Olema Travel and Entertainment Policy
(Required for Olema mandated travel)
OLEMA TRAVEL & ENTERTAINMENT POLICY
PURPOSE/SCOPE
This policy applies to Olema Pharmaceuticals, Inc. (“Olema” or the “Company”) and its affiliates and colleagues defined as employees, temporary workers, contractors, and consultants (collectively, “Olema Personnel”).
The purpose of this document is to provide definition to appropriate travel, entertainment, and other expenses reimbursable to colleagues.
TRAVEL AND ENTERTAINMENT POLICY
Olema will reimburse travel and entertainment expenses that are reasonable and necessary, related to a business objective of the Company, and documented in conformity with this policy and sound business practice and relevant IRS guidelines. This policy applies to all Olema Personnel.
Olema expects that people incurring costs at the Company’s expense will exercise the same care as if spending personal funds.
All Olema Personnel must comply with the requirements set forth in this policy, except where not permitted by local law. It is the responsibility of each employee to ensure compliance with this Policy. Any failure to comply with this policy may result in non-reimbursement of expenses or recovery of expenses from the individual where discovered through auditing. All expense policy limits are inclusive of taxes and tips. Failure to comply with this policy may subject the employee, temporary worker, contractor, and consultant to discipline, up to and including termination, depending on the circumstances.
All travel reservations should be booked at least thirty days, or earlier, if possible, prior to the date of departure to maximize inventory availability resulting from advanced booking of airlines and hotels at advantageous conditions.
All individuals should consider whether any business travel is necessary and appropriate. Before arranging a business trip, especially for internal meetings and conferences, individuals should consider the possibility of using an alternative to travel, such as electronic media services (video/telephone and web conferencing services).
When traveling for business, individuals should do their best to minimize costs by choosing appropriately priced travel and accommodations.
Note: Olema reserves the right to change the Company Travel and Entertainment Policy at any time (including policy provisions and per diem rates).
GENERAL EXPENSES
Lab supplies
Lab supplies should be purchased using a Purchase Order (PO) generated through the Prendio system. Certain exceptions where purchasing from a one-time vendor are permitted via corporate credit card where the purchase amount is less than $5,000.
Subscriptions and Dues
Olema will pay for reasonable subscriptions and membership dues that are directly related to and necessary for you to perform your job. Olema Personnel should obtain approval from their supervisor prior to incurring the expense.
Gifts
Gifts to non-Olema employees are only allowed under very limited circumstances, with prior approval by the CEO. No gifts shall be made to Healthcare Professionals or Government Officials. Please consult with the Company’s Legal Counsel if you have questions regarding such potential gifts.
Gifts to fellow employees (e.g., flowers, birthday presents) are not reimbursed by Olema unless approved by the People’s Team.
Parking
Employees may not submit parking or commuting expenses to the Company for reimbursement. All parking and commuter expenses can be charged via Olema’s WageWorks Commuter Benefit Program, which allows for up to $315 per month (2024 IRS limit and may be updated each year based on new IRS limits).
Relocation Expenses
Relocation expenses should not be included on an expense report as these expenses will be reimbursed by the Company based upon the Company’s relocation program. Please consult with the People’s Team regarding any relocation-related expenses.
Mobile Devices
Full-time employees of Olema will receive a $75 monthly cell phone allowance on a non-taxable basis. This reimbursement is to cover the cost of equipment, domestic data and calling plans. The allowance of $75 will be added to employee paychecks via automatic deposit in the month-end payroll.
Home Internet
Full-time employees of Olema will receive a $100 monthly home internet allowance on a non-taxable basis. This reimbursement is to cover the cost of monthly home internet bills. The allowance of $100 will be added to employee paychecks via automatic deposit in the month-end payroll.
Olema will reimburse for reasonable global data usage and calls when traveling internationally. When making international business calls, the Personnel should determine the most cost-effective and efficient international plan for the time they are outside of the country. The additional cost incurred must be submitted for reimbursement on an expense report with the supporting documentation attached.
If a full-time employee believes that the monthly allowance does not cover the actual cost of their business- related cell phone expense, please contact the CFO/COO.
New hires will be eligible to receive cell phone and home internet reimbursement allowance starting the first of the month following the date of hire.
TRAVEL EXPENSES
Air Travel
Air Travel should be booked in the most cost-efficient manner via a well-known online travel provider.
- Any credible travel website is allowed if it offers competitive pricing. Your manager (for Olema employees) or Olema contact in charge of your consulting/contracting arrangements (for external consultants/contractors) will receive an email of the itinerary shared through the Concur system (for Olema employees) if your travel is booked via Amex Travel within the Concur system. All travel must be charged to your corporate American Express credit card if you were provided one.
- If the itinerary is unlikely to change, a restricted or non-refundable ticket is recommended.
- Flights exceeding $2,500 USD (domestic travel) and $10,000 USD (international travel) must be approved prior to booking via email correspondence with your manager and the CFO/COO.
- Travelers are required to accept the lowest available fare in the class of service permitted for comparable flights. A flight is comparable if:
i) For scheduled flight duration <5 hours: flights within +/- 1 hour of requested departure time
ii) For scheduled flight duration of >5 hours: flights within +/- 2 hours of requested departure time
iii) Flights have the same departure / arrival airport
iv) Have the same number of stops
- In cities with more than one airport, travelers can use the airport closest to accommodation/office if flight costs are no greater than $2,000 vs. a flight from a second airport which may require further ground transport.
- If your travel is booked via Amex Travel, any unused or exchanged tickets must be communicated to American Express immediately so that these credits can be applied to other Olema travel.
- The Olema annual year-end holiday celebration travel arrangements follow a different expense policy, which will be communicated by the People Team closer to the event each year.
Class of Travel
Business class tickets are permitted on trans-oceanic, intercontinental, and domestic, including coast-to-coast flights, typically five or more hours in length. If an economy plus ticket is booked in lieu of a business class ticket, Olema will reimburse the cost of an airport lounge day pass.
All domestic and intra-European travel must be flown in economy class or economy plus unless the traveler has a physical condition which makes him/her unable to fly in this class. Such instances will be treated on a case-by-case basis and decided on by the manager and the People Team.
Please use your best judgment and consider the reasonable business rationale for selecting business class (for example, if conducting external business, the same day as arriving on an overnight flight). In many cases, significant savings are possible with a mixed-class ticket (premium economy class on one leg of the trip and business class on the other). For example, if a domestic business airfare is significantly more expensive than the economy class and the flight duration is just over five hours, e.g., $3,000 (business class) vs. $500 (economy class), Olema strongly encourages an economy airfare is booked.
First-class travel is prohibited.
Frequent Flyer Miles
Mileage awards that are used for business trips do not qualify for reimbursement.
Combining Personal and Business Travel
You may extend a trip for personal reasons and still receive full reimbursement for the airfare if the cost of the airfare is equal to or less than what the cost would have been without the extension. Appropriate documentation is required at time of booking.
OTHER TRAVEL-RELATED EXPENSES
Olema will reimburse baggage charges up to two bags.
Olema will reimburse for business related internet services during travel (at the airport or on the aircraft).
Personal travel expenses (e.g., dog sitting, house sitting, clothing and personal services required to maintain a household) in your absence are not covered.
Olema will reimburse airport lounge fees up to $50 for delays or layovers over 2 hours.
Train Travel
Train travel may be booked through standard travel websites or through national or local train operators. Book the reservation as far in advance as possible to maximize savings and avoid any last-minute cancellations. Train operators offer multiple classes of travel, including coach, business, and first-class. Not all classes include Wi-Fi access so please review the details of the ticket if requiring access to Wi-Fi for work. Please use best judgment when purchasing your ticket(s).
Car Rentals
Rental cars may be booked through standard travel websites.
Parking and tolls are reimbursable. Moving and non-moving traffic violations/fines are not reimbursable.
Avoid refueling charges by filling the tank before you return the rental car, whenever your schedule allows. Rental companies charge substantially inflated fees for refueling at the rental location.
Rent midsized or smaller cars (no SUVs, convertibles, sports cars, or luxury cars) unless the size of the traveling team requires a larger car, or the traveler has a physical condition in which only a larger vehicle will accommodate them.
All auto accidents/claims must be reported immediately to the Company's insurance carrier and to the Company's legal or human resources department.
Personal Automobiles
If you use your personal vehicle for authorized Olema business, you will be reimbursed in accordance with the current IRS rates, plus parking and tolls.
The IRS mileage rate is calculated to reimburse you for all costs of operating your car for company business, including both mileage and gas expenses. This is calculated within the Concur Expense Tool.
Car Service
Car services, including but not limited to Uber, Lyfts, and other rideshare providers are allowed. When using ride share apps choose the more economical option such as Uber X and not Uber Black.
Gratuities for car services are reimbursable up to 20%.
HOTELS & LODGING
Reservations
Hotel reservations may be booked through standard travel websites.
Personnel will be reimbursed for rooms up to the respective maximum amount based on the locations of travel.
For major cities, including New York, San Francisco, Boston, Chicago, London and Paris, the maximum reimbursable amount is up to $650 per night, including taxes and fees. Regional hotels are reimbursed up to $450 per night, including taxes and fees.
Exceptions will be handled on a case-by-case basis based on conference location and require advanced approval from your manager and the CFO/COO.
Personnel traveling to San Francisco, California, are required to book lodging at Hotel Luma, if available, where Olema has negotiated a corporate preferred rate. Corporate booking for Hotel Luma can be found in the link below.
To Book Luma Hotel Here
You may find significant savings in booking a non-conference hotel. Balance the savings of the hotel rate and duration of stay against the potential additional costs of this choice in time and travel as well as any business impact due to reduced services (internet access, meeting places, etc.).
Reimbursable Hotel Charges
A detailed receipt from the hotel is required. (Credit card statements are not considered valid receipts).
The Company will not reimburse personal expenses (video entertainment, gym or spa usage, hotel services, toiletries, etc.).
For business trips lasting more than five days, Olema will reimburse for reasonable laundry or dry-cleaning services.
Common Sense/Money Saving Guidelines
Avoid last-minute arrangements, cancellations or changes in your travel plans because these can substantially increase travel costs and frequently result in penalties. Booking your reservations as far in advance as possible, generally 30 days ahead of time, will maximize savings. Look at how often you will need a car during the trip and evaluate if the use of taxis will save money.
MEALS AND ENTERTAINMENT
Business Meals
Business meals include reasonable amounts spent on food and other refreshments purchased in surroundings appropriate and conducive to business with collaborators, candidates, or investors. Business meals will be reimbursed if a consultant or outside business partner is present or if a working meeting is necessary. Entertainment must be justified for business purposes and should be adequate but not excessive. The total cost of a business meal should not exceed $200 per participant, including alcohol, tax, and gratuities. Purchases of wine at business meals are permissible but should not exceed $150 per bottle.
A list of attendees and an itemized receipt are required per IRS guidelines. The charge card receipt will not be sufficient to reimburse the expenses. In general, it is preferred that the most senior person present pays for the meal.
Travel Meals
When traveling on Olema-related business, Olema will reimburse your meals. Olema’s maximum reimbursement for meals taken without other business attendees is $150 (including tax and gratuity) per day for overnight travel. Foreign expenses will be handled on a case-by-case basis.
Local Meals and Internal Meeting Meals
For all local and internal meeting meals, the most senior person present should pay for the meal. Local meals involving several colleagues are reimbursable only with documented business purposes, itemized receipts, and a list of attendees. The total cost of the meal should not exceed $40 per participant, including tax and gratuities.
Working lunches are helpful for team morale and group tasks. However, meetings should only be scheduled for lunchtime if there is no other available time. Frequency of team meals should be reasonable and use good business judgment (i.e., monthly, or quarterly). Alcohol is not permitted or reimbursable at Olema sponsored lunches.
Gratuities for all business, local, and internal meals are reimbursable up to 20%.
REIMBURSEMENT
American Express Corporate Card
Employees Vice President and above, and those who frequently travel will be issued a corporate American Express card for their business-related expenses. Olema reserves the right to cancel an employee’s Amex corporate card if expenses are not submitted in a timely basis. Employees are responsible for paying late fees if expenses are not submitted in a timely basis. No personal expenses should be charged to a corporate card.
Expense Reports
All employees must submit expenses using Concur Expense. No paper expense reports will be accepted.
International Currency
Attach original receipt with credit card statement, showing the currency conversion in US dollars (including bank fees). If you exchange US dollars for local currency, you should submit that receipt to show the currency rate for expenses. If paid in cash, the Concur Expense Tool will calculate the rate based on the date of receipt.
Documentation
You are responsible for completing your expense report accurately and for providing all necessary explanations and supporting documentation.
Receipts are required for all transactions over $75 on the Amex Corporate card to be reimbursed. Receipts are preferred for anything under $75 but will still be eligible for reimbursement if unable to provide.
Receipts are required for all cash or other personal expenses
APPROVAL AND PAYMENT OF EXPENSE REPORT
All expense reports and supporting documentation must be approved by your manager. Approving managers are responsible for making sure the report is complete and accurate. The expense report should be submitted by the employee within 2 weeks following month-end and approved by the manager in the following week.
All expense reports are subject to audit by the Finance department for:
- Proper approval
- Supporting documentation
- Travel and Entertainment Policy compliance
If an expense report is missing information, it will be returned to the employee to be corrected and payment will be delayed.
COMPLIANCE
Any Personnel incurring expenses are responsible for adhering to this policy. Approving managers are responsible for making sure that the report is complete and accurate before they approve it.
RECORD KEEPING
Records are retained within the Concur Expense Online Tool.
Olema Pharmaceuticals, Inc. Travel and Entertainment Policy
Version 3: Effective Date July 16, 2024
Shane Kovacs
Chief Operations and Financial Officer