Document:

a0190320loweemploymentag

                                                          EXECUTION VERSION                                Employment Agreement          This Employment Agreement (this “Agreement”), is entered into on March 20th, 2019,   and effective as of January 1, 2019 (the “Effective Date”), by and between KEMET Corporation,   a Delaware corporation (the “Company”), and William M. Lowe, Jr. (“Executive”) (collectively   referred to herein as the “Parties”).                                     RECITALS   A.    It is the desire of the Company to assure itself of the continued services of Executive by        entering into this Agreement.   B.    Executive and the Company mutually desire that Executive continue to provide services        to the Company on the terms herein provided.                                      AGREEMENT         NOW, THEREFORE, in consideration of the foregoing and of the respective covenants  and agreements set forth below, the Parties hereto agree as follows:   1.    Employment.             (a) General.  The Company shall continue to employ Executive and Executive shall      remain in the employ of the Company, for the period and in the position set forth in this      Section 1, and subject to the other terms and conditions herein provided.               (b) Employment Term.  For purposes of this Agreement, the “Term” shall mean the      period beginning on the Effective Date and ending on March 31, 2021, subject to earlier     termination as provided in Section 3.  The Term may be extended by mutual agreement of      the Parties.  No later than sixty (60) days prior to the expiration of the initial Term, the      Parties shall engage in good faith negotiations with respect to extending the initial Term, and      any extension shall constitute part of the Term for purposes of this Agreement.              (c) Position and Duties.  Executive shall serve as the Chief Executive Officer of the      Company.  Executive shall have such powers, responsibilities, duties and authority as are     customary for such position and as otherwise assigned by the Board of Directors of the     Company (the “Board”).  Executive shall devote substantially all of Executive’s working      time and efforts to the business and affairs of the Company (which shall include service to its      “Affiliates” (within the meaning of Rule 12b-2 promulgated under Section 12 of the      Securities Exchange Act of 1934, as amended from time to time)) and shall not engage in      outside business activities (including serving on outside boards or committees) without the      consent of the Board, provided that Executive shall be permitted to (i) manage Executive’s      personal, financial and legal affairs; (ii) participate in trade associations; (iii) serve on the      board of directors of not-for-profit or tax-exempt charitable organizations; and (iv) subject to     approval by the Board, serve on the board of directors or similar board of for-profit     organizations, in each case, subject to compliance with this Agreement and provided that     such activities do not materially interfere with Executive’s performance of Executive’s duties  

 

   and responsibilities hereunder.  Executive agrees to observe and comply with the rules and     policies of the Company and its subsidiaries as adopted by the Company or its Affiliates     from time to time, in each case as amended from time to time, as set forth in writing, and as     delivered or made available to Executive (each, a “Policy”).            (d) Service on Board.  The Company shall use its reasonable best efforts to cause     Executive to be re-elected to the Board during the Term.            (e) Principal Place of Employment.  Executive’s principal office shall be the     Company’s headquarters in Fort Lauderdale, Florida.  Executive may perform his duties     under this Agreement at such other offices as may be appropriate for the performance of his     duties as determined in consultation with the Board.  The Parties understand that given the     nature of Executive’s duties, Executive will be required to travel and perform services at    locations other than his principal office from time to time.           (f) Certain Executive Representations.  Executive represents and warrants that (i)     Executive is not subject to any impediment, restriction or restraint that would in any way     prohibit, hinder or impair his employment hereunder and his performance as contemplated     hereby; (ii) without limiting the foregoing, Executive’s employment hereunder and his     performance as contemplated hereby do not and would not in any way conflict with or breach     any confidentiality, non-competition or other agreement to which he is a party or to which he     may be subject; and (iii) Executive has not been the subject of any allegation and, to his     knowledge, he has not, (A) breached any law, regulation or code of conduct applicable to     him in the course of employment; or (B) engaged in any act of workplace misconduct or     impropriety, including any act of discrimination or harassment.   2.    Compensation and Related Matters.            (a) Annual Base Salary.  During the Term, Executive shall receive a base salary at a     minimum rate of $725,000 per annum, which shall be paid in accordance with the customary     payroll practices of the Company and shall be pro-rated for partial years of employment.      Such annual base salary shall be subject to periodic review in accordance with the     Company’s regular process for similarly situated executives (with the first review for     Executive accordingly expected not later than early 2020) and shall be subject to increase but     not decrease (such annual base salary, as it may be increased from time to time, the “Annual     Base Salary”).             (b) Annual Bonus.  With respect to each fiscal year of the Company commencing     during the Term, Executive will be eligible to participate in the Company’s Annual Incentive     Program or such successor plan as may be in effect from time to time (the “KAIP”).      Executive’s annual incentive compensation under the KAIP (the “Annual Bonus”) shall be     targeted at 100% of his Annual Base Salary (the “Target Bonus”), with the expectation that     the actual Annual Bonus will scale upward and downward based on actual performance, as     determined by the Board, such that the actual Annual Bonus payable to Executive may be     greater than, equal to or less than the Target Bonus.  The Annual Bonus shall be based upon     the achievement of Company and/or individual performance metrics as established by the                                         2    

 

 Board.  The Annual Bonus for a fiscal year will be paid no later than the fifteenth day of the   third month following the end of such fiscal year.            (c) Prior Equity Grants.  Upon the execution of this Agreement, the restricted stock   units granted to Executive pursuant to the award agreements, dated May 18, 2016, May 18,   2017 and May 18, 2018 (collectively, the “Award Agreements”) shall be deemed vested on a   pro-rata basis, based on the number of days Executive was actively employed during the   vesting period starting with the date of grant of the award and ending with the date of  execution of this Agreement as determined in accordance with the Company’s equity award  retirement policy.         (d) Initial Equity Grant.  Effective as of January 1, 2019, the Company granted   Executive 50,000 restricted stock units, with 25,000 restricted stock units vesting fifteen (15)   months after the grant date and 25,000 restricted stock units vesting twenty-seven (27)   months after the grant date, subject to Executive’s continued service on each vesting date and   otherwise subject to the terms of the Company’s Omnibus Incentive Plan or such successor   plan as may be in effect from time to time (the “LTIP”) and the applicable award agreement.          (e) Long-Term Incentive.  The Company will grant Executive equity incentive   awards (or other long-term incentive compensation) for each fiscal year of the Company   during the Term, commencing April 1, 2018, with a minimum target value of $1,000,000 for   all such awards, in accordance with the LTIP and the applicable award agreement.  The type   of award and specific terms and conditions of such awards will be determined by the Board   commensurate with Executive’s position.          (f) Employee Benefits.  During the Term, Executive shall be eligible to participate in   employee benefit plans, programs and arrangements generally available from time to time to   other similarly situated executives of the Company employed at the Company’s headquarters,   with Executive on no less favorable terms, including medical, dental and life benefits as they   may be in effect from time to time.          (g) Paid Time Off.  During the Term, Executive shall be entitled to at least five (5)   weeks, on an annualized basis, of paid personal leave in accordance with the Company’s  Policies.  Any vacation shall be taken at the reasonable and mutual convenience of the  Company and Executive.         (h) Business Expenses.  During the Term, the Company shall reimburse Executive for   all reasonable travel and other business expenses incurred by Executive in the performance   of Executive’s duties to the Company in accordance with the Company’s expense   reimbursement Policy.          (i) Indemnification.  At such time during the Term as the Company shall enter into   an individual indemnification agreement with any of its directors or officers, the Company   shall enter into an individual indemnification agreement with Executive on no less favorable   terms.                                        3                 

 

          (j) Payment of Fees Associated with  Review.  The Company shall reimburse      Executive up to $5,000 for the reasonable attorneys’ fees and costs associated with the     review and negotiation of this Agreement.   3.    Termination.             (a) In General.  Executive’s employment hereunder may be terminated by the      Company or Executive, as applicable, without any breach of this Agreement under the      following circumstances:                (i)   Death.  Executive’s employment hereunder shall terminate upon         Executive’s death.                  (ii)  Disability.  If Executive has incurred a Disability, as defined below, the         Company may terminate Executive’s employment.                  (iii) Termination for Cause.  The Company may terminate Executive’s         employment for Cause.                (iv)  Termination without Cause.  The Company may terminate Executive’s         employment without Cause.                (v)   Termination by Executive without Good Reason.  Executive may terminate         Executive’s employment with the Company without Good Reason.                (vi)  Termination by Executive for Good Reason.  Executive may terminate         Executive’s employment with the Company for Good Reason.                (vii) Termination by Executive due to Retirement.  Executive may terminate         Executive’s employment with the Company due to Retirement.             (b) Notice of Termination.  Any termination of Executive’s employment by the      Company or by Executive under this Section 3 (other than termination pursuant to Section      3(a)(i)) shall be communicated by a written notice to the other Party hereto (i) indicating the      specific termination provision in this Agreement relied upon; (ii) setting forth in reasonable      detail the facts and circumstances claimed to provide a basis for termination of Executive’s      employment under the provision so indicated; and (iii) specifying a Date of Termination (as      defined below) which, if submitted by Executive pursuant to Section 3(a)(v) or Section      3(a)(vi), shall be at least thirty (30) days following the date of such notice (a “Notice of      Termination”); provided, however, that in the event that Executive delivers a Notice of      Termination to the Company, the Company may, in its sole discretion, change the Date of     Termination to any date that occurs on or following the date of the Company’s receipt of     such Notice of Termination and is prior to the date specified in such Notice of Termination.      In such event, however, the Executive shall be entitled to all compensation and benefits (or     their equivalent value) pursuant to this Agreement and any other applicable incentive or     benefit plan or policy then in effect, up to and including the final day of such Notice period     (i.e., “pay in lieu of notice”).  A Notice of Termination submitted by the Company may     provide for a Date of Termination on the date Executive receives the Notice of Termination,                                          4     

 

   or any date thereafter elected by the Company in its sole discretion.  In the event of a dispute     over the existence of Cause or Good Reason, either Party may introduce newly discovered or     newly arising evidence in support of or in opposition to the determination of Cause or Good     Reason.            (c) Company Obligations upon Termination.  Upon termination of Executive’s     employment pursuant to any of the circumstances listed in Section 3(a), Executive (or     Executive’s estate) shall be entitled to receive the sum of: (i) the portion of Executive’s     Annual Base Salary earned through the Date of Termination but not yet paid to Executive;     (ii) any paid time off that has been accrued but unused in accordance with the Company’s     Policies; (iii) any reimbursements owed to Executive pursuant to Section 2(h); (iv) any     amount accrued and arising from Executive’s participation in, or benefits accrued under any     employee benefit plans, programs or arrangements, which amounts shall be payable in     accordance with the terms and conditions of such employee benefit plans, programs or     arrangements; and (v) except in the case of a termination of Executive’s employment for     Cause pursuant to Section 3(a)(iii), any earned but unpaid Annual Bonus for the prior fiscal     year.  Except as otherwise expressly required by law (e.g., COBRA (as defined below)) or as    specifically provided herein, or in any other plan or arrangement maintained by the    Company, all of Executive’s rights to salary, severance, benefits, bonuses and other    compensatory amounts hereunder (if any) shall cease upon the termination of Executive’s    employment hereunder.  In the event that Executive’s employment is terminated hereunder    for any reason, Executive’s sole and exclusive remedy shall be to receive the payments and    benefits described in this Section 3(c) or Section 4 or in any other plan or arrangement     maintained by the Company, as applicable.            (d) Deemed Resignation.  Upon termination of Executive’s employment for any     reason, Executive shall be deemed to have resigned from all offices and directorships, if any,     then held with the Company or any of its Affiliates and Executive agrees to execute any and     all documents necessary to effectuate such resignations.   4.    Severance Payments.            (a) Termination Generally.  If Executive’s employment shall terminate pursuant to     Section 3(a) for any reason other than pursuant to Section 3(a)(i) (death), Section 3(a)(ii)     (Disability), Section 3(a)(iv) (by the Company without Cause) or Section 3(a)(vi) (by     Executive for Good Reason), then Executive shall not be entitled to any severance payments     or benefits, except as provided in Section 3(c).            (b) Equity Treatment.  If Executive’s employment shall terminate pursuant to Section     3(a) for any reason other than pursuant to Section 3(a)(iii), then any equity incentive     compensation award which is held by Executive as of the Date of Termination (other than the     award described in Section 2(d)) shall vest on a pro-rata basis, based on the number of days     Executive was actively employed during either the vesting period or performance period, as     applicable, (i) in the case of any award with solely a service-vesting component starting with     the date of grant of the award and ending with the Date of Termination (but offset by the     number of shares previously vested in respect of such award) and (ii) in the case of any     award with a performance-vesting component starting with the commencement date of the                                         5    

 

applicable performance period and ending with the earlier of the Date of Termination or the  last day of the performance period. Any award with solely a service-vesting component shall  be delivered as though the Date of Termination were the last day of the service-vesting  period and any award with a performance-vesting component shall remain subject to actual  performance attainment during the full performance period with the payment of any such  performance award otherwise made at such time and under such other circumstances as  would have applied without regard to Executive’s employment termination. The foregoing  treatment shall only apply to an award with solely a service-vesting component if the award  was granted to Executive six (6) or more months prior to the Date of Termination. The  foregoing treatment shall only apply to an award with a performance-vesting component if  Executive was employed on September 1 of the first year during the applicable performance  period.          (c) Termination without Cause or for Good Reason.  Except as otherwise provided in  Section 4(d), if Executive’s employment is terminated by the Company without Cause  pursuant to Section 3(a)(iv) or by Executive for Good Reason pursuant to Section 3(a)(vi)  then, subject to Executive signing on or before the 50th day following Executive’s Separation  from Service (as defined below), and not revoking, a release of claims and separation  agreement in the Company’s customary form, as may be updated from time to time (the  “Release”), and Executive’s continued compliance with Sections 5 - 7, Executive shall  receive, in addition to payments and benefits set forth in Section 3(c), the following benefits:            (i)   The Company shall pay to Executive an amount equal to the lesser of (x)     one (1) times the sum of (A) the Annual Base Salary plus (B) the Target Bonus, each in     the full amount as in effect at such time, payable over twelve (12) months; or (y) the sum     of (A) the Annual Base Salary plus (B) the Target Bonus, each as in effect at such time     and prorated for the number of remaining days of employment in the initial Term or any     extended Term (measured from the commencement of such extended Term), as     applicable, payable over the remainder of such Term; in each case in equal installments     in accordance with the Company’s regular payroll practice; provided that the first such     payment shall be made within sixty (60) days following the Date of Termination on the     first regularly scheduled payroll date of the Company following the date the Release     becomes nonrevocable and shall include all payments that would have otherwise been     made to Executive had the payments commenced on the Date of Termination;            (ii)  The Company shall pay to Executive a cash lump sum an amount equal to    the premiums Executive would have been required to pay to continue Executive’s and    Executive’s covered dependents’ medical, dental and vision coverage in effect on the    Date of Termination under the Company’s group healthcare plans pursuant to the    Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), for     the number of months following the Date of Termination over which the payments set     forth in Section 4(c)(i) are made, which amount shall be based on the premium for the     first month of COBRA coverage and shall be paid, regardless of whether or not     Executive elects COBRA continuation coverage, within sixty (60) days following the     Date of Termination on the first regularly scheduled payroll date of the Company     following the date the Release becomes nonrevocable; and                                      6                 

 

            (iii) Notwithstanding anything in Section 4(c) to the contrary, in the event any        payments thereunder could occur in one of two calendar years as a result of being        dependent upon the Release becoming nonrevocable, then, to the extent required to avoid        penalties under Section 409A (as defined below), such payments shall commence on the        first regularly scheduled payroll date of the Company, following the date the Release        becomes nonrevocable, that occurs in the second of such two calendar years.               (iv)  For purposes of this Agreement, a termination of Executive’s employment        following a notice of nonrenewal of this Agreement by the Company shall be treated as a        Retirement.            (d) Termination in Connection With a Change in Control.  Notwithstanding     Executive’s prior notice, subsequently rescinded, of his intention to retire, the Parties hereby     agree that the terms and conditions of the Change in Control Severance Compensation     Agreement between the Company and Executive dated as of July 28, 2017 (the “CIC     Agreement”) shall remain in effect during the Term, except that, notwithstanding anything to     the contrary in the CIC Agreement, solely to the extent required to avoid the imposition of     taxes or penalties under Section 409A any payments and benefits payable under the CIC     Agreement will be made on the same schedule as the payments and benefits otherwise set     forth in this Section 4.  The payments and benefits set forth in this Section 4(d), to the extent     paid or provided, shall be in lieu of any payments or benefits set forth in Section 4(c).            (e) Death or Disability.  If Executive’s employment is terminated by reason of death     pursuant to Section 3(a)(i) or Disability pursuant to Section 3(a)(ii) then, subject to Executive     (or his estate, as the case may be) signing on or before the 50th day following Executive’s     Separation from Service, and not revoking, the Release, and, in the case of Disability,     Executive’s continued compliance with Sections 5 - 7, the Company shall pay or provide to     Executive (or his estate, as the case may be), in addition to payments and benefits set forth in     Section 3(c), an amount equal to the Annual Bonus, as in effect at such time, determined     based on the actual performance of the Company for the full fiscal year in which Executive’s     employment terminates, prorated for the number of days of employment completed during     the fiscal year in which the Date of Termination occurs, payable in a lump sum cash amount     at the time it would otherwise have been paid in accordance with Section 2(b) had Executive     remained employed for the entire fiscal year.            (f) No Mitigation; Payment to Surviving Spouse.  Notwithstanding anything to the     contrary in this Agreement, Executive shall not be required to seek other employment or     otherwise mitigate any damages resulting from any termination of employment.  In the event     of Executive’s death prior to payment of all compensation and benefits due to Executive     under Section 3(c), any remaining compensation and benefits shall be paid to his spouse, if     any, or if none as required by laws of succession or intestacy.   5.    Confidential Information.             (a) Obligation to Maintain Confidentiality.  Executive understands and acknowledges     that during the course of his employment with the Company and its Subsidiaries (as defined     below), Executive will have access to and learn about Confidential Information.                                          7    

 

 “Confidential Information” means all information of any sort (whether merely remembered   or embodied in a tangible or intangible form) relating or belonging to the Company or its   Subsidiaries that is not generally known or publicly available.  Confidential Information   includes, without specific limitation, the information, observations and data obtained by   Executive during the course of his performance under this Agreement concerning the   business and affairs of the Company and its Subsidiaries, information concerning acquisition   opportunities in or reasonably related to the Company’s or its Subsidiaries’ business or   industry of which Executive becomes aware during the Term, the persons or entities that are   current, former or prospective suppliers or customers of any one or more of them during   Executive’s course of performance under this Agreement, as well as development, transition   and transformation plans, methodologies and methods of doing business, strategic, marketing   and expansion plans, including plans regarding planned and potential sales, financial and   business plans, employee lists and telephone numbers, locations of sales representatives, new   and existing programs and services, prices and terms, customer service, integration   processes, requirements and costs of providing service, support and equipment.  Therefore,   Executive agrees that he shall not, at any time, disclose to any person or entity or use for his   own account any of such Confidential Information without the Board’s prior written consent,   unless and to the extent that any Confidential Information (x) becomes generally known to   and available for use by the public other than as a result of Executive’s acts or omissions to   act; or (y) is required to be disclosed pursuant to any applicable law or court order (provided  that Executive provides the Company with prior notice of the contemplated disclosure and   cooperates with the Company at its expense in seeking a protective order or other appropriate   protection of such information).  Executive agrees to deliver to the Company upon   termination of his employment or at the end of the Term, or at any other time the Company   may request in writing, all memoranda, notes, plans, records, reports and other documents   and electronic records (and copies thereof) relating to the business of the Company or its   Subsidiaries (including, without limitation, all Confidential Information) that he may then   possess or have under his control.  Subject to Section 5(d), (f) and (g), Executive may not   disclose or use for his own account any Confidential Information at any time following the   Executive’s employment with the Company or its Subsidiaries.  For purposes of this   Agreement, “Subsidiaries” shall mean any corporation or other entity of which the securities   or other ownership interests having the voting power to elect a majority of the board of   directors or other governing body are directly or indirectly owned by the Company.          (b) Ownership of Intellectual Property.  Executive agrees to make prompt and full   disclosure to the Company or its Subsidiaries, as the case may be, all ideas, discoveries, trade   secrets, inventions, innovations, improvements, developments, methods of doing business,   processes, programs, designs, analyses, drawings, reports, data, software, firmware, logos   and all similar or related information (whether or not patentable and whether or not reduced  to practice) that relate to the Company’s or its Subsidiaries’ actual or anticipated business,  research and development, or existing or future products or services and that are conceived,  developed, acquired, contributed to, made, or reduced to practice by Executive (either solely  or jointly with others) while employed by the Company or its Subsidiaries and for a period of  one (1) year thereafter (collectively, “Work Product”).  Any copyrightable work falling   within the definition of Work Product shall be deemed a “work made for hire” under the   copyright laws of the United States, and ownership of all rights therein shall vest in the   Company or its Subsidiaries.  To the extent that any Work Product is not deemed to be a                                      8                 

 

“work made for hire,” Executive hereby assigns and agrees to assign to the Company or such  Subsidiaries all right, title and interest, including without limitation, the intellectual property  rights that Executive may have in and to such Work Product.  Executive shall promptly  perform all actions reasonably requested by the Board (whether during or after the Term) to  establish and confirm the Company’s or such Subsidiaries’ ownership (including, without  limitation, providing testimony and executing assignments, consents, powers of attorney, and  other instruments).         (c) Third Party Information.  Executive understands that the Company and its  Subsidiaries will receive from third parties confidential or proprietary information (“Third  Party Information”) subject to a duty on the Company’s and its Subsidiaries’ part to maintain  the confidentiality of such information and to use it only for certain limited purposes.  During  the Term and thereafter, and without in any way limiting the provisions of Section 5(a),  Executive will hold Third Party Information in the strictest confidence and will not disclose  to anyone (other than personnel of the Company or its Subsidiaries who need to know such  information in connection with their work for the Company or such Subsidiaries) or use,  except in connection with his work for the Company or its Subsidiaries, Third Party  Information unless expressly authorized by a member of the Board in writing.         (d) Executive may respond to a lawful and valid subpoena or other legal process but  shall give the Company the earliest possible notice thereof, and shall, as much in advance of  the return date as possible, make available to the Company and its counsel the documents and  other information sought and shall assist such counsel at Company’s expense in resisting or  otherwise responding to such process, in each case to the extent permitted by applicable laws  or rules.         (e) As used in Sections 5 – 7, the term “Company” shall include the Company and its  direct and indirect parents and Subsidiaries.           (f) Nothing in this Agreement shall prohibit Executive from (i) disclosing  information and documents when required by law, subpoena or court order (subject to the  requirements of Section 5(d)); (ii) disclosing information and documents to Executive’s  attorney, financial or tax adviser for the purpose of securing legal, financial or tax advice;  (iii) disclosing Executive’s post-employment restrictions in this Agreement in confidence to  any potential new employer of Executive; or (iv) retaining, at any time, Executive’s personal  correspondence, Executive’s personal contacts and documents related to Executive’s own  personal benefits, entitlements and obligations, except where such correspondence, contracts  and documents contain Confidential Information.         (g) Pursuant to 18 U.S.C. § 1833(b), Executive understands that Executive will not be  held criminally or civilly liable under any Federal or State trade secret law for the disclosure  of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State, or  local government official, either directly or indirectly, or to Executive’s attorney; and (B)  solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is  made in a complaint or other document that is filed under seal in a lawsuit or other  proceeding.  Executive understands that if Executive files a lawsuit for retaliation by the  Company for reporting a suspected violation of law, Executive may disclose the trade secret                                      9                 

 

    to Executive’s attorney and use the trade secret information in the court proceeding if      Executive (x) files any document containing the trade secret under seal; and (y) does not      disclose the trade secret, except pursuant to court order.  Nothing in this Agreement, or any      other agreement that Executive has with the Company, is intended to conflict with 18 U.S.C.      § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such      section.  Further, nothing in this Agreement or any other agreement that Executive has with      the Company shall prohibit or restrict Executive from making any voluntary disclosure of     information or documents concerning possible violations of law to any governmental agency     or legislative body, or any self-regulatory organization, in each case, without advance notice     to the Company.   6.    Non-Compete, Non-Solicitation.             (a) Executive acknowledges that during the course of his employment with the      Company and its Subsidiaries, (i) he has become familiar with the Company’s trade secrets      and with other Confidential Information concerning the Company and its predecessors and its      Subsidiaries; (ii) the Company and its Subsidiaries has invested and continues to invest      substantial resources in developing and preserving its business relationships and goodwill,      and the loss any such relationships or goodwill will cause significant and irreparable harm to      the Company and its Subsidiaries; and (iii) his services are of special, unique and      extraordinary value to the Company and its Subsidiaries.              (b) Executive agrees that during the Term and ending on the end of the Restricted      Period, as defined below, he shall not directly or indirectly own any interest in, manage,      control, participate in, consult with, render services for, be employed by, or in any manner      associate with or engage in the business of designing, manufacturing, producing, distributing      or selling passive electronic components, within any country in which the Company or its      Subsidiaries engage or plan to engage in such business.  Nothing herein shall prohibit      Executive from being a passive owner of not more than 5% of the outstanding stock of any      class of a corporation which is publicly traded, so long as Executive has no active      participation in the business of such corporation.  For purposes of this Agreement, the term      “Restricted Period” shall mean two (2) years following the termination of employment      hereunder.             (c) During the Restricted Period, Executive shall not directly or indirectly through      another person or entity (i) induce or attempt to induce any employee of the Company or any      Subsidiary to leave the employ of the Company or such Subsidiary, or in any way interfere      with the relationship between the Company or any Subsidiary and any employee thereof; (ii)     hire any person who was an employee of the Company or any Subsidiary at any time during     the Term; or (iii) induce or attempt to induce any customer, supplier, licensee, licensor,     franchisee or other business relation of the Company or any Subsidiary to cease doing     business with the Company or such Subsidiary, or in any way interfere with the relationship     between any such customer, supplier, licensee or business relation and the Company or any     Subsidiary (including, without limitation, making any negative or disparaging statements or     communications regarding the Company or its Subsidiaries).                                           10     

 

          (d) If, at the time of enforcement of this Section 6, a court shall hold that the duration,      scope or area restrictions stated herein are unreasonable under circumstances then existing,      the Parties agree that the maximum duration, scope or area reasonable under such     circumstances shall be substituted for the stated duration, scope or area and that the court     shall be allowed to revise the restrictions contained herein to cover the maximum period,     scope and area permitted by law.  Executive acknowledges that the restrictions contained in     this Section 6 are reasonable and that he has reviewed the provisions of this Agreement with      his legal counsel.    7.    Executive’s Cooperation.            During the Term and thereafter, Executive shall assist and cooperate with the Company   and its Subsidiaries in connection with any investigation, administrative, regulatory or judicial   proceeding, or in connection with any dispute or claim of any kind that may be made against, by,   or with respect to the Company, as reasonably requested by the Company (including, without  limitation, Executive being available to the Company upon reasonable notice for interviews and  factual investigations, appearing at the Company’s request to give testimony without requiring  service of a subpoena or other legal process, volunteering to the Company all pertinent  information and turning over to the Company all relevant documents which are or may come into  Executive’s possession). In the event the Company requires Executive’s cooperation in  accordance with this section at any point in time after the Term and at which Executive is no  longer a member of the Board, then in addition to reimbursement of  Executive for his  reasonable travel expenses (including lodging and meals, upon submission of receipts) in  accordance with the Company’s expense reimbursement policy as in effect from time to time, the  Company shall compensate Executive at an hourly rate commensurate with similarly situated  executives or consultants of the Company of like experience and expertise, and, in any event, at a  rate not less than $300 per hour; provided, however, that the Company shall not be required to  compensate Executive for assistance and cooperation in connection with (i) any phone call in  which the Executive participates for 1 hour or less, (ii) testimony provided by Executive as a  witness in connection with any action, claim or proceeding and (iii) any investigation related to  or arising out of allegations of Executive’s misconduct.   8.    Injunctive Relief.          It is recognized and acknowledged by Executive that a breach of the covenants contained   in Sections 5 - 7 will cause irreparable damage to Company and its goodwill, the exact amount of   which will be difficult or impossible to ascertain, and that the remedies at law for any such   breach will be inadequate.  Accordingly, Executive agrees that in the event of a breach of any of  the covenants contained in Sections 5 - 7, in addition to any other remedy which may be   available at law or in equity, the Company will be entitled to seek specific performance and   injunctive relief without the requirement to post bond.    9.    Maximum Payment Limit.          If any payment or benefit due under this Agreement, together with all other payments and   benefits that Executive receives or is entitled to receive from the Company or any of its   subsidiaries, Affiliates or related entities, would (if paid or provided) constitute an excess                                          11     

 

 parachute payment for purposes of Section 280G of the Internal Revenue Code of 1986, as   amended (the “Code”), the amounts otherwise payable and benefits otherwise due under this   Agreement will either (i) be delivered in full; or (ii) be limited to the minimum extent necessary   to ensure that no portion thereof will fail to be tax-deductible to the Company by reason of   Section 280G of the Code, whichever of the foregoing amounts, taking into account the   applicable federal, state or local income and employment taxes and the excise tax imposed under   Section 4999 of the Code, results in the receipt by the Executive, on an after-tax basis, of the   greatest amount of benefits, notwithstanding that all or some portion of such benefits may be   subject to the excise tax imposed under Section 4999 of the Code.  In the event that the payments   and/or benefits are to be reduced pursuant to this Section 9, such payments and benefits shall be   reduced such that the reduction of cash compensation to be provided to the Executive as a result   of this Section 9 is minimized.  In applying this principle, the reduction shall be made in a   manner consistent with the requirements of Section 409A and where two economically   equivalent amounts are subject to reduction but payable at different times, such amounts shall be   reduced on a pro rata basis but not below zero.  All determinations required to be made under   this Section 9 shall be made by the Company’s independent public accounting firm, or by   another advisor mutually agreed to by the Parties, which shall provide detailed supporting   calculations both to the Company and Executive within fifteen (15) business days of the receipt   of notice from Executive that there has been a payment or benefit subject to this Section 9, or   such earlier time as is requested by the Company.   10.   Clawback Provisions.          Notwithstanding any other provisions in this Agreement to the contrary, any incentive-  based compensation, or any other compensation, paid to Executive pursuant to this Agreement or   any other agreement or arrangement with the Company which is subject to recovery under any   Policy approved by the Board that is generally applicable to senior management of the Company,  applicable law, government regulation or stock exchange listing requirement, will be subject to  such deductions and clawback as may be required to be made pursuant to such Policy, law,  government regulation or stock exchange listing requirement.   11.   Assignment and Successors.          The Company may assign its rights and obligations under this Agreement to a United   States subsidiary of the Company that is the main operating company of the Company (or the   principal employer of employees of the Company and its subsidiaries) in the United States or to   any successor to all or substantially all of the business or the assets of the Company (by merger   or otherwise), and may assign or encumber this Agreement and its rights hereunder as security   for indebtedness of the Company and its Affiliates.  This Agreement shall be binding upon and   inure to the benefit of the Company, Executive and their respective successors, assigns,   personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and  legatees, as applicable.  None of Executive’s rights or obligations may be assigned or transferred   by Executive, other than Executive’s rights to payments hereunder, which may be transferred   only by will or operation of law.  Notwithstanding the foregoing, Executive shall be entitled, to   the extent permitted under applicable law and any applicable Company benefit plans or   arrangements, to select and change a beneficiary or beneficiaries to receive compensation   hereunder following Executive’s death by giving written notice thereof to the Company.                                            12     

 

12.   Certain Definitions.            (a) Cause.  The Company shall have “Cause” to terminate Executive’s employment     hereunder upon:               (i)   a majority of the members of the Board, excluding Executive as        applicable, determining that (A) Executive has committed an act of fraud in the course of        his employment against the Company; (B) Executive has committed an act of misconduct        or gross negligence against the Company that is materially injurious to the Company or        its customers; or (C) Executive has materially breached a Company Policy;               (ii)  a majority of the members of the Company’s Board of Directors,        excluding Executive as applicable, determining that Executive has failed to adequately        perform material duties or obligations under  this Agreement;               (iii) Executive’s indictment for, or conviction of, or pleading no contest to, a        felony; or               (iv)  a material breach of any of the representations and warranties set forth in        Section 1(f).                 The determination as to whether the Executive is being terminated for Cause shall  be made after a reasonable and good faith investigation by the Board; provided, however, that  Cause shall not exist under this Agreement unless: (x) the Company gives written notice to  Executive of the event or condition within ninety (90) days following the Board’s actual  knowledge thereof where such notice describes with particularity the alleged act(s) at issue, (y)  the Company has given the Executive no fewer than thirty (30) days to remedy or otherwise cure  the event or condition and an opportunity to be heard at a meeting of the Board at his sole  discretion with or without counsel and the Board provides Executive a summary of its findings;  and (z) the Company terminates Executive’s employment within thirty (30) days following the  expiration of the cure period.            (b) Date of Termination.  “Date of Termination” shall mean (i) if Executive’s     employment is terminated by Executive’s death, the date of Executive’s death; and (ii) if     Executive’s employment is terminated pursuant to Section 3(a)(ii) - 3(a)(vi), either the date     indicated in the Notice of Termination or the date specified by the Company pursuant to     Section 3(b), whichever is earlier.            (c) Disability.  “Disability” shall mean, at any time the Company or any of its     Affiliates sponsors a long-term disability plan for the Company’s employees,  “disability” as     defined in such long-term disability plan for the purpose of determining a participant’s     eligibility for benefits, provided, however, if the long-term disability plan contains multiple     definitions of disability, “Disability” shall refer to that definition of disability which, if     Executive qualified for such disability benefits, would provide coverage for the longest     period of time. The determination of whether Executive has a Disability shall be made by the     person or persons required to make disability determinations under the long-term disability     plan.  At any time the Company does not sponsor a long-term disability plan for its     employees, Disability shall mean Executive’s inability to perform, with or without                                        13    

 

 reasonable accommodation, the essential functions of Executive’s position hereunder for a  total of three months during any twelve-month period as a result of incapacity due to mental  or physical illness as determined by a qualified physician licensed to practice medicine in the  State of Pennsylvania as shall be mutually selected by the Company (or its insurers) and  Executive (or his representatives).  Provided that the Company shall have provided Executive  with a written summary of its basis for believing Disability may exist, any unreasonable  refusal by Executive to submit to a medical examination for the purpose of determining  Disability within a reasonable period following a written request by the Company (or its  insurers) shall be deemed to constitute conclusive evidence of Executive’s Disability.          (d) Good Reason.  “Good Reason” shall mean:             (i)   a reduction in Executive’s Annual Base Salary, other than any reduction      which is insignificant or is implemented as part of a formal austerity program approved      by the Board and applicable to all other senior executive officers of the Company,      provided such reduction does not reduce Executive’s Annual Base Salary by a percentage      greater than the average reduction in compensation of all other senior executive officers      of the Company;             (ii)  the Company reduces Executive’s Target Bonus, LTIP target value or      grant date value of annual equity awards;             (iii) a material, adverse change in Executive’s position with the Company that      reduces his title, responsibilities, level of authority or scope of duties (including as a      result of the assignment of responsibilities and/or duties from those in effect immediately      prior to the reduction or that are materially inconsistent with Executive’s position, or      Executive’s removal from, or the Company’s failure to nominate Executive for re-     election to, the Board during the Term);             (iv)  the Company breaches a material obligation to Executive under the terms      of this Agreement or any other material written agreement between Executive and the      Company; or             (v)   a relocation of Executive’s principal worksite of more than fifty (50) miles      unless such relocation reduces the Executive’s commute to such worksite.       However, none of the foregoing events or conditions will constitute Good Reason unless:      (x) Executive provides the Company with written objection to the event or condition      within ninety (90) days following the occurrence thereof; (y) the Company does not      reverse or otherwise cure the event or condition within thirty (30) days of receiving that      written objection; and (z) Executive terminates his employment within thirty (30) days      following the expiration of that cure period.          (e) Retirement.  “Retirement” shall mean the Executive’s voluntary retirement from   employment occurring at any time following the expiration of the initial Term of this   Agreement, or sooner in the event of mutual agreement between the Company and the   Executive, provided Executive shall provide written notice the Board of his intent to retire no   fewer than ninety (90) days in advance of his planned retirement date, and shall use his                                      14                 

 

   reasonable best efforts to assist the Company in any resulting transition, including extending     or delaying his Retirement date, and providing continued cooperation to the Company     thereafter pursuant to the terms of this Agreement.   13.   Miscellaneous Provisions.            (a) Governing Law.  This Agreement shall be governed, construed, interpreted and     enforced in accordance with its express terms, and otherwise in accordance with the     substantive laws of the State of Florida without reference to the principles of conflicts of law     of the State of Florida or any other jurisdiction, and where applicable, the laws of the United     States.  The Company and the Executive agree that any and all disputes relating to or arising     out of this Agreement, excluding any relief sought by the Company under Sections 5 - 8 or     any other dispute arising under this Agreement in respect of which a Party may seek     injunctive relief, but otherwise including disputes in respect of payments and benefits     provided hereunder, will first be submitted to mediation pursuant to a written demand for     mediation which either party may serve on the other which shall be before a mediator     selected by the Parties in accordance with mediation procedures of the American Arbitration     Association (“AAA”).  In the event, the Parties are unable to agree to a mediator within ten     (10) days of receipt of the written demand for mediation, the mediator will be appointed by     the office of AAA in Miami, Florida.  The cost of the mediator and fees imposed by AAA     shall be split equally by the Parties.             (b) Survival.  Notwithstanding anything to the contrary in this Agreement, the     provisions of Sections 4 through 11 and this 13 will survive the termination of Executive’s     employment and the expiration or termination of the Term.             (c) Notices.  Any notice, request, claim, demand, document and other communication     hereunder to any Party shall be effective upon receipt (or refusal of receipt) and shall be in     writing and delivered personally or sent by facsimile or certified or registered mail, postage     prepaid, as follows (except that notice of change of address shall be effective only upon    receipt):              (i)   If to the Company, to the attention of the General Counsel at its       headquarters,              (ii)  If to Executive, at the last address that the Company has in its personnel       records for Executive, or              (iii) At any other address as any Party shall have specified by notice in writing        to the other Party.            (d) Counterparts.  This Agreement may be executed in several counterparts, each of     which shall be deemed to be an original, but all of which together will constitute one and the     same Agreement.  Signatures delivered by facsimile shall be deemed effective for all     purposes.            (e) Entire Agreement.  The terms of this Agreement are intended by the Parties to be     the final expression of their agreement with respect to the subject matter hereof and                                         15    

 

 supersede all prior understandings and agreements, whether written or oral (including the   Incentive Award, Severance and Non-Competition Agreement by and between the Company   and Executive dated December 1, 2014).  The Parties further intend that this Agreement shall   constitute the complete and exclusive statement of their terms and that no extrinsic evidence   whatsoever may be introduced in any judicial, administrative, or other legal proceeding to  vary the terms of this Agreement.           (f) Amendments; Waivers.  This Agreement may not be modified, amended, or   terminated except by an instrument in writing, signed by Executive and a duly authorized   officer of Company (other than Executive).  By an instrument in writing similarly executed,   Executive or a duly authorized officer of the Company (other than Executive) may waive  compliance by the other Party with any specifically identified provision of this Agreement  that such other Party was or is obligated to comply with or perform; provided, however, that  such waiver shall not operate as a waiver of, or estoppel with respect to, any other or  subsequent failure.  No failure to exercise and no delay in exercising any right, remedy, or  power hereunder preclude any other or further exercise of any other right, remedy, or power  provided herein or by law or in equity.           (g) Construction.  This Agreement shall be deemed drafted equally by both the   Parties. Its language shall be construed as a whole and according to its fair meaning.  Any   presumption or principle that the language is to be construed against any Party shall not   apply.  The headings in this Agreement are only for convenience and are not intended to   affect construction or interpretation.  Any references to sections or subsections are to those   parts of this Agreement, unless the context clearly indicates to the contrary.  Also, unless the   context clearly indicates to the contrary, (i) the plural includes the singular and the singular   includes the plural; (ii) “and” and “or” are each used both conjunctively and disjunctively;   (iii) “any,” “all,” “each,” or “every” means “any and all,” and “each and every”; (iv)   “includes” and “including” are each “without limitation”; (v) “herein,” “hereof,” “hereunder”   and other similar compounds of the word “here” refer to the entire Agreement and not to any   particular section or subsection; and (vi) all pronouns and any variations thereof shall be   deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the   entities or persons referred to may require.          (h) Enforcement.  If any provision of this Agreement is held to be illegal, invalid or   unenforceable under present or future laws effective during the term of this Agreement, such   provision shall be fully severable; this Agreement shall be construed and enforced as if such   illegal, invalid or unenforceable provision had never comprised a portion of this Agreement;   and the remaining provisions of this Agreement shall remain in full force and effect and shall   not be affected by the illegal, invalid or unenforceable provision or by its severance from this   Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there   shall be added automatically as part of this Agreement a provision as similar in terms to such   illegal, invalid or unenforceable provision as may be possible and be legal, valid and   enforceable.          (i) Withholding.  The Company shall be entitled to withhold from any amounts   payable under this Agreement any federal, state, local or foreign withholding or other taxes   or charges which the Company is required to withhold or by its Policies it customarily                                       16                 

 

withholds. The Company shall be entitled to rely on an opinion of counsel if any questions as  to the amount or requirement of withholding shall arise.         (j) Section 409A.            (i)   General.  The intent of the Parties is that the payments and benefits under     this Agreement comply with or be exempt from Section 409A of the Internal Revenue     Code of 1986, as amended, and the regulations and guidance promulgated thereunder     (collectively, “Section 409A”) and, accordingly, to the maximum extent permitted, this     Agreement shall be interpreted to be in compliance therewith.              (ii)  Separation from Service.  Notwithstanding anything in this Agreement to     the contrary, any compensation or benefits payable under this Agreement that is     considered nonqualified deferred compensation under Section 409A and is designated    under this Agreement as payable upon Executive’s termination of employment shall be    payable only upon Executive’s “separation from service” with the Company within the    meaning of Section 409A (a “Separation from Service”) and, except as provided below,     any such compensation or benefits described in Section 4 shall not be paid, or, in the case     of installments, shall not commence payment, until the sixtieth (60th) day following     Executive’s Separation from Service (the “First Payment Date”).  Any lump sum     payment or installment payments that would have been made to Executive during the     sixty (60) day period immediately following Executive’s Separation from Service but for     the preceding sentence shall be paid to Executive on the First Payment Date and any     remaining installment payments shall be made as provided in this Agreement.            (iii) Specified Employee.  Notwithstanding anything in this Agreement to or     any other agreement providing compensatory payments to Executive to the contrary, if     Executive is deemed by the Company at the time of Executive’s Separation from Service     to be a “specified employee” for purposes of Section 409A, any payment of     compensation or benefits to which Executive is entitled under this Agreement or any     other compensatory plan or agreement that is considered nonqualified deferred     compensation under Section 409A payable as a result of Executive’s Separation from     Service shall be delayed to the extent required in order to avoid a prohibited distribution     under Section 409A until the earlier of (A) the expiration of the six-month period     measured from the date of Executive’s Separation from Service with the Company; or     (B) the date of Executive’s death.  Upon the first business day following the expiration of     the applicable Section 409A period, all payments deferred pursuant to the preceding     sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries),     and any remaining payments due to Executive under this Agreement or any other     compensatory plan or agreement shall be paid as otherwise provided herein or therein.              (iv)  Expense Reimbursements.  To the extent that any reimbursements under     this Agreement are subject to Section 409A, any such reimbursements payable to     Executive shall be paid to Executive no later than December 31 of the year following the     year in which the expense was incurred; provided, that Executive submits Executive’s     reimbursement request promptly following the date the expense is incurred, the amount     of expenses reimbursed in one year shall not affect the amount eligible for reimbursement                                      17                 

 

      in any subsequent year, other than medical expenses referred to in Section 105(b) of the        Code, and Executive’s right to reimbursement under this Agreement will not be subject to        liquidation or exchange for another benefit.               (v)   Installments.  Executive’s right to receive any installment payments under        this Agreement, including any continuation salary payments that are payable on        Company payroll dates, shall be treated as a right to receive a series of separate payments        and, accordingly, each such installment payment shall at all times be considered a        separate and distinct payment as permitted under Section 409A.  Except as otherwise        permitted under Section 409A, no payment hereunder shall be accelerated or deferred        unless such acceleration or deferral would not result in additional tax or interest pursuant        to Section 409A.   14.   Executive Acknowledgement.         Executive acknowledges that Executive has read and understands this Agreement, is fully  aware of its legal effect, has not acted in reliance upon any representations or promises made by  the Company other than those contained in writing herein, and has entered into this Agreement  freely based on Executive’s own judgment.                                  [Signature Page Follows]                                          18    

 

                                                                                      IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date and  year first above written.                                             KEMET Corporation                                             By:        /s/ Frank Brandenberg                                            Name:  Frank Brandenberg                                            Title:  Chairman of the Board of Directors                                             EXECUTIVE                                             /s/ William M. Lowe, Jr.                                            William M. Lowe, Jr.                                                                                [Signature Page to Employment Agreement]    914658-NYCSR05A - MSWEX-10.13

 Exhibit 10.13 

AVROBIO, INC. 

EMPLOYMENT AGREEMENT 
 This
Employment Agreement (“Agreement”) is made as of the 17th day of December, 2018, between AVROBIO, Inc., a Delaware corporation (the “Company”), and Steven Avruch (the “Executive”). 

WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company commencing on January 2,
2019, unless another date is agreed to by the parties. The Executive’s first day of employment shall be the “Effective Date” of this Agreement; 

WHEREAS, this Agreement fully supersedes and replaces the offer letter from the Company to the Executive dated December 10, 2018 (the
“Offer Letter”); and 
 WHEREAS, to protect the Company’s proprietary information and goodwill, as a condition of
Executive’s employment, the Executive and the Company will become parties to Employee Confidentiality, Assignment and Nonsolicitation Agreement (the “Restrictive Covenants Agreement”), which is being provided to the Executive along
with this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Employment.

 (a) Term. The term of this Agreement shall commence on the Effective Date and continue until terminated in accordance with the
provisions hereof (the “Term”). The Executive’s employment with the Company will be “at will,” meaning that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason
subject to the terms of this Agreement. 
 (b) Position and Duties. During the Term, the Executive shall serve as the Vice President
and General Counsel of the Company, and shall have supervision and control over and responsibility for the day-to-day business and affairs of the legal department of the
Company and shall have such other powers and duties as may from time to time be prescribed by the Board of Directors of the Company (the “Board”), the Chief Executive Officer of the Company (the “CEO”) or other authorized
executive. The Executive shall devote his full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the Board, or engage in
religious, charitable or other community activities as long as such services and activities are disclosed to the Board and do not materially interfere with the Executive’s performance of his duties to the Company as provided in this Agreement.
For the avoidance of doubt, the Executive may continue to serve in the roles set forth on Schedule 1 hereto without the necessity of further approval from the Board, provided that no conflicts result in the future from the Executive’s service
in such role. 

 2. Compensation and Related Matters. 

(a) Base Salary. During the Term, the Executive’s annual base salary shall be $335,000. The Executive’s base salary shall be
reviewed annually by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a
manner that is consistent with the Company’s usual payroll practices for executive officers. 
 (b) Incentive Compensation.
During the Term, the Executive shall be eligible to receive cash incentive compensation as determined by the Board or the Compensation Committee from time to time. The Executive’s initial target annual incentive compensation shall be
thirty-five percent (35%) of his Base Salary (as in effect at any time, the “Target Annual Incentive Compensation”). Except as otherwise provided herein, to earn incentive compensation, the Executive must be employed by the Company on the
day such incentive compensation is paid. 
 (c) Expenses. The Executive shall be entitled to receive prompt reimbursement for all
reasonable expenses incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company for its senior officers. 

(d) Other Benefits. During the Term, the Executive shall be eligible to participate in or receive benefits under the Company’s
employee benefit plans in effect from time to time, subject to the terms of such plans. Additionally, during the Term, the Executive shall be eligible to receive such benefits and perquisites as those made available to the other employees of the
Company generally. 
 (e) Vacations. During the Term, the Executive shall be entitled to paid vacation in accordance with the
Company’s policies and procedures, which shall be a minimum of 20 days in addition to the Company’s paid holidays. The Executive shall also be entitled to all paid holidays given by the Company to its executive officers. 

(f) Equity. The Executive shall also be eligible to participate in the Company’s equity incentive plan, subject to approval
by the Board or Compensation Committee. The Company will grant the Executive an option to purchase 88,636 shares of the Company’s common stock (“New Hire Award”). The New Hire Award shall vest over four years, with twenty-five percent
of the New Hire Award vesting on the one-year anniversary of the Effective Date and the remaining shares vesting in thirty-six equal monthly installments following the
one-year anniversary of the Effective Date, subject to the Executive’s continued service relationship with the Company. The New Hire Award, together with any other equity awards held by the Executive, shall be governed by the terms and
conditions of the Company’s applicable equity incentive plan(s) and the applicable award agreement(s) governing the terms of such equity awards held by the Executive (collectively, the “Equity Documents”); provided, however, and
notwithstanding anything to the contrary in the Equity Documents, Section 4(b)(ii) or Section 5(a)(ii) of this Agreement (as applicable) shall apply in the event of a termination by the Company without Cause or by the Executive for Good Reason
(as such terms are defined below). 

  
 2 

 3. Termination. During the Term, the Executive’s employment hereunder may be
terminated without any breach of this Agreement under the following circumstances: 
 (a) Death. The Executive’s employment
hereunder shall terminate upon his death. 
 (b) Disability. The Company may terminate the Executive’s employment if he is
disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing position or
positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the
Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of such issue
shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601
et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 
 (c) Termination by Company for Cause.
The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean: (i) conduct by the Executive constituting a material act of misconduct in connection with the
performance of his duties, including, without limitation, misappropriation of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal
purposes; (ii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude, material deceit or dishonesty, or fraud, or any conduct by the Executive that would reasonably be expected to result in material injury or
reputational harm to the Company or any of its subsidiaries or affiliates if he were retained in his position; (iii) continued non-performance by the Executive of his duties hereunder (other than by
reason of the Executive’s physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice (with a reasonably detailed summary of such alleged
non-performance specified) of such non-performance from the Company’s CEO; (iv) a breach by the Executive of any of the provisions incorporated into or
contained in Section 7 of this Agreement; (v) a material violation by the Executive of the Company’s written employment policies; or (vi) failure to cooperate with a bona fide internal investigation or an investigation by
regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the inducement of others to
fail to cooperate or to produce documents or other materials in connection with such investigation. 

  
 3 

 (d) Termination Without Cause. The Company may terminate the Executive’s
employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause under Section 3(c) and does not result from the death or
disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 
 (e) Termination by the
Executive. The Executive may terminate his employment hereunder at any time for any reason, including but not limited to Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the
“Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: (i) a material diminution in the Executive’s responsibilities, authority or duties or reporting relationship; (ii) a
material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly
affecting all or substantially all senior management employees of the Company; (iii) a material change in the geographic location at which the Executive provides services to the Company; or (iv) a material breach of this Agreement by the
Company. “Good Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the first
occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the
“Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his employment within 60 days after the end of the Cure Period. If the
Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred. 
 (f) Notice of
Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other
party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon. 

(g) Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated by his
death, the date of his death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company for Cause under Section 3(c), the date on which Notice of Termination is given;
(iii) if the Executive’s employment is terminated by the Company under Section 3(d), the date on which a Notice of Termination is given; (iv) if the Executive’s employment is terminated by the Executive under
Section 3(e) without Good Reason, 30 days after the date on which a Notice of Termination is given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) with Good Reason, the date on which a
Notice of Termination is given after the end of the Cure Period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such
acceleration shall not result in a termination by the Company for purposes of this Agreement. 

  
 4 

 4. Compensation Upon Termination. 

(a) Termination Generally. If the Executive’s employment with the Company is terminated for any reason, the Company shall pay or
provide to the Executive (or to his authorized representative or estate) (i) any Base Salary earned through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement) and
unused vacation that accrued through the Date of Termination on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination; and (ii) any vested benefits the Executive may have under any
employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued Benefit”). 

(b) Termination by the Company Without Cause or by the Executive with Good Reason. During the Term, if the Executive’s employment
is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit. In addition,
subject to the Executive signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and
non-disparagement, a reaffirmation of all of the Executive’s Continuing Obligations, and that shall provide that if the Executive breaches any of the Executive’s Continuing Obligations, all payments
of the Severance Amount shall immediately cease, in a form and manner satisfactory to the Company (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable and fully effective and, if
applicable, the Executive resigning as a member of the Board of Directors, all within 60 days after the Date of Termination (or such shorter time period provided in the Separation Agreement and Release): 

(i) the Company shall pay the Executive an amount equal to 0.75 times the sum of the Executive’s Base Salary (the
“Severance Amount”); 
 (ii) notwithstanding anything to the contrary in any applicable option agreement or
stock-based award agreement, all time-based stock options and other time-based stock-based awards held by the Executive in which such stock option or other stock-based award would have vested if the Executive had remained employed for an additional
nine months following the Date of Termination shall vest and become exercisable or nonforfeitable as of the Date of Termination; 

(iii) if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination
and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for nine months or the Executive’s COBRA health continuation period, whichever ends earlier, in an amount equal to the monthly employer
contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and 

  
 5 

 (iv) the amounts payable under Section 4(b)(i) and (iii) shall be
paid out in substantially equal installments in accordance with the Company’s payroll practice over nine months commencing within 60 days after the Date of Termination; provided, however, that if the
60-day period begins in one calendar year and ends in a second calendar year, the Severance Amount shall begin to be paid in the second calendar year by the last day of such
60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of
Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

5. Change in Control Payment. The provisions of this Section 5 set forth certain terms of an agreement reached between the
Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control of the Company. In the event of a Change in Control during the Term, all time-based stock options and other time-based
stock-based awards held by the Executive as of the Effective Date that were granted to the Executive at least 12 months prior to the Effective Date shall immediately accelerate and become fully exercisable or nonforfeitable as of immediately prior
to such Change in Control. These provisions are intended to assure and encourage in advance the Executive’s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such
event. These provisions shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance pay and benefits upon a termination of employment, if such termination of employment occurs within three months prior to
or 18 months after the occurrence of the first event constituting a Change in Control. These provisions shall terminate and be of no further force or effect beginning 18 months after the occurrence of a Change in Control. 

(a) Change in Control. During the Term, if within three months prior to or 18 months after a Change in Control, the Executive’s
employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of the Separation Agreement and Release
by the Executive and the Separation Agreement and Release becoming irrevocable and fully effective and, if applicable, the Executive resigning as a member of the Board of Directors, all within 60 days after the Date of Termination (or such shorter
time period provided in the Separation Agreement and Release): 
 (i) the Company shall pay the Executive a lump sum in cash
in an amount equal to one times the sum of (A) the Executive’s current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Change in Control, if higher) and (B) the Executive’s Target Annual
Incentive Compensation then in effect (together the “Change in Control Payment”); 
 (ii) notwithstanding anything
to the contrary in any applicable option agreement or stock-based award agreement, all time-based stock options and other time-based stock-based awards held by the Executive shall immediately accelerate and become fully exercisable or nonforfeitable
as of the Date of Termination; 

  
 6 

 (iii) if the Executive was participating in the Company’s group health
plan immediately prior to the Date of Termination and elects COBRA health continuation, then the Company shall pay to the Executive a monthly cash payment for twelve months or the Executive’s COBRA health continuation period, whichever
ends earlier, in an amount equal to the monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company; and 

(iv) The amounts payable under Section 5(a)(i) and (iii) shall be paid or commence to be paid within 60 days after
the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payment shall be paid or commence to be paid in the second calendar
year by the last day of such 60-day period. 
 (b) Additional Limitation. 

(i) Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or
distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the
Internal Revenue Code of 1986, as amended (the “Code”) and the applicable regulations thereunder (the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate Payments
shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such
reduction shall only occur if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate Payments were not subject to such reduction. In such event, the Aggregate
Payments shall be reduced in the following order, in each case, in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the transaction that is subject to Section 280G
of the Code: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code; (3) equity-based payments and acceleration; and
(4) non-cash forms of benefits; provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas. Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg.
§1.280G-1, Q&A-24(b) or (c). 
 (ii)
For purposes of this Section 5(b), the “After Tax Amount” means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s
receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in
which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes. 

  
 7 

 (iii) The determination as to whether a reduction in the Aggregate Payments
shall be made pursuant to Section 5(b)(i) shall be made by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the
Executive within 15 business days of the Date of Termination, if applicable, or at such earlier time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company and the
Executive. 
 (c) Definitions. For purposes of this Section 5, the following terms shall have the following meanings: 

“Change in Control” shall mean any of the following: 

(i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all
“affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote
in an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities directly from the Company); or 

(ii) the date a majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or 

(iii) the consummation of (A) any consolidation or merger of the Company where the stockholders of the Company,
immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly,
shares representing in the aggregate more than 50 percent of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in
one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. 

Notwithstanding the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause
(i) solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to
50 percent or more of the combined voting power of all of the then outstanding Voting 

  
 8 

 
Securities; provided, however, that if any person referred to in this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to a
stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company) and immediately thereafter beneficially owns 50 percent or more of the combined voting power of all of the then
outstanding Voting Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (i). 

6. Section 409A. 
 (a)
Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be
considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be
payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is
otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month
period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. 

(b) All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall
be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day
of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to
reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such
payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in
Treasury Regulation Section 1.409A-1(h). 
 (d) The parties intend that this Agreement will be
administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The
parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and
benefits provided hereunder without additional cost to either party. 

  
 9 

 (e) The Company makes no representation or warranty and shall have no liability to the
Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

7. Confidential Information, Nonsolicitation and Cooperation. 

(a) Restrictive Covenants Agreement. The Executive acknowledges and agrees that in consideration and as a condition of the
Executive’s employment by the Company and in exchange for, among other things, the benefits contained in this Agreement, the Executive will enter into the Restrictive Covenants Agreement attached hereto as Exhibit A, the terms of which
are incorporated by reference as material terms of this Agreement. For purposes of this Agreement, the obligations in this Section 7 and those that arise in the Restrictive Covenants Agreement and any other agreement relating to
confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing Obligations.” 

(b) Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with
any previous employer or other party which restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in any business. The Executive represents to the Company that the Executive’s execution of
this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the
Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the
Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party. 

(c) Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall reasonably cooperate
with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed
by the Company. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the
Company at mutually convenient times, taking into consideration Executive’s then current business and personal commitments. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in
connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall
reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this
Section 7(c). 

  
 10 

 (d) Relief. The Executive agrees that it would be difficult to measure any damages
caused to the Company which might result from any breach by the Executive of the promises incorporated into or set forth in this Section 7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly,
subject to Section 8 of this Agreement, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to seek an
injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company. In addition, in the event the Executive breaches this Section 7 or the provisions incorporated herein
during a period when he is receiving severance payments pursuant to Section 4 or Section 5 hereof, the Company shall have the right to suspend or terminate such severance payments. Such suspension or termination shall not limit the
Company’s other options with respect to relief for such breach and shall not relieve the Executive of his duties under this Agreement. 

(e) Protected Disclosures and Other Protected Action. Nothing contained in this Agreement limits the Executive’s ability to
communicate with any federal, state or local governmental agency or commission, including to provide documents or other information, without notice to the Company. 

8. Arbitration of Disputes. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise
arising out of the Executive’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law,
be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in Boston, Massachusetts in accordance with the
Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or entity other than the Executive or the Company may be a party with
regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of enforcing the Restrictive Covenants
Agreement or obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 8.

 9. Consent to Jurisdiction. To the extent that any court action is permitted consistent with or to enforce Section 8 of this
Agreement, the parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth of Massachusetts and the United States District Court for the District of Massachusetts. Accordingly, with respect to any such court action, the
Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal
jurisdiction or service of process. 

  
 11 

 10. Integration. This Agreement and the Restrictive Covenants Agreement constitute
the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements between the parties concerning such subject matter, including without the limitation the Offer Letter. 

11. Withholding. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other amounts
required to be withheld by the Company under applicable law. 
 12. Successor to the Executive. This Agreement shall inure to the
benefit of and be enforceable by the Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s death after his termination of employment but prior to the
completion by the Company of all payments due to him under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails
to make such designation). 
 13. Enforceability. If any portion or provision of this Agreement (including, without limitation, any
portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in
circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

14. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the
Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 15. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 16.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or
certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

17. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Company. 
 18. Governing Law. This is a Massachusetts contract and shall be construed under and be governed in
all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles thereof. 

  
 12 

 19. Counterparts. This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 

20. 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 succession had taken place. Failure of
the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach of this Agreement. 

21. Conditions. Notwithstanding anything to the contrary herein, the effectiveness of this Agreement is conditioned on
(i) successful reference and background verifications of the Executive, and (ii) the Executive’s submission of satisfactory proof of identity and legal authorization to work in the United States, as is required for all employees. This
Agreement shall be void ab initio and of no further force or effect if the conditions set forth in this Section are not satisfied. 
 22.
Gender Neutral. Wherever used herein, a pronoun in the masculine or feminine gender shall be considered as including the opposite gender as well unless the context clearly indicates otherwise. 

IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above written. 

 

			
	AVROBIO, INC.
		
	By:	 	/s/ Geoff MacKay
	Name: Geoff MacKay
	Title: Chief Executive Officer

  

	
	EXECUTIVE
	
	/s/ Steven Avruch
	Steven Avruch

  
 13 

 Schedule 1 

Approved Activities 
 Member of the Board
of Directors of Boston Center for the Arts 
 Member of the Board of Directors for small family-owned landscape design company 

 Exhibit A 

Restrictive Covenants Agreement 

  
 15

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