Document:

Exhibit 10.13

 

CONSULTING AGREEMENT 

(Omid Farokhzad)

 

This Consulting Agreement dated as of March 10, 2008 (this “Agreement”), is made by and between Selecta Biosciences, Inc., a Delaware corporation (the “Company”), and Omid Farokhzad (the “Consultant”).

 

WHEREAS, the Company desires to engage the Consultant to perform consulting services on behalf of the Company and the Consultant desires to perform such services on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein, the parties hereby agree as follows:

 

1.                              Consulting Services.

 

(a)                            The Company hereby retains the Consultant and the Consultant hereby agrees to perform such consulting and advisory services relating to the Field of Interest (as defined in Section 13(j)) as the Company may request and as set forth in Schedule A (the “Consulting Services”).

 

(b)                            The Consultant agrees to make himself available to render the Consulting Services, at such times and locations as may be mutually agreed, from time to time as requested by the Company. Except as provided in Schedule A, the Consultant may deliver the Consulting Services over the telephone, in person or by written correspondence.

 

(c)                             The Consultant agrees to devote his best efforts to performing the Consulting Services. The Consultant shall comply with all rules, procedures and standards promulgated from time to time by the Company with regard to the Consultant’s access to and use of the Company’s property, information, equipment and facilities.

 

(d)                            The Company acknowledges that (i) the Consultant is a member of the faculty of Harvard Medical School (“Harvard”); (ii) the Consultant is subject to certain policies of Harvard, as such policies may be revised from time to time, including among others, policies concerning consulting, conflicts of interest and commitment, intellectual property, and use of Harvard’s name; and (iii) any provision of this Agreement that conflicts with such policies shall be superseded by such policies. Further, the Company agrees that this Agreement is subject to the Addendum attached hereto, the terms of which are incorporated herein by reference.

 

2.                                 Compensation. The Company shall pay the Consultant a consulting fee as provided in Schedule A. The Company will reimburse the Consultant for reasonable business expenses incurred by the Consultant in the performance of Consulting Services for the Company as provided in Schedule A.

 

3.                                 Independent Contractor. In furnishing the Consulting Services, the Consultant understands that he will at all times be acting as an independent contractor of the Company and, as such, will not be an employee of the Company and will not by reason of this Agreement or by

 

 

reason of his Consulting Services to the Company be entitled to participate in or to receive any benefit or right under any of the Company’s employee benefit or welfare plans. The Consultant also will be responsible for paying all withholding and other taxes required by law to be paid as and when the same become due and payable. Consultant shall not enter into any agreements or incur any obligations on behalf of the Company.

 

4.                                      Term. The parties may terminate this Agreement with the mutual consent of both parties. The Company may terminate this Agreement at any time for Cause (as defined in Section 13(j)) or at any time after March 31, 2012, without Cause; provided, however, that in the event this Agreement is terminated by the Company without Cause, then the Company shall (i) deposit into escrow with an escrow agent acceptable to both parties an amount of cash equal to the consulting fee paid to the Consultant during the preceding ninety (90) days, and (ii) cause the escrow agent to pay such amount to the Consultant payable when and as if Consultant had continued to provide Consulting Services to the Company during the ninety (90) days immediately following such termination. The Consultant may terminate this Agreement for any reason; provided, however, that he shall first provide written notice to the Company at least 30 days prior to the effective date of termination.

 

5.                                   Exceptions to this Agreement.

 

(a)                            Certain Other Contracts. The Company acknowledges that (I) the Consultant is a member of the faculty of Harvard Medical School (“Harvard”) and a member of the staff of The Brigham and Women’s Hospital (“Brigham”), and (II) the Consultant is now or may become a party to agreements with Harvard and/or Brigham and other third parties relating to the disclosure of information, the ownership of inventions, restrictions against competition and/or similar matters. The Consultant represents and agrees that the execution, delivery and performance of this Agreement does not and will not conflict with any other agreement, policy or rule applicable to the Consultant. The Consultant will not (i) disclose to the Company any information that he is required to keep secret pursuant to an existing confidentiality agreement with Harvard, Brigham or any other third party, (ii) use the funding, resources, facilities or inventions of Harvard, Brigham or any other third party to perform the Consulting Services, or (iii) perform the Consulting Services in any manner that would give Harvard, Brigham or any other third party rights to any intellectual property created in connection with such services.

 

(b)                            Prior Inventions. The Consultant has informed the Company, in writing, of any and all inventions which he claims as his own or otherwise intends to exclude from this Agreement because it was developed by him prior to the date of this Agreement. The Consultant acknowledges that after execution of this Agreement he shall have no right to exclude any Inventions (as defined in Section 7) from this Agreement. The provisions of this Section 5(b) shall not apply to, and the definition of Company Inventions in Section 7 shall not be understood to include, any invention or other form of intellectual property made or developed by the Consultant in connection with his activities as a faculty member of Harvard or that are otherwise subject to the intellectual property policies of Harvard.

 

6.                                      Confidential Information. While providing the Consulting Services to the Company and thereafter, the Consultant shall not, directly or indirectly, use any Confidential Information (as defined below) other than pursuant to his provision of the Consulting Services by

 

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and for the benefit of the Company, or disclose to anyone outside of the Company any such Confidential Information. The term “Confidential Information” as used throughout this Agreement shall mean all trade secrets, proprietary information and other data or information (and any tangible evidence, record or representation thereof), written or oral, whether prepared, conceived or developed by a consultant or employee of the Company (including the Consultant) or received by the Company from an outside source, which is in the possession of the Company (whether or not the property of the Company) and which is maintained in secrecy or confidence by the Company. Without limiting the generality of the foregoing, Confidential Information shall include:

 

(a)         any idea, improvement, invention, innovation, development, concept, technical data, design, formula, device, pattern, sequence, method, process, composition of matter, computer program or software, source code, object code, algorithm, model, diagram, flow chart, product specification or design, plan for a new or revised product, sample, compilation of information, or work in process, or parts thereof, and any and all revisions and improvements relating to any of the foregoing (in each case whether or not reduced to tangible form); and

 

(b)         the name of any customer, supplier, employee, prospective customer, sales agent, supplier or consultant, any sales plan, marketing material, plan or survey, business plan or opportunity, product or development plan or specification, business proposal, financial record, or business record or other record or information relating to the present or proposed business of the Company.

 

Notwithstanding the foregoing, the term Confidential Information shall not apply to information which the Company has voluntarily disclosed to the public without restriction or which has otherwise lawfully entered the public domain.

 

The Consultant acknowledges that the Company from time to time has in its possession information (including product and development plans and specifications) which represent information which is claimed by others to be proprietary and which the Company has agreed to keep confidential. The Consultant agrees that all such information shall be Confidential Information for purposes of this Agreement.

 

The Consultant agrees that all originals and all copies of materials containing, representing, evidencing, recording, or constituting any Confidential Information, however and whenever produced (whether by the Consultant or others), shall be the sole property of the Company.

 

7.                                      Inventions.

 

(a)                            Certain Inventions Made by Others. Subject to the Consultant’s obligations to Harvard, Brigham and other third parties, during the Term of this Agreement, the Consultant will use his best efforts (i) to disclose to the President of the Company, on a confidential basis, technology and product opportunities which come to the attention of the Consultant in the Field of Interest, and (ii) any invention, improvement, discovery, process, formula or method or other intellectual property relating to or useful in, the Field of Interest,

 

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whether or not patentable or copyrightable, and whether or not discovered or developed by Consultant.

 

(b)                            Inventions Made by the Consultant. Subject to the Consultant’s obligations to Harvard and Brigham, the Consultant agrees that all Confidential Information and all other discoveries, inventions, ideas, concepts, trademarks, service marks, logos, processes, products, formulas, computer programs or software, source codes, object codes, algorithms, machines, apparatuses, items of manufacture or composition of matter, or any new uses therefor or improvements thereon, or any new designs or modifications or configurations of any kind, or works of authorship of any kind, including, without limitation, compilations and derivative works, whether or not patentable or copyrightable, conceived, developed, reduced to practice or otherwise made by the Consultant, either alone or with others, and in any way related to the Field of Interest or to tasks assigned to the Consultant during the course of his relationship with the Company, whether or not conceived, developed, reduced to practice or made on the Company’s premises (collectively “Inventions”), and any and all services and products which embody, emulate or employ any such Invention or Confidential Information shall be the sole property of the Company and all copyrights, patents, patent rights, trademarks and reproduction rights to, and other proprietary rights in, each such Invention or Confidential Information, whether or not patentable or copyrightable, shall belong exclusively to the Company. The Consultant agrees that all such Inventions shall constitute works made for hire under the copyright laws of the United States and hereby assigns and, to the extent any such assignment cannot be made at the present time, agrees to assign, to the Company any and all copyrights, patents and other proprietary rights he may have in any such Invention, together with the right to file and/or own wholly without restrictions applications for United States and foreign patents, trademark registration and copyright registration and any patent, or trademark or copyright registration issuing thereon.

 

8.                                      Consultant’s Obligation to Keep Records. Consultant shall make and maintain adequate and current written records of all Inventions, and shall disclose all Inventions promptly, fully and in writing to the Company immediately upon development of the same and at any time upon request.

 

9.                                      Consultant’s Obligation to Cooperate. The Consultant will, at any time during or after the term of this Agreement, upon request of the Company, execute all documents and perform all lawful acts which the Company considers necessary or advisable to secure its rights hereunder and to carry out the intent of this Agreement. Without limiting the generality of the foregoing, the Consultant will assist the Company in any reasonable manner to obtain for its own benefit patents or copyrights in any and all countries with respect to all Inventions assigned pursuant to Section 7, and the Consultant will execute, when requested, patent and other applications and assignments thereof to the Company, or Persons (as defined in Section 13(j)) designated by it, and any other lawful documents deemed necessary by the Company to carry out the purposes of this Agreement, and the Consultant will further assist the Company in every way to enforce any patents and copyrights obtained, including testifying in any suit or proceeding involving any of said patents or copyrights or executing any documents deemed necessary by the Company, all without further consideration than provided for herein. It is understood that reasonable out-of-pocket expenses of the Consultant’s assistance incurred at the request of the Company under this Section will be reimbursed by the Company.

 

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10.                          Noncompetition. Subject to written waivers that may be provided by the Company upon request, which shall not be unreasonably withheld, the Consultant agrees that during the term of this Agreement and for a period of one year after the termination of this Agreement, the Consultant shall not directly or indirectly (i) provide any services in the Field of Interest to any Person other than the Company, (ii) become an owner, partner, shareholder, consultant, agent, employee or co-venturer of any Person that has committed, or intends to commit, significant resources to the Field of Interest. Notwithstanding the foregoing, the Consultant may purchase as a passive investment up to one percent (1%) of any class or series of outstanding voting securities of any Person that has committed significant resources to the Field of Interest if such class or series is listed on a national or regional securities exchange or publicly traded in the “over-the-counter” market.

 

11.                          Nonsolicitation. During the term of this Agreement and for a period of one year after the termination of this Agreement, the Consultant shall not (i) solicit, encourage, or take any other action which is intended to induce any employee of, or consultant to, the Company (or any other Person who may have been employed by, or may have been a consultant to, the Company during the Term) to terminate his or her employment or relationship with the Company in order to become employed by or otherwise perform services for any other Person or (ii) solicit, endeavor to entice away from the Company or otherwise interfere with the relationship of the Company with any Person who is, or was within the then-most recent 12 month period, a client or customer of the Company.

 

12.       Return of Property. Upon termination of the Consultant’s engagement with the Company, or at any other time upon request of the Company, the Consultant shall return promptly any and all Confidential Information, including customer or prospective customer lists, other customer or prospective customer information or related materials, computer programs, software, electronic data, specifications, drawings, blueprints, medical devices, samples, reproductions, sketches, notes, notebooks, memoranda, reports, records, proposals, business plans, or copies of them, other documents or materials, tools, equipment, or other property belonging to the Company or its customers which the Consultant may then possess or have under his control. The Consultant further agrees that upon termination of his engagement he shall not take with him any documents or data in any form or of any description containing or pertaining to Confidential Information or any Inventions.

 

13.                          Miscellaneous.

 

(a)                            Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all other prior agreements and understandings, both written and oral, between the parties with respect to such subject matter.

 

(b)                            Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder, except as otherwise expressly provided herein and shall not be assignable by operation of law or otherwise.

 

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(c)                                  Amendments and Supplements. This Agreement may not be altered, changed or amended, except by an instrument in writing signed by the parties hereto.

 

(d)                                 No Waiver. The terms and conditions of this Agreement may be waived only by a written instrument signed by the party waiving compliance. The failure of any party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of such party thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall be held to be a waiver of any other or subsequent breach or non-compliance.

 

(e)                                  Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of The Commonwealth of Massachusetts, without regard to its principles of conflicts of laws.

 

(f)                                   Notice. All notices and other communications hereunder (other than Consulting Services, which shall be delivered in the manner specified in Section 1 and Schedule A) shall be in writing and shall be deemed given if delivered by hand, sent by facsimile transmission with confirmation of receipt, sent via a reputable overnight courier service with confirmation of receipt requested, or mailed by registered or certified mail (postage prepaid and return receipt requested) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice), and shall be deemed given on the date on which delivered by hand or otherwise on the date of receipt as confirmed:

 

To the Company:

 

Selecta Biosciences, Inc.

One Kendall Square, No. 169

Cambridge, MA 02142 
 Attn: President

 

To the Consultant:

 

Omid Farokhzad

[***]

 

(g)                                  Remedies. The Consultant recognizes that money damages alone would not adequately compensate the Company in the event of breach by the Consultant of this Agreement, and the Consultant therefore agrees that, in addition to all other remedies available to the Company at law, in equity or otherwise, the Company shall be entitled to injunctive relief for the enforcement hereof. All rights and remedies hereunder are cumulative and are in addition to and not exclusive of any other rights and remedies available at law, in equity, by agreement or otherwise.

 

(h)                                 Survival; Validity. Notwithstanding the termination of the Consultant’s relationship with the Company (whether pursuant to Section 4 or otherwise), the Consultant’s

 

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covenants and obligations set forth in Sections 6, 7, 9, 10, 11, 12 and 13 shall remain in effect and be fully enforceable in accordance with the provisions thereof. In the event that any provision of this Agreement shall be determined to be unenforceable by reason of its extension for too great a period of time or over too large a geographic area or over too great a range of activities, it shall be interpreted to extend only over the maximum period of time, geographic area or range of activities as to which it may be enforceable. If, after application of the preceding sentence, any provision of this Agreement shall be determined to be invalid, illegal or otherwise unenforceable by a court of competent jurisdiction, the validity, legality and enforceability of the other provisions of this Agreement shall not be affected thereby. Except as otherwise provided in this Section 13(h), any invalid, illegal or unenforceable provision of this Agreement shall be severable, and after any such severance, all other provisions hereof shall remain in full force and effect.

 

(i)                                     Construction. A reference to a Section or a Schedule shall mean a Section in or Schedule to this Agreement unless otherwise expressly stated. The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice-versa.

 

(j)                                    Certain Definitions.

 

“Cause” shall mean: (i) Consultant’s dishonesty with respect to the Company; (ii) Consultant’s misconduct which materially and adversely reflects upon the business, affairs, operations, or reputation of the Company or upon Consultant’s ability to perform his duties for the Company; (iii) Consultant’s failure to perform his duties and responsibilities for the Company, which failure continues for more than ten (10) days after the Company gives written notice to Consultant which sets forth in reasonable detail the nature of such failure; (iv) Consultant’s negligent performance of his duties, which negligent performance continues for more than ten (10) days after the Company gives written notice to Consultant which sets forth in reasonable detail the nature of such negligence; or (v) Consultant’s breach of any one or more of the material provisions of this Agreement, which breach continues for more than ten (10) days after the Company gives written notice to Consultant which sets forth in reasonable detail the nature of such breach.

 

“Field of Interest” shall mean PLGA nanoparticles that target antigen-presenting cells in lymph nodes.

 

“Person” shall mean an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization.

 

(k)                                 Counterparts. This Agreement may be executed in one or more counterparts, all of which together shall constitute one and the same Agreement.

 

*****

 

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IN WITNESS WHEREOF, the parties have caused this Consulting Agreement to be executed as an agreement under seal as of the date first written above.

 

	
 
    	
SELECTA   BIOSCIENCES, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Laila von Andrian-Werburg
    
	
 
    	
Name:
    	
Laila von Andrian-Werburg
    
	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
CONSULTANT:
    
	
 
    	
 
    
	
 
    	
/s/ Omid Farokhzad
    
	
 
    	
Omid Farokhzad
    
					

 

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Schedule A

 

1.                                      Description of Consulting Services.

 

The Consultant shall provide consulting services to the Company as may be mutually determined by the Company and Consultant from time to time. In determining the times and locations for the performance of such services, due consideration shall be given to Consultant’s commitments to Harvard, Brigham or any future employer of Consultant.

 

2.                                      Compensation.

 

2.1                          The Company shall pay Consultant a periodic consulting fee payable quarterly in arrears on the first day of April, July, October and January of each year during the term of this Agreement and all renewal terms of this Agreement. Such consulting fee shall initially be $0.00, but shall increase upon the occurrence of the following events: (i) to $25,000 per 365-day period on and after the Initial Milestone Date (as defined below) and continuing until the Second Milestone Date (as defined below); (ii) to $50,000 per 365-day period on and after the Second Milestone Date and continuing until the Third Milestone Date (as defined below); (iii) to $75,000 per 365-day period on and after the Third Milestone Date and continuing until the Fourth Milestone Date (as defined below); and (iv) to $100,000 per 365-day period on and after the Fourth Milestone Date.

 

As used herein, the term “Initial Milestone Date” shall mean the date upon which the cumulative Cash Flow (as defined below) received by the Company shall be equal to or greater than $2,500,000; the term “Second Milestone Date” shall mean the date upon which the cumulative Cash Flow received by the Company shall be equal to or greater than $10,000,000; the term “Third Milestone Date” shall mean the date upon which the cumulative Cash Flow received by the Company shall be equal to or greater than $25,000,000; and the term “Fourth Milestone Date” shall mean the earliest to occur of (i) the date upon which the cumulative Cash Flow received by the Company shall be equal to or greater than $50,000,000, (ii) the consummation by the Company of an Initial Public Offering (as defined below) or (iii) the sale of the Company in a merger or consolidation in which the Company is not the surviving corporation or in which the Company is the surviving corporation but becomes a wholly-owned subsidiary of another corporation, or involving the sale of substantially all of the Company’s assets.

 

The term “Cash Flow” shall include all funds received by the Company (other than funds which must be repaid), including, without limitation, the proceeds of the sale of equity securities by the Company and the committed proceeds for equity and research funding in connection with a strategic alliance or corporate partnering transaction with a third party in the Field of Interest.

 

The term “Initial Public Offering” shall mean a firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale of the Company’s Common Stock to the public, for the account of the Company, at a public offering price of at least $3.00 per share, with such amount to be appropriately adjusted to take account of any stock split, stock dividend, subdivision,

 

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combination of shares, or the like, and having an aggregate offering price to the public of not less than $30,000,000.

 

2.2                               Consultant shall be reimbursed for all reasonable, appropriate or necessary travel and other out-of-pocket expenses incurred in the performance of his duties hereunder upon submission and approval of written statements and bills in accordance with the then regular reimbursement procedures of the Company.

 

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Addendum to Consulting Agreement

 

The Company acknowledges that Consultant’s primary employment responsibilities are to The Brigham and Women’s Hospital (“Brigham”), Harvard Medical School and Harvard University (together, “HMS”) and that Consultant’s obligations under Brigham and HMS policies take priority over any obligations that Consultant may have to the Company by reason of this Agreement.

 

The Company acknowledges that Consultant’s activities may be further bound by the policies of Governmental agencies (e.g. the National Institutes of Health) or funding agencies (e.g., the Howard Hughes Medical Institute or the Juvenile Diabetes Foundation) as applicable, including policies relating to consulting and conflicts of interest, and that such policies may take priority over any obligations that Consultant may have to the Company by reason of this Agreement.

 

The parties understand and agree that it is Consultant’s responsibility to ensure that Consultant’s services to the Company do not employ proprietary information of Brigham or HMS nor make substantial use of Brigham’s or HMS’s time or resources nor involve Brigham or HMS students, employees, post-doctoral trainees or any other Brigham or HMS personnel other than the Consultant.

 

Subject to obligations to protect the Company’s proprietary or confidential information, Consultant’s services may not restrict or hinder his/her ability to conduct current or foreseeable research or teaching assignments with Brigham or HMS, nor limit Consultant’s ability to publish work generated at or on the behalf of Brigham or HMS, nor infringe on Consultant’s academic freedom.

 

The Company will have no rights by reason of the Agreement in any intellectual property whatsoever, whether or not patentable or copyrightable, generated wholly or in part as a result of Consultant’s activities as an employee of Brigham or HMS or using the resources or proprietary information of Brigham or HMS.

 

The Company further acknowledges that Consultant will serve as a consultant in the capacity of an individual, and not as an agent, employee or representative of Brigham or HMS. Any confidential or other information provided to Consultant by Company will be deemed received only by Consultant as an individual and not by Brigham or HMS, and any obligations pertaining thereto will apply only to the Consultant and not Brigham or HMS.

 

The name of Brigham, HMS or Harvard or their affiliates may not be used in connection with Consultant’s services, other than in affiliation as his employer, without written permission from Brigham or HMS.

 

	
Selecta   Biosciences, Inc.
    	
 
    	
CONSULTANT
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Laila von Andrian-Werburg
    	
 
    	
/s/ Omid Farokhzad,   M.D. 
    
	
Name:
    	
Laila von Andrian-Werburg
    	
 
    	
Omid Farokhzad, M.D. 
    
	
Title:
    	
President
    	
 
    	
 
    
	
Date: March 10, 2008
    	
 
    	
Date:
    	
March 10, 2008
    
							

 

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SELECTA BIOSCIENCES, INC.

 

FIRST AMENDMENT TO CONSULTING AGREEMENT

 

This First Amendment to Consulting Agreement (this “First Amendment”) dated as of January 1, 2012, is made by and between Selecta Biosciences, Inc., a Delaware corporation (the “Company”), and Omid Farokhzad (the “Consultant”).

 

WHEREAS, the Company and the Consultant are parties to a Consulting Agreement dated as of March 10, 2008 (the “Original Agreement”); and

 

WHEREAS, the parties desire to modify the Original Agreement as set forth below.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Original Agreement, the parties hereto agree as follows:

 

1.                                      Compensation. Schedule A of the Original Agreement is hereby amended to delete Section 2.1 in its entirety and to insert the following section in its place:

 

2.1          The Company shall pay the Consultant a fee in cash for the Consulting Services at a rate of $75,000 per annum, which fee shall be paid quarterly in arrears on the first day of April, July, October, and January. This rate shall take effect as of October 1, 2011.

 

2.                                      Notice. Section 13(f) of the Original Agreement is hereby amended to delete the Company’s previous address in Cambridge, Massachusetts and to insert the Company’s current address at 480 Arsenal St., Building One, Watertown, Massachusetts 02472.

 

3.                                      Ratification. The Original Agreement, as amended by this First Amendment, is hereby ratified and confirmed in all respects and shall continue in full force and effect. The Original Agreement shall, together with this First Amendment, be read and construed as a single agreement.

 

4.                                      Governing Law. This First Amendment shall be governed by, and construed and enforced in accordance with, the substantive laws of The Commonwealth of Massachusetts, without regard to its principles of conflicts of laws.

 

5.                                      Counterparts. This First Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

*****

 

 

IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed as an agreement under seal as of the date first written above.

 

	
COMPANY:
    	
 
    	
CONSULTANT:
    
	
 
    	
 
    	
 
    
	
SELECTA BIOSCIENCES, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ Werner Cautreels
    	
 
    	
/s/ Omid Farokhzad
    
	
Werner   Cautreels
    	
 
    	
Omid Farokhzad
    
	
President and Chief   Executive Officer
    	
 
    	
 
    
				

 

-Signature Page to First Amendment to Consulting Agreement-Exhibit 10.15

 

EMPLOYMENT AGREEMENT

(Werner Cautreels)

 

This Employment Agreement (this “Agreement”) dated as of July 19, 2010 (the “Effective Date”), is made by and between Selecta Biosciences, Inc., a Delaware corporation (the “Company”), and Werner Cautreels (“Executive”).

 

WHEREAS, the Company wishes to employ Executive, and Executive wishes to be employed by the Company, upon the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the parties hereto agree as follows:

 

1.                                      Start Date. This Agreement will be binding and in full force and effect as of the Effective Date. Executive’s first date of employment will be July 19, 2010 (the “Start Date”).

 

2.                                      Title and Responsibilities.

 

(a)                                 President and Chief Executive Officer. The Company hereby employs Executive to perform those executive duties and services as the Board of Directors of the Company (the “Board”) shall from time to time set forth, and Executive accepts employment with the Company, upon the terms and conditions hereinafter set forth. Executive shall serve as the President and Chief Executive Officer of the Company and shall report to the Board. The Board shall have the right to review and change the responsibilities of Executive from time to time as it may deem necessary or appropriate, subject to Executive’s right to terminate his employment for Good Reason (as defined in Section 16).

 

(b)                                 Board of Directors. Executive shall serve as a director for so long as he is the Chief Executive Officer or until his earlier death, resignation or removal.

 

3.                                      Duty to Perform Services. Commencing on the Start Date, except as provided below, Executive shall devote his full business time to rendering services to the Company hereunder, and shall exert all reasonable efforts in the rendering of such services. Except to the extent the restrictions contained in Section 11 may apply, nothing in this Agreement shall prohibit Executive from (a) making and managing passive investments, (b) participating in professional organizations in an unpaid capacity, and (c) serving as a non-executive director of Galapagos NV, in a manner, and to an extent, that will not interfere with his duties to the Company. Executive agrees that in the rendering of all services to the Company and in all aspects of employment hereunder, he shall comply in all material respects with all directives, policies, standards and regulations from time to time established by the Company, to the extent they are not in conflict with this Agreement. The Company reserves the right to alter, supplement or rescind its employment procedures, benefits or policies at any time in its sole and absolute discretion and without notice, but will advise Executive promptly after the implementation of any such changes that he shall be responsible for complying with.

 

4.                                      Term of Agreement. The term of this Agreement will commence on the Effective Date. There shall be no definite term of employment, and Executive shall be an employee at

 

 

will. This Agreement will terminate upon the occurrence of a “Termination Event” subject to, and in accordance with, Section 14.

 

5.                                      Compensation.

 

(a)                                 Base Salary. During the term of this Agreement, the Company shall pay Executive a base salary, payable in equal installments in accordance with the Company’s standard schedule for salary payments to its employees, at an initial annual rate equal to $385,000. Executive’s base salary shall be reviewed annually by the Compensation Committee of the Board (the “Compensation Committee”), commencing in January 2011, and may be adjusted after each such review after discussions between the Company and Executive.

 

(b)                                 Annual Bonus. During the term of this Agreement, Executive shall be eligible to receive an annual bonus in an amount up to a target percentage of Executive’s annual base salary (the “Annual Bonus”), contingent upon satisfaction of performance goals, which shall be determined by the Compensation Committee at the beginning of each year calendar after consultation with Executive with respect to such goals. The target percentage for 2011 shall be 25% and the target percentage for each calendar year thereafter shall be determined by the Compensation Committee at the beginning of such year after consultation with Executive. Notwithstanding the foregoing, the amount of Executive’s performance bonus for 2010, if any, shall be determined by the Compensation Committee, in its sole discretion, after taking into account the number of days that Executive worked on behalf of the Company in 2010 and any other factors that such committee deems relevant to its determination.

 

(c)                                  Stock Option.

 

(i)                                     Shares. On the Grant Date (as defined in Section 16), the Company shall grant to Executive an incentive stock option (the “Option”) under the Company’s 2008 Stock Incentive Plan (the “Plan”) to purchase 1,082,721 shares of Common Stock (as defined in Section 16), which will represent 4.5% of the total number of shares of Common Stock issued and outstanding on a fully-diluted basis as of the Grant Date.

 

(ii)                                  Terms. The Option is intended to qualify as an “incentive stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). The Option shall: (a) have an exercise price equal to the fair market value per share of Common Stock on the date of grant, as determined by the Board (or the Compensation Committee), (b) be substantially in the form of Exhibit 5(c), and (c) be subject to the terms and conditions set forth in the Plan in all respects.

 

(iii)                               Vesting. The Option shall vest as to 25% of the shares issuable thereunder on the first anniversary of the Start Date, and the remainder shall vest in equal monthly portions over the following 36 months, for a total four-year vesting period, all as set forth in greater detail in the Option. All vesting shall cease immediately upon termination of Executive’s employment or provision of consulting services for the Company, provided, however, that in the event that (i) there is a Change of Control (as defined in Section 16), and (ii) Executive’s employment is terminated by the Company (including its successors) without Cause or by Executive for Good Reason (as these terms are defined in Section 16) within twelve (12)

 

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months after such Change of Control, then 100% of any then unvested Option Shares shall become vested and exercisable in full immediately prior to such Termination Event (as defined in Section 14(a)).

 

6.                                      Vacation; Holidays and Sick Time; Benefits.

 

(a)                                 Vacation. Executive shall be entitled to four weeks of vacation during each calendar year of this Agreement, pro-rated for any partial years. Vacation days accrued but not used by the end of any calendar year may be used in the subsequent calendar year, provided that no more than five accrued vacation days may be carried over from one year to the next.

 

(b)                                 Holidays and Sick Time. Executive shall be entitled to paid legal and religious holidays and sick days in accordance with the Company’s normal policies in effect from time to time.

 

(c)                                  Benefits. Subject to any contribution therefor generally required of employees of the Company, commencing on the Start Date, Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for the full-time employees of the Company generally (collectively, the “Benefit Plans”), but the Company shall not be required to establish any such program or plan. Such participation shall be subject to (i) the terms of the applicable plan documents, and (ii) generally applicable Company policies. The Company may alter, modify, add to or delete its employee Benefit Plans at any time as it, in its sole discretion, determines to be appropriate.

 

7.                                      Expenses.

 

(a)                                 Business Expenses. The Company shall pay or reimburse Executive for all reasonable business expenses incurred or paid by Executive in connection with his employment by the Company in accordance with the Company’s policies in effect from time to time.

 

(b)                                 Relocation Expenses.

 

(i)                                     The Company shall reimburse Executive for all reasonable expenses paid by Executive in connection with changing his primary residence from Philadelphia, Pennsylvania to a city or town within 40 miles of Watertown, Massachusetts; provided, however, that (x) the Company shall have no obligation to reimburse Executive for any such expenses in excess of $15,000 in aggregate; (y) such change of primary residence must occur, and such expenses must be incurred, not later than the 90th day after the Start Date (the “Relocation Deadline”); and (z) Executive submit to the Company copies of receipts for such expenses. For the avoidance of doubt, reimbursable relocation expenses would include, without limitation, reasonable expenses for: hotels, temporary housing and meals in the greater Boston area; travel in, around or between Philadelphia and Watertown, including parking; moving furniture and other household items from Philadelphia to Massachusetts; and brokerage fees payable in connection with the lease of a primary residence in Massachusetts; but would not include any commission due to a broker for the sale or lease of his residence in Philadelphia or the purchase of a residence in Massachusetts.

 

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(ii)                                  In the event that Executive terminates his employment with the Company for any reason other than Good Reason within two years after the Start Date, then Executive shall promptly refund to the Company the product of (x) any amounts paid to him by the Company pursuant to Section 7(b)(i), times (y) a fraction where (I) the numerator is the number of days that Executive is not employed by the Company during the period commencing on the Relocation Deadline, and ending on the second anniversary of the Start Date, as determined on the effective date of termination, and (II) the denominator is the number of days between the Relocation Deadline and the second anniversary of the Start Date. Among other measures which the Company shall be entitled to take to secure the refund of the relocation allowance, the Company shall be entitled to withhold, to the fullest extent permitted by applicable law, some or all of any unpaid amounts (including, without limitation, any unpaid salary, severance payments, compensation for vacation time, commissions, bonuses or expenses) otherwise owed to Executive by the Company.

 

8.                                      Confidential Information.

 

(a)                                 Executive understands that the Company continually obtains and develops valuable proprietary and confidential information concerning its scientific or business affairs (the “Confidential Information”) which may become known to him in connection with his employment by the Company.

 

(b)                                 Executive acknowledges that all Confidential Information, whether or not in writing and whether or not labeled or identified as confidential or proprietary, is and shall remain the exclusive property of the Company or the third party providing such information to Executive or the Company. By way of illustration, but not limitation, Confidential Information may include Inventions (as defined in Section 9(a)), trade secrets, technical information, know-how, research and development activities of the Company, product and marketing plans, customer and supplier information and information disclosed to the Company or to him by third parties of a proprietary or confidential nature or under an obligation of confidence. Confidential Information is contained in various media, including without limitation, patent applications, research data and observations, records of clinical trials, computer programs in object and/or source code, technical specifications, laboratory notebooks, supplier and customer lists, internal financial data and other documents and records of the Company.

 

(c)                                  Executive agrees that Executive shall not, during the term of his engagement by the Company and thereafter, publish, disclose or otherwise make available to any third party any Confidential Information except as expressly authorized herein or in writing by the Company. Executive may disclose Confidential Information to (i) directors, employees, consultants and representatives of the Company, to (ii) accountants, financial advisors and counsel of Executive, who have a bona fide need to know such information and who are bound by an obligation not to use or disclose such information without authorization from the Company and to (iii) other parties that enter into confidentiality or non-disclosure agreements with the Company and to whom such Confidential Information will be disclosed for legitimate business purposes of the Company. Executive agrees that Executive shall use such Confidential Information only in the performance of his duties for the Company and in accordance with any Company policies with respect to the protection of Confidential Information. Executive agrees

 

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not to use such Confidential Information for his own benefit or for the benefit of any other person or business entity.

 

(d)                                 Executive agrees to exercise all reasonable precautions to protect the integrity and confidentiality of Confidential Information in his possession and not to remove any materials containing Confidential Information from the Company’s premises except to the extent necessary to his employment for the benefit of the Company. Upon the termination of his employment by the Company, or at any time upon the Company’s request, Executive shall return immediately to the Company any and all materials containing any Confidential Information then in his possession or under his control.

 

(e)                                  Confidential Information shall not include information which (i) is or becomes generally known within the Company’s industry or otherwise through no fault of Executive; (ii) was known to him at the time it was disclosed as evidenced by his written records at the time of disclosure; (iii) is lawfully and in good faith made available to him by a third party who did not derive it from the Company and who imposes no obligation of confidence on Executive; or (iv) is required to be disclosed by a governmental authority or by order of a court of competent jurisdiction, provided that Executive shall cooperate with the Company at its expense in seeking to obtain all applicable governmental or judicial protection available for like material and provide reasonable advance notice to the Company.

 

9.                                      Ownership and Assignment of Inventions.

 

(a)                                 Executive agrees promptly to disclose to the Company any and all ideas, concepts, discoveries, inventions, developments, trade secrets, methods, data, information, improvements, chemical or biological materials and know-how that are conceived, devised, invented, developed or reduced to practice or tangible medium by Executive, under his direction or jointly with others during any period that Executive is employed by the Company, whether or not during normal working hours or on the premises of the Company (hereinafter “Inventions”).

 

(b)                                 Executive hereby assigns to the Company all of his right, title and interest to the Inventions and any and all related patent rights, copyrights and applications and registrations therefor. During and after his employment by the Company, Executive shall cooperate with the Company, at the Company’s expense, in obtaining proprietary protection for the Inventions and Executive shall execute all documents which the Company shall reasonably request in order to perfect the Company’s rights in the Inventions. Executive hereby appoints the Company his attorney-in-fact to execute and deliver any such documents on his behalf in the event Executive should fail or refuse to do so within a reasonable period following the Company’s request. It is understood that reasonable out-of-pocket expenses of Executive’s assistance incurred at the request of the Company under this Section will be reimbursed by the Company.

 

(c)                                  Executive further represents that the attached Schedule A contains a complete list (as of date that Executive first became an employee of the Company) of all inventions related to the business or proposed business of the Company, made, conceived or first reduced to practice by Executive, under his direction or jointly with others prior to his engagement with the Company (“Prior Inventions”) and which are not assigned to the Company

 

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hereunder. If there is no such Schedule A attached hereto, Executive represents that there are no such Prior Inventions.

 

10.                               Other Obligations.

 

(a)                                 Between Executive and Third Parties. Executive hereby represents, warrants and agrees (i) that Executive has the full right to enter into this Agreement and perform the services required of him hereunder, without any restriction whatsoever; (ii) that in the course of performing services hereunder, Executive will not violate the terms or conditions of any agreement between him and any third party, including former employers and clients, or infringe or wrongfully appropriate any patents, copyrights, trade secrets or other intellectual property rights of any Person anywhere in the world; (iii) that Executive has not and will not disclose or use during his employment by the Company any confidential information that he acquired as a result of any previous employment or consulting arrangement or under a previous obligation of confidentiality; and (iv) that Executive has disclosed to the Company in writing any and all continuing obligations to previous employers or others that require him not to disclose any information to the Company.

 

(b)                                 Between the Company and Third Parties. Executive acknowledges that the Company from time to time may have agreements with other Persons, including the government of the United States or other countries and agencies thereof, which impose obligations or restrictions on the Company regarding inventions made during the course of work thereunder or regarding the confidential nature of such work. Executive agrees to be bound by all such obligations and restrictions and to take all action necessary to discharge the obligations of the Company thereunder.

 

11.                               Exclusive Commitment. Executive agrees that, during the Restricted Period (as defined in Section 16), Executive shall not, without the Company’s prior written consent, become involved, as a principal, director, employee, consultant, partner, or holder of more than one percent (1%) of the outstanding capital stock of any business enterprise that dedicates a significant amount of resources to development or commercialization of prophylactic or therapeutic immunomodulatory products, vaccines or services.

 

12.                               General Non-Solicitation. Executive agrees that, during the Restricted Period, Executive shall not solicit, divert or take away, or attempt to divert or take away, the business or patronage of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company which were contacted, solicited or served by him while employed by the Company.

 

13.                               Non-Solicitation of Employees. Executive agrees that, during the Restricted Period, Executive shall not directly or indirectly (i) recruit, solicit or hire any employee of the Company, or induce or attempt to induce any employee to discontinue his or her employment relationship with the Company or (ii) without the written consent of the Company, solicit, recruit or hire any consultant then actively engaged by the Company to perform services in any field of business in which the Company is then active.

 

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14.                               Termination Without Severance.

 

(a)                                 “Termination Events.” The following events shall each be considered a “Termination Event” and, upon the occurrence of any of them, shall have the effect of immediately terminating the Company’s obligations under this Agreement, including its obligation to make any further payments hereunder but excluding the payment of base salary which is accrued at the date of termination:

 

(i)                                     Executive’s death;

 

(ii)                                  Executive’s Disability for such period of time and under circumstances which would constitute a Permanent Disability (as defined in Section 16);

 

(iii)                               The termination of Executive’s employment by the Company for Cause (as defined in Section 16); or

 

(iv)                              The termination of Executive’s employment by Executive for any reason other than Good Reason (as defined in Section 16).

 

(b)                                 Termination for Cause. To the extent practicable, any decision to terminate Executive’s employment for Cause shall be made by the Board after Executive has received notice from the Board including details of the grounds for termination for Cause and has had a reasonable opportunity to be heard by the Board. Termination pursuant to Section 14(a)(iii) shall be without prejudice to any other right or remedy to which the Company may be entitled, at law, in equity, under this Agreement or otherwise.

 

(c)                                  Notice of Termination. Executive agrees to provide the Company with a notice of termination thirty (30) days prior to the effective date of a termination pursuant to Section 14(a)(iv).

 

(d)                                 Survival. Notwithstanding Executive’s termination of employment pursuant to Section 14(a)(ii), 14(a)(iii) or 14(a)(iv), Executive’s covenants and obligations set forth in Sections 8, 9, 11, 12, 13, 14(d), 16 and 17 shall remain in effect and be fully enforceable in accordance with the provisions thereof.

 

15.                               Termination With Severance.

 

(a)                                 Right to Terminate; Notice. In addition to the other termination rights provided to the Company or Executive hereunder, the Company may terminate Executive’s employment without Cause and Executive may terminate Executive’s employment for Good Reason.

 

(b)                                 Survival. In the event that Executive’s employment is terminated by the Company without Cause, or by Executive for Good Reason, then Executive’s covenants and obligations set forth in Sections 8, 9, 11, 12, 13, 14(d), 16 and 17 shall remain in effect and be fully enforceable in accordance with the provisions thereunder.

 

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(c)                                  Severance. In the event that Executive’s employment is terminated by the Company without Cause, or by Executive for Good Reason, then, subject to Section 15(d), Executive shall be entitled to receive (i) the installments of base salary set forth in Section 5(a) not yet paid to Executive, payable when and as if Executive had continued to be employed by the Company until the nine-month anniversary of the date of such termination; (ii) the dollar equivalent for Executive’s accrued and untaken vacation days as of the date of termination, (iii) all bonuses referred to in this Agreement earned by Executive as of the date of termination and (iv) medical insurance benefits if, to the extent that, and at such time or times (if any) as, any such benefits are in effect for the Company’s full-time employees during such period of time. Nothing in this Section 15(c) shall be construed as imposing any obligation on the Company to maintain medical insurance benefits of any nature at any time.

 

(d)                                 Release; Termination of Severance. Notwithstanding anything to the contrary in Section 15(c), Executive shall not be entitled to receive any payments or benefits pursuant to Section 15(c) unless he first executes and delivers to the Company a general release of claims against the Company and its affiliates in form and substance reasonably satisfactory to the Company. Notwithstanding anything to the contrary in Section 15(c), if Executive commences full time employment or enters into a consulting arrangement with a Person other than the Company (a “New Employer”) during the period of time that the Company would otherwise be providing severance benefits to Executive pursuant to Section 15(c) (the “Severance Period”), then (i) any cash compensation paid to Executive by a New Employer during the Severance Period shall be credited toward the Company’s severance obligations under this Section 15, and (ii) the Company shall have no obligation to provide or pay for any type of benefits that the New Employer provides to Executive. Executive agrees to inform the Company promptly in writing if he commences employment or enters into a consulting arrangement with a New Employer while he is receiving severance payments from the Company. Without prejudice to any other right or remedy to which the Company may be entitled, the Company may terminate its obligations under Section 15(c) if Executive breaches his obligations under Sections 8, 9, 11, 12 or 13.

 

16.                               Certain Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below:

 

“Cause” means: (i) commission of, or indictment or conviction of, any felony or any crime involving dishonesty by Executive; (ii) Executive’s participation in any fraud against the Company; (iii) any intentional damage to any property of the Company by Executive; (iv) Executive’s misconduct which materially and adversely reflects upon the business, operations, or reputation of the Company, which misconduct has not been cured (or cannot be cured) within 10 days after the Company gives written notice to Executive regarding such misconduct; (v) Executive’s breach of any material provision of this Agreement or any other agreement between Executive and the Company and failure to cure such breach (if capable of cure) within 10 days after the Company gives written notice to Executive regarding such breach.

 

“Change of Control” means the closing of (i) a sale of all or substantially all of the assets of the Company, or (ii) a stock tender or a merger, consolidation or similar event pursuant to a transaction or series of related transactions in which a third party acquires more than fifty percent (50%) of the equity voting securities of the Company outstanding immediately prior to the

 

8

 

consummation of such transaction or series of transactions, and the shareholders of the Company do not retain a majority of the equity voting securities of the surviving entity, other than (a) a merger, conversion or other transaction the principal goal of which is to change the jurisdiction of incorporation of the Company, or (b) an equity security financing for the account of the Company in which capital stock of the Company is sold to one or more institutional investors.

 

“Common Stock” means the Company’s common stock, $.0001 par value per share.

 

“Disability” means the inability of Executive to substantially perform his duties to the Company as a result of his incapacity due to illness or physical disability.

 

“Good Reason” means Executive’s termination of his employment because of (i) the Company’s breach of any one or more of the material provisions of this Agreement, which breach continues for more than ten (10) days after Executive gives written notice to the Company setting forth in reasonable detail the nature of such breach; (ii) a material reduction by the Company of Executive’s responsibilities or base salary; or (iii) a relocation by the Company of Executive’s place of employment by more than 40 miles.

 

“Grant Date” means the date that the Company grants the Option, which shall occur promptly after the Company receives from a third-party-appraisal firm a valuation per share of the Company’s Common Stock, but in any case no later than July 15, 2010

 

“Permanent Disability” means a Disability which continues for at least 120 consecutive calendar days or 180 calendar days during any consecutive twelve-month period, after its commencement, and is determined in good faith to be total and permanent by the Board following consultation with reputable medical or health experts selected by the Board.

 

“Person” means an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization.

 

“Restricted Period” means the period of time commencing on the Effective Date and expiring on, (i) if Executive’s employment is terminated by the Company for Cause, the second anniversary of the effective date of such termination, or (ii) if Executive’s employment is terminated by Executive, or by the Company for any reason other than for Cause, the first anniversary of the effective date of such termination.

 

17.                               Miscellaneous.

 

(a)                                 Entire Agreement; No Representations or Warranties. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and oral, between the parties with respect to such subject matter. Executive acknowledges and agrees that, in accepting employment with the Company, he has not relied upon any agreements or representations not expressly set forth herein.

 

(b)                                 Assignability. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement is not intended to confer upon any Person other than the parties hereto any rights or

 

9

 

remedies hereunder, except as otherwise expressly provided herein and shall not be assignable by operation of law or otherwise.

 

(c)                                  Amendments and Supplements. This Agreement may not be altered, changed or amended, except by an instrument in writing signed by the parties hereto; provided, however, that no such alteration, change or amendment may be binding on the Company unless approved by the Board.

 

(d)                                 No Waiver. The terms and conditions of this Agreement may be waived only by a written instrument signed by the party waiving compliance. In the case of the Company, no waiver shall be effective unless approved by the Board. The failure of any party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of such party thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall be held to be a waiver of any other or subsequent breach or non-compliance.

 

(e)                                  Construction of Agreement. A reference to a Section or Exhibit shall mean a Section in or Exhibit to this Agreement unless otherwise expressly stated. The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.”

 

(f)                                   Notice. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered by hand, sent by facsimile transmission with confirmation of receipt, sent via a reputable overnight courier service with confirmation of receipt requested, or mailed by registered or certified mail (postage prepaid and return receipt requested) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice), and shall be deemed given on the date on which delivered by hand or otherwise on the date of receipt as confirmed:

 

To the Company:

 

Selecta Biosciences, Inc.

480 Arsenal Street

Building One

Watertown, MA 02472

Attention: Chief Financial Officer

Fax: 617-924-3454

 

To Executive:

 

Werner Cautreels

[***]

 

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(g)                                  Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of The Commonwealth of Massachusetts, without regard to its principles of conflicts of laws.

 

(h)                                 Remedies. Executive recognizes that money damages alone may not adequately compensate the Company in the event of breach by Executive of this Agreement, and Executive therefore agrees that, in addition to all other remedies available to the Company at law, in equity or otherwise, the Company may be entitled to injunctive relief for the enforcement hereof. All rights and remedies hereunder are cumulative and are in addition to and not exclusive of any other rights and remedies available at law, in equity, by agreement or otherwise.

 

(i)                                     Validity. In the event that any provision of this Agreement shall be determined to be unenforceable by reason of its extension for too great a period of time or over too large a geographic area or over too great a range of activities, it shall be interpreted to extend only over the maximum period of time, geographic area or range of activities as to which it may be enforceable. If, after application of the preceding sentence, any provision of this Agreement shall be determined to be invalid, illegal or otherwise unenforceable by a court of competent jurisdiction, the validity, legality and enforceability of the other provisions of this Agreement shall not be affected thereby. Except as otherwise provided in this Section 17, any invalid, illegal or unenforceable provision of this Agreement shall be severable, and after any such severance, all other provisions hereof shall remain in full force and effect.

 

(j)                                    Counterparts. This Agreement may be executed in one or more counterparts, all of which together shall constitute one and the same Agreement.

 

* * * * *

 

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IN WITNESS WHEREOF, the parties have caused this Employment Agreement to be executed as an agreement under seal as of the date first written above.

 

	
 
    	
SELECTA   BIOSCIENCES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Omid   Farokhzad, M.D.
    
	
 
    	
Name:
    	
Omid Farokhzad,   M.D.
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
EXECUTIVE:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Werner Cautreels
    
	
 
    	
Werner Cautreels
    	
July 19, 2010
    
				

 

— Signature Page to Employment Agreement —

 

 

Schedule A

 

Prior Inventions

 

The following is a complete list of all Prior Inventions

 

x                                  No Prior Inventions

 

o                                    See below for description of Prior Inventions

 

 

Exhibit 5(c)

 

Form of Stock Option Agreement

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