Document:

EX-10.14

 Exhibit 10.14 

 

			
	

	  	CLIFFORD CHANCE LLP

 EXECUTION VERSION 
 AVIS BUDGET EMEA LIMITED 
 AS GUARANTOR 

IN FAVOUR OF 

DEUTSCHE TRUSTEE COMPANY LIMITED 
 AS ISSUER SECURITY TRUSTEE 
  

 
 AVIS EUROPE
PAYMENT GUARANTEE 
  
  

 THIS AVIS EUROPE PAYMENT GUARANTEE is made as a deed on 5 March 2013 

BY: 
  

	(1)	AVIS BUDGET EMEA LIMITED (the “Guarantor”) (registered number 03311438) whose registered office is at Avis Budget House, Park Road,
Bracknell, Berkshire RG12 2EW; in favour of 

  

	(2)	DEUTSCHE TRUSTEE COMPANY LIMITED a company incorporated under the laws of England and Wales, with company number 00338230, whose registered office is at
Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom, in its capacity as Issuer Security Trustee for and on behalf of the Issuer Secured Creditors (the “Issuer Security Trustee”). 

WHEREAS 
  

	(A)	The Issuer has entered into the Issuer Agreements. 

  

	(B)	The Issuer Security Trustee holds the benefit of the Issuer Security for and on behalf of the Issuer Secured Creditors. 

 

	1.	INTERPRETATION, DEFINITIONS AND CONSTRUCTION 

  

	1.1	Interpretation 

 Unless
otherwise defined in this Avis Europe Payment Guarantee or the context requires otherwise, capitalised words and expressions used in this Avis Europe Payment Guarantee have the meanings ascribed to them in the Master Definitions Agreement dated on
or about the date hereof, and entered into by, amongst others, the Issuer, the Issuer Security Trustee and the Transaction Agent (the “Master Definitions Agreement”) (as the same may be amended, varied or supplemented from time to
time). 
  

	1.2	Definitions 

“Issuer Agreements” means each Transaction Document to which the Issuer is party and pursuant to which it has payment
obligations (other than the Issuer Subordinated Facility Agreement) and the Senior Notes. 
 “Principal” means
the Issuer. 
  

	1.3	Inconsistencies with other Transaction Documents 

 If there is any inconsistency between the definitions given in this Avis Europe Payment Guarantee and those given in the Master Definitions Agreement or any other Transaction Document, the definitions set
out in this Avis Europe Payment Guarantee will prevail. 

  
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	1.4	Construction 

 The
provisions of clause 2 (Principles of Interpretation and Construction) of the Master Definitions Agreement shall apply herein as if set out in full herein and as if references therein to “this Agreement” were to this Avis Europe
Payment Guarantee. 
  

	2.	INCORPORATION OF COMMON TERMS 

 The Common Terms shall be incorporated by reference into this Avis Europe Payment Guarantee. If there is any conflict between the Common Terms as incorporated by reference into this Avis Europe Payment
Guarantee and the other provisions of this Avis Europe Payment Guarantee, the provisions of the incorporated Common Terms shall prevail to the fullest extent permitted by applicable law. 

 

	3.	AMENDMENTS 

 This Avis
Europe Payment Guarantee cannot be amended without the consent of the Parties hereto. 
  

	4.	GUARANTEE 

  

	4.1	The Guarantor irrevocably and unconditionally: 

  

	 	4.1.1	guarantees to the Issuer Security Trustee the due and punctual observance and performance by the Issuer of all its payment obligations under or pursuant to the Issuer
Agreements and agrees to pay to the Issuer Security Trustee from time to time on demand all sums of money which the Issuer is at any time liable to pay to the Issuer Security Trustee under or pursuant to each Issuer Agreement and which have become
due and payable but have not been paid at the time such demand is made; 

  

	 	4.1.2	undertakes with the Issuer Security Trustee that whenever the Issuer does not pay any amount when due under or in connection with any Issuer Agreement the Guarantor
shall immediately on demand pay that amount as if it was the principal obligor; and 

  

	 	4.1.3	agrees with the Issuer Security Trustee that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary
obligation, indemnify the Issuer Security Trustee immediately on demand against any cost, loss or liability it incurs as a result of the Issuer not paying any amount which would, but for such unenforceability, invalidity or illegality, have been
payable by it under any Issuer Agreement on the date when it would have been due. The amount payable by the Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 4 if the amount claimed had been
recoverable on the basis of a guarantee. 

  
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	4.2	The provisions of clause 27.2.1 (Limited recourse against the Issuer) of the Framework Agreement shall not be taken into consideration when determining the
amounts due and payable by the Issuer under Clauses 4.1.1 and 4.1.2 above. 

  

	4.3	If the Issuer Security Trustee makes a demand under this Avis Europe Payment Guarantee, the Guarantor shall pay interest on each sum demanded (before and after any
judgment and to the extent, interest at the default rate is not otherwise being paid on such sum(s)) from the date of demand until the date of payment calculated on a daily basis at the rate determined in accordance with the provisions of the
relevant Issuer Agreement provided that the Guarantor shall not pay such interest where the Issuer Security Trustee has credited amounts received from the Guarantor to a suspense account pursuant to Clause 8.2. Any interest accruing under
this Clause 4.3 shall be immediately due and payable by the Guarantor on demand by the Issuer Security Trustee. If such interest is unpaid, it will be compounded but will remain immediately due and payable. 

 

	5.	PRESERVATION OF RIGHTS 

  

	5.1	The obligations of the Guarantor contained in this Avis Europe Payment Guarantee shall be in addition to and independent of every other security which the Issuer
Security Trustee may at any time hold in respect of the Principal’s obligations under any Issuer Agreement. 

  

	5.2	Neither the obligations of the Guarantor contained in this Avis Europe Payment Guarantee nor the rights, powers and remedies conferred in respect of the Guarantor upon
the Issuer Security Trustee by this Avis Europe Payment Guarantee or by law shall be discharged, impaired or otherwise affected by: 

  

	 	5.2.1	any insolvency or similar proceedings; 

  

	 	5.2.2	any of the obligations of the Principal or any other person under an Issuer Agreement or any other document or under any other security relating to an Issuer Agreement
or such other document being or becoming illegal, invalid, unenforceable or ineffective in any respect; 

  

	 	5.2.3	any time, waiver or consent granted to, or composition with, the Principal or other person; 

 

	 	5.2.4	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of an Issuer Agreement or any other
document or security including without limitation any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under an Issuer Agreement or other document or any variation, waiver or release of,
any obligation of the Principal or any other person under an Issuer Agreement or under any other security; 

  

	 	5.2.5	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets
of, the Principal or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  
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	 	5.2.6	any failure to take, or fully to take, any security contemplated by an Issuer Agreement or otherwise agreed to be taken in respect of the Principal’s obligations
under an Issuer Agreement; 

  

	 	5.2.7	any failure to realise or fully to realise the value of, or any release, discharge, exchange or substitution of, any security taken in respect of the Principal’s
obligations under an Issuer Agreement; 

  

	 	5.2.8	any other act, event or omission which, but for this Clause 5.2, might operate to discharge, impair or otherwise affect any of the obligations of the Guarantor
contained in this Avis Europe Payment Guarantee or any of the rights, powers or remedies conferred upon the Issuer Security Trustee by an Issuer Agreement, this Avis Europe Payment Guarantee or by law; 

 

	 	5.2.9	the release of the Principal or any other person under the terms of any composition or arrangement with any creditor of the Principal; or 

 

	 	5.2.10	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Principal or any other person.

  

	5.3	Any settlement or discharge given by the Issuer Security Trustee to the Guarantor in respect of the Guarantor’s obligations under this Avis Europe Payment
Guarantee or any other agreement reached between the Issuer Security Trustee and the Guarantor in relation to it shall be, and be deemed always to have been, void if any act on the faith of which the Issuer Security Trustee gave the Guarantor that
settlement or discharge or entered into that agreement is subsequently avoided by or in pursuance of any provision of law. 

  

	5.4	The Issuer Security Trustee shall not be obliged before exercising any of the rights, powers or remedies conferred upon it in respect of the Guarantor by this Avis
Europe Payment Guarantee or by law: 

  

	 	5.4.1	to make any demand of the Principal; 

  

	 	5.4.2	to take any action or obtain judgment in any court against the Principal; 

  

	 	5.4.3	to make or file any claim or proof in a winding-up or dissolution of the Principal; 

 

	 	5.4.4	to enforce or seek to enforce any security taken in respect of any of the obligations of the Principal under an Issuer Agreement; or 

 

	 	5.4.5	to claim any contribution from any other guarantor of the Principal’s obligations under an Issuer Agreement. 

 

	5.5	The Guarantor agrees that, so long as the Principal is under any actual or contingent payment obligations under an Issuer Agreement, the Guarantor shall not exercise
any rights which the Guarantor may at any time have by reason of performance by it of its obligations under this Avis Europe Payment Guarantee: 

  

	 	5.5.1	to be indemnified by the Principal or to receive any collateral from the Principal; and/or 

  
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	 	5.5.2	to claim any contribution from any other guarantor of the Principal’s obligations under an Issuer Agreement; and/or 

 

	 	5.5.3	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Issuer Security Trustee under an Issuer Agreement or of
any other security taken pursuant to, or in connection with, an Issuer Agreement by the Issuer Security Trustee. 

  

	6.	PAYMENTS 

  

	6.1	The provisions of an Issuer Agreement relating to the payments to be made under it (including, without limitation, those regulating what is to happen if the Principal
is required by law to make a deduction or withholding from any such payment) shall apply mutatis mutandis to payments to be made under this Avis Europe Payment Guarantee. 

 

	6.2	The Issuer Security Trustee may make a demand under or pursuant to this Avis Europe Payment Guarantee in the form of Schedule 1 of this Avis Europe Payment Guarantee
only when so directed in accordance with paragraph 8 of the Issuer Intercreditor Terms. 

  

	7.	CONTINUING SECURITY 

 This
Avis Europe Payment Guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by the Principal under the Issuer Agreements, regardless of any intermediate payment or discharge in whole or in part. 

 

	8.	APPROPRIATIONS 

 Until all
amounts which may be or become payable by the Principal under or in connection with the Issuer Agreements have been irrevocably paid in full, the Issuer Security Trustee may: 

 

	8.1	refrain from applying or enforcing any other moneys, security or rights held or received by it in respect of those amounts, or apply and enforce the same in such manner
and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and 

  

	8.2	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability under this Avis Europe Payment
Guarantee. 

  

	9.	REINSTATEMENT 

 If any
discharge, release or arrangement (whether in respect of the obligations of the Principal or any security for those obligations or otherwise) is made by the Issuer Security Trustee in whole or in part on the basis of any payment, security or other
disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor under this Avis Europe Payment Guarantee will continue or be reinstated as if the
discharge, release or arrangement had not occurred. 

  
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	10.	IMMEDIATE RECOURSE 

 The
Guarantor waives any right it may have of first requiring the Issuer Security Trustee (or any trustee or agent on its behalf) to proceed against or enforce any other right or security or claim payment from any person before claiming from the
Guarantor under this Avis Europe Payment Guarantee. This waiver applies irrespective of any law or any provision of an Issuer Agreement to the contrary. 
  

	11.	COSTS AND EXPENSES 

 All
the Issuer Security Trustee’s costs, liabilities and expenses (including legal fees, stamp duties and any value added tax) incurred in connection with the enforcement of this Avis Europe Payment Guarantee or otherwise in relation to it, shall
be reimbursed by the Guarantor on demand on a full indemnity basis together with interest from the date such costs, liabilities and expenses were incurred to the date of payment at such rates as the Issuer Security Trustee may reasonably determine.

  

	12.	REPRESENTATIONS AND WARRANTIES 

 The Guarantor represents and warrants that: (i) it is not resident in Ireland, (ii) the obligations of the Guarantor under this Avis Europe Payment Guarantee will not be performed in Ireland and
that any payment made under this Avis Europe Payment Guarantee will be paid outside of Ireland; (iii) it will not receive any direct or indirect payment in consideration for guaranteeing or indemnifying any of the obligations of the Issuer
under the Transaction Documents pursuant to this Avis Europe Payment Guarantee; and (iv) it will not carry on any non-life insurance business (which is prohibited under the European Communities (Non-Life Insurance) Regulations 1976 of Ireland
without an authorisation) or carry on any guarantee assurance business (which is prohibited under the Markets in Financial Instruments and Miscellaneous Provisions Act 2007 of Ireland without an authorisation) in Ireland unless in each case it is
the holder of an authorisation or exemption to do so. 
  

	13.	GOVERNING LAW 

 This Avis
Europe Payment Guarantee and the construction, validity and performance of this Avis Europe Payment Guarantee shall be governed by English law. 
  

	14.	JURISDICTION 

  

	14.1	English courts 

 The
courts of England have exclusive jurisdiction to settle any Dispute. 
  

	14.2	Convenient Forum 

 The
Guarantor agrees that the courts of England are the most appropriate and convenient courts to settle Disputes between it and the Issuer Security Trustee and, accordingly, that it will not argue to the contrary. 

  
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	14.3	Jurisdiction 

 Clause 14.1
(English courts) is for the benefit of the Issuer Security Trustee for the purpose of this Clause 14. As a result the Guarantor acknowledges that Clause 14.1 (English courts), does not prevent the Issuer Security Trustee from taking
any Proceedings in any other courts with jurisdiction. To the extent allowed by law, the Issuer Security Trustee may take concurrent Proceedings in any number of jurisdictions. 

  
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 IN WITNESS WHEREOF this Avis Europe Payment Guarantee has been executed as a deed by the Guarantor
and the Issuer Security Trustee and is intended to be and is hereby delivered by it as a deed on the date specified above. 
 AVIS BUDGET
EMEA LIMITED 
  

					
	 /s/ Stuart Fillingham
	 		 	Signature of Director
	 Stuart Fillingham
	 		 	Name of Director
			
	in the presence of	 		 	
			
	 /s/ Judith Nicholson
	 		 	Signature of witness
	 Judith Nicholson
	 		 	Name of witness
	 Avis House, Park Road
	 		 	Address of witness
	 Bracknell RS12 2EW
	 		 	
	  
	 		 	
	  
	 		 	
	 Company Secretary
	 		 	Occupation of witness

 THE COMMON SEAL OF 
 DEUTSCHE TRUSTEE COMPANY LIMITED 
 was affixed to this Deed in the presence of: 

 

	
	Associate Director:
	
	/s/ Nick Rogivue
	
	Associate Director:
	
	/s/ Clive Rakestrow

  
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 SCHEDULE 1 
 DEMAND NOTICE UNDER THE AVIS EUROPE PAYMENT GUARANTEE 
 This Demand Notice is served pursuant to
the terms of the Avis Europe Payment Guarantee (the “Avis Europe Payment Guarantee”), dated as of [—] granted by AVIS BUDGET EMEA LIMITED (the “Guarantor”) in favour
of DEUTSCHE TRUSTEE COMPANY LIMITED as Issuer Security Trustee for and on behalf of the issuer secured creditors (the “Issuer Security Trustee”). 
 The undersigned, a duly authorised officer of the Issuer Security Trustee, hereby certifies to the Guarantor as follows: 
 1. [                            ] is the Issuer Security Trustee
under the Guarantee. 
 2. The Issuer Security Trustee has been instructed to make a Demand (the “Demand”) under the Avis
Europe Payment Guarantee in an amount equal to Euro              in accordance with Clause 4 of the Avis Europe Payment Guarantee. 
 Payment by the Guarantor pursuant to this Demand shall be made to 
 ABA Number
                                         
                               , 
 Account Number
                                         
   , 
 Attention:
                                         
                                       ,

 Re:
                                         
                         . 
 IN WITNESS WHEREOF, the [—] has executed and delivered this demand notice on this      day of
        ,             . 
 Issuer Security
Trustee 
  

	
	By:
	
	Name:
	
	Title:
	
	By:
	
	Name:
	
	Title:

  
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 Exhibit 10.18 
 SEVERANCE AND CHANGE IN CONTROL AGREEMENT 
 THIS
SEVERANCE AND CHANGE IN CONTROL AGREEMENT (the “Agreement”), made this 24th day of January 2013 (the “Effective Date”), is entered into by AVEO Pharmaceuticals, Inc., a Delaware corporation with its principal place of business at
75 Sidney Street, 4th Floor, Cambridge, MA 02139 (the
“Company”), and Joseph Vittiglio (the “Employee”). 
 WHEREAS, the Company has determined that appropriate
steps should be taken to reinforce and encourage the employment and dedication of the Employee and the Employee’s efforts to maximize the Company’s value. 
 NOW, THEREFORE, as an inducement for and in consideration of the Employee employment with the Company and as consideration for the Employee’s agreement to enter into and be bound by the provisions of
Section 4 hereof, the Company agrees that the Employee shall receive the severance benefits set forth in this Agreement in the event the Employee’s employment with the Company is terminated under the circumstances described below.

 1. Key Definitions. 
 As used herein, the following terms shall have the following respective meanings: 

1.1 “Cause” means conduct involving one or more of the following: (i) the conviction of the Employee of, or, plea
of guilty or nolo contendere to, any crime involving dishonesty or any felony; (ii) the willful misconduct by the Employee resulting in material harm to the Company; (iii) fraud, embezzlement, theft or dishonesty by the Employee against
the Company resulting in material harm to the Company; (iv) the repeated and continuing failure of the Employee to follow the proper and lawful directions of the Company’s Chief Executive Officer or the Board after a written demand is
delivered to the Employee that specifically identifies the manner in which the Chief Executive Officer or the Board believes that the Employee has failed to follow such instructions; (v) the Employee’s current alcohol or prescription drug
abuse affecting work performance, or current illegal use of drugs regardless of the effect on work performance; (vi) material violation of the Company’s code of conduct by the Employee that causes harm to the Company; or (vii) the
Employee’s material breach of any term of the Agreement, or any other applicable confidentiality and/or non-competition agreements with the Company. 
 1.2 “Good Reason” means the occurrence, without the Employee’s written consent, of any of the following events: (A) any requirement by the Company that the Employee
perform his principal duties at a location that is outside a radius of fifty (50) miles from the Company’s Cambridge, Massachusetts location, (B) any material diminution in the Employee’s duties, responsibilities or
authority, or (C) a material reduction in the Employee’s base salary (unless such reduction is effected in connection with a general and proportionate reduction of compensation for all employees of his or her level), provided, however,
that Good Reason can only occur if (i) the Employee has given the Company a written notice of termination indicating the existence of a condition giving rise to Good Reason and the Company has not cured the condition giving rise to Good Reason
within thirty (30) days after receipt of such notice of termination, and (ii) such notice of termination is given within ninety (90) days after the initial occurrence of the condition giving rise to Good Reason and further provided
that a termination for Good Reason shall occur no more than one hundred eighty (180) days after the initial occurrence of the condition giving rise to Good Reason. 
 1.3 “Disability” means (i) the Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) the Employee is, by reason of any medically determinable physical or mental impairment that can be

 
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under an accident and health plan covering employees of the Company; provided that in each case, the Employee’s physical or mental impairment shall be determined by an independent qualified physician mutually acceptable to the
Company and the Employee (or his personal representative) or, if the Company and the Employee (or such representative) are unable to agree on an independent qualified physician, as determined by a panel of three physicians, one designated by the
Company, one designated by the Employee (or his personal representative) and one designated by the two physicians so designated. 
 2. Termination Without Cause or for Good Reason. 
 2.1 Other than as set
forth in Section 3 below, if, at any time, the Employee’s employment with the Company is terminated by the Company without Cause or due to the Employee’s Disability, or by the Employee for Good Reason, then the Company shall:

 (a) continue to pay the Employee his base salary in effect on the date of termination, to be paid in
accordance with the Company’s customary payroll practices as are established or modified from time to time, until the earlier of (x) the date twelve (12) months following the date of termination, or (y) the date on which the
Employee commences employment or a consulting relationship with substantially equivalent compensation; 
 (b)
within thirty (30) days following the execution and non-revocation of the Release (as defined below), pay the Employee’s target bonus on the date of termination multiplied by a fraction, the numerator of which shall equal the number
of days the Employee was employed by the Company during the Company fiscal year in which the termination occurs and the denominator of which shall equal 365; 
 (c) pay to the Employee (i) on the date of termination, any base salary earned but not paid and any vacation accrued but not used through the date of termination, and (ii) within thirty
(30) days after the date of termination, any reimbursable business expenses incurred by the Employee through the date of termination pursuant to any expense reimbursement policies of the Company then in effect; and 

(d) to the extent the Employee and any qualified beneficiary with respect to such Employee elects continuation of health
benefit coverage under Section 4980B (“COBRA”) of the Internal Revenue Code of 1986, as amended (the “Code”), and continues to be eligible for such benefits, the Company shall provide payments to the Employee for such
benefits equal to the amount contributed for active employees with similar benefits and similar participating beneficiaries until the earlier of (x) twelve (12) months (or as long as such eligibility for the Employee and each qualified
beneficiary continues) from the date such benefits would otherwise end under the applicable plan terms or (y) the date the Employee becomes eligible for group health coverage through another employer. 

2.2 The payments and benefits to the Employee under this Section 2 shall (i) be contingent upon the execution and
non-revocation by the Employee of a release of claims (the “Release”) in favor of the Company within sixty (60) days following the date of termination (the “Release Period”), in a form that will be provided by the Company
and substantially identical to the form attached to this Plan as Exhibit A (except for such modifications as the Company may make in its sole discretion to reflect changes in law or the circumstances of the termination); provided
that if the Release does not become effective during the Release Period, the payments and benefits described in Sections 2.1(a) and 2.1(d) of this Agreement that commenced following the date of termination shall cease following the Release Period
and (ii) constitute the sole remedy of the Employee in the event of a termination of the Employee’s employment in the circumstances set forth in this Section 2. 

 2.3 Notwithstanding anything herein to the contrary, all benefits under this Section 2
shall terminate immediately if the Employee, at any time, violates any proprietary information, assignment of inventions agreement, confidentiality, non-competition or non-solicitation obligation to the Company, or any other continuing obligation to
the Company. 
 3. Termination upon a Change in Control.  

If the Employee is an “Eligible Employee” as defined in the Key Employee Change in Control Severance Plan adopted by the
Company in December 2007, as amended on November 25, 2009 (the current terms of which are attached hereto as Exhibit B) (the “Change in Control Plan”) at the time of a Change in Control, as defined in said Change in Control
Plan, then any termination of the Employee’s employment following such Change in Control shall be governed by the terms of the Change in Control Plan and no benefits shall be provided under the terms of this Agreement.

 4. Non-Competition and Non-Solicitation. 
 4.1 Restricted Activities. While the Employee is employed by the Company and for a period of one (1) year after the termination or cessation of such employment for any reason, the Employee
will not: 
 (a) directly engage in the development or commercialization of a Competitive Product for another
business or enterprise. For purposes of this provision, a “Competitive Product” means any therapeutic or diagnostic product that competes with any product that the Company (i) has, as of the date of cessation of the Employee’s
employment with the Company, developed to the stage of readiness for a phase 2 clinical trial or later; or (ii) has sold at any time during the Employee’s employment with the Company or plans to commence selling during the one year period
after the cessation of the Employee’s employment; 
 (b) directly or indirectly either alone or in
association with others (i) solicit, or permit any organization directly or indirectly controlled by the Employee to solicit, any employee of the Company to leave the employ of the Company, or (ii) solicit for employment, hire as an
employee or engage as an independent contractor, or permit any organization directly or indirectly controlled by the Employee to solicit for employment, hire as an employee or engage as an independent contractor, any person who was employed or
engaged by the Company at the time of the termination or cessation of the Employee’s employment with the Company or within six months preceding such termination or cessation; provided, that this clause (ii) shall not apply to the
solicitation, hiring or engagement of any individual whose employment with the Company has been terminated for a period of six months or longer; or 
 (c) directly or indirectly make any statements that are professionally or personally disparaging about, or adverse to, the interests of the Company (including its officers, directors, employees and
consultants) including, but not limited to, any statements that disparage any person, product, service, finances, financial condition, capability or any other aspect of the Company’s business, or engage in any conduct which could reasonably be
expected to harm professionally or personally the Company’s business or reputation (including its officers, directors, employees and consultants); provided that these obligations in Section 4.1(c) will not prevent the Employee from
engaging in ordinary business competition with the Company after the provisions of Section 4.1(a) have expired, providing truthful information to any regulatory agency or providing truthful testimony in any litigation involving the Company or
its officers, directors, employees and consultants. 
 If the Employee violates or breaches any of the provisions of this
Section 4.1, then the provisions of this Section 4 shall be applicable to the Employee until a period of one year has expired without any violation or breach of such provisions. 

 4.2 Interpretation. If any restriction set forth in Section 4.1 is found by any
court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time,
range of activities or geographic area as to which it may be enforceable. 
 4.3 Equitable Remedies. The restrictions
contained in this Section 4 are necessary for the protection of the business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose. The Employee agrees that any breach of this Section 4 is likely
to cause the Company substantial and irrevocable damage which is difficult to measure. Therefore, in the event of any such breach or threatened breach, the Employee agrees that the Company, in addition to such other remedies which may be available,
shall have the right to obtain an injunction from a court restraining such a breach or threatened breach and the right to specific performance of the provisions of this Section 4 and the Employee hereby waives the adequacy of a remedy at law as
a defense to such relief. 
 5. Taxes.  
 5.1 The payments set forth in Sections 2 and 3 above shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company determines are reasonably
required pursuant to any applicable law or regulation. Neither the Employee nor the Company shall have the right to accelerate or to defer the delivery of the payments to be made under Sections 2 and 3 of this Agreement. 

5.2 Subject to this Section 5.2, payments or benefits under this Agreement shall begin only upon the date of a “separation from
service” of the Employee (determined as set forth below) which occurs on or after the termination of the Employee’s employment. The following rules shall apply with respect to distribution of the payments and benefits, if any, to be
provided to the Employee under this Agreement: 
 (a) It is intended that each installment of the payments and
benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Code and the guidance issued thereunder (“Section 409A”). Neither the Company nor the Employee shall have
the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A; 
 (b) If, as of the date of the “separation from service” of the Employee from the Company, the Employee is not a “specified employee” (each within the meaning of Section 409A),
then each installment of the payments and benefits shall be made on the dates and terms set forth in this Agreement; 
 (c) If, as of the date of the “separation from service” of the Employee from the Company, the Employee is a “specified employee” (each, for purposes of this Agreement, within the
meaning of Section 409A), then: 
 (x) Each installment of the payments and benefits due under this
Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the short-term deferral period (as defined in Section 409A) shall be
treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A; and 

(y) Each installment of the payments and benefits due under this Agreement that is not described in Section 5(c)(x)
and that would, absent this subsection, be paid within the six-month period following the “separation from service” of the Employee of the Company shall not be paid until the date that is six months and one day after such separation from
service (or, if earlier, the death of the Employee), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date

 
that is six months and one day following the Employee’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein;
provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not
provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Such payments shall bear interest at an annual rate equal to the
prime rate as set forth in the Eastern edition of the Wall Street Journal on the Date of Termination, from the Date of Termination to the date of payment. Any installments that qualify for the exception under Treasury Regulation
Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the second taxable year of the Employee following the taxable year of the Employee in which the separation from service occurs. 

(d) The determination of whether and when a separation from service of the Employee from the Company has occurred shall be
made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Section 5(d), “Company” shall include all persons with whom the Company would
be considered a single employer as determined under Treasury Regulation Section 1.409A-1(h)(3). 
 (e) All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A,
including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible
for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the
year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 
 (f) Notwithstanding anything herein to the contrary, the Company shall have no liability to the Employee or to any other person if the payments and benefits provided in this Agreement that are intended to
be exempt from or compliant with Section 409A are not so exempt or compliant. 
 6. Other Employment
Termination. If the Employee’s employment terminates for any reason other than as described in Sections 2 and 3, the Employee shall only receive any compensation owed to such Employee as of the termination date and any other
post-termination benefits which the Employee is eligible to receive under any plan or program of the Company. 

7. Successors.  
 7.1 Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets
of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no such succession had taken place. All covenants and agreements hereunder shall inure to the benefit of
and be enforceable by such successors or assigns without the necessity that this Agreement be re-signed at the time of such assignment. As used in this Agreement, “Company” shall mean the Company as defined above and any successor to its
business or assets as aforesaid which assumes and agrees to perform this Agreement, by operation of law or otherwise. 
 7.2
Successor to Employee. This Agreement shall inure to the benefit of and be enforceable by the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the
Employee should die while any amount would still be payable to the Employee or the Employee’s family hereunder if the Employee had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms
of this Agreement to the executors, personal representatives or administrators of the Employee’s estate. 

 8. Notices. All notices, instructions and other
communications given hereunder or in connection herewith shall be in writing. Any such notice, instruction or communication shall be sent either (i) by registered or certified mail, return receipt requested, postage prepaid, or
(ii) prepaid via a reputable nationwide overnight courier service, in each case addressed to the Company, at 75 Sidney Street, 4th Floor, Cambridge, MA 02139, ATTN: Tuan Ha-Ngoc, Chief Executive Officer and to the Employee at the Employee’s
address indicated in the introduction to this Agreement (or to such other address as either the Company or the Employee may have furnished to the other in writing in accordance herewith). Any such notice, instruction or communication shall be deemed
to have been delivered five business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one business day after it is sent via a reputable nationwide overnight courier service. Either party may give
any notice, instruction or other communication hereunder using any other means, but no such notice, instruction or other communication shall be deemed to have been duly delivered unless and until it actually is received by the party for whom it is
intended. 
 9. Miscellaneous. 
 9.1 Employment by Subsidiary. For purposes of this Agreement, the Employee’s employment with the Company shall not be deemed to have terminated solely as a result of the Employee continuing to
be employed by a wholly-owned subsidiary of the Company. 
 9.2 Severability. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 9.3 Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the internal laws of the Commonwealth of Massachusetts, without regard to
conflicts of law principles. The Employee hereby irrevocably submits to and acknowledges and recognizes the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in Massachusetts (which
courts, for purposes of this Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Agreement or the subject matter hereof. 

9.4 Waiver of Right to Jury Trial. Both the Company and the Employee expressly waive any right that any party either has or may
have to a jury trial of any dispute arising out of or in any way related to the matters covered by this Agreement. 
 9.5
Waivers. No waiver by the Employee at any time of any breach of, or compliance with, any provision of this Agreement to be performed by the Company shall be deemed a waiver of that or any other provision at any subsequent time. 

9.6 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but both of
which together shall constitute one and the same instrument. 
 9.7 Entire Agreement. Except to the extent provided
herein, this Agreement, together with the Invention and Non-Disclosure Agreement signed by the Employee upon commencement of his employment in October 2007, sets forth the entire agreement of the parties hereto in respect of the subject matter
contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto in respect of the subject
matter contained herein. 

 9.8 Not an Employment Contract. The Employee acknowledges that this Agreement does
not constitute a contract of employment or impose on the Company any obligation to retain the Employee as an employee and that this Agreement does not prevent the Employee from terminating employment at any time. 

9.9 Amendments. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Employee, and, notwithstanding the provisions of the Change in Control Plan, the language of such Change in Control Plan may not be amended as it applies to the Employee except to the extent subject to a written instrument executed by both parties.

 9.10 Employee’s Acknowledgements. The Employee acknowledges that he: (a) has read this Agreement;
(b) has been represented in the preparation, negotiation and execution of this Agreement by legal counsel of the Employee’s own choice or has voluntarily declined to seek such counsel; and (c) understands the terms and consequences of
this Agreement. 
 9.11 Representations Regarding Prior Work. You represent that you have no agreement or other legal
obligation with any prior employer or any other person or entity that restricts your ability to engage in employment discussion with, employment with or to perform function for, the Company. You represent that you have been advised by the Company
that at no time should you divulge to or use for the benefit of the Company, any trade secret or proprietary information of any previous employer. You acknowledge that you have not divulged or used any such information for the benefit of the
Company. You acknowledge that the Company is basing important business decision on these representations, affirm that all of the statements included herein are true and that any breach of this Section 9.11 would be considered an material breach
of this Agreement. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
set forth above. 
  

							
	AVEO Pharmaceuticals, Inc.	 	 	 	EMPLOYEE
				
	By:	 	 /s/ Tuan Ha-Ngoc
	 		 	 /s/ Joseph Vittiglio

				
	Title:	 	 President & CEO
	 		 	

 EXHIBIT A 

RELEASE 

Reference is hereby made to that certain Severance and Change in Control Agreement by and between AVEO Pharmaceuticals, Inc. (the
“Company”) and the undersigned dated [            ], (the “Agreement”). 
 In order to receive the benefits as set forth in the Agreement, I acknowledge that I must enter into this Release and have it become binding upon me. 

Except as otherwise set forth in this Release, I hereby release, acquit and forever discharge the Company, its parents and subsidiaries,
and their officers, directors, agents, servants, employees, shareholders, predecessor, successors, assigns and affiliates as well as its and their representatives, agents, insurers and reinsurers, and employee benefit programs (and the trustees,
administrators, fiduciaries and insurers of such programs), past, present and future (hereafter, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money,
costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature which I ever had or now have
against the Released Parties, including, but not limited to, those claims arising out of my employment with and/or separation from the Company, including, but not limited to, all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C.
§ 2000e et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq. (“ADEA”), the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Family and
Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., Section 806 of the Corporate and Criminal Fraud
Accountability Act of 2002, 18 U.S.C. § 1514(A), the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et
seq., the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., the Massachusetts Fair Employment Practices Act., M.G.L. c. 151B, § 1 et seq., the Massachusetts
Civil Rights Act, M.G.L. c. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, M.G.L. c. 93, § 102 and M.G.L. c. 214, § 1C, the Massachusetts Labor and Industries Act, M.G.L. c. 149, § 1 et seq., the
Massachusetts Privacy Act, M.G.L. c. 214, § 1B, and the Massachusetts Maternity Leave Act, M.G.L. c. 149, § 105D, all as amended; all common law claims including, but not limited to, actions in tort, defamation and breach of contract; all
claims to any non-vested ownership interest in the Company, contractual or otherwise, including, but not limited to, claims to stock or stock options; and any claim or damage arising out of my employment with or separation from the Company
(including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that nothing in this Agreement prevents me from filing, cooperating with, or
participating in any proceeding before the Equal Employment Opportunity Commission or a state Fair Employment Practices Agency (except that I acknowledge that I may not be able to recover any monetary benefits in connection with any such claim,
charge or proceeding); provided, further, that nothing in this paragraph shall be construed in any way to release the Company from its obligation to indemnify me from any third party action brought against me based on my employment with the Company,
pursuant to any applicable agreement or applicable law or to reduce or eliminate any coverage I may have under the Company’s director and officer liability policy, if any. 

 I understand and agree that, as a condition for payment to me of the sums set forth in the
Agreement, I shall not make any false, disparaging or derogatory statements to any media outlet, industry group, financial institution or current or former employee, consultant, client or customer of the Company regarding the Company or any of its
directors, officers, employees, agents or representatives or about the Company’s business affairs and financial condition; provided, however, that nothing herein shall prevent me from making truthful disclosures to any
governmental entity or in any litigation or arbitration. 
 In addition, I confirm that I have returned to the Company all keys,
files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, pagers, etc.), Company identification, Company vehicles and any other Company-owned
property in my possession or control and have left intact all electronic Company documents, including but not limited to, those that I developed or helped develop during my employment. I further confirm that I have cancelled all accounts for my
benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge cards, cellular phone and/or pager accounts and computer accounts. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given under the Agreement for the waiver and
release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (A) my waiver and release do not apply
to any rights or claims that may arise on or after the date I execute this Release; (B) I should consult with an attorney prior to executing this Release; (C) I have been given more than twenty-one (21) days to consider this
Release (although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following my execution of this Release to revoke the Release by notifying the Company; and (E) this Release shall not be
effective until the date upon which the revocation period has expired, which shall be the eighth day after this Release is executed by me, provided I have not timely revoked. 

 

			
	Signature:	 	  

		
	Date:	 	  

 EXHIBIT B 

AVEO PHARMACEUTICALS, INC. 
 KEY EMPLOYEE CHANGE IN CONTROL SEVERANCE BENEFITS PLAN 
 SECTION 1. INTRODUCTION

 The Key Employee Change in Control Severance Benefits Plan (the “Plan”) is designed to provide separation pay and
benefits to certain eligible employees of AVEO Pharmaceuticals, Inc. (“the “Company”) whose employment is involuntarily terminated without cause or voluntarily terminated for good reason as set forth in this Plan. 

SECTION 2. DEFINITIONS 

For purposes of this Plan, the following terms shall have the meanings set forth below: 

(a) “BASE SALARY” means the annual base salary for an Eligible Employee as in effect on the Change in Control Date, or as
increased thereafter. 
 (b) “BOARD” means the Board of Directors of the Company. 

(c) “CAUSE” means conduct involving one or more of the following: (i) the conviction of the Eligible Employee of, or, plea
of guilty or nolo contendere to, any crime involving dishonesty or any felony; (ii) the willful misconduct by the Eligible Employee resulting in material harm to the Company; (iii) fraud, embezzlement, theft or dishonesty by the Eligible
Employee against the Company resulting in material harm to the Company; (iv) the repeated and continuing failure of the Eligible Employee to follow the proper and lawful directions of the Company’s Chief Executive Officer or the Board
after a written demand is delivered to the Eligible Employee that specifically identifies the manner in which the Chief Executive Officer or the Board believes that the Employee has failed to follow such instructions; (v) the Eligible
Employee’s current alcohol or prescription drug abuse affecting work performance, or current illegal use of drugs regardless of the effect on work performance; (vi) material violation of the Company’s code of conduct by the Eligible
Employee that causes harm to the Company; or (vii) the Eligible Employee’s material breach of any term of the Plan or any applicable written proprietary information, confidentiality, non-competition and/or non-solicitation agreements
with the Company. 
 (d) “CHANGE IN CONTROL” means the occurrence of any of the events set forth in subsections
(A) or (B) below, provided that such event(s) constitute (i) a change in the ownership of the Company (as defined in Treasury Regulation Section 1.409A-3(i)(5)(v)), (ii) a change in effective control of the Company (as
defined in Treasury Regulation Section 1.409A-3(i)(5)(vi)), or (iii) a change in the ownership of a substantial portion of the assets of the Company (as defined in Treasury Regulation Section 1.409A-3(i)(5)(vii)): 

(A) when a person, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, a amended) acquires beneficial ownership of the Company’s capital stock equal to 50% or more of either: (X) the then-outstanding shares of the Company’s common stock (the “Outstanding Company Common
Stock”) or (Y) the combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) provided, however, that for
purposes of this subsection (A), the following acquisitions of securities shall not constitute a Change in Control: (1) any acquisition of securities directly from the Company (excluding an acquisition of securities pursuant to the exercise,
conversion or exchange of any security exercisable for, convertible into or 

 
exchangeable for common stock or voting securities of the Company, unless the Person exercising, converting or exchanging such security acquired such security directly from the Company or an
underwriter or agent of the Company) or (2) any acquisition of securities by the Company; or 
 (B) upon the
consummation by the Company of a reorganization, merger, consolidation, statutory share exchange or a sale or other disposition of all or substantially all of the assets of the Company in one or a series of transactions (a “Business
Combination”), provided that, in each case, the persons who were the Company’s beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination do not
beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the
resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or
through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively; or

 (C) such time as the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if
applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (i) who was a member of the Board on the effective date of this Plan, or
(ii) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a
majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (ii) any individual whose initial assumption of office occurred
as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board. 

(e) “CHANGE IN CONTROL DATE” means the first date on which a Change in Control occurs. 

(f) “DISABILITY” means (i) the Eligible Employee is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) the Eligible Employee is, by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less
than three (3) months under an accident and health plan covering employees of the Company; provided that in each case, the Eligible Employee’s physical or mental impairment shall be determined by an independent qualified physician mutually
acceptable to the Company and the Eligible Employee (or his personal representative) or, if the Company and the Eligible Employee (or such representative) are unable to agree on an independent qualified physician, as determined by a panel of three
physicians, one designated by the Company, one designated by the Eligible Employee (or his personal representative) and one designated by the two physicians so designated. 
 (g) “INVOLUNTARY TERMINATION WITHOUT CAUSE” means an Eligible Employee’s dismissal or discharge by the Company (or, if applicable, by any successor entity) for a reason other than Cause.
The termination of employment will not be deemed to be an “Involuntary Termination Without Cause” if such termination occurs as a result of the Eligible Employee’s voluntary resignation without Good Reason, death or Disability.

 (i) “MANAGEMENT TEAM” shall include any executive officer, senior vice-president
and vice-president of the Company and other employees of the Company nominated by the Chief Executive Officer and ratified by the Compensation Committee. 
 (j) “QUALIFYING TERMINATION” means that an Eligible Employee’s employment terminates due to an Involuntary Termination Without Cause or a Voluntary Termination for Good Reason, in either
case, within eighteen (18) months following a Change in Control Date. 
 (k) “SECTION 16 OFFICER” means an
executive officer of the Company, other than the Chief Executive Officer, Chief Financial Officer, Chief Business Officer and Chief Medical Officer, who is considered to an “officer” of the Company within the meaning of Rule 16a-1(f) under
the Securities Exchange Act of 1934, as amended and “executive Officer” of the Company within the meaning of Rule 3b-7 under the Securities Exchange Act of 1934, as amended. 

(l) “VOLUNTARY TERMINATION FOR GOOD REASON” means any action by the Company without the Eligible Employee’s prior consent
which results in he or she voluntarily terminating his or her employment with the Company (or, if applicable, with any successor entity) after any of the following are undertaken by the Company (or, if applicable, by any successor entity) without
such Eligible Employee’s express consent, provided, however, that a termination for Good Reason can only occur if (i) the Eligible Employee has given the Company a written notice of termination indicating the existence of a condition
giving rise to Good Reason and the Company has not cured the condition giving rise to Good Reason within thirty (30) days after receipt of such notice of termination, and (ii) such notice of termination is given within ninety
(90) days after the initial occurrence of the condition giving rise to Good Reason and further provided that a termination for Good Reason shall occur no more than one hundred eighty (180) days after the initial occurrence of the condition
giving rise to Good Reason: (A) any requirement by the Company that the Eligible Employee perform his or her principal duties outside a radius of 50 miles from the Company’s Cambridge, Massachusetts location, (B) any material
diminution in the Eligible duties, responsibilities or authority; or (C) a material reduction in the Eligible Employee’s base salary (unless such reduction is effected in connection with a general and proportionate reduction of
compensation for all employees of his or her level). 
 SECTION 3. ELIGIBILITY AND PARTICIPATION 

An individual is deemed an “Eligible Employee” and, therefore, eligible to participate in the Plan if he or she is a member of
the Company’s Management Team at the time of such individual’s termination of employment with the Company, and such employment terminates due to an event which constitutes a Qualifying Termination. 

SECTION 4. BENEFITS 

Eligible Employees are eligible to receive the following benefits on the following conditions: 

(a) SALARY AND BONUS PAYOUT. Commencing in the first month following the month of a Qualifying Termination and the Release set forth
in Section (f) below becoming binding on the Eligible Employee, Eligible Employee will be paid in periodic installments consistent with the Company’s payroll procedures as then in effect and continuing for a number of months equal to the
product of the Eligible Employee’s “Severance Multiple” (as set forth below) times twelve (12), a total sum equal to: (i) Severance Multiple times the Eligible Employee’s Base Salary; (ii) the Eligible Employee’s
Severance Multiple times his/her target bonus on the date of the Qualifying Termination; and (iii) the Eligible Employee’s target bonus on the date of termination multiplied by a fraction, the numerator of which shall equal the
number of days the Eligible Employee was employed by the Company during the Company fiscal year in which the termination occurs and the denominator of which shall equal 365. 

 Severance Multiple shall be based on the following: 

 

					
	Chief Executive Officer	  	—  	  	1.5
			
	Chief Financial Officer, Chief Business Officer, Chief Medical Officer, Section 16 Officer, and any other Eligible Employee nominated by the CEO and ratified by the
Compensation Committee	  	—  	  	1.0
			
	Senior Vice Presidents, Vice Presidents and other Eligible Employees nominated by CEO and ratified by Compensation Committee, other than those considered Section 16
Officers	  	—  	  	0.5

 (b) HEALTH BENEFITS. Provided the Eligible Employee timely elects continued coverage under federal
COBRA law, the Company shall pay, on the Eligible Employee’s behalf, the portion of premiums for the type of group health insurance coverage, including coverage for his or her eligible dependents, that the Company paid prior to his or her
termination of employment for a period following his or her Qualifying Termination based on the Eligible Employee’s level as follows: 
  

					
	Chief Executive Officer	  	—  	  	18 months
			
	Chief Financial Officer, Chief Business Officer, Chief Medical Officer, Section 16 Officer, and any other Eligible Employee nominated by the CEO and ratified by the
Compensation Committee	  	—  	  	12 months
			
	Senior Vice Presidents, Vice Presidents and other Eligible Employees nominated by CEO and ratified by Compensation Committee, other than those considered Section 16
Officers	  	—  	  	6 months

 provided, however, that the Company will pay such premiums for the Eligible Employee and his/her eligible dependents only
for coverage for which such individual and those dependents were enrolled immediately prior to the Qualifying Termination. The Eligible Employee shall continue to be required to pay that portion of the premium of such group health insurance
coverage, including coverage for his/her eligible dependents that he/she had been required to pay as an active employee immediately prior to the Qualifying Termination of employment (subject to change). For the balance of the period that an Eligible
Employee is eligible to receive coverage under federal COBRA law, the Eligible Employee shall be eligible to maintain coverage for himself/herself and his/her eligible dependents at the Eligible Employee’s own expense in accordance with
applicable law. 
 (c) EQUITY ACCELERATION. In addition to any other rights that Eligible Employees may have with respect to the
acceleration of the vesting of any stock options or restricted stock awards (“Awards”) granted to such Eligible Employees pursuant to the Company’s 2002 Stock Incentive Plan, as amended (the “2002 Stock Incentive Plan”), or
any successor plan, including without limitation those certain change in control related acceleration rights (upon a termination without cause) approved by the Board on December 11, 2007, and notwithstanding any provision to the contrary
contained in the 2002 Stock Incentive Plan, the instrument evidencing any Award or any other agreement between an Eligible Employee and the Company, each such Award shall be immediately exercisable in full and/or free of all restrictions on
repurchase, as the case may be, if the Eligible Employee’s employment with the Company or the acquiring or succeeding corporation is terminated as a result of a Qualifying Termination. 

(d) EARNED BUT UNPAID BENEFITS. As of the Qualifying Termination date an Eligible Employee will also be eligible to receive any
earned but unpaid benefits including salary earned but unpaid, the annual bonus for the most recently completed financial year and payment for unused accrued vacation. 

 (e) RELEASE. To receive benefits under this Plan, an Eligible
Employee must execute after the Qualifying Termination a release of claims in favor of the Company within thirty (30) days following the Eligible Employee’s date of termination, in the form attached to this Plan as
Exhibit A and such release must become effective in accordance with its terms (the “Release”). Notwithstanding the foregoing, if the 30th day following the Eligible Employee’s date of termination occurs in the calendar year following the Eligible
Employee’s termination, then the payments and benefits will commence no earlier than January 1 of such subsequent calendar year. 
 (f) TERMINATION OF BENEFITS. Benefits under this Plan shall terminate immediately if an Eligible Employee, at any time, violates any proprietary information, confidentiality, non-competition or
non-solicitation obligation to the Company, or any other continuing obligation to the Company. 
 (g) NON-DUPLICATION OF
BENEFITS. Eligible Employees are not eligible to receive benefits under this Plan more than one time and are not eligible to receive benefits under any other Company change in control severance plan, arrangement or agreement. 

(h) TAX WITHHOLDING. Any payments that an Eligible Employee receives under this Plan shall be subject to all required tax
withholding. 
 (i) DISTRIBUTIONS. The following rules shall apply with respect to distribution of the payments and benefits, if
any, to be provided to the Eligible Employee under this Section 4: 
 (A) It is intended that each
installment of the payments and benefits provided under Section 4 shall be treated as a separate “payment” for purposes of Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and the guidance issued thereunder
(“Section 409A”). Neither the Company nor the Eligible Employee shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A;

 (B) If, as of the date of the “separation from service” of the Eligible Employee from the Company,
the Eligible Employee is not a “specified employee” (each within the meaning of Section 409A), then each installment of the payments and benefits shall be made on the dates and terms set forth in Section 4; and 

(C) If, as of the date of the “separation from service” of the Eligible Employee from the Company, the Eligible
Employee is a “specified employee” (each, for purposes of this Agreement, within the meaning of Section 409A), then: 
 (x) Each installment of the payments and benefits due under Section 4 that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from
service occurs, be paid within the Short-Term Deferral Period (as hereinafter defined) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under
Section 409A. For purposes of this Agreement, the “Short-Term Deferral Period” means the period ending on the later of the 15th day of the third month following the end of the Eligible Employee’s tax year in which the Eligible
Employee’s separation from service occurs and the 15th day of the third month following the end of the Company’s tax year in which the Eligible Employee’s separation from service occurs; and 

(y) Each installment of the payments and benefits due under Section 4 that is not paid within the Short-Term Deferral
Period and that would, absent this subsection, be paid within the six-month period following the “separation from service” of the Eligible Employee of the Company shall not be paid until the date that is six months and one day after such
separation from service (or, if earlier, the death of the Eligible Employee), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day
following the Eligible Employee’s separation 

 
from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall
not apply to any installment of payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of
Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service) or Treasury Regulation 1.409A-1(b)(9)(v) (relating to reimbursements and certain other separation payments). Such payments shall bear
interest at an annual rate equal to the prime rate as set forth in the Eastern edition of the Wall Street Journal on the Date of Termination, from the Date of Termination to the date of payment. Any installments that qualify for the exception under
Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the second taxable year of the Eligible Employee following the taxable year of the Eligible Employee in which the separation from service occurs.

 SECTION 5. OTHER TERMINATIONS 
 An otherwise Eligible Employee shall NOT be eligible to receive benefits under this Plan if (i) the Eligible Employee’s employment terminates due to death, Disability or any other reason other
than a Qualifying Termination; or (ii) an Eligible Employee’s employment is terminated within thirty (30) days of his or her refusal to accept an offer of comparable employment by any successor to the Company (provided that
“comparable employment” shall mean employment at a business office the location of which is not violative of Section 2(g)(i), with duties and responsibilities not violative of Section 2(g)(ii) and with a reduction in such
Eligible Employee’s base salary not violative of 2(g)(iii)). 
 SECTION 6. CLAIMS PROCEDURE 

Ordinarily, severance benefits will be paid to an Eligible Employee without to having to file a claim or take any action other than
signing the Release as provided in Section 4(f) of this Plan and, where applicable, not revoking the Release during the applicable revocation period. If an Eligible Employee believes that he or she is entitled to severance benefits under the
Plan that are not being paid, he or she may submit a written claim for payment to the Company. Any claim for benefits shall be in writing, addressed to the Company and must be sufficient to notify the Company of the benefit claimed. If such claim is
denied, the Company shall within a reasonable period of time provide a written notice of denial. The notice will include the specific reasons for denial, the provisions of the Plan on which the denial is based, and the procedure for a review of the
denied claim. Where appropriate, it will also include a description of any additional material or information necessary to complete or perfect the claim and an explanation of why that material or information is necessary. Eligible Employees may
request in writing a review of a claim denied by the Company and may review pertinent documents and submit issues and comments in writing to the Company. The Company shall provide a written decision upon such request for review of a denied claim.
The decision of the Company upon such review shall be final. 
 SECTION 7. MISCELLANEOUS 

The Company reserves the right to amend or terminate this Plan at any time; provided however, that this Plan may not be amended or
terminated following the Change in Control Date; and further provided that Section 4(c) of this Plan shall not be amended without the Eligible Employee’s consent unless the Board determines that the amendment, taking into account any other
related action, would not materially adversely affect the Eligible Employee. This Plan shall be binding upon any surviving entity resulting from a Change in Control and upon any other person who is a successor by merger, acquisition, consolidation
or otherwise to the business formerly carried on by the Company without regard to whether or not such person actively adopts or formally continues the Plan. The Plan shall be interpreted in accordance with the laws of the Commonwealth of
Massachusetts. The Eligible Employee hereby 

 
irrevocably submits to and acknowledges and recognizes the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in Massachusetts
(which courts, for purposes of the Plan, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with the Plan or the subject matter hereof. 

 EXHIBIT A 

RELEASE 

Certain capitalized terms used in this Release are defined in the Key Employee Change in Control Severance Plan (the “Plan”)
which I have reviewed. 
 In order to receive the benefits as set forth in the Plan, I acknowledge that I must enter into this
Release and have it become binding upon me. 
 Except as otherwise set forth in this Release, I hereby release, acquit and
forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, predecessor, successors, assigns and affiliates as well as its and their representatives, agents, insurers and
reinsurers, and employee benefit programs (and the trustees, administrators, fiduciaries and insurers of such programs), past, present and future (hereafter, the “Released Parties”) from any and all claims, charges, complaints, demands,
actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees
and costs), of every kind and nature which I ever had or now have against the Released Parties, including, but not limited to, those claims arising out of my employment with and/or separation from the Company, including, but not limited to, all
claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq. (“ADEA”), the Americans With Disabilities Act of 1990, 42
U.S.C. § 12101 et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq.,
Section 806 of the Corporate and Criminal Fraud Accountability Act of 2002, 18 U.S.C. § 1514(A), the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit
Reporting Act, 15 U.S.C. § 1681 et seq., the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., the Massachusetts Fair Employment Practices Act., M.G.L. c. 151B,
§ 1 et seq., the Massachusetts Civil Rights Act, M.G.L. c. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, M.G.L. c. 93, § 102 and M.G.L. c. 214, § 1C, the Massachusetts Labor and Industries Act, M.G.L.
c. 149, § 1 et seq., the Massachusetts Privacy Act, M.G.L. c. 214, § 1B, and the Massachusetts Maternity Leave Act, M.G.L. c. 149, § 105D, all as amended; all common law claims including, but not limited to, actions in
tort, defamation and breach of contract; all claims to any non-vested ownership interest in the Company, contractual or otherwise, including, but not limited to, claims to stock or stock options; and any claim or damage arising out of my employment
with or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that nothing in this Agreement prevents me
from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission or a state Fair Employment Practices Agency (except that I acknowledge that I may not be able to recover any monetary benefits in
connection with any such claim, charge or proceeding); provided, further, that nothing in this paragraph shall be construed in any way to release the Company from its obligation to indemnify me from any third party action brought against me based on
my employment with the Company, pursuant to any applicable agreement or applicable law or to reduce or eliminate any coverage I may have under the Company’s director and officer liability policy, if any. 

I understand and agree that, as a condition for payment to me of the Plan benefits, I shall not make any false, disparaging or derogatory
statements to any media outlet, industry group, financial institution or current or former employee, consultant, client or customer of the Company regarding the Company or any of its directors, officers, employees, agents or representatives or about
the Company’s business affairs and financial condition; provided, however, that nothing herein shall prevent me from making truthful disclosures to any governmental entity or in any litigation or arbitration. 

 I confirm that I have returned to the Company all keys, files, records (and copies
thereof), equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, pagers, etc.), Company identification, Company vehicles and any other Company-owned property in my possession
or control and have left intact all electronic Company documents, including but not limited to, those that I developed or helped develop during my employment. I further confirm that I have cancelled all accounts for my benefit, if any, in the
Company’s name, including but not limited to, credit cards, telephone charge cards, cellular phone and/or pager accounts and computer accounts. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given under the Plan for the waiver and release in
the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (A) my waiver and release do not apply to any
rights or claims that may arise on or after the date I execute this Release; (B) I should consult with an attorney prior to executing this Release; (C) I have been given more than twenty-one (21) days to consider this Release
(although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following my execution of this Release to revoke the Release by notifying the Company; and (E) this Release shall not be effective
until the date upon which the revocation period has expired, which shall be the eighth day after this Release is executed by me, provided I have not timely revoked. 
  

			
	Signature:	 	  

		
	Date:

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