Document:

EX-10.26

 Exhibit 10.26 

Ward – Performance Options 

ELOXX PHARMACEUTICALS, INC. 

PERFORMANCE 

STOCK OPTION GRANT NOTICE 

(INDUCEMENT GRANT OUTSIDE OF THE 

AMENDED AND RESTATED 

SEVION THERAPEUTICS, INC. 2008 INCENTIVE COMPENSATION
PLAN) 
 As an inducement material to Participant’s entering into employment with Eloxx Pharmaceuticals, Inc.1 (the “Corporation”), the Corporation hereby grants to Optionee an option to purchase the number of shares of the Corporation’s Common Stock set forth below. This option
is granted outside of the Corporation’s Amended and Restated 2008 Incentive Compensation Plan (the “Plan”), but is subject to all of the terms and conditions as set forth in this Grant Notice, in the Stock Option
Agreement, the Plan (as if it had been granted under the Plan) and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the
Stock Option Agreement will have the same definitions as in the Plan or the Stock Option Agreement. If there is any conflict between the terms in this Grant Notice and the Plan, the terms of the Plan will control. 

 

			
	Optionee:	 	Robert Ward
		 	  

	Grant Date:	 	December 26, 2017
		 	  

	Number of Shares Subject to Option:	 	22,427
		 	  

	Exercise Price (Per Share):	 	$8.00
		 	  

	Total Exercise Price:	 	$179,416
		 	  

	Expiration Date:	 	December 25, 2027
		 	  

 Type of Grant:    ☒ Non-Statutory Option 

Exercise Schedule:    Same as Vesting Schedule 
  

	Vesting	Schedule: This option shall vest upon the Corporation’s first successful completion of a Phase 2b study with respect to any indication (as determined by the Board in its reasonable discretion), subject to
Optionee’s continued Service through such date. 

 In addition, this option (or a portion thereof) may be eligible for
accelerated vesting if and to the extent provided in the Optionee’s individual employment or service agreement with the Corporation, including Sections 5(b) and 8 thereof. 

 

	Payment:	By one or a combination of the following items (described in the Stock Option Agreement): 

☒ By cash, check, bank draft or money order payable to the Corporation 

☐ Pursuant to a Regulation T Program if the shares are publicly traded 

☐ By delivery of already-owned shares if the shares are publicly traded 

 
  

	1 	Formerly, Sevion Therapeutics, Inc. 

 ☐ If and only to the extent this option is a
Non-Statutory Option, and subject to the Corporation’s consent at the time of exercise, by a “net exercise” arrangement 

Additional Terms/Acknowledgements: Optionee acknowledges receipt of, and understands and agrees to, this Grant Notice, the Stock Option Agreement and
the Plan. Optionee acknowledges and agrees that this Grant Notice and the Stock Option Agreement may not be modified, amended or revised except as provided in the Plan. Optionee further acknowledges that as of the Grant Date, this Grant
Notice, the Stock Option Agreement, and the Plan set forth the entire understanding between Optionee and the Corporation regarding this option award and supersede all prior oral and written agreements, promises and/or representations on that subject
with the exception of, if applicable, (i) equity awards previously granted and delivered to Optionee, (ii) any compensation recovery policy that is adopted by the Corporation or is otherwise required by applicable law and (iii) any
written employment agreement, severance agreement, offer letter or other written agreement entered into between the Corporation and Optionee specifying the terms that should govern this specific option. By accepting this option, Optionee consents to
receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Corporation or another third party designated by the
Corporation. 
  

									
	ELOXX PHARMACEUTICALS, INC.	 		 	OPTIONEE:
					
	By:	 	/s/ Gregory Weaver	 		 		 	/s/ Robert E. Ward
		 	Signature	 		 		 	Signature
	Title:	 	 Chief Financial Officer
	 		 	Date:	 	 March 5, 2018

	Date:	 	 March 5, 2018
	 		 		 	

 ATTACHMENTS: Stock Option Agreement, Sevion Therapeutics, Inc. Amended and Restated 2008
Incentive Compensation Plan and Notice of Exercise 

  
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 ELOXX PHARMACEUTICALS, INC. 

STOCK OPTION AGREEMENT 

RECITALS 

A.    This option has been granted to Optionee outside of, but subject to the terms and conditions of the Plan as if it has
been granted under the Plan. The option is granted in compliance with NASDAQ Listing Rule 5634(c)(4) as a material inducement to you entering into employment with the Corporation. For the avoidance of doubt, the shares of Common Stock underlying
this option shall not reduce and shall have no impact on the number of shares available for grant under the Plan. 

B.    The Board has adopted the Plan for the purpose of retaining the services of selected employees who provide services
to the Corporation (or any Parent or Subsidiary). 
 C.    Optionee is to render valuable services to the Corporation
(or a Parent or Subsidiary), and the Committee has approved the grant of an option to Optionee pursuant to this Agreement. 

D.    All capitalized terms in this Agreement shall have the meaning assigned to them in the attached Appendix. 

NOW, THEREFORE, it is hereby agreed as follows: 

1.    Grant of Option. The Corporation hereby grants to Optionee, as of the Grant Date, an option to
purchase up to the number of Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price. 

2.    Option Term. This option shall have a maximum term of ten (10) years measured from the Grant Date
and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 of this Agreement or the provisions of the Plan. 

3.    Limited Transferability. This option shall be neither transferable nor assignable by Optionee other
than by will or the laws of inheritance following Optionee’s death and may be exercised, during Optionee’s lifetime, only by Optionee. 

4.    Dates of Exercise. This option shall become exercisable for the Option Shares in one or more
installments in accordance with the Exercise Schedule set forth in the Grant Notice. As the option becomes exercisable for such installments, those installments shall accumulate, and the option shall remain exercisable for the accumulated
installments until the Expiration Date or sooner termination of the option term under Paragraph 5 or 6. 

5.    Termination of Service. The option term specified in Paragraph 2 shall terminate (and this option
shall cease to be outstanding) prior to the Expiration Date should any of the following provisions become applicable: 

(a)    Should Optionee cease to remain in Service with the Corporation (or any Parent or Subsidiary) for any reason (other
than death, Permanent Disability or Misconduct) while this option is outstanding, then Optionee shall have a three (3)-month period measured from the date of such cessation of Service during which to exercise this option, but in no event shall this
option be exercisable at any time after the Expiration Date. 

  
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 (b)    Should Optionee die while this option is outstanding, then this option
may be exercised by (i) the personal representative of Optionee’s estate or (ii) the person or persons to whom the option is transferred pursuant to Optionee’s will or the laws of inheritance following Optionee’s death. Any
such right to exercise this option shall lapse, and this option shall cease to be outstanding, upon the earlier of (i) the expiration of the twelve (12)-month period measured from the date of Optionee’s death or (ii) the Expiration
Date. 
 (c)    Should Optionee cease to remain in Service by reason of Permanent Disability while this option is
outstanding, then Optionee shall have a twelve (12)-month period measured from the date of such cessation of Service during which to exercise this option. In no event shall this option be exercisable at any time after the Expiration Date. 

(d)    During the limited period of post-employment exercisability, this option may not be exercised in the aggregate for
more than the number of Option Shares for which this option is, at the time of Optionee’s termination of Service, exercisable pursuant to the Exercise Schedule specified in the Grant Notice or the provisions of the Plan. This option shall not
become exercisable for any additional Option Shares, whether pursuant to the normal Exercise Schedule specified in the Grant Notice or the provisions of the Plan, following Optionee’s termination of Service, except to the extent (if any)
specifically authorized by the Plan Administrator pursuant to an express written agreement with Optionee. Upon the expiration of such limited exercise period or (if earlier) upon the Expiration Date, this option shall terminate and cease to be
outstanding for any exercisable Option Shares for which the option has not otherwise been exercised. 
 (e)    Should
Optionee’s Service with the Corporation (or any Parent or Subsidiary) be terminated for Misconduct or should Optionee otherwise engage in any Misconduct while this option is outstanding, then this option shall terminate immediately and cease to
remain outstanding. 
 6.    Change in Control. 

(a)    This option to the extent outstanding at the time of a Change in Control but not otherwise fully exercisable, shall
automatically accelerate so that such option shall, immediately prior to the effective date of that Change in Control, become exercisable for all the shares of Common Stock at the time subject to this option and may be exercised for any or all of
those shares as fully vested shares of Common Stock. However, this option shall not become exercisable on an accelerated basis if and to the extent this option is, in connection with the Change in Control, to be assumed by the successor corporation
(or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction or such option is replaced with a cash retention program of the successor corporation that preserves the spread existing
at the time of the Change in Control on the shares of Common Stock as to which the option is not otherwise exercisable and provides for the subsequent vesting and payment of that spread in accordance with the same Exercise Schedule applicable to
those shares. 
 (b)    Immediately following the consummation of the Change in Control, this option shall terminate and
cease to be outstanding, except to the extent this option is assumed by the successor corporation (or parent thereof) in connection with the Change in Control or is otherwise continued in full force and effect pursuant to the terms of the Change in
Control transaction. 
 (c)    If this option is assumed in connection with a Change in Control or is otherwise
continued in full force and effect, then this option shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to Optionee in consummation of such Change
in Control had the option been exercised immediately prior to such Change in Control, and appropriate adjustments shall also be made to the Exercise Price, provided the 

  
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aggregate Exercise Price shall remain the same. To the extent the actual holders of the Corporation’s outstanding Common Stock receive cash consideration for their Common Stock in
consummation of the Change in Control transaction, the successor corporation may, in connection with the assumption or continuation of this option and subject to the Plan Administrator’s approval, substitute one or more shares of its own common
stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Change in Control transaction, provided such common stock is readily traded on an established U.S. securities exchange or market. 

(d)    This Agreement shall not in any way affect the right of the Corporation to adjust, reclassify, reorganize or
otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 

7.    Adjustment in Option Shares. Should any change be made to the Common Stock by reason of any stock
split, stock dividend, recapitalization, combination of shares, exchange of shares, spin-off transaction or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt
of consideration or should the value of outstanding shares of Common stock be substantially reduced as a result of a spin-off transaction or an extraordinary dividend or distribution or should there occur any
merger, consolidation or other reorganization (other than a Change in Control), then equitable adjustments shall be made to (i) the total number and/or class of securities subject to this option and (ii) the Exercise Price in such manner
as the Committee deems appropriate. 
 8.    Stockholder Rights. The holder of this option shall not have
any stockholder rights with respect to the Option Shares until such person shall have exercised the option, paid the Exercise Price and become a holder of record of the purchased shares. 

9.    Manner of Exercising Option. 

(a)    In order to exercise this option with respect to all or any part of the Option Shares for which this option is at
the time exercisable, Optionee (or any other person or persons exercising the option) must take the following actions: 

(i)    Execute and deliver to the Corporation a Notice of Exercise for the Option Shares for which the option is
exercised or comply with such other procedures as the Corporation may establish for notifying the Corporation of the exercise of this option for one or more Option Shares. 

(ii)    Pay the aggregate Exercise Price for the purchased shares in one or more of the following forms: 

(A)    cash or check made payable to the Corporation; 

(B)    shares of Common Stock (whether delivered in the form of actual stock certificates or through attestation of
ownership) held for the requisite period (if any) necessary to avoid any resulting charge to the Corporation’s earnings for financial reporting purposes and valued at Fair Market Value on the Exercise Date; 

(C)    through a special sale and remittance procedure pursuant to which Optionee (or any other person or persons
exercising the option) shall concurrently provide irrevocable instructions (i) to a brokerage firm (reasonably satisfactory to the Corporation for purposes of administering such procedure in accordance with the Corporation’s pre-clearance/pre-notification policies) to effect the immediate sale of the purchased shares and remit to the Corporation, out of the sale proceeds available on the
settlement date, sufficient funds to cover the aggregate Exercise Price payable for the purchased shares 

  
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plus all applicable income and employment taxes required to be withheld by the Corporation by reason of such exercise and (ii) to the Corporation to deliver the certificates for the
purchased shares directly to such brokerage firm on such settlement date in order to complete the sale; and 

(D)    If this option is a Non-Statutory Option, subject to the consent of the
Corporation at the Exercise Date, by a “net exercise” arrangement pursuant to which the Corporation will reduce the number of shares of Common Stock issued upon exercise of the option by the largest whole number of shares with a Fair
Market Value that does not exceed the aggregate exercise price. Optionee must pay any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted form of payment. Shares of Common Stock
will no longer be outstanding under the option and will not be exercisable thereafter if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to Optionee as a result of such exercise,
and (iii) are withheld to satisfy Optionee’s tax withholding obligations. 
 Except to the extent the sale and remittance
procedure is utilized in connection with the option exercise, payment of the Exercise Price must accompany the Notice of Exercise (or other notification procedure) delivered to the Corporation in connection with the option exercise. 

(iii)    Furnish to the Corporation appropriate documentation that the person or persons exercising the option (if other
than Optionee) have the right to exercise this option. 
 (iv)    Make appropriate arrangements with the Corporation
(or Parent or Subsidiary employing Optionee) for the satisfaction of all applicable income and employment tax withholding requirements applicable to the option exercise. 

(b)    As soon as practical after the Exercise Date, the Corporation shall issue to or on behalf of Optionee (or any other
person or persons exercising this option) a certificate for the purchased Option Shares, with the appropriate legends affixed thereto. 

(c)    In no event may this option be exercised for any fractional shares. 

10.    Compliance with Laws and Regulations. 

(a)    The exercise of this option and the issuance of the Option Shares upon such exercise shall be subject to compliance
by the Corporation and Optionee with all applicable requirements of law relating thereto and with all applicable regulations of any stock exchange (or the Nasdaq National Market, if applicable) on which the Common Stock may be listed for trading at
the time of such exercise and issuance. 
 (b)    The inability of the Corporation to obtain approval from any
regulatory body having authority deemed by the Corporation to be necessary to the lawful issuance and sale of any Common Stock pursuant to this option shall relieve the Corporation of any liability with respect to the
non-issuance or sale of the Common Stock as to which such approval shall not have been obtained. The Corporation, however, shall use its best efforts to obtain all such approvals. 

11.    Successors and Assigns. Except to the extent otherwise provided in Paragraph 3, the provisions of
this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and Optionee, Optionee’s assigns, the legal representatives, heirs and legatees of Optionee’s estate. 

  
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 12.    Notices. Any notice required to be given or delivered to
the Corporation under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal corporate offices. Any notice required to be given or delivered to Optionee shall be in writing and addressed to Optionee at the
address indicated below Optionee’s signature line on the Grant Notice. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified. 

13.    Construction. This Agreement and the option evidenced hereby are made and granted pursuant to the
Plan and are in all respects limited by and subject to the terms of the Plan. All decisions of the Committee with respect to any question or issue arising under the Plan or this Agreement shall be conclusive and binding on all persons having an
interest in this option. 
 14.    Governing Law. The interpretation, performance and enforcement of this
Agreement shall be governed by the laws of the State of Delaware without resort to that State’s conflict-of-laws rules. 

15.    Excess Shares. If the Option Shares covered by this Agreement exceed, as of the Grant Date, the
number of shares of Common Stock which may without stockholder approval be issued under the Plan, then this option shall be void with respect to those excess shares, unless stockholder approval of an amendment sufficiently increasing the number of
shares of Common Stock issuable under the Plan is obtained in accordance with the provisions of the Plan. In no event shall the Option be exercisable with respect to any of the excess Option Shares unless and until such stockholder approval is
obtained. 
 16.    Additional Terms Applicable to an Incentive Option. In the event this option is
designated an Incentive Option in the Grant Notice, the following terms and conditions shall also apply to the grant: 

(a)    This option shall cease to qualify for favorable tax treatment as an Incentive Option if (and to the extent) this
option is exercised for one or more Option Shares: (A) more than three (3) months after the date Optionee ceases to be an employee for any reason other than death or Permanent Disability or (B) more than twelve (12) months after
the date Optionee ceases to be an employee by reason of Permanent Disability. 
 (b)    No installment under this option
shall qualify for favorable tax treatment as an Incentive Option if (and to the extent) the aggregate Fair Market Value (determined at the Grant Date) of the Common Stock for which such installment first becomes exercisable hereunder would, when
added to the aggregate value (determined as of the respective date or dates of grant) of the Common Stock or other securities for which this option or any other Incentive Options granted to Optionee prior to the Grant Date (whether under the Plan or
any other option plan of the Corporation or any Parent or Subsidiary) first become exercisable during the same calendar year, exceed One Hundred Thousand Dollars ($100,000) in the aggregate. Should such One Hundred Thousand Dollar ($100,000)
limitation be exceeded in any calendar year, this option shall nevertheless become exercisable for the excess shares in such calendar year as a Non-Statutory Option. 

(c)    Should Optionee hold, in addition to this option, one or more other options to purchase Common Stock which become
exercisable for the first time in the same calendar year as this option, then for purposes of the foregoing limitations on the exercisability of such options as Incentive Options, this option and each of those other options shall be deemed to become
first exercisable in that calendar year, on the basis of the chronological order in which such options were granted, except to the extent otherwise provided under applicable law or regulation. 

17.    Withholding Obligations. 

  
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 (a)    At the time Optionee exercises this option, in whole or in part, and
at any time thereafter as requested by the Corporation, Optionee hereby authorizes withholding from payroll and any other amounts payable to Optionee, and otherwise agrees to make adequate provision for (including by means of a “same day
sale” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Corporation), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of
the Corporation or an Affiliate, if any, which arise in connection with the exercise of the option. 
 (b)    If this
option is a Non-Statutory Option, then upon Optionee’s request and subject to approval by the Corporation, and compliance with any applicable legal conditions or restrictions, the Corporation may withhold
from fully vested shares of Common Stock otherwise issuable to Optionee upon the exercise of this option a number of whole shares of Common Stock having a Fair Market Value, determined by the Corporation as of the Exercise Date, not in excess of the
maximum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid classification of the option as a liability for financial accounting purposes).    Shares of Common Stock shall be withheld
solely from fully vested shares of Common Stock determined as of the Exercise date that are otherwise issuable upon such exercise. Any adverse consequences to Optionee arising in connection with such share withholding procedure shall be
Optionee’s sole responsibility. 
 (c)    Optionee may not exercise this option unless the tax withholding
obligations of the Corporation and/or any Affiliate are satisfied. Accordingly, Optionee may not be able to exercise this option when desired even though the option is vested, and the Corporation will have no obligation to issue a certificate for
such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein, if applicable, unless such obligations are satisfied. 

18.    Tax Consequences. Optionee agrees that the Corporation does not have a duty to design or administer
the Plan or its other compensation programs in a manner that minimizes Optionee’s tax liabilities. Optionee will not make any claim against the Corporation, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities
arising from this option or other compensation. In particular, Optionee acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified in the Grant Notice is at least equal to the “fair
market value” per share of the Common Stock on the Grant Date and there is no other impermissible deferral of compensation associated with the option. 

19.    Effect on Other Employee Benefit Plans. The value of this option will not be included as
compensation, earnings, salaries, or other similar terms used when calculating Optionees benefits under any employee benefit plan sponsored by the Corporation or any Affiliate, except as such plan otherwise expressly provides. The Corporation
expressly reserves its rights to amend, modify, or terminate any of the Corporation’s or any Affiliate’s employee benefit plans or programs. 

  
 6 

 APPENDIX 

The following definitions shall be in effect under the Agreement: 

A.    Agreement shall mean this Stock Option Agreement. 

B.    Board shall mean the Corporation’s Board of Directors. 

C.    Change in Control shall mean a change in ownership or control of the Corporation effected through any of the following
transactions: 
 (i)    a merger, consolidation or other reorganization approved by the Corporation’s stockholders,
unless securities representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same
proportion, by the persons who beneficially owned the Corporation’s outstanding voting securities immediately prior to such transaction; 

(ii)    a sale, transfer or other disposition of all or substantially all of the Corporation’s assets; 

(iii)    the closing of any transaction or series of related transactions pursuant to which any person or any group of
persons comprising a “group” within the meaning of Rule 13d-5(b)(1) of the 1934 Act (other than the Corporation or a person that, prior to such transaction or series of related transactions, directly
or indirectly controls, is controlled by or is under common control with, the Corporation) becomes directly or indirectly (whether as a result of a single acquisition or by reason of one or more acquisitions within the twelve (12)-month period
ending with the most recent acquisition) the beneficial owner (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing (or convertible into or exercisable for securities possessing) fifty
percent (50%) or more of the total combined voting power of the Corporation’s securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding immediately after the consummation of such
transaction or series of related transactions, whether such transaction involves a direct issuance from the Corporation or the acquisition of outstanding securities held by one or more of the Corporation’s existing stockholders; or 

(iv)    a change in the composition of the Board over a period of twelve (12) consecutive months or less such that a
majority of the Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been
elected or nominated for election as Board members during such period by at least a majority of the Board members described in clause (A) who were still in office at the time the Board approved such election or nomination. 

D.    Code shall mean the Internal Revenue Code of 1986, as amended. 

E.    Committee shall mean the committee of the Board acting in its capacity as administrator of the Plan. 

F.    Common Stock shall mean shares of the Corporation’s common stock. 

G.    Corporation shall mean Eloxx Pharmaceuticals, a Delaware corporation, the successor to Sevion Therapeutics, Inc., a
Delaware corporation, and any successor corporation to all or substantially all of the assets or voting stock of Eloxx Pharmaceuticals, Inc. which shall by appropriate action adopt the Plan. 

  
 A-1 

 H.    Exercise Date shall mean the date on which the option shall have been
exercised in accordance with Paragraph 9 of the Agreement. 
 I.    Exercise Price shall mean the exercise price per
Option Share as specified in the Grant Notice. 
 J.    Exercise Schedule shall mean the schedule set forth in the Grant
Notice pursuant to which the option is to become exercisable for the Option Shares in one or more installments over the Optionee’s period of Service. 

K.    Expiration Date shall mean the date on which the option expires as specified in the Grant Notice. 

L.    Fair Market Value per share of Common Stock on any relevant date shall be the closing selling price per share of
Common Stock at the close of regular hours trading (i.e., before after-hours trading begins) on date on question on the Stock Exchange serving as the primary market for the Common Stock, as such price is reported by the National Association of
Securities Dealers (if primarily traded on the Nasdaq Global or Global Select Market) or as officially quoted in the composite tape of transactions on any other Stock Exchange on which the Common Stock is then primarily traded. If there is no
closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 

M.    Grant Date shall mean the date of grant of the option as specified in the Grant Notice. 

N.    Grant Notice shall mean the Notice of Grant of Stock Option accompanying the Agreement, pursuant to which Optionee has
been informed of the basic terms of the option evidenced hereby. 
 O.    Incentive Option shall mean an option which
satisfies the requirements of Code Section 422. 
 P.    Misconduct shall mean the commission of any act of fraud,
embezzlement or dishonesty by Optionee, any unauthorized use or disclosure by Optionee of confidential information or trade secrets of the Corporation (or any Parent or Subsidiary), or any other intentional misconduct by Optionee adversely affecting
the business or affairs of the Corporation (or any Parent or Subsidiary) in a material manner. The foregoing definition shall not in any way preclude or restrict the right of the Corporation (or any Parent or Subsidiary) to discharge or dismiss
Optionee or any other person in the service of the Corporation (or any Parent or Subsidiary) for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of the Plan or this Agreement, to constitute grounds for
termination for Misconduct. 
 Q.    1934 Act shall mean the Securities Exchange Act of 1934, as amended. 

R.    Non-Statutory Option shall mean an option not intended to satisfy the
requirements of Code Section 422. 
 S.    Notice of Exercise shall mean the notice of option exercise in the form
prescribed by the Corporation. 
 T.    Option Shares shall mean the number of shares of Common Stock subject to the
option as specified in the Grant Notice. 
 U.    Optionee shall mean the person to whom the option is granted as
specified in the Grant Notice. 

  
 A-2 

 V.    Parent shall mean any corporation (other than the Corporation) in an
unbroken chain of corporations ending with the Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain. 
 W.    Permanent Disability shall
mean the inability of Optionee to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which is expected to result in death or to be of continuous duration of twelve (12) months or
more. 
 X.    Plan shall mean the Corporation’s Amended and Restated 2008 Incentive Compensation Plan. 

Y.    Plan Administrator shall mean either the Board or a committee of the Board or individual authorized to act as
administrator of the Plan. 
 Z.    Stock Exchange shall mean the American Stock Exchange, the Nasdaq Global or Global
Select Market or the New York Stock Exchange. 
 AA.    Subsidiary shall mean any corporation (other than the Corporation)
in an unbroken chain of corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations in such chain. 

  
 A-3EX-10.27

 Exhibit 10.27 

Ward – Time-Vesting RSUs 

ELOXX PHARMACEUTICALS, INC. 

RESTRICTED STOCK UNIT GRANT NOTICE 

(INDUCEMENT GRANT OUTSIDE OF THE 

AMENDED AND RESTATED 

SEVION THERAPEUTICS, INC. 2008 INCENTIVE COMPENSATION
PLAN) 
 As an inducement material to Participant’s entering into employment with Eloxx Pharmaceuticals, Inc. (the
“Corporation”), the Corporation hereby awards to the individual named below (the “Participant”) a Restricted Stock Unit Award for the number of shares of the Corporation’s Common Stock
(“Restricted Stock Units”) set forth below (the “Award”). The Award is granted outside of the Corporation’s Amended and Restated 2008 Incentive Compensation Plan (the
“Plan”) but is subject to all of the terms and conditions as set forth in this notice of grant (this “Restricted Stock Unit Grant Notice”) and in the Plan (as if it had been granted under the Plan) and
the Restricted Stock Unit Agreement (the “Award Agreement”), both of which are attached hereto and incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the meanings set forth in the
Plan or the Award Agreement. In the event of any conflict between the terms in the Award and the Plan, the terms of the Plan shall control. 
  

			
	Participant:	 	Robert Ward
	Date of Grant:	 	December 26, 2017
	Vesting Commencement Date:	 	December 26, 2017
	Number of Restricted Stock Units/Shares:	 	640,785

  

	Vesting Schedule:	One-third of the Restricted Stock Units shall vest on the first anniversary of the Vesting Commencement Date and in 12 equal quarterly installments on each quarterly
anniversary of such date with such last installment vesting on the fourth anniversary of the Vesting Commencement Date, subject to Participant’s continued Service through such date. 

In addition, the Restricted Stock Units may be eligible for accelerated vesting if and to the extent provided in the Participant’s
individual employment or service agreement with the Corporation, including Sections 5(b) and 8 thereof. 
  

	Issuance Schedule:	Subject to any adjustment pursuant to Article One, Section V.G. of the Plan, one share of Common Stock will be issued for each Restricted Stock Unit that vests at the time set forth in Section 6 of the Award
Agreement. 

 Additional Terms/Acknowledgements: Participant acknowledges receipt of, and understands and agrees to, this Restricted
Stock Unit Grant Notice, the Award Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Award Agreement and the Plan set forth the entire understanding between
Participant and the Corporation regarding the acquisition of the Common Stock pursuant to the Award specified above and supersede all prior oral and written agreements on the terms of this Award with the exception, if applicable, of (i) the
written employment agreement or offer letter entered into between the Company and Participant specifying the 

 
terms that should govern this specific Award and (ii) any compensation recovery or “clawback” policy that is adopted by the Corporation or is otherwise required by applicable law.

 By accepting this Award, Participant acknowledges having received and read the Restricted Stock Unit Grant Notice, the Award Agreement and the Plan and
agrees to all of the terms and conditions set forth in these documents. By accepting this Award, Participant consents to receive Plan documents by electronic delivery and to participate in the Plan through an
on-line or electronic system established and maintained by the Corporation or another third party designated by the Corporation. 
  

									
	ELOXX PHARMACEUTICALS, INC.	 		 	PARTICIPANT
					
	By:	 	/s/ Gregory Weaver	 		 		 	/s/ Robert E. Ward
		 	Signature	 		 		 	Signature
	Title:	 	 Chief Financial Officer
	 		 	Date:	 	 March 5, 2018

	Date:	 	 March 5, 2018
	 		 		 	

 ATTACHMENTS: Award Agreement and 2008 Incentive Compensation Plan (as amended and
restated effective December 15, 2014) 

 ELOXX PHARMACEUTICALS, INC. 

INDUCEMENT GRANT OUTSIDE OF THE 

AMENDED AND RESTATED 

SEVION THERAPEUTICS, INC. 2008 INCENTIVE COMPENSATION
PLAN 
 RESTRICTED STOCK UNIT AGREEMENT 

Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Agreement (the
“Award Agreement”) and in consideration of your services, Eloxx Pharmaceuticals, Inc. (the “Corporation”) has awarded you (“Participant”) a Restricted Stock Unit Award (the
“Award”) for the number of Restricted Stock Units/shares indicated in the Grant Notice. The Award is granted in compliance with NASDAQ Listing Rule 5634(c)(4) as a material inducement to you entering into employment with the
Corporation. The Award is granted outside of, but subject to the terms of, the Corporation’s 2008 Incentive Compensation Plan (as amended and restated effective December 15, 2014, the “Plan”) and other relevant Plan
provisions as if the Award had been granted as a Restricted Stock Unit Award under Article Two, Section IV of the Plan, provided that for the avoidance of doubt, the shares of Common Stock issued under the Award shall not reduce and shall have no
impact on the number of shares available for grant under the Plan. Capitalized terms not explicitly defined in this Award Agreement or the Grant Notice shall have the same meanings given to them in the Plan. The terms of your Award, in addition to
those set forth in the Grant Notice, are as follows. 
 1.    GRANT OF
THE AWARD. This Award represents the right to be issued on a future date one share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under
Section 3 below) as indicated in the Grant Notice. As of the Date of Grant, the Corporation will credit to a bookkeeping account maintained by the Corporation for your benefit (the “Account”) the number of Restricted
Stock Units/shares of Common Stock subject to the Award. 
 2.    VESTING. Subject to the
limitations contained herein and in your Employment Agreement, your Award will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice, provided that vesting will cease upon the termination of your Service. Except as
otherwise provided in the Grant Notice, upon such termination of your Service, the Restricted Stock Units/shares of Common Stock credited to the Account that were not vested on the date of such termination will be forfeited at no cost to the
Corporation and you will have no further right, title or interest in or to such underlying shares of Common Stock. 

3.    NUMBER OF SHARES. The number of Restricted Stock
Units/shares subject to your Award may be adjusted from time to time for events described in Article One, Section V.G. of the Plan. Any additional Restricted Stock Units, shares, cash or other property that becomes subject to the Award pursuant to
this Section 3, if any, shall be subject, in a manner determined by the Plan Administrator, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Restricted Stock Units
and shares covered by your Award. Notwithstanding the provisions of this Section 3, no fractional shares or rights for fractional shares of Common Stock shall be created pursuant to this Section 3. Any fraction of a share will be rounded
down to the nearest whole share. 
 4.    SECURITIES LAW
COMPLIANCE. You may not be issued any Common Stock under your Award unless the shares of Common Stock underlying the Restricted Stock Units are either (i) then registered under the Securities Act, or
(ii) the Corporation has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award must also comply with other applicable laws and regulations governing the Award, and you shall not
receive such Common Stock if 

  
 1 

 
the Corporation determines that such receipt would not be in material compliance with such laws and regulations. 

5.    TRANSFER RESTRICTIONS. Prior to the time that shares of
Common Stock have been delivered to you, you may not transfer, pledge, sell or otherwise dispose of this Award or the shares issuable in respect of your Award, except as expressly provided in this Section 5. For example, you may not use shares
that may be issued in respect of your Restricted Stock Units as security for a loan. The restrictions on transfer set forth herein will lapse upon delivery to you of shares in respect of your vested Restricted Stock Units. Notwithstanding the
foregoing, by delivering written notice to the Corporation, in a form satisfactory to the Corporation, you may designate a third party who, in the event of your death, shall thereafter be entitled to receive any distribution of Common Stock to which
you were entitled at the time of your death pursuant to this Award Agreement. In the absence of such a designation, your legal representative will be entitled to receive, on behalf of your estate, such Common Stock or other consideration. 

(a)    Death. Your Award is transferable by will and by the laws of descent and distribution. At your death,
vesting of your Award will cease and your executor or administrator of your estate shall be entitled to receive, on behalf of your estate, any Common Stock or other consideration that vested but was not issued before your death. 

(b)    Domestic Relations Orders. Upon receiving written permission from the Plan Administrator or its duly
authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Corporation, you may transfer your right to receive the distribution of Common Stock or other consideration hereunder,
pursuant to a domestic relations order or marital settlement agreement that contains the information required by the Corporation to effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this Award with the
Corporation General Counsel prior to finalizing the domestic relations order or marital settlement agreement to verify that you may make such transfer, and if so, to help ensure the required information is contained within the domestic relations
order or marital settlement agreement. 
 6.    DATE OF ISSUANCE.

 (a)    The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury
Regulations Section 1.409A-1(b)(4) and will be construed and administered in such a manner. Subject to the satisfaction of the withholding obligations set forth in this Award Agreement, in the event one
or more Restricted Stock Units vests, the Corporation shall issue to you one share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) described in the Grant Notice (subject to any adjustment under
Section 3 above). The issuance date determined by this paragraph is referred to as the “Original Issuance Date”. 

(b)    If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on
the next following business day. 
 (i)    the Original Issuance Date does not occur (1) during an
“open window period” applicable to you, as determined by the Corporation in accordance with the Corporation’s then-effective policy on trading in Corporation securities, or (2) on a date when you are otherwise permitted to sell
shares of Common Stock on an established stock exchange or stock market, and 
 (ii)    either
(1) Withholding Taxes do not apply, or (2) the Corporation decides, prior to the Original Issuance Date, (A) not to satisfy the Withholding Taxes by withholding 

  
 2 

 
shares of Common Stock from the shares otherwise due, on the Original Issuance Date, to you under this Award, and (B) not to permit you to pay your Withholding Taxes in cash, 

then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on such Original Issuance Date and will instead be
delivered on the first business day when you are not prohibited from selling shares of the Corporation’s Common Stock in the open public market, but in no event later than December 31 of the calendar year in which the Original Issuance
Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with Treasury Regulations
Section 1.409A-1(b)(4), no later than the date that is the 15th day of the third calendar month of the applicable year following the year in which the shares of Common Stock under this Award are no longer
subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulations Section 1.409A-1(d). 

(c)    The form of delivery of the shares of Common Stock in respect of your Award (e.g., a stock
certificate or electronic entry evidencing such shares) shall be determined by the Corporation. 

7.    DIVIDENDS. You shall receive no benefit or adjustment to your Award with respect
to any cash dividend, stock dividend or other distribution that does not result from an adjustment pursuant to Article One, Section V.G. of the Plan; provided, however, that this sentence will not apply with respect to any shares of Common Stock
that are delivered to you in connection with your Award after such shares have been delivered to you. 

8.    RESTRICTIVE LEGENDS. The shares of Common Stock issued under your Award
shall be endorsed with appropriate legends as determined by the Corporation. 
 9.    EXECUTION
OF DOCUMENTS. You hereby acknowledge and agree that the manner selected by the Corporation by which you indicate your consent to your Grant Notice is also deemed to be your execution of your Grant Notice and of this
Award Agreement. You further agree that such manner of indicating consent may be relied upon as your signature for establishing your execution of any documents to be executed in the future in connection with your Award. 

10.    AWARD NOT A SERVICE
CONTRACT. 
 (a)    Nothing in this Award Agreement (including, but not limited
to, the vesting of your Award or the issuance of the shares subject to your Award), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Award Agreement or the Plan shall: (i) confer upon you any right to
continue in the employ of, or affiliation with, the Corporation or a Parent or Subsidiary; (ii) constitute any promise or commitment by the Corporation or a Parent or Subsidiary regarding the fact or nature of future positions, future work
assignments, future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit under this Award Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this
Award Agreement or Plan; or (iv) deprive the Corporation of the right to terminate you at will and without regard to any future vesting opportunity that you may have. 

(b)    The Corporation has the right to reorganize, sell, spin-out or
otherwise restructure one or more of its businesses or Subsidiaries at any time or from time to time, as it deems appropriate (a “reorganization”). Such a reorganization could result in the termination of your Service, or the
termination of Parent or Subsidiary status of your employer and the loss of benefits available to you under this Award Agreement, including but not limited to, the termination of the right to continue vesting in the Award. This Award Agreement, the
Plan, the transactions contemplated hereunder and the vesting 

  
 3 

 
schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of them do not constitute an express or implied promise of continued engagement as an
employee or consultant for the term of this Award Agreement, for any period, or at all, and shall not interfere in any way with the Corporation’s right to conduct a reorganization. 

11.    WITHHOLDING OBLIGATIONS. 

(a)    On each vesting date, and on or before the time you receive a distribution of the shares underlying your
Restricted Stock Units, and at any other time as reasonably requested by the Corporation in accordance with applicable tax laws, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make
adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Corporation or any a Parent or Subsidiary that arise in connection with your Award (the “Withholding
Taxes”). Specifically, pursuant to Section 11(d), you have agreed to a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA
Dealer”) whereby you have irrevocably agreed to sell a portion of the shares to be delivered in connection with your Restricted Stock Units to satisfy the Withholding Taxes and whereby the FINRA Dealer committed to forward the proceeds
necessary to satisfy the Withholding Taxes directly to the Corporation and/or its Parents or Subsidiaries. If, for any reason, such “same day sale” commitment pursuant to section 11(d) does not result in sufficient proceeds to satisfy the
Withholding Taxes or would be prohibited by applicable law at the applicable time, you hereby authorize the Corporation and/or the relevant Parent or Subsidiary, or their respective agents, at their discretion, to satisfy the obligations with regard
to all Withholding Taxes by one or a combination of the following: (i) withholding from any compensation otherwise payable to you by the Corporation or any Parent or Subsidiary; (ii) causing you to tender a cash payment (which may be in
the form of a check, electronic wire transfer or other method permitted by the Corporation); or (iii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with your Restricted
Stock Units with a fair market value (measured as of the date shares of Common Stock are issued to you) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld will not exceed the
amount necessary to satisfy the Corporation’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and, if applicable, foreign tax purposes, including payroll taxes, that are applicable to
supplemental taxable income; and, provided, further, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, if applicable, such share withholding procedure will be subject to the prior
approval of the Corporation’s Compensation Committee. 
 (b)    Unless the tax withholding obligations of
the Corporation and/or any Parent or Subsidiary are satisfied, the Corporation shall have no obligation to deliver to you any Common Stock or other consideration pursuant to this Award. 

(c)    In the event the Corporation’s obligation to withhold arises prior to the delivery to you of Common
Stock or it is determined after the delivery of Common Stock to you that the amount of the Corporation’s withholding obligation was greater than the amount withheld by the Corporation, you agree to indemnify and hold the Corporation harmless
from any failure by the Corporation to withhold the proper amount. 
 12.    TAX
CONSEQUENCES. The Corporation has no duty or obligation to minimize the tax consequences to you of this Award and shall not be liable to you for any adverse tax consequences to you arising in connection with this Award. You are
hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this Award and by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.
You 

  
 4 

 
understand that you (and not the Corporation) shall be responsible for your own tax liability that may arise as a result of this investment or the transactions contemplated by this Award
Agreement. 
 13.    UNSECURED OBLIGATION. Your Award is unfunded, and as a
holder of a vested Award, you shall be considered an unsecured creditor of the Corporation with respect to the Corporation’s obligation, if any, to issue shares or other property pursuant to this Award Agreement. You shall not have voting or
any other rights as a stockholder of the Corporation with respect to the shares to be issued pursuant to this Award Agreement until such shares are issued to you pursuant to Section 6 of this Award Agreement. Upon such issuance, you will obtain
full voting and other rights as a stockholder of the Corporation. Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship
between you and the Corporation or any other person. 
 14.    NOTICES. Any
notice or request required or permitted hereunder shall be given in writing to each of the other parties hereto and shall be deemed effectively given on the earlier of (i) the date of personal delivery, including delivery by express courier, or
delivery via electronic means, or (ii) the date that is five (5) days after deposit in the United States Post Office (whether or not actually received by the addressee), by registered or certified mail with postage and fees prepaid,
addressed at the following addresses, or at such other address(es) as a party may designate by ten (10) days’ advance written notice to each of the other parties hereto: 

 

			
	CORPORATION:	  	Eloxx Pharmaceuticals, Inc.
		  	 Attn: Plan Administrator
 950 Winter Street,
4th Floor North

		  	Waltham, MA 02451
		
	PARTICIPANT:	  	Your address as on file with the Corporation at the time notice is given

 15.    HEADINGS. The headings of the Sections
in this Award Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Award Agreement or to affect the meaning of this Award Agreement. 

16.    ADDITIONAL ACKNOWLEDGEMENTS. You hereby
consent and acknowledge that: 
 (a)    The future value of your Award is unknown and cannot be predicted with
certainty. You do not have, and will not assert, any claim or entitlement to compensation, indemnity or damages arising from the termination of this Award or diminution in value of this Award and you irrevocably release the Corporation, its Parents
and Subsidiaries and, if applicable, your employer, if different from the Corporation, from any such claim that may arise. 

(b)    The rights and obligations of the Corporation under your Award shall be transferable by the Corporation to
any one or more persons or entities, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by, the Corporation’s successors and assigns. 

(c)    You agree upon request to execute any further documents or instruments necessary or desirable in the sole
determination of the Corporation to carry out the purposes or intent of your Award. 

  
 5 

 (d)    You acknowledge and agree that you have reviewed your Award in
its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award. 

(e)    This Award Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required. 
 (f)    All obligations of
the Corporation under the Plan and this Award Agreement shall be binding on any successor to the Corporation, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Corporation. 
 (g)    Neither the Corporation nor any
Subsidiary or Affiliate shall be liable for any exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Award or of any amounts due to you pursuant to the settlement of the Award or the
subsequent sale of any shares of Common Stock acquired upon settlement. 
 17.    GOVERNING
PLAN DOCUMENT. Your Award is subject to all the provisions of the Plan as if the Award had been granted under the Plan, the provisions of which are hereby made a part of your Award, and is further
subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. Your Award (and any compensation paid or shares issued under your Award) is subject to recoupment in
accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Corporation and any compensation recovery policy otherwise required by applicable law.
No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntarily terminate employment upon a resignation for “good reason,” or for a “constructive termination” or any similar term
under any plan of or agreement with the Corporation. 
 18.    EFFECT ON
OTHER EMPLOYEE BENEFIT PLANS. The value of the Award subject to this Award Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when
calculating benefits under any employee benefit plan (other than the Plan) sponsored by the Corporation or any Parent or Subsidiary except as such plan otherwise expressly provides. The Corporation expressly reserves its rights to amend, modify, or
terminate any or all of the employee benefit plans of the Corporation or any Parent or Subsidiary. 

19.    CHOICE OF LAW. The
interpretation, performance and enforcement of this Award Agreement shall be governed by the law of the State of Delaware without regard to that state’s conflicts of laws rules. 

20.    SEVERABILITY. If all or any part of this Award Agreement or the Plan is
declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award
Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful
and valid. 
 21.    OTHER DOCUMENTS. You hereby acknowledge
receipt or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act. In addition, you acknowledge receipt of the Corporation’s Insider Trading Policy and the
Corporation’s Blackout Policy. 

  
 6 

 22.    AMENDMENT. This Award Agreement may not
be modified, amended or terminated except by an instrument in writing, signed by you and by a duly authorized representative of the Corporation. Notwithstanding the foregoing, this Award Agreement may be amended solely by the Plan Administrator by a
writing which specifically states that it is amending this Award Agreement, so long as a copy of such amendment is delivered to you, and provided that, except as otherwise expressly provided in the Plan, no such amendment materially adversely
affecting your rights hereunder may be made without your written consent. Without limiting the foregoing, the Plan Administrator reserves the right to change, by written notice to you, the provisions of this Award Agreement in any way it may deem
necessary or advisable to carry out the purpose of the Award as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable only to rights
relating to that portion of the Award which is then subject to restrictions as provided herein. 

23.    COMPLIANCE WITH
SECTION 409A OF THE CODE. This Award is intended to comply with the “short-term deferral” rule set forth
in Treasury Regulation Section 1.409A-1(b)(4). Notwithstanding the foregoing, if it is determined that the Award fails to satisfy the requirements of the short-term deferral rule and is otherwise deferred
compensation subject to Section 409A, and if you are a “Specified Employee” (within the meaning set forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “separation from service” (within the meaning of
Treasury Regulation Section 1.409A-1(h) and without regard to any alternative definition thereunder), then the issuance of any shares that would otherwise be made upon the date of the separation from
service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the earlier of: (i) the fifth business day following your death, or (ii) the date
that is six (6) months and one day after the date of the separation from service, with the balance of the shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in
the issuance of the shares is necessary to avoid the imposition of adverse taxation on you in respect of the shares under Section 409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment”
for purposes of Treasury Regulation Section 1.409A-2(b)(2) 
 * * * * * 

This Award Agreement shall be deemed to be signed by the Corporation and the Participant upon the signing or electronic acceptance by the
Participant of the Restricted Stock Unit Grant Notice to which it is attached.

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