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240 East Grand Ave., 2nd Floor
So. San Francisco, CA 94080
Phone: (650) 338-5600
February 27, 2020
c/o ORIC Pharmaceuticals, Inc.
This letter agreement (the Agreement) is entered into between you and ORIC Pharmaceuticals, Inc. (the Company or we), effective as of March 1, 2020 (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.
You will continue to serve as the Companys President and Chief Executive Officer and report to the Companys board of directors (the Board). Your primary office will continue to be the Companys offices in San Diego. Your annual base salary rate will be $495,000, less payroll deductions and all required withholdings, paid semi-monthly by pay period over the calendar year.
With respect to each calendar year during the term of your employment with the Company, you will be eligible to receive a cash bonus in a target amount of fifty percent (50%) of your base salary then in effect (the Target Bonus) based upon the Companys achievement of annual performance objectives established by the Companys Board or its authorized committee (in either case, the Committee), as determined by the Committee in its sole discretion. Unless determined otherwise by the Committee, to earn a Target Bonus, you must be employed with the Company through the end of the applicable calendar year and the date bonuses are generally paid to the Companys other employees. Any Target Bonus earned shall be paid, less required withholdings, no later than March 15th of the calendar year following the year in which the Target Bonus is achieved.
The Company provides all of its eligible employees with a benefits program, subject to the terms and conditions of the benefit plans. These benefits include medical, dental, vision, life insurance and long-term disability coverage, a pre-tax flexible spending plan for medical and dependent care expenses, and a 401(k) retirement savings plan. The Company also provides policies for holidays, vacation and sick time. The Company may from time to time, in its discretion, change benefits. Formal performance evaluations are typically conducted once a year.
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.