Document:

EX-10.1

 Exhibit 10.1 

CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE IN FULL 

1.    Parties. The parties to this Separation Agreement and Release In Full (“Agreement”) are Hannah Lim-Johnson, the Employee (for yourself, your family, beneficiaries and anyone acting for you) (“you”), and your previous Employer, Kelly Services, Inc. (“the Employer” or “Kelly”).

 2.    End of Employment. Your employment with the Employer ended on March 19, 2020 (“Separation
Date”). Regardless of whether you sign this Agreement, you acknowledge you have received your final pay including accrued and unused vacation and any other required pay. All other benefits provided by or through the Employer ended on the
Separation Date. 
 3.    Consideration For Separation Agreement And Release In Full. As consideration for your
promises in this Agreement, so long as you continue to meet the eligibility criteria set forth in the Kelly Services, Inc. General Severance Plan effective October 17, 2014 (amended and restated effective March 27, 2017 and
January 27, 2020) (the “Plan”), and you enter into and abide by this Agreement and continue to comply with all company policies and procedures after you sign this Agreement, you will receive the following: 

 

	 	•	 	 Severance Pay: The Employer will pay you $346,750.00, minus applicable deductions and
withholdings, and will also pay $18,250.00 to Walden Macht & Haran LLP (“WMH”), as set forth below. The Employer’s payment to you will be paid in incremental amounts based on the Employer’s regular payroll schedule,
after you sign this Agreement and after the revocation period has expired. The Employer will issue an IRS Form W-2 to you reflecting these payments. As set forth above, the Employer has agreed to pay you
$346,750.00 and to also directly pay WMH $18,250.00, pursuant to the following wire instructions: 

 Depository Institution
Name: Citibank 
 Address: 399 Park Avenue NY, NY 10022 

Nine-Digit Routing Transit Number: 021000089 

SWIFT Code: CITIUS33 
 Account
Name: xxxx 
 Account Number: xxxxxxxx 

Type of Account: Checking 

Company’s Taxpayer ID Number: xxxx 

Company’s EFT Contact: 212-559-7331 

Contact Telephone: 212-335-2958 

Email address for remittance advice: mquiroz@wmhlaw.com 

Said wire transfer will be made two (2) weeks after you have executed this Agreement. WMH must provide a W-9 to the Employer’s counsel, Peter Kupelian, Esq., before the Employer tenders payment to WMH. 
  

	 	•	 	 Reference: The Employer will verify your dates of employment at Kelly, your job title at Kelly, and your
final compensation information for any third-party entity making a legitimate request for information about you in connection with any application you may make for future employment with that third-party entity.

  
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Kelly will process and respond to the third-party request through its Human Resource Department in accordance with its policy and practice for handling such third-party requests.

  

	 	•	 	 An updated Form 8-K (in a substantially similar form as attached
as Exhibit A) will be filed by Kelly with the Securities and Exchange Commission. 

  

	 	•	 	 Performance Award: You will be eligible to receive a pro rata portion of the 2018-2020 Long-Term
Incentive Performance awards and the 2019-2021 Long-Term Incentive Performance awards. Target award amounts will be prorated based on 26 months for awards under the 2018-2020 Long-Term Incentive Performance award and 14 months under the
2019-2021 Long-Term Incentive Performance award divided by thirty-six months. No portion of the performance awards may be paid prior to the end of each three-year performance period following termination
of employment and no earlier than the date that the Compensation Committee of the Board certifies results for the performance measures. Actual shares earned will be based on final performance results for each performance period, 2018-2020 and
2019-2021, as certified by the Compensation Committee no later than March 15, 2021 and March 15, 2022 respectively. You acknowledge and agree that all of your rights and interests in any other equity award or plan of the Company,
heretofore granted, issued or to be granted or issued are forfeited, void and of no further effect. 

  

	 	•	 	 You agree that the Severance Pay and Benefits are items of value being provided in exchange for your promises in
this Agreement, and that you are not otherwise entitled to the Severance Pay and Benefits. 

  

	 	•	 	 Any amounts received under this Agreement will not be included in “compensation” for purposes of
calculating any benefits to which you may be entitled under any employee benefit program of the Company and cannot be deferred, notwithstanding anything in any such plan to the contrary. 

 

	 	•	 	 You will be responsible for paying any income taxes due on the payments made under this Agreement.

 4.    General Release. You release the Employer (plus its Board directors, parents,
subsidiaries, affiliates, predecessors, successors and any other entity related to it and all of its and their past and present directors, officers, employees and anyone else acting for any of them – all together “Releasees”) from all
claims of any type to date, known or unknown, suspected or unsuspected, to the fullest extent allowed by law, including but not limited to anything to do with your employment or the cessation of your employment. This means you give up all claims and
rights related to: 
  

	 	•	 	 pay, compensation, or benefits including bonuses, commissions, equity, expenses, incentives, insurance,
paid/unpaid leave, profit sharing, or severance pay/benefits; 

  

	 	•	 	 compensatory, emotional or mental distress damages, punitive or liquidated damages, attorneys’ fees, costs,
interest or penalties; 

  
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	 	•	 	 violation of express or implied employment contracts, covenants, promises or duties, intellectual property or
other proprietary rights; 

  

	 	•	 	 unlawful or tortious conduct such as assault or battery; background check violations; defamation; detrimental
reliance; fiduciary breach; fraud; indemnification; intentional or negligent infliction of emotional distress; interference with contractual or other legal rights; invasion of privacy; loss of consortium; misrepresentation; negligence (including
negligent hiring, retention, or supervision); personal injury; promissory estoppel; public policy violation; retaliatory discharge; safety violations; posting or records-related violations; wrongful discharge; or other federal, state or local
statutory or common law matters; 

  

	 	•	 	 discrimination, harassment or retaliation based on age (including Age Discrimination in Employment Act or
“ADEA” claims), benefit entitlement, citizenship, color, concerted activity, disability, ethnicity, gender, gender identity and expression, genetic information, immigration status, leave rights, military status, national origin, parental
status, protected off-duty conduct, race, religion, retaliation, sexual orientation, union activity, veteran status, whistleblower activity (including Sarbanes-Oxley, Dodd-Frank and False Claims Act claims),
other legally protected status or activity; or any allegation that payment under this Agreement was affected by any such discrimination, harassment or retaliation; and 

 

	 	•	 	 any participation in any class or collective action against any Releasee. 

5.    Release Exclusions/Employee Protections. The release provisions of this Agreement exclude: claims arising after
you sign this Agreement; claims for breach of this Agreement; and claims that cannot be waived, such as for unemployment or worker’s compensation benefits. Nothing in any part of this Agreement limits your rights to: (i) file a charge with
any administrative agency, such as the U.S. Equal Employment Opportunity Commission or a state fair employment practices agency, or communicate directly with or provide information (including testimony) to an agency, or otherwise participate in an
agency proceeding; (ii) testify accurately in administrative, legislative, or judicial proceeding pursuant to subpoena or court order to a written request from an administrative agency or legislature, or in court pursuant to subpoena or court
order; or (iii) communicate with law enforcement or your attorney. You nonetheless give up all rights to any money or other individual relief based on any agency or judicial decision, including class or collective action rulings. However, you
may receive money properly awarded by the U.S. Securities and Exchange Commission (SEC) as a reward for providing information to that agency. 

6.    Promise And Covenant Not To Sue. A “promise not to sue” means you promise and covenant not to sue any
Releasee in court. This is different from the General Release above. Besides releasing claims covered by the General Release, you agree never to sue any Releasee for any reason covered by the General Release. Despite this Promise Not To Sue,
however, you may file suit to enforce this Agreement or to challenge its validity under the ADEA. If you sue a Releasee in violation of this Agreement: (i) you shall be required to pay that Releasee’s reasonable attorney fees and other
litigation costs incurred in defending against your suit; or alternatively (ii) the Employer can require you to return all but $100.00 of the money and benefits provided to you under this Agreement. In that event, the Employer shall be excused
from any remaining obligations that exist solely because of this Agreement. 

  
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 7.    Whistleblowing. You agree that (i) no one has interfered
with your ability to report within the Employer possible violations of any law, and (ii) it is the Employer’s policy to encourage such reporting. You also acknowledge that notwithstanding this, you are presently unaware of any such alleged
violations of law. 
 8.    Return of Employer Property. You have returned (or you will return before receiving any
consideration as part of this Agreement) all the Employer property you possessed or controlled, including any confidential information, cellular phone, laptop or other computer, other business equipment, credit cards, keys, software or work product.
The Employer property includes all originals plus hard copies and electronic versions of all documents, such as e-mails, facsimiles, files, handbooks, letters, manuals, memoranda, power points, records and
reports. Regarding the Employer’s laptop within your possession, you will provide the laptop to a neutral, outside vendor (to be mutually agreed upon by you and the Employer) to remove your personal files from the laptop. You will also
provide the vendor and the Employer with a list of your personal files to be removed from the laptop (the “List”), which List the Employer must approve before any files are removed by the vendor. If the Employer disagrees with any item on
the List, such disagreement shall be addressed and resolved through Parties’ counsel. Upon the vendor’s receipt of the laptop and the Parties’ agreement on the List, the Employer will provide the vendor access to the laptop so that
your personal files can be removed. You will have no access to the laptop while it is in the possession of the vendor. The vendor will return the laptop to the Employer with a certification that no files other than your personal files as
identified on the List have been removed from the laptop, and also certifying that that you had no access to the laptop while it was in the vendor’s possession. You will be solely responsible for any and all costs of the vendor, and any
and all shipment costs, including the cost of shipment of the laptop to the Employer at the address identified in Section 16. You also agree that you have submitted and have been compensated for any outstanding expenses related to your
employment with the Employer. 
 9.    No Future Employment. You agree you will not knowingly seek or accept future
employment or work with the Employer or any other Releasee. If you nonetheless seek or obtain such employment after this Agreement takes effect, this Agreement shall constitute sufficient cause for refusing to hire you or for terminating your
subsequent employment. 
 10.    Future Cooperation. You recognize and agree that in your role as Senior Vice
President and Chief Legal Officer for the Employer, you had ultimate responsibility for and significant involvement with the Employer’s legal matters. Therefore, to ensure proper transitioning and handling of such matters, you agree that, at
the Employer’s request, you will reasonably comply with all requests of the Employer to consult and cooperate with the Employer on any pending or future legal matters, litigation, or governmental inquiries, including, but not limited to, the
matters you oversaw, handled or otherwise were involved with. You also agree to make yourself available to assist the Employer with transitioning your duties as well as with any investigations, legal claims, or other matters concerning anything
related to your employment. You specifically agree to make yourself available to the Employer upon reasonable notice for interviews and fact investigations, to testify without requiring service of a subpoena or other legal process, and to
voluntarily provide the Employer any employment-related documents you possess or control. 

  
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“Cooperation” does not mean you must provide information favorable to the Employer; it means only that you will upon the Employer’s request provide information you possess or
control. If the Employer requests your cooperation, it will reimburse you for reasonable time and expenses, provided you submit appropriate documentation. You also agree that you will keep confidential all applicable attorney-client and attorney
work-product information that is privileged in connection with your employment as an in-house lawyer at Kelly. 

11.    Indemnification. The Employer agrees to fully indemnify, defend, and hold you harmless regarding any
claims, demands, suits, actions, or other legal proceedings against you involving the normal course and scope of your duties during your tenure as General Counsel/Senior Vice President and Chief Legal Officer at the Employer, consistent with the
requirements of Delaware law. Said indemnification and defense does not apply if it is determined that you engaged in any gross negligence or willful misconduct, or any other conduct which, if indemnified, would violate Delaware law. 

12.    Continued Obligations to Employer. You acknowledge that you have continued obligations under and will comply
with the Confidentiality, Non-Competition and Non-Solicitation Agreement you entered into with the Employer, including paragraph 4
(Confidentiality/Non-Disclosure Obligation), paragraph 6 (Restrictive Covenants) and paragraph 9 (Duty to Disclosure Agreement and to Report New Employer) of such agreement, which are incorporated herein by
reference. Employer agrees not to take the position that you are in violation of Paragraph 6.a. of the Confidentiality, Non-Competition and Non-Solicitation Agreement
based solely upon your current employment. 
 13.    Non-Disparagement.
Except as provided in this Agreement’s Release Exclusions/Employee Protections section, you promise not to do or say anything, verbally or in writing, directly or indirectly, that reflects negatively on or otherwise detrimentally affects any
Releasee. 
 14.    Non-Admission. Neither the Employer’s offer
reflected in this Agreement nor any payment under this Agreement are an admission that you have a viable claim against the Employer or any other Releasee. Each Releasee denies any and all liability or wrong-doing. 

15.    Confidentiality of Agreement. This Agreement is strictly confidential. You will not communicate this
Agreement’s terms to any third party, whether verbally or in writing, by any means, including by social media such as Twitter and Facebook and the like. Any disclosure by you will cause the Employer irreparable harm that money cannot undo.
Accordingly, violation of this section will entitle the Employer to temporary and permanent injunctive relief. Except as required by law, you have not disclosed and will not disclose any term of this Agreement, including any payment under this
Agreement, to anyone except your immediate family members and your legal/financial advisors. Each of them is bound by this Confidentiality of Agreement provision, and a disclosure by any of them is a disclosure by you. In addition, you agree that
you will revise your social media accounts (such as LinkedIn) to reflect that you no longer have any ongoing employment relationship with Kelly. 

  
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 16.    Notices. Any notices or inquiries regarding or required
under this Agreement should be directed in writing by overnight mail as follows: 
 To Employer:    Vanessa Williams

     Senior Vice President and General Counsel 

    Kelly Services, Inc. 

    999 W. Big Beaver Road 

    Troy, MI 48084 

To Employee:    Hannah Lim-Johnson 

    1291 Humphrey Ave. 

    Birmingham, MI 48009 

17.    Arbitration. Kelly Services, Inc. and its subsidiaries (“Kelly” or “Kelly Services”) and I
agree to use binding arbitration with the American Arbitration Association (“AAA”), instead of going to court, for any dispute with respect to this Agreement that may arise between me and Kelly Services, its related and affiliated
companies, and/or any current or former employee of Kelly Services or any related or affiliated company. The arbitration shall be conducted by a single arbitrator pursuant to the AAA’s Employment Arbitration Rules. I further agree that a
judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. 
 18.    Applicable
Law. This Agreement shall be interpreted under federal law if that law governs, and otherwise under the laws of the State of Michigan, without regard to its choice of law provisions. 

19.    Severability. If a court finds any part of this Agreement unenforceable, that part shall be modified and the
rest enforced. If a court (or arbitrator) finds any such part incapable of being modified, it shall be severed and the rest enforced. 

20.    Enforcement. If you breach this Agreement, the Employer shall be entitled to preliminary and permanent
injunctive relief plus attorneys’ fees the Employer incurs in enforcing this Agreement, unless otherwise expressly provided elsewhere in this Agreement, plus any additional relief determined to be appropriate. A decision not to enforce this
Agreement does not waive future enforcement. 
 21.    Individual Agreement. This Agreement has been negotiated
individually and is not part of a group exit incentive or other termination program. 
 22.    Entire Agreement.
This Agreement is the complete understanding between you and the Employer. It replaces any other agreements, representations or promises, written or oral, except for any post-termination obligations contained in your Confidentiality, Non-Competition and Non-Solicitation Agreement with the Employer, including but not limited to the Confidentiality/Non-Disclosure and
Restrictive Covenants provisions, and the arbitration provision at Section 7(e) of the Plan, as amended. Any such post-termination obligations are incorporated into this Agreement by reference. Notwithstanding your preexisting obligations with
respect to confidential employer information, pursuant to the federal Defend Trade Secrets Act, you cannot be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade secret if that disclosure is made:
(i) in confidence to a federal, state or local government official, either directly or indirectly, or to any attorney, and for the sole purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other
document filed in a lawsuit or similar proceeding, provided that filing is made under seal. 

  
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 23.    Legal Counsel. You acknowledge that you have had
legal counsel advise you about this Agreement’s terms and conditions. You must sign and return this Agreement to the Employer if you want to receive the consideration listed at the beginning of this Agreement. 

24.    Consideration Period and Time to Revoke. You acknowledge that you have had more than twenty-one (21) days to review and negotiate this Agreement. After you sign this Agreement, you have seven (7) days to revoke it by sending written notice of revocation to the representative of the
Employer signing below. This Agreement is not effective or enforceable until the revocation period expires. If you revoke this Agreement, you will not receive the severance pay/benefits listed at the beginning of this Agreement. 

25.    Other Representations. You agree: 
  

	 	•	 	 You have received all pay, compensation, benefits, leave, time off, and/or expense reimbursements you are due to
date, including for overtime or vacation/paid-time-off; 

  

	 	•	 	 You have not suffered any
on-the-job injury for which you have not already filed a claim, and the end of your employment is not related to any such injury; 

 

	 	•	 	 You do not have any pending lawsuits against the Employer; 

 

	 	•	 	 You acknowledge that you have disclosed to the Company any information you have concerning any conduct involving
the Company or any of its current or former subsidiaries, affiliates, shareholders, officers, directors, employees or agents that you have reason to believe may be unlawful or involve any false claims to the United States or any other government
having jurisdiction over the Company or any of its affiliates. 

  

	 	•	 	 You were advised in writing, by getting a copy of this Agreement, to consult with an attorney before signing
below, and you did consult with an attorney; 

  

	 	•	 	 You have negotiated this Agreement with the Employer through your legal counsel, and this Agreement shall not be
construed for or against either party as a drafter of its terms; 

  

	 	•	 	 You have relied on your own informed judgment, or that of your attorney, in deciding whether to sign this
Agreement; and 

  

	 	•	 	 You are signing this Agreement knowingly and voluntarily. 

 

	 	•	 	 You agree to bear you own attorneys’ fees and costs in connection with the drafting and negotiation of this
Agreement. 

 [Signatures on following page] 

  
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/s/ Hannah Lim-Johnson        
     December 30, 2020
 Hannah
Lim-Johnson        (Date)
	  	 
     
	  	 By:/s/ Peter
Quigley                December 30, 2020
 Kelly
Services, Inc.            (Date)

 

			
	Name:	 	 Peter Quigley

	Title:	 	President and Chief Executive Officer of Kelly Services, Inc.

  
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 EXHIBIT A 

UNITED STATES 
 SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549 
  

 
 FORM
8-K/A 
 CURRENT REPORT 

Pursuant to Section 13 or 15(d) of the 
 Securities Exchange
Act of 1934 
  
  

Date of Report (Date of Earliest Event Reported): March 25, 2020 

KELLY SERVICES, INC. 
 (Exact Name of Registrant as
Specified in Charter) 
  

					
	DELAWARE	 	0-1088	 	38-1510762
	(State or Other Jurisdiction of Incorporation)	 	(Commission File Number)	 	 (IRS Employer Identification

Number)

 999 WEST BIG BEAVER ROAD, TROY, MICHIGAN 48084 

(Address of Principal Executive Offices) 
 (Zip
Code) 
 (248) 362-4444 

(Registrant’s Telephone Number, Including Area Code) 
  

 
 Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 

 

	 	☐	 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

 

	 	☐	 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12) 

  

	 	☐	 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

  

	 	☐	 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Exchange Act: 

 

							
	        	 	Title of Each Class	  	Trading Symbol	  	Name of Each Exchange on Which Registered
		 	Class A Common	  	KELYA	  	Nasdaq Global Market
		 	Class B Common	  	KELYB	  	Nasdaq Global Market

 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2). 

Emerging growth company  ☐ 

  
 1 

 If an emerging growth company, indicate by check mark if the registrant has elected not to
use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ 

 
  
  

	Item 5.02	 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. 

 On March 25, 2020, Kelly Services, Inc. (the “Company”) filed a
Current Report on Form 8-K reporting that Hannah Lim-Johnson, Senior Vice President and Chief Legal Officer, separated from the Company effective as of March 19,
2020. 
 On December [●], 2020, the Company entered into a Confidential Separation Agreement and Release in Full (the “Separation
Agreement”) with Ms. Lim-Johnson. Under the terms of the Separation Agreement, Ms. Lim-Johnson will be entitled to a severance benefit equal to 52 weeks
of base compensation and certain other payments as provided in the Separation Agreement. 
 The foregoing description does not purport to be complete and is
qualified in its entirety by reference to the full text of the Separation Agreement, which is attached as Exhibit 10.1 and is incorporated herein by reference. 
  

	Item 9.01	 Financial Statements and Exhibits. 

(d)    Exhibits 
 See Exhibit
Index 
 Exhibit Index 

10.1    Confidential Separation Agreement and Release in Full dated as of December [●], 2020 between Kelly Services, Inc. and Hannah Lim-Johnson. 
 SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized. 
 KELLY SERVICES, INC. 

 

							
	Date: December [●], 2020	 		 		 	 /s/ James M. Polehna

		 		 		 	James M. Polehna
		 		 		 	Senior Vice President and Corporate Secretary

  
 2EX-10.20

 Exhibit 10.20 

 
 

 
 By Electronic Mail 

August 22, 2018 
 Tracy Zimmermann, Ph.D. 

RE: Offer of Employment 
 Dear Tracy, 

We are very excited to offer you the position of Vice President Preclinical and Translational Biology where you will play an essential role in building
Generation Bio’s foundation and long -term business and scientific success. Below are the terms of employment for your review and execution. If these terms are acceptable, please sign and return a copy to us within five business days. 

 

	 	1.	 Position: Your initial position with Generation Bio will be as Vice President Preclinical and
Translational Biology where you will be initially reporting to Doug Kerr, M.D. This is a full-time position with a principal workplace at Generation Bio’s headquarters in Cambridge, Massachusetts. The attached job description provides
additional details about the position. 

  

	 	2.	 Start Date: Your employment will begin on October 1, 2018 (the “Start Date”).

  

	 	3.	 Salary: Generation Bio will pay you an annualized salary of $ 285,000.00, payable in accordance with
Generation Bio’s standard payroll schedule and subject to applicable deductions and withholdings. This salary will be subject to periodic review and adjustments at Generation Bio’s discretion. Because this is an exempt position, you will
not be eligible for any overtime pay. 

  

	 	4.	 Bonus: During the term of your employment with Generation Bio, you will be eligible for an annual
incentive bonus for each fiscal year of your employment with Generation Bio. The amount, terms and conditions of such bonus are to be determined at the sole discretion of the Board of Directors of Generation Bio (the “Board”). Your target
annual incentive bonus shall be up to 30% of your annual salary, with any bonus payable in respect of 2018 prorated from your actual start date. Payment of the incentive bonus shall be contingent upon you being employed by Generation Bio as of the
last day of the fiscal year in which it was earned. The actual bonus percentage is discretionary and will be subject to Generation Bio’s assessment of your performance as well as the performance of Generation Bio during the applicable calendar
year. The annual incentive bonus, if any, shall be paid on or before March 15th of the calendar year following the calendar year for which such bonus could have been earned. 

 

	 	5.	 Incentive Equity Grant: You will be eligible to participate in the Company’s stock incentive
program. Subject to the approval of the Board, you will be granted options to purchase 180,000 shares of Generation Bio’s common stock (the “Option Grant”). The options subject to the Option Grant (“Options”) will vest as to
25% of the underlying shares on the first anniversary of 

  

					
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	 	the Start Date and will vest as to the balance in equal quarterly installments of 6.25% thereafter until the fourth anniversary of the Start Date. The Option Grant will be subject to the terms and conditions of a
written stock option agreement which you will be required to sign, and/or the Company’s written stock plan (the “Grant Documents”). The Options shall have an exercise price per share equal to the fair market value of the
Company’s common stock at the time of grant, as determined by the Board. 

  

	 	6.	 Benefits: You may participate in the benefit programs offered by the Company to its employees,
provided that you are eligible under and subject to all provisions of the plan documents that govern those programs. Benefits are subject to change at any time in the Company’s sole discretion. You will also be entitled to paid vacation each
year in accordance with the terms and conditions set forth in the Company’s vacation policy. You shall also be entitled to receive reimbursement for all reasonable business expenses incurred by you in performing your services to the Company in
keeping with Company policies. 

  

	 	7.	 Severance Benefits: 

 

	 	a.	 General: Either you or the Company may terminate your employment at any time or for any reason by
providing written notice to the other party. If the Company terminates your employment for Cause (as defined below), the Company will comply with section 13(b). If you are subject to an Involuntary Termination (as defined below), then you will be
entitled to the severance benefits described in this Section 7, provided you have: (i) returned all Company property in your possession on or prior to your last day of employment, and (ii) entered into a separation agreement that has
become enforceable and irrevocable and that includes a general release of all claims that you may have against the Company or persons affiliated with the Company (the “Separation Agreement”). Notwithstanding the foregoing, no term of this
offer letter or the Separation Agreement shall impact or affect, in any way, your rights with respect to, and the Separation Agreement shall not include a waiver or release of any claims related to: (x) your status as a shareholder or equity
holder of the Company or any rights you have under the terms of any Grant Document or any other equity award or agreement between you and the Company, including any claims with respect to any Options or other equity owned or held by you at the time
your employment is terminated, or (y) any rights to indemnification from the Company, pursuant to any applicable governing documents of the Company or any applicable written agreement between you and the Company, rights under ERISA or rights
which, as a matter of law, cannot be waived. The Separation Agreement must be in substantially the form reasonably prescribed by the Company and must be executed and become enforceable and irrevocable within the time prescribed by the Company, which
shall be consistent with applicable law (the “Prescribed Deadline”). If the Separation Agreement is not executed and has not become enforceable and irrevocable by the Prescribed Deadline, you shall be entitled to the Accrued Obligations
only and no other severance payments or benefits. The continued salary provided under Section 7(b)(ii) below shall be paid in accordance with the Company’s normal payroll practices and shall commence on the next payroll date falling after
the date the Separation Agreement becomes enforceable and irrevocable. 

  

					
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	 	b.	 Severance. If you are subject to an Involuntary Termination, then, subject to Section 7(a):

  

	 	i.	 The Company shall pay you the Accrued Obligations earned through your last day of employment on or before the
time required by law but in no event more than fifteen (15) days after your last day of employment with the Company, except to the extent such payment would accelerate compensation in a manner inconsistent with compliance with Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”); 

  

	 	ii.	 The Company shall continue to pay you your Base Salary as in effect on your last day of employment for a period
of six (6) months; 

  

	 	iii.	 If you are participating in the Company’s group health plan immediately prior to your last day of
employment and you elect COBRA health and dental continuation, then the Company will continue to pay you a monthly cash payment for a period of six months following your last day of employment, in an amount equal to the monthly employer contribution
that the Company would have made to provide health and dental insurance to you and your eligible dependents if you had remained employed by the Company; provided, however, that such Company-paid premiums will be reported as additional income
pursuant to Section 6041 of the Code and not entitled to any tax qualified treatment to the extent necessary to comply with or avoid the discriminatory treatment prohibited by the Patient Protection and Affordable Care Act of 2010 and the
Health Care and Education Reconciliation Act of 2010 or Section 105(h) of the Code; and 

  

	 	iv.	 Twenty-five percent (25%) of the unvested portion of each Option Grant and any other equity grant from the
Company to you (collectively, the “Equity Grants”) will fully vest as of the date of the Involuntary Termination, provided, however, that: 

  

	 	A.	 if the Involuntary Termination occurs within 12 months following, or on the
one-year anniversary of, a Change in Control, then one hundred percent (100%) of the unvested portion of each Equity Grant will fully vest as of the date of such Involuntary Termination; 

 

	 	B.	 no shares may be transferred and no stock option exercised (in each case with respect to the portion of the
Equity Grants accelerating pursuant to this Section 7(b)(iv)) until the Separation Agreement has become enforceable and irrevocable; and 

  

	 	C.	 if the Separation Agreement does not become enforceable and irrevocable in accordance with this offer letter,
the portions of the Equity Grants that have vested as a result of this provision shall be cancelled effective as of the date of the Involuntary Termination. 

If you are terminated for any reason other than as result of an Involuntary Termination, you shall be entitled to receive the Accrued
Obligations only. 

  

					
		  	3	  	

 

 
  

	 	8.	 Representation Regarding Other Obligations. Your employment is contingent upon your signing the
Company’s Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement (the “Invention
Agreement”). Further, you hereby represent to the Company that you are not a party to any agreement of any type which may impact or limit your ability to become employed by or perform your job at the Company or which is in any way
inconsistent with the terms of this offer letter. You will not disclose to the Company, use, or induce the Company to use any confidential or proprietary information or material belonging to any current or previous employer or others. Further, you
hereby represent that (i) your employment with the Company and this offer letter does not and will not violate or conflict with any obligations you may have to or any agreements you may have with any former employer and (ii) you have
provided the Company with all written agreements that describe any continuing post-employment obligations to any former employer. 

  

	 	9.	 Taxes: All forms of compensation referred to in this offer letter are subject to reduction to
reflect applicable withholding and payroll taxes and other deductions required by law. You hereby acknowledge that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities and that you will
not make any claim against the Company or the Board related to tax liabilities arising from your compensation. 

  

	 	(a)	 For purposes of Section 409A of the Code, each salary continuation payment under Section 7(b) is
hereby designated as a separate payment. If the Company determines that you are a “specified employee” under Section 409A(a)(2)(B)(i) of the Code at the time of your Separation, then (i) the salary continuation payments under
Section 7(b ), to the extent that they are subject to Section 409 A of the Code, will commence on the first business day following (A) expiration of the six-month period measured from your
Separation date, or (B) the date of your death, and (ii) the installments that otherwise would have been paid prior to such date will be paid in a lump sum when the salary continuation payments commence. Any salary continuation payments
that are not subject to Section 409A of the Internal Revenue Code, including, without limitation, payments that are exempt from Section 409A of the Internal Revenue Code as a result of the separation pay plan exemption under Section 1.409A-1(b)(9) of the Income Tax Regulations (or any successor thereto), will continue to be paid as otherwise provided in this offer letter. 

 

	 	(b)	 All in-kind benefits provided and expenses eligible for reimbursement
hereunder shall be provided by the Company or incurred by you during your employment with the Company. 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. Such right to reimbursement or in-kind benefits is not subject to
liquidation or exchange for another benefit. 

  

	 	10.	 Interpretation, Amendment and Enforcement. This offer letter, along with the Invention Agreement
and the Grant Documents, constitute the complete agreement between you and the Company, contain all the terms of your employment, and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you
and the 

  

					
		  	4	  	

 

 
  

	 	Company. The terms of this offer letter and the resolution of any disputes as to the meaning, effect, performance or validity of this offer letter or arising out of, related to, or in any way connected with, this offer
letter, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by Massachusetts law, excluding laws relating to conflicts or choice of law. You and the Company submit
to the exclusive personal jurisdiction of the federal and state courts located in the Commonwealth of Massachusetts in connection with any Dispute or any claim related to any Dispute. 

 

	 	11.	 Other Terms. This letter shall not be construed as an agreement, either express or implied, to
employ you for any stated term, and shall in no way alter the Company’s policy of employment at-will, which means that you have the right to terminate your employment relationship with the Company at any
time for any reason and the Company has the right to terminate its employment relationship with you at any time for any reason, with or without cause or notice. 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 as may be required by, and subject to the conditions set forth in, Section 7. 

 

	 	12.	 Definitions. The following terms have the meaning set forth below wherever they are used in this letter
agreement: 

  

	 	a.	 “Accrued Obligations” means: (i) any earned but unpaid Base Salary as of the date your
employment is terminated, (ii) any accrued, but unused vacation time as of your termination date, (iii) any vested benefits you may have under any employee benefit plan of the Company as of your termination date, (iv) any unpaid
expense reimbursements accrued prior to the date your employment is terminated, and (v) any unpaid but earned bonus (as approved pursuant to Section 4) for a fiscal year preceding the year in which your employment is terminated.

  

	 	b.	 “Cause” means (i) your material breach of the Invention Agreement, (ii) your
conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (iii) your gross negligence or willful misconduct in the performance of your duties, (iv) your
continuing failure to perform assigned duties after receiving written notification of the failure from the Company or (v) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors,
officers or employees, if the Company has requested your cooperation; provided, however, that “Cause” shall not be deemed to have occurred pursuant to subsection (iii), (iv), or (v) hereof unless you have first received written notice
from the Company specifying in reasonable detail the particulars of such grounds and that the Company intends to terminate your employment hereunder for such grounds, and you have failed to cure such grounds to the Company’s satisfaction within
a period of thirty (30) days from the date of such notice. 

  

	 	c.	 “Change in Control” means the occurrence of any one or more of the following events, in each
case only to the extent that such event also constitutes a “change in ownership” of the Company or a “change in the ownership of a substantial part of the Company’s assets” for the purposes of Section 409A of the Code:
(i) the consummation of a merger or consolidation of the Company with any other entity, other than a merger or 

  

					
		  	5	  	

 

 
  

	 	consolidation in which voting securities of the Company outstanding immediately prior thereto continue to represent more than fifty percent (50%) percent of the total voting power of: (A) the surviving or resulting
corporation; or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation immediately
after such merger or consolidation; (ii) the acquisition of all of the Company’s outstanding capital stock by a single person or entity or a group acting in concert to effect such acquisition; or (iii) the sale, transfer or exclusive
license of all or substantially all of the assets of the Company. 

  

	 	d.	 “Expenses” means any damages, losses, judgments, liabilities, fines, penalties, excise taxes,
settlements, costs, attorneys’ fees, accountants’ fees, and disbursements and costs of attorneys and accountants. 

  

	 	e.	 “Involuntary Termination” means either: (i) your Termination Without Cause or
(ii) your Resignation for Good Reason. 

  

	 	f.	 “Resignation for Good Reason” means a Separation as a result of your resignation within three
(3) months after one of the following conditions has come into existence without your consent: 

  

	 	i.	 A reduction in your Base Salary by more than 10% (unless such reduction is part of a broad-based salary
reduction program at the Company; 

  

	 	ii.	 A material diminution of your authority, duties or responsibilities; or 

 

	 	iii.	 A relocation of your principal workplace by more than forty (40) miles. 

A Resignation for Good Reason will not be deemed to have occurred unless you give the Company written notice of the condition within thirty
(30) days after the condition comes into existence and the Company fails to remedy the condition within thirty (30) days after receiving your written notice. 
  

	 	g.	 “Separation” means a “separation from service,” as defined in the regulations under
Section 409A of the Code. 

  

	 	h.	 “Termination Without Cause” means a Separation as a result of a termination of your employment
by the Company without Cause, provided you are willing and able to continue performing services within the meaning of Treasury Regulation l.409A-1(n)(l).

  

					
		  	6	  	

 

 
  

	 	We are excited about welcoming you to the Generation Bio team. We are eager to add your talent and energy to building a company capable of transforming patients’ lives around the world. This offer is valid for five
business days from the date of this letter; we look forward to receiving a response from you acknowledging, by signing below, that you have accepted this offer of employment. 

 

			
	Very truly yours,
	
	Generation Bio
		
	By:	 	 /s/ Doug Kerr

	Name:	 	Doug Kerr, M.D., Ph.D.
	Title:	 	Head, Preclinical & Clinical Research

  

			
	I have read and accept this employment offer
	
	 /s/ Tracy S. Zimmermann

	Name:	 	Tracy S. Zimmermann, Ph.D.
	Dated:	 	August 26, 2018

			
	

	  	 Cambridge, MA 02142

generationbio.com

 November 6th, 2020 

Tracy Zimmermann 
 Dear Tracy, 

We would like to express our appreciation and commendation for all the passion and commitment you have been exhibiting in your existing role. In recognition
of your contribution and leadership, it is my pleasure to inform you that, effective November 9th, 2020, you will be promoted to Chief Development Officer. 

In connection with your promotion, we are also pleased to inform you that your base salary will be increased to $373,830 (on an annualized basis) payable
under our standard payroll schedule and subject to applicable deductions and withholdings. 
 Your target bonus percentage is also being increased. Your new
target bonus, effective November 9th, 2020, will be 40% of your new annual salary (which will be prorated for the 2020 annual incentive bonus plan). 

As detailed in your original offer letter, the actual bonus percentage distributed in any year will be determined at the sole discretion of the Board of
Directors of Generation Bio. The Board’s determination will consider several factors including but not limited to the performance of the company. 

You will also be granted options to purchase an additional 97,500 shares of Generation Bio’s common stock (the “Option Grant”), subject
to the approval of the Board. The options subject to the Option Grant (“Options”) will vest as to 25% of the underlying shares on the first anniversary of your Promotion Date and will vest as to the balance in equal quarterly
installments of 6.25% thereafter until the fourth anniversary of the Promotion Date. The Option Grant will be subject to the terms and conditions of a written stock option agreement which you will be required to sign, and/or the Company’s
written stock plan (the “Grant Documents”). The Options shall have an exercise price per share equal to the fair market value of the Company’s common stock at the time of grant, as determined by the Board. 

In connection with your expanded role, you will receive updated severance benefits that may apply in the event of an involuntary termination of your
employment with the Company other than for cause. The accompanying Severance Plan Benefit Agreement describes this program. 
 On behalf of Generation Bio,
the management team, your colleagues and me, thank you for your contributions and we all look forward to continuing to grow Generation Bio together. 

  
 1 

 Zimmermann Promotion Letter 

November 6th, 2020 
  

 
	
	 Very truly yours,
  

Generation Bio

  

			
	 /s/ Geoff McDonough

	Name: Geoff McDonough, M.D.
	Title:Chief Executive Officer

 I have read and accepted this promotion, 
  

			
	 /s/ Tracy Zimmermann

	Name: Tracy Zimmermann, Ph.D.

 Dated: 11/10/2020 

  
 2

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