and Effort</U>. Executive agrees to devote substantially all of his normal business efforts and time during normal business hours
to the performance of Executive&#146;s duties hereunder and such other duties consistent with such title and position as may reasonably be determined and assigned by the CEO. During the term of this Agreement, Executive shall not engage in any other
employment, occupation, consulting or other business activity that competes with the business of the Company or engage in any other activities that conflict or interfere with Executive&#146;s obligations under this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <U>Term</U>. The term of this Agreement shall commence on the Effective Date and shall continue until terminated by either party as
provided in Section&nbsp;5 hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Compensation; Benefits.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Base Salary</U>. Executive shall be paid an annual base salary of $390,000 (the &#147;<B>Base Salary</B>&#148;), payable in accordance
with the Company&#146;s standard payroll practices. Executive&#146;s Base Salary shall be reviewed by the Board of Directors of the Company (the &#147;<B>Board</B>&#148;) periodically (but no less than annually) for possible increase (but not
decrease) in light of Executive&#146;s performance, external market conditions, the Company&#146;s financial condition and performance and such other factors as the Board deems appropriate. If Executive&#146;s Base Salary is increased from time to
time, the most recent higher level shall be deemed to be the Base Salary from that point until otherwise increased (but not decreased). </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Bonus Plans</U>. Executive shall be entitled to participate in the Company&#146;s
annual performance bonus plan at a level appropriate for the position and duties of Executive and subject to the terms and conditions established by the Board for such bonus plan. Bonuses will be paid annually based on both the success of the
Company in meeting its goals and Executive&#146;s individual performance. Executive&#146;s annual target performance bonus will be equal to thirty percent (30%) of the then applicable Base Salary, subject to increase (but not decrease) in light of
Executive&#146;s performance, external market conditions, the Company&#146;s financial condition and performance and such other factors as the Board deems appropriate. Except as otherwise provided in this Agreement, Executive must be employed by the
Company through the last day of the period to which the bonus relates and on the date on which bonuses are paid in order to be eligible to receive a bonus. Executive shall be entitled to participate in such other bonus plans as may be established by
the Company from time to time for executives of the Company at a level appropriate for the position and duties of Executive. The determination whether to establish, amend or discontinue, and the terms and conditions