Document:

Exhibit 10.10

 

HEALTHCARE ROYALTY, INC.

 

2021 OMNIBUS INCENTIVE COMPENSATION PLAN
FOR DIRECTORS

 

Effective as of the Effective
Date (as defined below), the Healthcare Royalty, Inc. 2021 Omnibus Incentive Compensation Plan for Directors (the “Plan”)
is hereby established.

 

The purpose of the Plan is
to motivate and reward those independent/non-employee directors of Healthcare Royalty, Inc. (the “Company”) to
further the benefit interests of the Company and its shareholders. The Company believes that the Plan will encourage the Participants
to contribute materially to the growth of the Company, thereby benefitting the Company’s stockholders, and will align the economic
interests of the Participants with those of the stockholders.

 

Section 1.              Definitions

 

The following terms shall
have the meanings set forth below for purposes of the Plan:

 

(a)           “Board”
shall mean the Board of Directors of the Company.

 

(b)           “Cause”
shall have the meaning given to that term in any written agreement between the Company and the Participant, or if no such agreement exists
or if such term is not defined therein, and unless otherwise defined in the Grant Instrument, Cause shall mean (i) any act of personal
dishonesty in connection with a Participant’s responsibilities as Non-Employee Director of the Company; (ii) a Participant’s
commission of a felony; (iii) an act of a Participant that constitutes misconduct and which is injurious to the Company or which
violates the Company’s written policies or procedures applicable to the Participant; (iv) the breach by the Participant of
any written agreement between the Participant and the Company or (v) following written demand for performance from the Company which
describes the basis for the Company’s belief that the Participant has not substantially performed his or her duties, continued violations
of Participant’s obligations to the Company.

 

(c)           Unless
otherwise set forth in a Grant Instrument, a “Change of Control” shall be deemed to have occurred if:

 

(i)            a
sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all of the Company’s
assets,

 

(ii)           a
merger or consolidation of the Company with or into any other Person or any other transaction or a series of related transactions, the
result of which is that a third party (or a group of third parties) that is not an affiliate of the Company or HCRX Management, LLC immediately
prior to such transaction acquires or holds capital stock of the Company representing 40% of the Company’s outstanding voting power
immediately following such transaction,

 

(iii)          a
change in the composition of the Board as a result of which the majority of the members of the Board cease to be Continuing Directors,
or

 

     

     

    

 

(iv)         the
consummation of a complete dissolution or liquidation of the Company.

 

The Committee may modify the
definition of Change of Control for a particular Grant as the Committee deems appropriate to comply with section 409A of the Code or otherwise.
Notwithstanding the foregoing, if a Grant constitutes deferred compensation subject to section 409A of the Code and the Grant provides
for payment upon a Change of Control, then, for purposes of such payment provisions, no Change of Control shall be deemed to have occurred
upon an event described in items (i) – (iv) above unless the event would also constitute a change in ownership or effective
control of, or a change in the ownership of a substantial portion of the assets of, the Company under section 409A of the Code.

 

Notwithstanding anything to the contrary in this
Plan, the following events do not constitute a Change of Control: (A) a transaction (other than a sale of all or substantially all
of the Company’s assets) in which the holders of the voting securities of the Company immediately prior to such transaction hold,
directly or indirectly, at least a majority of the voting securities in the successor corporation or its parent immediately after such
transaction; (B) a sale, lease, exchange or other transaction in one transaction or a series of related transactions of all or substantially
all of the Company’s assets to an affiliate of the Company or HCRX Management LLC; (C) the Company’s initial public offering
and any subsequent registered offerings or secondary sales by the Existing Partners (as defined in the Company’s amended and restated
certificate of incorporation) of any of the Company’s securities, unless any such subsequent registered offering or secondary sale
results in a third party who is not an affiliate owning more than 40% of the Company’s outstanding voting power immediately following
such offering or sale; (D) a reincorporation of the Company solely to change its jurisdiction; or (E) any transaction or series
of transactions principally for bona fide equity financing purposes in which cash is received by the Company or any successor or indebtedness
of the Company is cancelled or converted or a combination thereof.

 

(d)           “Code”
shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

 

(e)           “Committee”
shall mean the Compensation Committee of the Board or another committee appointed by the Board to administer the Plan. The Committee shall
also consist of directors who are “non-employee directors” as defined under Rule 16b-3 promulgated under the Exchange
Act and “independent directors,” as determined in accordance with the independence standards established by the stock exchange
on which the Company Stock is at the time primarily traded.

 

(f)            “Company”
shall mean Healthcare Royalty, Inc., and shall include its successors.

 

(g)           “Company
Stock” shall mean Class A common stock of the Company.

 

(h)           “Continuing
Director” shall mean, as of any date of determination, any member of the Board who: (i) was a member of the Board upon
closing of the Company’s initial public offering, or (ii) was nominated for election or elected to the Board with the approval
of a majority of the Continuing Directors who were members of such Board at the time of such nomination or election.

 

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(i)            “Disability”
or “Disabled” shall mean, with respect to a Participant, unless otherwise set forth in the Grant Instrument, that the
Participant has been determined to be (1) disabled and entitled to receive benefits under the applicable Company’s long-term
disability plan and (2) disabled under Treasury Regulation section 1.409A-3(i)(4) or its successor. The date on which a Participant
shall be deemed to have incurred a Disability shall be the first date both requirements are satisfied as determined by the Committee or
its designee.

 

(j)            “Dividend
Equivalent” shall mean an amount determined by multiplying the number of shares of Company Stock subject to a Stock Unit or
Other Stock-Based Award by the per-share cash dividend paid by the Company on its outstanding Company Stock, or the per-share Fair Market
Value of any dividend paid on its outstanding Company Stock in consideration other than cash. If interest is credited on accumulated divided
equivalents, the term “Dividend Equivalent” shall include the accrued interest.

 

(k)           “Effective
Date” shall mean the business day immediately preceding the date at which the registration statement for the public offering
of the Company Stock is declared effective by the Securities and Exchange Commission and the Company Stock is priced for the public offering
of such Company Stock, subject to approval of the Plan by the stockholders of the Company.

 

(l)            “Providing
service to the Company” shall mean service as a member of the Board (so that, for purposes of exercising Options and SARs and
satisfying conditions with respect to Stock Awards, Stock Units, and Other Stock-Based Awards, a Participant shall not be considered to
have terminated service until the Participant ceases to be a member of the Board), unless the Committee determines otherwise.

 

(m)          “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(n)           “Exercise
Price” shall mean the per share price at which shares of Company Stock may be purchased under an Option, as designated by the
Committee.

 

(o)           “Fair
Market Value” shall mean:

 

(i)            If
the Company Stock is publicly traded, the Fair Market Value per share shall be determined as follows: (A) if the principal trading
market for the Company Stock is a national securities exchange, the closing sales price during regular trading hours on the relevant date
or, if there were no trades on that date, the latest preceding date upon which a sale was reported, or (B) if the Company Stock is
not principally traded on any such exchange, the last reported sale price of a share of Company Stock during regular trading hours on
the relevant date, as reported by the OTC Bulletin Board.

 

(ii)           If
the Company Stock is not publicly traded or, if publicly traded, is not subject to reported transactions as set forth above, the Fair
Market Value per share shall be determined by the Committee through any reasonable valuation method authorized under the Code.

 

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(iii)          If
a Grant is made effective on the date that the registration statement for the initial public offering of the Company Stock is declared
effective by the Securities and Exchange Commission and the Company Stock is priced for the initial public offering of such Company Stock,
then the Fair Market Value per share shall be equal to the per share price of Company Stock offered to the public in such initial public
offering.

 

(p)           “GAAP”
shall mean United States Generally Accepted Accounting Principles.

 

(q)           “Grant”
shall mean an Option, SAR, Stock Award, Stock Unit, or Other Stock-Based Award granted under the Plan.

 

(r)            “Grant
Instrument” shall mean the written agreement that sets forth the terms and conditions of a Grant, including all amendments thereto.

 

(s)           “Non-Employee
Director” shall mean a member of the Board who is not an employee of the Company and is an “independent director”
as determined in accordance with the independence standards established by the stock exchange on which the Company Stock is at the time
primarily traded.

 

(t)            “Option”
shall mean an option, which is not intended to be taxed as an incentive stock option under section 422 of the Code, to purchase shares
of Company Stock, as described in Section 6.

 

(u)           “Other
Stock-Based Award” shall mean any Grant based on, measured by or payable in Company Stock (other than an Option, Stock Unit,
Stock Award, or SAR), as described in Section 10.

 

(v)           “Participant”
shall mean a Non-Employee Director designated by the Committee to participate in the Plan.

 

(w)           “Performance
Goals” shall mean performance goals applicable to a Grant determined by the Committee. The Committee may make adjustments to
the Performance Goals in its discretion.

 

(x)            “Plan”
shall mean this Healthcare Royalty, Inc. 2021 Omnibus Incentive Compensation Plan for Directors (including any amendments, or amendments
and restatements, thereto).

 

(y)           “Restriction
Period” shall have the meaning given that term in Section 7(a).

 

(z)           “SAR”
shall mean a stock appreciation right, as described in Section 9.

 

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(aa)         “Stock
Award” shall mean an award of Company Stock, as described in Section 7.

 

(bb)         “Stock
Unit” shall mean an award of a phantom unit representing a share of Company Stock, as described in Section 8.

 

(cc)         “Substitute
Awards” shall have the meaning given that term in Section 4(c).

 

Section 2.              Administration

 

(a)            Committee.
The Plan shall be administered and interpreted by the Committee; provided, however, that any Grants to members of the Board must be authorized
by a majority of the Board. Subject to compliance with applicable law and the applicable stock exchange rules, the Board, in its discretion,
may perform any action of the Committee hereunder. To the extent that the Board or a subcommittee, references in the Plan to the “Committee”
shall be deemed to refer to the Board or such subcommittee.

 

(b)           Committee
Authority. The Committee shall have the sole authority to (i) determine the individuals to whom Grants shall be made under the
Plan, (ii) determine the type, size, terms and conditions of the Grants to be made to each such individual, (iii) determine
the time when the Grants will be made and the duration of any applicable exercise or restriction period, including the criteria for vesting
and exercisability and the acceleration of vesting and exercisability, (iv) amend the terms of any previously issued Grant, subject
to the provisions of Section 17 below, (v) determine and adopt terms, guidelines, and provisions, not inconsistent with the
Plan and applicable law, that apply to individuals working or residing outside of the United States who receive Grants under the Plan,
(vi) correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Grant Instrument, and (vii) deal
with any other matters arising under the Plan.

 

(c)            Committee
Determinations. The Committee shall have full power and express discretionary authority to administer and interpret the Plan, to make
factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and for the
conduct of its business as it deems necessary or advisable, in its sole discretion. The Committee’s interpretations of the Plan
and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons
having any interest in the Plan or in any awards granted hereunder. All powers of the Committee shall be executed in its sole discretion,
in the best interest of the Company, not as a fiduciary, and in keeping with the objectives of the Plan and need not be uniform as to
similarly situated individuals.

 

(d)           Indemnification.
No member of the Committee or the Board, and no employee of the Company shall be liable for any act or failure to act with respect to
the Plan, except in circumstances involving his or her bad faith or willful misconduct, or for any act or failure to act hereunder by
any other member of the Committee or employee or by any agent to whom duties in connection with the administration of this Plan have been
delegated. The Company shall indemnify members of the Committee and the Board and any agent of the Committee or the Board who is an employee
of the Company or a subsidiary against any and all liabilities or expenses to which they may be subjected by reason of any act or failure
to act with respect to their duties on behalf of the Plan, except in circumstances involving such person’s bad faith or willful
misconduct.

 

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Section 3.              Grants

 

Grants under the Plan may
consist of Options as described in Section 6, Stock Awards as described in Section 7, Stock Units as described in Section 8,
SARs as described in Section 9 and Other Stock-Based Awards as described in Section 10. All Grants shall be subject to the terms
and conditions set forth herein and to such other terms and conditions consistent with this Plan as the Committee deems appropriate and
as are specified in writing by the Committee to the individual in the Grant Instrument. All Grants shall be made conditional upon the
Participant’s acknowledgement, in writing or by acceptance of the Grant, that all decisions and determinations of the Committee
shall be final and binding on the Participant, his or her beneficiaries and any other person having or claiming an interest under such
Grant. Grants under a particular Section of the Plan need not be uniform as among the Participants.

 

Section 4.              Shares
Subject to the Plan

 

(a)            Shares
Authorized. Subject to adjustment as described below in Sections 4(b) and 4(e) below, the aggregate number of shares of
Company Stock that may be issued or transferred under the Plan shall be 750,000 shares of Company Stock outstanding.

 

(b)           Source
of Shares; Share Counting. Shares issued or transferred under the Plan may be authorized but unissued shares of Company Stock or reacquired
shares of Company Stock, including shares purchased by the Company on the open market for purposes of the Plan. If and to the extent Options
or SARs granted under the Plan, expire or are canceled, forfeited, exchanged or surrendered without having been exercised, or if any Stock
Awards, Stock Units or Other Stock-Based Awards are forfeited, terminated or otherwise not paid in full, the shares subject to such Grants
shall again be available for purposes of the Plan. If shares of Company Stock otherwise issuable under the Plan are surrendered in payment
of the Exercise Price of an Option, then the number of shares of Company Stock available for issuance under the Plan shall be reduced
only by the net number of shares actually issued by the Company upon such exercise and not by the gross number of shares as to which such
Option is exercised. Upon the exercise of any SAR under the Plan, the number of shares of Company Stock available for issuance under the
Plan shall be reduced by only by the net number of shares actually issued by the Company upon such exercise. To the extent any Grants
are paid in cash, and not in shares of Company Stock, any shares previously subject to such Grants shall again be available for issuance
or transfer under the Plan.

 

(c)           Substitute
Awards. Shares issued or transferred under Grants made pursuant to an assumption, substitution or exchange for previously granted
awards of a company acquired by the Company in a transaction (“Substitute Awards”) shall not reduce the number of shares
of Company Stock available under the Plan and available shares under a stockholder approved plan of an acquired company (as appropriately
adjusted to reflect the transaction) may be used for Grants under the Plan and shall not reduce the Plan’s share reserve (subject
to applicable stock exchange listing and Code requirements).

 

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(d)           Individual
Limit. Subject to adjustment as described below in Section 4(e), the maximum aggregate grant date value of shares of Company
Stock subject to Grants granted to any Non-Employee Director during any calendar year, taken together with any cash fees earned by such
Non-Employee Director for services rendered during the calendar year, shall not exceed $1,000,000 in total value. For purposes of this
limit, the value of such Grants shall be calculated based on the grant date fair value of such Grants for financial reporting purposes.

 

(e)           Adjustments.
If there is any change in the number or kind of shares of Company Stock outstanding by reason of (i) a stock dividend, spinoff, recapitalization,
stock split, or combination or exchange of shares, (ii) a merger, reorganization or consolidation, (iii) a reclassification
or change in par value, or (iv) any other extraordinary or unusual event affecting the outstanding Company Stock as a class without
the Company’s receipt of consideration, or if the value of outstanding shares of Company Stock is substantially reduced as a result
of a spinoff or the Company’s payment of an extraordinary dividend or distribution, the maximum number and kind of shares of Company
Stock available for issuance under the Plan, the maximum number and kind of shares of Company Stock for which any individual may receive
Grants in any year, the number and kind of shares covered by outstanding Grants, the number and kind of shares issued and to be issued
under the Plan, and the price per share or the applicable market value of such Grants shall be equitably adjusted by the Committee to
reflect any increase or decrease in the number of, or change in the kind or value of, the issued shares of Company Stock to preclude,
to the extent practicable, the enlargement or dilution of rights and benefits under the Plan and such outstanding Grants; provided, however,
that any fractional shares resulting from such adjustment shall be eliminated. In addition, in the event of a Change of Control, the provisions
of Section 12 of the Plan shall apply. Any adjustments to outstanding Grants shall be consistent with section 409A of the Code, to
the extent applicable. The adjustments of Grants under this Section 4(e) shall include adjustment of shares, Exercise Price
of Stock Options, base amount of SARs, performance goals or other terms and conditions, as the Committee deems appropriate. The Committee
shall have the sole discretion and authority to determine what appropriate adjustments shall be made and any adjustments determined by
the Committee shall be final, binding and conclusive.

 

Section 5.              Eligibility
for Participation

 

(a)            Eligible
Persons. All Non-Employee Directors shall be eligible to participate in the Plan.

 

(b)           Selection
of Participants. The Committee shall select the Non-Employee Directors to receive Grants and shall determine the number of shares
of Company Stock subject to a particular Grant in such manner as the Committee determines.

 

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Section 6.              Options

 

The Committee may grant Options
upon such terms as the Committee deems appropriate. The following provisions are applicable to Options:

 

(a)            Number
of Shares. The Committee shall determine the number of shares of Company Stock that will be subject to each Grant of Options.

 

(b)           Exercise
Price. The Exercise Price of Company Stock subject to an Option shall be determined by the Committee and shall be equal to or greater
than the Fair Market Value of a share of Company Stock on the date the Option is granted, unless otherwise determined by the Committee.

 

(c)           Option
Term. The Committee shall determine the term of each Option. The term of any Option shall not exceed ten years from the date of grant.

 

(d)           Exercisability
of Options. Options shall become exercisable in accordance with such terms and conditions, consistent with the Plan, as may be determined
by the Committee and specified in the Grant Instrument. The Committee may accelerate the exercisability of any or all outstanding Options
at any time for any reason.

 

(e)           Termination
of Service. Except as provided in the Grant Instrument, an Option may only be exercised while the Participant is providing services
to, the Company. The Committee shall determine in the Grant Instrument under what circumstances and during what time periods a Participant
may exercise an Option after termination of service.

 

(f)            Exercise
of Options. A Participant may exercise an Option that has become exercisable, in whole or in part, by delivering a notice of exercise
to the Company. The Participant shall pay the Exercise Price for an Option as specified by the Committee (i) in cash, (ii) unless
the Committee determines otherwise, by delivering shares of Company Stock owned by the Participant and having a Fair Market Value on the
date of exercise at least equal to the Exercise Price or by attestation (on a form prescribed by the Committee) to ownership of shares
of Company Stock having a Fair Market Value on the date of exercise at least equal to the Exercise Price, (iii) by payment through
a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board, (iv) if permitted by the Committee,
by withholding shares of Company Stock subject to the exercisable Option, which have a Fair Market Value on the date of exercise equal
to the Exercise Price, or (v) by such other method as the Committee may approve. Shares of Company Stock used to exercise an Option
shall have been held by the Participant for the requisite period of time necessary to avoid adverse accounting consequences to the Company
with respect to the Option. Payment for the shares to be issued or transferred pursuant to the Option must be received by the Company
by the time specified by the Committee depending on the type of payment being made, but in all cases prior to the issuance or transfer
of such shares.

 

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Section 7.              Stock
Awards

 

The Committee may issue or
transfer shares of Company Stock under a Stock Award, upon such terms as the Committee deems appropriate. The following provisions are
applicable to Stock Awards:

 

(a)            General
Requirements. Shares of Company Stock issued or transferred pursuant to Stock Awards may be issued or transferred for consideration
or for no consideration, and subject to restrictions or no restrictions, as determined by the Committee. The Committee may, but shall
not be required to, establish conditions under which restrictions on Stock Awards shall lapse over a period of time or according to such
other criteria as the Committee deems appropriate, including, without limitation, restrictions based upon the achievement of specific
Performance Goals. The period of time during which the Stock Awards will remain subject to restrictions will be designated in the Grant
Instrument as the “Restriction Period.”

 

(b)           Number
of Shares. The Committee shall determine the number of shares of Company Stock to be issued or transferred pursuant to a Stock Award
and the restrictions applicable to such shares.

 

(c)           Requirement
of Service. If the Participant ceases to provide service to the Company during a period designated in the Grant Instrument as the
Restriction Period, or if other specified conditions are not met, the Stock Award shall terminate as to all shares covered by the Grant
as to which the restrictions have not lapsed, and those shares of Company Stock must be immediately returned to the Company. The Committee
may, however, provide for complete or partial exceptions to this requirement as it deems appropriate.

 

(d)           Restrictions
on Transfer and Legend on Stock Certificate. During the Restriction Period, a Participant may not sell, assign, transfer, pledge or
otherwise dispose of the shares of a Stock Award except under Section 15 below. Unless otherwise determined by the Committee, the
Company will retain possession of certificates for shares of Stock Awards until all restrictions on such shares have lapsed. Each certificate
for a Stock Award, unless held by the Company, shall contain a legend giving appropriate notice of the restrictions in the Grant. The
Participant shall be entitled to have the legend removed from the stock certificate covering the shares subject to restrictions when all
restrictions on such shares have lapsed. The Committee may determine that the Company will not issue certificates for Stock Awards until
all restrictions on such shares have lapsed.

 

(e)           Right
to Vote and to Receive Dividends. Unless the Committee determines otherwise, during the Restriction Period, the Participant shall
have the right to vote shares of Stock Awards and to receive any dividends or other distributions paid on such shares, subject to any
restrictions deemed appropriate by the Committee, including, without limitation, the achievement of specific Performance Goals. Dividends
with respect to Stock Awards that vest based on performance shall vest if and to the extent that the underlying Stock Award vests, as
determined by the Committee.

 

(f)            Lapse
of Restrictions. All restrictions imposed on Stock Awards shall lapse upon the expiration of the applicable Restriction Period and
the satisfaction of all conditions, if any, imposed by the Committee. The Committee may determine, as to any or all Stock Awards, that
the restrictions shall lapse without regard to any Restriction Period.

 

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Section 8.              Stock
Units

 

The Committee may grant Stock
Units, each of which shall represent one hypothetical share of Company Stock, upon such terms and conditions as the Committee deems appropriate.
The following provisions are applicable to Stock Units:

 

(a)           Crediting
of Units. Each Stock Unit shall represent the right of the Participant to receive a share of Company Stock or an amount of cash based
on the value of a share of Company Stock, if and when specified conditions are met. All Stock Units shall be credited to bookkeeping accounts
established on the Company’s records for purposes of the Plan.

 

(b)           Terms
of Stock Units. The Committee may grant Stock Units that vest and are payable if specified Performance Goals or other conditions are
met, or under other circumstances. Stock Units may be paid at the end of a specified performance period or other period, or payment may
be deferred to a date authorized by the Committee. The Committee may accelerate vesting or payment, as to any or all Stock Units at any
time for any reason, provided such acceleration complies with section 409A of the Code. The Committee shall determine the number of Stock
Units to be granted and the requirements applicable to such Stock Units.

 

(c)           Requirement
of Service. If the Participant ceases to provide service to the Company prior to the vesting of Stock Units, or if other conditions
established by the Committee are not met, the Participant’s Stock Units shall be forfeited. The Committee may, however, provide
for complete or partial exceptions to this requirement as it deems appropriate.

 

(d)           Payment
With Respect to Stock Units. Payments with respect to Stock Units shall be made in cash, Company Stock or any combination of the foregoing,
as the Committee shall determine.

 

Section 9.              Stock
Appreciation Rights

 

The Committee may grant SARs
separately or in tandem with any Option. The following provisions are applicable to SARs:

 

(a)           General
Requirements. The Committee may grant SARs separately or in tandem with any Option (for all or a portion of the applicable Option).
Tandem SARs may be granted either at the time the Option is granted or at any time thereafter while the Option remains outstanding. The
Committee shall establish the base amount of the SAR at the time the SAR is granted. The base amount of each SAR shall be equal to or
greater than the Fair Market Value of a share of Company Stock as of the date of grant of the SAR. The term of any SAR shall not exceed
ten years from the date of grant. Notwithstanding the foregoing, in the event that on the last business day of the term of a SAR, the
exercise of the SAR is prohibited by applicable law, including a prohibition on purchases or sales of Company Stock under the Company’s
insider trading policy, the term shall be extended for a period of 30 days following the end of the legal prohibition, unless the Committee
determines otherwise.

 

(b)           Tandem
SARs. In the case of tandem SARs, the number of SARs granted to a Participant that shall be exercisable during a specified period
shall not exceed the number of shares of Company Stock that the Participant may purchase upon the exercise of the related Option during
such period. Upon the exercise of an Option, the SARs relating to the Company Stock covered by such Option shall terminate. Upon the exercise
of SARs, the related Option shall terminate to the extent of an equal number of shares of Company Stock.

 

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(c)            Exercisability.
An SAR shall be exercisable during the period specified by the Committee in the Grant Instrument and shall be subject to such vesting
and other restrictions as may be specified in the Grant Instrument. The Committee may accelerate the exercisability of any or all outstanding
SARs at any time for any reason. SARs may only be exercised while the Participant is providing service to, the Company or during the applicable
period after termination of service as specified by the Committee. A tandem SAR shall be exercisable only during the period when the Option
to which it is related is also exercisable.

 

(d)           Value
of SARs. When a Participant exercises SARs, the Participant shall receive in settlement of such SARs an amount equal to the value
of the stock appreciation for the number of SARs exercised. The stock appreciation for an SAR is the amount by which the Fair Market Value
of the underlying Company Stock on the date of exercise of the SAR exceeds the base amount of the SAR as described in subsection (a).

 

(e)            Form of
Payment. The appreciation in an SAR shall be paid in shares of Company Stock, cash or any combination of the foregoing, as the Committee
shall determine. For purposes of calculating the number of shares of Company Stock to be received, shares of Company Stock shall be valued
at their Fair Market Value on the date of exercise of the SAR.

 

Section 10.            Other
Stock-Based Awards

 

The Committee may grant Other
Stock-Based Awards, which are awards (other than those described in Sections 6, 7, 8 and 9 of the Plan) that are based on or measured
by Company Stock, on such terms and conditions as the Committee shall determine. Other Stock-Based Awards may be awarded subject to the
achievement of Performance Goals or other criteria or other conditions and may be payable in cash, Company Stock or any combination of
the foregoing, as the Committee shall determine.

 

Section 11.            Dividend
Equivalents

 

The Committee may grant Dividend
Equivalents in connection with Stock Units or Other Stock-Based Awards. Dividend Equivalents may be paid currently or accrued as contingent
cash obligations and may be payable in cash or shares of Company Stock, and upon such terms and conditions as the Committee shall determine.
Dividend Equivalents with respect to Stock Units or Other Stock-Based Awards that vest based on performance shall vest and be paid only
if and to the extent the underlying Stock Units or Other Stock-Based Awards vest and are paid, as determined by the Committee.

 

Section 12.            Consequences
of a Change of Control

 

(a)           Assumption
of Outstanding Grants. Upon a Change of Control where the Company is not the surviving corporation (or survives only as a subsidiary
of another corporation), unless the Committee determines otherwise, all outstanding Grants that are not exercised or paid at the time
of the Change of Control shall be assumed by, or replaced with grants that have comparable terms by, the surviving corporation (or a parent
or subsidiary of the surviving corporation). After a Change of Control, references to the “Company” as they relate to service
providers shall include the successor in the transaction, subject to applicable law.

 

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(b)           Other
Alternatives. In the event of a Change of Control, if any outstanding Grants are not assumed by, or replaced with grants that have
comparable terms by, the surviving corporation (or a parent or subsidiary of the surviving corporation), the Committee may take any of
the following actions with respect to any or all outstanding Grants, without the consent of any Participant: (i) the Committee may
determine that outstanding Stock Options and SARs shall automatically accelerate and become fully exercisable and the restrictions and
conditions on outstanding Stock Awards, Stock Units, and Dividend Equivalents shall immediately lapse; (ii) the Committee may determine
that Participants shall receive a payment in settlement of outstanding Stock Units, or Dividend Equivalents, in such amount and form as
may be determined by the Committee; (iii) the Committee may require that Participants surrender their outstanding Stock Options and
SARs in exchange for a payment by the Company, in cash or Company Stock as determined by the Committee, in an amount equal to the amount,
if any, by which the then Fair Market Value of the shares of Company Stock subject to the Participant’s unexercised Stock Options
and SARs exceeds the Stock Option Exercise Price or SAR base amount, and (iv) after giving Participants an opportunity to exercise
all of their outstanding Stock Options and SARs, the Committee may terminate any or all unexercised Stock Options and SARs at such time
as the Committee deems appropriate. Such surrender, termination or payment shall take place as of the date of the Change of Control or
such other date as the Committee may specify. Without limiting the foregoing, if the per share Fair Market Value of the Company Stock
does not exceed the per share Stock Option Exercise Price or SAR base amount, as applicable, the Company shall not be required to make
any payment to the Participant upon surrender of the Stock Option or SAR.

 

(c)           Release.
The Committee may condition the payment made pursuant to the terms of the Plan as a result of a Change of Control upon the execution of
a Release by the Participant in a form established by the Company.

 

Section 13.            Deferrals

 

The Committee may permit or
require a Participant to defer receipt of the payment of cash or the delivery of shares that would otherwise be due to such Participant
in connection with any Grant. If any such deferral election is permitted or required, the Committee shall establish rules and procedures
for such deferrals and may provide for interest or other earnings to be paid on such deferrals. The rules and procedures for any
such deferrals shall be consistent with applicable requirements of section 409A of the Code.

 

Section 14.            Taxes
and Withholding

 

If applicable, the Company
will have the right, in its discretion, to deduct from any and all Federal, state and local taxes required by law to be withheld with
respect to any cash and/or shares to which a Participant becomes entitled under the Plan. A Participant may be required to pay to the
Company, prior to delivery of certificates representing such shares and prior to such shares being credited to a book entry account in
the Participant’s name, the amount of any such taxes. If applicable, the Company will accept whole shares of Company Stock of equivalent
Fair Market Value in payment of the Company’s minimum statutory withholding tax obligations if the Participant elects to make payment
in shares.

 

    -12-

     

    

 

Section 15.            Transferability
of Grants

 

(a)            Nontransferability
of Grants. Except as described in subsection (b) below, only the Participant may exercise rights under a Grant during the Participant’s
lifetime. A Participant may not transfer those rights except (i) by will or by the laws of descent and distribution or (ii) pursuant
to a domestic relations order. When a Participant dies, the personal representative or other person entitled to succeed to the rights
of the Participant may exercise such rights. Any such successor must furnish proof satisfactory to the Company of his or her right to
receive the Grant under the Participant’s will or under the applicable laws of descent and distribution.

 

(b)           Transfer
of Options. Notwithstanding the foregoing, the Committee may provide, in a Grant Instrument, that a Participant may transfer Options
to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with the applicable
securities laws, according to such terms as the Committee may determine; provided that the Participant receives no consideration for the
transfer of an Option and the transferred Option shall continue to be subject to the same terms and conditions as were applicable to the
Option immediately before the transfer.

 

Section 16.            Requirements
for Issuance or Transfer of Shares

 

No Company Stock shall be
issued or transferred in connection with any Grant hereunder unless and until all legal requirements applicable to the issuance or transfer
of such Company Stock have been complied with to the satisfaction of the Committee. The Committee shall have the right to condition any
Grant on the Participant’s undertaking in writing to comply with such restrictions on his or her subsequent disposition of the shares
of Company Stock as the Committee shall deem necessary or advisable, and certificates representing such shares may be legended to reflect
any such restrictions. Certificates representing shares of Company Stock issued or transferred under the Plan may be subject to such stop-transfer
orders and other restrictions as the Committee deems appropriate to comply with applicable laws, regulations and interpretations, including
any requirement that a legend be placed thereon.

 

Section 17.            Amendment
and Termination of the Plan

 

(a)           Amendment.
The Board may amend or terminate the Plan at any time; provided, however, that the Board shall not amend the Plan without stockholder
approval if such approval is required in order to comply with the Code or other applicable law, or to comply with applicable stock exchange
requirements.

 

(b)           No
Repricing of Options or SARs. Except in connection with a corporate transaction involving the Company (including, without limitation,
any stock dividend, distribution (whether in the form of cash, Company Stock, other securities or property), stock split, extraordinary
cash dividend, recapitalization, change in control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase
or exchange of shares of Company Stock or other securities, or similar transactions), the Company may not, without obtaining stockholder
approval, (i) amend the terms of outstanding Stock Options or SARs to reduce the Exercise Price of such outstanding Stock Options
or base price of such SARs, (ii) cancel outstanding Stock Options or SARs in exchange for Stock Options or SARs with an Exercise
Price or base price, as applicable, that is less than the Exercise Price or base price of the original Stock Options or SARs or (iii) cancel
outstanding Stock Options or SARs with an Exercise Price or base price, as applicable, above the current stock price in exchange for cash
or other securities.

 

    -13-

     

    

 

(c)           Termination
of Plan. The Plan shall terminate on the day immediately preceding the tenth anniversary of its Effective Date, unless the Plan is
terminated earlier by the Board or is extended by the Board with the approval of the stockholders.

 

(d)           Termination
and Amendment of Outstanding Grants. A termination or amendment of the Plan that occurs after a Grant is made shall not materially
impair the rights of a Participant unless the Participant consents or unless the Committee acts under Section 18(f) below. The
termination of the Plan shall not impair the power and authority of the Committee with respect to an outstanding Grant. Whether or not
the Plan has terminated, an outstanding Grant may be terminated or amended under Section 18(f) below or may be amended by agreement
of the Company and the Participant consistent with the Plan.

 

Section 18.            Miscellaneous

 

(a)           Grants
in Connection with Corporate Transactions and Otherwise. Nothing contained in the Plan shall be construed to (i) limit the right
of the Committee to make Grants under the Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise,
of the business or assets of any corporation, firm or association, or (ii) limit the right of the Company to grant stock options
or make other awards outside of the Plan. Notwithstanding anything in the Plan to the contrary, the Committee may establish such terms
and conditions of the new Grants as it deems appropriate, including setting the Exercise Price of Options or the base price of SARs at
a price necessary to retain for the Participant the same economic value as the prior options or rights.

 

(b)           Governing
Document. The Plan shall be the controlling document. No other statements, representations, explanatory materials or examples, oral
or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against the Company and its successors and
assigns.

 

(c)           Funding
of the Plan. The Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any
other segregation of assets to assure the payment of any Grants under the Plan.

 

(d)           Rights
of Participants. Nothing in the Plan shall entitle any Non-Employee Director or other person to any claim or right to receive a Grant
under the Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained
by or provide service to the Company.

 

(e)           No
Fractional Shares. No fractional shares of Company Stock shall be issued or delivered pursuant to the Plan or any Grant. Except as
otherwise provided under the Plan, the Committee shall determine whether cash, other awards or other property shall be issued or paid
in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

    -14-

     

    

 

(f)            Compliance
with Law.

 

(i)            The
Plan, the exercise of Options and SARs and the obligations of the Company to issue or transfer shares of Company Stock under Grants shall
be subject to all applicable laws and regulations, and to approvals by any governmental or regulatory agency as may be required. With
respect to persons subject to section 16 of the Exchange Act, it is the intent of the Company that the Plan and all transactions under
the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. In addition, it is the intent
of the Company that, to the extent applicable, Grants comply with the requirements of section 409A of the Code. To the extent that any
legal requirement of section 16 of the Exchange Act or section 409A of the Code as set forth in the Plan ceases to be required under section
16 of the Exchange Act or section 409A of the Code, that Plan provision shall cease to apply. The Committee may revoke any Grant if it
is contrary to law or modify a Grant to bring it into compliance with any valid and mandatory government regulation. The Committee may
also adopt rules regarding the withholding of taxes on payments to Participants. The Committee may, in its sole discretion, agree
to limit its authority under this Section.

 

(ii)           The
Plan is intended to comply with the requirements of section 409A of the Code, to the extent applicable. Each Grant shall be construed
and administered such that the Grant either (A) qualifies for an exemption from the requirements of section 409A of the Code or (B) satisfies
the requirements of section 409A of the Code. If a Grant is subject to section 409A of the Code, (I) distributions shall only be
made in a manner and upon an event permitted under section 409A of the Code, (II) payments to be made upon a termination of service
shall only be made upon a “separation from service” under section 409A of the Code, (III) unless the Grant specifies
otherwise, each installment payment shall be treated as a separate payment for purposes of section 409A of the Code, and (IV) in
no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance
with section 409A of the Code.

 

(iii)          Notwithstanding
anything in the Plan or any Grant Instrument to the contrary, each Participant shall be solely responsible for the tax consequences of
Grants under the Plan, and in no event shall the Company or any subsidiary or affiliate of the Company have any responsibility or liability
if a Grant does not meet any applicable requirements of section 409A of the Code. Although the Company intends to administer the Plan
to prevent taxation under section 409A of the Code, the Company does not represent or warrant that the Plan or any Grant complies with
any provision of federal, state, local or other tax law.

 

(g)           Establishment
of Subplans. The Committee may from time to time establish one or more sub-plans under the Plan for purposes of satisfying the requirements
of local law or to obtain more favorable tax or other treatment with respect to grants to participants who reside or work outside of the
United States. The Committee shall establish such sub-plans by adopting supplements to the Plan setting forth such additional terms and
conditions not otherwise inconsistent with the Plan as the Committee shall deem necessary. All supplements adopted by the Committee shall
be deemed to be part of the Plan.

 

    -15-

     

    

 

(h)           Company
Policies; Clawback; Recoupment. All Grants (including any proceeds, gains or other economic benefit actually or constructively received
by the Participant upon any receipt of any Grant or upon the receipt or resale of any shares of Company Stock underlying the Grant) shall
be subject to the provisions of any applicable policies implemented by the Company, including, any clawback or recoupment. In addition,
all Grants under the Plan shall be subject to any applicable share trading policies and other policies that may be implemented by the
Board from time to time.

 

(i)             Governing
Law. The validity, construction, interpretation and effect of the Plan and Grant Instruments issued under the Plan shall be governed
and construed by and determined in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws provisions
thereof.

 

    -16-Exhibit 10.1

[***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) information that the Company treats as private or confidential.
EMPLOYMENT AGREEMENT
This Employment Agreement (“Agreement”) is between Blueprint Medicines Corporation, a Delaware corporation (the “Company”), and Percy H.  Carter, Ph. D., MBA (the “Executive”) and is effective on the first date of the Executive’s employment with the Company (the “Start Date”).  
WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company on the terms and conditions contained herein.
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 Start Date and continue until terminated in accordance with the provisions of Section 3 (the “Term”).  The Company and Executive anticipate that the Start Date will be on or about May 10, 2021, or as otherwise agreed to by the parties. Notwithstanding anything to the contrary in this Agreement, 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 Chief Scientific Officer of the Company (“CSO”), and shall have such duties as are consistent with such position. The Executive shall report to the President, Research and Development of the Company (the “President, R&D”) or another executive designated by the Company. The Executive shall devote the Executive’s 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 (for profit or not-for-profit), with the approval of the Board of Directors of the Company (the “Board”), or engage in religious, charitable or other activities as long as such services and activities are approved by the Board and do not interfere with the Executive’s performance of duties to the Company as provided in this Agreement.  Currently, Executive has been requested to join and serve on the scientific advisory board for multiple companies that  will not be engaged in oncology and will not be competitive in any manner with the business of the Company. Subject to approval by the Board, which shall not be unreasonably withheld, the Company hereby expressly approves of Executive’s service on such scientific advisory boards, as long as Executive’s services for such scientific advisory boards do not interfere with the performance of his duties to the Company under this Agreement and do not create a conflict of interest with the business of the Company (including its affiliates and subsidiaries).

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		2.	Compensation and Related Matters.

(a)Base Salary. During the Term, the Executive’s annualized base salary shall be $550,000.00. The Executive’s base salary shall be re-determined annually by the Board or the Compensation Committee of the Board and shall be subject to increase but not decrease (unless such diminution is in connection with a proportional reduction in compensation to all or substantially all of the Company’s employees) while Executive is serving in the CSO role. The annualized 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 senior executives.

(b) Sign-On Bonus. Executive shall be eligible to receive a one-time cash sign-on bonus in the gross amount of up to $200,000 (the “ Sign-On Bonus”), subject to legally required tax and withholdings, plus a gross-up payment to make Executive whole for income taxes he is required to pay on such Sign-On Bonus in an amount to be determined by the Company based on applicable income and payroll tax rates in effect at the time of Executive’s receipt of the Sign-On Bonus. The Sign-On Bonus shall be payable if and only if, prior to the conclusion of the  90-day period following Executive’s Start Date: [***]. If Executive becomes entitled to the Sign-On Bonus, it will be paid to him by the Company within 30 days after the preceding conditions are satisfied, provided that Executive remains employed through such date. Executive agrees that (i) if within 12 months of the Start Date the Executive either (A) is terminated by the Company for Cause (as defined below) or (B) voluntarily terminates his employment for any reason other than for Good Reason (as defined in this Agreement), Executive shall repay a pro-rata portion of the Sign-On Bonus and the gross-up payment, which shall be calculated by taking the aggregate amount of the Sign On Bonus and gross-up payment actually paid by the Company to Executive or on his behalf, divided by 12, multiplied by the number of full months remaining through the first anniversary of the Start Date.  Except where prohibited by applicable law, Executive authorizes the Company to deduct the amount to be repaid under this subsection as a salary offset or from any monies owed to Executive, including but not limited to any expense reimbursements, vacation, wages, bonus, commissions, severance or any other monetary obligations.  If such deduction does not fully satisfy the amount owed to the Company pursuant to this Section 2(b) or such deduction is otherwise prohibited by applicable law, then Executive agrees to repay such remaining unpaid balance to the Company within sixty (60) days of the termination of employment.  
(c)Equity. In connection with and as an inducement for the commencement of the Executive’s employment, subject to the approval of the Board or the Compensation Committee of the Board, which such approval shall not be unreasonably withheld, the Executive shall be granted (i) a non-qualified stock option to purchase 39,200 shares of the Company’s common stock (the “Stock Option Award”) at an exercise price per share equal to the closing price of the Company’s common stock on the Nasdaq Global Select Market on the date of grant (or if no closing market price is reported for such date, the closing market price on the immediately preceding date for which a closing market price is reported), (ii) 19,600 restricted stock units and (iii) restricted stock units with an aggregate grant date fair value of $200,000.00 (collectively, clauses (ii) and (iii), the “RSU Award”). For purposes of clause (iii), the aggregate number of shares of the Company’s common stock subject to the RSU Award will be calculated 

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by dividing $200,000.00 by the closing market price on the Nasdaq Global Select Market of a share of the Company’s common stock on the effective date of grant (or if no closing market price is reported for such date, the closing market price on the immediately preceding date for which a closing market price is reported), rounded down to the nearest whole share. Subject to the approval by the Board or the Compensation Committee of the Board, which such approval shall not be unreasonably withheld, the date of grant for the Stock Option Award and RSU Award is anticipated to be the first day of the month after the Start Date.  Each restricted stock unit will entitle the Executive to one share of the Company’s common stock if and when the restricted stock unit vests.  The Stock Option Award will vest with respect to 25% of the shares of Company common stock underlying the Stock Option Award on the first anniversary of the date of grant (the “Vesting Commencement Date”), and the remaining 75% of the shares of Company common stock underlying the Stock Option Award shall vest in 36 equal monthly installments following the Vesting Commencement Date, subject to the Executive’s continued employment with the Company through each applicable vesting date.  The RSU Award shall vest in four equal annual installments beginning on the Vesting Commencement Date, subject to the Executive’s continued employment with the Company through each applicable vesting date or as set forth in Section 5(a)(iii) of this Agreement.  The Stock Option Award and the RSU Award will each be subject to all terms and conditions and other provisions set forth in the Company’s 2020 Inducement Plan (as amended and/or restated from time to time) and a separate agreement for the Stock Option Award and for the RSU Award, which the Executive will be required to sign as a condition to receiving the Stock Option Award and RSU Award (collectively the “Equity Documents”).  The Executive may also be eligible to receive future equity awards under the Company’s 2015 Stock Option and Incentive Plan (as amended and/or restated from time to time) or such other equity plan as then in effect, in the sole discretion of the Board or the Compensation Committee of the Board.
(d)Incentive Compensation. During the Term, the Executive shall be eligible to earn cash incentive compensation as determined by the Board or the Compensation Committee of the Board from time to time. Executive’s target annual incentive compensation shall be 45% of the Base Salary (the “Target Incentive Compensation”). The Board shall weigh its bonus determination as follows: 75% on Company performance and 25% on Executive’s individual performance. To earn incentive compensation, the Executive must remain employed by the Company in good standing through the day such incentive compensation is paid. For the year 2021, the Executive shall be eligible to earn incentive compensation pro-rated for the period of time Executive is employed at the Company during the 2021 calendar year.
(e)Relocation.  
(i)Executive’s regular place of work will be the Company’s headquarters located in Cambridge, MA, provided that the Executive may work partly from his  home office located in Princeton, NJ, in accordance with an arrangement to be mutually agreed upon with the President, R&D.  If Executive relocates to the Cambridge, MA area by September 1, 2022 or any later date as mutually agreed upon by the Company and Executive prior to such date (the “Relocation Period”), the Executive will be eligible for the relocation benefits pursuant to Section 2(e)(ii)-(iv) of this Agreement.  For the avoidance of doubt, until the date Executive so relocates, the Executive will be required to travel to and work at the Company’s Cambridge, MA 

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office as reasonably necessary to perform his job duties and consistent with the above-referenced arrangement. The Company shall pay or reimburse Executive for all legitimate and reasonable business expenses including, but not limited to, travel, lodging and other expenses related to Executive’s travel to, and work at, the Company’s Cambridge, MA office prior to Executive relocating to the Cambridge, MA area, and such payments or reimbursements will be subject to taxes and withholdings to the extent required by applicable law.
(ii)Subject to the Executive relocating to the Cambridge, MA area within the Relocation Period, the Company agrees to reimburse Executive or pay to one or more third parties on Executive’s behalf, as applicable, reasonable and documented expenses incurred in connection with the relocation of Executive (including Executive’s immediate family) to the Cambridge, MA area, up to a maximum aggregate amount of $150,000 (excluding any tax gross up, as described below), including without limitation, (A) the cost of moving Executive’s household goods and up to two (2) vehicles; (B) up to ninety (90) days’ rental expense for a temporary residence in the Cambridge, MA area; (C) non-recurring closing costs associated with the sale of Executive’s primary residence in Princeton, NJ, including without limitation, real estate agent fees incurred by Executive in selling his existing primary residence (up to a maximum of 5% of the sales price) and mandatory sellers’ closing costs; and (D) such other reasonable and documented expenses for travel, lodging, meals and other expenses directly related to Executive’s relocation to the Cambridge, MA area, all in accordance with the Company’s relocation allowance policy as then in effect (collectively, “Relocation Expenses”).  In addition, subject to Executive relocating to the Cambridge, MA area with the Relocation Period and upon confirmation of such relocation, Company will pay to Executive a one-time, lump sum in the amount of $10,000 to use in Executive’s discretion to cover expenses related to the relocation of Executive (including Executive’s immediate family) to the Cambridge, MA area, subject to applicable taxes and withholdings and in accordance with the Company’s normal payroll practices (the “Relocation Allowance”).
(iii)To the extent the reimbursement or payment of Relocation Expenses is taxable, Executive acknowledges that the Company will provide Executive with a Form W-2 reporting any taxable portion of such Relocation Expenses, and Executive will be responsible for any taxes or other withholdings associated with the Relocation Expenses; provided that the Company will gross up the taxes incurred on eligible Relocation Expenses reimbursed or paid by the Company, at the then current supplemental Federal tax rate and applicable state, local, Social Security, and Medicare tax rates, and will remit such taxes on Executive’s behalf to the taxing authorities. For the avoidance of doubt, the Company will provide Executive with a Form W-2 reporting any taxable portion of the Relocation Allowance but will not gross up any taxes incurred on the Relocation Allowance, and Executive will be responsible for any taxes or other withholdings associated with the Relocation Allowance. The Form W-2s provided by the Company to Executive will reflect the Relocation Expenses and Relocation Allowance-related income, as applicable, including amounts for grossed-up taxes with respect to the Relocation Expenses and any taxes withheld by the Company with respect to the Relocation Expenses and Relocation Allowance. 
(iv)Executive agrees that if (A) within 12 months of the date that Executive relocates to the Cambridge, MA area, the Executive either (x) is terminated for Cause 

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(as defined in this Agreement) or (y) terminates his employment without Good Reason (as defined in this Agreement), Executive shall repay 100% of the aggregate amount of Relocation Expenses reimbursed by the Company to Executive or paid by the Company to any third party on Executive’s behalf (including any taxes and applicable withholdings with respect to such amounts) and the Relocation Allowance, and (B) at any time after the first 12 months following the date Executive relocates to the Cambridge, MA area, but within 24 months following the date that Executive relocates to the Cambridge, MA area, the Executive either (x) is terminated for Cause or (y) terminates his employment without Good Reason, Executive shall repay 50% of the aggregate amount of Relocation Expenses reimbursed by the Company to Executive or paid by the Company to any third party on Executive’s behalf (including any taxes and applicable withholdings with respect to such amounts) and the Relocation Allowance.  Except where prohibited by applicable law, Executive authorizes the Company to deduct any and all amounts to be repaid hereunder as a salary offset or from any monies owed to Executive, including but not limited to any expense reimbursements, vacation, wages, commissions, severance or any other monetary obligations.  If such deduction does not fully satisfy the amount owed to the Company pursuant to this Section 2(e) or such deduction is otherwise prohibited by applicable law, then Executive agrees to repay such remaining unpaid balance to the Company within sixty (60) days of the termination of employment.

(f)Expenses. The Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by the Executive during the Term in performing services hereunder, including but not limited to Executive’s travel to the Company’s Cambridge, MA office, and related lodging and expenses, prior to the Executive’s relocation in accordance with Section 2(e), in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers.
(g)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, at the same level as the Company’s other executives, subject to the terms of such plans and except as otherwise set forth in this Agreement.  
(h)Vacation. During the Term, the Executive shall be entitled to accrue paid vacation in accordance with the Company’s applicable policy.

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 the Executive’s death.
(b)Disability. The Company may terminate the Executive’s employment if the Executive 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 

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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. §260l 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 the Executive’s 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, deceit, 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 and affiliates if the Executive were retained in the Executive’s position; (iii) continued non-performance of duties by the Executive (other than by reason of the Executive’s physical or mental illness, incapacity or disability) which has continued uncured for more than 30 days following written notice of such non-performance from the President, R&D or the Chief Executive Officer; (iv) a material breach by the Executive of any of the provisions contained in Section 7 of this Agreement; (v) a material violation by the Executive of the Company’s written employment policies which has continued uncured for more than 30 days following written notice of such material violation from the President, R&D or other duly authorized representative of the Company; or (vi) the Executive’s 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 of or failure to preserve documents or other materials that Executive knows are 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.
(d)Termination by the Company Without Cause. The Company may terminate the Executive’s employment 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 by the Company without Cause.
(e)Termination by the Executive. The Executive may terminate 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 

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without the Executive’s express written consent: (i) a material diminution in the Executive’s responsibilities, authority or duties; (ii) a material diminution in the Executive’s Base Salary and/or Target Incentive Compensation (unless such diminution is in connection with a proportional reduction in compensation to all or substantially all of the Company’s employees); (iii) a material change of more than 50 miles in the geographic location at which the Executive provides services to the Company; or (iv) the 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 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 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 death, the date of 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, 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.	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 the Executive’s authorized representative or estate) (i) any Base Salary earned, and any unused vacation accrued, through the Date of Termination, and any unpaid expense reimbursements (subject to, and in accordance with, Section 2(f) of this Agreement), payable on or before the time required by applicable 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 

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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 employment for Good Reason as provided in Section 3(e), then the Company shall pay the Executive the Accrued Benefit. In addition and provided that the Date of Termination does not occur within the Protection Period as defined in Section 5 hereof, subject to the Executive signing a separation agreement containing a general release of claims in favor of the Company and related persons and entities, confidentiality, return of property and non-disparagement, and a noncompetition agreement with terms substantially similar to the Restrictive Covenants Agreement (defined in Section 7 hereof), such separation agreement to be in a form and manner satisfactory to the Company (the “Separation Agreement and Release”) and the Separation Agreement and Release becoming irrevocable, all within 60 days after the Date of Termination:
(i)the Company shall pay the Executive an amount equal to one (1) times the Executive’s Base Salary (the “Severance Amount”), provided in the event the Executive is entitled to any payments pursuant to the Restrictive Covenants Agreement, the Severance Amount will be reduced by the amount the Executive is paid pursuant to the Restrictive Covenants Agreement (the “Restrictive Covenants Agreement Setoff”); and
(ii)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 (12) 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. 

The amounts payable under this Section 4(b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over twelve (12) 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 l.409A-2(b)(2).
The receipt of severance payments and benefits pursuant to Section 4 will be subject to Executive not violating the Restrictive Covenants Agreement and the Separation Agreement and Release. In the event an arbitrator or a court of competent jurisdiction determines that Executive breached any of the provisions of either such agreement, in addition to all other available legal and equitable remedies, the Company shall have the right to terminate or suspend all continuing payments and benefits to which Executive may otherwise be entitled pursuant to Section 4 

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(including without limitation the Severance Amount) without affecting the Executive’s release or Executive’s obligations under the Separation Agreement and Release.
5.Sale Event Payment. This Section 5 is intended to assure and encourage in advance the Executive’s continued attention and dedication to the Executive’s assigned duties and objectivity during the pendency and after the occurrence of any Sale Event (as defined below). This Section 5 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 the Date of Termination occurs within twelve (12) months after the occurrence of the first event constituting a Sale Event (the “Protection Period”). This Section 5 shall terminate and be of no further force or effect upon the later of (x) expiration of the Protection Period or (y) fulfillment of all obligations pursuant to this Section 5 arising from the Executive’s termination of employment under either Section 3(d) or Section 3(e) of this Agreement where the Date of Termination occurs during the Protection Period.
(a)Sale Event. During the Term, if during the Protection Period, the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the Executive terminates 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, all within 60 days after the Date of Termination,
(i)the Company shall pay the Executive a lump sum in cash in an amount equal to the sum of (A) one (1) times the Executive’s current Base Salary (or the Executive’s Base Salary in effect immediately prior to the Sale Event, if higher) plus (B) one (1) times the Executive’s Target Incentive Compensation ((A) and (B) together, the “Change in Control Payment”), provided any Change in Control Payment shall be less the Restrictive Covenants Agreement Setoff, if applicable; and
(ii)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 (12) 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
(iii)all time-based stock options and other time-based stock-based awards held by the Executive shall accelerate and become fully exercisable or non-forfeitable as of the Date of Termination.

The amounts payable under Section 5(a)(i) and (ii) 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.

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(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) equity­based 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.
(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 after 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)Sale Event Definition. For purposes of this Section 5, “Sale Event” shall mean (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power and outstanding stock immediately prior to 

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such transaction do not own a majority of the outstanding voting power and outstanding stock or other equity interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion of such transaction, (iii) the sale of all of the Stock of the Company to an unrelated person, entity or group thereof acting in concert, or (iv) any other transaction in which the owners of the Company’s outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of the transaction other than as a result of the acquisition of securities directly from the Company.

Notwithstanding the foregoing, a “Sale Event” shall not be deemed to have occurred for purposes of the foregoing clauses (ii) and (iv) 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% or more of the combined voting power of all of the then outstanding voting 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% or more of the combined voting power of all of the then outstanding voting securities, then a “Sale Event” shall be deemed to have occurred for purposes of the foregoing clauses (ii) and (iv).
		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% 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 

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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-l(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.
(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.Restrictive Covenants Agreement. The Employee Confidentiality, Assignment and Non-Competition Agreement entered into by and between the Company and the Executive as a material inducement for this Employment Agreement and attached hereto as Exhibit A (the “Restrictive Covenants Agreement”), is incorporated by reference, the terms of which are material terms of this Agreement. For the avoidance of doubt, in the event of a breach of the Restrictive Covenants Agreement by the Executive, the Company may discontinue any post-employment payments made pursuant to this Agreement, the Separation Agreement and Release, or the Restrictive Covenants Agreement.
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 and to the payment of fees and expenses. 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 

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entered in any court having jurisdiction thereof. This Section 8 shall be specifically enforceable. The parties expressly waive the right to a jury trial for all claims subject to this arbitration provision.  Notwithstanding the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of 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.
10.Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all other prior agreements, written or oral, between the parties concerning such subject matter (including without limitation any offer letter, employment agreement or severance agreement); provided that the Restrictive Covenants Agreement and the Equity Documents are expressly preserved and incorporated by reference herein.
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 not be assignable by the Executive but 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 termination of employment but prior to the completion by the Company of all payments due under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to the Executive’s death (or to the Executive’s 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.

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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 of such Commonwealth. With respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit.
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.

[Signature page follows.]

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IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Start Date as set forth in the first paragraph hereof.
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	BLUEPRINT MEDICINES CORPORATION

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	By:
	/s/ Jeffrey Albers

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	Name:
	Jeffrey Albers

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	Title:
	President and Chief Executive Officer

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	Date:
	April 27, 2021

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	EXECUTIVE

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	/s/ Percy H.  Carter

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	Name:
	Percy H.  Carter, Ph. D., MBA

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	Date:
	April 27, 2021

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Signature Page – Employment Agreement

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