EX-10.3



 Exhibit 10.3 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT (“Agreement”) made this 18th day of May, 2017 and
effective as of June 15, 2017(the “Effective Date”) between Dicerna Pharmaceuticals, Inc., a Delaware corporation (“Company”), on the one hand and Ralf Rosskamp, M.D. (the “Executive”) on the other hand. 

WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company, on terms set forth herein; 

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree as follows: 

1. Term of Employment. The Executive’s employment under this Agreement shall commence on the Effective Date and
shall end on such date as the Executive’s employment terminates in accordance with Section 4 of this Agreement. Subject to the balance of this Agreement, the Executive shall be an at-will employee of
the Company whose employment may be terminated (by the Company or by the Executive) at any time, for any or no reason, in which case the Executive will be entitled to the separation benefits set forth in Section 4, below. 

2. Duties. During his employment with the Company, the Executive shall have the title of Chief Medical Officer. The
Executive shall devote his full business time and effort to the performance of his duties for the Company, which he shall perform faithfully and to the best of his ability. The Executive shall have all of the customary powers and duties associated
with his position and shall be subject to the Company’s policies, procedures, and approval practices, as generally in effect from time to time for all senior executives of the Company and the direction and oversight of the Board. The Executive
will report directly to the President and CEO of the Company. 
 3. Compensation and Related Matters. 

a. Base Salary. The Company shall pay the Executive base salary at a rate of $18,125.00 paid twice monthly (which annualizes to
$435,000.00), less withholdings and deductions required and/or permitted by law. The Executive’s base salary shall be paid in conformity with the Company’s payroll practices generally applicable to the Company’s senior executives.

 b. Signing and Annual Bonus. The Company shall pay the Executive a one-time signing bonus
(the “Signing Bonus”) of $100,000 (less applicable withholding taxes and deductions) payable within 30 days of the Executive’s start date at the Company. The Signing Bonus is subject to the following repayment obligations: as a
condition of the Executive’s employment with the Company and for receiving the Signing Bonus, the Executive agrees that if, at any time during the twelve months following the Executive’s first date of employment with the Company, the
Executive (a) resigns his employment with the Company, he shall repay the Signing Bonus, on a pro-rata basis based on length of service; or (b) the Company terminates the Executive’s employment
for Cause, he shall repay the Signing Bonus in-full, and in all cases specifically authorize the Company to deduct all of the Signing Bonus required to be repaid from his last paycheck and to the extent that
there is a balance still owed by the Executive, he will provide payment of such balance within thirty days (30) of his last date of employment. The Executive shall be eligible to be considered for an Annual Bonus upon achieving of certain pre-determined performance targets consistent with any Incentive Compensation Plan established by the Compensation Committee (the “Committee”). The Annual Bonus shall be based, in part, on the
Executive’s performance. The grant of such a bonus shall be in the sole discretion of the Committee. The maximum bonus amount for which the Executive will be eligible is forty percent (40%) of base salary earned for the calendar year. The
Annual Bonus will be earned only after it has been granted by the 

  
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Committee. The Annual Bonus shall be paid to the Executive following the close of the fiscal year to which it relates, in no event later than March
15th of the calendar year immediately following the calendar year in which it was earned. The Executive must be actively employed by the Company at the time the Committee considers granting of
bonuses to be eligible to receive such bonus. 
 c. Equity Compensation. Subject to the approval of the Board or an
appropriate committee thereof, the Executive shall be eligible for a stock option grant (the “Grant”) to purchase in total up to 250,000 shares of the Company’s Common Stock at an exercise price equal to the fair market value of each
share on the date of grant as determined by the Board or an appropriate committee thereof. The Grant shall vest in accordance with the following schedule: 25% of the shares underlying the Grant will vest on the twelve (12) month anniversary of
Executive’s commencement of full-time employment with the Company and the remaining shares will vest and become exercisable on a pro rata, monthly basis thereafter on the same day of the month as the vesting commencement date (or if there is no
corresponding day, on the last day of the month), such that all shares underlying the Grant shall have vested on the fourth anniversary of the vesting commencement date. Vesting of the Grant will be subject to Executive’s continued status as a
service provider with the Company at each such vesting period. The Grant will be subject to the terms of a stock plan and a stock option agreement that the Company and Executive will be required to execute. Except as otherwise provided in an award
agreement between the Executive and the Company, any equity awards granted to the Executive shall vest in full upon a Change of Control of the Company (as defined below). 

d. Benefits. During his employment with the Company, the Executive shall be entitled to participate in all employee
benefit plans and programs, including paid sick leave and holidays, life insurance, disability, medical, dental, and retirement savings plans, to the same extent generally available to senior executives of the Company, in accordance with the terms
of those plans and programs. The Executive shall be permitted up to four weeks of paid vacation per year, which will accrue on a monthly basis. The Executive will not be allowed to accumulate more than three weeks of unused vacation days at any
given time. The Executive may carry over a maximum of five unused vacation days from one calendar year to the next. 
 e.
Expenses. The Company agrees to reimburse the Executive for reasonable out-of-pocket expenses incurred in connection with Company business and within standards to be established by the Board from
time to time, including, without limitation, travel and accommodations for authorized business trips, provided vouchers therefor, or other supporting information as the Company may reasonably require, are presented to the Company. All reimbursements
provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the rules and regulations thereunder (“Section
409A”) including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement); (ii) the amount 

of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year; (iii) the
reimbursement of an eligible expense shall be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange
for another benefit. 
 4. Termination 

a. Rights and Duties. The Executive is an employee “at will.” Accordingly, the Company or the Executive may terminate his
employment, at any time with or without cause, for any lawful reason, or no reason. The Executive and the Company agree that, without modifying or altering the Executive’s “at will” status, each will provide the other with at least
thirty (30) days’ prior written notice 

  
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of termination of the Executive’s employment with the Company. If the Executive gives notice of termination, except in the case of a termination by the Executive for “Good Reason”
as set forth below, such notice will be deemed a voluntary resignation by the Executive and the Company, in its sole discretion, may elect to relieve the Executive of any obligation to perform duties during the notice period, waive the notice period
and immediately accept termination of the Executive’s employment, without changing the status of such termination as a voluntary resignation by the Executive. Should the Company in the event of a voluntary resignation decide to relieve the
Executive of any obligation to perform duties during the notice period, waive the notice period and immediately accept termination of the Executive’s employment, it shall nonetheless continue his compensation and benefits for the term of the
notice period, except that no bonus shall be earned or awarded during and after the notice period. 
 b. Termination
for “Good Reason.” The Executive may terminate his employment at any time for “Good Reason.” “Good Reason” shall comport with the requirements of Regulation §1.409A-l(n)(2)(ii) and shall mean:

 i. A material diminution in the Executive’s authority, duties, responsibilities or reporting responsibilities;

 ii. A material diminution by the Company of the Executive’s annual base compensation then in effect, except a
material diminution generally affecting the members of the Company’s management; 
 iii. Any action or inaction
by the Company that constitutes a material breach by the Company of the terms of this Agreement; or 
 iv. A
requirement that the Executive be based more than 50 miles from the offices at which he was principally employed immediately prior to the date of termination. 

The parties acknowledge and agree that “Good Reason” shall not be deemed to have occurred unless: (1) the Executive provides
the Company with written notice that he intends to terminate his employment hereunder for one of the Good Reason grounds set forth in Section 4.b. within sixty (60) days of the initial occurrence of such ground, with such
notice containing a description of such ground, (2) if such Good Reason ground is capable of being cured, the Company has failed to cure such ground within a period of thirty (30) days from the date of such written notice, and (3) the
Executive terminates his employment within ninety-one (91) days from the date that such Good Reason ground first occurs. For purposes of clarification, the above-listed conditions shall apply separately
to each occurrence of a Good Reason ground, and failure to adhere to such conditions in the event of the occurrence of grounds that would otherwise have constituted Good Reason had the conditions herein been satisfied shall not disqualify the
Executive from asserting and satisfying the conditions for Good Reason for any subsequent occurrence that may constitute Good Reason. 

c. Termination by the Company for Cause. The Company may terminate the Executive’s employment at any time for
“Cause.” “Cause” shall mean: 
 i. The Executive’s commission of an act of fraud, dishonesty,
breach of fiduciary duty or misappropriation which may or does adversely affect the Company; 
 ii. The
Executive’s conviction or plea of guilty or nolo contendere to or engaging in any felony or crime involving moral turpitude, fraud, misrepresentation or other crime and/or indictment for a crime that, in the reasonable opinion of the
Company, affects the Executive’s ability to perform the duties set forth in this Agreement and/or reflects negatively upon the Company; 

  
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 iii. Unauthorized disclosure by the Executive of the Company’s
Proprietary Information, as defined in the Nondisclosure Agreement (as defined in Section 5 below), which results or could have been reasonably foreseen to result, in a material financial loss to the Company; 

iv. The Executive’s material breach of this Agreement or the Nondisclosure Agreement; provided, that if such breach
is reasonably possible of being cured in the opinion of the Company, then the Executive will be given thirty (30) days after written notice from the Company of such breach to cure; or 

v. The Executive’s failure (which shall not include any Disability as defined below) or refusal to perform the
duties and responsibilities of his employment and/or to follow the policies and procedures of the Company, including without limitation the failure or refusal to carry out lawful instructions from the Board. If such failure or refusal is reasonably
possible of being cured in the opinion of the Company, then the Executive will be given thirty (30) days after written notice from the Company of such failure or refusal to cure. 

d. Termination in the Event of Death or Disability. The Agreement shall terminate upon the Executive’s death or Disability, and
the Executive’s employment with the Company shall thereupon terminate. For purposes of the Agreement, “Disability” is defined as any illness, injury, accident or condition of either a physical or psychological nature as a result of
which the Executive is unable to perform the essential functions of his duties and responsibilities hereunder for 90 days during any period of 365 consecutive calendar days or for any consecutive 90-day
period. 
 e. Effect of Termination. 

i. If the Executive is terminated by the Company for Cause, or by the Executive voluntarily other than for Good Reason,
then the Executive will only be entitled to payment when due of any unpaid base salary, expense reimbursements, and vacation days accrued prior to termination of employment. 

ii. If the Executive’s employment is terminated by the Company other than for Cause, or by the Company due to the
Executive’s Disability, or by the Executive for Good Reason (each of which will be deemed an involuntary termination), then the Executive will be entitled to payment when due of any unpaid base salary, expense reimbursements, and vacation days
accrued prior to termination of employment and, in exchange for the Executive’s execution of a separation agreement and general release provided by the Company and expressly subject to the conditions described in Section 4.e.v. below, the
following: 
 a) Continuation of the Executive’s base salary at the rate in effect as of the day immediately
preceding his date of termination for a twelve (12) month period, payable in accordance with the Company’s regular payroll practices, less applicable withholdings, commencing at the conclusion of the Review Period (as described below),
provided that the first installment of such payments shall include all amounts which would have been paid during the period between the Executive’s date of termination and the date of such first installment; 

b) Payment of a pro-rata portion of the actual amount of the Executive’s
Annual Bonus based on actual performance determined under the terms of the Company’s annual bonus program as then in effect, with such pro-rata portion calculated by multiplying the actual amount of such
bonus for the year in which such termination occurs by a number: (x) the numerator of which is the number of days worked by the Executive during the fiscal year prior to termination, and (y) the denominator of which is three hundred sixty
five (365), with such payment to be made after the determination of the bonus funding level (but in no event later than March 15 of the calendar year following the year in which the Executive’s termination occurs); and 

  
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 c) The Executive shall be eligible to continue health benefits pursuant
to COBRA or the appropriate state equivalent. If the Executive is eligible for and properly elects continuation of such coverage during the permissible time frame, the Company will pay the premiums for such group health insurance coverage for the
shorter of (i) twelve (12) months or (ii) until the Executive becomes eligible for health benefits through another employer or otherwise. After the shorter period, the Executive will be responsible for premium payments for continuation of
such group health insurance coverage pursuant to the terms and conditions of COBRA. 
 iii. If the Agreement is
terminated because of the Executive’s death, the Company shall pay to the estate of the Executive the salary and benefits which would otherwise have been payable to the Executive up to the date of termination of his employment because of death.

 iv. In the event a Change of Control (as defined below) occurs and, if within one (1) year thereafter, the
Executive’s employment is terminated by the Company other than for Cause, or by the Company due to the Executive’s Disability, or by the Executive for Good Reason (each of which will be deemed an involuntary termination), then the
Executive will be entitled to payment when due of any unpaid base salary, expense reimbursements, and vacation days accrued prior to termination of employment and, in exchange for the Executive’s execution of a separation agreement and general
release provided by the Company and expressly subject to the conditions described in Section 4.e.v. below, the following: 

a) A lump sum payment equal to the sum of (i) one (1) year of the Executive’s base salary at the rate in
effect as of the day immediately preceding his date of termination, less applicable withholdings, plus (ii) the Executive’s target annual bonus for the year in which the termination occurs, less applicable withholdings, payable at the
conclusion of the Review Period (as described below); 
 b) The Executive shall be eligible to continue health
benefits pursuant to COBRA or the appropriate state equivalent. If the Executive is eligible for and properly elects continuation of such coverage during the permissible time frame, the Company will pay the premiums for such group health insurance
coverage for the shorter of (i) twelve (12) months or (ii) until the Executive becomes eligible for health benefits through another employer or otherwise. After the shorter period, the Executive will be responsible for premium payments for
continuation of such group health insurance coverage pursuant to the terms and conditions of COBRA; and 
 c) Payment
of a pro-rata portion of the target amount of the Executive’s annual bonus, with such pro-rata portion calculated by multiplying the target amount of such bonus for
the year in which such termination occurs by a number: (x) the numerator of which is the number of days worked by the Executive during the fiscal year prior to termination, and (y) the denominator of which is three hundred sixty five
(365), with such payment to be made at the conclusion of the Review Period (but in no event later than March 15 of the calendar year following the year in which the Executive’s termination occurs). 

For purposes of this Agreement, “Change of Control” means (A) the occurrence of a merger or consolidation of the Company
whether or not approved by the Board, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding 

  
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immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at least
50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation which is in
effect a financing transaction for the Company, including, but not limited to, a reverse merger of the Company into a publicly traded “shell” company, or (B) the stockholders of the Company approve an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets, provided that, in any case, “Change of Control” shall be in accordance with Regulation §1.409A-3(i)(5). 

v. Payment of the severance pay and benefits described in Section 4.e.ii. or 4.e.iv., as applicable, is expressly
conditioned on the Executive’s execution without revocation of the separation agreement and general release described therein, and will commence immediately following a sixty (60) day period following the effective date of the
Executive’s separation from service from the Company (the “Review Period”) (with the exception of the pro rata annual bonus payment described in Section 4.e.ii.b., which shall be payable after the bonus funding level is
determined but in no event later than March 15 of the calendar year following the year in which the Executive’s termination occurs). The separation agreement and general release will be provided to the Executive on or before the fifth (5th) day following such separation from service. If the Executive fails or refuses to return such agreement within the Review Period, the applicable severance payments and benefits will be forfeited. If
the Executive is eligible for the severance pay and benefits described in Section 4.e.ii., then he shall not be eligible for and shall not receive the severance pay and benefits described in Section 4.e.iv. Similarly, if the Executive is
eligible for the severance pay and benefits described in Section 4.e.iv., then he shall not be eligible for and shall not receive the severance pay and benefits described in Section 4.e.ii. 

5. Nondisclosure, Noncompetition and Assignment Agreement. As a condition of the Executive’s employment by the Company and the
payment of compensation and receipt of benefits referred to above, the Executive agrees to continue to be bound by the terms of the standard Nondisclosure, Noncompetition and Assignment Agreement, entered into by the Executive as of
May 12, 2017 (the “Nondisclosure Agreement”). The Executive acknowledges that the Company would not offer him employment or provide compensation and/or benefits set forth above if he was not willing to be bound by the terms of such
Nondisclosure Agreement. 
 6. Notice. 

a. To the Company. The Executive will send all communications to the Company in writing, addressed as follows (or in any other manner
the Company notifies him to use): 
  

			
		  	 Douglas M. Fambrough III, Ph.D.
 President
and CEO
 Dicerna Pharmaceuticals, Inc.
 87 Cambridgepark
Drive
 Cambridge, MA 02140

	With a copy to:	  	
		  	 Sam Zucker
 Sidley Austin LLP

1001 Page Mill Road
 Building 1

Palo Alto, CA 94304
 Phone: (650) 565-7111



  
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 b. To the Executive. All communications from the
Company to the Executive relating to this Agreement shall be sent to the Executive in writing, at the most recent address on file with the Company. 
  

			
	With a copy to:	  	

 c. Time Notice Deemed Given. Notice shall be deemed to have been given when delivered or, if earlier
(1) three business days after mailing by United States certified or registered mail, return receipt requested, postage prepaid, or (2) faxed with confirmation of delivery, in either case, addressed as required in this section. 

7. Amendment. No provisions of this Agreement may be modified, waived, or discharged except by a written document signed by a Company
officer duly authorized by the Board and the Executive. A waiver of any conditions or provisions of this Agreement in a given instance shall not be deemed a waiver of such conditions or provisions at any other time in the future. 

8. Choice of Law; Forum Selection. The validity, interpretation, construction, and performance of this Agreement shall be
governed by the laws of the Commonwealth of Massachusetts without regard to its conflicts of laws principles. Any claims or legal actions by one party against the other regarding this Agreement shall be commenced and maintained exclusively in any
state or federal court located in the Commonwealth of Massachusetts, and the parties hereby submit to the jurisdiction and venue of any such court. 

9. Successors. This Agreement shall be binding upon, and shall inure to the benefit of, the Executive and his estate, but the Executive
may not assign or pledge this Agreement or any rights arising under it. Without the Executive’s consent, the Company may assign this Agreement to any affiliate or to a successor to substantially all the business and assets of the Company. 

10. Taxes; Code Sections 409A and 280G. 

a. The Company shall withhold taxes from payments it makes pursuant to this Agreement as it reasonably determines to be required by
applicable law. 
 b. If the benefits set forth in Section 4.e. of this Agreement constitute “non-qualified deferred
compensation” subject to Section 409A, then the following conditions apply to the payment of such benefits: 

i. Any termination of the Executive’s employment triggering payment of benefits under Section 4.e. must
constitute a “separation from service” under Section 409A(a)(2)(A)(i) of the Code, and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the extent that the
termination of the Executive’s employment does not constitute a separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services
that are reasonably anticipated to be provided by the Executive to the Company at the time the Executive’s employment terminates), any benefits payable under Section 4.e. that constitute
non-qualified deferred compensation under Section 409A shall be delayed until after the date of a subsequent event constituting a 

  
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separation of service under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section shall
not cause any forfeiture of benefits on the Executive’s part, but shall only act as a delay until such time as a “separation from service” occurs. 

ii. If the Executive is a “specified employee” (as that term is used in Section 409A and regulations and
other guidance issued thereunder) on the date his separation from service becomes effective, any benefits payable under Section 4.e. that constitute non-qualified deferred compensation subject to
Section 409A shall be delayed until the earlier of: (A) the business day following the six-month anniversary of the date his separation from service becomes effective, or (B) the date of the
Executive’s death, but only to the extent necessary to avoid the adverse tax consequences and penalties under Section 409A. On the earlier of: (A) the business day following the six-month anniversary
of the date his separation from service becomes effective, or (B) the Executive’s death, the Company shall pay the Executive in a lump sum the aggregate value of the non-qualified deferred
compensation that the Company otherwise would have paid the Executive prior to that date under Section 4.e. 

iii. If any amount to be paid to the Executive pursuant to this Agreement is “deferred compensation” subject
to Section 409A, then each such payment which is conditioned upon Executive’s execution of a release and which is to be paid or provided during a designated period that begins in one taxable year and ends in a second taxable year, shall be
paid or provided in the later of the two taxable years. 
 iv. It is intended that each installment of the payments
and benefits provided under Section 4.e. shall be treated as a separate “payment” for purposes of Section 409A. 

v. Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments
or benefits except to the extent specifically permitted or required by Section 409A. 
 c. Notwithstanding any other provision
of this Agreement to the contrary, in the event of any ambiguity in the terms of this Agreement, such term(s) shall be interpreted and at all times administered in a manner that avoids the inclusion of compensation in income under Section 409A,
or the payment of increased taxes, excise taxes or other penalties under Section 409A. 
 d. The parties intend this Agreement
to be in compliance with Section 409A. Executive acknowledges and agrees that Company does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising under this Agreement, including but not limited to
consequences related to Section 409A. 
 e. If any payment or benefit the Executive would receive under this Agreement, when
combined with any other payment or benefit Executive receives pursuant to a Change of Control (whether under this Agreement or otherwise) (such payment or benefit, for purposes of this section, a “Payment”) would: (i) constitute a
“parachute payment” within the meaning of Section 280G of the Code; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be
either: (A) the full amount of such Payment; or (B) such lesser amount as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and
local employments taxes, income taxes, and the Excise Tax, results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the
Payment may be subject to the Excise Tax. The Payments will be reduced in the following order: (A) reduction of any cash severance payments otherwise payable to the Executive that are exempt from Section 409A of the Code;
(B) reduction of any other cash 

  
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payments or benefits otherwise payable to the Executive that are exempt from Section 409A of the Code, but excluding any payments attributable to any acceleration of vesting or payments with
respect to any equity awards that are exempt from Section 409A of the Code; (C) reduction of any other payments or benefits otherwise payable to the Executive on a pro-rata basis or such other manner
that complies with Section 409A of the Code, but excluding any payments attributable to any acceleration of vesting and payments with respect to any equity awards that are exempt from Section 409A of the Code; and (D) reduction of any
payments attributable to any acceleration of vesting or payments with respect to any equity awards that are exempt from Section 409A of the Code, in each case beginning with payments that would otherwise be made last in time. 

11. Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 12. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute the same instrument. 

13. Entire Agreement; Prior Agreements. This Agreement constitutes the entire agreement among the parties with respect to
the subject matter hereof and, unless otherwise provided herein, supersedes all prior agreements, negotiations or understandings, written or oral, in respect thereof. 

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		 		 	DICERNA PHARMACEUTICALS, INC.
			
	Date: 18 May 2017	 		 	/s/ Douglas Fambrough III
		 		 	By: Douglas Fambrough III, Ph.D.
		 		 	Its: President and CEO
			
		 		 	RALF ROSSKAMP, M.D.
			
	Date: 18 May 2017	 		 	/s/ Ralf Rosskamp
		 		 	Ralf Rosskamp, M.D.


  
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