Document:

EX-10.19

 Exhibit 10.19 

 
 

 
 July 24, 2020 

Susanna High 
 [**] 

Dear Susanna: 
 On behalf of Dyne Therapeutics, Inc. (the
“Company”), I am pleased to offer you employment in the position of Chief Operating Officer. This letter summarizes the initial terms of your employment with the Company. 

1. Position. You will be employed by the Company on a full-time basis, reporting to the Company’s Chief Executive Officer or their designee. You
will work out of the Company’s office in Waltham, Massachusetts or at such other office as the Company may designate. You agree to devote your full business time, best efforts, skill, knowledge, attention and energies to the advancement of the
Company’s business and interests and to the performance of your duties and responsibilities as an employee of the Company, and shall not engage in any other employment, consulting or other business activity without the prior written consent of
the Company. 
 2. Start Date. Your employment will begin on or before July 31, 2020 (the “Start Date”). 

3. Salary. During your employment the Company will pay you a salary at the semi-monthly rate of $16,666.66, which is equivalent to $400,000 on an
annualized basis, payable in accordance with the regular payroll practices of the Company and subject to applicable deductions and withholdings. This salary will be subject to periodic review and adjustments at the Company’s discretion. 

4. Annual Bonus. Following the end of each fiscal year and provided you remain employed by the Company on the last day of such fiscal year, you will be
eligible to receive an annual incentive bonus of up to thirty-five percent (35%) of your cumulative regular earnings during that fiscal year. The actual bonus awarded for a fiscal year will be based on your performance and the Company’s
performance that year against criteria to be established by the Company, such bonus and such criteria as determined by the Company in its sole discretion. 

5. Equity. Subject to the approval of the Board, and in consideration of your agreement in Section 8 to adhere to the non-competition provisions set forth in the Non-Competition Agreement (as defined below), the Company shall grant to you an option (the “Time-Based Option”) to
purchase 1,089,915 shares of the Company’s common stock under the Company’s 2018 Stock Incentive Plan and a second option (the “Performance Option” and together with the Time-Based Option, the “Options”) to purchase
119,945 shares of the Company’s common stock under the 

 
Company’s 2018 Stock Incentive Plan. The Time-Based Option shall vest over four (4) years with twenty-five percent (25.00%) vesting on the first anniversary of the Start Date and the
balance vesting as to six and one quarter percent (6.25%) each quarter thereafter for 12 quarters, provided that 33% of the Time-Based Option shall not commence vesting until a qualified sale of the Company’s Series B Preferred Stock. The
Performance Option will vest in full upon the qualified sale of the Company’s Series B Preferred Stock and acceptance by the FDA for filing of the Company’s first Investigational New Drug (“IND”) application, provided that the
IND application is accepted for filing by December 31, 2023. The Options will be granted at a price per share equal to the fair market value at the time of grant as determined by the Company in its sole discretion. The Options shall be subject
to the terms of the Company’s 2018 Stock Incentive Plan and other provisions set forth in separate option agreements. In addition, provided you remain employed by the Company through the applicable grant date, you may be entitled to additional
stock option grants and/or awards of restricted shares of common stock (“Additional Grants”) that the Board may elect to grant to you in the future in its sole discretion. 

6. Benefits. You may participate in the benefit programs offered by the Company to its employees from time to time, provided that you are eligible
under (and subject to all provisions of) the plan documents that govern those programs. The Company does not offer a specific number of vacation days. Instead, the Company has an open policy of taking days off based on an employee’s reasonable
discretion and prior approval from the employee’s manager. These benefits may be modified by the Company from time to time in its sole discretion. 

7. Severance Benefits. 
 (a) General. Either party
may terminate your employment relationship hereunder at any time for any reason by providing written notice to the other party; provided that if that Company terminates your employment for Cause (as defined below), the Company shall comply with the
provisions set forth in the definition thereof. If you are subject to an Involuntary Termination, then you will be entitled to the benefits described in this Section 7. However, this Section 7 will not apply unless you: (i) have
returned all Company property in your possession on or prior to your last day of employment and (ii) have entered into a separation agreement that has become enforceable and irrevocable and that includes a general release of all
employment-related claims that you may have against the Company or persons affiliated with the Company and re-confirmation of your obligations under the Restrictive Covenant Agreements (as defined below) (the
“Separation Agreement”). Notwithstanding the foregoing, no term of this offer letter or the Separation Agreement shall impact or affect, in any way, your rights with respect to, and the Separation Agreement shall not include a waiver or
release of any claims related to: (w) your status as a stockholder or equity holder of the Company or any rights you have under the terms of any equity award or agreement between you and the Company, (x) any rights to indemnification from
the Company, pursuant to any applicable governing documents of the Company or any applicable written agreement between you and the Company, (y) rights under ERISA or (z) rights which, as a matter of law, cannot be waived. The Separation
Agreement must be in substantially the form reasonably prescribed by the Company, and must be executed and must become enforceable and irrevocable on or before the 52nd day following your last day of employment with the Company. If you fail to
execute without revocation the Separation Agreement on or before the 52nd day following your last day of employment with the Company, you shall be entitled to the Accrued Obligations only and no other severance payments or benefits. The continued
salary provided 

 
under Section 7(b)(ii) below shall be paid in accordance with the Company’s normal payroll practices and shall commence on the next payroll date falling after the date the Separation
Agreement becomes enforceable and irrevocable. If, however, the 52-day period in which the Separation Agreement must become enforceable and irrevocable begins in one taxable year and ends in the following
year, the Company shall commence payment of the continued salary in the second year on the first payroll date falling on the later of: (A) January 1; and (B) the date on which the Separation Agreement becomes enforceable and irrevocable.
The first payroll shall include, however, all amounts that would otherwise have been paid to you between the date your employment is terminated and your receipt of the first installment. 

(b) Severance. If you are subject to an Involuntary Termination, then, subject to Section 7(a): 

i. The Company shall pay you the Accrued Obligations earned through your last day of employment on or before the time required by law but in no event more
than fifteen (15) days after your last day of employment with the Company, except to the extent such payment would accelerate compensation in a manner inconsistent with compliance with Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”); and 
 ii. The Company shall continue to pay you your base salary as in effect on your last day of employment for a period
of nine (9) months (the “Severance Period”). 
 iii. Should you be eligible for and timely elect to continue receiving group health insurance
coverage under the law known as COBRA, the Company shall pay on your behalf the portion of the monthly premiums for such coverage that it pays for active and similarly situated employees receiving the same type of coverage, for a period ending upon
the earlier of (x) the expiration of the Severance Period, and (y) the date on which you become eligible to receive group health insurance coverage through another employer (as applicable, the “COBRA Contribution Period”);
provided, however, that such Company-paid premiums may be recorded as additional income pursuant to Section 6041 of the Code and not entitled to any tax qualified treatment to the extent necessary to comply with or avoid the discriminatory
treatment prohibited by the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act of 2010 or Section 105(h) of the Code. The balance of such premiums during the COBRA Contribution Period, and
all premium costs thereafter, shall be paid by you on a monthly basis during the elected period of health insurance coverage under COBRA for as long as, and to the extent that, you remain eligible for and elect to remain enrolled in COBRA
continuation coverage. You agree that, should you become eligible during the Severance Period to receive group health insurance coverage through another employer, you shall immediately notify the Company in writing of the date of eligibility for
such coverage and the Company’s obligation under this paragraph shall terminate as of such date of eligibility. 
 iv. If the Involuntary Termination
occurs on or within twelve (12 months) following a Change in Control (as defined below), then: (i) you shall receive a cash payment equal to your target bonus under Section 4(a) for the fiscal year in which the Involuntary Termination
occurs, (ii) one hundred percent (100%) of the unvested portion of the Options and each Additional Grant that vests solely based on continued service will fully vest as of the date of such Involuntary Termination; (iii) no shares may be
transferred and no stock option exercised (in each case with respect to the unvested portion) until the Separation Agreement has become enforceable and irrevocable and (iv) if the Separation Agreement does not become enforceable and irrevocable
in accordance with this offer letter, the portions of the Options and Additional Grants that have vested as a result of this provision shall be cancelled effective as of the date of the Involuntary Termination. 

 The payments and benefits described in Section 7(b)(ii)-(iv) above shall hereinafter be referred to as
the “Severance.” If your employment terminates for any reason other than as result of an Involuntary Termination, you shall be entitled to receive the Accrued Obligations only. 

(c) Definitions. For purposes of this letter, the following terms have the following meanings: 

“Accrued Obligations” means: (i) any earned but unpaid Base Salary as of the date your employment is terminated, (ii) any accrued, but
unused vacation time as of your termination date, (iii) any vested benefits you may have under any employee benefit plan of the Company as of your termination date, (iv) any unpaid expense reimbursements accrued prior to the date your
employment is terminated, and (iv) any bonus for a fiscal year preceding the year in which your employment is terminated that was earned and Board-approved but is unpaid as of the date your employment is terminated. 

“Cause” means (i) your material breach of the Restrictive Covenant Agreements, (ii) your conviction of, or your plea of “guilty”
or “no contest” to, a felony under the laws of the United States or any State, (iii) your gross negligence or willful misconduct in the performance of your duties, (iv) your continuing failure to perform assigned duties after
receiving written notification of the failure from the Company or (v) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested
your cooperation; provided, however, that “Cause” shall not be deemed to have occurred pursuant to subsection (iii), (iv), or (v) hereof unless you have first received written notice from the Company specifying in reasonable detail
the particulars of such grounds and that the Company intends to terminate your employment hereunder for such grounds and you have failed to cure such grounds within a period of thirty (30) days from the date of such notice. 

“Change in Control” means the occurrence of any one or more of the following events, in each case only to the extent that such event also
constitutes a “change in ownership” of the Company or a “change in the ownership of a substantial part of the Company’s assets” for the purposes of Section 409A of the Code: (i) the consummation of a merger or
consolidation of the Company with any other entity, other than a merger or consolidation in which voting securities of the Company outstanding immediately prior thereto continue to represent more than fifty percent (50%) percent of the total voting
power of: (A) the surviving or resulting corporation; or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such
surviving or resulting corporation immediately after such merger or consolidation; (ii) the acquisition of all of the Company’s outstanding capital stock by a single person or entity or a group acting in concert to effect such acquisition;
or (iii) the sale, transfer or exclusive license of all or substantially all of the assets of the Company. 
 “Involuntary Termination” means
either: (i) your Termination Without Cause or (ii) your Resignation for Good Reason. 

 “Resignation for Good Reason” means a Separation as a result of your resignation after one of the
following conditions has come into existence without your written consent: (i) a material reduction in your base salary (unless such reduction is part of a broad-based salary reduction applicable to the Company’s senior management); (ii)
any material adverse change in your title, authority, duties, responsibilities or reporting requirements under this offer letter; (iii) the failure of any successor-interest to assume all of the obligations of the Company under this offer
letter; or (iv) a relocation of your principal workplace by more than forty (40) miles. Notwithstanding the foregoing, a Resignation for Good Reason will not be deemed to have occurred unless (x) you give the Company written notice of
the condition within ninety (90) days after the condition has come into existence, (y) the Company fails to remedy the condition within thirty (30) days after receiving your written notice (the “Cure Period”) and
(z) you resign within thirty (30) days after the expiration of the Cure Period. 
 “Termination Without Cause” means a Separation as a
result of a termination of your employment by the Company or any successor without Cause, provided you are willing and able to continue performing services within the meaning of Treasury Regulation
1.409A-1(n)(1). 
 8. Representation Regarding Other Obligations. You will be required to sign, as a
condition of your employment, a Non-Competition and Non-Solicitation Agreement (the “Non-Competition Agreement”) and an
Invention and Non-Disclosure Agreement (collectively, with the Non-Competition Agreement, the “ Restrictive Covenant Agreements”), copies of which are
enclosed. You acknowledge that the Company’s agreement to grant you the equity grant provided in Section 5 is contingent upon your agreement to adhere to the non-competition provisions set forth in
the Non-Competition Agreement, and that such consideration was mutually agreed upon by you and the Company and is fair and reasonable in exchange for your compliance with the
non-competition obligations. You represent that you are not bound by any employment contract, restrictive covenant or other restriction preventing you from entering into employment with or carrying out your
responsibilities for the Company, or which is in any way inconsistent with the terms of this letter. You further represent that you have not used and will not use or disclose or induce the Company to use, any trade secret or other proprietary
information or material of any previous employer or any other party. 
 9. Taxes. a. All forms of compensation referred to in this letter are subject
to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. You hereby acknowledge that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities,
that you are solely responsible for individual tax liabilities arising from your compensation and that you will not make any claim against the Company or the Board related to tax liabilities arising from your compensation. 

b. For purposes of Section 409A of the Code, each salary continuation payment under Section 7(b) (ii) is hereby designated as a separate
payment. If the Company determines that you are a “specified employee” under Section 409A(a)(2)(B)(i) of the Code at the time of your Separation, then (i) the salary continuation payments under Section 7(b)(ii), to the
extent that they are subject to Section 409A of the Code, will commence on the first business day following (A) expiration of the six-month period measured from your Separation, or (B) the date
of your death, and (ii) the installments that otherwise would have been paid prior to such date will be paid in a lump sum when the salary continuation payments commence. Any salary continuation payments that are not

 
subject to Section 409A of the Code, including, without limitation, payments that are exempt from Section 409A of the Code as a result of the separation pay plan exemption under Section 1.409A-1(b)(9) of the Code (or any successor thereto), will continue to be paid as otherwise provided in this offer letter. “Separation” means a “separation from service,” as defined
in the regulations under Section 409A of the Code. 
 c. All in-kind benefits provided and expenses eligible
for reimbursement hereunder shall be provided by the Company or incurred by you during your employment with the Company. 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. 
 10. Eligibility to Work. Your employment with the Company is conditioned on your eligibility to work
in the United States and your providing to the Company satisfactory proof of identification and of authorization to work in the United States, in accordance with the Immigration and Control Act of 1986 within three days of the Start Date.
Furthermore, you may need a work visa in order to be eligible to work in the United States. If that is the case, your employment will be conditioned upon your obtaining a work visa in a timely manner as determined by the Company and maintaining such
visa throughout your tenure with the Company, as it is Company policy to comply with all immigration laws and regulations. 
 11. Interpretation,
Amendment and Enforcement. This letter and the Restrictive Covenant Agreements constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements,
representations or understandings (whether written, oral or implied) between you and the Company. The terms of this letter and the resolution of any disputes as to the meaning, effect, performance or validity of this letter or arising out of,
related to, or in any way connected with, this letter, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by Massachusetts law, excluding laws relating to conflicts or
choice of law. You 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. 

12. Other Terms. Your employment with the Company will be on an “at will” basis. In other words, you or the Company may terminate your
employment for any reason and at any time, with or without cause or notice. This letter shall not be construed as an agreement, either express or implied, to employ you for any stated term, and shall in no way alter the Company’s policy of
employment at-will as defined by applicable law. Although your job duties, title, compensation and benefits, as well as the Company’s benefit plans and personnel policies and procedures, may change from
time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Company. 
 13.
Contingency. This offer is subject to satisfactory background and reference checks, including our receiving at least two satisfactory professional references. 

 We are excited about the prospect of having you join the Company. We look forward to receiving a response
from you within one week acknowledging, by signing below, that you have accepted this offer of employment on the terms set forth herein, and by delivering signed copies of the Restrictive Covenant Agreements. If you do not accept this offer within
one week, this offer will be deemed revoked. 
 Very Truly Yours, 
  

			
	DYNE THERAPEUTICS, Inc.
		
	By:	 	/s/ Joshua Brumm
	 Name:
	 	 Joshua Brumm

	 Title:
	 	 Chief Executive Officer

 I have read and accept this at-will employment offer on the terms set forth herein:

  

					
			
	 /s/ Susanna A. High
	 		 	 Jul 28, 2020

	 Signature
	 		 	 DateEX-10.20

 Exhibit 10.20 

DYNE THERAPEUTICS, INC. 

Executive Severance and Change in Control Benefits Plan 

1. Establishment of Plan. Dyne Therapeutics, Inc., a Delaware corporation, hereby establishes an unfunded severance benefits
plan (the “Plan”) that is intended to be a welfare benefit plan within the meaning of Section 3(1) of ERISA. The Plan is in effect for Covered Employees who experience a Covered Termination occurring after the Effective Date
and before the termination of this Plan. This Plan supersedes any and all (i) severance plans and separation policies applying to Covered Employees that may have been in effect before the Effective Date with respect to any termination that
would, under the terms of this Plan, constitute a Covered Termination and (ii) the provisions of any agreements between any Covered Employee and the Company that provide for severance benefits.  

2. Purpose. The purpose of the Plan is to establish the conditions under which Covered Employees will receive the severance
benefits described herein if employment with the Company (or its successor in a Change in Control) terminates under the circumstances specified herein. The severance benefits paid under the Plan are intended to assist Covered Employees in making a
transition to new employment and are not intended to be a reward for prior service with the Company. 
 3. Definitions. For
purposes of this Plan,  
 (a) “Accrued Obligations” shall mean (i) any earned but unpaid Base
Salary as of the date the Covered Employee’s employment is terminated, (ii) any accrued, but unused vacation time as of the date the Covered Employee’s employment is terminated, (iii) any vested benefits the Covered Employee may
have under any employee benefit plan of the Company as of the date the Covered Employee’s employment is terminated, (iv) any unpaid expense reimbursements accrued prior to the date the Covered Employee’s employment is terminated, and
(iv) any unpaid but earned bonus for a fiscal year preceding the year in which the Covered Employee’s employment is terminated that was earned and Board-approved but is unpaid as of the date the Covered Employee’s employment is
terminated. 
 (b) “Base Salary” shall mean, for any Covered Employee, such Covered Employee’s base
rate of pay as in effect immediately before a Covered Termination (or, if applicable, prior to the Change in Control, if greater) and exclusive of any bonuses, overtime pay, shift differentials, “adders,” any other form of premium pay, or
other forms of compensation. 
 (c) “Benefits Continuation” shall have the meaning set forth in
Section 8 hereof. 
 (d) “Board” shall mean the Board of Directors of the Company. 

 (e) “Bonus” shall mean, for any Covered Employee, the
target annual bonus established by the Board or a committee thereof that the Covered Employee was eligible to earn for the year in which the Covered Termination occurs (or, if applicable, for the year in which the Change in Control occurs, if
greater), without regard to whether the performance goals applicable to such bonus had been established or satisfied at the date of termination of employment. 

(f) “Cause” shall mean (i) the Covered Employee’s material breach of any Restrictive Covenants
Agreement with the Company, (ii) the Covered Employee’s conviction of, or the Covered Employee’s plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (iii) the
Covered Employee’s gross negligence or willful misconduct in the performance of his or her duties, (iv) the Covered Employee’s continuing failure to perform assigned duties after receiving written notification of the failure from the
Company, or (v) the Covered Employee’s failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested such cooperation; provided,
however, that “Cause” shall not be deemed to have occurred pursuant to subsection (iii), (iv), or (v) hereof unless the Covered Employee has first received written notice from the Company specifying in reasonable detail the
particulars of such grounds and that the Company intends to terminate the Covered Employee’s employment for such grounds, and the Covered Employee has failed to cure such grounds to the Company’s satisfaction within a period of thirty
(30) days from the date of such notice. 
 (g) “Change in Control” shall mean the occurrence of any one
or more of the following events, in each case only to the extent that such event or occurrence also constitutes a change in ownership or effective control of the Company or a change in the ownership of a substantial part of the assets of the
Company, as defined in Treasury Regulation Sections 1.409A-3(i)(5)(v), (vi) and (vii): 
 (i) the
consummation of a merger or consolidation of the Company with any other entity, other than a merger or consolidation in which voting securities of the Company outstanding immediately prior thereto continue to represent more than fifty percent (50%)
percent of the total voting power entitled to vote generally in the election of directors of: (A) the surviving or resulting corporation; or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation
immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation immediately after such merger or consolidation; 

(ii) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a
“Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) more
than fifty percent (50%) of the total voting power of the then-outstanding securities of the Company entitled to vote generally in the election of 

  
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directors; provided, however, that for purposes of this subsection (ii), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company or
(B) any acquisition by any corporation pursuant to a merger or consolidation which falls within the exception provided in subsection (i) above; or 

(iii) the sale, transfer or exclusive license of all or substantially all of the assets of the Company. 

(h) “Change in Control Termination” shall mean a Termination Without Cause of a Covered Employee or a
Resignation for Good Reason by a Covered Employee, in either case on or within the one (1) year period following the closing of a Change in Control. 

(i) “Change in Ownership or Control” shall have the meaning set forth in Section 14(c) hereof. 

(j) “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act. 

(k) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(l) “Committee” shall have the meaning set forth in Section 15(a) hereof. 

(m) “Company” shall mean Dyne Therapeutics, Inc., or, following a Change in Control, any successor thereto.

 (n) “Contingent Compensation Payments” shall have the meaning set forth in Section 14(c) hereof.

 (o) “Covered Employees” shall mean all Regular Full-Time
Employees (both exempt and non-exempt) who are Executives, who experience a Covered Termination and who are not designated as ineligible to receive severance benefits under the Plan as provided in
Section 5 hereof. For the avoidance of doubt, neither Temporary Employees nor Part-Time Employees are eligible for severance benefits under the Plan. An employee’s full-time, part-time or temporary
status for the purpose of this Plan shall be determined in good faith by the Plan Administrator upon review of the employee’s status immediately before termination. Any person who is classified by the Company as an independent contractor or
third-party employee is not eligible for severance benefits even if such classification is modified retroactively. 
 (p)
“Covered Termination” shall mean a termination designated by the Plan Administrator as (i) a Change in Control Termination or (ii) solely for Covered Employees who are Senior Executives, a
Non-Change in Control Termination. The Plan Administrator shall determine whether a particular termination is a Change in Control 

  
 3 

 
Termination or a Non-Change in Control Termination, and may determine, based on the facts and circumstances, that a termination does not qualify as a
Covered Termination. For the avoidance of doubt, any employee of the Company who is not a Senior Executive who experiences a Termination Without Cause or a Resignation for Good Reason in either case prior to or more than twelve (12) months
after the closing of a Change in Control, shall not have experienced a Covered Termination and shall not be entitled to receive any payments or benefits under this Plan. 

(q) “Disability” shall mean that the employee, due to a physical or mental disability, for a period of ninety
(90) consecutive days, or one hundred and eighty (180) days in the aggregate whether or not consecutive, during any three hundred and sixty-five (365) day period, is unable to perform the services required by the employee’s
position at the Company. A determination of Disability shall be made by a physician selected by the Company. 
 (r)
“Delay Period” shall have the meaning set forth in Section 13(b)(1) hereof. 
 (s) “Effective
Date” shall mean the date of the effectiveness of the Company’s registration statement with respect to its initial public offering. 

(t) “Eliminated Amount” shall have the meaning set forth in Section 14 hereof. 

(u) “Eliminated Payments” shall have the meaning set forth in Section 14 hereof. 

(v) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

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

(x) “Executive” shall mean any employee of the Company holding the title of Vice President or above. 

(y) “Executive Response” shall have the meaning set forth in Section 14(d) hereof. 

(z) “Non-Change in Control Termination” shall mean a Termination
Without Cause of a Covered Employee who is a Senior Executive or a Resignation for Good Reason by a Covered Employee who is a Senior Executive, in either case prior to or more than twelve (12) months after the closing of a Change in Control.

 (aa) “Part-Time Employees” shall mean employees who are not Regular Full-Time Employees or Temporary
Employees and are treated as such by the Company. 

  
 4 

 (bb) “Participants” shall mean Covered Employees. 

(cc) “Plan Administrator” shall have the meaning set forth in Section 15 hereof. 

(dd) “Potential Payments” shall have the meaning set forth in Section 14(d) hereof. 

(ee) “Regular Full-Time Employees” shall mean employees, other than Temporary Employees, normally scheduled to
work at least thirty (30) hours a week unless the Company’s local practices, as from time to time in force, whether or not in writing, establish a different hours threshold for regular full-time employees. 

(ff) “Resignation for Good Reason” shall mean a Separation as a result of the Covered Employee’s
resignation after one of the following conditions has come into existence without the Covered Employee’s written consent: (i) a material reduction in the employee’s Base Salary (unless such reduction is part of a broad-based salary
reduction applicable to the Company’s senior management); (ii) a material diminution in the employee’s authority, duties or responsibilities; or (iii) a material change in the geographic location at which the employee must perform
services to the Company (it being understood that any change of forty (40) or more miles would be material). In order to establish a “Resignation for Good Reason,” an employee must provide written notice to the Company of the
existence of the condition giving rise to the Resignation for Good Reason, which notice must be provided within ninety (90) days of the initial existence of such condition, the Company must fail to cure the condition within thirty
(30) days thereafter, and the employee’s termination of employment must occur no later than thirty (30) days following the expiration of the Company’s cure period. 

(gg) “Restrictive Covenants Agreement” shall mean any invention, non-disclosure agreement, non-competition or non-solicitation agreement or any similar agreement between the Covered Employee and the Company. 

(hh) “Section 14(b) Override” shall have the meaning set forth in Section 14(b)
hereof. 
 (ii) “Section 409A” shall have the meaning set forth in Section 13
hereof. 
 (jj) “Senior Executive” shall mean an Executive who (i) holds the title of Chief Executive
Officer or another C-Level title, (ii) holds the title of Senior Vice-President, and/or (iii) has been designated an “officer” of the Company for purposes of Section 16 of the Exchange
Act (such an officer, a “Section 16 Officer”). 
 (kk) “Separation”
shall mean a “separation from service,” as defined in the regulations under Section 409A. 

  
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 (ll) “Separation Agreement” shall have the meaning set
forth in Section 6 hereof. 
 (mm) “Separation Agreement Effective Date” shall have the meaning set
forth in Section 13(c)(1) hereof. 
 (nn) “Temporary Employees” are employees treated as such by the
Company, whether or not in writing. 
 (oo) “Termination Without Cause” shall mean a Separation as a result
of a termination of the Covered Employee’s employment by the Company without Cause, provided the Covered Employee is willing and able to continue performing services within the meaning of Treasury Regulation
Section 1.409A-1(n)(1). 
 4. Coverage. Subject to satisfaction of the
eligibility and other requirements set forth in Sections 5 and 6 of this Plan, a Covered Employee will be entitled to receive severance benefits under this Plan if such employee experiences a Covered Termination.  

5. Eligibility for Severance Benefits. The following employees will not be eligible for severance benefits, except to the
extent specifically determined in good faith otherwise by the Plan Administrator: (a) an employee who is terminated for Cause or by reason of death or Disability; (b) an employee who voluntarily retires or otherwise voluntarily terminates
his or her employment other than a Resignation for Good Reason at any time the case of a Senior Executive or, on or within twelve months following a Change in Control in the case of a Covered Employee other than a Senior Executive; and (c) an
employee who is employed for a specific period of time in accordance with the terms of a written offer letter or employment agreement. 

6. Separation Agreement; Timing of Severance Benefits. 

(a) Receipt of any severance payments or benefits under the Plan requires that the Covered Employee: (a) comply with the
provisions of any applicable Restrictive Covenants Agreement with the Company, and other obligations to the Company; (b) have returned all Company property in the Covered Employee’s possession on or prior to the Covered
Employee’s last day of employment; (c) have resigned as a member of the Board or as a member of any board of directors of any subsidiary of the Company, to the extent the Covered Employee is then a director of the Company or of any such
subsidiary; (d) have entered into a separation agreement, in a form to be provided by the Company, that has become enforceable and irrevocable and that includes a general release of all employment-related claims that the Covered Employee may
have against the Company or persons affiliated with the Company, re-confirmation of the Covered Employee’s obligations under any applicable Restrictive Covenants Agreement, and a 12-month post-employment non-competition provision (the “Separation Agreement”); and (e) comply with the provisions of the Separation Agreement. The
Separation 

  
 6 

 
Agreement shall not include a waiver or release of any claims related to: (x) the Covered Employee’s status as a stockholder or equityholder of the Company or any rights the Covered
Employee may have under the terms of any equity award between the Covered Employee and the Company, including any claims with respect to any equity owned or held by the Covered Employee at the time the Covered Employee’s employment is
terminated, or (y) any rights to indemnification from the Company, pursuant to any applicable governing documents of the Company or any applicable written agreement between the Covered Employee and the Company, rights under ERISA or rights
which, as a matter of law, cannot be waived. The Separation Agreement must become enforceable and irrevocable on or before the fifty-second (52nd) day following the Covered Employee’s
last day of employment with the Company (or such shorter period of time prescribed by the Company). If the Covered Employee fails to execute without revocation the Separation Agreement on or before the fifty-second (52nd) day following the Covered Employee’s last day of employment with the Company (or such shorter period of time prescribed by the Company), the Covered Employee shall be entitled to the Accrued
Obligations only and no other severance payments or benefits. 
 (b) The Accrued Obligations (if any) shall be paid on or
before the time required by law or applicable policy, except to the extent any such payments would accelerate compensation in a manner inconsistent with Section 409A. The severance payments provided for in Section 7 hereof will be paid in
accordance with the terms of this Plan and the Company’s regularly scheduled payroll dates in effect from time to time and the Benefits Continuation will be paid at the time premium payments are made by other participants in the Company’s
health benefit plans generally. Subject to Section 13 hereof, the payments shall be made or commence on the first payroll date after the Separation Agreement Effective Date. 

7. Cash Severance. 

(a) Non-Change in Control Termination. In addition to any Accrued
Obligations but subject to the requirements of Section 6 hereof, a Covered Employee who experiences a Non-Change in Control Termination shall be entitled to receive continuation of such employee’s
monthly Base Salary for the Severance Period indicated in the table below opposite such employee’s title. 
  

			
	Title of Participant	  	Severance Period
	 	 
	
Chief Executive Officer
	  	12 Months
	 	 
	
C-Level (other than CEO), Senior Vice President, Section 16
Officer
	  	9 Months

  
 7 

 (b) Change in Control Termination. In addition to any Accrued
Obligations but subject to the requirements of Section 6 hereof, a Covered Employee who experiences a Change in Control Termination shall be entitled to receive: 

(i) a single lump sum payment in an amount equal to the product of such employee’s annual Base Salary and the multiple
indicated in the table below opposite such employee’s title; and 
 (ii) a single lump sum payment in an amount equal to
the product of such employee’s Bonus and the multiple indicated in the table below opposite such employee’s title. 
  

			
	Title of Participant	  	Multiple
	 	 
	
Chief Executive Officer
	  	 Base: 1.5x

Bonus: 1.5x

	 	 
	
C-Level (other than CEO), Senior Vice President, Section 16
Officer
	  	 Base: 1.0x

Bonus: 1.0x

	 	 
	
Vice President
	  	 Base: 0.75x

Bonus: 1.0x

 For purposes of this Section 7, a Covered Employee’s title shall be such employee’s title
immediately prior to the Covered Termination or, if such employee’s title was changed in connection with the Change in Control, immediately prior to such change in connection with the Change in Control. 

8. Benefits Continuation. In the event of a Covered Termination, a Covered Employee shall, subject to Section 6 hereof and
provided the Covered Employee is eligible for and timely elects to continue receiving group health insurance coverage under the law known as COBRA, also be entitled to payment by the Company of the portion of the monthly premiums for such coverage
that the Company pays for active and similarly situated employees receiving the same type of coverage, for the period ending upon the earlier of the expiration of the applicable Benefits Continuation Period (as determined in accordance with the
table below based 

  
 8 

 
on the Covered Employee’s title and the type of Covered Termination experienced) and the date on which the Covered Employee becomes eligible to receive group health insurance coverage
through another employer (such benefit, the “Benefits Continuation”); provided, however, that should the Covered Employee become eligible during the Severance Period to receive group health insurance coverage through another
employer, the Covered Employee shall be required to immediately notify the Company in writing of the date of eligibility for such coverage; and provided, further, that the Benefits Continuation shall only apply if and while permitted under
applicable tax or other laws as nondiscriminatory. 
  

					
	Title of Participant	  	Benefits Continuation Period – Non-Change in Control
Termination	  	Benefits Continuation Period –Change in Control Termination
	 	 	 
	
Chief Executive Officer
	  	12 months	  	18 months
	 	 	 
	C-Level (other than CEO), Senior Vice President, Section 16
Officer	  	9 months	  	12 months
	 	 	 
	
Vice President
	  	N/A	  	9 months

 9. Equity Awards. In the event of a Change in Control Termination, subject to Section 6
hereof and except to the extent provided otherwise in the applicable award agreement, all of the Covered Employee’s equity awards that are outstanding and unvested as of such termination, will vest and become fully exercisable or non-forfeitable on the date of such termination. Except to the extent set forth herein, in the event of a Covered Termination all of the Covered Employee’s equity awards will continue to be dictated by the
terms of the applicable award agreements. 
 10. Recoupment. If a Covered Employee fails to comply with the terms of this
Plan, including the provisions of Section 6 above, and/or fails to comply with the terms of the Separation Agreement, the Company may require repayment to the Company of any benefits described in Sections 7 and 8 above that the Covered Employee
has already received to the extent permitted by applicable law and with the “value” determined in the sole and good faith discretion of the Plan Administrator. Payment is due in cash or by check within thirty (30) days, or such
earlier date as may be required by law or by any clawback policy that the Company adopts, after the Company provides notice to a Covered Employee that it is enforcing this provision. Any benefits described in Sections 7 and 8 above not yet
received by such Covered Employee will be immediately forfeited. 

  
 9 

 11. Death; Disability. If a Participant dies or becomes Disabled after the
date of his or her Covered Termination but before all payments or benefits to which such Participant is entitled pursuant to this Plan have been paid or provided, payments will be made to any beneficiary or legal representative designated by the
Participant prior to or in connection with such Participant’s Covered Termination or, if no such beneficiary or legal representative has been designated, to the Participant’s estate. For the avoidance of doubt, if a Participant dies or is
permanently Disabled during the Benefits Continuation period provided for the Participant in Section 8, Benefits Continuation will continue for the Participant’s applicable dependents for the remainder of the applicable Benefits
Continuation Period provided for such Participant in Section 8.  
 12. Withholding. The Company may
withhold from any payment or benefit under the Plan: (a) any federal, state, or local income or payroll taxes required by law to be withheld with respect to such payment; (b) such sum as the Company may reasonably estimate is necessary to
cover any taxes for which the Company may be liable and which may be assessed with regard to such payment; and (c) such other amounts as appropriately may be withheld under the Company’s payroll policies and procedures from time to time in
effect. 
 13. Section 409A. It is expected that the payments and benefits provided under this Plan will be exempt from or
compliant with Section 409A of the Code, and the guidance issued thereunder (“Section 409A”). The Plan shall be interpreted consistent with this intent to the maximum extent permitted and generally, with the
provisions of Section 409A. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Plan providing for the payment of any amounts or benefits upon or following a termination of employment (which
amounts or benefits constitute nonqualified deferred compensation within the meaning of Section 409A) unless such termination is also Separation and, for purposes of any such provision of this Plan, references to a “termination,”
“termination of employment” or like terms shall mean Separation. Neither the Participant nor the Company shall have the right to accelerate or defer the delivery of any payment or benefit except to the extent specifically permitted or
required by Section 409A. 
 To the extent the severance payments or benefits under this Plan are subject to Section 409A, the
following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to Participants under this Plan: 

(a) Each installment of the payments and benefits provided under this Plan will be treated as a separate “payment”
for purposes of Section 409A. Whenever a payment under this Plan specifies a payment period with reference to a number of days (e.g., “payment shall be made within ten (10) days following the date of termination”), the
actual date of payment within the specified period shall be in the Company’s sole discretion. Notwithstanding any other provision of this Plan to the contrary, in no event shall any payment under this Plan that constitutes “non-qualified deferred compensation” for purposes of Section 409A be subject to transfer, offset, counterclaim or recoupment by any other amount unless otherwise permitted by Section 409A. 

  
 10 

 (b) Notwithstanding any other payment provision herein to the contrary, if
the Company or appropriately-related affiliates become publicly-traded and a Covered Employee is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B) with
respect to such entity, then each of the following shall apply: 
 (i) With regard to any payment that is considered “non-qualified deferred compensation” under Section 409A payable on account of a Separation, such payment shall be made on the date which is the earlier of (A) the day following the expiration of
the six (6) month period measured from the date of such Separation of the Covered Employee, and (B) the date of the Covered Employee’s death (the “Delay Period”) to the extent required under Section 409A. Upon
the expiration of the Delay Period, all payments delayed pursuant to this provision (whether otherwise payable in a single sum or in installments in the absence of such delay) shall be paid to or for the Covered Employee in a lump sum, and all
remaining payments due under this Plan shall be paid or provided for in accordance with the normal payment dates specified herein; and 

(ii) To the extent that any benefits to be provided during the Delay Period are considered
“non-qualified deferred compensation” under Section 409A payable on account of a Separation, and such benefits are not otherwise exempt from Section 409A, the Covered Employee shall pay the
cost of such benefits during the Delay Period, and the Company shall reimburse the Covered Employee, to the extent that such costs would otherwise have been paid by the Company or to the extent that such benefits would otherwise have been provided
by the Company at no cost to the Covered Employee, the Company’s share of the cost of such benefits upon expiration of the Delay Period. Any remaining benefits shall be reimbursed or provided by the Company in accordance with the procedures
specified in this Plan. 
 (c) To the extent that severance benefits pursuant to this Plan are conditioned upon the execution
and nonrevocation of a Separation Agreement, the Covered Employee shall forfeit all rights to such payments and benefits unless such separation agreement is signed and delivered (and no longer subject to revocation, if applicable) within fifty-two (52) days following the date of the termination of the Covered Employee’s employment with the Company. If the Separation Agreement is no longer subject to revocation as provided in the preceding
sentence, then the following shall apply: 
 (i) To the extent any severance benefits to be provided are not “non-qualified deferred compensation” for purposes of Section 409A, then such benefits shall commence upon the first scheduled payment date immediately after the date the Separation Agreement is
executed and no longer subject to revocation (the “Separation Agreement Effective Date”). The first such cash payment shall include all amounts that otherwise would have been due prior thereto under the

  
 11 

 
terms of this Agreement applied as though such payments commenced immediately upon the termination of Covered Employee’s employment with the Company, and any payments made after the
Separation Agreement Effective Date shall continue as provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following the termination of Covered
Employee’s employment with the Company. 
 (ii) To the extent any such severance benefits to be provided are “non-qualified deferred compensation” for purposes of Section 409A, then the Separation Agreement must become irrevocable within fifty-two (52) days of the
date of termination and benefits shall be made or commence upon the date provided in Section 6, provided that if the 52nd day following the termination of Executive’s employment with the Company falls in the calendar year following the
calendar year containing the date of termination, the benefits will be made no earlier than the first business day of that following calendar year. The first such cash payment shall include all amounts that otherwise would have been due prior
thereto under the terms of this Agreement had such payments commenced immediately upon the termination of Executive’s employment with the Company, and any payments made after the first such payment shall continue as provided herein. The delayed
benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following the termination of Executive’s employment with the Company. 

(d) The Company makes no representations or warranties and shall have no liability to any Participant or any other person,
other than with respect to payments made by the Company in violation of the provisions of this Plan, if any provisions of or payments under this Plan are determined to constitute deferred compensation subject to Section 409A but not to satisfy
the conditions of that section. 
 14. Section 280G; Modified Economic Cutback 

(a) Notwithstanding any other provision of the Plan, except as set forth in Section 14(b), in the event that the Company
undergoes a Change in Ownership or Control, the Company shall not be obligated to provide to a Participant any portion of any Contingent Compensation Payments that the Participant would otherwise be entitled to receive to the extent necessary to
eliminate any “excess parachute payments” (as defined in Code Section 280G(b)(1)) for such Participant. For purposes of this Section 14, the Contingent Compensation Payments so eliminated shall be referred to as the
“Eliminated Payments” and the aggregate amount (determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-30 or any successor
provision) of the Contingent Compensation Payments so eliminated shall be referred to as the “Eliminated Amount.” 

  
 12 

 (b) Notwithstanding the provisions of 14(a), no such reduction in Contingent
Compensation Payments shall be made if (i) the Eliminated Amount (computed without regard to this sentence) exceeds (ii) 100% of the aggregate present value (determined in accordance with Treasury Regulation
Section 1.280G-1, Q/A-31 and Q/A-32 or any successor provisions) of the amount of any additional taxes that would be
incurred by the Participant if the Eliminated Payments (determined without regard to this sentence) were paid to the Participant (including, state and federal income taxes on the Eliminated Payments, the excise tax imposed by Section 4999 of
the Code payable with respect to all of the Contingent Compensation Payments in excess of the Participant’s “base amount” (as defined in Section 280G(b)(3) of the Code), and any withholding taxes). The override of such reduction
in Contingent Compensation Payments pursuant to this Section 14(b) shall be referred to as a “Section 14(b) Override.” For purposes of this paragraph, if any federal or state income taxes would be
attributable to the receipt of any Eliminated Payment, the amount of such taxes shall be computed by multiplying the amount of the Eliminated Payment by the maximum combined federal and state income tax rate provided by law. 

(c) For purposes of this Section 14 the following terms shall have the following respective meanings: 

(i) “Change in Ownership or Control” shall mean a change in the ownership or effective control of the Company
or in the ownership of a substantial portion of the assets of the Company determined in accordance with Section 280G(b)(2) of the Code. 

(ii) “Contingent Compensation Payment” shall mean any payment (or benefit) in the nature of compensation that
is made or made available (under this Plan or otherwise) to a “disqualified individual” (as defined in Section 280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change
in Ownership or Control of the Company. 
 (d) Any payments or other benefits otherwise due to a Participant following a
Change in Ownership or Control that could reasonably be characterized (as determined by the Company) as Contingent Compensation Payments (the “Potential Payments”) shall not be made until the dates provided for in this
Section 14(d). Within 30 days after each date on which the Participant first becomes entitled to receive (whether or not then due) a Contingent Compensation Payment relating to such Change in Ownership or Control, the Company shall determine
and notify the Participant (with reasonable detail regarding the basis for its determinations) (i) which Potential Payments constitute Contingent Compensation Payments, (ii) the Eliminated Amount and (iii) whether the
Section 14(b) Override is applicable. Within 30 days after delivery of such notice to the Participant, the Participant shall deliver a response to the Company (the “Executive Response”) stating either (A) that the
Participant agrees with the Company’s determination pursuant to the preceding sentence, or (B) that the Participant disagrees with such determination, in 

  
 13 

 
which case the Participant shall set forth (i) which Potential Payments should be characterized as Contingent Compensation Payments, (ii) the Eliminated Amount, and (iii) whether
the Section 14(b) Override is applicable. In the event that the Participant fails to deliver an Executive Response on or before the required date, the Company’s initial determination shall be final. If and to the extent that any Contingent
Compensation Payments are required to be treated as Eliminated Payments pursuant to this Section 14, then the payments shall be reduced or eliminated, as determined by the Company, in the following order: (i) any cash payments,
(ii) any taxable benefits, (iii) any nontaxable benefits, and (iv) any vesting of equity awards in each case in reverse order beginning with payments or benefits that are to be paid the farthest in time from the date that triggers the
applicability of the excise tax, to the extent necessary to maximize the Eliminated Payments. If the Participant states in the Executive Response that the Participant agrees with the Company’s determination, the Company shall make the Potential
Payments to the Participant within three business days following delivery to the Company of the Executive Response (except for any Potential Payments which are not due to be made until after such date, which Potential Payments shall be made on the
date on which they are due). If the Participant states in the Executive Response that the Participant disagrees with the Company’s determination, then, for a period of 60 days following delivery of the Executive Response, the Participant and
the Company shall use good faith efforts to resolve such dispute. If such dispute is not resolved within such 60-day period, such dispute shall be settled exclusively by arbitration in the Commonwealth of
Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The Company shall, within three business days following
delivery to the Company of the Executive Response, make to the Participant those Potential Payments as to which there is no dispute between the Company and the Participant regarding whether they should be made (except for any such Potential Payments
which are not due to be made until after such date, which Potential Payments shall be made on the date on which they are due). The balance of the Potential Payments shall be made within three business days following the resolution of such dispute.
Subject to the limitations contained in Sections 14(a) and 14(b) hereof, the amount of any payments to be made to the Participant following the resolution of such dispute shall be increased by the amount of the accrued interest thereon computed at
the prime rate announced from time to time by The Wall Street Journal, compounded monthly from the date that such payments originally were due. 

(e) The provisions of this Section 14 are intended to apply to any and all payments or benefits available to the
Participant under this Plan or any other agreement or plan of the Company under which the Participant may receive Contingent Compensation Payments 

15. Plan Administration. 

(a) Plan Administrator. The Plan Administrator shall be the Board or the

  
 14 

 
Compensation Committee thereof (the “Committee”); provided, however, that the Board or such Committee may in its sole discretion appoint a new Plan Administrator to administer
the Plan following a Change in Control. The Plan Administrator shall also serve as the Named Fiduciary of the Plan under ERISA. The Plan Administrator shall be the “administrator” within the meaning of Section 3(16) of ERISA and shall
have all the responsibilities and duties contained therein. 
 The Plan Administrator can be contacted at the following
address: 
 830 Winter Street 

Waltham, MA 02451 

(b) Decisions, Powers and Duties. The general administration of the Plan and the responsibility for carrying out its
provisions shall be vested in the Plan Administrator. The Plan Administrator shall have such powers and authority as are necessary to discharge such duties and responsibilities which also include, but are not limited to, interpretation and
construction of the Plan, the determination of all questions of fact, including, without limit, eligibility, participation and benefits, the resolution of any ambiguities and all other related or incidental matters, and such duties and powers of the
plan administration which are not assumed from time to time by any other appropriate entity, individual or institution. The Plan Administrator may adopt rules and regulations of uniform applicability in its interpretation and implementation of the
Plan. 
 The Plan Administrator shall discharge its duties and responsibilities and exercise its powers and authority in its sole discretion
and in accordance with the terms of the controlling legal documents and applicable law, and its actions and decisions that are not arbitrary and capricious shall be binding on any employee, and employee’s spouse or other dependent or
beneficiary and any other interested parties whether or not in being or under a disability. 
 16. Indemnification. To the
extent permitted by law, all employees, officers, directors, agents and representatives of the Company, to the extent not otherwise indemnified by the Company by agreement, pursuant to the Certificate of Incorporation or otherwise, shall be
indemnified by the Company and held harmless against any claims and the expenses of defending against such claims, resulting from any action or conduct relating to the administration of the Plan, whether as a member of the Board or the Committee or
otherwise, except to the extent that such claims arise from gross negligence, willful neglect, or willful misconduct.  
 17.
Plan Not an Employment Contract. The Plan is not a contract between the Company and any employee, nor is it a condition of employment of any employee. Nothing contained in the Plan gives, or is intended to give, any employee the right to be
retained in the service of the Company, or to interfere with the right of the Company to discharge or terminate the employment of any employee at any time and for any reason. No employee shall have the right or claim to benefits beyond those
expressly provided in this Plan, if any. All rights and claims are limited as set forth in the Plan. 

  
 15 

 18. Severability. In case any one (1) or more of the provisions of this
Plan (or part thereof) shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions hereof, and this Plan shall be construed as if such invalid, illegal
or unenforceable provisions (or part thereof) never had been contained herein. 
 19.
Non-Assignability. No right or interest of any Covered Employee in the Plan shall be assignable or transferable in whole or in part either directly or by operation of law or otherwise, including,
but not limited to, execution, levy, garnishment, attachment, pledge or bankruptcy. 
 20. Integration With Other Pay or Benefits
Requirements. The severance payments and benefits provided for in the Plan are the maximum benefits that the Company will pay to Covered Employees on a Covered Termination, except to the extent otherwise specifically provided in a separate
agreement entered into on or after the Effective Date. To the extent that the Company owes any amounts in the nature of severance benefits under any other program, policy or plan of the Company that is not otherwise superseded by this Plan, or to
the extent that any federal, state or local law, including, without limitation, so-called “plant closing” laws, requires the Company to give advance notice or make a payment of any kind to an
employee because of that employee’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, or similar event, the benefits provided under this Plan or the other arrangement shall either be
reduced or eliminated to avoid any duplication of payment. The Company intends for the benefits provided under this Plan to partially or fully satisfy any and all statutory obligations that may arise out of an employee’s involuntary termination
for the foregoing reasons and the Company shall so construe and implement the terms of the Plan. 
 21. Amendment or Termination.
The Board or the Committee may amend, modify, or terminate the Plan at any time in its sole discretion; provided, however, that (a) any such amendment, modification or termination made prior to a Change in Control that adversely affects the
rights of any Covered Employee shall be unanimously approved by the Company’s Board of Directors, including any independent director(s), (b) no such amendment, modification or termination may affect the rights of a Covered Employee then
receiving payments or benefits under the Plan without the consent of such person, and (c) no such amendment, modification or termination made after a Change in Control shall be effective for one (1) year. 

22. Governing Law. The Plan and the rights of all persons under the Plan shall be construed in accordance with and under
applicable provisions of ERISA, and the regulations thereunder, and the laws of the State of Delaware (without regard to conflict of laws provisions) to the extent not preempted by federal law. 

Adopted by the Board: August 24, 2020 

  
 16

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