Document:

EX-10.6

 Exhibit 10.6 
  

 
 September 15, 2017 

Asa Abeliovich 
 11 E 29th Street, Apt. 15B 
 New York, NY 10016 

Dear Asa: 
 I am pleased to offer you employment with Prevail
Therapeutics Inc. (the “Company”) with the initial role of Chief Executive Officer. 
 If you accept this offer, your first day of employment (the
“Starting Date”) will be October 1, 2017. Your salary will be at the rate of $390,000 per year, less taxes and other legally required deductions and payable in accordance with the regular payroll practices of the Company for its employees.
To the extent that you dedicate less than 100% of your business time (as may be agreed by you and the Company from time to time) exclusively to the performance of your duties and responsibilities for the Company and its Affiliates, as defined below,
your salary will be pro rated accordingly. 
 You are eligible to receive a target bonus of 25% of annual pro rated base salary if threshold performance
goals are achieved. The initial performance goals for your first year of employment are described on Exhibit A hereto and will be modified at the discretion of the Company in the future. 

If your employment with the Company is involuntarily terminated for reasons other than cause (as determined by the Board of Directors of the Company) or a
breach by you of the terms and conditions of this offer letter, subject to your execution, and non-revocation, of a release of claims in a form provided by the Company, you will be eligible to receive
severance equivalent to six (6) months of your then-effective base salary. 
 During your employment, you will be eligible to participate in any and
all employee benefit plans made available by the Company from time to time to its employees generally, subject to plan terms and generally applicable Company policies. Until such time as the Company provides standardized, group medical, dental, and
vision insurance, the Company will pay you an additional amount of compensation intended to allow you to purchase such insurance on an individual basis, such amount of compensation to be agreed between you and the Company from time to time. 

  
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 In addition to holidays observed by the Company, you will be eligible to earn and use vacation and paid sick
leave in accordance with the policies of the Company, as in effect from time to time. Your initial vacation accrual will be at the rate of 20 days per year. 

Subject to the approval of the Company’s Board of Directors, you will be granted an option to purchase shares of the Common Stock of the Company
equivalent to one-third of an option pool, which option pool (i) will be created in connection with the consummation of the Company’s next equity financing in which the Company raises at least
$1,000,000 and issues preferred stock to investors (the “Series A Financing”) and (ii) for purposes of calculating the number of shares of Common Stock under such option will be assumed to be equal to 15% of the fully-diluted
capitalization of the Company as of immediately following the initial closing of the Series A Financing, at an exercise price per share equal to the then fair market value of a share of Common Stock (the “Option”) pursuant to the terms of
the Company’s 2017 Equity Incentive Plan. The Option shall vest over a four-year period, with 25% of the shares vesting on the first anniversary of the initial closing of the Series A Financing and the remaining 75% vesting in equal monthly
installments over the course of the three-year period thereafter. 
 You will initially be expected to devote at least 80% of your business time and your
best professional efforts, judgment, knowledge and skill exclusively to the performance of your duties and responsibilities for the Company and its Affiliates, as defined below. The amount of your business time devoted to the performance of your
duties and responsibilities for the Company and its Affiliates, as defined below, may be adjusted from time to time by agreement between you and the Company. As Chief Executive Officer, you will be expected to perform the duties of your position and
such other duties as may be assigned to you from time to time by the Board of Directors of the Company. You will not engage in any other business, profession, or occupation for compensation or otherwise without the prior written consent of the
Company. 
 During your employment, you will also be required to abide by all policies and codes of conduct of the Company, as in effect from time to time.
You must also comply with all applicable laws, regulations, rules, directives and other legal requirements of federal, state and other governmental and regulatory bodies having jurisdiction over the Company (or any of its Affiliates for whom you
provide services) and of the professional bodies of which the Company (or any of those Affiliates) is a member. During your employment with the Company, you are required to maintain in good standing any licenses and certifications necessary for the
performance of your duties for the Company and its Affiliates. 
 As used in this letter agreement, “Affiliates” means all natural persons and
entities directly or indirectly controlling, controlled by or under common control with the Company where control may be by management authority, contract, or equity interest. 

The Immigration Reform and Control Act requires the Company to verify your identity and eligibility for employment in the United States within three business
days of the Starting Date. Enclosed is a copy of the Form I-9 that you will be required to complete. Please bring the appropriate documents listed on that form with you when you report for work. We will not be
able to employ you if you fail to comply with this requirement. 

  
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 This offer of employment is also conditioned on your successful completion of a background check, as
determined by the Company in its sole discretion, and execution of the Company’s employee agreement regarding confidentiality, assignment of inventions, non-competition, and
non-solicitation (the “Employee Agreement”). 
 This letter and your response are not intended to
constitute, and shall not be construed to constitute, a contract of employment for a definite term. Employment with the Company is at-will. This means that if you accept this offer both you and the Company
will retain the right to terminate our employment relationship at any time, with or without notice or cause. 
 This letter constitutes the entire
agreement, and supersedes all prior agreements and understandings, whether oral or written, between you and the Company concerning your employment and all related matters. This letter agreement may not be modified or amended, and no breach is to be
regarded as waived, unless agreed to in writing, signed by you and an expressly authorized officer of the Company. 
 In accepting this offer, you give the
Company assurance that you have carefully read and understand all of its terms and conditions; that you have had sufficient time to consider this offer and to consult with anyone of your choosing prior to signing it; that you have not relied on any
promises or representations, express or implied, with respect to your employment other than those set forth expressly in this letter. You also give the Company assurance that you are not now bound by any covenant against competition or any other
obligation, through court order or otherwise, that would be violated by your acceptance of this offer or your employment by the Company under it. 
 If you
wish to accept this offer, please sign, date and return this letter to me at the Company’s address set forth in the letterhead above, no later than September 11, 2017, or the offer will expire on that date. If you do accept as provided,
this letter will take effect as a binding agreement between you and the Company on the date it is received by me on behalf of the Company, provided that you sign, date and return the Employee Agreement and satisfy the other conditions set forth
above in a timely manner. Please retain a copy of this letter agreement for your records. 
 Asa, formalities aside, I am personally gratified that you are
joining us and look forward to your contribution. 

  
 -3- 

 
			
	Sincerely,
	
	Prevail Therapeutics Inc.
		
	By:	 	/s/ Mona Ashiya

 
			
	Name:	 	Mona Ashiya
	Title:	 	Director

  

			
	Enclosures: Form I-9
	
	Accepted and agreed:

			
		
	Signature:	 	/s/ Asa Abeliovich

			
	Name (please print) Asa Abeliovich

			
	Date signed:	 	10/01/2017

 [Signature Page to Offer Letter] 

 Exhibit A 

[If desired, insert performance goals for the employee’s first year of employment here.]EX-10.7

 Exhibit 10.7 
  

 
 March 1, 2018 

Jeff Sevigny 
 Bertschenackerstrasse 19 

4104 Oberwil, Switzerland 
 Email: jsevigny@gmail.com 

Dear Jeff: 
 I am pleased to offer you employment with Prevail
Therapeutics Inc. (the “Company”) in the position of Chief Medical Officer (CMO). 
 If you accept this offer, your first day of employment (the
“Starting Date”) will be March 1, 2018 or a mutually agreed upon date thereafter. Your salary will be at the rate of $375,000 per year, less taxes and other legally required deductions and payable in accordance with the regular
payroll practices of the Company for its employees. 
 On the one (1) year anniversary of the Start Date, you will earn a one-time sign-on bonus of $50,000 (the Advance Bonus), less applicable withholdings, which bonus will be paid to youin 2 parts: (i) the first $25,000 as an up-front advance in cash within thirty (30) days following the Start Date; and (ii) the second $25,000 to paid at the earlier to occur of (x) thirty (30) days following the relocation of your
residence to a location within daily commuting distance to Prevail’s offices in New York City or (y) the one (1) year anniversary of the Start Date. Notwithstanding the foregoing, if, on or prior to the one (1) year anniversary
of the Start Date, your employment with the Company is terminated for cause, as determined by theCompany’s Board of Directors, or (ii) you voluntarily terminate your employment with the Company, you must return 100% of the Advance Bonus to
the Company within sixty (60) days of the termination of your employment. 
 You are eligible to receive a target bonus of 25% of annual base salary if
threshold performance goals are achieved. The initial performance goals for your first year of employment will be set by the Board of the Company and will be modified at the discretion of the Company in the future. At least one to two weeks, per
calendar month, you will be expected to work at Prevail offices or travel to locations for matters pertaining to Prevail business. Prevail will reimburse you for your travel related expenses incurred in compliance with this paragraph (including, in
general, economy class air travel but excluding business and first class air travel). 

  
 -1- 

 If your employment with the Company is involuntarily terminated for reasons other than cause (as determined
by the Board of Directors of the Company) or a breach by you of the terms and conditions of this offer letter, subject to your execution, and non-revocation, of a release of claims in a form provided by the
Company, you will be eligible to receive severance equivalent to 6 months of your then-effective base salary. 
 During your employment, you will be
eligible to participate in any and all employee benefit plans made available by the Company from time to time to its employees generally, subject to plan terms and generally applicable Company policies. Until such time as the Company provides
standardized, group medical, dental, and vision insurance, the Company will pay you an additional amount of compensation intended to allow you to purchase such insurance on an individual basis, such amount of compensation to be agreed between you
and the Company from time to time. 
 In addition to holidays observed by the Company, you will be eligible to earn and use paid time off (PTO) in
accordance with the policies of the Company, as in effect from time to time. Your PTO accrual will be at the rate of 20 days per year. 
 Subject to the
approval of the Company’s Board of Directors, you will be granted an option to purchase shares of the Common Stock of the Company equal to 1.5% of the fully-diluted capitalization of the Company as of immediately following the initial closing
of the Company’s next equity financing (i.e., the Series A financing) in which the Company raises at least $1,000,000 and issues preferred stock to investors, at an exercise price per share equal to the then fair market value of a share
of Common Stock (the “Option”) pursuant to the terms of the Company’s 2017 Equity Incentive Plan, which Option shall vest over a four-year period, with 25% of the shares vesting on the first anniversary of your start date and the
remaining 75% vesting in equal monthly installments over the course of the three-year period thereafter (the “Vesting Schedule”). 
 If a change
in control of the Company occurs and your employment is terminated by the Company without cause within 6 months following the change in control, 100% of the shares subject to the Option (and the Additional Option) shall become immediately vested and
exercisable. 
 You will be expected to devote all of your business time and your best professional efforts, judgment, knowledge and skill exclusively to
the performance of your duties and responsibilities for the Company and its Affiliates, as defined below. As CMO, you will be expected to perform the duties of your position and such other duties as may be assigned to you from time to time,
including without limitation: 
  

	 	•	 	 Direct line responsibility for the Clinical Operations, Patient Advocacy, Medical Affairs, and Biometrics
Departments 

  

	 	•	 	 Direct the development of clinical strategies and plans 

 

	 	•	 	 Orchestrate and manage clinical aspects of regulatory strategies and interactions with Health Authorities

  

	 	•	 	 Oversee the analysis and interpretation of clinical trial data and the reporting of clinical trial results

  

	 	•	 	 Lead interactions with academic thought leaders, investigators, cooperative groups, and other clinical
stakeholders 

  
 -2- 

	 	•	 	 Provide clinical support and work with other members of the management team to develop and communicate the
overall corporate strategy 

  

	 	•	 	 Represent the Company and its programs to external audiences, including the investment, medical and regulatory
communities, as well as pharmaceutical or biotechnology industry collaborators/partners 

 You will not engage in any other business,
profession, or occupation for compensation or otherwise without the prior written consent of the Company. 
 During your employment, you will also be
required to abide by all policies and codes of conduct of the Company, as in effect from time to time. You must also comply with all applicable laws, regulations, rules, directives and other legal requirements of federal, state and other
governmental and regulatory bodies having jurisdiction over the Company (or any of its Affiliates for whom you provide services) and of the professional bodies of which the Company (or any of those Affiliates) is a member. During your employment
with the Company, you are required to maintain in good standing any licenses and certifications necessary for the performance of your duties for the Company and its Affiliates. 

As used in this letter agreement, “Affiliates” means all natural persons and entities directly or indirectly controlling, controlled by or under
common control with the Company where control may be by management authority, contract, or equity interest. 
 The Immigration Reform and Control Act
requires the Company to verify your identity and eligibility for employment in the United States within three business days of the Starting Date. Enclosed is a copy of the Form I-9 that you will be required to
complete. Please bring the appropriate documents listed on that form with you when you report for work. We will not be able to employ you if you fail to comply with this requirement. 

This offer of employment is also conditioned on your successful completion of a background check, as determined by the Company in its sole discretion, and
execution of the Company’s employee agreement regarding confidentiality, assignment of inventions, non-competition, and non-solicitation (the “Employee
Agreement”). 
 This letter and your response are not intended to constitute, and shall not be construed to constitute, a contract of employment for a
definite term. Employment with the Company is at -will. This means that if you accept this offer both you and the Company will retain the right to terminate our employment relationship at any time, with or without notice or cause. 

This letter constitutes the entire agreement, and supersedes all prior agreements and understandings, whether oral or written, between you and the Company
concerning your employment and all related matters. This letter agreement may not be modified or amended, and no breach is to be regarded as waived, unless agreed to in writing, signed by you and an expressly authorized officer of the Company. 

In accepting this offer, you give the Company assurance that you have carefully read and understand all of its terms and conditions; that you have had
sufficient time to consider this offer and to consult with anyone of your choosing prior to signing it; that you have not relied on any promises or representations, express or implied, with respect to your employment other

  
 -3- 

 than those set forth expressly in this letter. You also give the Company assurance that you are not now
bound by any covenant against competition or any other obligation, through court order or otherwise, that would be violated by your acceptance of this offer or your employment by the Company under it. 

If you wish to accept this offer, please sign, date and return this letter to me at the Company’s address set forth in the letterhead above, no later
than March 1, 2018, or the offer will expire on that date. If you do accept as provided, this letter will take effect as a binding agreement between you and the Company on the date it is received by me on behalf of the Company, provided that
you sign, date and return the Employee Agreement and satisfy the other conditions set forth above in a timely manner. Please retain a copy of this letter agreement for your records. 

Jeff, formalities aside, I am personally gratified that you are joining us and look forward to your contribution. 

  
 -4- 

 
			
	Sincerely,
	
	Prevail Therapeutics Inc.
		
	By:	 	/s/ Asa Abeliovich
	Asa Abeliovich, CEO

  

			
	Enclosures: Form I-9
	
	Accepted and agreed:
		
	Signature:	 	/s/ Jeffrey Sevigny

			
		
	Name (please print)	 	Jeffrey Sevigny

			
		
	Date signed:	 	03/01/2018

 [Signature Page to Offer Letter]

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