Document:

Exhibit 10.22

            

            

            

            EMPLOYMENT AGREEMENT

            

            

            This EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of July 07, 2020 by and between Cerevel Therapeutics, LLC (the “Company”) and Kathleen Tregoning (the “Executive”)

             

            WHEREAS, the Executive possesses certain experience and expertise that qualifies the Executive to provide the direction and leadership required by the Company; and

            

            

            WHEREAS, the Company desires to employ the Executive as Chief Corporate Affairs Officer of the Company and the Executive wishes to accept such employment;

            

            

            NOW, THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the Company and the Executive agree as follows:

            

            

            1.        Position and Duties.

            

            

            
              (a)          Effective as of July 13, 2020 (the “Effective Date”), the Executive will be employed by the Company, on a full-time basis, as its Chief Corporate Affairs Officer,
                reporting  to the Company's Chief Executive Officer. The Executive will be a member of the Company's Executive Committee. The Executive shall be eligible to work remotely but travel to the Boston area may be required as business needs
                arise. In addition, the Executive may be asked from time to time to serve as a director or officer of one or more of the Company's Affiliates, without further compensation

            

             

            (b)        The Executive agrees to perform the duties of the Executive’s position and such other duties as may reasonably be assigned to the Executive from time to time.
              The Executive also agrees that, while employed by the Company, the Executive will devote the Executive’s full business time and best efforts, business judgment, skill and knowledge exclusively to the advancement of the business interests of
              the Company and its Affiliates and to the discharge of the Executive’s duties and responsibilities for them. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic
              position during the Executive’s employment, except as may be expressly approved in advance by the Board of Directors of Cerevel Therapeutics, Inc.(“Parent”) (or such other board of directors or managers as may be designated as the
              operative governing entity of the Company, the (“Board”) in writing; provided, however, that the Executive may participate in the activities set forth on Exhibit A hereto and may without advance consent participate in charitable
              activities and engage in personal investment activities, in each case to the extent such activities, individually or in the aggregate, do not materially interfere with the performance of the Executive’s duties under this Agreement, create a
              conflict of interest or violate any provision of Section 3 of this Agreement or the Restrictive Covenant Agreement (as defined below).

            

            

            (c)         The Executive agrees that, while employed by the Company, the Executive will comply with all written Company policies, practices and procedures and all
              written codes of ethics or business conduct applicable to the Executive’s position, as in effect from time to time.

             

            
              
                

            

            
            2.        Compensation and Benefits.  During the Executive’s employment hereunder, as compensation for all services performed
              by the Executive for the Company and its Affiliates, the Company will provide the Executive the following compensation and benefits:

            

            

            (a)         Base Salary.  The Company will pay the Executive a base salary at the rate of $410,000 per year, payable in accordance with the regular payroll practices of the Company and subject to increase
              from time to time by the Board in its discretion (as increased, from time to time, the ("Base Salary")

            

            

            (b)         Bonus Compensation.  For each fiscal year completed during the Executive’s employment under this Agreement, the Executive will be eligible to earn an
              annual bonus (each, an “Annual Bonus”) The Executive’s target bonus will be 40% of the Base Salary (the “Target Bonus”), with the actual amount of any such Annual Bonus to be determined by the Board in its discretion, based on
              the Executive’s performance and the Company’s performance against goals established by the Board in its discretion, after consultation with the Chief Executive Officer of the Company. Any Annual Bonus for the Executive’s initial year of
              employment with the Company shall be prorated based on the Effective Date. Except as provided in Section 5, in order to receive any Annual Bonus hereunder, the Executive must be employed through the last day of the year to which such Annual
              Bonus relates. Any Annual Bonus will be paid in the calendar year immediately following the conclusion of the fiscal year to which such Annual Bonus relates.

             

            

            (c)        Equity. The Executive will be eligible for participation in the Cerevel Therapeutics, Inc. 2018 Equity Incentive Plan (the Plan”). Subject to
              the receipt of any required approvals (including any required Board approvals) and the Executive’s continued employment through the grant date, which will be as soon as practicable following the Effective Date, the Executive will be granted
              an option to purchase shares of the Company’s common stock, which as of the date of this letter, represents approximately 0.4% of the Company’s fully diluted shares outstanding (the “Option” or “Award” ). The Option will have an
              exercise price of not less  than the fair market value of the Company’s common stock on the date it is granted, as determined by the Company. The Option will be evidenced by a form of stock option agreement and will be subject to the terms of
              the Plan, the applicable stock option agreement, any other applicable stockholders’ agreements (collectively, “ Equity Documents”), and any other restrictions and limitations generally applicable to the common stock of the Company or
              equity awards held by the Company’s executives or otherwise imposed by law. In the event of any conflict between this Agreement and the Equity Documents, the Equity Documents will control.

             

            

            (d)       Participation in Employee Benefit Plans. The Executive will be entitled to participate in all employee benefit plans from time to time in effect for
              senior employees of comparable status of the Company generally, except to the extent such plans are duplicative of benefits otherwise provided to the Executive under this Agreement (e.g., a severance pay plan), in which event this Agreement
              shall control unless this Agreement expressly provides otherwise The Executive’s participation will be subject to the terms of the applicable plan documents and generally applicable Company policies, as the same may be in effect from time to
              time, and any other restrictions or limitations imposed by law.

            

            

            
              - 2 - 

              
                

            

            (e)          Vacations. The Executive will be entitled to vacation days in accordance with the policies of the Company as in effect for senior employees of comparable status, as in effect from time
              to time. Vacation may be taken at such times and intervals as the Executive shall determine, subject to the business needs of the Company.

             

            (f)          Business Expenses. The Company will pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of the
              Executive’s duties and responsibilities for the Company, subject to Company policy as in effect from time to time and to such reasonable substantiation and documentation as may be specified by the Company from time to time. The Executive’s
              right to payment or reimbursement hereunder shall be subject to the following additional rules: (i) the amount of expenses eligible for payment or reimbursement during any calendar year shall not affect the expenses eligible for payment or
              reimbursement in any other calendar year, (ii) payment or reimbursement shall be made not later than December 31 of the calendar year following the calendar year in which the expense or payment was incurred and (iii) the right to payment or
              reimbursement shall not be subject to liquidation or exchange for any other benefit.

             

            (g)          Signing Bonus. The Executive shall be eligible to receive a one-time cash signing bonus in the amount of $100,000 (the “Signing Bonus”). The Signing Bonus
              will be payable by the Company within thirty (30) days following the Effective Date, subject to the Executive’s employment with the Company on the payment date. In the event the Executive terminates the Executive’s employment hereunder
              without Good Reason or the Executive’s employment is terminated by the Company for Cause: (i) before the twelve (12)-month anniversary of the Effective Date, the Executive shall repay to the Company the full amount of the Signing Bonus; or
              (ii) on or after the twelve (12)-month anniversary of the Effective Date but before the twenty-four (24)-month anniversary of the Effective Date, the Executive shall repay to the Company fifty percent (50%) of the Signing Bonus. Any repayment
              shall occur within thirty (30) days following the date of termination.

             

            (h)          Co-Investment. To the extent the Company establishes a program allowing senior employees of comparable status to the Executive (“Senior Employees”) to purchase
              common stock of Parent, the Executive will be eligible to participate in such program.

             

            (i)          Tag-Along Rights. In the event Parent offers tag-along rights on sales by any Lead Investor (as defined in the Stockholders Agreement by and among Parent and the
              stockholders party thereto, dated September 24, 2018, as it may be amended from time to time) to Senior Employees with respect to their shares of common stock of Parent, the Executive will also be eligible for such rights on the same terms as
              applicable to other Senior Employees.

            

            

            3.        Restricted Activities.

            

            

            (a)          As a condition of employment, the Executive will be required to enter into the Restrictive Covenant Agreement attached hereto as Exhibit B (the “Restrictive Covenant Agreement”). The
              Executive acknowledges and agrees that the Executive received the Restrictive Covenant Agreement with this Agreement and at least ten (10) business days before the commencement of the Executive’s employment.

             

            
              - 3 - 

              
                

            

            (b)         Litigation and Regulatory Cooperation During and after the Executive’s employment, the Executive shall cooperate fully with the Company in (i) the
              defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the Company,
              and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information. The Executive’s full cooperation in connection with such claims, actions or
              investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after
              the Executive’s employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or
              occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out of pocket expenses incurred in connection with the Executive’s performance of obligations pursuant
              to this Section 3(b).

             

            4.        Termination of Employment. The Executive’s employment under this Agreement shall continue until terminated pursuant to
              this Section 4.

            

            

            (a)         By  the  Company For Cause The Board may terminate the Executive’s employment for Cause upon notice to the Executive setting forth in reasonable detail the nature of the
              Cause. For purposes of this Agreement, “Cause” shall mean the occurrence of any of the following, as determined by the Board in its reasonable judgment: (i) the Executive’s failure to comply with a material directive of the Company’s
              Chief Executive Office or the Board, or gross negligence in the performance of the Executive’s duties and responsibilities to the Company or any of its Affiliates; (ii) the Executive’s material breach of this Agreement, the Restrictive
              Covenant Agreement or any other written agreement between the Executive and the Company or any of its Affiliates; (iii) the Executive’s commission of, indictment for, or plea of nolo contendere to: a felony, or another crime involving moral
              turpitude that causes or could reasonably be expected to cause material harm to the business interests or reputation of the Company or any of its Affiliates; (iv) fraud, theft, embezzlement, unlawful harassment or other intentional misconduct
              by the Executive that (with respect to such other intentional misconduct only) is or could reasonably be expected to be materially harmful to the business interests or reputation of the Company or any of its Affiliates. Further, Cause shall
              not exist hereunder, in the case of (i) or (ii) above, unless the Company has provided the Executive with written notice of the event(s) alleged to constitute Cause thereunder and, if such event(s) are susceptible to cure, a 15 day period to
              cure following the receipt of such notice in which the Executive has failed to cure such event(s).

             

            (b)         By the Company Without Cause. The Company may terminate the Executive’s employment at any time without Cause upon ten (10) days’
              notice to the Executive (during which period (or any portion thereof) the Executive may be placed on paid administrative leave).

             

            

            
              - 4 - 

              
                

            

            (c)         By  the  Executive  for Good Reason.  The  Executive  may  terminate the Executive’s employment for Good Reason For purposes of this Agreement, “Good Reason” shall
              mean, without Executive’s consent, (i) any diminution in the Base Salary or Target Bonus, unless applied across-the-board to all similarly-situated executives of the Company and not more than 5%, (ii) any material diminution in the
              Executive’s titles, duties or responsibilities,(iii) a permanent reassignment of the Executive’s primary office to a location more than 35 miles from the Company’s office in Massachusetts, or (iv) a material breach by the company of this
              Agreement; provided, however, Good Reason shall not exist hereunder, unless the Executive has provided the Company with written notice of the event(s) alleged to constitute Good Reason within 30 days of the
              initial occurrence of such event(s), and the Company has failed to cure such event(s) within 30 days following its receipt of such notice. The Executive may terminate employment for Good Reason at any time within the 30-day period after the
              30 day cure period has expired.

            

            

            (d)         By the Executive without Good Reason.  The Executive may terminate the Executive’s employment at any time upon sixty (60) days’ notice to the
              Company. In the event of such resignation, the Company may accelerate the date of the Executive’s termination without such acceleration constituting a termination by the Company hereunder.

            

            
              
                (e)          Death and Disability. The Executive’s employment hereunder shall automatically terminate in the event of the
                      Executive’s death during employment. The Company may terminate the Executive’s employment, upon notice to the Executive, in the event that the Executive becomes disabled during the Executive’s employment hereunder through any illness,
                      injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of the Executive’s duties and responsibilities hereunder, even with a reasonable accommodation, for a
                      period of ninety (90) consecutive days or one hundred and twenty (120) days (whether or not consecutive) during any period of three hundred sixty-five (365) consecutive days. If any question shall arise as to whether the Executive is
                      disabled to the extent that the Executive is unable to perform substantially all of the Executive’s duties and responsibilities for the Company and its Affiliates, the Executive shall, at the Company’s request, submit to a medical
                      examination by a physician selected by the Company to whom the Executive or the Executive’s guardian, if any, has no reasonable objection to determine whether the Executive is so disabled, and such determination shall for purposes of
                      this Agreement be conclusive of the issue. If such a question arises and the Executive fails to submit to the requested medical examination, the Company’s good faith, reasonable determination of the issue shall be binding on the
                      Executive.

                 

                

                5.        Other Matters Related to Termination.

                 

                

                
                  (a)         Final Compensation  In the event of termination of the Executive’s employment with the
                      Company, howsoever occurring, the Company shall pay the Executive (i) the Base Salary for the final payroll period of the Executive’s employment, through the date the Executive’s employment terminates; (ii) any bonus in respect of a
                      prior year which has not yet been paid, payable at such time when such bonus would otherwise have been paid; (iii) reimbursement, in accordance with Section 2(f) hereof, for business expenses incurred by the Executive but not yet paid
                      to the Executive as of the date the Executive’s employment terminates, provided that the Executive submits all expenses and supporting documentation required within sixty (60) days of the date the Executive’s employment terminates,
                      and provided further that such expenses are reimbursable under Company policies then in effect (all of the foregoing, “Final Compensation”) Except as otherwise provided in Sections 5(a)(ii) and 5(a)(iii), Final Compensation
                      will be paid to the Executive within thirty (30 days following the date of termination or such shorter period required by law.

                  

                  

                

              

            

            
              - 5 - 

              
                

            

             

        

        (b)       Severance Payments. In the event of any termination of the Executive's employment by the Company
            without Cause under Section 4(b) or by the Executive for Good Reason under Section 4(c), the Company will pay the Executive, in addition to Final Compensation, the following (the “Severance Benefits”):

        
          
             
               

              (i)          the Base Salary for a period of twelve (12) months following the date of termination (such period, the “Severance Period” and such payments, the “Severance Payments”, provided in the event the Executive is entitled to
                  any Garden Leave Pay (as defined in the Restrictive Covenant Agreement), the Severance Payments received in any calendar year will be reduced by the amount of Garden Leave Pay the Executive is paid in the same such calendar year pursuant
                  to the Restrictive Covenant Agreement;

            

             

            

             

          (ii)         the Target Bonus for the year of termination, prorated for the number of days during the year in which the Executive's employment terminates that the Executive was employed by the
            Company (based upon a 365-day year); and

        

         

         

        
          (iii)       in the event the Executive timely elects to continue the Executive's coverage and, if applicable, that the Executive's eligible dependents in the Company's group health plans under the federal law
            known as “COBRA”), or similar state law (together, “COBRA”), the Company shall pay the Executive a monthly amount equal to the portion of the monthly health premiums paid by the Company on the behalf of active employees and, if
            applicable, their eligible dependents until the earlier of (A) the conclusion of the Severance Period and (B) the date that the Executive and, if applicable, Executive's eligible dependents cease to be eligible for such COBRA coverage under
            applicable law or plan terms (the “Health Continuation Benefits”). The Executive consents to the deduction of the remaining portion of the monthly health premiums from the Severance Payments.

          
            

            

            (c)          Conditions To And Timing Of Severance Payments. Any obligation of (i) the Company to provide the Executive the Severance Benefits and/or (ii) Parent to provide the accelerated vesting of
              Options described in Paragraph 2 of Schedule A of the Award (if applicable) is, in each case, conditioned on  the Executive's signing and returning, without revoking, to the Company a timely and effective separation agreement containing a
              general release of claims and other  customary  terms,  including (in the Company's sole discretion) a twelve month post-employment noncompetition provision, other post-employment restrictive covenants substantially similar to those found in
              this Agreement and the Restrictive Covenant Agreement, and a seven (7) business day revocation period, in the form provided to the Executive by the Company at or around the time that the Executive's employment terminates (the “Separation
                Agreement”). The Executive must return to the Company and not revoke the Separation Agreement within the time period required by the Separation Agreement, and in any event, the Separation Agreement must become effective, if at all, by
              the sixtieth (60th) calender day following the date the Executive's employment terminates. Any Severance Payments and Health Continuation Benefits to which the Executive is entitled will be payable in the form of salary
              continuation in accordance with the normal  payroll  practices of  the Company.   The first such payment, together  with the pro-rated Target Bonus described under Section 5(b)(ii) above, will be made on the Company's next payday following
              the expiration of sixty (60) calender days from the date that the Executive's employment terminates, provided that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Payments, to the extend they
              qualify as “non-qualified deferred compensation” within the meaning of Section 409A, 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 of the Severance Payments
              shall include a catch-up payment to cover amounts retroactive to the day following such date of termination. Notwithstanding the foregoing, in the event that the Company's payment of the Health Continuation Benefits would subject the company
              to any tax or penalty under Section 105(h) of the Internal Revenue Code, as amended (the “Code”), the Patient Protection and Affordable Care Act, as amended, any regulations or guidance issued thereunder, or any other applicable law,
              in each case, as determined by the Company, the Executive and the Company shall work together in good faith to restructure such benefit. 

             

            

             

            
              

              - 6 -

              
                

            

             

            

            (d)         Benefits Termination.  Except for any right the Executive may have under COBRA or other applicable law to continue participation in the Company's group health and dental plans at Executive's cost and except as expressly provided in Section 5(b)(iii) of this Agreement, the Executive's participation in all employee benefit plan shall terminate in accordance with the terms of the
              applicable benefit plans based on the date of termination of the Executive's employment, without regard to any continuation of the Base Salary or other payment to the Executive following termination of  the Executive's employment, and the
              Executive shall not be eligible for vacation or other paid time off following the termination of Executive's employment. 

            
              

              

              (e)         Survival. Provisions of this Agreement shall survive any termination of employment
                  if so provided in this Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the Executive's obligations under Section 3 of this Agreement and the Restrictive Covenant Agreement. The obligation of the Company  to make payments to the Executive under Section 5(b), and the Executive's right to retain the same, are
                  expressly conditioned upon the Executive's continued full performance of the Executive's obligations under Section 3 of this Agreement and the Restrictive Covenant Agreement. Upon termination of employment by either the Executive or the Company, all rights, duties and obligations of the Executive and the Company to each other shall cease, except as otherwise expressly provided in this
                  Agreement and the Restrictive Covenant Agreement.

               

                

              6.        Timing of Payments and Section 409A.

               

              

              
                (a)        Notwithstanding anything to the contrary in this Agreement or the Restrictive Covenant Agreement, if at the time the Executive's employment terminates, the
                  Executive is a  “specified employee,” as defined below, any and all amounts payable under this Agreement or the Restrictive Covenant Agreement on account of such separation from service that would (but for this provision) be payable
                  within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6)-month period or, if earlier, upon the Executive's death; except (A) to the extent of amounts
                  that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are
                    not subject to the requirements of Section 409A of the Code, as amended (“Section 409A”).

                 

                  

                
                  

                  - 7 -

                  
                    

                

                (b)         For purposes of this Agreement, all references to “termination of employment” and correlative phrases shall be
                    construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term
                    “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i). 

                 

                  

                
                  (c)       Each payment made under this Agreement or the Restrictive Covenant Agreement shall be treated as a separate payment and the right to a series of installment payments under
                    this Agreement is to be treated as a right to a series of separate payments.

                  

                  

                  (d)       In no event shall the Company or any person affiliated with the Company have any liability relating to the failure or alleged failure of any payment or benefit under this
                    Agreement to comply with, or be exempt from, the requirements of Section 409A.

                   

                  

                  
                    7.       Definitions.    For purposes of this Agreement, the following definitions apply:

                    

                  

                   

                  

                   “Affiliates” means all person and entities directly or indirectly controlling, controlled by or

                    under common control with the Company, where control may be by management authority, equity interest or otherwise; provided, however, that Affiliates does not include any portfolio company of any investment fund
                    associated with Bain Capital Private Equity, L.P. other than the Company and its direct and indirect parents and subsidiaries.

                    

                  

                  
                  “Person”  means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust or any other entity or organization, other than the Company or any of its
                      Affiliates.

                   

                    

                  8.       Conflicting Agreements. The
                      Executive hereby represents and warrants that the Executive's signing of this Agreement and the performance of the
                    Executive's obligations under it will not breach or be in conflict with any other agreement to which the Executive are
                      a party or are bound, and that the Executive is not now subject to any covenants against competition or similar covenants or any court order that could affect the performance of the Executive's obligations under this Agreement. The
                      Executive agrees that the Executive will not disclose to or use on behalf of the Company any confidential or proprietary information of a third party without that party's consent.

                  

                   

                    

                  
                    9.       Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts
                      required to be withheld by the Company to the extent required by applicable law.

                     

                    

                    
                      

                      - 8 -

                      
                        

                    

                    10.      Assignment. Neither the Executive nor the Company may make
                        any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, the Company may assign its rights and obligations under this
                        Agreement and the Restrictive Covenant Agreement without the Executive's consent to one of its Affiliates or to any Person with whom the Company shall hereafter effect a reorganization, consolidate or merge, or to whom the Company
                        shall hereafter transfer all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of their respective successors, executors,
                        administrators, heirs and permitted assigns.

                     

                      

                    
                      11.      Severability. If any portion or provision 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.

                       

                      

                        
                      12. Miscellaneous. This Agreement sets forth the entire
                        agreement between the Executive and the Company, and replaces all prior and contemporaneous communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive's employment,
                        provided that the Restrictive Covenant Agreement and the Equity Documents remain in full force and effect. This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by the
                        Executive and an expressly authorized representative of the Board. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement. This
                        Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. This is a Massachusetts contract and shall be governed and construed
                        in accordance with the laws of the Commonwealth of Massachusetts, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction.

                       

                      

                      

                        

                     

                    
                    13.     Legal Fees. The Executive shall be entitled to payment or reimbursement of reasonable legal fees in an amount not to
                      exceed $10,000 in connection with the review, negotiation, preparation of this Agreement and the Non-Statutory Stock Option Agreement between the Executive and Parent.

                    

                    

                    14.     Notices. Any notices provided for in this Agreement shall be in writing and shall be effective when delivered in
                      person or deposited in the United States mail, postage prepaid, and addressed to the Executive at the Executive's last known address on the books of the Company or, in the case of the Company, to it at its principal place of business,
                      attention of the Chairman of the Board, or to such other address as either party may specify by notice to the other actually received.

                     

                    

                    
                      

                      - 9 -

                      
                        

                    

                    
                      The Executive's continued employment with the Company is conditioned upon the satisfactory completion of all steps of the  Company's standard background check, which will be completed as soon as
                        practical. The consent provided in connection with the background check remains valid  for  the purpose of completing the Company's standard background check, even though all steps of that process may not be completed until after
                        the Executive's employment with the Company has commenced.

                       

                      IN WITNESS WHEREOF, this Agreement has been executed by the Company, by its duly authorized representative, and by the Executive, as of the date first above written.

                    

                     

                    

                    
                      	
                               

                            	
                              THE EXECUTIVE:

                            	
                               

                            	
                              THE COMPANY:

                            
	
                               

                            	
                               

                            	
                               

                            	
                               

                            
	
                               

                            	DocuSigned by:

                            	
                               

                            	

                            	DocuSigned by:
	
                               

                            	
                               

                            	
                               

                            	
                               

                            
	
                               

                            	/s/ Kathleen Tregoning

                            	
                               

                            	By:

                            	/s/ N. Anthony Coles, M.D.	 
	
                               

                            	Kathleen Tregoning	
                               

                            	

                            	Name: N. Anthony Coles, M.D.
	 	 	 	

                            	Title: Chief Executive Officer

                       

                      

                       

                      

                      
                        - 10 -Exhibit 10.23

    

     

    
      

      

      EMPLOYMENT AGREEMENT

       

      This EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as of
          May 9, 2019 by and between Cerevel Therapeutics, LLC (the "Company") and Kathy Yi (the "Executive").

       

      WHEREAS, the Executive possesses certain experience and expertise that qualifies him to provide the direction and leadership required by the Company; and

       

      WHEREAS, the Company desires to employ the Executive as Chief Financial Officer of the Company and the Executive wishes to accept such employment;

      

      

      NOW, THEREFORE, in consideration of the mutual
          covenants contained herein and intending to be legally bound hereby, the Company and the Executive agree as follows:

      

      

      
        I.            Position and Duties.

      

       

      (a)      Effective as of June 10, 2019 (the "Effective Date"), the Executive will be employed by the Company, on a full-time basis, as its Chief Financial Officer, reporting initially to the Company's Executive Chairman and thereafter to the Company's Chief Executive
          Officer. The Executive will be a member of the Company's Executive Committee. The Executive shall be based at the
        Company's offices in the greater Boston area. In addition, the Executive may be asked from time to time to serve as a director or officer of one or more of the Company's AffiIiates, without further compensation.

       

      (b)      The Executive agrees to perform the duties of his position and such other duties as may reasonably be assigned to the Executive from time to
          time. The Executive also agrees that, while employed by the Company, he will devote his full business time and his best effo11s, business judgment, skill and knowledge exclusively to the advancement of the business interests of the Company and its Affiliates and to the discharge of his duties and responsibilities for them. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during his employment, except as may be expressly approved in advance by the Board
          of Directors of Cerevel Therapeutics, Inc. ("Parent") (or such other board of directors or managers as may be designated as the operative governing entity of the Company, the "Board") in writing; provided, however, that
        the Executive may participate in the activities set forth on Exhibit A hereto and may without advance consent
          participate in charitable activities and engage in personal investment activities , in each case to the extent such activities, individually or in the aggregate, do not materially interfere with the performance of the Executive's duties under this Agreement, create a conflict of interest or violate any provision of Section 3 of this Agreement.

       

      (c)       The Executive agrees that, while employed by the Company, he will comply with all written Company policies, practices and procedures and all written codes of ethics or business conduct
          applicable to his position, as in effect from time to time.

      

      
        
          

      

      
      2.           Compensation and Benefits. During the Executive's employment hereunder,
        as compensation for all services performed by the Executive for the Company and
        its Affiliates, the Company will provide the Executive the following compensation

        and benefits:

       

      (a)      Base Salary. The Company will
        pay the Executive a base salary at the rate of $430,000 per year, payable in
        accordance with the regular payroll practices of the Company and subject to increase from time to time by the Board in its discretion (as increased, from time to

          time, the " Base
          Salary").

       

      (b)      Bonus Compensation. For each fiscal year completed during the Executive's employment under this Agreement, the Executive will be eligible to earn an annual bonus (each, an "Annual Bonus"). The Executive's target bonus will be forty percent (40%) of the Base Salary (the "Target Bonus"), prorated for a partial initial year
          of employment, with the actual amount of any such Annual Bonus to be determined by the Board in its discretion, based on the Executive's performance and the Company's performance against goals established by the Board in its discretion after consultation with the Chief Executive Officer of the Company, who shall consult with the Executive prior to such consultation with the Board. Except
        as provided in Section 5, in order to receive any Annual Bonus hereunder, the
          Executive must be employed through the last day of the year to which such Annual Bonus relates. Any Annual Bonus will be paid in the calendar year immediately following the conclusion of the fiscal year to which such Annual Bonus relates.

       

      (c)      Equity. The Executive will be eligible for participation in the Cerevel Therapeutics, Inc. 2018 Equity Incentive Plan (the "Plan"). Subject to the receipt of any required approvals and the Executive's continued employment through the grant date, which will be as soon as practicable following the Effective Date, the Executive will be granted an option to purchase 296,154 shares of the Company's common stock, which as of the date of this letter, represents approximately 0.55% of the Company's fully diluted shares outstanding (the "Option" or "Award"). The Option will have an exercise price of not less than the fair market value of the
          Company's common stock on the date it is granted, as determined by the Company. The Option will be evidenced by a form of
          stock option agreement and will be subject to the terms of the Plan,
          the applicable stock option agreement, any other applicable stockholders agreements, and any other restrictions and limitations generally applicable to the common stock of the Company or equity awards held by the Company's executives or
          otherwise imposed by law. In the event of any conflict between
          this Agreement and the terms of the stock option agreement or Plan, the stock option agreement or Plan will control. In no event
          shall the Company or any person affiliated with the Company have any liability with respect
          to the failure of any compensation or benefits provided to the Executive to be exempt from,
        or comply with, Section 409A of the Internal Revenue Code.

       

      (d)      Participation in Employee
          Benefit Plans. The Executive will be entitled to participate in all employee benefit plans from time to time in effect for senior employees of comparable status of the Company generally, except to the extent such plans are duplicative of benefits otherwise provided to the Executive under this Agreement (e.g., a severance pay plan). The Executive's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies, as the same may be in effect from time to time, and any other restrictions or limitations im posed by law.

      

      

      
        - 2 -

        
          

      

      (e)      Vacations. The Executive will be entitled to earn vacation days in accordance with the policies of the Company as in effect for senior employees of comparable status, as in effect from time to time. Vacation may be taken at such times and intervals as the Executive shall determine, subject to the business needs of the Company.

       

      (f)       Business Expenses. The Company will pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of his duties and responsibilities for the Company, subject to Company

        policy as in effect from

        time to time and to such

        reasonable substantiation and documentation as may be specified by the Company from time to time. The Executive's right to payment or reimbursement hereunder or under Section 3(g) below shall be

        subject to the following additional rules: (i) the amount of expenses eligible for payment or reimbursement during any calendar year shall not affect the expenses eligible for payment or reimbursement in any other calendar year, (ii) payment or reimbursement shall be made not later

        than December 31 of the calendar year following the calendar year in which the expense or payment was incurred and (iii) the right to payment or reimbursement shall not be subject to liquidation or exchange for any other benefit.

       

      (g)      Signing Bonus. The Executive shall be eligible to receive a one-time cash signing bonus in the amount of $200,000 (the "Signing Bonus"). The Signing Bonus will be
          payable by the Company within thirty (30) days following the Effective Date. In the event the Executive terminates his employment hereunder without Good Reason or the Executive's employment is terminated by the Company for Cause: (i) before the twelve (12)-month anniversary of the Effective Date, the Executive shall repay to the Company the full amount of the Signing Bonus; or (ii) on or after the twelve (12)-month anniversary of the Effective Date but before the twenty-four (24)-month anniversary of the Effective Date, the Executive shall repay to the Company fifty percent (50%) of the Signing Bonus. Any repayment
        shall occur within thirty (30) days following the date of termination.

       

      (h)     Relocation Expenses. The Executive agrees to relocate to the greater Boston, MA area. The Company will reimburse the Executive for his relocation up to a maximum amount as agreed to by the Company (grossed up for any taxes imposed on the amounts reimbursed) (the "Reimbursement"), for the following relocation expenses: (i) reasonable and actual relocation expenses (i.e., the costs of moving household and other personal
        goods) incurred in connection with the Executive's relocation to
        the greater Boston, MA area, (ii) any reasonable and actual closing costs incurred with
          respect to the sale of real property in connection with the Executive's relocation to the greater Boston, MA area and (iii) reasonable and actual expenses incurred
          in connection with any relocation search visits to the greater Boston, MA area, subject in each case to such reasonable substantiation and documentation as may be specified by the Company from time to time. As applicable, all reimbursable relocation
        expenses described in this Section shall be reimbursed as soon as reasonably practical following receipt by the Company of the required substantiation and documentation, in accordance with the Company's reimbursement policies in effect at the time.
        In the event the Executive terminates his employment hereunder without Good Reason or the Executive's employment is terminated by
          the Company for Cause: (i) before the twelve (12)-month anniversary of the Effective Date, the Executive shall repay to the Company the full amount of any Reimbursement; or (ii) on or after the twelve (12)-month anniversary of the Effective Date but before the twenty-four (24)-month anniversary of the Effective Date, the Executive shall repay to the Company fifty percent (50%) of any
          Reimbursement.

       

      
        - 3 -

        
          

      

      (i)       Living Expenses. During the first thirty (30) days following the Effective Date, the Company will reimburse the Executive up to a maximum amount as agreed to by
          the Company for (i) reasonable living and commuting expenses incurred or paid by the Executive in maintaining a residence and commuting to work in the
          greater Boston, MA area (the "Living Expenses"), subject to such reasonable substantiation and documentation as may be
          specified by the Company from time to time, and (ii) taxes incurred by the Executive with respect to reimbursement of the Living Expenses (the "Taxes"). In the
          event that the Executive's employment with the Company is terminated by the Company for Cause or by the Executive without Good Reason on or before the twenty-four (24) month anniversary of the Effective Date, the Executive agrees to repay to the Company, within thirty (30) days following the date of termination, one half of the full amount of the Living Expenses and Taxes reimbursed as of the date of termination.

      

      

      (j)       Co-Investment. To the extent the Company establishes a program allowing senior employees of comparable status
          to the Executive ("Senior Employees") to
          purchase common stock of Parent, the Executive will be eligible to participate in such program.

       

      (k)      Tag-Along Rights.  In the event Parent offers tag-along rights on sales by   any Lead investor (as
          defined in the Stockholders Agreement by and among Parent and the stockholders party thereto, dated September 24, 2018, as it may be amended from time to time) to Senior Employees with respect to their shares of common stock of Parent, the Executive will also be eligible for such rights on the same terms as applicable

          to other Senior Employees.

       

      
        3.           Confidential Information and Restricted Activities.

      

       

      (a)      Confidential Information.  During  the  course  of  the  Executive's employment with the Company, the Executive will learn of Confidential Information, and will develop Confidential information on behalf of the Company and  its  Affiliates.  The  Executive agrees that he will not use or disclose to  any 

        Person  (except as required  by applicable  law or for the proper performance of his regular duties and  responsibilities  for  the  Company)  any Confidential Information obtained by the Executive incident to his

          employment or any other association with the Company or  any of  its Affiliates.  The Executive  agrees that this restriction  will continue to apply after his employment terminates, regardless of the  reason  for  such termination. For  the
          avoidance  of doubt, (i)  nothing contained  in  this Agreement  limits,  restricts or in any other way affects the Executive' s communicating

        with  any  governmental  agency  or entity, or communicating with
        any official or staff person of a governmental agency or entity, concerning matters relevant to such governmental agency  or entity and  (ii) the Executive  will  not be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade secret (y) in confidence to a federal, state, or
        local government official, either directly or indirectly , or to an attorney, solely for the purpose of reporting or investigating a  suspected  violation  of  law, or (z) in a complaint or other document filed under seal in a lawsuit or other
          proceeding: provided, however, that
          notwithstanding this immunity from liability, the Executive may be held liable if he unlawfully accesses
          trade secrets by unauthorized means.

       

      
        - 4 -

        
          

      

      (b)     Protection of Documents. All documents, records and
          files, in any media of whatever kind and description, relating to the business, present or otherwise, of the Company or any of its Affiliates, and any copies, in whole

          or in part, thereof (the "Documents"), whether or not prepared by the
        Executive, shall be the sole and exclusive property of the Company. The Executive agrees to safeguard all Documents and to surrender to
          the Company, at the time his employment terminates or at such earlier time or times as the Board or its designee may specify, all Documents then in his possession or control. The Executive also agrees to disclose to the Company, at the time his employment terminates or at such earlier time or times as the Board or its designee may specify, all passwords necessary or desirable to obtain access to, or that would assist in obtaining access to, any information

        which the Executive has password-protected on any computer equipment, network or system of the Company or any of its Affiliates.

       

      (c)      Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all Intellectual Property to the Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) his full right, title and interest in and to all Intellectual Property. The Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of fu1ther assurance or confirmation) requested by the Company to assign

        the Intellectual Property to the Company (or as otherwise directed by the Company) and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Company will compensate the Executive at an
          hourly rate calculated based on his final Base Salary for time
          spent in complying with these obligations at the request of the
          Company following the termination of the Executive's employment. All copyrightable Intellectual Property that the Executive creates during his employment shall be considered "work made for

        hire" and shall, upon creation, be owned exclusively by the Company.

       

      (d)     Restricted Activities. In consideration of and as a condition of Executive's employment by the Company, and of the compensation and other benefits to be

        provided to Executive hereunder, and in recognition of the fact that, as an executive of the Company, Executive will have access to the Company's
          Confidential Information, including trade secrets and in
          exchange for other good and valuable consideration, including without limitation the Annual Bonus opportunity, the Option, the Signing Bonus, the Reimbursement, the Living
        Expenses, and the Severance Payments provided herein, the Executive agrees that the following restrictions on his activities during his employment are necessary to protect the goodwill, Confidential Information, trade secrets and other legitimate interests of the Company and its Affiliates:

       

      
        - 5 -

        
          

      

      (i)          While the Executive is employed
          by the Company and during the twelve (12)-month period immediately following termination of his employment for any reason
          except termination due to layoff or termination by the Company without Cause (in the aggregate, the "Non-Competition Period"), the Executive will not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, engage in or compete with, or undertake any planning to engage in or compete with any small molecule programs directed at drugging the following targets with the specified pharmacological approaches: (a) Dopamine DI receptor agonists, (b) GABA alpha2/alpha3 selective PAMs, (c) Muscarinic M4 receptor PAMs or full orthosteric agonists, (d) Dopamine D3 antagonists, (e) Kappa opiate receptor antagonist, (f) LRRK.2 enzyme inhibitors,
          (g) PDE4 enzyme inhibitors, (h) GBA enzyme activators, and/or (i) APOE3 modulators, or any other program conducted or in active and definitive planning to be conducted by the Company or any of its Affiliates at any time during the Executive's employment with the Company or, with respect to the portion of the Non-Competition Period that follows termination of the Executive's employment, at the time of such termination (each, a "Competing
            Program"), in any case involving any of the services that the Executive provided to the
          Company or any of its Affiliates in connection with a Competing Program at any time during the Executive's employment with the Company or, with respect to the portion of the Non-Competition Period that follows the termination of the Executive's employment, during the last two (2) years of the Executive's employment with the Company (collectively, the
        "Competitive Activities"), in any geographic area where the Company or any of its
          Affiliates conducts or is actively planning to conduct business any time during the Executive's employment with the Company or, with respect to the portion of the Non-Competition Period that follows termination of the Executive's employment, in any geographic area in which the Executive at any time
          within the last two (2) years of the Executive's employment with the Company provided services or had a material presence or influence in each case in connection with a Competing Program.

       

      (ii)          While the Executive is employed by the Company and during the twenty-four (24)-month
          period immediately following termination of his employment for any reason (in the aggregate, the "Non-Solicitation Period"), the Executive will not, directly or indirectly, solicit or encourage, or otherwise take any action that causes or is reasonably likely to cause, any customer, vendor, supplier or other business partner of the Company or any of its Affiliates to terminate or diminish his, her or its relationship with any of them; provided, however, that this restriction shall apply
          following termination of the Executive's employment (y) only with respect to those Persons who are or have been a business
          partner of the Company or any of its Affiliates at any time within the twelve (12)-month period immediately prior to the Executive's termination of employment or whose business has been solicited on behalf of the Company or any of its Affiliates by any of their officers, employees or agents within such twelve (12)-month
          period, other than by form letter, blanket mailing or published
        advertisement, and (z) only if the Executive has performed work for such Person during his employment with the Company or any of its Affiliates or been introduced to, or otherwise had contact with, such Person as a result of his employment or other associations with the Company or one of its Affiliates or has had access to Confidential Information which would assist in his solicitation of such Person.

      

      

      (iii)          During the Non-Solicitation Period, the Executive will not, directly or indirectly, (a) hire or engage, or solicit for hiring or engagement, any employee of the Company or any of its Affiliates or seek to persuade any such employee to
          discontinue employment or (b) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to terminate or diminish his, her or its
          relationship with any of them. For the purposes of this Section 3(d)(iii), an "employee" or an "independent contractor" of the Company or any of its Affiliates is any Person who was such at any time during the Executive's
          employment or, with respect to the portion of the Non-Solicitation Period that follows the termination of his employment, during twelve (12)-month period immediately preceding the Executive's termination of employment.

       

      
        - 6 -

        
          

      

      (e)      In signing this

        Agreement, the Executive gives the Company assurance that the Executive has carefully read and considered all the terms and conditions of this Agreement, including the restraints
          imposed on the Executive under this Section 3. The Executive agrees without reservation that these restraints are necessary for the reasonable and proper protection of the Company and its Affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. The Executive further agrees that, were the Executive
        to breach any of the covenants contained in this Section 3, the damage to the Company and its Affiliates would be irreparable. The Executive therefore agrees that the Company, in addition and not in the alternative to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any such

          covenants, without having to post bond. In any action with respect to the enforcement of the covenants contained in this Section 3, the prevailing party shall be entitled to an award of its reasonable attorney's fees incurred in connection with such action. The Executive further agrees that the Non-Solicitation Period shall be tolled, and shall not run, during the period of any breach by the Executive of any of the covenants contained in Sections 3(d)(ii) and 3(d)(iii). The Executive and the Company further agree that, in the event that any provision of this Section 3 is determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, that provision
          shall be deemed to be modified to permit its enforcement to
          the maximum extent permitted by law. It is also agreed that each of the Company's Affiliates shall have the right to enforce all of the Executive's obligations to that Affiliate under this
          Agreement, including without limitation pursuant to this
          Section 3. No claimed breach of this Agreement or other
          violation of law attributed to the Company or any of its Affiliates, or change in the nature or scope of the Executive's employment or other relationship with the Company or any of its Affiliates, shall operate to excuse the Executive from the performance of his obligations under this Section 3.

      

      

      
        
          4.            Termination of Employment.The Executive's employment under this Agreement shall continue until terminated pursuant to this Section 4.

        

      

       

      
        - 7 -

        
          

      

      (a)      By the Company For Cause. The Board may terminate the Executive's employment for Cause upon notice to the Executive setting forth in reasonable detail the nature of the Cause, provided that the Executive

        has an opportunity, with the benefit of legal counsel, to be heard by the Board (which opportunity may occur by telephone or videoconference). For purposes of this Agreement, "Cause" shall mean the occurrence of any of the following, as determined by the Board in its reasonable judgment: (i) the
        Executive's failure to comply with a material directive of the Company's Chief Executive Officer or the Board, or gross negligence in the performance of the Executive's duties and responsibilities to the Company
        or any of its Affiliates; (ii) the Executive's material breach of this Agreement or any other written agreement between the Executive and the Company or any of its Affiliates; (iii) the Executive's indictment for, or plea of nolo
          contendere to, a felony or other crime involving moral turpitude that causes or could reasonably be expected to cause material harm to the business interests or reputation of the Company or any of its Affiliates; (iv) fraud, theft, embezzlement or other intentional misconduct by the Executive that is or could reasonably

        be expected to be materially harmful to the business interests or reputation of the Company or any of its Affiliates; and/or, solely
          for purposes of the application of the non-competition provision in Section 3(d)(i) of this Agreement: (v) (A) the Executive's

        performance (or nonperformance) of his duties and responsibilities to the Company or any of its Affiliates in a manner deemed by the Company to be in any way unsatisfactory, (B) the Executive's breach of this

          Agreement or any other agreement between the Executive and the Company or any of its Affiliates, or (C) the Executive's violation of or disregard for any rule or procedure or policy of the Company or any of its Affiliates, or any other reasonable basis for Company dissatisfaction

        with the Executive, including for reasons such as lack of capacity or diligence, failure to conform to usual standards of conduct, or other culpable or inappropriate behavior. For the avoidance
        of doubt, the above Section 4(a)(v) does not apply to determining the Executive's eligibility for Severance Benefits or to any
          other provision of this Agreement other than Section 3(d)(i), nor does it apply to any other agreement to which the Executive is a party. Further, Cause shall not exist hereunder, in the case of (i) or (ii) above, unless the Company has provided the Executive with written notice of the event(s) alleged to constitute Cause thereunder and, if such event(s) are susceptible to cure, a 15 day period to cure

          following the receipt of such notice in which the Executive has failed to cure such event(s).

       

      (b)     By the Company Without Cause. The Company may terminate the Executive's employment at any time other than for Cause upon ten (I 0)
          days' notice to the Executive (during which period (or any portion thereof) the Executive

        may be placed on paid administrative leave).

       

      (c)      By the Executive for Good Reason. The Executive may terminate his employment for Good Reason. For purposes of this Agreement, "Good Reason" shall mean, without Executive's consent, (i) any diminution in
          the Base Salary or Target Bonus, unless applied across-the-board to all similarly-situated executives of the Company and not more than 5%, (ii) any material diminution in the Executive's titles, authorities, duties, or responsibility, (iii) a permanent reassignment of the Executive's primary office to a location more than 35 miles from the Company's offices in
          Massachusetts, or (iv) a material breach by the Company of this Agreement or any material breach by the Company or any of its Affiliates of any other written agreement with the
          Executive: provided, however, Good Reason shall not exist hereunder, unless the Executive has provided the Company with written notice of the event(s) alleged to constitute Good Reason within 30 days of the initial occurrence
          of such event(s), and the Company has failed to cure such event(s) within 30 days following
        its receipt of such notice. The Executive may terminate his employment for Good Reason at any time within the 30-day period after the 30
          day cure period has expired.

      

      

      (d)      By the Executive without Good Reason. The Executive may terminate his employment at any time upon sixty (60) days' notice to the Company.

          The Board may elect to waive such notice period or any portion thereof if the Executive consents to the wavier of such notice period in writing or without his written consent if the Company pays the Executive his Base Salary for
        the period so waived.

       

      
        - 8 -

        
          

      

      (e)     Death and Disability. The Executive's employment hereunder shall automatically terminate in the

        event of the Executive's death during employment. The Company may terminate the Executive's employment, upon notice to the Executive, in the event
          that the Executive becomes disabled during his employment hereunder through any
        illness, injury, accident

        or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder, even with a reasonable accommodation, for a period of ninety (90) consecutive days or one hundred and twenty (120) days (whether or
          not consecutive) during any period of three hundred sixty-five (365) consecutive days. If any question shall arise as to whether the Executive is disabled to the extent that he is unable to perform substantially all of his duties and responsibilities for the Company and its Affiliates, the Executive shall, at the

          Company's request, submit to a medical examination by a physician selected by the Company to whom the Executive or the Executive's guardian, if

          any, has no reasonable objection to determine whether the Executive is so disabled, and such determination shall for purposes of this Agreement be conclusive of the issue. If such a question arises and the Executive fails to submit

        to the requested medical examination, the Company's good faith, reasonable determination of the issue shall be binding on the Executive.

       

      
        5.           Other Matters Related to Termination.

      

       

      (a)      Final Compensation. In the event of termination of the Executive's employment with the Company, howsoever occurring, the Company shall pay the

          Executive (i) the Base Salary for the final payroll period of his employment, through the date his employment terminates; (ii) any bonus in respect of a prior year which has not yet been paid, payable at such time when such bonus would otherwise have been paid; (iii) compensation at the rate of the Base Salary for any vacation time earned but not used as of the date his employment

          terminates; and (iv) reimbursement, in accordance with Section 2(f) hereof, for business expenses incurred by the
          Executive but not yet paid to the Executive as of the date his employment terminates, provided that the Executive submits all expenses and supporting documentation required within sixty (60) days of the date his employment terminates, and provided further that such expenses are reimbursable under Company policies then in effect (all of the foregoing, "Final Compensation"). Except as otherwise provided in Sections 5(a)(ii) and 5(a)(iii), Final Compensation will be paid to the Executive within thirty (30) days following the date of termination or such shorter period required by law.

       

      (b)      Severance Payments. In the event of any termination of the Executive's employment pursuant to Sections 4(a)(v) (and, for the avoidance of doubt, for reasons that would not constitute Cause pursuant to Section 4(a)(i)-(iv)), 4(b) or 4(c) above, the Company

          will pay the Executive, in addition to Final Compensation, the
          following (the "Severance Benefits"):

       

      (i)          the Base Salary for a period of twelve (12) months following the

          date of termination (such period, the "Severance Period" and such payments, the "Severance Payments");

       

      (ii)         the Target Bonus for the year of termination, prorated for the number of days during the year in which the Executive's employment terminates that the Executive was employed by the Company (based upon a 365-day year); and

       

      (iii)       in the event the Executive timely elects to continue the Executive's coverage and, if applicable, that of the Executive's eligible dependents in the Company's group health plans under the federal
          law known as "COBRA" or similar state law (together, "COBRA"), the Company shall pay the Executive a monthly amount equal to the portion of the monthly health premiums paid by the Company on the behalf of active employees and , if applicable, their eligible dependents until the earlier of (A) the conclusion of the Severance Period and (B) the date that the Executive and, if applicable,

        the Executive's eligible dependents cease to be eligible for such COBRA coverage under applicable law or plan terms (the "Health Continuation Benefits").

       

      
        - 9 -

        
          

      

      (c)      Conditions To And Timing Of Severance Payments. Any obligation of (i) the Company to provide the Executive the Severance Benefits and/or (ii) Parent to provide the accelerated vesting of Options described in Paragraph 2 of Schedule A of the Award is , in each case, conditioned on his signing and returning, without revoking, to the Company a timely and effective separation agreement containing a general release of claims and other customary terms, including post-employment restrictive covenants substantially similar to those found in this
          Agreement, in the form provided to the Executive by the Company at the time that the Executive's employment terminates (the " Separation Agreement"). The Separation Agreement must become effective, if at all, by the sixtieth (60th) calendar day following the date the Executive's employment terminates.

        Any Severance Payments
        and Health Continuation Benefits to which the Executive is entitled will be

          payable in the form of salary continuation in accordance with the normal payroll practices of the Company. The first such payment, together with the pro-rated Target Bonus described under Section 5(b)(iii) above, will be made on the Company's next regular payday following the expiration of sixty (60) calendar days from the date that the Executive's employment terminates, but will be retroactive to the day following such date of termination. Notwithstanding the foregoing, in the event that the Company's payment
        of the Health Continuation Benefits would subject the Company to any tax or
          penalty under Section l05(h) of the Internal Revenue Code, as amended (the "Code"), the Patient Protection and Affordable Ca re Act, as amended, any regulations or guidance issued thereunder, or any other applicable law, in each case, as determined by the Company, the Executive and the Company shall work together in good faith to

          restructure such benefit.

       

      (d)      Benefits Termination. Except for any right the Executive may have under COBRA or other applicable law to continue participation in the Company's group health and dental plan s at
          his cost and except as expressly provided in Section 5(b)(ii) of this Agreement, the Executive's participation in all employee benefit plans shall terminate in
          accordance with the terms of the applicable benefit plans based on the date of termination of his employment, without regard to any continuation of the Base Salary or other payment to the Executive following termination of his employment, and the Executive

        shall not be eligible to earn vacation or other paid time off following the termination of his employment.

       

      (e)      Survival. Provisions of this Agreement shall survive any termination of employment if so
        provided in this Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the Executive's obligations under Section 3 of this Agreement. The obligation of

          the Company to make payments to the Executive under Section 5(b), and the Executive's right to retain the same, are expressly conditioned upon his continued full performance of his obligations under Section 3 of this Agreement. Upon termination by either the Executive or the Company, all rights, duties and  obligations of the Executive and the Company to each other shall cease, except as otherwise
          expressly provided in

          this Agreement.

       

      
        - 10 -

        
          

      

      
        6.            Timing of Payments and Section 409A.

      

       

      (a)      Notwithstanding anything to the contrary in this Agreement, if at

        the time the Executive's employment terminates, the Executive is a "specified employee," as defined below, any and all amounts payable under

          this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6)- month period or, if earlier, upon the Executive's death; except (A) to the extent of amounts that do not constitute a deferral of compensation
          within the meaning of Treasury regulation Section l.409A-l (b) (including without limitation by reason of the safe harbor set forth in Section l.409A- l (b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A- 1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A of the Code, as amended ("Section 409A").

      

      

      (b)      For purposes of

          this Agreement, all references to "termination of employment" and correlative phrases shall be construed to require a
          "separation from service" (as defined in Section 1.409A-l (h) of

        the Treasury regulations after giving effect to the presumptions contained therein), and the term "specified employee" means an individual determined by the Company to be a specified employee under Treasury regulation

        Section 1.409A-l(i).

       

      (c)      Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated

        as a right to a series of separate payments.

       

      (d)      In no event shall the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A.

       

      
        
          7.            Definitions. For purposes of this Agreement , the following definitions apply:

        

      

       

      "Affiliates" means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management
        authority, equity interest or otherwise; provided, however, that Affiliates does not include any portfolio company of any investment
          fund associated with Bain Capital Private Equity, L.P. other than the Company and its direct

          and indirect parents and subsidiaries.

       

      "Confidential Information" means any and all information of the Company and its Affiliates that is not generally
          available to the public. Confidential Information also
          includes any information received by the Company or any of its Affiliates from any Person with any understanding,

        express or implied, that it will not be disclosed. Confidential Information does
          not include information that (i) is generally known to the industry in which the Company operates or the public, other than as a
          result of Executive's breach of this Agreement or any other
          agreement between the Executive and the Company or any of its Affiliates,

        (ii) is made legitimately available to the Executive by a third party without breach of any confidential obligation of which Executive
        has knowledge, (iii) is generally applicable business or industry know-how or acumen of the Executive which does not embody and
        is not predicated upon Confidential Information; or (iv) enters the public domain, other than through the Executive's breach of his obligations under this Agreement or any other agreement between the Executive and the Company or any of its Affiliates.

       

      
        - 11 -

        
          

      

      "Intellectual Property" means inventions, discoveries, developments, methods, processes,

        compositions, works, concepts and ideas (whether or not patentable or
          copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to
          practice by the Executive (whether alone or with others, whether or not during normal business hours or

          on or off Company premises) during the Executive's employment that relate either to

        the business of the
        Company or any of its Affiliates or to any prospective activity of the Company or any of its Affiliates or that result from any work performed by the Executive for the Company or any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its Affiliates.1

       

      "Person" means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust or any other entity or organization, other than the Company or any of its Affiliates.

       

      8.           Conflicting Agreements. The Executive hereby represents and warrants that his signing of this Agreement and the performance of his obligations under it will not breach or be in conflict with any other agreement to which the Executive are a party or are bound, and that the
          Executive is not now subject to any covenants
          against competition or similar covenants or any court order that could affect the performance of his obligations under this Agreement. The Executive agrees that the Executive will not disclose to or use on behalf of the Company any confidential or proprietary information of a third party without that party's consent.

       

      9.            Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or
          other amounts required to be withheld by the Company
        to the extent required
          by applicable law.

       

      10.         Assignment. Neither  the  Executive  nor the Company  may 
        make  any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, the Company may assign its rights and obligations under this Agreement without the Executive's consent to one of its Affiliates or to any Person with whom the Company shall hereafter effect a reorganization, consolidate or merge, or to  whom  the Company shall hereafter transfer all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of their respective  successors, executors, administrators, heirs and permitted assigns.

       

      11.         Severability. If any portion or provision 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.

       

      

      
        
          - 12 -

          
            

        

        12.        Miscellaneous. This Agreement sets
            fo1th the entire agreement between the Executive and the Company, and replaces all prior and contemporaneous communications,
            agreements and understandings, written or oral, with respect to the terms and

            conditions of the Executive's employment. This Agreement may not

            be modified or amended, and no breach shall be deemed to be waived,

          unless agreed to in writing by the Executive and an expressly authorized representative of

            the Board. The headings and captions in this Agreement are
            for convenience only and in no way define or describe the scope or content of any provision of this Agreement. This
            Agreement may be executed in two or more counterparts, each of which shall be an original and all of which
            together shall constitute one and the same instrument. This
          is a Massachusetts contract and shall be governed and construed
          in accordance with the laws of the Commonwealth of Massachusetts, without regard to any conflict of laws principles that would result in

          the application of the laws of any other jurisdiction.

         

        13.         Legal Fees. The Executive shall be entitled to payment or reimbursement

          of reasonable legal fees in an amount not to exceed $10,000 in connection with the review, negotiation, preparation of this Agreement or the Non-Statutory Stock Option Agreement between the Executive and Parent.

         

        14.         Notices. Any notices provided for in this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, and addressed to the Executive at his last known address on the books of the
            Company or, in the case of the Company, to it at its principal place of business, attention of the Chairman of the Board, or to such other address as either party may specify by notice to the other actually received.

        

        

        
          - 13 -

          
            

        

        The Executive acknowledges that the Company provided him with this Agreement by the earlier of (i) the date of a formal offer of employment from the Company or (ii) ten (10) business days before the Effective
            Date. The Executive acknowledges that he has been and is hereby advised of his right to consult an attorney before signing this Agreement.

         

        IN WITNESS WHEREOF, this Agreement has been executed by the
            Company, by its duly authorized representative, and by the Executive, as of the date first above written.

         

        
          	
                   

                	THE EXECUTIVE:

                	
                   

                	 THE  COMPANY:	
                   

                
	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                	
                   

                
	
                   

                	/s/ Kathy Yi	
                   

                	By:	/s/ N. Anthony Coles, M.D.

                  	
                   

                
	
                   

                	Kathy Yi	
                   

                	

                	
                  Name: N. Anthony Coles, M.D.

                    

                	
                   

                
	
                   

                	
                   

                	
                   

                	

                	Title: Executive Chairman	
                   

                

        

         

        

         

        

      

      - 14 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]