Document:

Exhibit 10.1

 

January 5, 2022

 

Dennis Curran

77 Charlton Street Unit S3C

New York, NY 10014

 

Re:Offer of Employment

 

Dear Dennis:

 

		1.	Offer and Position

 

We
are very pleased to extend an offer of employment to you for the position of Chief Operating Officer (“COO”) of Acreage
Holdings, Inc. (the “Company”). Your employment is contingent upon the successful completion of a review of references
and background checks and will be subject to the terms and conditions set forth in this letter (the “Offer Letter”).
This Offer Letter will be binding upon execution (the “Execution Date”). The Board of Directors of the Company (“Board”)
will take all such actions required for you to be appointed as COO as of the Start Date (as defined below).

 

		2.	Duties, Authority and Responsibilities

 

In your capacity as COO, you will have such duties,
authorities and responsibilities as are (a) commensurate with such title (subject to oversight by the Chief Executive Officer (“CEO”)
of the Company), (b) required of such position, and (c) assigned to you from time to time by the CEO that are reasonably consistent with
your position. You will report directly to the CEO and will be subject to and comply with the Company’s written policies during
your employment with the Company (including but not limited to policies
related to prohibited harassment, discrimination, and retaliation, and prohibited insider trading). You agree to devote substantially
all of your business time and attention to the performance of your duties; provided that (x) you shall not be precluded from engaging
in civic, charitable or religious activities, (y) you shall not be precluded from serving on the board of directors of a corporation or
similar governing body of another company that is not a competitor to the Company or its subsidiaries and that is approved in advance
by the Board, provided however, that while you are COO you will not serve on more than one (1) other board of directors for any
other for-profit business and may be required to resign from these boards in the event that such service interferes with your ability
to perform the duties of COO for the Company , and (z) you shall not be precluded from managing your passive investments. Notwithstanding
the foregoing, any outside activities must be in compliance with the Company’s policies, including its Code of Ethics, including
approval procedures, and must not materially interfere with your duties as COO.

 

		3.	Start Date

 

Your start date will be March 1, 2022 (the “Start Date”).

 

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		4.	Base Salary

 

In consideration of your services, you will be
paid an initial base salary of $350,000 per year, subject to periodic reviews by the Compensation Committee of the Board (the “Committee”),
as determined in its sole and absolute discretion, payable in accordance with the standard payroll practices of the Company and subject
to all withholdings and deductions as required by law. Your initial base salary and any such adjustment in initial base salary shall constitute
“Base Salary” for the purposes of this Offer Letter.

 

		5.	Annual Bonus Award

 

During your employment, you will be eligible to
receive an annual bonus award, with terms and conditions approved by the Committee. Beginning in 2022, your target annual Short Term Incentive
(“STI”) bonus award opportunity will be seventy-five percent (75%) of your base salary with the opportunity to go to one-hundred
and fifty percent (150%) of your base salary if so approved by the Committee, based on the satisfaction of certain Company financial performance
targets, subject to annual review by the Committee. The decision to provide any annual STI bonus and the amount and terms of any annual
bonus award shall be in the sole and absolute discretion of the Committee. The Committee shall determine achievement of all of the financial
performance targets for the annual bonus award along with the form of the award.

 

You will receive no bonus under this Section if
you are not employed by the Company on the date the Committee finalizes the amount of and authorizes payment of the annual bonus award.
The Company will have such authority to demand the repayment or “claw back” of any amounts paid pursuant to this opportunity
as needed to comply with all applicable laws and regulations.

 

		6.	Equity Award

 

During your employment with the Company, you
will be eligible to participate in the Acreage Holdings, Inc. annual Omnibus Equity Incentive Plan, as amended from time to time (the
“Omnibus Plan”), and receive equity awards thereunder in the form as determined by the Committee, and subject
to vesting and other conditions as set forth in the Omnibus Plan and the applicable award agreements.

 

Subject to approval by the Board, the Company
will grant you an initial equity award under the Omnibus Plan (the “Equity Award”). The Equity Award will be granted
on or about your Start Date and is intended to cover any equity award for 2022. The equity award will have a total value of up to $1,050,000,
consisting of New Restricted Stock Units and Floating Restricted Stock Units (the “RSUs”) and New Options and Floating
Options, (the “Options”). The amount and type of RSUs (New/Floating) and Options (New/Floating) shall be determined
solely by the Board and shall be consistent with the type of award issued to the Executive Team of the Company.

 

The
total number of shares of RSUs and Options subject to the Equity Award will be equal to (a) $1,050,000 divided by (b) the closing
price of the Company’s Common Stock on the Canadian Securities Exchange on the Start Date. The Equity Award will vest annually
in one-third increments on the first, second, and third anniversary of your Start Date, provided that you are still employed by the Company
on such dates. The vesting of your RSUs may also have a performance component to be determined by the Board at the time your Equity Award
is formally approved. The Options issued pursuant to the Equity Award will expire five years following the date of the grant.

 

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The Equity Award will be granted under and subject
to the terms of the Omnibus Plan and evidenced in writing by, and subject to the terms of the Options and RSU award agreements.

 

		7.	Minimization of Tax Consequences

 

The Company agrees to use commercially reasonable
efforts in cooperation with you to minimize any tax consequences that you may have as a result of any compensation earned under this Offer
Letter, including but not limited to the structure, transfer or payment of stock options or restricted stock units that you have earned
or may earn in the future, provided however, that the Company shall not be required to take any actions that would result in an adverse
tax, business, financial or other negative impact on the Company or an increase in cost for the Company, and further provided that the
Company shall comply with all applicable laws, statutes, and regulations.

 

		8.	Other Benefits and Perquisites

 

Following the Start Date, you also will be eligible
to participate in the employee benefit plans and programs generally available to the Company’s employees and consistent with such
plans and programs of the Company as in effect as of the date hereof, including but not limited to medical, life and disability insurance,
retirement, vacation/paid time off, fringe benefit, perquisite, business expense reimbursement and travel plans or programs, in accordance
with and subject to eligibility and other terms and conditions of such plans and programs, as in effect from time to time. The Company
reserves the right to amend, modify or terminate any of its benefit plans or programs at any time and for any reason except as set forth
in this Offer Letter.

 

		9.	Withholding

 

All forms of compensation paid to you
as an employee of the Company shall be less all applicable withholdings.

 

		10.	Termination Without Cause

 

If the Company terminates your employment without
Cause (as defined below in this Section 10), then upon execution of a reasonable and customary separation agreement and general release
of claims satisfactory to the Company (which shall be governed by New York law, and referred to as the “Release”),
the Company shall provide you with the following severance benefits (the “Severance Benefits”), provided however,
that your eligibility for the Severance Benefits will not be triggered until you have been employed with the Company for at least three
(3) months:

 

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(a)
Severance Benefits. Commencing on the first payroll date following the effective date of the Release, the Company will
pay Severance Benefits equal to your Base Salary for a period of twelve (12) months, payable in installments on the Company’s regular
payroll dates, subject to required and authorized normal withholdings and deductions. Notwithstanding the foregoing, in the event that
the period during which you can consider, adopt and/or revoke the Release shall cross calendar years, all payments made during such period
shall accumulate and be made in the succeeding calendar year.

 

(b)
Medical Benefits. If you timely elect continuation of medical coverage under the Consolidated Omnibus Budget and Reconciliation
Act of 1985, as amended, or, if applicable, state insurances laws (collectively, “COBRA”), then, as part of your Severance
Benefits, the Company will pay the employer portion of the premiums necessary to continue your medical coverage (including coverage for
eligible dependents, if applicable) through the period starting on the termination date and ending on the earliest to occur of: (i) the
one-year anniversary of your termination date, (ii) the date you and your eligible dependents, if applicable, become eligible for group
health insurance coverage through a new employer; or (iii) the date you cease to be eligible for COBRA continuation coverage for any
reason, including plan termination. If you become eligible for coverage under another employer’s group health plan, you must notify
the Company of such event.

 

(c)
Outstanding Stock Options/RSU’s. Notwithstanding any other provision to the contrary, to the fullest extent permitted
by applicable law, as part of your Severance Benefits, you shall have the right to exercise any vested Options or RSU’s for a period
of twelve (12) months following a Termination of Service (as such term is defined in the Omnibus Plan); provided however, that in the
event of a Change in Control (as such term is defined in the Omnibus Plan) during the Severance Period, your vested Options or RSU shall
be treated in the same manner as other vested Options or RSUs issued and outstanding for other similarly situated active employees of
the Company.

 

(d)
Breach of Severance Obligations. If at any time while you are receiving Severance Benefits from the Company, you materially
breach any contractual or other obligation to the Company (to be determined at the discretion of the Board), the Severance Benefits as
described above shall immediately cease. Following termination of your employment, any benefits to which you may be entitled pursuant
to the Company’s employee benefit plans and policies shall be determined and paid in accordance with the terms of such plans and
policies, and you shall have no further right to receive any other compensation, or to participate in any other plan, arrangement or
benefit, with respect to future periods after such termination.

 

(e)
Cause. For purposes of this Section 10, “Cause” means any of the following: (i) you have engaged in acts of
dishonesty, or acts of fraud or other unlawful behavior against or at the expense of the Company; (ii) you have been convicted of, or
pleaded nolo contendere, to any felony or crime of moral turpitude; (iii) your gross negligence or willful misconduct in the performance
of your duties to the Company; (iv) you have engaged in any conduct which materially and adversely affects the business affairs of the
Company, or violates the policies of the Company; (v) you have refused to substantially perform your duties and responsibilities, or
persistently neglect your duties, or experience chronic unapproved absenteeism,
in each case which continues after you receive
written notice thereof from the Company; (vi) your unauthorized disclosure of trade secrets or other confidential information of the Company;
or (vii) you breach any fiduciary duty owed to the Company. The determination of whether “Cause” exists shall be made by the
Board, and its determination shall be final, conclusive and binding.

 

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		11.	At-will Employment

 

Your
employment with the Company will be for no specific period of time. Rather, your employment will be at-will, meaning that you or the
Board may terminate your employment relationship at any time, with or without cause, and with or without notice and for any reason or
no particular reason. Nothing in this Offer Letter shall be construed to alter the at-will nature of your employment with the Company.
Although your compensation and benefits may change from time to time, the at-will nature of your employment may only be changed by an
express written agreement signed on behalf of the Company by an authorized officer of the Company. Upon the termination of your employment
with the Company for any reason, you will immediately and without the need for any additional action be deemed to have resigned from
all officer positions with the Company and any position you might then hold as a member of the governing boards of the Company.

 

		12.	Governing Law; Entire Agreement

 

This
Offer Letter shall be governed by the laws of the State of New York, without regard to conflict of law principles. Unless specifically
provided herein, this Offer Letter contains all of the understandings and representations between you and the Company pertaining to the
subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written
and oral, with respect to such subject matter.

 

		13.	Indemnification

 

The
Company shall defend, indemnify and hold you harmless to the maximum extent permitted by applicable law, against all claims, liabilities,
costs, charges and expenses incurred or sustained by you in connection with any action, lawsuit, arbitration, mediation or other proceeding
to which you may be made a party by reason of being an Officer, Director or employee of the Company, to the extent based on actions taken
in the course and scope of your employment with the Company.

 

		14.	Mandatory Arbitration

 

Any
dispute, controversy or claim arising out of or related to this Offer Letter or any breach of this Offer Letter, or arising out of or
related to your employment with the Company, shall be submitted to and decided by mandatory binding arbitration administered under New
York law and venued in New York City. You and the Company agree that each is giving up the right to a jury trial or to file a lawsuit
in court against the other, as well as the right to bring a class or collective action against the other in court or in arbitration.
The parties agree to jointly select a retired Judge as the single arbitrator, who shall have the power and authority, with the parties’
input, to set a schedule and process for pre-hearing and hearing matters. If the parties are unable to agree on an arbitrator, then the
arbitration shall be administered by the American Arbitration Association and shall be
conducted consistent with the rules, regulations
and requirements thereof as well as any requirements imposed by state law. Any arbitral award determination shall be final and binding
upon the parties.

 

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		15.	Representations

 

You represent that you are not party to any agreement
that would limit your ability to accept this Offer Letter and to discharge your duties to the Company.

 

		16.	Section 409A

 

The intent of the parties is that the payments
and benefits under this Offer Letter comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and
the rules and regulations and Internal Revenue Service notices thereunder, and accordingly, to the maximum extent permitted, this Offer
Letter shall be interpreted to be in compliance therewith.

 

If any payment, compensation or other benefit
provided to you under this Offer Letter in connection with your “separation from service” (within the meaning of Section 409A)
is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A
and you are a specified employee as defined in Section 409A(2)(B)(i), no part of such payments shall be paid before the day that is six
months plus one day after the date of termination or, if earlier, ten (10) business days following your death (the “New Payment
Date”). The aggregate of any payments and benefits that otherwise would have been paid and/or provided to you during the period
between the date of termination and the New Payment Date shall be paid to you in a lump sum on such New Payment Date. Thereafter, any
payments and/or benefits that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay
over the time period originally scheduled, in accordance with the terms of this Offer Letter. Notwithstanding anything to the contrary
herein, to the extent that the foregoing delay applies to the provision of any ongoing welfare benefits, you shall pay the full cost of
premiums for such welfare benefits due and payable prior to the New Payment Date and the Company will pay you an amount equal to the amount
of such premiums which otherwise would have been paid by the Company during such period within five (5) business days following its conclusion.

 

A termination of employment shall not be deemed
to have occurred for purposes of any provision of this Offer Letter providing for the payment of any amounts or benefits subject to Section
409A upon or following a termination of employment unless such termination is also a “separation from service” within the
meaning of Section 409A, and for purposes of any such provision of this Offer Letter, references to a “resignation,” “termination,”
“terminate,” “termination of employment” or like terms shall mean separation from service.

 

All expenses or other reimbursements as provided
herein shall be payable in accordance with the Company’s policies in effect from time to time, but in any event shall be made on
or prior to the last day of the taxable year following the taxable year in which you incurred the expenses. With regard to any provision
herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A: (i) the right to
reimbursement or in-kind benefits
shall not be subject to liquidation or exchange
for another benefit; and (ii) the amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year
shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year.

 

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For purposes of Section 409A, your right to receive
any installment payments pursuant to this Offer Letter shall be treated as a right to receive a series of separate and distinct payments.
Whenever a payment under this Offer Letter specifies a payment period with reference to a number of days (e.g., payment shall be made
within 30 days following the date of termination), the actual date of payment within the specified period shall be within the sole discretion
of The Company.

 

If you wish to accept this position, please sign
below and return this Offer Letter to me within 5 days. This offer is open for you to accept until January 14, 2022, at which time it
will be deemed to be withdrawn.

 

	 	Sincerely,	 
	 	 	 
	 	Acreage Holdings, Inc.	 
	 	 	 
	 	By:	/s/ Peter Caldini	 
	 	Name:	Peter Caldini	 
	 	Title:	Chief Executive Officer	 

 

 

Acceptance of Offer

 

I have read, understood and accept all the terms
of this Offer Letter. I have not relied on any agreements or representations, express or implied, with respect to such employment which
are not set forth expressly in this Offer Letter or in the documents referred herein, and this Offer Letter supersedes all prior and contemporaneous
understandings, agreements, representations and warranties, both written and oral, with respect to my employment by the Company.

 

	/s/ Dennis Curran	 
	Dennis Curran	 
	 	 
	1/5/2022	 
	Date	 

 

    	 	7Document

Exhibit 10.23

EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”) is between bluebird bio, Inc., a Delaware corporation (the “Company”), and Andrew Obenshain (the “Executive”) and is made effective as of January 7, 2021 (the “Effective Date”).

WHEREAS, the Company and Employee are parties to that certain letter agreement dated as of December 15, 2016 relating to the Company’s employment of the Executive, that certain letter agreement dated as of December 15, 2016 relating to certain severance arrangements, and that certain letter agreement dated as of February 12, 2019 relating to your return to the United States from Switzerland (collectively, the “Prior Agreement”);

WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company on the terms and conditions contained herein, thereby replacing the Prior Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.Employment.

(a)    Term.  The term of this Agreement shall commence on the Effective Date and shall continue until terminated in accordance with the provisions of Section 3 (the “Term”). 

(b)    Position and Duties.  During the Term, the Executive shall serve as the Company’s President, Severe Genetic Disease, and shall have such powers and duties as may from time to time be prescribed by the Chief Executive Officer of the Company (the "CEO") or other authorized executive, provided that such duties are consistent with the Executive’s position or other positions that they may hold from time to time.  The Executive shall report to the CEO.  The Executive shall devote his full working time and efforts to the business and affairs of the Company.  Notwithstanding the foregoing, the Executive may serve on the board of directors of another company, with the prior written approval of the Company’s Board of Directors (the “Board”), and may engage in religious, charitable or other community activities as long as such services and activities do not pose a conflict of interest or interfere with the Executive’s performance of his duties to the Company as provided in this Agreement.  

2.Compensation and Related Matters.

(a)    Base Salary.  The Executive’s base salary rate shall be $435,000 per year, effective October 19, 2020. The Executive’s base salary shall be re-determined annually by the Board or the Compensation Committee of the Board of Directors (the “Compensation Committee”). The annual base salary rate in effect at any given time is referred to herein as 

“Base Salary.” The Executive’s Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives. 

(b)    Incentive Compensation.  The Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time. The Executive’s target annual incentive compensation shall be forty five percent (45%) of his Base Salary, although any the actual incentive compensation amount shall be discretionary. To earn incentive compensation, the Executive must be employed by the Company on the day such incentive compensation is paid.

(c)    Expenses.  The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers.

(d)    Other Benefits.  During the Term, the Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit plans in effect from time to time, subject to the terms and conditions of such plans.

(e)    Vacations.  During the Term, the Executive shall be entitled to accrue paid vacation in accordance with the Company’s applicable policy.

3.Termination.  During the Term, the Executive’s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:

(a)    Death.  The Executive’s employment hereunder shall terminate upon his death.

(b)    Disability.  The Company may terminate the Executive’s employment if he is disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

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(c)    Termination by Company for Cause.  The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean: (i) the Executive’s dishonest statements or acts with respect to the Company, any affiliate of the Company or any of the Company’s current or prospective customers, suppliers, vendors or other third parties with which such entity does business; (ii) the Executive’s commission of a felony or any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the Executive’s failure to perform his assigned duties to the reasonable satisfaction of the Company, which failure, if curable, continues, in the reasonable judgment of the Company, after written notice given to the Executive by the Company; (iv) the Executive’s gross negligence, willful misconduct or insubordination with respect to the Company or any affiliate of the Company; or (v) the Executive’s violation of any provision of any agreement(s) between the Executive and the Company relating to noncompetition, nondisclosure and/or assignment of inventions.

(d)    Termination Without Cause.  The Company may terminate the Executive’s employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause.

(e)    Termination by the Executive.  The Executive may terminate his employment hereunder at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events without the Executive’s express written consent: (i) a material diminution in the Executive’s responsibilities, authority and function; (ii) a material reduction in the Executive’s Base Salary except pursuant to a salary reduction program affecting substantially all of the employees of the Company, provided, that it does not adversely affect the Executive to a greater extent than other similarly situated employees and, provided further, that any reduction in the Executive’s Base Salary of more than ten percent (10%) shall constitute Good Reason; (iii) a material change of more than 30 miles in the geographic location at which the Executive must provide services to the Company (except for required travel on Company business to an extent substantially consistent with the Executive’s usual business travel obligations); or (iv) the material breach by the Company of the Company’s equity incentive plan or the stock option agreement governing the stock option granted to the Executive in connection with his hire (as described in the Prior Agreement) or any other material agreement between the Executive and the Company, if any, concerning the terms and conditions of the Executive’s employment, benefits or compensation. “Good Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”) to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.

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(f)    Notice of Termination.  Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.

(g)    Date of Termination.   “Date of Termination” shall mean (i) if the Executive's employment is terminated by his death, the date of his death; (ii) if the Executive's employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive's employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given; (iv) if the Executive's employment is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if the Executive's employment is terminated by the Executive under Section 3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, (A) in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement, and (B) in the event that the Company terminates the Executive's employment without Cause under Section 3(d), the Company may unilaterally accelerate the Date of Termination to any earlier effective date provided that the Company continues to pay the Executive the Base Salary for the 30-day period immediately following the date on which a Notice of Termination is given to the Executive.

4.Compensation Upon Termination.

(a)    Termination Generally.  If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or provide to the Executive (or to his authorized representative or estate) (i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements, and unused vacation that accrued through the Date of Termination, such payments to be made on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination; and (ii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Benefit”).

(b)    Termination by the Company Without Cause or by the Executive with Good Reason.  During the Term, if the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit. In addition, subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and non-disparagement, in a form and manner satisfactory to the Company (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming fully effective, all within the time frame set forth in the Separation Agreement and Release:
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(i)    the Company shall pay the Executive an amount equal to one times the Executive’s Base Salary (the “Severance Amount”); and

(ii)    if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and

(iii)    the amounts payable under this Section 4(b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

(iv)    The receipt of any severance payments or benefits pursuant to Section 4 will be subject to Executive not violating the Restrictive Covenant Agreement referenced in Section 7 of this Agreement and attached hereto as Exhibit A, the terms of which are hereby incorporated by reference. In the event Executive breaches the Restrictive Covenant Agreement, in addition to all other legal and equitable remedies, the Company shall have the right to terminate or suspend all continuing payments and benefits to which Executive may otherwise be entitled pursuant to Section 4 without affecting the Executive’s release or Executive’s obligations under the Separation Agreement and Release.

5.    Change in Control Payment.  The provisions of this Section 5 set forth certain terms of an agreement reached between the Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage in advance the Executive’s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within 12 months after the occurrence of the first event constituting a Change in Control. These provisions shall terminate and be of no further force or effect beginning 12 months after the occurrence of a Change in Control.

(a)    Change in Control.  During the Term, if within 12 months after a Change in Control, the Executive’s employment is terminated by the Company without Cause as 
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provided in Section 3(d) or the Executive terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of the Separation Agreement and Release by the Executive and the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination, 

(i)    the Company shall pay the Executive a lump sum in cash in an amount equal to one times the sum of (A) the Executive’s current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher), plus (B) the Executive’s Target Incentive Compensation. For purposes of this Agreement, “Target Incentive Compensation” shall mean the Executive’s target annual incentive compensation as set forth in Section 2(b); and

(ii)    notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, all stock options and other stock-based awards granted to the Executive after the date of this Agreement shall immediately accelerate and become fully exercisable or nonforfeitable as of the Date of Termination. The treatment of stock options and other stock-based awards held by the Executive as of the date of this Agreement shall be governed by the terms of the applicable option agreement or other stock-based award agreement; and

(iii)    if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for 12 months or the Executive’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and

(iv)    The amounts payable under this Section 5(a) shall be paid or commence to be paid within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period.

(b)    Additional Limitation.

(i)    Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and the applicable regulations thereunder (the “Severance Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, the following provisions shall apply:

(A)    If the Severance Payments, reduced by the sum of (1) the Excise Tax and (2) the total of the federal, state, and local income and 
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employment taxes payable by the Executive on the amount of the Severance Payments which are in excess of the Threshold Amount, are greater than or equal to the Threshold Amount, the Executive shall be entitled to the full benefits payable under this Agreement.

(B)    If the Threshold Amount is less than (x) the Severance Payments, but greater than (y) the Severance Payments reduced by the sum of (1) the Excise Tax and (2) the total of the federal, state, and local income and employment taxes on the amount of the Severance Payments which are in excess of the Threshold Amount, then the Severance Payments shall be reduced (but not below zero) to the extent necessary so that the sum of all Severance Payments shall not exceed the Threshold Amount. In such event, the Severance Payments shall be reduced in the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order.

(ii)    For the purposes of this Section 5(b), “Threshold Amount” shall mean three times the Executive’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00); and “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred by the Executive with respect to such excise tax.

(iii)    The determination as to which of the alternative provisions of Section 5(b)(i) shall apply to the Executive shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. For purposes of determining which of the alternative provisions of Section 5(b)(i) shall apply, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in the state and locality of the Executive’s residence on the Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

(b)    Definitions.  For purposes of this Section 5, the following terms shall have the following meanings:

“Change in Control” shall mean “Sale Event,” as such term is defined in the Company’s 2013 Stock Option and Incentive Plan.

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6.    Section 409A.

(a)    Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule.

(b)    All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

(c)    To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h).

(d)    The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

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(e)    The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

7.    Confidential Information, Noncompetition and Cooperation.  The Executive agrees to terms of the Assignment of Invention, Nondisclosure and Noncompetition Agreement (“Restrictive Covenant Agreement”) attached to the Prior Agreement, the terms of which are hereby incorporated by reference as material terms of this Agreement. Nothing in this Agreement or the Restrictive Covenant Agreement, and nothing in any policy or procedure, in any other confidentiality, employment, separation agreement or in any other document or communication from the Company limits the Executive’s ability to file a charge or complaint with any government agency concerning any acts or omissions that the Executive may believe constitute a possible violation of federal or state law or making other disclosures that are protected under the whistleblower provisions of applicable federal or state law regulation or affects the Executive’s ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by a government agency, including by providing documents or other information, without notice to the Company. In addition, for the avoidance of doubt, pursuant to the federal Defend Trade Secrets Act of 2016, the Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

8.    Consent to Jurisdiction.  The parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

9.    Integration.  This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties concerning such subject matter.

10.    Withholding.  All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law.

11.    Successor to the Executive.  This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after his termination of employment but prior to the completion by the Company of all payments due his under this Agreement, the Company shall continue such payments to the Executive’s beneficiary 
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designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such designation).

12    Enforceability.  If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of the Restrictive Covenant Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

13.    Survival.  The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein.

14.    Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

15.    Notices.  Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board.

16.    Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the Company.

17.    Governing Law.  This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth.  With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit.

18.    Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

19.    Successor to Company.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement.
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20.    Gender Neutral.  Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise.
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IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written.

									
		BLUEBIRD BIO, INC.
			
		By:	/s/ Kathy Wilkinson
			Kathy Wilkinson
		Its:	Chief People Officer
			
			
		/s/ Andrew Obenshain
		Andrew Obenshain
			

Exhibit A

Restrictive Covenant Agreement

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