Document:

sybx-ex101_100.htm

EXHIBIT 10.1

 

Synlogic, Inc.

301 Binney St., Suite 402

Cambridge, MA 02142

 

 

June 5, 2018

 

Dr. Aoife Brennan

 

Re: Third Amendment to Offer Letter

Dear Aoife:

 

This letter confirms our earlier discussions and memorializes the decision approved by the Board of Directors of Synlogic, Inc. (the “Company”) to amend certain provisions of your employment offer letter, effective as of June 22, 2016, and amended as of November 7, 2016 and as of May 16, 2017, by and between you and the Company (the “Letter Agreement”) in connection with your service to the Company as Interim President and Chief Executive Officer. The following amendment to the Letter Agreement will be effective as of the date hereof.

 

Section 1 of the Letter Agreement is hereby amended by adding the following paragraph to the end of Section 1 of the Letter Agreement:

 

“You shall also serve as Interim President and Chief Executive Officer effective May 10, 2018 until the time that the Company appoints a permanent President and Chief Executive Officer unless you are earlier terminated in accordance with this Agreement. As Interim President and Chief Executive Officer, you shall have such duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies and such other duties and responsibilities as the Board of Directors (the “Board”) shall designate that are consistent with your position as Interim President and Chief Executive Officer, including directing, supervising and having responsibility for all aspects of the operations and general affairs of the Company as directed by the Board. You shall report to, and be subject to, the lawful direction of the Board. During your tenure as Interim President and Chief Executive Officer, you shall use your best efforts to perform faithfully and efficiently the duties and responsibilities assigned to you hereunder and devote all of your business time (excluding periods of vacation and other approved leaves of absence) to the performance of your duties as Interim President and Chief Executive Officer of the Company.”

 

Section 4(a) of the Agreement is deleted and replaced with the following:

 

“(a)(1) Base Salary. Your salary will be at the rate of $33,158.42 per month, annualized at $397,901, which shall be prorated for any partial year, month or week (the “Base Salary”).

 

(a)(2) Additional Monthly Compensation.   For the period that you serve as Interim President and Chief Executive Officer, you shall receive an additional cash payment from the 

 

 

Company of $6,400 per calendar month; pro-rated for any partial months that you serve as Interim President and Chief Executive Officer (the “Additional Monthly Compensation”), payable in accordance with the regular payroll practices of the Company.

 

Section 4(c) of the Agreement is deleted and replaced with the following:

 

“(c) You will have the opportunity to earn a bonus of up to thirty percent (30%) of your annual Base Salary per year, based on the achievement of or progress toward individual departmental and/or corporate objectives and goals, as reasonably determined by the Board, provided that to be eligible for any such bonus, you must be employed by the Company in good standing at the time such bonus is awarded; provided, however, that for the period that you serve as Interim President and Chief Executive Officer, you will have the opportunity to earn a bonus of up to forty percent (40%) of your annual Base Salary under Section 4(a)(1) above plus your Additional Monthly Compensation under Section 4(a)(2) above, based on the achievement of or progress toward individual departmental and/or corporate objectives and goals, as reasonably determined by the Board, and provided further that to be eligible for any such bonus, you must be employed by the Company in good standing at the time such bonus is awarded.”

 

Section 4(d) of the Agreement is hereby amended by adding the following paragraph to the end of Section 4(d) of the Agreement:

 

“Subject to the terms of the Company’s 2015 Equity Incentive Award Plan, as amended (“The Incentive Plan”) and form of option agreement, and subject to approval by the Board, you will be granted an option to purchase an aggregate of fifty four thousand (54,000) shares of common stock, at an exercise price per share equal to the Fair Market Value (as defined in the Incentive Plan) of the Common Stock on the date of the grant, intended to qualify as an “incentive stock option” to the maximum extent allowed under Section 422 of the Internal Revenue Code. The option will vest in equal monthly installments for 48 months beginning one month after the grant date and continuing for so long as you continue to serve as Interim President and Chief Executive Officer. All tax consequences resulting from the grant, vesting, or exercise of the option to or by you, or from the disposition by you of such shares of Common Stock, will be your responsibility. You also will be eligible for annual equity grants at the same time when other executives receive these grants.” 

All other terms and conditions of the Employment Agreement remain in full force and effect.  The Letter Agreement, as amended by this Amendment, constitutes the entire agreement between you and the Company with respect to the subject matter thereof and supersedes any prior agreement or understanding, whether in writing or oral.

[Remainder of page intentionally left blank]

 

 

Thank you for your assistance in this matter. Please sign this letter as acceptance of the terms of amendment to your Employment Agreement.

 

	
 

	
 

	
Sincerely,

	
 

	
SYNLOGIC, INC.

	
 

	
/s/ Todd Shegog_________________ 

	
Todd Shegog, Chief Financial Officer

	
 

 

 

	
 

	
 

	
Accepted and Agreed by:

	
 

	
/s/ Aoife M. Brennan

	
Dr. Aoife M. Brennan

 

	
6/7/2018

	
Datesybx-ex102_101.htm

Exhibit 10.2

synlogic, Inc.

 

AMENDMENT TO OPTION AGREEMENTS

 

 

This Amendment, effective as of June 5, 2018, amends the terms of the options outstanding on the date hereof dated May 15, 2017 (the “2017 Option Agreement”) and March 14, 2018 (the “2018 Option Agreement”) as set forth on Exhibit A hereto, (collectively, the “Options” and the “Option Agreements”) issued by Synlogic, Inc. (the “Company”) to you (the “Participant”) under the Company’s 2017 Stock Incentive Plan (the “2017 Plan”) and the Company’s 2015 Equity Incentive Award Plan (the “2015 Plan”).  All capitalized terms used in this Amendment without definition or reference have the meanings set forth in the respective Option Agreements or in the 2017 Plan or 2015 Plan, as applicable.

WHEREAS, Section 20 of the 2017 Option Agreement and Section 5.11 of the 2018 Option Agreement provide that the Option Agreements may be amended as provided in the 2017 Plan or 2015 Plan, respectively;

WHEREAS, Section 4(e) of the 2017 Plan and Section 6.4 of the 2015 Plan provide that the respective Option Agreements may be amended by the Company with the Participant’s consent; 

WHEREAS, the Company and the Participant have entered into that certain Letter Agreement and Release dated May 9, 2018 (the “Letter Agreement”) pursuant to which the Participant, the Company’s former President and Chief Executive Officer, has agreed to continue to advise the Company’s Interim CEO and the Company on an as-needed basis through November 15, 2018 (the “Consultancy Period”); and

WHEREAS, the Company and the Participant desire to amend the Options to extend the exercise period of the Options as set forth herein.

NOW THEREFORE, in consideration of the mutual covenants set forth herein and in the Letter Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the 2017 Option Agreement and the 2018 Option Agreement are hereby amended as follows:

	
 
	
1.
	
Extension of Exercise Periods.

	
 
	
(A)
	
The second paragraph of Section 4 of the 2017 Option Agreement is hereby deleted in its entirety and replaced with the following:

If the Participant ceases to be an Employee, director or Consultant of the Company or of an Affiliate for any reason other than the death or Disability of the Participant, or termination of the Participant for Cause (the “Termination Date”), the Option to the extent then vested and exercisable pursuant to Section 3 hereof as of the Termination Date, and not previously terminated in accordance with this Agreement, may be exercised until the earlier of (i) November 15, 2018, or (ii) the termination by the Company of the Consultancy Period (as defined in that certain Letter Agreement and Release dated May 9, 2018 pursuant to which the Participant has agreed to continue to advise the Company’s Interim CEO and the Company on an as-needed basis through November 15, 2018), but may not be exercised thereafter except as set forth below.  In 

such event, the unvested portion of the Option shall not be exercisable and shall expire and be cancelled on the Termination Date.

	
 
	
(B)
	
Section 3.3(c) of the 2018 Option Agreement is hereby deleted in its entirety and replaced with the following:

	
 
	
(C)
	
the earlier of (i) November 15, 2018, or (ii) the termination by the Company of the Consultancy Period (as defined in that certain Letter Agreement and Release dated May 9, 2018 pursuant to which the Participant has agreed to continue to advise the Company’s Interim CEO and the Company on an as-needed basis through November 15, 2018).

	
 
	
2.
	
Acknowledgement of Impact on Incentive Stock Option.  The Participant acknowledges and agrees that allowing for an option that is currently an incentive stock option under Section 422 of the Internal Revenue Code to be exercised more than three months after the Participant’s termination of employment, other than by reason of death or disability, will result in the option being taxed as a non-qualified option, and that therefore, by entering into this Amendment, the Participant’s Option issued under the 2017 Option Agreement will be taxed as a non-qualified option.

	
 
	
3.
	
Agreement.  This Amendment supersedes any and all prior or contemporaneous oral or written agreements between the Participant and the Company and, together with the Letter Agreement, sets forth the entire agreement between the Participant and the Company with respect to the subject matter hereof.  To the extent not expressly amended hereby, the Option Agreements remain in full force and effect. 

[Remainder of page intentionally left blank]

Synlogic, Inc.

 

 

	
/s/ Todd Shegog
	
   

Todd Shegog

Chief Financial Officer

 

ACCEPTED AND AGREED BY:

 

 

/s/ Jose-Carlos Gutiérrez-Ramos

Jose-Carlos Gutiérrez-Ramos

 

 

 

Exhibit A

 

Jose-Carlos Gutiérrez-Ramos Options To Be Amended

 

					
	
Date of Grant Notice
	
Number of shares
	
Exercise Price
	
Type of Option
	
Shares Vested

	
May 15, 2017
	
36,950
	
$13.53
	
ISO
	
14,780

	
May 15, 2017
	
129,010
	
$13.53
	
Non-Qualified
	
26,704

	
March 14, 2018
	
112,991
	
$9.95
	
Non-Qualified
	
5,021

 

78061106v.3

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