Document:

EX-10.16

 Exhibit 10.16 

CONSULTING AGREEMENT 
 THIS CONSULTING
AGREEMENT (together with its Schedule A, this “Agreement”) made as of November 11, 2019 (the “Effective Date”), is between Decibel Therapeutics, Inc., with a principal business address at 1325
Boylston St., Suite 500, Boston, MA 02215 USA (“Decibel”), and Laurence Reid, PhD (“Consultant”). 
  

	1.	 Consulting Services. Decibel hereby retains Consultant to provide certain consulting services (the
“Services”) on the terms described herein. Such Services will include those specific activities described in Schedule A to this Agreement and such other tasks that Decibel reasonably requests of Consultant during the term of
this Agreement. Consultant shall render the Services at such times and locations as Decibel reasonably requests, but Consultant otherwise retains the right to control or direct the details, manner and means by which Consultant performs the Services.
Consultant shall provide Decibel with written project or status reports as Decibel directs, as well as any other writings, specifications, drawings, models, and similar documentation that are appropriate given the nature of the Services. Consultant
shall deliver these reports and other materials to the attention of Steven H. Holtzman or his designate. Consultant agrees not to employ, subcontract, or otherwise engage any other person or entity to perform any Services under this Agreement
without Decibel’s prior written consent. 

  

	2.	 Compensation. 

 

	 	2.1.	 Fees. Decibel shall pay Consultant a fee for the Services at the rate specified in Schedule A to
this Agreement. Decibel shall pay the applicable fee within thirty (30) days of its receipt of invoices detailing the Services performed and, if applicable, the time spent performing them, provided that Consultant has delivered to Decibel all
reports or other materials related to the Services. Consultant shall keep reasonably detailed records of all hours worked on Decibel’s behalf under this Agreement, and shall make those records available to Decibel upon Decibel’s reasonable
request. Each party represents that, to the best of its knowledge, the fee set forth in Schedule A constitutes fair market value for the Services. Consultant shall invoice Decibel to the attention of Accounts Payable for Services rendered
hereunder. 

  

	 	2.2.	 Expenses. Decibel shall reimburse Consultant for all pre-approved, reasonable and necessary travel,
lodging, and meal expenses required and incurred in performing the Services. These expenses will be reviewed and reimbursed pursuant to Decibel’s corporate policies for such expenses (that require, among other things, the submission of receipts
or other verification). Decibel may provide modest meals to Consultant in the course of Consultant’s performance of the Services. 

  

	3.	 Term. This Agreement will begin on the Effective Date and continue through February 7, 2020. The
Agreement may be extended by mutual agreement of the parties or earlier terminated in accordance with its terms. Each party may terminate this Agreement with immediate effect by delivering written notice to the other party. Sections 4 and 5 of this
Agreement shall survive any expiration or termination of this Agreement as specified therein. 

  

	4.	 Confidentiality. The term “Confidential Information” includes all non-public
scientific, technical, business or financial information possessed or obtained by, developed for, or given to Decibel that is treated by Decibel as confidential or proprietary, whether or not labeled “Confidential.” Confidential
Information of Decibel includes, without limitation, Deliverables (defined below). During the term of this Agreement and for a period of five (5) years thereafter, Consultant will hold Decibel’s Confidential Information in strict
confidence; will not disclose such Confidential Information to any third parties; and will not use any Confidential Information of Decibel for any purpose except as necessary for the performance of the Services. Consultant will have no obligation of
confidentiality with respect to any portion of Decibel’s Confidential Information that: 

  

	 	a)	 is or later becomes generally available to the public by use, publication or the like, through no fault of
Consultant; 

  

			
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	 	b)	 is obtained without restriction from a third party having the legal right to disclose the same to Consultant;

  

	 	c)	 Consultant already possessed, as evidenced by Consultant’s contemporaneous written records, prior to
receipt thereof from Decibel; or 

  

	 	d)	 is independently developed by Consultant without the use of or access to Decibel’s Confidential
Information, as evidenced by Consultant’s contemporaneous written records. 

 If required to be disclosed by law,
governmental rule or regulation or order of a court with competent jurisdiction, Consultant may disclose the Confidential Information, provided that the disclosure is subject to all applicable governmental or judicial protection available for like
material and reasonable advance notice is given to Decibel. 
  

	5.	 Developments. 

 

	 	5.1.	 Deliverables. Decibel may use any results or products of the Services for any purpose without further
payment or obligation. Consultant shall promptly and fully disclose to Decibel any inventions, improvements, or ideas conceived and/or reduced to practice by Consultant in connection with or during the performance of the Services. All such results,
products, inventions, improvements, or ideas (collectively, “Deliverables”) will be Decibel’s exclusive property and Consultant shall assign and hereby assigns them to Decibel or its nominees, successors or assigns. Consultant
agrees not to perform any Services on Consultant’s employer’s premises or with its facilities or funds or in any other manner that could result in such employer asserting an ownership interest in any Deliverables. Consultant will provide
assistance as needed and without charge (other than reimbursement for actual expenses incurred) in protecting these Deliverables by patent or otherwise in any and all countries, including in any patent office proceeding or litigation involving these
Deliverables. Consultant will keep contemporaneous written records of Consultant’s work done under this Agreement, and will submit these records to Decibel when requested or at the termination of this Agreement. 

 

	 	5.2.	 Works Made For Hire. Any copyrightable work created by Consultant in connection with and arising from
the performance of the Services is a work made for hire, whether published or not. Decibel shall have all rights to and in this work and it shall be Decibel’s property as author and owner of the copyright. Consultant agrees to execute any
documents of assignment that may be required to vest ownership of this copyright in Decibel. Consultant shall not publish on any matter arising from the Services without first obtaining Decibel’s written permission. 

 

	 	5.3.	 Survival. The foregoing provisions will survive any expiration or termination of this Agreement.

  

	6.	 Conflicting Obligations and Debarment. Consultant hereby represents that Consultant:

  

	 	a)	 is presently under no obligation to any other party (including any present or former employer(s), any
government agency, and other parties with whom Consultant consults) that would prevent Consultant from carrying out Consultant’s duties and obligations under this Agreement, or that is inconsistent with this Agreement’s provisions;

  

	 	b)	 has determined that this Agreement complies with the patent, consulting or other policies of Consultant’s
employer; 

  

	 	c)	 has no financial interest in the outcome of the Services; and 

 

	 	d)	 has not been debarred by any relevant governmental or regulatory authority. 

Consultant shall not perform any Services on Decibel’s behalf that would result in any conflict with any third party obligations, nor
shall Consultant disclose any third party confidential information to Decibel. If Consultant is or becomes a member of a committee of any entity that sets formularies or develops clinical guidelines during the term of this Agreement or in the two
(2) years thereafter, Consultant will disclose to such committee the existence and nature of the Services contemplated by this Agreement and follow any procedures set forth by such committee relative to the Services. Consultant will not
recruit, entice, induce, or encourage any person to do anything that, if done by Consultant, would violate this Agreement. 

  

			
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	7.	 Independent Contractor. Consultant is an independent contractor and not an employee of Decibel.
Consultant shall not speak for, represent, or obligate Decibel in any way without Decibel’s prior written consent, nor shall Consultant represent him or herself as Decibel’s employee, partner, joint venturer, agent, or officer. Consultant
is not eligible to participate in any benefit plan or program Decibel provides to its employees. Decibel will not make any deductions from its payments to Consultant for income taxes, social security, unemployment insurance, workers’
compensation, or other employment-related taxes, nor will Decibel provide Consultant with insurance coverage for accidents, illnesses, damages or injuries arising out of Consultant’s performance of the Services. Decibel shall not be liable for
any claims arising from any accidents, illnesses, damages, or injuries Consultant may suffer that arise out of Consultant’s performance of the Services. 

 

	8.	 Publicity. Decibel may use Consultant’s name in written materials or oral presentations to current
or prospective customers, investors, or others, provided that these materials or presentations accurately describe the nature of Consultant’s relationship with or contribution to Decibel. 

 

	9.	 Non-Referral. Neither party is under any obligation to solicit, refer, or solicit referrals of customers
or patients for the other party’s business. Neither party will receive any benefit of any kind for making such referrals, nor suffer any detriment for not making them. 

 

	10.	 Breach and Indemnity. Consultant agrees that the compensation and benefits contained in this Agreement
are subject to immediate termination, reduction, or cancellation should Consultant take any action or engage in any conduct that Decibel reasonably considers to be a material violation of this Agreement. Any such termination, reduction, or
cancellation will not prevent Decibel from seeking any other legal or equitable remedies that may be available to Decibel as a result of a violation of this Agreement by Consultant. Consultant agrees to indemnify and hold harmless Decibel from and
against any claims, losses, damages, and expenses (including attorney’s fees) that may arise from the negligence or willful misconduct of Consultant in performing the Services or from any breach of this Agreement by Consultant.

  

	11.	 Notices. Any notice required or permitted under this Agreement must be in writing, delivered personally
or by facsimile, courier, or mail postage prepaid. Such notice shall be addressed to the other party at its address indicated in the letterhead above and shall be effective upon receipt by the addressee. 

 

	12.	 Miscellaneous. This Agreement: 

 

	 	a)	 may not be assigned or otherwise transferred by any party without the consent of the other party;
provided, however, that Decibel may, without such consent, assign its rights and obligations under this Agreement to any affiliate or, in connection with a merger, consolidation or sale of substantially all of the business to which this
Agreement relates, to an unrelated third party; 

  

	 	b)	 is to be governed by and interpreted in accordance with the laws of the Commonwealth of Massachusetts;

  

	 	c)	 contains the entire agreement between the parties with respect to its subject matter and supersedes all prior
agreements, written or oral, between Decibel and Consultant with respect to its subject matter; 

  

	 	d)	 may not be modified, changed or discharged, in whole or in part, except by an agreement in writing signed by
both parties hereto. 

 No waiver of any term, provision or condition of this Agreement (whether by conduct or otherwise)
in any one or more instances will be deemed to be or construed as a further or continuing waiver of any such term, provision or condition of this Agreement. In the event that any one or more of the provisions contained in this Agreement are, for any
reason, held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provisions of this Agreement, and all other provisions will remain in full force and effect. If any
provision of this Agreement is held to be excessively broad, it will be reformed and construed by limiting and reducing it so as to be enforceable to the maximum extent permitted by law. 

  

			
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	13.	 Counterparts and Signatures. This Agreement may be executed in one or more counterparts, each of which
will be deemed an original, and all of which together will be deemed to be one and the same instrument. The parties agree that electronic signatures or signatures affixed to any one of the originals and delivered by facsimile, portable document
format (PDF), or other electronic means shall be valid, binding and enforceable. 

 IN WITNESS WHEREOF, the parties have caused this
Agreement to be executed by their duly authorized representatives as of the Effective Date. 
  

									
	DECIBEL THERAPEUTICS, INC.	  		 	LAURENCE REID, PHD
	By:	 	/s/ Steven H. Holtzman	  		 	By:	 	 /s/ Laurence Reid, PhD

	Name:	 	Steven H. Holtzman	  	            	 	Name:	 	Laurence Reid, PhD
	Title:	 	President and CEO	  		 	Title:	 	Consultant

  

			
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 SCHEDULE A 

Description of Services: 
 As requested by Decibel and as
agreed by Consultant, Consultant will advise Decibel on general business matters. 
 Compensation for the Performance of the Services: 

Consultant will be paid ten thousand dollars ($10,000.00) per week. Consultant shall invoice Decibel monthly in USD. All pass-through costs must be approved in
advance in writing by Decibel and will not include any administrative or other additional charges. Amounts due for pass through costs will be invoiced in the billing cycle first following the date they are incurred and invoices will indicate which
costs are pass-through costs. Payment will be made in accordance with Section 2 (Compensation) of the Agreement. 

  

			
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 AMENDMENT NO. 1 TO CONSULTING AGREEMENT 

THIS AMENDMENT NUMBER 1 (“Amendment No. 1”), effective as of February 7, 2020 (the “Amendment No. 1 Effective
Date”), is by and between Decibel Therapeutics, Inc. (“Decibel”) and Laurence Reid, PhD (“Consultant”), and amends the Consulting Agreement dated November 11, 2019 between the parties hereto (together
with any prior amendments, the “Agreement”). Any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Agreement. 

WHEREAS, Decibel and Consultant entered into the Agreement; and 

WHEREAS, Decibel and Consultant desire to amend the Agreement in order to extend the term. 

NOW THEREFORE, the parties hereto agree as follows: 
  

	 	1.	 In Section 3 of the Agreement, entitled “Term,” the first sentence is hereby
deleted in its entirety and replaced with the following: “This Agreement will begin on the Effective Date and continue through June 30, 2020.” 

  

	 	2.	 Except as expressly provided in this Amendment No. 1, the remaining terms and conditions of the Agreement
shall remain in full force and effect. This Amendment No. 1 may be executed in one or more counterparts, each of which will be deemed an original, and all of which together will be deemed to be one and the same instrument. The parties agree
that electronics signatures or signatures affixed to any one of the originals and delivered by facsimile, portable document format (PDF), or other electronic means shall be valid, binding and enforceable. 

IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 1 effective as of the Amendment No. 1 Effective Date. 

 

									
	DECIBEL THERAPEUTICS, INC.	  		 	LAURENCE REID, PHD
	By:	 	/s/ Ronald Vigliotta	  		 	By:	 	 /s/ Laurence Reid, PhD

	Name:	 	Ronald Vigliotta	  	            	 	Name:	 	Laurence Reid, PhD
	Title:	 	VP Finance	  		 	Title:	 	Consultant

  

					
	Decibel Therapeutics, Inc.	  	Page 1 of 1	  	

 AMENDMENT NO. 2 TO CONSULTING AGREEMENT 

THIS AMENDMENT NUMBER 2 (“Amendment No. 2”), effective as of June 30, 2020 (the “Amendment No. 2 Effective
Date”), is by and between Decibel Therapeutics, Inc. (“Decibel”) and Laurence Reid, PhD (“Consultant”), and amends the Consulting Agreement dated November 11, 2019 between the parties hereto (together
with any prior amendments, the “Agreement”). Any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Agreement. 

WHEREAS, Decibel and Consultant entered into the Agreement; and 

WHEREAS, Decibel and Consultant desire to amend the Agreement in order to extend the term. 

NOW THEREFORE, the parties hereto agree as follows: 
  

	 	1.	 In Section 3 of the Agreement, entitled “Term,” the first sentence is hereby
deleted and replaced with the following: “This Agreement will begin on the Effective Date and continue through June 30, 2021.” 

  

	 	1.	 Except as expressly provided in this Amendment No. 2, the remaining terms and conditions of the Agreement
shall remain in full force and effect. This Amendment No. 2 may be executed in one or more counterparts, each of which will be deemed an original, and all of which together will be deemed to be one and the same instrument. The parties agree
that electronics signatures or signatures affixed to any one of the originals and delivered by facsimile, portable document format (PDF), or other electronic means shall be valid, binding and enforceable. 

IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 2 effective as of the Amendment No. 2 Effective Date. 

 

									
	DECIBEL THERAPEUTICS, INC.	  		 	LAURENCE REID, PHD
	By:	 	/s/ Ronald Vigliotta	  		 	By:	 	 /s/ Laurence Reid, PhD

	Name:	 	Ronald Vigliotta	  	            	 	Name:	 	Laurence Reid, PhD
	Title:	 	VP Finance	  		 	Title:	 	CEO

  

					
	Decibel Therapeutics, Inc.	  	Page 1 of 1EX-10.17

 Exhibit 10.17 

 
 

 
 October 28, 2020 

Laurence Reid 
  

	Re:	 Offer of Employment  

Dear Laurence: 
 Decibel Therapeutics, Inc. (the
“Company”) is pleased to confirm its offer to employ you as Chief Executive Officer. 
 1. Date of Hire. Your effective date of hire as an
employee (the “Start Date”) shall be Monday, November 2, 2020 unless another date is agreed upon by you and the Company. 
 2.
Compensation. Your regular base salary for this position will be at the rate of $460,000 annually, payable in accordance with the Company’s normal pay schedule. You will receive a sign-on bonus of
$215,000, and you will be eligible to participate in the Company’s annual bonus plan. Your Target Bonus will be 45% of your annual salary. Your actual bonus payable may be more or less than your Target Bonus and will be based upon achievement
of both corporate and individual goals. You are not eligible for a 2020 bonus. All payments are subject to legally required tax withholdings. Your compensation will be revisited when the Company becomes a public company. 

3. Equity in Post-Financing Decibel. Subject to the approval by the Board of Directors of the Company (the “Board”), in connection with the
commencement of your employment, you will receive the right to purchase 5.25% of the Fully Diluted shares of the Company’s common stock (the “Stock Options”). The Stock Options will be granted following the commencement of your
employment in conjunction with the Company’s current round of financing. The strike price of the Stock Options will be equal to the fair market value of the Company’s common stock on the date of the grant, as determined by the Board of
Directors in connection with the Company’s current round of financing. The Stock Options will be subject to the terms and conditions of the Company’s then-current incentive stock plan and form of Stock Option agreement (the “Equity
Documents”). As of your Date of Hire, your Stock Options will be 25% vested, and the remaining Stock Options will vest on a schedule of one-thirty-sixth (1/36) per month over a period of three years. 

4. Post-termination Compensation and Benefits. 

(a) Earned Compensation. Regardless of the reason for the termination of your employment, the Company shall pay to you in
a single lump sum, within 30 days following the date your employment ends (the “Date of Termination”) (or such earlier date as required by law), the base salary earned by you as of the Date of Termination but not yet paid. In addition, the
Company shall pay to you in cash within 20 business days following the Date of Termination, reimbursement for any unpaid, valid business expenses that are approvable in accordance with Company policy and that have been submitted by the Date of
Termination (and shall pay any valid business expenses timely submitted after such date in accordance with Company policy). The Company shall notify you regarding eligibility for COBRA and any other applicable benefits, as provided by law. 

(b) Severance Pay. In the case of a termination without cause (i.e., a termination of your employment by the Company
(including a Constructive Termination) for any reason other than (i) Cause, (ii) illness or injury, or (iii) death), and subject to your entering into a separation and release of claims agreement in a form satisfactory to the Company, you
shall receive the payments and benefits set forth in 

  
 

 

 
Sections (b) and (c). The Company shall pay to you severance equal to the sum of twelve (12) months of Base Salary and 100% of your Target Bonus. Notwithstanding the foregoing,
in the event of termination without cause (including Constructive Termination) pursuant to a Change of Control, your severance will equal the sum of eighteen (18) months of Base Salary and 100% of your
pro-rated Target Bonus. The Severance Pay shall be paid in installments in accordance with its regular payroll practices, beginning with the Payment Date (as defined below). For this purpose, “Base
Salary” means your highest base salary rate on or before your Date of Termination. 
 (c) COBRA Premiums. Should
you timely elect and be eligible to continue receiving group health insurance pursuant to the “COBRA” law, the Company will, until the earliest of (x) the date that is twelve (12) months following the Separation Date,
(y) the date on which you obtain alternative coverage or (z) the date on which your COBRA eligibility ends (as applicable, the “COBRA Contribution Period”), continue to pay the Company’s share of the premiums for such
coverage to the same extent it pays for similarly-situated, active employees. The Company’s payment of those premiums may take the form of reimbursement of premium costs to you after you have paid them, or payment to you of funds equal to the
amount of the premiums, so that you can then make payments directly to the COBRA insurance carrier. In any case, you agree that any premium costs shall be paid by you, not the Company, to the COBRA insurance carrier. That is, 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 agree that, should you obtain alternative medical
and/or dental insurance coverage prior to the date that is twelve (12) months following the Separation Date, you will so inform the Company in writing within five (5) business days of obtaining such coverage. 

For the purpose of this Section 4, the following definitions apply: 

(i) “Cause” means (i) material breach by you of any other agreement with the Company or any of its affiliates;
(ii) other conduct by you that is materially harmful to the business, interests or reputation of the Company or any of its affiliates, (iii) your conviction of, or pleading guilty or no contest to, any crime involving fraud, embezzlement
or other material dishonesty by you with respect to the Company or any of its affiliates; (iv) your conviction of, or pleading guilty or no contest to, any crime involving moral turpitude; (v) a breach of any confidentiality agreement with
the Company; or (vi) a breach of any non-competition/non-solicitation agreement with the Company. With respect to a breach of (i) or (ii), you shall be given
30 days, after written notice of such breach, to cure a breach to the reasonable satisfaction of the Company. 
 (ii)
“Constructive Termination” means any action on the part of the Company not consented to by you in writing that has the following effect or effects: (i) a material reduction in reporting relationship, authority, duties or
responsibilities in accordance with applicable law, provided however, that a sale or transfer of less than all or substantially all of the business of the Company or any of its subsidiaries or other reduction of less than all or substantially all of
its business or that of its subsidiaries, or the fact that the Company has become a subsidiary of another company or that the securities of the Company are no longer publicly traded, in and of itself shall not constitute a material diminution in
your authority, duties or responsibilities has occurred; or (ii) any material reduction in your base salary. Notwithstanding the foregoing, if the Company has become a subsidiary of another company and your employment with the Company continues
for a period of 12 months following such time as the Company becomes a subsidiary without your consent in writing, termination of your employment by you within 30 days of such first anniversary shall be deemed a Constructive Termination for purposes
of this Section 4. 
 5. Insurance Benefits. You will be eligible to participate in the Company’s Medical and Dental insurance programs as
well as the Life, AD&D, Short- and Long-Term Disability plans, and 401(k) plan subject to the terms and conditions of those plans. Presently, the Company pays for 85% of the premium cost of the HMO plan and 75% of the deductible for both medical
plans (HMO and PPO), and 100% of the cost of Life and AD&D insurance as well as Short- and Long-Term Disability plans. 

  
 2 

 6. At-Will Employment. It is understood and agreed that that
you are an “at-will” employee. You are not being offered employment for a definite period of time, and either you or the Company may terminate the employment relationship at any time and for any
reason, with or without cause or prior notice and without additional compensation to you except for as provided in Section 4 above. In making this offer, the Company understands, and in accepting it you represent that, you are not under any
obligation to any former employer or any person or entity which would prevent, limit, or impair in any way the performance by you of your duties as an employee of the Company, except as disclosed by you to the Company in Exhibit B to the
Employee Confidentiality, Noncompetition and Assignment Agreement. 
 7. Employment Eligibility. The Immigration Reform and Control Act requires
employers to verify the employment eligibility and identity of new employees. You will be required to complete a Form I-9 which will be provided to you before the Start Date. Please bring the appropriate
documents listed on that form with you when you report for work. We will not be able to employ you if you fail to comply with this requirement. 
 This
offer letter, the Employee Confidentiality, Noncompetition and Assignment Agreement, Change in Control Agreement, and the Equity Documents referenced above contain all of the terms of your offer of employment with the Company, and supersede any
prior offers, representations, or understandings (whether written, oral, or implied) between you and the Company. 
 Please indicate your acceptance of this
offer by signing this letter and the accompanying Change in Control Agreement, and Employee Confidentiality, Noncompetition and Assignment Agreement no later than November 2, 2020. 

We look forward to your joining the Company and are pleased that you will be working with us. 

Very truly yours, 
 Abbie Celniker 

Chair, Compensation Committee 
 Decibel Therapeutics, Inc. 

Accepted and Agreed: 
 /s/ Laurence
Reid                 
 Laurence Reid 

11/2/2020                        
     
 Date 

  
 3

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