August 11, 2020
David H. Mack, Ph.D.
c/o PMV Pharmaceuticals, Inc.
This letter agreement (the Agreement) is entered into between you and PMV Pharmaceuticals, Inc. (the Company, PMV Pharma, or we). This Agreement is effective as of the date hereof (the Effective Date). The purpose of this Agreement is to confirm the current terms and conditions of your employment.
1. Position. Your title will continue to be President and Chief Executive Officer, and you will continue to report to the Companys Board. 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.
2. Cash Compensation. Your current salary as of the Effective Date is $525,100 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, you will be eligible to be considered for an incentive bonus for each fiscal year of the Company under the Companys Employee Incentive Compensation Plan (the Incentive Plan) or any successor plan. The bonus (if any) will be awarded based on objective or subjective criteria established by the Companys Board of Directors (the Board) and/or the Compensation Committee of the Board (the Compensation Committee), as applicable. Your current annual target bonus as of the Effective Date is equal to 50% of your annual base salary. The terms and conditions of your bonus will be set forth in the Incentive Plan, and the Board and/or the Compensation Committee reserves authority to pay discretionary bonuses. The determinations of the Board and/or the Compensation Committee, as applicable, with respect to your bonus will be final and binding.
3. Employee Benefits. As a regular employee of the Company, you will continue to be eligible to participate in a number of Company-sponsored benefits. In addition, you will continue to be entitled to paid vacation in accordance with the Companys vacation policy, as in effect from time to time.
4. Equity Awards. You have received equity awards from the Company and these awards shall continue to be in full force and effect and governed by the terms set forth therein, as modified by the Companys Change in Control and Severance Policy and your participation agreement thereunder (the Severance Policy).
5. Severance & Change of Control Benefits. You will continue to be eligible for benefits in the Severance Policy. Accordingly, your potential severance and change of control benefits and the terms and conditions thereof are set forth in your participation agreement to the Severance Policy.
6. Proprietary Information and Inventions 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