EX-10.25



 Exhibit 10.25 

EMPLOYMENT AGREEMENT 
 This
EMPLOYMENT AGREEMENT (“Agreement”) is made this 7th day of March 2014 (the “Effective Date”) between Dicerna Pharmaceuticals, Inc. (“Company”) on the one hand and Pankaj Bhargava (the “Executive”) on the
other hand, the Company and the Executive together being the “Parties”. 
 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 March 31, 2014 (the “Start 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, with or without cause, 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. The Executive shall initially have the title of Chief Medical Officer. The Executive
shall devote his full business time and effort, except as otherwise provided in the Agreement, to the performance of his duties for the Company, which he shall perform faithfully, 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 Company’s Board of Directors (the “Board”). The Executive will report directly to the President and CEO of the Company. 

The Parties agree that executive may continue all of his activities and duties at and on behalf of Dana-Farber Cancer Institute, Brigham and
Womens Hospital and Harvard Medical School which Executive currently performs. Additionally, Executive may participate from time to time (a) as member of one or more advisory boards, (b) as a director on boards of directors of other entities and (c)
in other capacities with entities other than the Company after the approval of the CEO of the Company. 
 3. Compensation and Related
Matters. 
 a. Base Salary. The Company shall pay the Executive base salary at a rate of $14,166.67 paid twice monthly
(which annualizes to $340,000) 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.  
 i. Annual bonus. The Executive shall be eligible to be considered for an Annual Bonus
upon achieving certain pre-determined performance targets consistent with any Incentive Compensation Plan established by the Board. 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 Board. 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 Board.
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 Board considers granting of bonuses to be eligible to receive such bonus. 







 b. Stock/Stock Options. The Executive will receive, pursuant to the Company’s 2010
Employee, Director and Consultant Equity Incentive Plan (the “Plan”), an incentive stock option grant (the “ISO Grant”) to purchase up to 264,808 shares of Common Stock (equivalent to 1.25% of the Company on a fully-diluted basis
as of the Effective Date) at an exercise price equal to the fair market value of each share on the date of grant as determined by the Board in its sole discretion. The ISO Grant shall vest in accordance with the following scheduling: 25% of the
shares underlying the ISO Grant will vest on the twelve (12) month anniversary of Executive’s Start Date with the Company and the remaining shares will vest and become exercisable on a pro rata, monthly basis, over the subsequent 36
months, beginning with the month after the twelve (12) month anniversary of the Start Date. Vesting of the ISO Grant will be subject to Executive’s continued status as a service provider with the Company at each such vesting period. The
ISO Grant will be subject to the terms of the Plan and a Stock Option Agreement that the Company and Executive will be required to execute (the “Option Agreement”). The ISO Grant will fully accelerate upon Change of Control of the Company
as defined in herein. 
 c. 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.  

The Company shall pay, upon Executive’s request and submission of supporting documentation, all fees and other costs associated with
Executive’s Massachusetts Medical License, hospital privileges, and membership in professional societies including but not limited to ASCO, AACR, ACP and ASCPT. 

d. 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 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. 

  
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 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 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 accrued 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-1(n)(ii) and shall mean: 

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

  
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 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; 
 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; or 

iv. The Executive’s material breach of this Agreement or the Nondisclosure Agreement. 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. 

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 

  
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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 six (6) 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; and 

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) six (6) 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. 

iii. If the Agreement is terminated because of the Executive’s death, the Company shall pay to the estate of the
Executive the salary, accrued bonus, expense reimbursement, employer contribution to retirement savings plan, 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, vacation days accrued prior to termination of employment, accrued bonus, employer contribution to retirement savings plans, 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 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, commencing at the conclusion of the Review Period (as described below); and 

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 

  
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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. 
 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 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). 
 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”). 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, Nonsolicitation and Inventions. 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 execute the attached standard Employee Nondisclosure, Noncompetition, Nonsolicitation and Inventions Agreement, in the form
attached hereto as Exhibit A (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 Agreement. 

  
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 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, Ph.D.
			President and CEO
			Dicerna Pharmaceuticals, Inc.
			480 Arsenal Street
			Building 1, Suite 120
			Watertown, MA 02472
		
	With a copy to:		Sam Zucker
			O’Melveny & Myers LLP
			2765 Sand Hill Road
			Menlo Park, CA 94025

 b. To the Executive. All communications from the Company to the Executive relating to this Agreement
shall be sent to the Executive in writing, addressed as follows (or in any other manner he notifies the Company to use): 
  

					
			Pankaj Bhargava		
			692 Beacon Street		
			Newton, MA 02459            		
	With a copy to:		Stephanie Meilman & Nelson Costa
			Law Office of Meilman & Costa P.C.
			 70 Wells Avenue, Suite 200
 Newton,
MA 02459


 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. 

  
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 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 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. 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. 

iv. 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. 

  
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 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 (for purposes of this section, a “Payment”) would: (i) constitute a “parachute payment” within the meaning of Section 280G 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 (with cash payments being
reduced before stock option compensation) 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. 

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, the Stock Option Agrement and the Nondisclosure 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. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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					DICERNA PHARMACEUTICALS, INC.
			
	Date: March 7, 2014				 /s/ Douglas Fambrough

					By:		Douglas Fambrough
					Its:		President and CEO
			
					Pankaj Bhargava
			
	Date: March 10, 2014				 /s/ Pankaj Bhargava



  
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 EXHIBIT A 

NONDISCLOSURE, NONCOMPETITION, NONSOLICITATION AND INVENTIONS AGREEMENT 

This Nondisclosure, Noncompetition and Assignment Agreement (the “Agreement”) is made by and between Dicerna Pharmaceuticals, Inc.,
a Delaware corporation (the “Company”), and Pankaj Bhargava (the “Employee”), as of March 7, 2014. 
 The Employee
acknowledges that his employment or the continuance of that employment with the Company is contingent upon his agreement to sign and adhere to the provisions of this Agreement. In consideration of the employment or continued employment of the
Employee by the Company, the Employee and the Company agree as follows: 
 1. Duty to Devote Efforts. The Employee understands that
his employment with the Company requires his undivided attention and effort during normal business hours and excluding periods of vacation and sick leave to which he is entitled. As a result, during hisemployment with the Company, he shall not
engage in any other employment, occupation, consulting or other activity that conflicts with his/her obligations to the Company, whether directly related to the business in which the Company is involved during the term of his employment with the
Company or otherwise. For the avoidance of doubt, the Employee may engage in charitable, civic and educational activities and community affairs, and other activities expressly listed or otherwise contemplated in the Employment Agreement, provided
that any such activities and affairs do not, in the aggregate, materially interfere with the proper performance of the Employee’s duties and responsibilities to the Company. 

2. Noncompetition. The Employee recognizes and agrees that the Company will suffer irreparable harm in the event that the Employee
enters into competition with the Company, either during or following the Employee’s employment with the Company. Therefore, the Employee agrees that while the Employee is employed by the Company and for a period of one year following the
termination or cessation of such employment (the “Restricted Period”), regardless of the reasons, the Employee shall not, directly or indirectly, alone or as a consultant, partner, officer, director, employee, joint venturer, lender or
stockholder, or in any other capacity whatsoever, of any entity, (a) accept employment with any business or entity that is in competition with the products or services being conceived, designed, created, developed, manufactured, marketed,
distributed or sold by the Company, provided that nothing contained in this subsection (a) will prevent the Employee from being employed by a subsidiary, division, affiliate or unit (each, a “Unit”) of an entity if that Unit is
not engaged in any business which is in competition with the products or services being conceived, designed, created, developed, manufactured, marketed, distributed or sold by the Company, irrespective of whether some other Unit of such entity
engages in such competition; (b) engage in or undertake any business operations of conceiving, designing, creating, developing, manufacturing, marketing, distributing selling or rendering (or assisting any other person in conceiving, designing,
creating, developing, manufacturing, marketing, distributing selling or rendering) products or services that are in competition with the products or services being conceived, designed, created, developed, manufactured, marketed, distributed, sold or
rendered by the Company or (c) invest in or assist in any manner any business which directly or indirectly competes with the business or future business plans of the Company, except that he may 


  
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own up to one percent (1%) of the outstanding securities of any corporation having a class of equity securities actively traded on a national securities exchange or on the NASDAQ Stock
Market. A business or entity shall be deemed to be in competition with the products or services being conceived, designed, created, developed, manufactured, marketed, distributed, sold or rendered by the Company if it is in the business of
development, manufacture, license, sale and distribution of RNAi-based therapeutic and diagnostic products for specific diseases and gene targets being pursued by the Company (including, but not limited to, DsiRNA technology). The geographic scope
of this Section 2 shall extend to anywhere the Company is doing business, has done business or intends to do business. The Employee acknowledges and agrees that if he violates any of the provisions of this Section 2, the Restricted Period
will be extended from the date of termination of employment for a period equal to any period during which he engages in such violation(s), whether such period is during the pendency of litigation or otherwise. 

3. Nonsolicitation of Customers. The Employee recognizes and agrees that the clients, customers and accounts of the Company, which the
Company now or hereafter services during the Employee’s employment with the Company, and all prospective clients, customers and accounts from whom the Employee has solicited business while in the employ of the Company, shall be solely the
clients, customers and accounts of the Company. Therefore, the Employee agrees that while the Employee is employed by the Company and for a period of one (1) year following the termination or cessation of such employment, regardless of the
reasons, the Employee shall not, directly or indirectly, alone or as a consultant, partner, officer, director, employee, joint venturer, lender or stockholder, or in any other capacity whatsoever, of any entity, solicit, divert or take away, attempt
to divert or to take away, any client, customer or account of the Company, or any potential client, customer or account of the Company which were contacted, solicited or served by the Employee while employed by the Company or about whom the Employee
obtained or became familiar with through Confidential Information (as defined in Section 5). The geographic scope of this Section 3 shall extend to anywhere the Company is doing business, has done business or intends to do business. 

4. Nonsolicitation of Employees. The Employee recognizes and agrees that the Company has invested substantial resources and effort in
assembling its present staff and personnel. Therefore, the Employee agrees that while the Employee is employed by the Company and for a period of one (1) year following the termination or cessation of such employment, regardless of the reasons,
the Employee shall not, directly or indirectly: (i) recruit, solicit or hire any employee of the Company; or (ii) induce or attempt to induce any employee of the Company to terminate his employment with, or otherwise cease his/her
relationship or engagement with, the Company. 
 5. Nondisclosure. The Employee agrees that all Confidential Information (as defined
below), whether or not disclosed orally or in writing, is and shall be the exclusive property of the Company. The Employee shall not at any time, whether during or after the termination or cessation of his employment, without written authorization
of the Chief Executive Officer of the Company, unless and until the Confidential Information has become public knowledge without fault by the Employee, (a) reveal any Confidential Information to any person or entity, except to employees of the
Company who need to know such Confidential Information for the purposes of their employment, (b) use or attempt to use any Confidential Information for any purposes (other 

  
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than in the ordinary course of performing his duties as an employee of the Company), or (c) use any Confidential Information in any manner which may injure or cause loss or may be calculated
to injure or cause loss to the Company, whether directly or indirectly. If the Employee receives a subpoena to testify or provide documents at any time in any judicial or non-judicial proceedings, including a trial hearing of any kind, or
deposition, the Employee shall notify the Chief Executive Officer of the Company. If the Employee is compelled to testify in any judicial or non-judicial proceeding, then, at the Company’s expense, the Employee shall take reasonable steps to
ensure the continued confidentiality of the Confidential Information (for example requesting that documents or transcripts be filed under seal or subject to a confidentiality agreement, if possible) and, upon so doing, shall be relieved of the
obligations of this provision, insofar as his testimony would otherwise constitute disclosure of Confidential Information. The term “Confidential Information” shall include any information concerning the organization, business, business
relationships or finances of the Company or of any third party which the Company is under an obligation to keep confidential or that is maintained by the Company as confidential. Such Confidential Information shall include, but is not limited to,
trade secrets or confidential information respecting inventions, products, designs, methods, know-how, techniques, systems, processes, specifications, blueprints, engineering data, software programs, works of authorship, clinical testing programs,
marketing material, customer lists, customer information, financial information, pricing information, personnel information, business plans or strategy, projects, plans and proposals. 

6. Company Property. 
 a.
The Employee agrees that Company Property (as defined below) shall be and is the exclusive property of the Company to be used by the Employee only in the performance of his duties for the Company and further agrees that during his employment with
the Company, or after the termination or cessation of such employment, he shall not make, use or permit to be used any Company Property otherwise than for the benefit of the Company. All such Company Property or copies thereof and all tangible
property of the Company in the custody or possession of the Employee shall be delivered to the Company, upon the earlier of (i) a request by the Company or (ii) upon the termination or cessation of the Employee’s employment. After
such delivery, the Employee shall not retain any such Company Property or copies thereof or any other tangible property. The term “Company Property” shall include all files, letters, notes, memoranda, reports, lists, records, drawings,
sketches, laboratory notebooks, specifications, software programs, software code, data, computers, cellular telephones, pagers, credit and/or calling cards, keys, access cards, documentation or other materials of any nature and in any form, whether
written, photographic, printed, electronic or in digital format or otherwise, relating to any matter within the scope of the business of the Company or concerning any of its dealings or affairs and any other Company property in Employee’s
possession, custody or control. 
 b. The Employee agrees that his obligation not to disclose or to use information and materials of the
types set forth in Section 6(a) above, and his obligation to return materials and tangible property, set forth in Section 6(a) above, also extends to such types of information, materials and tangible property of clients, customers and
accounts of the Company or suppliers to the Company or other third parties who may have disclosed or entrusted the same to the Company or to the Employee. 

7. Assignment of Developments. 

a. If at any time or times during Employee’s employment with the Company or prior to the Employee’s employment with the Company when
working with, for, or on behalf of the Company in a capacity other than as an employee, he did or shall (either alone or with others) make, conceive, create, discover, invent or reduce to practice, whether or not during normal working hours or on
the premises of the Company, any Development that (i) relates to the business 

  
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of the Company or any customer of or supplier to the Company or any of the products or services being developed, manufactured or sold by the Company or which may be used in relation therewith;
(ii) results from tasks assigned to the Employee by the Company; or (iii) results from the use of premises or personal property (whether tangible or intangible) owned, leased or contracted for or by the Company, then all such Developments
and the benefits thereof are and shall immediately become the sole and absolute property of the Company and its assigns, as works made for hire or otherwise. The term “Development” shall mean any invention, modification, discovery, design,
development, improvement, process, software program, work of authorship, documentation, formula, data, technique, know-how, trade secret or intellectual property right whatsoever or any interest therein (whether or not patentable or registrable
under copyright, trademark or similar statutes). The Employee shall fully and promptly disclose to the Company (or any persons designated by it) each such Development. To the extent not already owned by the Company, the Employee agrees to assign and
does hereby assign to the Company (or any person or entity designated by the Company) all his right, title and interest (including, but not limited to, rights to inventions, patentable subject matter, copyrights and trademarks) in and to the
Developments and all benefits and/or rights resulting therefrom to the Company and its assigns without further compensation and shall communicate, without cost or delay, and without disclosing to others the same, all available information relating
thereto (with all necessary plans and models) to the Company. The Employee also hereby waives all claims to moral rights in any Developments. 

b. Excluded Developments. This Section 7 shall not apply to Developments which do not relate to the present or planned business or
research and development of the Company and which are made and conceived by the Employee not during normal working hours, not on the Company’s premises and not using the Company’s tools, devices, equipment or Confidential Information, but
shall apply to past Developments, including Developments made prior to the Employee’s employment as an employee that relate to the present or planned business or research and development of the Company. The Employee represents that the
Developments identified in the Appendix, if any, attached hereto comprise the complete list of all the Developments that the Employee has made or conceived or otherwise claimed ownership prior to his employment by the Company, which Developments are
excluded from this Agreement. The Employee understands that it is only necessary to list the title of such Developments and the purpose thereof but not details of the Development itself. IF THERE ARE ANY SUCH DEVELOPMENTS TO BE EXCLUDED, THE
UNDERSIGNED SHOULD INITIAL HERE; OTHERWISE IT WILL BE DEEMED THAT THERE ARE NO SUCH EXCLUSIONS. 
 8. Further Assurances. The
Employee agrees to cooperate fully with the Company, both during and after his employment with the Company, with respect to the procurement, maintenance and enforcement of copyrights, patents and other intellectual property rights (both in the
United States and foreign countries) relating to Developments. The Employee shall, during his employment and at any time thereafter, at the request and cost of the Company, promptly sign, execute, make and do all such deeds, documents, acts and
things as the Company and its duly authorized officers may reasonably require: 
 a. to apply for, obtain, register and vest in the name of
the Company alone (unless the Company otherwise directs) patents, copyrights, trademarks or other analogous protection in any country throughout the world relating to a Development and when so obtained or vested to renew and restore the same; and

 b. to defend any judicial, opposition or other proceedings in respect of such applications and any judicial, opposition or other
proceeding, petition or application for revocation of any such patent, copyright, trademark or other analogous protection. 

  
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 The Employee further agrees that if the Company is unable, after reasonable effort, to secure the
Employee’s signature on any such papers, application for patent, copyright, trademark or other analogous protection, or other documents regarding any legal protection relating to a Development, whether because of the Employee’s physical or
mental incapacity or for any other reason whatsoever, the Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Employee’s agent and attorney-in-fact, to act for and on his behalf and
stead to execute and file any such papers, application or applications or other documents and to do any and all other lawfully permitted acts to further the prosecution and issuance of patent, copyright or trademark registrations or any other legal
protection thereon with the same legal force and effect as if executed by the Employee. 
 9. Employment At Will. The Employee
understands that this Agreement does not constitute an implied or written employment contract and that his employment with the Company is on an “at-will” basis. Accordingly, the Employee understands that either the Company or the Employee
may terminate Employee’s employment at any time, for any or no reason, with or without prior notice. 
 10. Severability. The
Employee hereby agrees that each provision and the subparts of each provision herein shall be treated as separate and independent clauses, and the unenforceability of any one clause shall in no way impair the enforceability of any of the other
clauses of the Agreement. Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable at law, such provision or
provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear. The Employee hereby further agrees that the
language of all parts of this Agreement shall in all cases be construed as a whole according to its fair meaning and not strictly for or against either of the parties. 

11. Amendments; Waiver. Any amendment to or modification of this Agreement, or any waiver of any provision hereof, shall be in writing
and signed by the Company. No delay or omission by the Company in exercising any right under this Agreement or any waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver of that right or
any subsequent breach of such provision or any other provision hereof. 
 12. Survival. This Agreement shall be effective as of the
date entered below. The Employee’s obligations under this Agreement shall survive the termination or cessation of his employment regardless of the manner of such termination or cessation and shall be binding upon his heirs, executors,
administrators and legal representatives. 

  
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 13. Assignment. The term “Company” shall include Dicerna Pharmaceuticals, Inc.
and any of its subsidiaries, divisions, or affiliates. The Company shall have the right to assign this Agreement to its successors and assigns, and all covenants and agreements hereunder shall inure to the benefit of and be enforceable by said
successors or assigns. The Employee may not assign this Agreement. 
 14. Representations. 

a. The Employee hereby represents that, except as the Employee has disclosed in writing to the Company, the Employee is not bound by the terms
of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of his employment with the Company or to refrain from competing, directly or
indirectly, with the business of such previous employer or any other party. The Employee further represents that his performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep
in confidence proprietary information, knowledge or data acquired by the Employee in confidence or in trust prior to his employment with the Company, and the Employee will not disclose to the Company or induce the Company to use any confidential or
proprietary information or material belonging to any previous employer or others. The Employee further represents that he has returned all property and confidential information belonging to all prior employers. To the extent that Employee has
retained any non-confidential and non-proprietary materials and documents of a prior employer, such materials and documents have been disclosed in writing to the Company. 

b. The Employee hereby represents that his employment with the Company, the execution of this Agreement and his performance of all of the
terms of this Agreement do not and will not conflict with or breach the terms of any other agreement by which the Employee is bound (including, but not limited to, to keeping in confidence proprietary information acquired by the Employee in
confidence or in trust prior to his employment by the Company). The Employee further represents that he shall not enter into any agreement, either written or oral, in conflict herewith. 

c. The restrictions contained in this Agreement are necessary for the protection of the business and goodwill of the Company and are
considered by the Employee to be reasonable for such purpose. The Employee agrees that any breach of this Agreement by him/her is likely to cause substantial and irreparable damage to the Company and that in the event of such breach the Company
shall have, in addition to any and all remedies of law, the right to an injunction, specific performance or other equitable relief to prevent the violation of the Employee’s obligations hereunder. The Company may apply for such injunctive
relief in any court of competent jurisdiction without the necessity of posting any bond or other security. 
 15. Governing Law; Forum
Selection Clause. This Agreement and any claims arising out of this Agreement (or any other claims arising out of the relationship between the parties) shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts, without application of the conflict of laws principles thereof. Any claims or legal actions by one party against the other 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 exclusive jurisdiction and venue of any such court. 

  
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 16. Entire Agreement. This Agreement and the parties’ Employment Agrement set forth
the complete, sole and entire agreement between the parties on the subject matter herein and supersedes any and all other agreements, negotiations, discussions, proposals, or understandings, whether oral or written, previously entered into,
discussed or considered by the parties. The Employee agrees that any change or changes in his duties, salary or compensation after the signing of this Agreement shall not affect the validity or scope of this Agreement. 

THE EMPLOYEE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT.

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as a sealed instrument as of the
10th day of March, 2014. 
  

			
	Signature:		/s/ Pankaj Bhargava
	
	Name (Please Print): Pankaj Bhargava, MD
		
	Address:		
	
	ACKNOWLEDGED BY:
	
	DICERNA PHARMACEUTICALS, INC.
		
	By:		/s/ Douglas Fambrough
		
	Name:		Douglas Fambrough
		
	Title:		CEO


  
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