January 17, 2019
Brian E Cathers, PhD
Global Blood Therapeutics, Inc. (the Company) is pleased to offer you employment on the following terms:
Position. Your initial title will be Chief Scientific Officer, and you will report to Ted Love, Chief Executive Officer. This is a full-time position. 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.
Cash Compensation. The Company will pay you a starting salary at the rate of $375,000 per year, payable in accordance with the Companys standard payroll schedule. This salary will be subject to adjustment pursuant to the Companys employee compensation policies in effect from time to time. In addition to your salary, you will be eligible to participate in the Annual Performance-Based Cash Incentive Award Program which is based on the achievement of Company performance goals and your personal goals to be set with your manager. Your initial bonus target will be 40% of your annual base salary.
Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. Should you decide to participate in the Company health benefits program, your coverage will begin the first day of the month following your start date. In addition, you will be entitled to 20 days of paid time off in accordance with the Companys policy.
Equity. Subject to the approval of the Companys Compensation Committee or its designee, you will be granted an option to purchase 45,000 shares of the Companys Common Stock. The option will be subject to the terms and conditions applicable to options granted under the Companys 2017 Inducement Equity Plan (the 2017 Plan), as described in the Plan and the applicable stock option agreement. The exercise price per share will be determined when the option is granted. You will vest in 25% of the option shares after 12 months of continuous service, and the balance will vest in equal quarterly installments of 6.25% per quarter over the next 36 months of continuous service, as described in the applicable stock option agreement. In addition, subject to the approval of the Companys Compensation Committee or its designee, you will be granted 30,000 Restricted Stock Units (RSUs) of the Companys Common Stock. The award of RSUs will be subject to the terms and conditions applicable to RSU awards granted under the 2017 Plan, as described in the Plan and the applicable RSU award agreement. You will vest in 25% of the RSU shares after 12 months of continuous service from the vesting start date specified in the RSU award agreement, and the balance will vest in equal six month installments (of 12.5% per installment) over the next 36 months of continuous service, as described in the applicable RSU award agreement.
Travel Stipend; Relocation Assistance. The Company will pay you a travel stipend of $10,000 per month, subject to applicable payroll deductions and tax withholdings, to cover travel expenses in connection with your employment (the Travel Stipend) until the earlier to occur of (a) 16 months after your start date with the Company and (b) the permanent relocation of your primary residence to the Bay Area in Northern California (the Relocation). The Travel Stipend payments are subject to you being actively employed and in good standing with the Company on the date of each payment, and will discontinue if your employment is terminated for any reason. In addition, if the Relocation occurs prior to November 1, 2020, then the Company will pay you a one-time bonus of $75,000 (the Relocation Bonus), subject to applicable payroll deductions and tax withholdings. If you voluntarily leave the Company, or are terminated by the Company with Cause (as defined in the Plan), on or before the first anniversary of the date the Relocation Bonus is paid, then you agree to repay the total gross amount of the Relocation Bonus within 30 days of your last date of employment.
We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing this employment agreement and the enclosed Employee Confidentiality and Assignment Agreement and returning them to me. This offer, if not accepted, will expire at 5:00pm on January 23, 2019. 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. Your employment is also contingent upon your starting work with the Company on February 25, 2019.
If you have any questions, please call me at ###-###-####.
Very truly yours,
/s/ Matt Krause
VP, Human Resources
GLOBAL BLOOD THERAPEUTICS, INC.
I have read and accept this employment offer:
|/s/ Brian Cathers
|Brian E Cathers, PhD
Dated: January 21, 2019
Exhibit A: Employee Confidentiality and Assignment Agreement