Document:

Exhibit
10.1

 

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(this “Agreement”) is made as of March 22, 2022 (the “Effective Date”) by and between Voyager Therapeutics,
Inc. (the “Company”) and Alfred Sandrock, M.D., Ph.D. (the “Executive”).

 

1.                 
Employment. The Company and the Executive desire that the Executive be employed as the Company’s President and
Chief Executive Officer. The employment relationship between the Company and the Executive shall be governed by this Agreement commencing
as of the Effective Date and continuing in effect until terminated by either party in accordance with this Agreement. The Executive’s
first day of employment shall be March 22, 2022 (the “Commencement Date”). At all times, 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. In connection with the commencement of Executive’s
employment hereunder, the Consulting Agreement by and between the Company and the Executive, dated February 7, 2022, shall terminate and
be of no further force or effect.

 

2.                 
Position, Reporting and Duties.  The Executive will serve as the President and Chief Executive Officer of the Company
with the traditional power and duties of such office in companies similar in size to the Company and such additional other executive level
duties reasonably assigned by the Company’s Board of Directors (the “Board”). The Executive shall continue to
serve on the Board following his commencement as the Company’s President and Chief Executive Officer. The Executive shall devote
the Executive’s full working time and efforts to the business and affairs of the Company and shall not engage in any other business
activities without the prior written approval of the Board and provided that such activities do not create a conflict of interest or otherwise
interfere with the Executive’s performance of the Executive’s duties to the Company. The Executive’s normal place of
work will be in the Company’s Cambridge, MA offices. It is understood and agreed that the Executive will generally be on site in
Cambridge, unless the Executive is traveling on behalf of the Company. The Executive agrees to abide by the rules, regulations, instructions,
personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company.

 

3.                 
Compensation and Related Matters.

 

(a)              
Base Salary. The Executive will receive a base salary at the annual rate of $600,000 (“Base Salary”),
which Base Salary is subject to review and redetermination by the Company from time to time. The Base Salary will be payable in a manner
that is consistent with the Company’s usual payroll practices for senior executives. The Executive shall be eligible to participate
in the annual salary review for the 2023 calendar year and in the annual salary review for each subsequent year thereafter.

 

     

     

    

 

(b)               Annual
Bonus. The Executive will be eligible to participate in the Company’s Senior Executive Cash Incentive Bonus Plan (the
 “Incentive Bonus Plan”), as approved by the Company’s Board, its Compensation Committee, or any other
committee of the Board from time to time, commencing for calendar year 2022. The terms of the Incentive Bonus Plan shall be
established and may be altered by the Board, its Compensation Committee, or any other committee of the Board in its or their sole
discretion. For calendar year 2022, the Executive’s target bonus under the Incentive Bonus Plan shall be fifty-five percent
(55%) of the Executive’s Base Salary. Any bonus paid for calendar year 2022 will be prorated based on the Commencement Date.
To earn any bonus, the Executive must be employed by the Company on the day such bonus is paid, except as provided to the contrary
in either Section 6 or 7 below, because such bonus serves as an incentive for the Executive to remain employed with the Company.
Both parties acknowledge and agree that any bonus is not intended and shall not be deemed a “wage” under any state or
federal wage-hour law.

 

(c)              
Equity. Subject to approval by the Company’s Compensation Committee, on the Commencement Date, the Executive will
be granted the following equity awards pursuant to and in accordance with the Company’s 2015 Stock Option and Incentive Plan (the
 “Plan”), consisting of an Option Award and an RSU Award (each as defined below):

 

(i)                
The Executive will be granted an option (the “Option Award”) to purchase 940,600 shares of the Company’s
common stock (the “Common Stock”), with the shares underlying the Option Award (the “Option Shares”)
to (a) have an exercise price per share equal to the closing price of the Common Stock on The Nasdaq Global Select Market on the Commencement
Date, and (b) vest and become exercisable, subject to the Executive’s continued service on each applicable vesting date, as follows:
25% of the Option Shares will vest on the first anniversary of the Commencement Date, and an additional 2.0833% of the Option Shares will
vest on a monthly basis at the end of each one-month period following the first anniversary of the Commencement Date until the four-year
anniversary of the Commencement Date; and

 

(ii)             
The Executive will also be granted 100,000 restricted stock units, each representing the right to receive one share of Common Stock
(the “RSU Award”), with the shares underlying the RSU Award to (a) commence vesting as of the first day of the first
calendar quarter immediately following the Commencement Date (the “RSU Vesting Commencement Date”), and (b) vest and
become settleable, subject to the Executive’s continued service on each applicable vesting date, over a four-year period, as follows:
25% of the RSU Award will vest on the first anniversary of the RSU Vesting Commencement Date and an additional 25% of the RSU Award will
vest at the end of each one-year period following the first anniversary of the RSU Vesting Commencement Date until the four-year anniversary
of the RSU Vesting Commencement Date.

 

Each of the Option Award and
the RSU Award will be subject to and governed by the terms and conditions of the Plan and the applicable equity award agreement between
the Executive and the Company (collectively, the “Equity Documents”).

 

(d)               Employee
Benefits. The Executive shall be entitled to full participation in the Company’s flexible vacation plan each calendar year
and to such other holidays as the Company recognizes for employees having comparable responsibilities and duties. The Executive will
be entitled to participate in the Company’s employee benefit plans, subject to the terms and the conditions of such plans, and
the Company’s ability to amend and modify such plans at any time and from time to time without advance notice.

 

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(e)              
Reimbursement of Business Expenses. The Company shall reimburse the Executive for travel, entertainment, business development
and other expenses reasonably and necessarily incurred by the Executive in connection with the Company’s business. Expense reimbursement
shall be subject to such policies that the Company may adopt from time to time, including with respect to pre-approval.

 

(f)               
Signing Bonus. In further consideration of the obligations established for the Executive under the Confidentiality Agreement
(as defined below), the Executive will receive a one-time signing bonus of $50,000, less all applicable taxes and withholdings (the “Signing
Bonus”). The Signing Bonus shall be payable in the Company’s first regular payroll cycle following the Commencement Date.
If, prior to the first anniversary of the Commencement Date, the Company terminates the Executive’s employment for Cause (as defined
below) or the Executive resigns his employment without Good Reason (as defined below), the Executive will be obligated to repay the entire
amount of the Signing Bonus received by the Executive within thirty (30) days following the Executive’s separation from employment.

 

4.                 
Certain Definitions.

 

(a)               “Cause”
means (A) the commission by the Executive of (i) any felony; or (ii) a misdemeanor involving moral turpitude, deceit,
dishonesty or fraud; or (B) a good faith finding by the Company of: (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) 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 but, provided that if the Company reasonably determines that such conduct is capable of being cured, only
after receipt of written notice by the Company reasonably describing such conduct and if the Executive fails to cease and cure such
conduct within fifteen (15) days of receipt of said written notice; (iii) continued non-performance by the Executive of the
Executive’s responsibilities hereunder (other than by reason of the Executive’s physical or mental illness, incapacity
or disability) but, provided that if the Company reasonably determines that such conduct is capable of being cured, only after
receipt of written notice by the Company reasonably describing such non-performance and the Executive’s failure to cure such
non-performance within fifteen (15) days of receipt of said written notice; (iv) a breach by the Executive of any
confidentiality or restrictive covenant obligations to the Company, including under the Confidentiality, Non-Solicitation,
Non-Competition and Invention Assignment Agreement attached hereto as Exhibit A (the “Confidentiality
Agreement”); (v) a material violation by the Executive of any of the Company’s written employment policies
communicated to the Executive; (vi) a material misrepresentation made by the Executive in the scope of or concerning his employment
with the Company, including, without limitation, a misrepresentation with respect to the absence of any obligation to any former
employer or any other person or entity that would or does prevent, limit, or impair in any way the performance of his duties to the
Company; (vii) a finding or a decision by regulatory or law enforcement authorities of a material violation of any law or regulation
that would or does prevent, limit, or impair in any way the performance of his duties to the Company or the scope of his employment
with the Company; or (viii) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or
law enforcement authorities as provided under Section 13 of this Agreement, after being instructed by the Company to cooperate,
or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the
inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

 

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(b)              
“Disabled” or “Disability” means the Executive is 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 one hundred and eighty (180) days (which days need not be consecutive) in any twelve (12) month period. If any question shall arise
as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s
then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall,
submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s
guardian has no reasonable objection as to whether the Executive is so disabled or how long such Disability is expected to continue, and
such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable
request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such
certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 4(b) shall be
construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave
Act of 1993, 29 U.S.C. §2601 et seq., and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

(c)               “Good
Reason” means that the Executive has complied with the “Good Reason Process” (hereinafter defined) following
the occurrence of any of the following events without the Executive’s consent: (A) a material diminution in the
Executive’s responsibilities, authority or duties; (B) a material diminution in the Executive’s Base Salary except
for a reduction of the Executive’s Base Salary that is part of an across-the-board salary reduction applied to substantially
all senior management employees that is caused by the Company’s financial performance and is similar to and proportionately
not greater than the reductions affecting all or substantially all senior management employees of the Company; (C) the relocation of
the Executive’s principal place of business more than fifty (50) miles other than in a direction that reduces the
Executive’s daily commuting distance; or (D) the material breach by the Company of this Agreement or any other agreements
between the Executive and the Company relating to the Option Award or the RSU Award. “Good Reason Process” means
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 sixty (60) days of the first
occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts for thirty (30) days
following such notice (the “Cure Period”) to remedy the condition; (iv) notwithstanding such efforts, at least
one Good Reason condition continues to exist; and (v) the Executive terminates the Executive’s employment within sixty (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. The Company’s success at curing a Good Reason condition shall not bar or preclude the
Executive’s right to notify the Company of the occurrence of another Good Reason condition and to proceed with the Good Reason
Process.

 

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(d)              
“Sale Event” means the consummation of (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 immediately prior to such transaction do not own a majority of the outstanding voting
power of the surviving or resulting entity (or its ultimate parent, if applicable), (iii) the acquisition, directly or indirectly, of
all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a Person
or group of Persons, (iv) a Deemed Liquidation Event (as defined in the Company’s Certificate of Incorporation (as may be amended,
restated or otherwise modified from time to time)), or (v) any other acquisition of the business of the Company, as determined by the
Board. Notwithstanding the foregoing, a “Sale Event” shall not be deemed to have occurred as a result of (a) a merger effected
solely to change the Company’s domicile, and (b) an acquisition of shares of Company common stock by the Company which, by reducing
the number of shares outstanding, increases the proportionate number of shares beneficially owned by any person to a majority of the outstanding
shares of common stock of the Company; provided, however, that if any person referred to in this clause (b) shall thereafter become the
beneficial owner of any additional shares (other than pursuant to a stock split, stock dividend, or similar transaction or as a result
of an acquisition of shares directly from the Company) and immediately thereafter beneficially owns a majority of the then outstanding
shares, then a “Sale Event” shall be deemed to have occurred for purposes of this clause (b). Notwithstanding the foregoing,
where required to avoid extra taxation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
a Sale Event must also satisfy the requirements of Treas. Reg. Section 1.409A-3(a)(5).

 

(e)              
“Sale Event Period” means the period ending twelve (12) months following the consummation of a Sale Event.

 

(f)               
“Terminating Event” means termination of the Executive’s employment by the Company without Cause or by
the Executive for Good Reason. A Terminating Event does not include: (i) the termination of the Executive’s employment due to the
Executive’s death or a determination that the Executive is Disabled; (ii) the Executive’s resignation for any reason other
than Good Reason, (iii) the Company’s termination of the Executive’s employment for Cause, or (iv) any termination of this
Agreement prior to the Commencement Date by either party for any reason.

 

5.                 
Compensation in Connection with a Termination for any Reason. 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) any earned but unpaid Base Salary, unpaid expense reimbursements, and vested employee benefits, each as of the Date of Termination
(as defined below).

 

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6.                  Severance
and Accelerated Vesting if a Terminating Event Occurs within the Sale Event Period. In the event a Terminating Event occurs
within the Sale Event Period, subject to the Executive signing and complying with a separation agreement in a form and manner
satisfactory to the Company containing, among other provisions, a general release of claims in favor of the Company and related
persons and entities, covenants to return Company property and to not disparage the Company, a reaffirmation of the Confidentiality
Agreement and a twelve (12) month post-employment non-competition restriction with a scope of prohibited competitive activity no
greater than that described in the Confidentiality Agreement (the “Separation Agreement and Release”), and the
Separation Agreement and Release becoming irrevocable (the date such Separation Agreement and Release becomes irrevocable, the
 “Release Effective Date”), all within sixty (60) days after the Date of Termination or by an earlier date as
determined by the Company, the following shall occur:

 

(a)              
the Company shall pay to the Executive an amount equal to twelve (12) months of the Executive’s Base Salary in effect immediately
prior to the Terminating Event (or the Executive’s Base Salary in effect immediately prior to the Sale Event, if higher), determined
in each case immediately before any event that constitutes Good Reason (if applicable);

 

(b)              
the Company shall pay to the Executive any annual bonus from the immediately prior year which has not yet been paid and a pro-rated
portion of the Executive’s annual bonus at target for the year in which termination occurs, with such proration to be based on the
Date of Termination;

 

(c)              
if the Executive timely elects and is eligible to continue receiving group health insurance pursuant to the “COBRA”
law, the Company will, until the earlier of (x) the date that is twelve (12) months following the Date of Termination, and (y) the date
on which the Executive obtains alternative coverage (as applicable, the “Sale Event COBRA Contribution Period”), continue
to pay the share of the premiums for such coverage to the same extent it was paying such premiums on the Executive’s behalf immediately
prior to the Date of Termination. The remaining balance of any premium costs during the Sale Event COBRA Contribution Period, and all
premium costs thereafter, shall be paid by the Executive monthly for as long as, and to the extent that, the Executive remains eligible
for COBRA continuation. The Executive agrees that, should the Executive obtain alternative medical and/or dental insurance coverage prior
to the date that is twelve (12) months following the Date of Termination, the Executive will so inform the Company in writing within five
(5) business days of obtaining such coverage. Notwithstanding anything to the contrary herein, in the event that the Company’s payment
of the amounts described in Section 6(c) would subject the Company to any tax or penalty under the Patient Protection and Affordable Care
Act (as amended from time to time, the “ACA”) or Section 105(h) of the Internal Revenue Code of 1986, as amended (“Section
105(h)”), or applicable regulations or guidance issued under the ACA or Section 105(h), the Executive and the Company agree
to work together in good faith to restructure such benefit; and

 

(d)              
one hundred percent (100%) of all equity awards held by the Executive that vest solely based on continued service shall immediately
accelerate and become fully exercisable or nonforfeitable as of the Date of Termination and the provisions of this Section 6(d) shall
be deemed to be incorporated by reference into the agreements governing all such awards.

 

For avoidance of doubt,
the Separation Agreement and Release for purposes of this Agreement shall not require a waiver of any rights under the
indemnification agreement between the Company and the Executive or any rights described in Section 5 above. Notwithstanding the
foregoing, if the Executive’s employment is terminated in connection with a Sale Event and the Executive immediately becomes
reemployed by any direct or indirect successor to the business or assets of the Company, the termination of the Executive’s
employment upon the Sale Event shall not be considered a termination without Cause for purposes of this Agreement.

 

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The amounts payable under
Section 6(a) and 6(b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice
over twelve (12) months commencing within sixty (60) days after the Date of Termination (but no sooner than the Release Effective Date);
provided, however, that if the sixty (60) day period begins in one calendar year and ends in a second calendar year, the severance
shall be paid or shall begin to be paid in the second calendar year by the last day of such sixty (60) day period; provided further,
that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination.
Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

7.                 
Severance if a Terminating Event Occurs Outside the Sale Event Period. In the event a Terminating Event occurs at any
time other than during the Sale Event Period, subject to the Executive signing the Separation Agreement and Release and the Separation
Agreement and Release becoming irrevocable, all within sixty (60) days after the Date of Termination or by an earlier date as determined
by the Company, the following shall occur:

 

(a)              
the Company shall pay to the Executive an amount equal to twelve (12) months of the Executive’s Base Salary in effect immediately
prior to the Terminating Event (but only after disregarding any event that constitutes Good Reason);

 

(b)              
the Company shall pay to the Executive any annual bonus from the immediately prior year which has not yet been paid and a pro-rated
portion of the Executive’s annual bonus at target for the year in which termination occurs, with such proration to be based on the
Date of Termination; and

 

(c)              
if the Executive timely elects and is eligible to continue receiving group health insurance pursuant to the “COBRA”
law, the Company will, until the earlier of (x) the date that is twelve (12) months following the Date of Termination, and (y) the date
on which the Executive obtains alternative coverage (as applicable, the “Non-Sale Event COBRA Contribution Period”),
continue to pay the share of the premiums for such coverage to the same extent it was paying such premiums on the Executive’s behalf
immediately prior to the Date of Termination. The remaining balance of any premium costs during the Non-Sale Event COBRA Contribution
Period, and all premium costs thereafter, shall be paid by the Executive on a monthly basis for as long as, and to the extent that, the
Executive remains eligible for COBRA continuation. The Executive agrees that, should the Executive obtain alternative medical and/or dental
insurance coverage prior to the date that is twelve (12) months following the Date of Termination, the Executive will so inform the Company
in writing within five (5) business days of obtaining such coverage. Notwithstanding anything to the contrary herein, in the event that
the Company’s payment of the amounts described in Section 7(c) would subject the Company to any tax or penalty under the ACA or
Section 105(h), or applicable regulations or guidance issued under the ACA or Section 105(h), the Executive and the Company agree to work
together in good faith to restructure such benefit.

 

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The amounts payable under
Section 7(a) and 7(b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice
over twelve (12) months commencing within sixty (60) days after the Date of Termination (but no sooner than the Release Effective Date);
provided, however, that if the sixty (60) day period begins in one calendar year and ends in a second calendar year, the severance shall
begin to be paid in the second calendar year by the last day of such sixty (60) day period; provided further, that the initial payment
shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant
to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

8.                 
Confidentiality, Non-Solicitation, Non-Competition and Invention Assignment Agreement. The Executive acknowledges and
agrees that the Executive must, as a condition of the Executive’s employment, execute, no later than the Commencement Date, the
Confidentiality Agreement attached hereto as Exhibit A indicating the Executive’s agreement to all of the Executive’s
obligations thereunder. The Executive further acknowledges that the Executive’s receipt of the grant of the Option Award and RSU
Award as set forth in Section 3(c) above and the Signing Bonus as set forth in Section 3(f) above is contingent on the Executive’s
agreement to the post-employment non-competition provisions set forth in the Confidentiality Agreement. The Executive further acknowledges
that such consideration was mutually agreed upon by the Executive and the Company and is fair and reasonable in exchange for the Executive’s
compliance with such non-competition obligations. The terms of the Confidentiality Agreement are incorporated by reference in this Agreement
and the Executive hereby reaffirms the terms of the Confidentiality Agreement as a material term of this Agreement. The Executive further
represents that he is not under any obligation to any former employer or any other person or entity which would or does prevent, limit,
or impair in any way the performance by him of his duties pursuant to this Agreement.

 

9.                 
Additional Limitation.

 

(a)               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 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: (i) cash payments
not subject to Section 409A of the Code; (ii) cash payments subject to Section 409A of the Code; (iii) equity-based
payments and acceleration; and (iv) 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).

 

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(b)              
For purposes of this Section, 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.

 

The determination as to whether
a reduction in the Aggregate Payments shall be made pursuant to this Section shall be made by a nationally recognized accounting firm
selected by the Company prior to the Sale Event (the “Accounting Firm”), which shall provide detailed supporting calculations
both to the Company and the Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier
time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company
and the Executive.

 

10.             
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 subject to
the twenty percent (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 (i) six
(6) months and one (1) day after the Executive’s separation from service, or (ii) the Executive’s death.

 

(b)              
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 hereunder that is paid in instalment (whether severance
payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each instalment
payment hereunder shall at all times be considered a separate and distinct payment. Neither the Company nor the Executive shall have the
right to accelerate or defer any payment (or installment) hereunder unless permitted or required by Code Section 409A.

 

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(c)               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. Such right to
reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

(d)              
To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation”
under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment,
then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination
of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation
Section 1.409A-1(h).

 

(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.

 

11.             
Taxes. All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding
and payroll taxes and other deductions required by law. The Executive hereby acknowledges that the Company does not have a duty to design
its compensation policies in a manner that minimizes tax liabilities.

 

12.             
Notice and Date of Termination; Resignation from Other Positions.

 

(a)              
Notice of Termination. The Executive’s employment with the Company may be terminated by the Company or the Executive
at any time and for any reason, subject to the terms of this Agreement. Any termination of the Executive’s employment (other than
by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto in accordance
with this Section. 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.

 

(b)              
Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated
by the Executive’s death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated on
account of Executive’s Disability or by the Company for Cause or without Cause, the date specified in the Notice of Termination;
(iii) if the Executive’s employment is terminated by the Executive for any reason except for Good Reason, thirty (30) days
after the date specified in the Notice of Termination, and (iv) if the Executive’s employment is terminated by the Executive
with Good Reason, the date specified in the Notice of Termination 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 the termination being deemed a termination by the Company for purposes of this Agreement.

 

    - 10 -

     

    

 

(c)               Resignation
from Other Positions. If, as of the date that Executive’s employment terminates for any reason, Executive is a member of
the Board (or the board of directors of any entity affiliated with the Company), or holds any other offices or positions with the
Company (or any entity affiliated with the Company), Executive shall, unless otherwise requested by the Company, immediately
relinquish and/or resign from any such board memberships, offices and positions as of the date his employment terminates. Executive
agrees to execute such documents and take such other actions as the Company may request to reflect such relinquishments and/or
resignation(s).

 

13.             
Litigation and Regulatory Cooperation. During and after the Executive’s employment, and at all times, so long
as there is not a significant conflict with the Executive’s then employment, the Executive shall cooperate reasonably with the Company
in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of
the Company which relate to events or occurrences that transpired while the Executive was employed by the Company. The Executive’s
reasonable cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel
to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the
Executive’s employment, the Executive also shall cooperate reasonably with the Company in connection with any investigation or review
of the Company by 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 reasonably compensate the Executive for the time dedicated
to, and shall reimburse the Executive for any reasonable out of pocket expenses, including attorneys’ fees, incurred in connection
with, the Executive’s performance of the obligations set forth in this Section; provided, however, that the Company will not pay
the Executive any fee or amount for time spent providing testimony in any arbitration, trial, administrative hearing or other proceeding.

 

14.             
Other Conditions to Employment. The Executive’s employment is contingent upon reference and background checks
satisfactory to the Company. The Executive shall, prior to commencing employment, make himself available for and cooperate with the Company
in obtaining such checks on the Executive, including providing any and all consents necessary to the accomplishment of the foregoing.
The Executive shall also provide timely documentation of his identity and eligibility to work in the United States, as required by federal
law.

 

15.             
Relief. If the Executive breaches, or proposes to breach, any portion of this Agreement, including the Confidentiality
Agreement, or, if applicable, the Separation Agreement and Release, the Company shall be entitled, in addition to all other remedies that
it may have, to an injunction or other appropriate equitable relief to restrain any such breach, and, if applicable, the Company shall
have the right to suspend or terminate the payments, benefits and/or accelerated vesting, as applicable. Such suspension or termination
shall not limit the Company’s other options with respect to relief for such breach and shall not relieve the Executive of the Executive’s
duties under this Agreement, the Confidentiality Agreement or the Separation Agreement and Release.

 

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16.              Scope
of Disclosure Restrictions. Nothing in this Agreement or the Confidentiality Agreement prohibits the Executive from
communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information
to government agencies, filing a complaint with government agencies, or participating in government agency investigations or
proceedings.  The Executive is not required to notify the Company of any such communications; provided, however, that nothing
herein authorizes the disclosure of information the Executive obtained through a communication that was subject to the
attorney-client privilege.  Further, notwithstanding the Executive’s confidentiality and nondisclosure obligations, the
Executive is hereby advised as follows pursuant to the Defend Trade Secrets Act: “An individual shall not be held criminally
or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for
the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal.  An individual who files a lawsuit for retaliation by an
employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the
trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal;
and (B) does not disclose the trade secret, except pursuant to court order.”

 

17.             
Governing Law; Consent to Jurisdiction; Forum Selection. The resolution of any disputes as to the meaning, effect, performance
or validity of this Agreement or the Confidentiality Agreement, or arising out of, related to, or in any way connected with the Executive’s
employment with the Company or any other relationship between the Executive and the Company (“Disputes”) will be governed
by the law of the Commonwealth of Massachusetts, excluding laws relating to conflicts or choice of law. The Executive and the Company
submit to the exclusive personal jurisdiction of the federal and state courts located in the Commonwealth of Massachusetts in connection
with any Dispute or any claim related to any Dispute and agree that any claims or legal action shall be commenced and maintained solely
in a state or federal court located in the Commonwealth of Massachusetts.

 

18.             
Integration. This Agreement, together with the Confidentiality Agreement and the Equity Documents, constitutes the entire
agreement between the parties with respect to compensation, severance pay, benefits and accelerated vesting and supersedes in all respects
all prior agreements between the parties concerning such subject matter, including without limitation any prior offer letter, draft employment
agreement, or discussions relating to the Executive’s employment relationship with the Company. For purposes of this Agreement,
the Company shall include affiliates and subsidiaries thereof.

 

19.             
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.

 

20.             
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.

 

    - 12 -

     

    

 

21.              Notices.
Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and (i)
sent by email to the email addresses used by the members of the Board or the General Counsel (in the case of notices to the Company)
or by the Executive (in the case of notices to the Executive) in their usual course of business; (ii) delivered by hand; (iii) sent
by a nationally recognized overnight courier service or (iv) sent by registered or certified mail, postage prepaid, return receipt
requested, in each case (clauses (iii) and (iv)) to the Executive at the last address the Executive has filed in writing with the
Company, or (as applicable) to the Company at its main office, attention of the General Counsel.

 

22.             
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.

 

23.             
Assignment and Transfer by the Company; Successors. The Company shall have the right to assign and/or transfer this
Agreement to any entity or person, including without limitation the Company’s parents, subsidiaries, other affiliates, successors,
and acquirers of Company stock or other assets, provided that such entity or person receives all or substantially all of the Company’s
assets. The Executive hereby expressly consents to such assignment and/or transfer. This Agreement shall inure to the benefit of and be
enforceable by the Company’s assigns, successors, acquirers and transferees.

 

24.             
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 all of which together shall constitute one and the same document.

  

[Remainder of the Page
Intentionally Left Blank]

 

    - 13 -

     

    

 

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

 

	 	VOYAGER THERAPEUTICS, INC.
	 	 	 
		By:	/s/ Michael Higgins
	 	 	Michael Higgins
	 	 	Interim President & Chief Executive Officer
 Chairman, Board of Directors
	 	 
	 	Date:	 March 19, 2022
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Alfred Sandrock, M.D., Ph.D.
	 	Alfred Sandrock, M.D., Ph.D.
	 	 
	 	Date:	March 19, 2022

 

Signature Page to Sandrock Employment Agreement

 

     

     

    

 

EXHIBIT
A

 

Confidentiality, Non-Solicitation, Non-Competition
and Invention Assignment AgreementEX-4.1

 Exhibit 4.1 

Execution Version 

WARRANT ASSUMPTION AGREEMENT 

This Warrant Assumption Agreement (this “Warrant Assumption Agreement”) is entered into as of March 16, 2022, by and
among Spartan Acquisition Corp. III, a Delaware corporation (“Spartan”), Athena Pubco B.V., a Dutch private limited liability company (the “Company”), and Continental Stock Transfer & Trust Company, a New
York corporation (the “Warrant Agent”). 
 WHEREAS, Spartan and the Warrant Agent are parties to that certain Warrant
Agreement dated as of February 8, 2021 (the “Warrant Agreement”; capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Business Combination Agreement (as defined below));

 WHEREAS, Spartan, the Company, Athena Merger Sub Inc., a Delaware corporation and direct, wholly owned subsidiary of the Company
(“Merger Sub”), Madeleine Charging B.V., a Dutch private limited liability company, Allego Holding B.V., a Dutch private limited liability company, and, solely with respect to the sections specified therein, E8 Partenaires, a French
société par actions simplifiée are parties to that certain Business Combination Agreement and Plan of Reorganization dated as of July 28, 2021 (as it may be amended, supplemented or otherwise modified from time to time, the
“Business Combination Agreement”), pursuant to which, subject to the terms and conditions set forth therein, (i) Merger Sub will merge with and into Spartan, with Spartan being the surviving corporation in the merger and
becoming a wholly owned subsidiary of the Company (the “Merger”) and (ii) the Company will be converted into a Dutch public limited company and shall be renamed and redesignated as Allego N.V.; 

WHEREAS, pursuant to the terms and conditions of each of the Warrant Agreement and the Business Combination Agreement, at the effective time
of the Merger (the “Effective Time”), by virtue of the Merger and without any action on the part of any holder of Spartan Warrants, each Spartan Warrant that is outstanding and unexercised immediately prior to the Effective Time
shall be assumed by the Company and will automatically be converted into a warrant (each resulting warrant, an “Allego Warrant”) to acquire one ordinary share in the capital of the Company immediately following the Merger, with a nominal
value of €0.12 per share (“NewCo Ordinary Shares”), subject to adjustments as provided in the Warrant Agreement, whereby each Allego Warrant shall be subject to the same terms and conditions (including exercisability terms) as
were applicable to the corresponding Spartan Warrant immediately prior to the Effective Time, except to the extent such terms or conditions are rendered inoperative by the Transactions.; and 

WHEREAS, as a result of this Warrant Assumption Agreement, effective as of the Effective Time, each Spartan Warrant will be converted into an
Allego Warrant. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Spartan, the Company and the Warrant Agent hereby agree as follows: 
 1. Assignment and
Assumption. 
 (a) Upon and subject to the occurrence of the Effective Time, Spartan hereby assigns to the Company, and the Company
hereby assumes, the rights and obligations of Spartan under the Warrant Agreement and the Spartan Warrants, and the Company hereby agrees to faithfully perform, satisfy and discharge when due, the liabilities and obligations of Spartan under the
Warrant Agreement and the Spartan Warrants, including the obligations to issue NewCo Ordinary Shares upon the exercise of the Allego Warrants. As a result of the preceding sentence, upon and subject to the occurrence of the Effective Time, each
Spartan Warrant will be converted into an Allego Warrant. 

 (b) The Company acknowledges and agrees that, subject to the terms of the Warrant Agreement,
the Spartan Warrants and this Warrant Assumption Agreement, the Warrant Agreement and the Spartan Warrants (converted into Allego Warrants following the Effective Time) shall continue in full force and effect and that all of Spartan’s
obligations thereunder shall be valid and enforceable as against the Company as of the Effective Time and shall not be impaired or limited by the execution or effectiveness of this Warrant Assumption Agreement. 

(c) Notwithstanding anything to the contrary herein or in the Warrant Agreement, if any Allego Warrant shall remain unexercised immediately
before the conclusion of the Exercise Period specified in the Warrant Agreement (including any extension of such Exercise Period), such Allego Warrant shall, automatically and without the necessity of any action on the part of any person, be
cancelled and cease to exist. 
 (d) This Warrant Assumption Agreement is being executed and delivered pursuant and subject to the Warrant
Agreement and the Business Combination Agreement. Nothing in this Warrant Assumption Agreement shall, or shall be deemed to, defeat, limit, alter, impair, enhance or enlarge any right, obligation, claim or remedy created by the Warrant Agreement or
any other document or instrument delivered pursuant to or in connection with it. 
 (e) The choice of law and jurisdiction provisions set
forth in the Warrant Agreement and this Warrant Assumption Agreement shall continue to govern the rights and obligations of the parties to the Warrant Agreement and this Warrant Assumption Agreement in all respects. The Company hereby waives any
objection to the jurisdiction provision governing the terms of the Warrant Agreement and this Warrant Assumption Agreement. 
 2.
Miscellaneous. 
 (a) Governing Law and Jurisdiction. The validity, interpretation, and performance of this Warrant Assumption
Agreement shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees
that any action, proceeding or claim against it arising out of or relating in any way to this Warrant Assumption Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and irrevocably submits to such jurisdiction. The Company hereby waives any objection to such jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be
served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to the Company at the address set forth below: 

c/o Allego Holding B.V. 

Westervoortsedijk 73 KB 
 6827
AV Arnhem, the Netherlands 
 Attn: Mathieu Bonnet 

E-mail: mathieu.bonnet@allego.eu 

with a copy to: 
 Weil,
Gotshal & Manges LLP 
 767 5th Avenue 

New York, NY 10153 
 Attn:
Matthew J. Gilroy; Amanda Fenster 
 E-mail: matthew.gilroy@weil.com; amanda.fenster@weil.com

 or to such other address or addresses as the parties may from time to time designate in writing. 

  
 2 

 (b) Binding Effect. This Warrant Assumption Agreement shall be binding upon and inure
to the benefit of the parties hereto and to their respective successors and assigns. 
 (c) Entire Agreement. This Warrant Assumption
Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them. Except as expressly
set forth in this Warrant Assumption Agreement, provisions of the Warrant Agreement which are not inconsistent with this Warrant Assumption Agreement shall remain in full force and effect. This Warrant Assumption Agreement may be executed in any
number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

(d) Severability. This Warrant Assumption Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Warrant Assumption Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend
that there shall be added as a part of this Warrant Assumption Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

(e) Amendment. This Warrant Assumption Agreement may not be amended, except by an instrument in writing signed by each party hereto.

 (f) Termination. If the Business Combination Agreement is terminated in accordance with its terms before the Effective Time, this
Warrant Assumption Agreement shall immediately terminate and cease to have any force or effect, without any liability on the part of any party hereto, as if this Warrant Assumption Agreement had not been executed and delivered. 

[SIGNATURE PAGES FOLLOW] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Warrant Assumption
Agreement as of the date first written above. 
  

			
	ATHENA PUBCO B.V.
		
	By:	 	/s/ Mathieu Bonnet
	Name:	 	Mathieu Bonnet
	Title:	 	Managing Director

  

			
	SPARTAN ACQUISITION CORP. III
		
	By:	 	/s/ Geoffrey Strong
	Name:	 	Geoffrey Strong
	Title:	 	Chief Executive Officer

  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	/s/ Stacy Aqui
	Name:	 	Stacy Aqui
	Title:	 	Vice President & Account Administrator 

 [Signature Page to Warrant Assumption Agreement]

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