July 20, 2019
This letter agreement (the Agreement) sets forth the terms and conditions of your continued employment with RAPT Therapeutics, Inc. (RAPT or the Company). This Agreement supersedes and replaces all prior written employment agreements, offer letters, or oral promises regarding the subject matter herein, including, but not limited to, your initial May 4, 2015 offer letter agreement with the Company, your May 26, 2016 change in control agreement and your March 1, 2018 change in control amendment agreement.
1. Position; Location. You will continue to serve as the Companys Chief Medical Officer and will be responsible for such duties as are assigned to you by the Companys Board of Directors (the Board) or Chief Executive Officer. This position is full-time. As an exempt salaried employee, you are expected to work the Companys normal business hours as well as additional hours as required by the nature of your work assignments, and will not be eligible for overtime compensation. You will continue to work out of RAPTs offices located at 561 Eccles Avenue, South San Francisco, CA 94080. Of course, the Company may change your position, duties, and work location from time to time in its discretion.
2. CIIAA; Company Policies. You are required to continue to abide by the terms of the confidential information and inventions assignment agreement (the CIIAA) that you previously executed. In addition, you must continue to comply with Companys personnel policies and procedures as they may be interpreted, adopted or revised from time to time in the Companys sole discretion.
3. Base Salary. You will continue to receive an annualized base salary of $360,500, subject to deductions for taxes and other withholdings as required by law, and payable in accordance with RAPTs payroll cycle; provided, however, that contingent upon and effective as of the closing of the Companys initial public offering, your annualized base salary will be increased to $385,000.
4. Annual Bonus. You will continue to be eligible for an annual (calendar year) discretionary bonus, with a target amount equal to 30% of your annual base salary, contingent upon achievement, in the Companys sole discretion, of individual and corporate performance objectives established by the Company, as well as any other criteria the Company deems relevant (the Annual Bonus); provided, however, that contingent upon and effective as of the closing of the Companys initial public offering, the target amount of your Annual Bonus will be increased to 40% of your annual base salary. To receive payment of any Annual Bonus, you must be employed by the Company through the date of payment of the Annual Bonus. Any Annual Bonus will not be earned until paid and will be paid on or before March 15 of the year following the year to which the Annual Bonus relates. If your employment terminates for any reason prior to the payment date of the Annual Bonus, you will not have earned, and will not be paid, any pro-rated Annual Bonus.