Document:

EX-10.1

 Exhibit 10.1 
  

			
	

	  	 1035 O’Brien Drive, Menlo Park, CA 94025 

Tel +1-650-272-6269 | Fax +1-650-362-1908

 November 19, 2015 

Mr. Paul Cleveland 
 c/o Avalanche Biotechnologies, Inc.

 1035 O’Brien Drive 
 Menlo Park, California 94025 

Re: Employment Terms for Chief Executive Officer 
 Dear
Paul, 
 This letter agreement (the “Agreement”) memorializes the employment terms for your anticipated hire by Avalanche Biotechnologies, Inc.
(the “Company”) in the position of Chief Executive Officer of the Company (“CEO”), as well as your appointment as a member of the Board of Directors of the Company (the “Board”). These terms will become effective on
November 20, 2015. Your first day of work as CEO, the first day of your term as a member of the Board, will be December 9, 2015 or a later date determined by mutual agreement and approved by the Board (as applicable, the “Hire
Date”). 
 Effective as of the Hire Date, your employment terms will be as follows: 

 

	1.	Duties; Reporting Relationship; Office Location. 

 In the position of CEO, you will serve in an executive
capacity and will be required to perform the duties of CEO as commonly associated with this position, including primary responsibility for overall management of the Company and its operations, and as may be assigned to you by the Board from time to
time. You will report to the Board, and will work at the Company’s corporate headquarters which are currently located in Menlo Park, California. 
  

	2.	Compensation and Benefits. 

 Your base salary will be Five Hundred Forty Thousand Dollars ($540,000)
annually, subject to payroll deductions and all required withholdings, representing full-time employment with the Company. Your salary will be paid in accordance with the Company’s standard payroll schedule. 

In addition, for each calendar year starting with 2016 you will be eligible to earn an annual performance bonus with a target bonus amount equal to fifty-five
percent (55%) of your salary earned during the bonus year, provided that you are actively employed from the Hire Date through and including the date of bonus grants. Your annual bonus will be calculated based on attainment of individual goals
(including corporate and personal objectives) to be determined by the Board. Bonus payments will be in the form of cash and will be granted entirely at the discretion of the Board. Any cash bonus payments will be less payroll deductions and all
required withholdings. 

			
	

	  	 1035 O’Brien Drive, Menlo Park, CA 94025 

Tel +1-650-272-6269 | Fax +1-650-362-1908

  

You will be eligible to participate in the Company’s general employee benefits in accordance with the terms, conditions and limitations of the benefit
plans to the extent such plans have been established by the Company. 
  

	3.	Relocation Expenses. 

 You will also be entitled to a one-time lump sum payment of Fifty Thousand Dollars
($50,000) to cover your moving and relocation expenses as well as your flights between San Diego and the Bay Area (the “Relocation Payment”). If you voluntarily terminate your employment (or are terminated for Cause as defined in the
Change in Control and Severance Agreement) with Avalanche within twelve (12) months of your Hire Date, you will be required to repay the entire Relocation Payment. If you are involuntarily terminated, you will not be required to repay the
Relocation Payment. 
  

	4.	Stock Options. 

 In addition to the compensation and benefits described above, the Company will grant
you, subject to the approval of the Board, a stock option to purchase Nine Hundred and Ten Thousand (910,000) shares of the Company’s common stock, with a per share exercise price equal to the closing sales price of the Company’s
common stock on your Hire Date. The foregoing stock option shall provide that 25% of the total option shares shall vest on the first anniversary of the Hire Date, and 1/48 of the total option shares shall vest each month thereafter so that all of
the shares subject to the option are vested and exercisable on the fourth anniversary of the Hire Date. The Company shall file a registration statement on Form S-8 on or prior to the first anniversary of your Hire Date, registering the offer of the
shares of the Company’s common stock subject to the foregoing stock option. 
  

	5.	Confidentiality and Proprietary Information Obligations. 

  

	 	(a)	Company Policies and Proprietary Information Agreement. You will be required to sign the Employee Proprietary Information and Inventions Assignment Agreement attached hereto as Exhibit A (the “Proprietary
Information Agreement”). 

  

	 	(b)	 Adverse or Outside Business Activities. Throughout your employment with the Company, you may engage in civic, academic teaching and lectures, and
not-for-profit activities and up to two for-profit boards (currently Sangamo BioSciences, Inc. and Alder Biopharmaceuticals Inc.) so long as such activities do not interfere with the performance of your duties hereunder or present a conflict of
interest with the Company. You may not engage in other employment or undertake any other commercial business activities unless you obtain the prior written consent of the Board. The Company may rescind its consent to your service as a director of
all other corporations or participation in other business or public activities, if the 

			
	

	  	 1035 O’Brien Drive, Menlo Park, CA 94025 

Tel +1-650-272-6269 | Fax +1-650-362-1908

  

	 	
Company, in its sole discretion, determines that such activities compromise or threaten to compromise the Company’s reputational or business interests or conflict with your duties to the
Company. In addition, throughout the term of your employment with the Company, you agree not to, directly or indirectly, without the prior written consent of the Company, own, manage, operate, join, control, finance or participate in the ownership,
management, operation, control or financing of, or be connected as an officer, director, executive, partner, employee, principal, agent, representative, consultant, licensor, licensee or otherwise with, any business or enterprise engaged in any
business which is competitive with or which is reasonably anticipated to be competitive with the Company’s business; provided, however, that you may purchase or otherwise acquire up to (but not more than) one percent (1%) of any class of
securities of any enterprise (but without participating in the activities of such enterprise) if such securities are listed on any national or regional securities exchange. You hereby represent and warrant that you have disclosed previously to the
Board all other employment or other commercial business activities that you already undertake, or intend to undertake (to the extent currently known by you), during your period of employment with the Company. 

 

	6.	Change in Control and Severance Agreement. 

 Concurrently with the execution of this Agreement, you and
the Company shall enter into the Change in Control and Severance Agreement attached hereto as Exhibit B (the “Severance Agreement”). 
  

	7.	No Conflicts. 

 By signing this Agreement you hereby represent to the Company that, except as previously
disclosed to the Company: (a) your employment with the Company is not prohibited under any employment agreement or other contractual arrangement; and (b) you do not know of any conflicts which would restrict your employment with the
Company. You hereby represent that you have disclosed to the Company any contract you have signed that may restrict your activities on behalf of the Company, and that you are presently in compliance with such contracts, if any. 

 

	8.	At Will Employment. 

 Your employment relationship with the Company will be an “at-will”
arrangement. This means that either you or the Company may terminate your employment at any time, with or without cause, and with or without advance notice. This “at-will” employment relationship cannot be changed except in a written
agreement approved by the Company and signed by you and by a duly authorized officer of the Company. 

			
	

	  	 1035 O’Brien Drive, Menlo Park, CA 94025 

Tel +1-650-272-6269 | Fax +1-650-362-1908

  

 

	9.	Miscellaneous. 

 As required by law, your employment is contingent upon satisfactory proof of your
identity and legal authorization to work in the United States. Additionally, this offer is contingent upon your completion of the employment application, verification of your references, satisfactory completion of a pre-employment background check
and execution of the Employee Confidentiality and Invention Assignment Agreement and the Acknowledgment of Business Ethics and Conduct Guide and Company Policies. 

This Agreement, together with your Proprietary Information Agreement, forms the complete and exclusive statement of your employment agreement with the
Company. The employment terms in this Agreement supersede any other agreements or promises made to you by anyone, whether oral or written, concerning your employment terms. The company will have the right to reassign you, to change your
compensation, or to terminate your employment at any time, with or without cause or advance notice. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both
you and the Company, their heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this Agreement and the
provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law. This Agreement shall be construed and enforced in accordance with the laws of
the State of California without regard to conflicts of law principles. Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Agreement, or rights hereunder, shall be in writing and
shall not be deemed to be a waiver of any successive breach or rights hereunder. This Agreement may be executed in counterparts, which shall be deemed to be part of one original, and facsimile signatures shall be equivalent to original signatures.

 [Signature page immediately follows] 

			
	

	  	 1035 O’Brien Drive, Menlo Park, CA 94025 

Tel +1-650-272-6269 | Fax +1-650-362-1908

  

Please sign and date this letter and return it to me by the close of business on Thursday, November 19, 2015, in order to confirm your anticipated
employment terms as set forth above. 
 We look forward to a productive and enjoyable work relationship with you. 

Sincerely, 
 Avalanche Biotechnologies, Inc.: 

 

	
	 /s/ Mark S. Blumenkranz

 Dr. Mark S. Blumenkranz, Chairman of the Board of Directors 

Understood and Accepted: 
  

	
	 /s/ Paul Cleveland

	Paul Cleveland

 Date: November 19, 2015 

			
	

	  	 1035 O’Brien Drive, Menlo Park, CA 94025 

Tel +1-650-272-6269 | Fax +1-650-362-1908

  

EXHIBIT A 
 EMPLOYEE
CONFIDENTIALITY AND INVENTION ASSIGNMENT AGREEMENT 

 Avalanche Biotechnologies, Inc. 

EMPLOYEE CONFIDENTIALITY AND INVENTION ASSIGNMENT AGREEMENT 

In partial consideration and as a condition of my employment by AVALANCHE BIOTECHNOLOGIES, (the “Company”), and
effective as of the date that my employment by the Company first commenced as set forth below, I, the undersigned, agree as follows: 
 1.
NONDISCLOSURE OF CONFIDENTIAL INFORMATION. 
 1.1. Confidential Information. During the term of my employment, I may receive and
otherwise be exposed to confidential and proprietary information relating to the Company’s business, strategies, designs and technologies, or to proprietary or confidential information relating to the Company’s suppliers, customers or
business partners. Such confidential and proprietary information may include but not be limited to confidential or proprietary information supplied to me with the legend “Confidential” or “Proprietary,” or equivalent, and any of
the following types of information, whether or not marked as confidential or proprietary: (i) information regarding physical or chemical or biological materials (such as, but not limited to, reagents, gene sequences, nucleic acids, cell lines,
media, antibodies, compounds, c-DNAs, antisense nucleotides, proteins and vectors) and techniques for their handling and use; (ii) information regarding ideas, technology and processes (such as, but not limited to, assays, techniques, sketches,
schematics, drawings, works of authorship, models, designs, inventions, know-how, technical documentation, equipment, algorithms, software programs, software source documents, formulae); (iii) information concerning or resulting from research
and development projects and other projects (such as, but not limited to, preclinical and clinical data, design details and specifications, engineering information, and works in process); (iv) business and financial information (such as, but
not limited to, current, future, and proposed products and services, financial information and models, information relating to procurement requirements, purchasing, manufacturing, customer lists, product plans, product ideas, business strategies,
marketing or business plans, financial or personnel matters, investors, employees, business and contractual relationships, business forecasts, sales and merchandising, and information regarding third parties, suppliers, customers, employees,
investors or facilities); (v) Inventions (as defined below), and (iv) information, derivatives, improvements or enhancements created using the foregoing information. (all of the above collectively referred to as “Confidential
Information”). I understand that Confidential Information shall not include information that (a) is in the public domain at the time of disclosure or enters the public domain following disclosure through no fault of mine, (b) is
already in my possession prior to disclosure hereunder (as reflected by my written records), or (c) is required to be disclosed pursuant to an order of any competent court or government agency or rules of a securities exchange. 

1.2. Duties. I acknowledge the confidential and secret character of the Confidential Information, and agree that the Confidential
Information is the sole, exclusive and extremely valuable property of Company. Accordingly, I agree not to use the Confidential Information except in the performance of my authorized duties as an employee of Company, and not to disclose all or any
part of the Confidential Information in any form to any third party, either during or after the term of my employment, without the prior written consent of the Company on a case-by-case basis. Appropriate prior written consent will be determined as
follows: (i) if I am  

  
 1 

 
not an executive officer of the Company, then consent may be obtained from an executive officer of the Company, or (ii) if I am an executive officer of the Company, then from the Board of
Directors of the Company. Upon termination of my employment, I agree to cease using and to return to Company all whole and partial copies and derivatives of the Confidential Information, whether in my possession or under my direct or indirect
control, provided that I am entitled to retain my personal copies of (i) my compensation records, (ii) materials distributed to shareholders generally and (iii) this Agreement. 

2. PROPERTY OF THE COMPANY. All notes, memoranda, reports, drawings, blueprints, manuals, materials, data, emails and other papers and records
of every kind which shall come into my possession at any time after the commencement of my employment with the Company, relating to any Inventions (as defined below) or Confidential Information, shall be the sole and exclusive property of the
Company. This property shall be surrendered to the Company upon termination of my employment with the Company, or upon request by the Company, at any other time either during or after the termination of such employment. I further agree that in the
event of termination of my employment with the Company I will execute a Termination Certificate substantially in the form attached hereto as Exhibit A. 

3. INVENTIONS. 
 3.1.
Disclosure. I shall disclose promptly in writing to an officer or to attorneys of the Company in accordance with the Company’s policies and procedures any idea, invention, work of authorship, whether patentable or unpatentable,
copyrightable or uncopyrightable, including, but not limited to, any documentation, formula, design, device, code, improvement, method, process, discovery, concept, development, machine or contribution, techniques, formulas, formulations, data,
programs, organisms, plasmids, cosmids, bacteriophages, expression vectors, cells, cell lines, tissues, materials, substrates, media, delivery methods or transfection methods, assays, compounds, peptides, proteins, DNA, RNA, and their constructs,
and sequence, genomic, and structural information relating thereto, crystals, optically active materials, ceramics, metals, metal oxides, and organic and inorganic chemical, biological and other material and their progeny, clones and derivatives and
salt forms (any of the foregoing items hereinafter referred to as an “Invention”) I may conceive, make, develop or work on, in whole or in part, solely or jointly with others, during the term of my employment with the Company. The
disclosure required by this Section applies (a) during the period of my employment with the Company and for one year thereafter; (b) with respect to all Inventions whether or not they are conceived, made, developed or worked on by me
during my regular hours of employment with the Company; (c) whether or not the Invention was made at the suggestion of the Company; (d) whether or not the Invention was reduced to drawings, written description, documentation, models or
other tangible form; and (e) whether or not the Invention is related to the general line of business engaged in by the Company. The Company agrees that it will take reasonable precautions to keep Inventions disclosed to it pursuant to this
Section 3.1 in confidence and shall not use any Inventions for its own advantage unless those Inventions are assigned or assignable to the Company pursuant to Section 3.2 or otherwise. 

3.2. Assignment of Inventions to Company; Exemption of Certain Inventions. I hereby assign to the Company, and agree to assign
automatically without requirement of further writing when first reduced to practice or recorded in a tangible medium, without royalty or any  

 
other further consideration, my entire right, title and interest in and to all Inventions and all intellectual property rights therein that (i) relate to the subject matters related to my
employment and exist as of the date of this Agreement, for which I do not have an obligation to assign to any third party or (ii) I conceive, make, develop or work on during the period of my employment with the Company and for one year
thereafter, except those Inventions that I develop entirely on my own time after the date of this Agreement without using the Company’s equipment, supplies, facilities or Confidential Information, unless those Inventions either (a) relate
at the time of conception or reduction to practice of the Invention to the Company’s business, or actual or demonstrably anticipated research or development of the Company; or (b) result from or are related to any work performed by me for
the Company, in which case I agree that any such Inventions shall also be automatically assigned to the Company. I acknowledge and agree that the Company has hereby notified me that the assignment provided for in Section 3.2(ii) does not apply
to any Invention which qualifies fully for exemption from assignment under the provisions of Section 2870 of the California Labor Code, a copy of which is attached as Exhibit B. I also acknowledge and agree that nothing in this Section 3.2
above limits the assignment of any other rights in or to Confidential Information or other technology or intellectual property of the Company other than Inventions. 

3.3. Records. I will make and maintain adequate and current written records of all Inventions covered by Section 3.1. These
records shall be and remain the property of the Company. 
 3.4. Patents and Other Rights. Subject to Section 3.2, I will
assist the Company in obtaining, maintaining and enforcing patents, invention assignments and copyright assignments, and other proprietary rights in connection with any Invention covered by Section 3.1, and otherwise will assist the Company as
reasonably required by the Company to perfect in the Company the rights, title and other interests in my work product granted to the Company under this Agreement. Reasonable costs related to such assistance, if required, will be paid by the Company.
I further agree that my obligations under this Section 3.4 shall continue beyond the termination of my employment with the Company, but if I am called upon to render such assistance after the termination of such employment, I shall be entitled
to a fair and reasonable rate of compensation for such assistance. I shall, in addition, be entitled to reimbursement of any expenses incurred at the request of the Company relating to such assistance after the term of my employment. I hereby agree
to waive any moral rights I may have in any copyrightable work I create on behalf of the Company. If the Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions
specified above, I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and in my behalf to execute, verify and
file any such documents and to do all other lawfully permitted acts to further the purposes of this Section 3.4 with the same legal force and effect as if executed by me. 

3.5. Prior Contracts and Inventions; Information Belonging to Third Parties. I represent and warrant that, except as set forth on
Exhibit C hereto, there are no other contracts to assign Inventions that are now in existence between any other person or entity and me. I further represent that (a) I am not obligated under any consulting, employment or other agreement which
would affect the Company’s rights or my duties under this Agreement, (b) there is no action,  

 
investigation, or proceeding pending or threatened, or any basis therefor known to me involving my prior employment or any consultancy or the use of any information or techniques alleged to
be proprietary to any former employer, and (c) the performance of my duties as an employee of the Company will not breach, or constitute a default under any agreement to which I am bound, including, without limitation, any agreement limiting
the use or disclosure of proprietary information acquired in confidence prior to engagement by the Company. I will not, in connection with my employment by the Company, use or disclose to the Company any confidential, trade secret or other
proprietary information of any previous employer or other person to which I am not lawfully entitled. As a matter of record, I attach as Exhibit C of this Agreement a brief description of all Inventions made or conceived by me prior to my employment
with the Company which I desire to be excluded from this Agreement (“Background Technology”). I hereby grant Company a non-exclusive, royalty-free, perpetual and irrevocable, worldwide right to use and sublicense the use of
Background Technology for the purpose of developing, marketing, selling and supporting Company technology, products and services, either directly or through multiple tiers of distribution, but not for the purpose of marketing Background Technology
separately from Company products or services. 
 4. NON-COMPETITION. During the term of my employment by the Company, I will not
without the prior written approval of (i) an executive officer of the Company, in the event that I am not an executive officer of the Company, and (ii) the Board of Directors of the Company, in the event that I am an executive officer of
the Company, (a) engage in any other professional employment or consulting, or (b) directly or indirectly participate in or assist any business which is a current or potential supplier, customer or competitor of the Company. 

5. NON-SOLICITATION. During the term of my employment with the Company and for a period of one (1) year thereafter, I will not solicit or
encourage, or cause others to solicit or encourage, any employees of the Company to terminate their employment with the Company. During the term of my employment with the Company, I will not solicit the business of any customer or client of the
Company on my own behalf or on behalf of any person or entity other than the Company. 
 6. MISCELLANEOUS. The parties’ rights and
obligations under this Agreement will bind and inure to the benefit of their respective successors, heirs, executors, and administrators and permitted assigns. I will not assign this Agreement or its obligations hereunder without the prior written
consent of the Company and any such purported assignment without consent shall be null and void from the beginning. This Agreement constitutes the parties’ final, exclusive and complete understanding and agreement with respect to the subject
matter hereof, and supersede all prior and contemporaneous understandings and agreements relating to its subject matter. This Agreement may not be waived, modified or amended unless mutually agreed upon in writing by both parties. In the event any
provision of this Agreement is found to be legally unenforceable, such unenforceability shall not prevent enforcement of any other provision of the Agreement. I acknowledge that the Company will suffer substantial damages not readily ascertainable
or compensable in terms of money in the event of the breach of any of my obligations under this Agreement. I therefore agree that the Company shall be entitled (without limitation of any other rights or remedies otherwise available to the Company)
to obtain an injunction from any court of competent jurisdiction prohibiting the continuance or recurrence of any breach of this Agreement. The rights and obligations of the parties under this Agreement shall be governed in

 
all respects by the laws of the State of California exclusively, without regard to conflict of law provisions. I agree that upon Company’s request, all disputes arising hereunder shall be
adjudicated in the state and federal courts having jurisdiction over disputes arising in San Francisco, California, and I hereby agree to consent to the personal jurisdiction of such courts. Any notices required or permitted hereunder shall be given
to the appropriate party at the address specified above or at such other address as the party shall specify in writing. Such notice shall be deemed given upon personal delivery, or sent by certified or registered mail, postage prepaid, three
(3) days after the date of mailing. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 

 I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME
WITHOUT RESERVATION. NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME TO INDUCE ME TO SIGN THIS AGREEMENT. I SIGN THIS AGREEMENT VOLUNTARILY AND FREELY, IN DUPLICATE, WITH THE UNDERSTANDING THAT THE COMPANY WILL RETAIN ONE COUNTERPART AND THE
OTHER COUNTERPART WILL BE RETAINED BY ME. 
 IN WITNESS WHEREOF, I have executed this document as of the
19th day of November, 2015. 
  

	
	 /s/ Paul Cleveland

	 Employee

 AGREED AND ACKNOWLEDGED: 
  

			
	Avalanche Biotechnologies
		
	By:	 	 /s/ Mark S. Blumenkranz

	Name:	 	Mark S. Blumenkranz
	Title:	 	Chairman of the Board of Directors

  
 6 

 EXHIBIT A 

TO 
 EMPLOYEE CONFIDENTIALITY AND
INVENTION ASSIGNMENT AGREEMENT 
 Termination Certificate 

I, the undersigned, hereby certify that I do not have in my possession, nor have I failed to return, any documents or materials relating to
the business of Company or its affiliates (the “Company”), or copies thereof, including, without limitation, any item of Confidential Information listed in Section 3 of the Company’s Employee Confidentiality And Inventions
Assignment Agreement (the “Agreement”) to which I am a party. 
 I further certify that I have complied with all of the terms of
the Agreement signed by me, including the reporting of any Inventions (as defined in the Agreement) covered by the Agreement. 
 I further
agree that in compliance with the Agreement, I will preserve as confidential any information relating to the Company or any of it business partners, clients, consultants or licensees which has been disclosed to me in confidence during the course of
my employment by the Company unless authorized in writing to do so (i) by an executive officer of the Company, in the event that I am not an executive officer of the Company, or (ii) by the Board of Directors of the Company, in the event
that I am an executive officer of the Company. 
  

					
	Date:                                      
                  	 		 	  

		 		 	(Employee’s Signature)
			
		 		 	  

		 		 	(Printed or Typed Name of Employee)

 EXHIBIT B 

TO 
 EMPLOYEE CONFIDENTIALITY AND
INVENTION ASSIGNMENT AGREEMENT 
 California Labor Code 

California Labor Code § 2870. Application of provision providing that employee shall assign or offer to assign rights in invention to
employer. 
  

	 	(a)	Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the
employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: 

 

	 	(1)	Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or 

 

	 	(2)	Result from any work performed by the employee for the employer. 

  

	 	(b)	To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the
public policy of this state and is unenforceable. 

 EXHIBIT C 

TO 
 EMPLOYEE CONFIDENTIALITY AND
INVENTION ASSIGNMENT AGREEMENT 
 (List here prior contracts to assign Inventions that are now in existence between any other person or
entity and you.) 
 (List here previous Inventions which you desire to have specifically excluded from the operation of this Agreement.
Continue on reverse side if necessary. 

 EXHIBIT B 

CHANGE IN CONTROL AND SEVERANCE AGREEMENTEX-10.2

 Exhibit 10.2 

AVALANCHE BIOTECHNOLOGIES, INC. 

CHANGE IN CONTROL AND SEVERANCE AGREEMENT 

This Change in Control and Severance Agreement (the “Agreement”) is made and entered into by and between Paul Cleveland
(“Executive”) and Avalanche Biotechnologies, Inc. (the “Company”), effective as of the latest date set forth by the signatures of the parties hereto below (the “Effective Date”). 

R E C I T A L S 
 A.
Executive and the Company are entering into the Offer Letter, dated as of the Effective Date (the “Offer Letter”), concurrently with the execution of this Agreement. 

B. It is expected that the Company from time to time will consider the possibility of an acquisition by another company or other change in
control. The Board of Directors of the Company (the “Board”) recognizes that such consideration as well as the possibility of an involuntary termination or reduction in responsibility can be a distraction to Executive and can cause
Executive to consider alternative employment opportunities. The Board has determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive,
notwithstanding the possibility, threat or occurrence of such an event. 
 C. The Board believes that it is in the best interests of the
Company and its stockholders to provide Executive with an incentive to continue Executive’s employment and to motivate Executive to maximize the value of the Company upon a Change in Control (as defined below) for the benefit of its
stockholders. 
 D. The Board believes that it is imperative to provide Executive with severance benefits upon certain terminations of
Executive’s service to the Company that enhance Executive’s financial security and provide incentive and encouragement to Executive to remain with the Company notwithstanding the possibility of such an event. 

D. Certain capitalized terms used in this Agreement are defined in Section 7 below. 

The parties hereto agree as follows: 

1. Term of Agreement. This Agreement shall become effective as of the Hire Date (as defined in the Offer Letter) and terminate upon the
date that all obligations of the parties hereto with respect to this Agreement have been satisfied. 
 2. At-Will Employment. The
Company and Executive acknowledge that Executive’s employment is and shall continue to be “at-will,” as defined under applicable law. If Executive’s employment terminates for any reason, Executive shall not be entitled to any
payments, benefits, damages, awards or compensation other than as provided by this Agreement. 

 3. Covered Termination Other Than During a Change in Control Period. If Executive
experiences a Covered Termination other than during a Change in Control Period, and if Executive delivers to the Company a general release of all claims against the Company and its affiliates that becomes effective and irrevocable within sixty
(60) days, or such shorter period of time specified by the Company, following such Covered Termination (a “Release of Claims”), then in addition to any accrued but unpaid salary, bonus, vacation and expense reimbursement payable in
accordance with applicable law, the Company shall provide Executive with the following: 
 (a) Severance. Executive shall be entitled
to receive an amount equal to twelve (12) months of Executive’s Base Salary, payable in substantially equal installments in accordance with the Company’s normal payroll policies, less applicable withholdings; provided, however,
that no payments under this Section 3(a) shall be made prior to the first payroll date occurring on or after the sixtieth (60th) day following the date of the Covered Termination (such payroll date, the “First Payroll
Date”), and any amounts otherwise payable prior to the First Payroll Date shall be paid on the First Payroll Date without interest thereon. 

(b) Continued Healthcare. If Executive elects to receive continued healthcare coverage pursuant to the provisions of the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents through the earlier of (i) the first
anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s). Notwithstanding
the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury
Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public
Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments. After the Company ceases to pay premiums pursuant to this
Section 3(b), Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance the provisions of COBRA. 

4. Covered Termination During a Change in Control Period. If Executive experiences a Covered Termination during a Change in Control
Period, and if Executive delivers to the Company a Release of Claims that becomes effective and irrevocable within sixty (60) days, or such shorter period of time specified by the Company, following such Covered Termination, then in addition to
any accrued but unpaid salary, bonus, vacation and expense reimbursement payable in accordance with applicable law, the Company shall provide Executive with the following: 

(a) Severance. Executive shall be entitled to receive an amount equal one and one-half times (1.5) times the sum of
(i) Executive’s Base Salary and (ii) target annual bonus for the year in which Executive’s termination occurs. Such amount shall be payable in a cash lump sum, less applicable withholdings, on the sixtieth (60th) day after
the date of the Covered Termination. 
 (b) Equity Awards. Each outstanding equity award, including, without limitation, each stock
option and restricted stock award, held by Executive shall automatically become vested 

  
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and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse, in each case, with respect to one-hundred percent (100%) of the
unvested shares of Company common stock subject to such equity award. 
 (c) Continued Healthcare. If Executive elects to receive
continued healthcare coverage pursuant to the provisions of COBRA, the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents through the earlier of (i) the eighteen (18)-month
anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s). Notwithstanding
the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury
Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover Executive under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public
Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments. After the Company ceases to pay premiums pursuant to this
Section 4(c), Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance the provisions of COBRA. 

5. Other Terminations. If Executive’s service with the Company is terminated by the Company or by Executive for any or no reason
other than as a Covered Termination, then Executive shall not be entitled to any benefits hereunder other than accrued but unpaid salary, bonus, vacation and expense reimbursement in accordance with applicable law and to elect any continued
healthcare coverage as may be required under COBRA or similar state law. 
 6. Limitation on Payments. Notwithstanding anything in
this Agreement to the contrary, if any payment or distribution Executive would receive pursuant to this Agreement or otherwise (“Payment”) would (a) constitute a “parachute payment” within the meaning of Section 280G of
the Internal Revenue Code of 1986, as amended (the “Code”), and (b) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall either be
(i) delivered in full, or (ii) delivered as to such lesser extent which would result in no portion of such Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and
local income taxes and the Excise Tax, results in the receipt by Executive on an after-tax basis, of the largest payment, notwithstanding that all or some portion the Payment may be taxable under Section 4999 of the Code. The accounting firm
engaged by the Company for general audit purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting
firm required to be made hereunder. The accounting firm shall provide its calculations to the Company and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that
time by the Company or Executive) or such other time as requested by the Company or Executive. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive. Any reduction
in payments and/or benefits pursuant to this Section 6 will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of
accelerated vesting of stock options; and (4) reduction of other benefits payable to Executive. 

  
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 7. Definition of Terms. The following terms referred to in this Agreement shall have the
following meanings: 
 (a) Base Salary. “Base Salary” means Executive’s annual base salary in effect immediately prior
to Executive’s termination (disregarding any reduction in base salary that would give rise to Executive’s right to a Constructive Termination). 

(b) Cause. “Cause” will be determined in the sole discretion of the Board and will mean misconduct, including:
(i) conviction of any felony or any crime involving moral turpitude or dishonesty; (ii) willful and material breach of Executive’s duties that has not been cured within 30 days after written notice from the Board;
(iii) intentional and material damage to the Company’s property; or (iv) material breach of the Confidential Information Agreement (as defined below). 

(c) Change in Control. “Change in Control” shall mean the occurrence, in a single transaction or in a series of related
transactions, of any one or more of the following events: 
 (i) A transaction or series of transactions (other than an offering of Common
Stock to the general public through a registration statement filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to
such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the
Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; or 

(ii) During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new
director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 7(c)(i) or 7(c)(iii)) whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so
approved, cease for any reason to constitute a majority thereof; or 
 (iii) The consummation by the Company (whether directly involving
the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the
Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: (A) which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities 

  
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of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s
assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting
securities immediately after the transaction, and (B) after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group
shall be treated for purposes of this clause (B) as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or

 (iv) The Company’s stockholders approve a liquidation or dissolution of the Company. 

Notwithstanding the foregoing, in no event shall a transaction constitute a Change in Control unless such transaction also constitutes a
“change in control event” within the meaning of Section 409A of the Code and the Treasury regulations promulgated thereunder. 

(d) Change in Control Period. “Change in Control Period” means the period of time beginning three (3) months prior to
and ending twelve (12) months following a Change in Control. 
 (e) Constructive Termination. “Constructive
Termination” means any of the following actions taken without Cause by the Company or a successor corporation or entity without Executive’s consent: (i) substantial reduction of Executive’s rate of compensation;
(ii) material reduction in Executive’s duties, provided, however, that a change in job position (including a change in title) shall not be deemed a “material reduction” unless Executive’s new duties are substantially reduced
from the prior duties; (iii) failure or refusal of a successor to the Company to assume the Company’s obligations under this Agreement in the event of a Change in Control; (iv) relocation of Executive’s principal place of
employment or service to a place greater than 50 miles from the Executive’s then current principal place of employment or service; (v) the requirement to increase the amount of time per week that Executive provides services to the Company
or (vi) the requirement that the Executive cease other employment or consulting engagements, unless such employment and/or consulting engagement results in a direct conflict with the Company’s business. Notwithstanding the foregoing, a
resignation shall not constitute a “Constructive Termination” unless the event or condition giving rise to such resignation continues more than thirty (30) days following Executive’s written notice of such condition provided to
the Company within ninety (90) days of the first occurrence of such event or condition and such resignation is effective within thirty (30) days following the end of such notice period. 

(f) Covered Termination. “Covered Termination” shall mean Executive’s Constructive Termination or the termination of
Executive’s employment by the Company other than for Cause. 

  
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 8. Successors. 

(a) Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation,
liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the
same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets
which executes and delivers the assumption agreement described in this Section 8(a) or which becomes bound by the terms of this Agreement by operation of law. 

(b) Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder shall inure to the benefit of, and
be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

9. Notices. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been
duly given when personally delivered or one day following mailing via Federal Express or similar overnight courier service. In the case of Executive, mailed notices shall be addressed to Executive at Executive’s home address that the Company
has on file for Executive. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Senior Vice President, Legal and Corporate Development. 

10. Confidentiality; Non-Solicitation. 

(a) Confidentiality. While Executive is employed by the Company, and thereafter, Executive shall not directly or indirectly disclose or
make available to any person, firm, corporation, association or other entity for any reason or purpose whatsoever, any Confidential Information (as defined below). Upon termination of Executive’s employment with the Company, all Confidential
Information in Executive’s possession that is in written or other tangible form (together with all copies or duplicates thereof, including computer files) shall be returned to the Company and shall not be retained by Executive or furnished to
any third party, in any form except as provided herein; provided, however, that Executive shall not be obligated to treat as confidential, or return to the Company copies of any Confidential Information that (i) was publicly known at the time
of disclosure to Executive, (ii) becomes publicly known or available thereafter other than by any means in violation of this Agreement or any other duty owed to the Company by any person or entity, or (iii) is lawfully disclosed to
Executive by a third party. For purposes of this Agreement, the term “Confidential Information” shall mean information disclosed to Executive or known by Executive as a consequence of or through his or her relationship with the Company,
about the customers, employees, business methods, public relations methods, organization, procedures or finances, including, without limitation, information of or relating to customer lists, of the Company and its affiliates. In addition, Executive
shall continue to be subject to the Employee Proprietary Information and Inventions Assignment Agreement entered into between Executive and the Company (the “Confidential Information Agreement”). 

  
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 (b) Non-Solicitation. In addition to each Executive’s obligations under the
Confidential Information Agreement, Executive shall not for a period of two (2) years following Executive’s termination of employment for any reason, either on Executive’s own account or jointly with or as a manager, agent, officer,
employee, consultant, partner, joint venturer, owner or stockholder or otherwise on behalf of any other person, firm or corporation, directly or indirectly solicit or attempt to solicit away from the Company any of its officers or employees or offer
employment to any person who is an officer or employee of the Company; provided, however, that a general advertisement to which an employee of the Company responds shall in no event be deemed to result in a breach of this Section 10(b).
Executive also agrees not to harass or disparage the Company or its employees, clients, directors or agents or divert or attempt to divert any actual or potential business of the Company. 

(c) Survival of Provisions. The provisions of this Section 10 shall survive the termination or expiration of the applicable
Executive’s employment with the Company and shall be fully enforceable thereafter. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 10 is excessive in duration or scope or is
unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the law of that state. 

11. Dispute Resolution. To ensure the timely and economical resolution of disputes that arise in connection with this Agreement,
Executive and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance or interpretation of this Agreement, Executive’s employment, or the termination of
Executive’s employment, shall be resolved to the fullest extent permitted by law by final, binding and confidential arbitration, by a single arbitrator, in San Mateo County, California, conducted by Judicial Arbitration and Mediation Services,
Inc. (“JAMS”) under the applicable JAMS employment rules. By agreeing to this arbitration procedure, both Executive and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative
proceeding. The arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (ii) issue a written arbitration decision, to
include the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator shall be authorized to award any or all remedies that Executive or the Company would be entitled to seek in a court of law. The Company
shall pay all JAMS’ arbitration fees in excess of the amount of court fees that would be required if the dispute were decided in a court of law. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining
injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute over intellectual property rights by
Court action instead of arbitration. 
 12. Miscellaneous Provisions. 

(a) Section 409A. 

(i) Separation from Service. Notwithstanding any provision to the contrary in this Agreement, no amount deemed deferred compensation
subject to Section 409A of 

  
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the Code shall be payable pursuant to Sections 3 or 4 unless Executive’s termination of employment constitutes a “separation from service” with the Company within the meaning of
Section 409A of the Code and the Department of Treasury regulations and other guidance promulgated thereunder (“Separation from Service”) and, except as provided under Section 12(a)(ii) of this Agreement, any such amount shall
not be paid, or in the case of installments, commence payment, until the sixtieth (60th) day following Executive’s Separation from Service. Any installment payments that would have been
made to Executive during the sixty (60) day period immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive on the sixtieth
(60th) day following Executive’s Separation from Service and the remaining payments shall be made as provided in this Agreement. 

(ii) Specified Employee. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed at the time of his or
her separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is
required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (a) the expiration of the six (6)-month
period measured from the date of the Executive’s Separation from Service or (b) the date of Executive’s death. Upon the first business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all
payments deferred pursuant to this Section 12(a)(ii) shall be paid in a lump sum to Executive, and any remaining payments due under this Agreement shall be paid as otherwise provided herein. 

(iii) Expense Reimbursements. To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions
of Section 409A of the Code, any such reimbursements payable to Executive pursuant to this Agreement shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred, the amount of
expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(b) Waiver. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall
be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
 (c) Whole
Agreement. This Agreement, the Offer Letter and the Confidential Information Agreement represent the entire understanding of the parties hereto with respect to the subject matter hereof and supersede all prior arrangements and understandings
regarding same, including, without limitation, any accelerated vesting provisions of any stock option agreement between the Company and Executive. 

(d) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of California. 

  
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 (e) Severability. The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

(f) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
will constitute one and the same instrument. 
 (Signature page follows) 

  
 -9- 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company
by its duly authorized officer, as of the day and year set forth below. 
  

			
	 AVALANCHE

BIOTECHNOLOGIES, INC.

		
	By:	 	 /s/ Mark S. Blumenkranz

	Title:	 	Chairman of the Board of Directors
	Date:	 	November 19, 2015
	
	EXECUTIVE
	
	 /s/ Paul B. Cleveland

	
	Date: November 19, 2015

  
 -10-

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