Document:

EX-10.16

 Exhibit 10.16 

May 8, 2017 
 Anthony Coyle 

Dear Tony: 
 On behalf of Immunotolerance, Inc.
(the “Company” or “Immunotolerance”), I am pleased to offer you employment with the Company. The purpose of this letter agreement (the “Agreement”) is to set forth the terms of your employment with the Company. 

1.    You will be employed to serve on a full-time basis as Founder and Chief Executive Officer and you will serve as a
member of the Company’s Board of Directors (the “Board”), each effective August 1, 2017. You will report directly to the Board and have such duties and responsibilities as are customary for such position, plus such other duties
as may from time to time be assigned to you by the Board. You agree to devote your full business time, best efforts, skill, knowledge, attention and energies to the advancement of the Company’s business and interests and to the performance of
your duties and responsibilities as an employee of the Company; provided that you may (i) engage in charitable, educational, religious, civic and similar types of activities and (ii) serve on the board of directors of for-profit business enterprises, provided that such service is approved by the Board prior to commencement thereof (such approval not to be unreasonably withheld), to the extent that such activities are not
competitive with the Company’s business and do not inhibit or prohibit the performance of your duties hereunder. You agree to abide by the rules, regulations, personnel practices and policies of the Company and any changes therein that may be
adopted from time to time by the Company. You will perform your services under this Agreement primarily at the Company’s offices in the Boston, Massachusetts area, or at such place or places as you and the Company may agree. Notwithstanding
anything in the preceding sentence, however, you understand and agree that your employment will require travel from time to time. 

2.    Your base salary will be at the rate of $33,333.33 per monthly pay period (equivalent to an annualized base salary
of $400,000.00), subject to tax and other withholdings as required by law. Such base salary may be adjusted from time to time in accordance with normal business practice and in the sole discretion of the Board. 

3.    Following the end of each calendar year and subject to the approval of the Board (or a committee thereof), you will
be eligible for a retention and performance bonus, targeted at $175,000, based on your individual performance and the Company’s performance during the applicable calendar year, as determined by the Board in its discretion in accordance with
certain objectives to be mutually agreed upon between you and the Board each year; provided, however, that for 2017 any such bonus shall be determined on a pro-rated basis. You must be an active employee of
the Company on the date any bonus is distributed in order to be eligible for and to earn a bonus award, as it also serves as an incentive to remain employed by the Company. The Board shall determine bonus awards and make payment of bonuses, if any,
no later than March 15 of the year after the bonus year for each year of your employment. 

 4.    You may participate in any and all benefit programs that the
Company establishes and makes available to its employees or executives from time to time, provided you are eligible under (and subject to all provisions of) the plan documents governing those programs. The benefit programs made available by the
Company, and the rules, terms and conditions for participation in such benefit programs, may be changed by the Company at any time without advance notice (other than as required by such programs or under law). 

5.    You will be eligible for a maximum of five weeks of vacation per calendar year to be taken in accordance with the
standard written policies of the Company. The number of vacation days for which you are eligible shall accrue at the rate of 2.0833 days per month that you are employed during such calendar year. 

6.    Subject to the approval of the Board and the terms and conditions of the Restricted Stock Agreement, the Company
shall issue and sell to you and you shall purchase 2,000,000 shares (the “Shares”) of common stock, $.0001 par value, of the Company (“Common Stock”), at a purchase price of $.0001 per share (aggregate purchase price of $200).
The Shares will be evidenced in writing by, and subject to, the terms of the Company’s 2017 Stock Plan and the Restricted Stock Agreement provided by the Company, which agreement will include terms specifying monthly vesting over four years
with a one year cliff, repurchase option for the Company and right of first refusal for purchase of the Shares by the Company. The Restricted Stock Agreement will provide for 100% accelerated vesting in the event that your employment is terminated
by the Company without Cause (as defined below) or by you for Good Reason (as defined below) in each case within twelve (12) months following a Change of Control (as defined below). 

7.    Upon submission of appropriate documentation in accordance with Company policies, the Company will promptly pay, or
reimburse you for, all reasonable business expenses that you incur in performing your duties under this Agreement, as long as such expenses are reimbursable under the Company’s policies. Payments with respect to reimbursements of business
expenses will be made in the ordinary course in accordance with the Company’s procedures. 
 8.    If your
employment is terminated by the Company without Cause or if you terminate your employment for Good Reason, (i) the Company will pay you as severance pay an aggregate amount equivalent to twelve (12) months (the “severance pay
period”) of your then current annual base salary, less all applicable taxes and withholdings, which severance pay will be paid ratably in accordance with the Company’s regular payroll practices over a period of twelve (12) months
beginning in the Company’s first regular payroll cycle after the Release Agreement (as defined below) becomes effective; provided, however, that if the 60th day referenced below occurs in the calendar year following the date of your
termination, then the severance pay shall begin no earlier than January 1 of such subsequent calendar year; and (ii) should you timely elect and be eligible to continue receiving group medical coverage pursuant to the “COBRA”
law, and so long as the Company can provide such benefit without violating the nondiscrimination requirements of applicable law, the Company will for a period of twelve (12) months following your termination (the “benefits period”)
continue to pay the share of the premium for such coverage that is paid by the Company for active and similarly-situated employees who receive the same type of coverage (the remaining balance of any premium costs shall timely be paid by you on a
monthly basis for as long as, and to the extent that, you remain eligible for COBRA continuation). Additionally, if, within 

  
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twelve (12) months following a Change of Control, your employment is terminated by the Company without Cause or by you for Good Reason, the Company will pay you as additional severance pay
an aggregate amount equivalent to your retention and performance bonus at target for the year in which your employment is terminated, which amount will be paid in a lump sum on the first regular payroll cycle after the Release Agreement becomes
effective. To receive any of the severance benefits provided for under this paragraph of this Agreement or otherwise, you must deliver to the Company a separation agreement and general release of claims (the “Release Agreement”) in the
form the Company provides and which is reasonably acceptable to you (which shall include a release of all releasable claims, reasonable obligations to cooperate, an obligation to not disparage the Company, and reaffirmation of your obligations under
the Restrictive Covenants Agreements (as defined below)), which Release Agreement must become irrevocable within 60 days (or such earlier date as the release provides) following the date of your termination of employment. Attached as Appendix
A are the terms and conditions applicable to the payment of any severance hereunder. 
 9.    If your employment is
terminated by the Company for Cause or if you terminate your employment other than for Good Reason, the Company shall pay you your earned and accrued but unpaid cash compensation, in the form of a lump-sum
payment, to be paid not later than the next regular payroll cycle following your date of termination, which shall equal the sum of (i) any portion of your then current annual base salary earned through the date of termination that has not yet
been paid, (ii) any unpaid retention and performance bonus that was earned by you and declared due and owing by the Company and (iii) any accrued but unpaid vacation time, in each case subject to applicable taxes and withholding. The
Company shall also provide you with any other benefits (other than severance benefits) to which you are entitled under the Company’s benefit plans and arrangements as and when due under such plans and arrangements. 

10.    For purposes of this Agreement: 

“Cause” means any of: (a) your conviction of, or plea of guilty or nolo contendere to, any crime involving
dishonesty or moral turpitude or any felony; or (b) that you have (i) engaged in dishonesty, willful misconduct or gross negligence with respect to the Company or its affiliates, (ii) committed an act that materially injures or would
reasonably be expected to materially injure the reputation, business or business relationships of the Company, which act, if curable, is not cured within 30 days after delivery of written notice thereof, (iii) materially breached the terms of
any of the restrictive covenants or confidentiality agreements or any similar agreement with the Company, (iv) violated Company policies or procedures, which breach, if curable, is not cured within 30 days after delivery of written notice
thereof; and/or (v) failed to perform your assigned duties to the Board’s satisfaction, following notice of such failure by the Company and a period of 30 days to cure. 

“Change of Control” means, regardless of form thereof, consummation of (a) the sale of all or substantially all
of the assets of the Company on a consolidated basis to an unrelated person or entity, (b) a merger, reorganization or consolidation in which the outstanding shares of capital stock of the Company are converted into or exchanged for securities
of the successor entity and the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the successor entity immediately upon completion of such
transaction, (c) the sale of all or a majority of the outstanding capital stock of the Company to an unrelated person or entity or 

  
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(d) any other transaction in which the owners of the Company’s outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting
power of the successor entity immediately upon completion of the transaction; provided, however, that “Change of Control” shall not include any financing transaction of the Company (whether public or private) that would otherwise be and/or
trigger a “Change of Control” under (c) and/or (d) above. 
 “Good Reason” means that the
Company has engaged in any of the following without your consent: (a) a Reduction in Duties (as defined below), (b) any material and adverse breach of this Agreement by the Company, (c) relocation of the Company’s headquarters more
than fifty (50) miles from its present location or your transfer to any location more than fifty (50) miles from the location of the current headquarters or (d) any material1
reduction in your base compensation, bonus target, or benefits (other than in connection with, and in an amount substantially proportionate to, reductions made by the Company to the base salaries, bonus targets, or benefits of the other executives);
provided, that no such event shall constitute Good Reason unless (i) you provide written notice of such event to the Company within thirty (30) days of the occurrence of such event, (ii) the Company fails to cure such event within
thirty (30) days following receipt of your written notice and (iii) you actually terminate employment within thirty (30) days following the cure period. 

“Reduction in Duties” means: (i) prior to a Change of Control, a material reduction by the Company in your
duties, position, title, or responsibilities; and (ii) after a Change of Control, a material reduction by the Company in your duties and responsibilities. For the avoidance of doubt, if Immunotolerance becomes a subsidiary, division or business
unit as a result of a Change of Control and you are responsible for the leadership and/or management of that unit, this shall not be considered a Reduction in Duties. Moreover, if you receive a senior management position with the company that
survives the Change of Control with responsibilities that are approximately commensurate with your responsibilities at Immunotolerance prior to the Change of Control, then this also shall not be considered a Reduction in Duties. 

11.    In connection with signing this Agreement, and as a condition of your continued employment with the Company, you
agree to execute an Invention and Non-Disclosure Agreement and a Non-Competition and Non-Solicitation Agreement in the forms
attached as Exhibit A and Exhibit B (collectively, the “Restrictive Covenants Agreements”), which address your responsibilities to the Company in connection with confidentiality, transfer and protection of intellectual
property, noncompetition, and non-solicitation of employees and customers. 

12.    You represent that you are not bound by any employment contract, restrictive covenant or other restriction
preventing (or that purports to prevent) you from entering into employment with or carrying out your responsibilities for the Company, or which is in any way inconsistent with the terms of this letter. 

  
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 13.    You agree to provide to the Company, within three days of your
hire date, documentation of your eligibility to work in the United States, as required by the Immigration Reform and Control Act of 1986. You may need to obtain a work visa in order to be eligible to work in the United States. If that is the case,
your employment with the Company will be conditioned upon your obtaining a work visa in a timely manner as determined by the Company. 

14.    This letter shall not be construed as an agreement, either expressed or implied, to employ you for any stated term,
and shall in no way alter the Company’s policy of employment at will, under which both you and the Company remain free to terminate the employment relationship, with or without cause, at any time, with or without notice. Although your job
duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at-will” nature of your employment may only be changed by
a written agreement signed by you and the Board, which expressly states the intention to modify the at-will nature of your employment. Similarly, nothing in this letter shall be construed as an agreement,
either express or implied, to pay you any compensation or grant you any benefit beyond the end of your employment with the Company, except to the extent set forth in Sections 8 and 9 hereof. 

15.    The Company’s premises, including all workspaces, furniture, documents, and other tangible materials, and all
information technology resources of the Company (including computers, data and other electronic files, and all internet and email) are subject to oversight and inspection by the Company at any time. Company employees should have no expectation of
privacy with regard to any Company premises, materials, resources, or information. 
 16.    This offer letter is your
formal offer of employment and supersedes any and all prior or contemporaneous agreements, discussions and understandings, whether written or oral, relating to the subject matter of this letter or your employment with the Company. The resolution of
any disputes under this letter will be governed by the laws of the Commonwealth of Massachusetts. 
 * * * 

  
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 If you agree with the provisions of this letter, please sign the enclosed duplicate of this
letter in the space provided below and return it to me. 
 Please know that we are truly enthused at the prospect of you becoming part of
the Immunotolerance team and at your leadership helping to build what we hope will be an exceptional organization, one that is both a scientific pioneer and that delivers transformative medicines to many, many patients. We believe that you will be a
fundamental part of turning that aspiration into reality. 
  

			
	Very truly yours,
		
	By:	 	/s/ Alan Crane     
	Name:	 	Alan Crane
	Title:	 	President

 The foregoing correctly sets forth the terms of my 

employment by Immunotolerance, Inc. 
  

							
	/s/ Anthony Coyle	 		 	Date:	 	05/08/2017
	Name: Anthony Coyle	 		 		 	

  
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 APPENDIX A 

Payments Subject to Section 409A 
 1.
    Subject to this Appendix A, any severance payments that may be due under the Agreement shall begin only upon the date of your “separation from service” (determined as set forth below) which occurs on or after the
termination of your employment. The following rules shall apply with respect to distribution of the severance payments, if any, to be provided to you under the Agreement, as applicable: 

(a)    It is intended that each installment of the severance payments under the Agreement provided under shall be treated
as a separate “payment” for purposes of Section 409A. Neither the Company nor you shall have the right to accelerate or defer the delivery of any such payments except to the extent specifically permitted or required by
Section 409A. 
 (b)    If, as of the date of your “separation from service” from the Company, you are not
a “specified employee” (within the meaning of Section 409A), then each installment of the severance payments shall be made on the dates and terms set forth in the Agreement. 

(c)    If, as of the date of your “separation from service” from the Company, you are a “specified
employee” (within the meaning of Section 409A), then: 
 (i)    Each installment of the severance payments due
under the Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when your separation from service occurs, be paid within the short-term deferral period (as defined under Section 409A)
shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A and shall be paid on the dates and
terms set forth in the Agreement; and 
 (ii)    Each installment of the severance payments due under the Agreement that
is not described in this Appendix A, Section 1(c)(i) and that would, absent this subsection, be paid within the six-month period following your “separation from service” from the Company shall
not be paid until the date that is six months and one day after such separation from service (or, if earlier, your death), with any such installments that are required to be delayed being accumulated during the
six-month period and paid in a lump sum on the date that is six months and one day following your separation from service and any subsequent installments, if any, being paid in accordance with the dates and
terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments if and to the maximum extent that such installment is deemed to be paid under a separation pay plan that does
not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any
installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following the taxable year in which
the separation from service occurs. 

  
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 2.    The determination of whether and when your separation from service from the
Company has occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Appendix A,
Section 2, “Company” shall include all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Internal Revenue Code of 1986, as amended (the “Code”). 

3.    Any reimbursements and in-kind benefits provided under the Agreement or otherwise that
constitute deferred compensation within the meaning of Code Section 409A shall be made or provided in accordance with the requirements of Code Section 409A, including, without limitation, that (i) in no event shall any fees, expenses
or other amounts eligible to be reimbursed by the Company under this Agreement or otherwise be paid later than the last day of the calendar year next following the calendar year in which the applicable fees, expenses or other amounts were incurred;
(ii) the amount of expenses eligible for reimbursement, or in-kind benefits that the Company is obligated to pay or provide, in any given calendar year shall not affect the expenses that the Company is
obligated to reimburse, or the in-kind benefits that the Company is obligated to pay or provide, in any other calendar year; and (iii) your right to have the Company pay or provide such reimbursements and
in-kind benefits may not be liquidated or exchanged for any other benefit. 
 4.    The Company
makes no representation or warranty and shall have no liability to you or to any other person if any of the provisions of the Agreement (including this Appendix) are determined to constitute deferred compensation subject to Section 409A but
that do not satisfy an exemption from, or the conditions of, that section. 

  
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 Exhibit 10.17 

VIA HAND DELIVERY 
 July 10, 2019 (as amended
July 18, 2019 and sent via electronic mail) 
 Anthony Coyle 

Dear Tony: 
 As we discussed, your
employment with Pandion Therapeutics, Inc. (the “Company”) will end effective July 17, 2019 (the “Separation Date”). As we also discussed, the period between the date of this letter agreement and the Separation Date
will be a transition period, during which you will use your best efforts to, at the direction of the Company, professionally transition your duties, including cooperating with the Company’s announcement of your separation. Provided you do so,
you will be eligible to receive the severance benefits described in paragraph 2 below if you sign and return this letter agreement to me by August 1, 2019 (but no earlier than the Separation Date) and do not revoke your acceptance (as described
below). By signing and returning this letter agreement and not revoking your acceptance, you will be entering into a binding agreement with the Company and will be agreeing to the terms and conditions set forth in the numbered paragraphs below,
including the release of claims set forth in paragraph 4. Therefore, you are advised to consult with an attorney before signing this letter agreement and you have been given at least twenty-one (21) days
to do so. If you sign this letter agreement, you may change your mind and revoke your agreement during the seven (7) day period after you have signed it (the “Revocation Period”) by notifying me in writing. If you do not so
revoke, this letter agreement will become a binding agreement between you and the Company upon the expiration of the Revocation Period. 

Although your receipt of the severance benefits is expressly conditioned on your entering into this letter agreement, the following will apply
regardless of whether or not you timely enter into this letter agreement: 
  

	 	•	 	 As of the Separation Date, all salary payments from the Company will cease and any benefits you had as of the
Separation Date under Company-provided benefit plans, programs, or practices will terminate, except as required by federal or state law. 

  

	 	•	 	 You will receive on the Separation Date payment for your final wages and any unused vacation time accrued through
the Separation Date. 

  

	 	•	 	 You may, if eligible and at your own cost, elect to continue receiving group medical insurance pursuant to the
“COBRA” law. Please consult the COBRA materials to be provided under separate cover for details regarding these benefits. 

  

	 	•	 	 You are obligated to keep confidential and not to use or disclose any and all
non-public information concerning the Company that you acquired during the course of your employment with the Company, including any non-public information concerning
the Company’s business affairs, business prospects, and financial condition, except as otherwise permitted by paragraph 11 below. Further, you remain subject to your continuing obligations to the Company as set forth in the Invention and
Non-Disclosure and Non-Competition and Non-Solicitation Agreements you previously executed for the benefit of the Company,
which remain in full force and effect. 

  

	 	•	 	 You must return to the Company on the Separation Date all Company property. 

 The following numbered paragraphs set forth the terms and conditions that will apply if you
timely sign and return this letter agreement and do not revoke your acceptance: 
 1.    Resignations
– You hereby resign, effective as of the Separation Date, from any and all positions that you hold as an officer and/or director of the Company, its subsidiaries, or parent, including, without limitation, your positions as a President and
Treasurer, and as a member of the Board of Directors, of the Company, Pandion Programco 1, Inc., and Pandion Therapeutics Holdco, LLC, and agree that you will execute and deliver any documents reasonably necessary to effectuate such resignations.

 2.    Severance Benefits –The Company will provide you with the following severance benefits (the
“severance benefits”): 
  

	 	a.	 Severance Pay. The Company will pay to you $420,784, less all applicable taxes and withholdings, as
severance pay (an amount equivalent to twelve (12) months of your current base salary). This severance pay will be paid in installments in accordance with the Company’s regular payroll practices, but in no event shall payments begin
earlier than the Company’s first payroll date following expiration of the Revocation Period. 

  

	 	b.	 COBRA Benefits. Should you timely elect and be eligible to continue receiving group health insurance
pursuant to the “COBRA” law, the Company will, for twelve (12) months following the Separation Date (the “COBRA Contribution Period”), continue to pay the share of the premiums for such coverage to the same extent it was
paying such premiums on your behalf immediately prior to the Separation Date. The remaining balance of any premium costs during the COBRA Contribution Period, and all premium costs thereafter, shall be paid by you on a monthly basis for as long as,
and to the extent that, you remain eligible for COBRA continuation. 

 You will not be eligible for, nor
shall you have a right to receive, any payments or benefits from the Company following the Separation Date other than as set forth in this paragraph. 

3.    Equity – As of the Separation Date, you hold 2,000,000 Common Shares of Pandion Therapeutics
Holdco LLC (the “Total Shares”), 958,326 of which are vested based on your vesting commencement date of August 1, 2017 (the “Vested Shares”). Pandion Therapeutics Holdco LLC intends to repurchase from you, in accordance with
the terms of the Restricted Common Share Agreement dated January 1, 2019, an aggregate of 1,041,674 Common Shares, which amount constitutes the number of Total Shares that are not Vested Shares as of the Separation Date (the
“Unvested Shares”). You hereby acknowledge and agree that (i) the Vested Shares constitute all equity rights you have in the Company, its subsidiaries, or parent, and (ii) Pandion Therapeutics Holdco LLC has advised you of
its intention to repurchase the Unvested Shares, which it will accomplish within ninety (90) days following the Separation Date in accordance with the terms set forth in the Restricted Common Share Agreement. 

4.    Release of Claims – In consideration of the severance benefits, which you acknowledge you would
not otherwise be entitled to receive, you hereby fully, forever, irrevocably and unconditionally release, remise and discharge the Company, its affiliates, subsidiaries, parent companies, predecessors, and successors, and all of their respective
past and present officers, directors, stockholders, partners, members, employees, agents, representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate

  
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capacities) (collectively, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs,
accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that you ever had or now have
against any or all of the Released Parties, whether known or unknown, including, but not limited to, any and all claims arising out of or relating to your employment with and/or separation from the Company, including, but not limited to, all claims
under Title VII of the Civil Rights Act, the Americans With Disabilities Act, the Age Discrimination in Employment Act, the Genetic Information Nondiscrimination Act, the Family and Medical Leave Act, the Worker Adjustment and Retraining
Notification Act, the Rehabilitation Act, Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, and the Employee Retirement Income Security Act, all as amended; all claims arising out of the Massachusetts Fair Employment
Practices Act, Mass. Gen. Laws ch. 151B, § 1 et seq., the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, § 148 et seq. (Massachusetts law regarding payment of wages and overtime), the Massachusetts Civil
Rights Act, Mass. Gen. Laws ch. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, Mass. Gen. Laws. ch. 93, § 102, Mass. Gen. Laws ch. 214, § 1C (Massachusetts right to be free from sexual harassment law), the Massachusetts
Labor and Industries Act, Mass. Gen. Laws ch. 149, § 1 et seq., Mass. Gen. Laws ch. 214, § 1B (Massachusetts right of privacy law), the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, § 105D, and the
Massachusetts Small Necessities Leave Act, Mass. Gen. Laws ch. 149, § 52D, all as amended; all common law claims including, but not limited to, actions in defamation, intentional infliction of emotional distress, misrepresentation, fraud,
wrongful discharge, and breach of contract (including, without limitation, all claims arising under or relating to your May 8, 2017 offer letter); all claims to any non-vested ownership interest in the
Company, contractual or otherwise; all state and federal whistleblower claims to the maximum extent permitted by law; and any claim or damage arising out of your employment with and/or separation from the Company (including a claim for retaliation)
under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that this release of claims does not prevent you from filing a charge with, cooperating with, or participating in
any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment practices agency (except that you acknowledge that you may not recover any monetary benefits in connection with any such charge,
investigation, or proceeding, and you further waive any rights or claims to any payment, benefit, attorneys’ fees or other remedial relief in connection with any such charge, investigation or proceeding). 

5.    Continuing Obligations – You acknowledge and reaffirm your confidentiality and non-disclosure obligations discussed on page 1 of this letter agreement, as well as the obligations set forth in the Invention and Non-Disclosure and Non-Competition and Non-Solicitation Agreements, which survive your separation from employment with the Company. 

6.    Non-Disparagement – You understand and agree that, to the
extent permitted by law and except as otherwise permitted by paragraph 11 below, you will not, in public or private, make any false, disparaging, derogatory or defamatory statements, online (including, without limitation, on any social media,
networking, or employer review site) or otherwise, to any person or entity, including, but not limited to, any media outlet, industry group, financial institution or current or former employee, board member, consultant, client or customer of the
Company, regarding the Company or any of the other Released Parties, or regarding the Company’s business affairs, business prospects, or financial condition. The Company, in turn, agrees to instruct those with knowledge of this letter agreement
not to, in public or private, make any false, disparaging, derogatory or defamatory statements about you. 

  
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 7.    Company Affiliation – You agree that, following
the Separation Date, you will not hold yourself out as an officer, employee, or otherwise as a representative of the Company, its subsidiaries or parent.

8.    Return of Company Property – You confirm that you have returned to the Company all keys,
files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software, printers, flash drives and other storage devices, wireless handheld devices, cellular phones, tablets, etc.), Company identification, and any
other property of the Company, its subsidiaries or parent in your possession or control, and that you have left intact all, and have otherwise not destroyed, deleted, or made inaccessible, any electronic documents, including, but not limited to,
those that you developed or helped to develop during your employment, and that you have not (a) retained any copies in any form or media; (b) maintained access to any copies in any form, media, or location; (c) stored any copies in
any physical or electronic locations that are not readily accessible or not known to the Company or that remain accessible to you; or (d) sent, given, or made accessible any copies to any persons or entities that the Company has not authorized
to receive such electronic or hard copies. You further confirm that you have cancelled all accounts for your benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge cards, cellular phone accounts,
and computer accounts. 
 9.    Business Expenses and Final Compensation – You acknowledge that you
have been reimbursed by the Company for all business expenses incurred in conjunction with the performance of your employment and that no other reimbursements are owed to you. You further acknowledge that you have received payment in full for all
services rendered in conjunction with your employment by the Company, including payment for all wages, bonuses, and accrued, unused vacation time, and that no other compensation is owed to you except as provided herein. 

10.    Confidentiality – You understand and agree that, to the extent permitted by law and except as
otherwise permitted by paragraph 11 below, the terms and contents of this letter agreement, and the contents of the negotiations and discussions resulting in this letter agreement, shall be maintained as confidential by you and your agents and
representatives and shall not be disclosed except as otherwise agreed to in writing by the Company. 

11.    Scope of Disclosure Restrictions – Nothing in this letter agreement or elsewhere prohibits you
from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating in government agency
investigations or proceedings. You are not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the disclosure of information you obtained through a communication that was subject to the
attorney-client privilege. Further, notwithstanding your confidentiality and nondisclosure obligations, you are hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable
under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely
for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for
retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document
containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.” 

  
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 12.    Cooperation – You agree that, to
the extent permitted by law, you shall cooperate fully with the Company, its subsidiaries and parent in the investigation, defense or prosecution of any claims or actions which already have been brought, are currently pending, or which may be
brought in the future against the Company, its subsidiaries or parent by a third party or by or on behalf of the Company, its subsidiaries or parent against any third party, whether before a state or federal court, any state or federal government
agency, or a mediator or arbitrator. Your full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel for the Company, its subsidiaries or parent, at reasonable times and
locations designated by the Company, its subsidiaries or parent, to investigate or prepare the claims or defenses of the Company, its subsidiaries or parent, to prepare for trial or discovery or an administrative hearing, mediation, arbitration or
other proceeding and to act as a witness when requested by the Company, its subsidiaries or parent. You further agree that, to the extent permitted by law, you will notify the Company promptly in the event that you are served with a subpoena
(other than a subpoena issued by a government agency), or in the event that you are asked to provide a third party (other than a government agency) with information concerning any actual or potential complaint or claim against the Company,
its subsidiaries or parent. 
 13.    Amendment and Waiver – This letter agreement shall be
binding upon the parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the parties hereto. This letter agreement is binding upon and shall
inure to the benefit of the parties and their respective agents, assigns, heirs, executors, successors and administrators. No delay or omission by the Company in exercising any right under this letter agreement shall operate as a waiver of that or
any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to or waiver of any right on any other occasion. 

14.    Validity – Should any provision of this letter agreement be declared or be determined by any
court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this letter
agreement. 
 15.    Nature of Agreement – You understand and agree that this letter agreement
is a severance agreement and does not constitute an admission of liability or wrongdoing on the part of the Company, its subsidiaries or parent. 

16.    Acknowledgments – You acknowledge that you have been given at least twenty-one (21) days to consider this letter agreement, and that the Company is hereby advising you to consult with an attorney of your own choosing prior to signing this letter agreement. You acknowledge that
the changes made to the initial July 10, 2019 letter agreement were made at your request and that such changes, whether material or immaterial, did not restart the twenty-one (21) day review period.
You understand that you may revoke this letter agreement for a period of seven (7) days after you sign this letter agreement by notifying me in writing, and the letter agreement shall not be effective or enforceable until the expiration of this
seven (7) day revocation period. You understand and agree that by entering into this letter agreement, you are waiving any and all rights or claims you might have under the Age Discrimination in Employment Act, as amended by the Older Workers
Benefit Protection Act, and that you have received consideration beyond that to which you were previously entitled. 

17.    Voluntary Assent – You affirm that no other promises or agreements of any kind have been
made to or with you by any person or entity whatsoever to cause you to sign this letter agreement, and that you fully understand the meaning and intent of this letter agreement. You further state and represent that you have carefully read this
letter agreement, understand the contents herein, freely and voluntarily assent to all of the terms and conditions hereof, and sign your name of your own free act. 

  
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 18.    Applicable Law – This letter agreement shall
be interpreted and construed by the laws of the Commonwealth of Massachusetts, without regard to conflict of laws provisions. You hereby irrevocably submit to and acknowledge and recognize the jurisdiction of the courts of the Commonwealth of
Massachusetts, or if appropriate, a federal court located in the Commonwealth of Massachusetts (which courts, for purposes of this letter agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising
out of, under or in connection with this letter agreement or the subject matter hereof. 
 19.    Entire
Agreement – This letter agreement contains and constitutes the entire understanding and agreement between the parties hereto with respect to your severance benefits and the settlement of claims against the Company and cancels all
previous oral and written negotiations, agreements, and commitments in connection therewith.  
 20.    Tax
Acknowledgement – In connection with the severance benefits provided to you pursuant to this letter agreement, the Company shall withhold and remit to the tax authorities the amounts required under applicable law, and you shall be
responsible for all applicable taxes with respect to such severance benefits under applicable law. You acknowledge that you are not relying upon the advice or representation of the Company with respect to the tax treatment of any of the severance
benefits set forth in paragraph 2 of this letter agreement. 
 If you have any questions about the matters covered in this letter agreement,
please call me. 
  

			
	Very truly yours,
		
	By:	 	/s/ Alan Crane
		 	 Alan Crane
 Chairman of the
Board

 I hereby agree to the terms and conditions set forth above. I have been given at least
twenty-one (21) days to consider this letter agreement, and I have chosen to execute this on the date below. I acknowledge that the changes made to the initial July 10, 2019 letter agreement were
made at my request and that such changes, whether material or immaterial, did not restart the twenty-one (21) day review period. I intend that this letter agreement will become a binding agreement between
me and the Company if I do not revoke my acceptance in seven (7) days. 
  

					
	/s/ Anthony Coyle	 		 	07/23/2019
	Anthony Coyle	 		 	Date

 To be returned in a timely manner as set forth on the first page of this letter agreement. 

  
 - 6 -

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