Document:

EX-10.26

 EXHIBIT 10.26 
  

 
  
 July 22, 2013 

Dan Menichella 
 1555 Queens Road West 

Charlotte, NC 28207 
 Dear Dan, 

Applied Genetic Technologies Corporation (the “Company”) is pleased to offer you a full time position as VP and Chief Business Officer at an
annual salary of $ 290,000. Your net compensation will be less applicable deductions, taxes, and other amounts required by federal and state laws. Your starting date will be at a time mutually agreed by you and the company. 

Additionally, the Company is pleased to offer you a signing bonus of $14,000 or 5% of your starting salary. This bonus is an incentive for you to join
the Company as a long-term employee. 
 Further, you will be eligible to participate in the management performance bonus plan. You will be eligible for a
bonus of up to 25% of your annual salary based on completion of specific goals defined and agreed to at the beginning of each fiscal year (July 1st). During your first year of employment
you will be eligible to have the bonus increase to either 30% or 35% of your annual salary depending on meeting specific financial targets associated with the goals. The actual amount of the bonus will be subject to the approval of the Board
of Directors. 
 As a Company employee you will be eligible to enroll in the employee benefit plans and programs as described and provided by our leasing
agent TriNet. AGTC is a drug free workplace and you will therefore be required to submit to a drug screening; authorization for this will be sent separately by TriNet. The Company contribution towards health insurance, and other benefits which
you may choose, will be up to $500 per month; this amount may increase if you need to provide coverage to any additional family members. The Company also offers its employees participation in a 401(k) plan also administered through TriNet and
matches each employee’s contribution up to a maximum of 4% of their annual salary. Each employee has full control over investment vehicle selection and monitoring. 

You will be entitled to 20 days of Paid Time Off, based on your employment anniversary date in addition to the standard company holidays as described
in our Employee Manual. The time will be accrued on a bi-weekly basis and may be used as soon as it is earned. You will receive one additional day per year for each full year of employment based on your anniversary date, up to a maximum of 30 days.
This time is for you to use as needed for vacation, family business, sick days or other necessary time away from work. Such leave may be accumulated over three years but in no event shall your leave be accrued in excess of 45 days per year. If your
employment terminates for any reason whatsoever, you shall be entitled to receive, in addition to any unpaid salary, any unused PTO accrued to the date of your termination of employment but not to exceed 45 days. The Company has the right to modify,
amend or terminate any such plans and programs described above at any time at its sole discretion. 
  
 

 

 

 
  
 The Company will reimburse you for all reasonable
and necessary traveling expenses and other disbursements actually incurred by you for or on behalf of the Company in the performance of your duties during your employment. The Company will also reimburse you for the purchase of a cell phone of
your choice and all business related monthly charges. As with other employees, you will be required to submit to the Company reports of claims of such expenses and disbursements for approval and reimbursement by the Company. 

Finally the Company has set up an Employee Incentive Stock Option Plan in which you are eligible to participate. Upon formal approval by the Board of
Directors, you will be issued 4,443,900 options with an exercise price of $.01. These options will vest over a period of four years, with an initial one year cliff. 

The Company conducts performance reviews on all personnel in July of each year. Consideration is given for salary increases annually during the review period
but going through the review process in itself does not mandate that an employee will receive a raise. The employee’s performance and progression will dictate that. 

As you are aware, your employment by the Company is full-time employment and you will be required to devote, during regular business hours, all your working
time to the business of the Company and not to engage in any other business or private services to any other business either as an employee, officer, director, agent, contractor or consultant, except with the express written consent of the Company.
You will hold in a fiduciary capacity for the benefit of the Company, all information with respect to the Company’s finances, sales, profits, and other proprietary and confidential information acquired by you during your employment. In
furtherance of this condition of your employment, we would kindly request that you sign the Nondisclosure, Inventions and Non-Competition Agreement, which will be sent separately. 

This letter agreement is not intended to, nor does it create any employment contract for any specified term or duration between you and the Company. Your
employment with the Company is on an “at will” basis and is terminable at any time, by yourself upon two weeks written notice, or by the Company upon two weeks written notice or salary in lieu thereof. Your employment may also be
terminated for cause by the Company at any time without advance written notice. 
 If your employment is terminated prior to August 1, 2018 because
either (A) the Company terminates your employment without Cause or (B) upon the sale of all or substantially all of the stock or assets of the Company, whether by merger, acquisition or otherwise, the successor company does not offer you a
position with substantially equivalent responsibilities and with total compensation and benefits at least equivalent to those you are receiving from the Company immediately prior to the event or a severance package equal to or greater than this
severance package; and provided that you execute and do not revoke a Release and Settlement Agreement in the form acceptable to the Company, you will be entitled to receive an amount equal to six (6) months’ base salary (less all
applicable deductions) payable in accordance with the then-current payroll policies of the Company or as otherwise agreed to by you and the Company. 
  

 

 

 
  
 Upon termination of your employment with the Company
and prior to your departure from the Company, you agree to submit to an exit interview for the purposes of reviewing this letter agreement, the Nondisclosure, Inventions and Non-Competition Agreement and the trade secrets of the Company, and
surrendering to the Company all proprietary or confidential information and articles belonging to the Company. 
 By your signature below, you represent and
warrant to the Company that you are not subject to any employment, non-competition or other similar agreement that would prevent or interfere with the Company’s employment of you on the terms set forth herein. 

This letter agreement, the Nondisclosure, Inventions and Non-Competition Agreement and all ancillary agreements (collectively, the “Agreements”)
shall be governed by the laws of the State of Delaware. The Agreements constitute the entire agreement between the Company and you, and supersede any and all previous oral or written representation, communication, understanding or agreement between
us. Any and all changes or amendments to the Agreements shall be made in writing and signed by the parties. 
 If the foregoing accurately reflects your
expectations for employment at the Company, we would appreciate your returning to us a signed copy of this letter duly signed and dated in the space provided, whereupon this letter agreement shall become binding upon you and the Company. This offer
is valid through July 22, 2013. 
 Finally, it is with great pleasure that I offer you this position at AGTC. The Company is delighted with the
prospect of your joining our team. We have exciting and challenging work ahead of us! 
 Sincerely, 

/s/ Susan B. Washer 
 Susan B. Washer 

President and CEO 
 Consented to and Agreed: 

 

			
	 /s/ Dan Menichella            
	    	     7/22/2013

	Dan Menichella	    	DateEX-10.27

 Exhibit 10.27 
 FIRST AMENDMENT TO NON-EXCLUSIVE LICENSE AGREEMENT 

This First Amendment to the Non-Exclusive License Agreement (this “First Amendment”) is made and entered
into this 28th day of March, 2014 (the “First
Amendment Effective Date”) by and between The UAB Research Foundation, an Alabama not-for-profit corporation having a principal place of business at 701 20th St. S., Birmingham, AL 35233 (“UABRF”) and Applied Genetic Technologies Corporation, a corporation existing
and organized under the laws of the state of California and having a principal place of business at 11801 Research Drive, Suite D, Alachula, Florida 32615 (the “Licensee”). Each of UABRF and the Licensee are referred to in this Agreement
individually as a “Party” and collectively as the “Parties”. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the License Agreement (defined below). 

RECITALS 

WHEREAS, the Parties entered into that certain Non-Exclusive License Agreement, UABRF agreement 206029, dated January 19,
2006, (the “License Agreement”) pursuant to which the Licensee licensed certain patents owned by UABRF; and 

WHEREAS, the Parties wish to amend the License Agreement by modifying the grant of license and updating each Party’s
respective address for notices under the License Agreement with their current information, and 
 WHEREAS, Licensee
agrees to pay and Licensor agrees to accept a new Licensee Fee in the amount of Thirty-Five Thousand Dollars ($35,000.00) for consideration of the amended grant of rights herein. 

NOW, THEREFORE, in consideration of the premises and mutual agreements and covenants set forth in this Agreement, the Parties have
agreed as follows: 
 AGREEMENT 
 1.1 Section 2.1 of the License Agreement provides a non-exclusive license to Licensee, which the parties intend to convert to a new arrangement whereby no other non-exclusive licenses will be granted
by UABRF to any third party (other than Affiliates of AGTC, as the case may be) under the Licensed Patents or with respect to Licensed Products after the First Amendment Effective Date. As a result of this First Amendment, the Parties intend the
Licensee’s rights to be exclusive, subject to (i) any and all non-exclusive licenses under the Licensed Patents or with respect to Licensed Products existing as of the First Amendment Effective Date, and (ii) UABRF’s own rights
to use Licensed Patents or Licensed Products for non-commercial, academic purposes only (such new arrangement, “Semi-Exclusive”). Therefore, Section 2.1 of the License Agreement shall be deleted in its entirety and shall be replaced
with the following: 
 2.1 License. Subject to the payment of the license fee and royalties provided in Section 3 of
this Agreement and the fulfilment of the other terms and conditions of this Agreement, UABRF hereby grants to the Licensee a Semi-Exclusive license, limited to 

  
 Page 1 of 4

 
the Licensed Field, under the Licensed Patents to make, have made, use, sell and import Licensed Products. UABRF shall not grant any licenses to or under the Licensed Patents or with respect to
any Licensed Product to any third party beyond the grants under the existing licenses in effect and active as of the First Amendment Effective Date (“Existing Licenses”). In the event any Existing License expires or is terminated, or the
license granted thereunder otherwise reverts back to UABRF, either in whole or in part, UABRF shall inform Licensee of such expiration, termination or reversion and such license shall be deemed to be part of the Semi-Exclusive license granted to
Licensee hereunder and the rights thereto shall inure to the benefit of Licensee as set forth herein. 
  

	1.2	Section 2.2 j shall be deleted in its entirety. 

  

	1.3	Section 3.12 shall be deleted in its entirety and shall be replaced with the following: 

3.12. For any License granted after the Effective Date of the License Agreement and before the First Amendment Effective Date, UABRF
reserves the right, as its sole discretion to require that such licenses call for payment under this Section 3, of minimum royalties and milestones on each Licensed Product from the time at which the Licensed Patents were first applied to the
research or development of a Licensed Product. 
  

	1.4	The following language shall be added to the end of Section 6.1: 

 “If UABRF intends to abandon, disclaim, discontinue or otherwise relinquish control over any Licensed Patents, it shall provide Licensee with notice of such circumstances and permit Licensee to
assume patent prosecution responsibilities at Licensee’s cost and expense. In the event of such assumption, UABRF shall provide reasonable assistance to the Licensee upon request.” 

 

	1.5	Section 6.3 shall be deleted in its entirety and shall be replaced with the following: 

“In the event either party learns of infringement of potential commercial significance of any Licensed Patent, it will provide the
other party with (i) written notice of such infringement and (ii) any evidence of such infringement available to it (the “Infringement Notice”). UABRF shall have the first right and sole discretion to prevent or abate any actual
or threatened misappropriation or infringement and, attempt to resolve any claims relating to the Licensed Patents. UABRF shall promptly notify Licensee of such proceedings and consider in good faith comments by Licensee, including with regard to
any arguments on validity. If authorized by UABRF in writing, or if UABRF does not pursue an action or defense within one hundred twenty (120) days after learning about the infringement, Licensee shall have the right to prevent or abate such
misappropriation or infringement or defense of validity and attempt to resolve any claims relating to the Licensed Patents. Neither party shall, without the other party’s consent, grant any license, waiver or agreement not to sue to the third
party that is the subject of those proceedings. Neither party shall enter into a settlement agreement with such third party without the prior written consent of the other party which shall not be unreasonably withheld.” 

 

	1.6	The first sentence of Section 6.4 shall be deleted in its entirety. 

  
 Page 2 of 4

 1.7 The address for notices of both Parties appearing in Section 16 of the License Agreement shall be
deleted in their entirety and replaced with the following: 
 UABRF 

If by Courier: 
 The UAB Research Foundation 
 Attention: Chief Executive Officer 

701 20th Street South 
 Administration Building, Suite 770 
 Birmingham, Alabama 35233 

If by USPS: 
 The UAB Research Foundation 
 Attention: Chief Executive Officer 

1720 Second Ave. South 
 Administration Building, Suite 770 
 Birmingham, AL, 35294-0107 

The Licensee 
 Applied Genetic Technologies Corporation - AGTC. 
 11801 Research Drive, Suite D

 Alachula, Florida 32615 
 1.8 All other terms and conditions of the License Agreement shall remain the same and shall remain in full force and effect. The provisions set forth in Section 12 of the License Agreement shall
apply to this First Amendment. 
 1.9 This First Amendment may be executed in counterparts, each of which shall be deemed an original but all of
which shall constitute one and the same instrument. 
 [Signatures follow on next page] 

  
 Page 3 of 4

 IN WITNESS WHEREOF, The Parties, intending to be legally bound, have caused this First Amendment to
be executed by their respective authorized representatives. 
  

											
	 UABRF:
	 		 	 THE LICENSEE:
	 	
	The UAB Research Foundation	 		 	Applied Genetic Technologies Corporation.	 	
						
	By:	 	 /s/ Richard B. Marchase, Ph.D.
	 		 	By:	  	 /s/ Susan B. Washer
	 	
	Name:	 	Richard B. Marchase, Ph.D.	 		 	Name:	  	Susan B. Washer	 	
	Title:	 	Interim CEO of the UAB Research Foundation	 		 	Title:	  	President and CEO	 	
				
	Address For Notices:	 		 	Address For Notices:	 	
	 If by Courier:
 The UAB Research Foundation
 Attention: Chief Executive Officer

701 20th Street South
 Administration Building,
Suite 770
 Birmingham, Alabama 35233

U.S.A
  
 If by USPS:
 The UAB Research Foundation

Attention: Chief Executive Officer
 1720 Second
Ave. South
 Administration Building, Suite 770
 Birmingham, AL, 35294-0107
 U.S.A
	 		 	 Applied Genetic Technologies Corporation -
 AGTC.
 11801 Research Drive, Suite D
 Alachula, Florida 32615
 U.S.A.
	 	

  
 Page 4 of 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]