Terns, Inc. Interim Senior Advisor and Strategy Officer Employment Agreement with Jill Quigley (November 2023)
Terns, Inc. and Jill Quigley have agreed that she will serve as the company's part-time Senior Advisor and Strategy Officer starting November 15, 2023, until a new Chief Executive Officer is hired. She will work approximately 20-25% of her time, receive a $200,000 annual salary (pro-rated), a $33,333 starting bonus, and a grant of 15,000 restricted stock units in the parent company, Terns Pharmaceuticals, Inc., vesting by August 1, 2024 or upon a change in control. She will not receive other company benefits and must sign a proprietary rights agreement.
Exhibit 10.9
TERNS, INC.
November 14, 2023
Jill Quigley
Sent via email
Dear Jill:
You and Terns, Inc., a Delaware corporation (the “Company”), have reached the following agreements concerning your employment with the Company on an interim basis as Senior Advisor and Strategy Officer until such time as the Company engages a Chief Executive Officer. Your employment as Senior Advisor and Strategy Officer shall commence as of November 15, 2023 (the “Effective Date”) and pursuant to the terms provided below.
Very truly yours,
TERNS, INC.
By: /s/ Bryan Yoon
Name: Bryan Yoon
Title: Member of the Board
TERNS PHARMACEUTICALS, INC.
(solely in respect of its explicit obligations under this Letter)
By: /s/ David Fellows
Name: David Fellows
Title: Member of the Board
I have read and accept this Letter:
/s/ Jill Quigley
Jill Quigley
Attachment: Proprietary Rights Agreement
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