Document:

EX-10.24

 Exhibit 10.24 

 
 

 
 215 First street 

Cambridge, MA 02142 
 October 12, 20 I
6 
 Re: Offer of Employment 
 Dear Ron: 

Decibel Therapeutics, Inc. (the “Company”) is pleased to confirm its offer to employ you as Senior Director, Finance reporting to Steve Holtzman,
President & CEO. 
 Your effective date of hire as an employee (the “Start Date”) shall be Monday, November 28, 2016 unless another
date is agreed upon by you and the Company. Your normal place of work will be at the Company’s offices in Cambridge, MA. 
 Your compensation for this
position will be at the rate of $230,000 year, payable in accordance with the Company’s normal pay schedule, which the Company currently expects will be bi-weekly. All payments are subject to legally required tax withholdings. You will be
eligible to participate each year in any annual bonus plan adopted by the Company, and the Company shall adopt and implement such a plan, if reasonable in light of financial, business and other circumstances and factors—at the discretion of the
Board of Directors. Your 2016 target performance bonus will be 15% of your annual salary, based upon achievement of both corporate and individual goals, as agreed to between you and your Manager. All payments are subject to legally required tax
withholdings. 
 You will receive a one-time sign on bonus of $30,000. Should you decide to leave Decibel Therapeutics within the first year of your
employment, you will be expected to repay the bonus back, in full, according to the Company’s relocation policy. All payments are subject to legally required tax withholdings. 

Subject to the approval by the Board of Directors of the Company (the “Board”), in connection with the commencement of your employment, you will
receive the right to purchase 200,000 shares of the Company’s common stock (the “Restricted Stock”). The Restricted Stock will be granted following the commencement of your employment. The purchase price of the Restricted Stock will
be equal to the fair market value of the Company’s common stock on the date of the grant, and the Board of Directors may elect to seek a third party valuation of such fair market value, which could delay the date that the Restricted Stock is
granted. The Restricted Stock will be subject to the terms and conditions of the Company’s then-current inventive stock plan and form of restricted stock agreement (the Equity Documents”). The Restricted Stock will vest as follows: one
quarter of the shares will vest on the first anniversary of the Start Date, and following that, 1/48th of the shares will vest on a monthly basis, in arrears. Vesting is contingent on your
continued full-time employment with the Company. 
 You will be eligible to participate in the Company’s Medical and Dental Insurance Programs as well
as the Life, AD&D, Short and Long Term Disability Plans and 401(k) Plan subject to the terms and conditions of those plans. Presently, the Company pays for 85% of the premium cost and 75% of the deductible for the medical plan, I 00% of the
cost of Life and AD&D insurance as well as Short and Long Term Disability plans. You will accrue 15 paid vacation days each year for the first 5 years of service. Additionally, you will receive 16 paid holidays per year. 

 It is understood and agreed that that you are an “at-will” employee. You are not being offered
employment for a definite period of time, and either you or the Company may terminate the employment relationship at any time and for any reason, with or without cause or prior notice and without additional compensation to you except for your salary
through the last day of your employment plus any then accrued but unused vacation. In making this offer, the Company understands, and in accepting it you represent that you are not under any obligation to any former employer or any person or entity
which would prevent, limit, or impair in any way the performance by you of your duties as an employee of the Company. 
 The Immigration Reform and Control
Act requires employers to verify the employment eligibility and identity of new employees. You will be required to complete a Form I-9 which will be provided to you before the Start Date. 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 letter and the Employee
Agreement and Equity Documents referenced above constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings
(whether written, oral or implied) between you and the Company. Neither this offer letter nor the Employee Agreement may be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company,
although, consistent with your at-will employment, your job duties, title, reporting relationship, compensation and benefits may change from time to time, at the Company’s option. 

Please indicate your acceptance of this offer by signing and returning the enclosed copy of this letter and the Employee Agreement no later than Friday,
October 14, 2016. You may indicate your acceptance of this offer by signing on the appropriate space below and returning a signed, scanned copy of this letter and the Employee Agreement to Betsy Cutting. 

We look forward to your joining the Company and are pleased that you will be working with us. 

 

	
	Very truly yours,
	
	/s/ Steven Holtzman
	 Steven Holtzman
 President & Chief
Executive Officer
 Decibel Therapeutics, Inc.

  
  

	
	Accepted and Agreed:
	
	/s/ Ronald T. Vigliotta
	Ronald T. Vigliotta
	
	10/17/16
	Date

  
 -2-EX-10.25

 Exhibit 10.25 

Name 
 Address 

 

	Re:	 Decibel Therapeutics, Inc. Change in Control Agreement 

Dear: 
 The Company desires to provide you with
accelerated vesting of equity in the event of termination after a change in control (as defined herein) in certain circumstances. Accordingly, the Company agrees to provide a change in control benefit to you on the terms and conditions set forth in
this Change in Control Agreement (the “Agreement”) between Decibel Therapeutics, Inc. (the “Company,” which term shall include any successor by merger, consolidation, sale of substantially all of the
Company’s assets or otherwise) and (“you”), to be effective on ___________, 20[ ] (the “Effective Date”). Terms that are not defined herein where used appear on Exhibit A hereto. This benefit of
stock is in lieu of any acceleration benefit that would otherwise be payable to you under any employment agreement between you and the Company, any severance pay plan maintained by the Company for the benefit of Company employees, or by statute.
This Agreement does not represent an employment contract for any definite term or period, which means that either you or the Company can terminate your employment at any time, for any reason or no reason, and with or without notice, except as
expressly set forth in any employment agreement between you and the Company. 
  

	1.	 Equity Acceleration. If, during the 12 month period commencing upon the closing of a Change in Control,
(i) your employment ends as a result of Termination without Cause or your resignation for Good Reason, or (ii) the acquirer fails to assume the equity obligation (a “Qualifying Termination”) and subject to the
release requirement in Section 2 and to your continuing compliance with any restrictive covenant agreements between you and the Company, to the extent not already vested and exercisable, each Stock-Based Award shall become conditionally
accelerated by the applicable number of months on the chart set forth below, pending satisfying the release requirements, upon the occurrence of the Qualifying Termination, subject to compliance, if necessary, with Section 409A of the Internal
Revenue Code of 1986, as amended (“Section 409A”). 

  

							
	 If Employed:
	  	Accelerate each grant that
is not wholly vested by:	  		  	
	 0-12
months
	  	12 months	  		  	
	 >12 months
	  	24 months	  		  	
	 >24 months
	  	36 months	  		  	
	 >36 months
	  	48 months	  		  	

 The portion of each Stock-Based Award for which vesting is conditionally accelerated as set forth in the chart
above will only become fully vested and exercisable if and when you satisfy the release requirements, and any such tentatively vested portion will be forfeited retroactively to your date of termination if you either notify the Company that you will
not execute or will revoke the Release or the period for providing the Release expires without your complying with the release requirements. The Company may choose 

 
instead to permit you to exercise the conditionally vested portions of exercisable awards before the Release becomes effective and release to you any conditionally vested portions of other
Stock-Based Awards, subject to your undertaking to repay the Company in the manner determined by the Compensation Committee of the Board of Directors at such time if you fail to satisfy the release requirements thereafter. If you hold a Stock-Based
Award requiring exercise, the Company shall give you a reasonable period of notice and opportunity to exercise the Stock-Based Award. Notwithstanding the foregoing, to the extent permitted by the equity plan under which a Stock-Based Award was
granted, nothing in this Agreement shall preclude the Company from accelerating the vesting and exercisability of any or all Stock-Based Awards to an earlier period, and terminating unexercised awards as provided under the equity plan.
“Stock-Based Award” means any option, stock appreciation right, restricted stock, or restricted stock unit granted by the Company to you pursuant to the Company’s 2015 Stock Incentive Plan of Decibel Therapeutics, Inc.
or any successor plan or agreement, or any other Company equity compensation plan or agreement in which you participated. 
  

	2.	 Required Release. The Company’s obligation to provide equity acceleration under this Agreement is
subject (a) to your signing a release of claims in favor of the Company, confirmation of continued compliance with restrictive covenants, and post-employment cooperation on a form with customary terms to be supplied by the Company at or
promptly following the Date of Termination, which release becomes enforceable within 60 days (or such shorter period as the Company specifies) following the Date of Termination (the “Release”) and (b) to your meeting in
full your obligations under any restrictive covenant agreements in effect between you and the Company. The date for acceleration is the date of the first payroll whose cutoff date follows the date the Release becomes enforceable, provided that if
the 60 day period for providing an enforceable release extends into a calendar year subsequent to the year containing the Date of Termination, the acceleration will be no earlier than the first business day of such subsequent year.

  

	3.	 Amendment; Survival. This Agreement may be amended or modified only by a written instrument signed by
you and by an expressly authorized representative of the Company. The Company shall require any successor-in interest whether directly or indirectly by purchase, merger, consolidation, reorganization or
otherwise to all or substantially all of the business assets of the Company, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such succession had
taken place. 

  

	4.	 Withholding; Section 409A. All benefits hereunder shall be subject to reduction for
applicable tax withholdings. If and to the extent any portion of any compensation or other benefit provided to you in connection with your employment termination is determined to constitute “nonqualified deferred compensation” within the
meaning of Section 409A and you are a specified employee as defined in Section 409A(a)(2)(B)(i), as determined by the Company in accordance with its procedures, by which determination you hereby agree that you are bound, such portion of
the compensation or other benefit shall not be paid or provided before the earlier of (i) the expiration of the six month period measured from the date of your “separation from service” (as determined

  
 2 

 
under Section 409A) or (ii) the tenth day following the date of your death following such separation from service (or such later date as is required for administrative practicability
and permitted under Section 409A) (the “New Acceleration Date”). The acceleration of equity that otherwise would have been provided to you during the period between the date of separation from service and the New
Acceleration Date shall be provided to you in the first payroll period beginning after such New Acceleration Date. This Agreement is intended to comply with the provisions of Section 409A and this Agreement shall, to the extent practicable, be
construed in accordance therewith. Terms defined in this Agreement will have the meanings given such terms under Section 409A if and to the extent required to comply with Section 409A. In any event, the Company makes no representations or
warranty and will have no liability to you or any other person if any provisions of acceleration of equity under this Agreement are determined to constitute deferred compensation subject to Code Section 409A but not to satisfy the conditions of
that section. 
  

	5.	 No Mitigation. In no event shall you be obligated to seek other employment or take any other action by
way of mitigation of the acceleration of equity provided to you under any of the provisions of the Agreement, and in no event shall your equity hereunder be reduced by any compensation earned by you as a result of employment by another employer.

  

	6.	 Amendment to Conform to Law. The Company may amend this Agreement to comply with or avail itself of any
changes in common law or statutory law or regulations related to the terms of this Agreement. 

  

	7.	 Notices. Any and all notices, requests, demands and other communications provided for by this Agreement
shall be in writing and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, registered or certified, and addressed to you at your last known address on the books of the Company or, in the case
of the Company, at its principal place of business, attention of the Chief Executive Officer, or to such other address as either party may specify by notice to the other actually received. 

 

	8.	 Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all
prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of your compensation as a result of a Change in Control, including, as of the Effective Date, any such terms in a prior offer letter or
employment agreement between the Company and you. 

  

	9.	 Severability. Each provision of this Agreement shall be considered severable such that if any one
provision or clause conflicts with existing or future applicable law, or may not be given full effect because of such law, this shall not affect any other provision of the Agreement which, consistent with such law, shall remain in full force and
effect. All surviving clauses shall be construed so as to effectuate the purpose and intent of the parties. 

  
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	10.	 Headings. The headings and captions in this Agreement are for convenience only and in no way define or
describe the scope or content of any provision of this Agreement. 

  

	11.	 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an
original and all of which together shall constitute one and the same instrument. 

  

	12.	 Governing Law. This Agreement shall be governed by the laws of the Commonwealth of Massachusetts without
regard to its conflicts of laws principles. 

  

									
	 EMPLOYEE
	 		 	 DECIBEL THERAPEUTICS, INC.

				
	 	 		 	By:	 	                
	 Name:
	 		 	 Name:

		 		 	 Title:

					
	 Dated:
	 	
                
	 		 	 Dated:
	 	
            

  
 4 

 Exhibit A 

Definitions 

Definitions. The following terms as used in this Agreement shall have the following meanings: 

 

	 	(a)	 “Affiliate” means any business entity in which the Company holds, directly or
indirectly, an equity, profits, or voting interest of 30% or more, and includes any subsidiary. 

  

	 	(b)	 “Cause” means, for purposes of this Agreement (i) material breach by you of any
other agreement with the Company or any of its Affiliates; (ii) other conduct by you that is reasonably likely to be materially harmful to the business, interests or reputation of the Company or any of its Affiliates; (iii) fraud,
embezzlement or other material dishonesty by you with respect to the Company or any of its Affiliates; (iv) your conviction of, or pleading guilty or no contest to, any crime involving moral turpitude or any; or (v) a breach of any confidentiality/non-competition/ non-solicitation agreement with the Company. With respect to a breach of (i) or (ii), you shall be given 30 days, after written notice of
such breach, to cure a breach to the reasonable satisfaction of the Company. 

  

	 	(c)	 “Change in Control” or “Change in Control of the Company” shall
mean the occurrence hereafter of any of the following, provided, in each case, that such event also constitutes a “change in control event” within the meaning of Treasury Regulation
Section 1.409A-3(i)(5) if necessary to avoid the imposition of additional taxes under Section 409A (as defined below): 

 

	 	(i)	 a change in the composition of the Board over a period of thirty-six
consecutive months or less such that a majority of the members of the Board ceases to be comprised of individuals who are Continuing Members; for such purpose, a “Continuing Member” shall mean an individual who is a member of
the Board on the date of this Agreement and any successor of a Continuing Member who is elected to the Board or nominated for election by action of a majority of Continuing Members then serving on the Board; 

 

	 	(ii)	 any merger or consolidation that results in the voting securities of the Company outstanding immediately prior
thereto representing (either by remaining outstanding or by being converted into voting securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company or such surviving or
acquiring entity outstanding immediately after such merger or consolidation; 

  

	 	(iii)	 any sale of all or substantially all of the assets of the Company to any Person; 

 

	 	(iv)	 the complete liquidation or dissolution of the Company; or 

  
 5 

	 	(v)	 the acquisition of “beneficial ownership” (as defined in Rule
13d-3 under the Securities Exchange Act of 1934, as amended) of securities of the Company representing [50%] or more of the combined voting power of the Company’s then outstanding securities (other than
through a merger or consolidation or an acquisition of securities directly from the Company) by any Person, other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any corporation
owned directly or indirectly by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company. 

  

	 	(d)	 “Good Reason” means any action on the part of the Company not consented to you in
writing that has the following effect or effects: (i) any action by the Company that results in a material diminution in your reporting relationship, authority, duties or responsibilities[; provided, however, that a sale or transfer of
less than all or substantially all of the business of the Company or any of its subsidiaries or other reduction of less than all or substantially all of its business or that of its subsidiaries, or the fact that the Company has become a subsidiary
of another company or that the securities of the Company are no longer publicly traded, shall not be taken into account when determining whether a material diminution in your authority, duties or responsibilities has occurred]; (ii) any
material reduction in your base salary; or (iii) the Company requires you to be based at any office or location that is more than 50 miles distant from your base office or work location immediately prior to relocation, except if such new
location is closer to your residence at the time such requirement is imposed. Notwithstanding the occurrence of any such event or circumstance, such occurrence shall not be deemed to constitute Good Reason unless (x) you give the Company the
notice of termination no more than 90 days after the initial existence of such event or circumstance (or series of either), (y) such event or circumstance has not been fully corrected within 30 days of the Company’s receipt of such notice
and (z) the Date of Termination occurs within 30 days following the end of the correction period if the Good Reason has not been corrected. 

  

	 	(e)	 “Termination without Cause” means a termination of your employment by the Company for
any reason other than (i) Cause, (ii) illness or injury, or (iii) death that occurs during the 12 month period commencing upon the closing of a Change in Control and subject to the release requirement in Section 2 and to your
continuing compliance with any restrictive covenant agreements between you and the Company. 

  

	
	Sincerely,
	
	   

	Title

  
 6 

 Please sign below for your acceptance of the terms of this Agreement. 

I accept the terms of this Agreement. 
  

					
	   
	 		 	   

	Employee	 		 	Date

  
 7

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