Document:

Exhibit 10.20

      

       

      

      
        EMPLOYMENT AGREEMENT

         

        This EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as of June 25, 2019 by
            and between Cerevel Therapeutics, LLC (the "Company") and Orly Mishan (the "Executive").

         

        WHEREAS, the Executive possesses certain experience and expe1iise that
            qualifies her to provide the direction and leadership required by the Company; and

        

         

        WHEREAS, the Company desires to employ the Executive as Chief Business Officer of the Company and the Executive wishes to accept such employment;

         

        NOW, THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally •bound hereby, the Company and the Executive agree as follows:

         

        
          
            1.            Position and Duties.

          

        

        

        

        
          
            (a)         Effective as of July 15, 2019 (the "Effective Date"), the Executive
                will be employed by the Company, on a full-time basis, as its Chief Business Officer, reporting initially to the Company's Executive Chairman and thereafter
                to the Company's Chief Executive Officer. The Executive will be a member of the Company's Executive Committee. The Executive shall be based at the Company's offices in the greater Boston area. In addition, the Executive may
              be asked from time to time to serve as a director or officer of one or more of the Company's Affiliates, without further
              compensation.

          

        

         

        
          
            (b)         The Executive agrees to perform the duties of her position and such other duties as may reasonably be assigned to the Executive from time to time. The Executive also agrees that, while employed by the Company, she will devote her full business time and her best effo1is, business judgment, skill and knowledge exclusively to the advancement of the business interests of
                the Company and its Affiliates and to the discharge of her duties and responsibilities for them. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during her employment, except as may be expressly approved in advance by
                the Board of Directors of Cerevel Therapeutics, Inc. ("Parent") (or such other board of directors or managers as may be designated as the operative governing entity of the Company, the "Board") in writing; provided, however, that the Executive may participate in the activities set forth on Exhibit A hereto and may without advance consent participate in charitable activities and engage in personal investment activities, in each case to the extent such activities, individually or in the aggregate, do not materially interfere with the performance of the Executive's duties under this Agreement, create a conflict of interest or violate any provision of Section 3 of this Agreement.

          

        

         

        
          
            (c)         The Executive agrees that, while employed by the Company, she will comply with all written Company policies, practices and procedures and all written codes of ethics or business conduct applicable to her position, as in effect from time to time.

          

        

         

        
          
            

        

        
        
          
            
              
                2.            Compensation and Benefits. During the Executive's employment hereunder, as compensation for all services performed by the Executive for the
                    Company and its Affiliates, the Company will provide the Executive the following compensation and benefits:

              

               

              

            

          

        

        
          
            (a)         Base Salary. The Company will pay the
                Executive a base salary at the rate of $410,000 per year, payable in accordance with the regular payroll practices of the Company and subject to increase from time to time by the Board in its
                discretion (as increased, from time to time, the "Base Salary").

          

           

          

        

        
          
            (b)        Bonus Compensation. For each fiscal year
                completed during the Executive's employment under this Agreement, the Executive will be eligible to earn an annual bonus (each, an "Annual

                    Bonus"). The Executive's target bonus will be forty percent (40%) of the Base Salary (the "Target Bonus"), prorated for a partial initial year of employment, with the actual amount of any such Annual Bonus to be dete1mined by the Board in its discretion, based on the Executive's performance and the Company's
                performance against goals established by the Board in its discretion after consultation with the Chief Executive Officer of the Company, who shall consult with the Executive prior to such consultation with the Board. Except as provided in
                Section 5, in order to receive any Annual Bonus hereunder, the Executive must be employed through the last day of the year to which such Annual Bonus relates. Any Annual Bonus will be paid in the calendar year immediately following the
                conclusion of the fiscal year to which such Annual Bonus relates.

          

        

         

        
          
            (c)          Equity. The Executive will be eligible for
                participation in the Cerevel Therapeutics, Inc. 2018 Equity Incentive Plan (the "Plan"). Subject to the receipt of any required approvals and the Executive's continued employment through the grant date, which will be as soon as practicable following the Effective Date, the Executive will be granted an option
                to purchase 323,077 shares of the Company's common stock, which as of the date of this letter, represents approximately 0.60% of the Company's fully diluted shares outstanding (the "Option" or "Award"). The Option will have an exercise price of not less than the fair market value of the
                Company's common stock on the date it is granted, as determined by the Company. The Option will be evidenced by a form of stock option agreement and will be subject to the te1ms of the Plan, the applicable stock option agreement, any other
                applicable stockholders agreements, and any other restrictions and limitations generally applicable to the common stock of the Company or equity awards held by the Company's executives or otherwise imposed by law. In the event of any
                conflict between this Agreement and the terms of the stock option agreement or Plan, the stock option agreement or Plan will control. In no event shall the Company or any person affiliated with the Company have any liability with respect to
                the failure of any compensation or benefits provided to the Executive to be exempt from, or comply with, Section 409A of the Internal Revenue Code.

          

        

         

        
          
            (d)         Participation in Employee Benefit Plans.
                The Executive will be entitled to participate in all employee benefit plans from time to time in effect for senior employees of comparable status of the Company generally, except to the extent
                such plans are duplicative of benefits otherwise provided to the Executive under this Agreement (e.g., a severance pay plan). The Executive's participation will be subject to the terms of the applicable plan documents and generally
                applicable Company policies, as the same may be in effect from time to time, and any other restrictions or limitations imposed by law.

          

           

          

          
            - 2 -

            
              

          

          
            
              
                (e)         Vacations. The Executive will be
                    entitled to earn vacation days in accordance with the policies of the Company as in effect for senior employees of comparable status, as in effect from time to time. Vacation may be taken at
                    such times and intervals as the Executive shall determine, subject to the business needs of the Company.

              

               

              

            

            
              
                (f)        Business Expenses. The Company will pay
                    or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of her duties and responsibilities for the Company, subject to Company
                    policy as in effect from time to time and to such reasonable substantiation and documentation as may be specified by the Company from time to time. The Executive's right to payment or reimbursement hereunder or under Section 3(g) below
                    shall be subject to the following additional rules: (i) the amount of expenses eligible for payment or reimbursement during any calendar year shall not affect the expenses eligible for payment or reimbursement in any other calendar
                    year, (ii) payment or reimbursement shall be made not later than December 31 of the calendar year following the calendar year in which the expense or payment was incurred and (iii) the right to payment or reimbursement shall not be
                    subject to liquidation or exchange for any other benefit.

              

            

             

            
              
                (g)        Co-Investment. To the extent the Company establishes a program allowing senior employees of
                  comparable status to the Executive ("Senior Employees") to purchase common stock of Parent, the Executive will be eligible to participate in such program.

              

               

              

            

            
              
                (h)          Tag-Along Rights. In the event Parent
                    offers tag-along rights on sales by any Lead Investor (as defined in the Stockholders Agreement by and among Parent and the stockholders party thereto, dated September 24, 2018, as it may be
                    amended from time to time) to Senior Employees with respect to their shares of common stock of Parent, the Executive will also be eligible for such rights on the same terms as applicable to other Senior Employees.

              

               

              

            

            
              
                3.           Confidential Information and Restricted Activities.

              

               

              

            

            
              
                (a)        Confidential Information. During the
                    course of the Executive's employment with the Company, the Executive will learn of Confidential Information, and will develop Confidential Information on behalf of the Company and its
                    Affiliates. The Executive agrees that she will not use or disclose to any Person (except as required by applicable law or for the proper performance of her regular duties and responsibilities for the Company) any Confidential
                    Information obtained by the Executive incident to her employment or any other association with the Company or any of its Affiliates. The Executive agrees that this restriction will continue to apply after her employment terminates,
                    regardless of the reason for such termination. For the avoidance of doubt, (i) nothing contained in this Agreement limits, restricts or in any other way affects the Executive's communicating with any governmental agency or entity, or
                    communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to such governmental agency or entity and (ii) the Executive will not be held criminally or civilly liable under any federal
                    or state trade secret law for disclosing a trade secret (y) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a
                    suspected violation of law, or (z) in a complaint or other document filed under seal in a lawsuit or other proceeding; provided, however, that notwithstanding this
                  immunity from liability, the Executive may be held liable if she unlawfully accesses trade secrets by unauthorized means.

              

            

            

            

            
              - 3 -

              
                

            

            
              
                
                  (b)         Protection of Documents. All documents, records and files, in any media of whatever kind and description, relating to the business, present or
                      otherwise, of the Company or any of its Affiliates, and any copies, in whole or in part, thereof (the "Documents"), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company. The Executive agrees to safeguard all Documents and to surrender to the Company, at the time her employment
                      terminates or at such earlier time or times as the Board or its designee may specify, all Documents then in her possession or control. The Executive also agrees to disclose to the Company, at the time her employment terminates or at
                      such earlier time or times as the Board or its designee may specify, all passwords necessary or desirable to obtain access to, or that would assist in obtaining access to, any information which the Executive has password-protected on
                      any computer equipment, network or system of the Company or any of its Affiliates.

                

              

               

              
                
                  (c)       Assignment of Rights to Intellectual
                        Property. The Executive shall promptly and fully disclose all Intellectual Property to the Company. The
                      Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) her full right, title and interest in and to all Intellectual Property. The Executive agrees to execute any and all applications
                      for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company
                      to assign the Intellectual Property to the Company (or as otherwise directed by the Company) and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Company will
                      compensate the Executive at an hourly rate calculated based on her final Base Salary for time spent in complying with these obligations at the request of the Company following the termination of the Executive's employment. All
                      copyrightable Intellectual Property that the Executive creates during her employment shall be considered "work made for hire" and shall, upon creation, be owned exclusively by the Company.

                

                 

                

              

              
                
                  (d)         Restricted Activities. In consideration of and as a condition of Executive's employment by the Company, and of the compensation and
                        other benefits to be provided to Executive hereunder, and in recognition of the fact that, as an executive of the Company, Executive will have access to the Company's Confidential Information, including trade secrets and in exchange
                        for other good and valuable consideration, including without limitation the Annual Bonus opportunity, the Option, and the Severance Payments provided herein, the Executive agrees that the
                        following restrictions on her activities during her employment are necessary to protect the goodwill, Confidential Information, trade secrets and other legitimate interests of the Company and its Affiliates:

                

              

               

                
                  - 4 -

                  
                    

                

                
                  
                    
                      (i)       While the
                          Executive is employed by the Company and during the twelve (12)-month period immediately following termination of her employment for any reason except termination due
                          to layoff or termination by the Company without Cause (in the aggregate, the "Non-Competition Period"), the Executive will not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, engage in or compete with, or undertake any planning to engage in or compete with any small molecule programs directed at drugging the following targets with the specified pharmacological approaches:
                          (a) Dopamine DI receptor agonists, (b) GABA alpha2/alpha3 selective PAMs, (c) Muscarinic M4 receptor PAMs or full orthosteric agonists, (d) Dopamine D3 antagonists, (e) Kappa opiate receptor antagonist, (f) LRRK.2 enzyme
                          inhibitors, (g) PDE4 enzyme inhibitors, (h) GBA enzyme activators, and/or (i) APOE3 modulators, or any other program conducted or in active and definitive planning to be conducted by the Company or any of its Affiliates at any
                          time during the Executive's employment with the Company or, with respect to the portion of the Non-Competition Period that follows termination of the Executive's employment, at the time of such termination (each, a "Competing
                                Program"),
                           in any case involving any of the services that the Executive provided to the Company or any of its Affiliates in connection with a Competing Program at any time during the Executive's employment with the Company or, with
                          respect to the portion of the Non-Competition Period that follows the te1mination of the Executive's employment, during the last two (2) years of the Executive's employment with the Company (collectively, the "Competitive

                                Activities"), in any geographic area where the Company or any of its Affiliates conducts or is actively planning to conduct business any time during the Executive's employment with the Company or, with
                          respect to the portion of the Non-Competition Period that follows termination of the Executive's employment, in any geographic area in which the Executive at any time within the last two (2) years of the Executive's employment
                          with the Company provided services or had a material presence or influence in each case in connection with a Competing Program.

                    

                  

                   

                  
                    
                      (ii)       While the Executive is employed by
                          the Company and during the twenty-four (24)-month period immediately following termination of her employment for any reason (in the aggregate, the "Non-Solicitation Period"), the Executive will not, directly or indirectly, solicit or encourage,
                          or otherwise take any action that causes or is reasonably likely to cause, any customer, vendor, supplier or other business partner of the Company or any of its Affiliates to terminate or diminish his, her or its relationship with
                          any of them: provided, however, that this restriction shall
                          apply following te1mination of the Executive's employment (y) only with respect to those Persons who are or have been a business partner of the Company or any of its Affiliates at any time within the twelve (12)-month period
                          immediately prior to the Executive's termination of employment or whose business has been solicited on behalf of the Company or any of its Affiliates by any of their officers, employees or agents within such twelve (12)-month
                          period, other than by f01m letter, blanket mailing or published advertisement, and (z) only if the Executive has performed work for such Person during her employment with the Company or any of its Affiliates or been introduced to,
                          or otherwise had contact with, such Person as a result of her employment or other associations with the Company or one of its Affiliates or has had access to Confidential Information which would assist in her solicitation of such
                          Person.

                    

                  

                   

                  
                    
                      (iii)       During the Non-Solicitation
                          Period, the Executive will not, directly or indirectly, (a) hire or engage, or solicit for hiring or engagement, any employee of the Company or any of its Affiliates or
                          seek to persuade any such employee to discontinue employment or (b) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to terminate or diminish his, her or its relationship
                          with any of them. For the purposes of this Section 3(d)(iii), an "employee" or
                          an "independent contractor" of the Company or any of its Affiliates is any Person who
                          was such at any time during the Executive's employment or, with respect to the portion of the Non-Solicitation Period that follows the termination of her employment, during twelve (12)-month
                          period immediately preceding the Executive's termination of employment.

                    

                     

                    

                    
                      - 5 -

                      
                        

                    

                    
                      
                        
                          (e)         In signing this Agreement, the Executive gives the Company assurance that the Executive has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed on the Executive under this Section 3. The Executive agrees
                              without reservation that these restraints are necessary for the reasonable and proper protection of the Company and its Affiliates, and that each and every one of the restraints is reasonable in respect to subject matter,
                              length of time and geographic area. The Executive further agrees that, were the Executive to breach any of the covenants contained in this Section 3, the damage to the Company and its Affiliates would be irreparable. The
                              Executive therefore agrees that the Company, in addition and not in the alternative to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened
                              breach by the Executive of any such covenants, without having to post bond. In any action with respect to the enforcement of the covenants contained in this Section 3, the prevailing party shall be entitled to an award of its
                              reasonable attorney's fees incurred in connection with such action. The Executive fu1ther agrees that the Non-Solicitation Period shall be tolled, and shall not run, during the period of any breach by the Executive of any of
                              the covenants contained in Sections 3(d)(ii) and 3(d)(iii). The Executive and the Company further agree that, in the event that any provision of this Section 3 is determined by any court of competent jurisdiction to be
                              unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, that provision shall be deemed to be modified to permit its enforcement to the maximum extent
                              permitted by law. It is also agreed that each of the Company's Affiliates shall have the right to enforce all of the Executive's obligations to that Affiliate under this Agreement, including without limitation pursuant to this
                              Section 3. No claimed breach of this Agreement or other violation of law attributed to the Company or any of its Affiliates, or change in the nature or scope of the Executive's employment or other relationship with the Company
                              or any of its Affiliates, shall operate to excuse the Executive from the performance of her obligations under this Section 3.

                        

                      

                       

                      
                        
                          4.           Termination of Employment.          The Executive's employment under this Agreement shall continue until terminated pursuant to this Section 4.

                        

                      

                      
                         

                        

                        
                          (a)          By the Company For Cause. The Board may terminate
                              the Executive's employment for Cause upon notice to the Executive setting fo1th in reasonable detail the nature of the Cause, provided that the Executive has an oppo1tunity, with
                              the benefit of legal counsel, to be heard by the Board (which opp01tunity may occur by telephone or videoconference). For purposes of this Agreement, "Cause" shall mean the occurrence of any of the following, as determined by the Board in its reasonable judgment: (i) the Executive's failure to comply with a material directive of the Company's Chief
                              Executive Officer or the Board, or gross negligence in the performance of the Executive's duties and responsibilities to the Company or any of its Affiliates; (ii) the Executive's material breach of this Agreement or any other
                              written agreement between the Executive and the Company or any of its Affiliates; (iii) the Executive's indictment for, or plea of nolo contendere to, a felony or other crime involving moral turpitude that causes or could
                              reasonably be expected to cause material harm to the business interests or reputation of the Company or any of its Affiliates; (iv) fraud, theft, embezzlement or other intentional misconduct by the Executive that is or could
                              reasonably be expected to be materially harmful to the business interests or reputation of the Company or any of its Affiliates; and/or, solely for purposes of the application of the non-competition provision in Section
                            3(d)(i) of this Agreement: (v) (A) the Executive's performance (or nonperformance) of her duties and responsibilities to the Company or any of its Affiliates

                            in a manner deemed by the Company to be in any way unsatisfactory, (B) the Executive's breach of this Agreement or any other agreement between the Executive and the Company or any of its Affiliates, or (C) the Executive's
                            violation of or disregard for any rule or procedure or policy of the Company or any of its Affiliates, or any other reasonable basis for Company dissatisfaction with the Executive, including for reasons such as lack of capacity
                            or diligence, failure to conform to usual standards of conduct, or other culpable or inappropriate behavior. For the avoidance of doubt, the above Section 4(a)(v) does not apply to determining the Executive's eligibility for
                            Severance Benefits or to any other provision of this Agreement other than Section 3(d)(i), nor does it apply to any other agreement to which the Executive is a party. Further, Cause shall not exist hereunder, in the case of (i)
                            or (ii) above, unless the Company has provided the Executive with written notice of the event(s) alleged to constitute Cause thereunder and, if such event(s) are susceptible to cure, a 15 day period to cure following the receipt
                            of such notice in which the Executive has failed to cure such event(s).

                        

                      

                    

                     

                    

                    
                      - 6 -

                      
                        

                    

                    
                      
                        
                          (b)          By the Company Without Cause.
                              The Company may te1minate the Executive's employment at any time other than for Cause upon ten (10) days' notice to the Executive (during which period (or any portion thereof) the
                              Executive may be placed on paid administrative leave).

                        

                      

                      
                         

                        

                        
                          (c)        By the Executive for Good Reason. The Executive may terminate her employment for Good
                            Reason. For purposes of this Agreement, "Good Reason" shall mean, without Executive's consent, (i) any diminution in the Base Salary or Target Bonus, unless applied across-the-board to all
                            similarly-situated executives of the Company and not more than 5%, (ii) any material diminution in the Executive's titles, authorities, duties, or responsibility, (iii) a permanent reassignment of the Executive's primary office
                            to a location more than 35 miles from the Company's offices in Massachusetts, or (iv) a material breach by the Company of this Agreement or any material breach by the Company or any of its Affiliates of any other written
                            agreement with the Executive; provided, however, Good Reason shall not exist hereunder, unless the Executive has provided the Company with written notice of the event(s)
                            alleged to constitute Good Reason within 30 days of the initial occurrence of such event(s), and the Company has failed to cure such event(s) within 30 days following its receipt of such notice. The Executive may terminate her
                            employment for Good Reason at any time within the 30-day period after the 30 day cure period has expired.

                        

                         

                        

                      

                      
                        
                          (d)        By the Executive without Good Reason. The Executive may terminate her employment at any time upon sixty (60) days' notice to the Company. The Board may elect to waive such notice period or any portion thereof if
                              the Executive consents to the wavier of such notice period in writing or without her written consent if the Company pays the Executive her Base Salary for the period so waived.

                        

                         

                        

                      

                      
                        
                          (e)        Death and Disability. The
                              Executive's employment hereunder shall automatically terminate in the event of the Executive's death during employment. The Company may terminate the Executive's employment, upon
                              notice to the Executive, in the event that the Executive becomes disabled during her employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result,
                            is unable to perform substantially all of her duties and responsibilities hereunder, even with a reasonable accommodation, for a period of ninety (90) consecutive days or one hundred and twenty (120) days (whether or not
                            consecutive) during any period of three hundred sixty-five (365) consecutive days. If any question shall arise as to whether the Executive is disabled to the extent that she is unable to perform substantially all of her duties
                            and responsibilities for the Company and its Affiliates, the Executive shall, at the Company's request, submit to a medical examination by a physician selected by the Company to whom the Executive or the Executive's guardian, if
                            any, has no reasonable objection to determine whether the Executive is so disabled, and such determination shall for purposes of this Agreement be conclusive of the issue. If such a question arises and the Executive fails to
                            submit to the requested medical examination, the Company's good faith, reasonable determination of the issue shall be binding on the Executive.

                        

                         

                        

                        
                          - 7 -

                          
                            

                        

                        
                          
                            
                              5.           Other Matters Related to Termination.

                            

                             

                            

                          

                          
                            
                              (a)         Final Compensation. In
                                  the event of termination of the Executive's employment with the Company, howsoever occurring, the Company shall pay the Executive (i) the Base Salary for the final payroll
                                  period of her employment, through the date her employment terminates; (ii) any bonus in respect of a prior year which has not yet been paid, payable at such time when such bonus would otherwise have been paid; (iii)
                                  compensation at the rate of the Base Salary for any vacation time earned but not used as of the date her employment terminates; and (iv) reimbursement, in accordance with Section 2(f) hereof, for business expenses
                                incurred by the Executive but not yet paid to the Executive as of the date her employment terminates, provided that the Executive submits all expenses and supporting documentation required within sixty (60) days of the date
                                her employment terminates, and provided further that such expenses are reimbursable under Company policies then in effect (all of the foregoing, "Final Compensation"). Except as otherwise
                                provided in Sections 5(a)(ii) and 5(a)(iii), Final Compensation will be paid to the Executive within thirty (30) days following the date of termination or such shorter period required by law.

                            

                          

                           

                          
                            
                              (b)         Severance Payments. In
                                  the event of any termination of the Executive's employment pursuant to Sections 4(a)(v) (and, for the avoidance of doubt, for reasons that would not constitute Cause pursuant to
                                  Section 4(a)(i)-(iv)), 4(b) or 4(c) above, the Company will pay the Executive, in addition to Final Compensation, the following (the "Severance Benefits"):

                            

                             

                            

                          

                          
                            
                              (i)          the Base Salary for a period of twelve (12) months following the date of termination (such period, the "Severance Period" and such payments, the "Severance Payments");

                            

                             

                            

                          

                          
                            
                              (ii)         the Target Bonus for the year of termination, prorated for the number of days during the year in which the Executive's employment terminates that the Executive was employed by the Company (based upon a 365-day year); and

                            

                             

                            

                          

                          
                            
                              (iii)        in the event the Executive timely elects to continue the Executive's coverage and, if applicable, that of the Executive's eligible dependents in the Company's group health plans under the federal law known as "COBRA" or similar state law (together, "COBRA"), the Company shall pay the Executive a monthly amount equal to the portion of the monthly health
                                  premiums paid by the Company on the behalf of active employees and, if applicable, their eligible dependents until the earlier of (A) the conclusion of the Severance Period and (B) the date that the Executive and,
                                if applicable, the Executive's eligible dependents cease to be eligible for such COBRA coverage under applicable law or plan terms (the "Health Continuation Benefits").

                            

                          

                           

                          
                            - 8 -

                            
                              

                          

                          
                            
                              (c)         Conditions To And Timing Of Severance Payments. Any obligation of (i) the Company to provide the Executive the Severance Benefits and/or (ii) Parent to provide the accelerated vesting of
                                  Options described in Paragraph 2 of Schedule A of the Award is, in each case, conditioned on her signing and returning, without revoking, to the Company a timely and effective separation agreement containing a general
                                  release of claims and other customary te1ms, including post-employment restrictive covenants substantially similar to those found in this Agreement, in the form provided to the Executive by the Company at the time that the
                                  Executive's employment terminates (the "Separation Agreement"). The Separation Agreement must
                                  become effective, if at all, by the sixtieth (60th) calendar day following the date
                                  the Executive's employment te1minates. Any Severance Payments and Health Continuation Benefits to which the Executive is entitled will be payable in the form of salary continuation in accordance with the normal payroll
                                  practices of the Company. The first such payment, together with the pro-rated Target Bonus described under Section 5(b)(iii) above, will be made on the Company's next regular payday following the expiration of sixty (60)
                                  calendar days from the date that the Executive's employment terminates, but will be retroactive to the day following such date of termination. Notwithstanding the foregoing, in the event that the Company's payment of the
                                  Health Continuation Benefits would subject the Company to any tax or penalty under Section 105(h) of the Internal Revenue Code, as amended (the "Code"), the Patient Protection and Affordable Care Act, as amended, any regulations or guidance issued thereunder, or any other applicable law, in each case, as determined by the Company, the
                                  Executive and the Company shall work together in good faith to restructure such benefit.

                            

                          

                           

                          
                            
                              (d)         Benefits Termination.
                                  Except for any right the Executive may have under COBRA or other applicable law to continue participation in the Company's group health and dental plans at her cost and except
                                  as expressly provided in Section 5(b)(ii) of this Agreement, the Executive's participation in all employee benefit plans shall te1minate in accordance with the terms of the applicable benefit plans based on the date of
                                  termination of her employment, without regard to any continuation of the Base Salary or other payment to the Executive following termination of her employment, and the Executive shall not be eligible to earn vacation or other paid time off following the termination of her employment.

                            

                          

                          
                             

                            

                            
                              (e)         Survival. Provisions of this Agreement shall survive any termination of employment
                                if so provided in this Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the Executive's obligations under Section 3 of this Agreement. The
                                obligation of the Company to make payments to the Executive under Section 5(b), and the Executive's right to retain the same, are expressly conditioned upon her continued full performance of her obligations under Section 3
                                of this Agreement. Upon termination by either the Executive or the Company, all rights, duties and obligations of the Executive and the Company to each other shall cease, except as otherwise expressly provided in this
                                Agreement.

                            

                          

                          
                             

                            

                            
                              6.           Timing of Payments and Section 409A.

                            

                             

                            

                            
                              - 9 -

                              
                                

                            

                            
                              
                                
                                  (a)        Notwithstanding anything to the contrary in this Agreement, if at the time the Executive's employment terminates, the Executive is a "specified employee," as defined below, any and all amounts payable under this Agreement on account of such separation from
                                      service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6)- month period or,
                                      if earlier, upon the Executive's death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1 (b) (including without limitation
                                      by reason of the safe harbor set forth in Section 1.409A- l(b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits• pursuant to Treasury regulation Section 1.409A- 1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of
                                      Section 409A of the Code, as amended ("Section 409A").

                                

                              

                               

                              
                                
                                  (b)        For purposes of this Agreement, all references to "termination of employment" and correlative phrases shall be construed to require a "separation from service" (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the
                                      presumptions contained therein), and the term "specified employee" means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-l(i).

                                

                              

                               

                              
                                
                                  (c)         Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.

                                

                              

                               

                              
                                
                                  (d)          In no event shall the Company have any liability relating to the failure
                                      or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A.

                                

                              

                               

                              
                                
                                  7.           Definitions. For purposes of this Agreement, the following definitions apply:

                                

                                 

                                

                                  "Affiliates" means
                                    all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise; provided,
                                    however, that Affiliates does not include any portfolio company of any investment fund associated with Bain Capital Private Equity, L.P. other than the Company and its direct and indirect
                                  parents and subsidiaries.

                                 

                                

                              

                              "Confidential Information" means any and all information of the Company and its Affiliates that is not generally available to the public. Confidential Information
                                also includes any information received by the Company or any of its Affiliates from any Person with any understanding, express or implied, that it will not be disclosed. Confidential Information does not include information
                                that (i) is generally known to the industry in which the Company operates or the public, other than as a result of Executive's breach of this Agreement or any other agreement between the Executive and the Company or any of
                                its Affiliates, (ii) is made legitimately available to the Executive by a third party without breach of any confidential obligation of which Executive has knowledge, (iii) is generally applicable business or industry
                                know-how or acumen of the Executive which does not embody and is not predicated upon Confidential Information; or (iv) enters the public domain, other than through the Executive's breach of her obligations under this
                                Agreement or any other agreement between the Executive and the Company or any of its Affiliates.

                               

                              

                              
                                - 10 -

                                
                                  

                              

                              
                                "Intellectual Property" means inventions, discoveries, developments, methods, processes, compositions, works,
                                  concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during
                                  normal business hours or on or off Company premises) during the Executive's employment that relate either to the business of the Company or any of its Affiliates or to any prospective activity of the Company or any of its
                                  Affiliates or that result from any work performed by the Executive for the Company or any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its
                                  Affiliates.

                                 

                                "Person" means an individual, a corporation, a limited liability company, an association, a partnership, an
                                  estate, a trust or any other entity or organization, other than the Company or any of its Affiliates.

                                 

                                
                                  
                                    8.          Conflicting Agreements. The Executive hereby represents and warrants that her signing of this Agreement and the performance of her obligations under it will not
                                        breach or be in conflict with any other agreement to which the Executive are a party or are bound, and that the Executive is not now subject to any covenants against competition or similar covenants or any court
                                        order that could affect the performance of her obligations under this Agreement. The Executive agrees that the Executive will not disclose to or use on behalf of the Company any confidential or proprietary
                                        information of a third party without that party's consent.

                                  

                                

                                 

                                
                                  
                                    9.          Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company
                                        to the extent required by applicable law.

                                  

                                

                                 

                                
                                  
                                    10.       Assignment. Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise,
                                        without the prior written consent of the other; provided, however, the Company may
                                        assign its rights and obligations under this Agreement without the Executive's consent to one of its Affiliates or to any Person with whom the Company shall hereafter effect a reorganization, consolidate or merge, or
                                        to whom the Company shall hereafter transfer all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of their respective successors, executors, administrators, heirs and permitted assigns.

                                  

                                

                                 

                                
                                  
                                    11.       Severability. If any p01tion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent
                                        jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected
                                        thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

                                  

                                

                                 

                                
                                  - 11 -

                                  
                                    

                                

                                
                                  
                                    
                                      12.       Miscellaneous. This Agreement sets forth the entire agreement between the Executive and the Company, and replaces all prior and contemporaneous
                                          communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive's employment. This Agreement may not be modified or amended, and no breach shall be
                                        deemed to be waived, unless agreed to in writing by the Executive and an expressly authorized representative of the Board. The headings and captions in this Agreement are for convenience only and in no way define or
                                        describe the scope or content of any provision of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the
                                        same instrument. This is a Massachusetts contract and shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to any conflict of laws principles that would
                                        result in the application of the laws of any other jurisdiction.

                                    

                                  

                                

                                
                                   

                                  
                                    
                                      13.         Legal Fees. The Executive shall be entitled to payment or reimbursement of reasonable legal fees in an amount not to exceed $10,000 in connection
                                          with the review, negotiation, preparation of this Agreement or the Non-Statutory Stock Option Agreement between the Executive and Parent.

                                    

                                  

                                   

                                  
                                    
                                      14.        Notices. Any notices provided for in this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United
                                          States mail, postage prepaid, and addressed to the Executive at her last known address on the books of the Company or, in the case of the Company, to it at its principal place of business, attention of the Chairman
                                          of the Board, or to such other address as either party may specify by notice to the other actually received.

                                    

                                  

                                   

                                    

                                  
                                    - 12 -

                                    
                                      

                                  

                                  
                                    The Executive acknowledges that the Company provided her with this Agreement by the earlier of (i) the date of a formal offer of employment
                                      from the Company or (ii) ten (10) business days before the Effective Date. The Executive acknowledges that she has been and is hereby advised of her right to consult an attorney before signing this Agreement.

                                     

                                    IN WITNESS WHEREOF, this Agreement has been executed by the Company, by its duly authorized representative, and by the Executive, as of the
                                      date first above written.

                                    

                                    

                                    
                                      
                                        	 	
                                                
                                                  THE EXECUTIVE:

                                                

                                              	 	
                                                THE COMPANY:

                                              	 
	 	 	 	 	 
	 	 /s/ Orly Mishan 	 	
                                                By:

                                              	/s/ N. Anthony Coles	 
	 	
                                                
                                                  Orly Mishan

                                                  

                                                

                                              	 	

                                              	
                                                Name: N. Anthony Coles, M.D.

                                              	 
	 	

                                              	 	

                                              	
                                                Title: Executive Chairman

                                              	 

                                        
                                          

                                          

                                          

                                          - 13 -Exhibit 10.21

      

      

      

      EMPLOYMENT AGREEMENT

       

      This EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into as of November 8, 2019 by and between Cerevel Therapeutics, LLC (the "Company") and Bryan Phillips (the "Executive").

       

      WHEREAS, the Executive possesses certain experience and expertise that qualifies the Executive to provide the direction and leadership required by the Company; and

      

      

      WHEREAS, the Company desires to employ the Executive as Chief Legal Officer of the Company and the Executive wishes to accept such employment;

       

      NOW, THEREFORE, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the Company and the Executive agree as follows:

      

      

      
        
          1.           Position and Duties.

        

      

      

      

      
        
          (a)      Effective as of December 2, 2019 (the "Effective Date"), the Executive will be employed by the Company, on a full-time basis, as its Chief Legal
              Officer, reporting to the Company's Chief Executive Officer. The Executive will be a member of the Company's Executive Committee. The Executive shall
              be based at the Company's offices in the greater Boston area. In addition, the Executive may be asked from time to time to serve as a director or
              officer of one or more of the Company's Affiliates, without further compensation.

        

      

       

      
        
          (b)      The Executive agrees to perform the duties of the Executive's position and such other duties as may
              reasonably be assigned to the Executive from time to time. The Executive also agrees that, while employed by the Company, the Executive will devote the Executive's full business time and the Executive's best efforts, business judgment, skill
              and knowledge exclusively to the advancement of the business interests of the Company and its Affiliates and to the discharge of the Executive's duties and responsibilities for them. The Executive shall not engage in any other business
              activity or serve in any industry, trade, professional, governmental or academic position during the Executive's employment, except as may be expressly approved in advance by the Board of Directors of Cerevel Therapeutics, Inc. ("Parent") (or such other board of directors or managers as may be designated as the operative governing entity of the Company, the
            " Board") in writing;
              provided, however, that the Executive may participate in the activities set forth on Exhibit A hereto and may without advance consent participate in charitable activities (including, but not limited to, continued service on the Board of
              Trustees of the Science Museum of Minnesota through Executive's present term) and engage in personal investment activities, in each case to the extent such activities, individually or in the aggregate, do not materially interfere with the
              performance of the Executive's duties under this Agreement, create a conflict of interest or violate any provision of Section 3 of this Agreement or the Restrictive Covenant Agreement (as defined below).

        

      

       

      
        
          (c)     The Executive agrees that, while employed by the Company, the Executive will comply with all written Company
            policies, practices and procedures and all written codes of ethics or business conduct applicable to the Executive's position, as in effect from time to time.

        

         

        

      

      
        
          

      

      
      
        
          2.          Compensation and
              Benefits. During the Executive's employment hereunder, as compensation for all services performed by the
              Executive for the Company and its Affiliates, the Company will provide the Executive the following compensation and benefits:

        

      

       

      
        
          (a)     Base Salary. The Company will pay the Executive a
              base salary at the rate of $410,000 per year, payable in accordance with the regular payroll practices of the Company and subject to annual review and increase from time to time by the Board in its discretion (as increased, from time to time, the "Base Salary").

        

      

       

      
        
          (b)     Bonus Compensation. For each fiscal year
              completed during the Executive's employment under this Agreement, the Executive will be eligible to earn an annual bonus (each, an "Annual Bonus"). The Executive's
              target bonus will be 40% of the Base Salary (the "Target Bonus"), with the actual amount of any such Annual Bonus to be determined by the Board in its discretion, based on the Executive's performance
              and the Company's performance against goals established by the Board in its discretion after consultation with the Chief Executive Officer of the
              Company, who shall consult with the Executive prior to such consultation with the Board. Any Annual Bonus for the Executive's initial year of
              employment with the Company shall be prorated based on the Effective Date. Except as provided in Section 5, in order to receive any Annual Bonus hereunder, the Executive must be employed through the last day of the fiscal year to which such Annual Bonus relates. Any Annual Bonus will be paid in the calendar year immediately following the conclusion of the fiscal year to which such Annual
              Bonus relates.

        

      

      

      

      
        
          (c)      Equity. The Executive
              will be eligible for participation in the Cerevel Therapeutics, Inc. 2018 Equity Incentive Plan (the "Plan"). Subject to the
              receipt of any required approvals (including any required Board approvals) and the Executive's continued employment through the grant date, which will
              be as soon as practicable following the Effective Date, the Executive will be granted an option to purchase shares of the Company's common stock, which as of the date of this letter, represents approximately 0.45% of
              the Company's fully diluted shares outstanding (the "Option" or "Award"). The Option will have an exercise price of not less than the fair market value of
              the Company's common stock on the date it is granted, as determined by the Company. The Option will be evidenced by a form of stock option agreement
              and will be subject to the terms of the Plan, the applicable stock option agreement, any other applicable stockholders ' agreements (collectively, the "Equity Documents"), and any other restrictions and limitations generally applicable to the common stock of the Company or equity awards held by the Company's executives or otherwise imposed by law. In the event of any conflict between this Agreement and the Equity Documents, the
              Equity Documents will control.

        

      

       

      
        
          (d)     Participation in Employee Benefit Plans. The Executive will be entitled to participate in all employee benefit plans from time to time in effect for senior employees of comparable status of the Company generally, except to the extent such plans are
              duplicative of benefits otherwise provided to the Executive under this Agreement (e.g., a severance pay plan), in which event this Agreement shall
              control unless this Agreement expressly provides otherwise. The Executive's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies, as the same may be in effect from time to time, and any other restrictions or limitations imposed by
              law.

        

         

        

      

      
        - 2 -

        
          

      

      
        
          (e)      Vacations. The Executive will be entitled to
              vacation days in accordance with the policies of the Company as in effect for senior employees of comparable status, as in effect from time to time. Vacation

              may be taken at such times and intervals as the Executive shall determine, subject to the business needs of the Company.

        

      

       

      
        
          (f)      Business Expenses. The Company will pay or
              reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of the Executive's duties and responsibilities for the Company, subject to Company policy as in effect from time to time and to
              such reasonable substantiation and documentation as may be specified by the Company from time to time. The Executive's right to payment or reimbursement hereunder shall be subject to the following additional rules: (i) the amount of expenses
              eligible for payment or reimbursement during any calendar year shall not affect the expenses eligible for payment or reimbursement in any other calendar year, (ii) payment or reimbursement shall be made not later than December 31 of the
              calendar year following the calendar year in which the expense or payment was incurred and (iii) the right to payment or reimbursement shall not be
              subject to liquidation or exchange for any other benefit.

        

      

       

      
        
          (g)     Signing Bonus. The Executive shall be eligible to
              receive a one-time cash signing bonus in the amount of $170,000 (the "Signing Bonus"). The Signing Bonus will be payable by the Company in January 2020 (but in no event prior to 30 days following the Effective Date), subject to the Executive's employment with the Company on the payment date.
              In the event the Executive terminates the Executive's employment hereunder without Good Reason or the Executive's employment is terminated by the Company for Cause: (i) before the twelve (12)- month anniversary of the Effective Date, the
              Executive shall repay to the Company the full amount of the Signing Bonus; or (ii) on or after the twelve (12)-month anniversary of the Effective Date but before the twenty-four (24)-month anniversary of the Effective Date, the Executive
              shall repay to the Company fifty percent (50%) of the Signing Bonus. Any repayment shall occur within thirty (30) days following the date of termination . As a condition of receiving the Signing Bonus, the Executive shall commence employment with the Company by December 2, 2019. If the Executive does not commence employment by December 2, 2019, the Executive shall not receive any Signing Bonus.

        

      

      

      

      
        
          (h)    Relocation and Commuting Expenses. To help defray
              the Executive's relocation and commuting expenses, the Company shall pay the Executive a lump sum payment of $200,000, grossed up for any taxes on such payment (such that the Executive shall receive the foregoing amount net after taxes)
              (collectively, the "Relocation Lump Sum") in January 2020 (but in no event prior to 30 days following the Effective Date), subject to the Executive's employment with the Company on the payment date. The Executive agrees to relocate to the greater Boston, Massachusetts area on or
              before the twenty-four (24)-month anniversary of the Effective Date (the "Relocation Deadline"). Until the Executive relocates, (i) the Executive shall commute to the Company's offices in Boston on a weekly basis from his current home state; and (ii) the Executive agrees that he typically shall spend
              four days a week physically working from the Company's Boston offices. If the Executive terminates the Executive's employment hereunder without Good
              Reason or the Executive's employment is terminated by the Company for Cause, in either case prior to the Relocation Deadline, or if the Executive remains employed by the Company but fails to relocate to the Boston area prior to the
            Relocation Deadline, the Executive shall repay to the Company the entire Relocation Lump Sum within 30 days after (i) the Relocation Deadline or (ii) if earlier, the date of the Executive's termination of employment with the Company.

        

         

        

      

      
        - 3 -

        
          

      

      
        
          (i)       Co-Investment. To the extent the Company establishes a program allowing senior employees of comparable
            status to the Executive ("Senior Employees") to purchase common stock of Parent, the Executive will be eligible to participate in such program.

        

      

       

      
        
          (j)      Tag-Along Rights.  In the event Parent offers tag-along rights on sales by  any Lead Investor (as defined
            in the Stockholders Agreement by and among Parent and the stockholders party thereto, dated September 24, 2018, as it may be amended from time to time) to Senior Employees with respect to their shares of common stock of Parent, the Executive
            will also be eligible for such rights on the same terms as applicable to other Senior Employees.

        

      

       

      
        
          3.           Restricted Activities.

        

      

       

      
        
          (a)      As a condition of employment, the Executive will be required to enter into the Restrictive Covenant Agreement attached
              hereto as Exhibit B (the "Restrictive Covenant Agreement"). The Executive acknowledges and agrees that the Executive received the Restrictive Covenant Agreement with this Agreement and at least
              ten (10) business days before the commencement of the Executive's employment.

        

      

      
         

        

        
          (b)      Litigation and Regulatory Cooperation. During and after the Executive's employment, the Executive shall cooperate fully with the
            Company in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed
            by the Company, and (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information. The Executive's full cooperation in connection with such claims, actions
            or investigations shall include, but not be limited to, being available to meet with counsel to answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and
            after the Executive's employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events
            or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out of pocket expenses incurred in connection with the Executive's performance of obligations pursuant
            to this Section 3(b).

        

      

       

      
        
          4.            Termination of Employment. The Executive's employment under this Agreement shall continue until terminated pursuant to this Section 4.

        

      

       

      
        
          (a)      By the Company For Cause. The Board may
              terminate the Executive's employment for Cause upon notice to the Executive setting forth in reasonable detail the nature of the Cause. For purposes of this Agreement, "Cause" shall mean the occurrence of any of the following, as determined by the Board in its reasonable judgment:
              (i) the Executive's failure to comply with a material directive of the Company's Chief Executive Officer or the Board, or gross negligence in the performance of the Executive's duties and responsibilities to the Company or any of its
            Affiliates; (ii) the Executive's material breach of this Agreement, the Restrictive Covenant Agreement or any other written agreement between the Executive and the Company or any of its Affiliates; (iii) the Executive's commission of,
            indictment for, or plea of nolo contendere to: a felony, or another crime involving moral turpitude that causes or could reasonably be expected to cause material harm to the business interests or reputation of the Company or any of its
            Affiliates; (iv) fraud, theft, embezzlement, unlawful harassment or other intentional misconduct by the Executive that (with respect to such other intentional misconduct only) is or could reasonably be expected to be materially harmful to the
            business interests or reputation of the Company or any of its Affiliates. Further, Cause shall not exist hereunder, in the case of (i) or (ii) above, unless the Company has provided the Executive with written notice of the event(s) alleged to
            constitute Cause thereunder and, if such event(s) are susceptible to cure, a 15 day period to cure following the receipt of such notice in which the Executive has failed to cure such event(s).

           

        

         

        

      

      
        - 4 -

        
          

      

      
        
          (b)     By the Company Without Cause. The Company may terminate the Executive's employment at any time without Cause upon ten (10) days' notice to the Executive (during which period (or any portion thereof) the Executive may be placed on paid
              administrative leave).

        

      

       

      
        
          (c)    By the Executive for Good Reason. The Executive
              may terminate the Executive's employment for Good Reason. For purposes of this Agreement, "Good Reason" shall mean, without Executive's consent, (i) any diminution in the Base Salary or Target Bonus, unless applied across-the-board to all similarly-situated executives of the Company and not more than 5%, (ii)
              any material diminution in the Executive's titles, duties, or responsibilities, (iii) a permanent reassignment of the Executive's primary office to a location more than 35 miles from the Company's offices in Massachusetts, or (iv) a material
              breach by the Company of this Agreement; provided, however, Good Reason shall not exist hereunder, unless the Executive has provided the Company with written notice of the event(s) alleged to constitute Good Reason within 30 days of the initial occurrence of such event(s), and the
              Company has failed to cure such event(s) within 30 days following its receipt of such notice. The Executive may terminate the Executive's employment for Good Reason at any time within the 30-day period after the 30 day cure period has
              expired.

        

      

       

      
        
          (d)      By the Executive without Good Reason. The Executive may terminate the Executive's employment at any time
            upon sixty (60) days' notice to the Company. The Board may elect to waive such notice period or any portion thereof if the Executive consents to the waiver of such notice period in writing or without his written consent if the Company pays the
            Executive the Executive's Base Salary for the period so waived.

        

      

      

      

      
        
          (e)      Death and Disability. The Executive's employment hereunder shall
              automatically terminate in the event of the Executive's death during employment. The Company may terminate the Executive's employment, upon notice to
              the Executive, in the event that the Executive becomes disabled during the Executive's employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform
              substantially all of the Executive's duties and responsibilities hereunder, even with a reasonable accommodation, for a period of ninety (90) consecutive days or one hundred and twenty (120) days (whether or not consecutive) during any period
              of three hundred sixty-five (365) consecutive days. If any question shall arise as to whether the
              Executive is disabled to the extent that the Executive is unable to perform substantially all of the Executive' s duties and responsibilities for the
              Company and its Affiliates, the Executive shall, at the
              Company's request, submit to a medical examination by a
              physician selected by the Company to whom the Executive or the Executive's guardian, if any, has no reasonable objection to determine whether the Executive is so disabled, and such determination shall for
              purposes of this Agreement be conclusive of the issue. If such a question arises and the Executive fails to submit to the requested medical
              examination, the Company's good faith, reasonable determination of the issue shall be binding on the Executive.

        

         

          

         

       
      
        - 5 -

        
          

      

       
         
          5.           Other Matters Related to Termination.

        

      

       

      
        
          (a)      Final Compensation. In the event of termination
              of the Executive's employment with the Company, howsoever occurring, the Company shall pay the Executive (i) the Base Salary
              for the final payroll period of the Executive's employment, through the date the Executive's employment terminates; (ii) any bonus in respect of a prior
              year which has not yet been paid, payable at such time when such bonus would otherwise have been paid; (iii) reimbursement, in accordance with Section 2(f) hereof, for business expenses incurred by the Executive but not yet paid to the Executive as of the date the Executive's employment terminates,
              provided that the Executive submits all expenses and supporting documentation required within sixty (60) days of the date the Executive's employment terminates, and provided further that such expenses are reimbursable under Company policies
              then in effect (all of the foregoing, "Final Compensation"). Except as otherwise provided in Sections 5(a)(ii) and 5(a)(iii) , Final
              Compensation will be paid to the Executive within thirty (30) days following the date of termination or such shorter period required by law.

        

      

       

      
        
          (b)      Severance Payments. In the event of any
              termination of the Executive's employment by the Company without Cause under Section 4(b) or by the Executive for Good Reason under Section 4(c), the
              Company will pay the Executive, in addition to Final Compensation, the following (the "Severance Benefits"):

        

      

       

      
        
          (i)      the Base Salary for a period of twelve (12) months following the date of termination (such period, the "Severance Period" and such payments, the "Severance Payments"), provided in the event the Executive is entitled to any Garden Leave Pay (as defined in the Restrictive Covenant Agreement), the Severance Payments received in any calendar
              year will be reduced by the amount of Garden Leave Pay the Executive is paid in the same such calendar year pursuant to the Restrictive Covenant Agreement;

        

      

      
         

        

        
          (ii)     the Target Bonus for the year of termination , prorated

              for the number of days during the year in which the Executive's employment terminates that the Executive was employed by the Company (based upon a
              365-day year); and

        

      

      
         

        

        
          (iii)   in the event the Executive timely elects to continue the Executive's coverage and, if applicable , that of the
              Executive's eligible dependents in the Company's group health
              plans under the federal law known as "COBRA" or similar state law (together, "COBRA"), the Company shall pay the Executive a monthly amount equal to the portion
              of the monthly health premiums paid by the Company on the behalf of active employees and, if applicable, their eligible dependents until the earlier of (A) the conclusion of the Severance Period
              and (B) the date that the Executive and, if applicable , the

              Executive's eligible dependents cease to be eligible for such COBRA coverage under applicable law or plan terms (the "Health Continuation Benefits"). The Executive consents to the deduction of the remaining portion of the monthly health premiums from the Severance Payments.

        

         

        

      

      
        - 6 -

        
          

      

      
        
          
            
              (c)     Conditions To And Timing Of Severance Payments. Any obligation of (i) the Company to provide the Executive the Severance Benefits and/or (ii) Parent to provide the accelerated
                  vesting of Options described in Paragraph 2 of Schedule A of the Award (if applicable) is, in each case, conditioned on the Executive's signing and
                  returning, without revoking, to the Company a timely and effective separation agreement containing a general release of claims and other customary
                  terms, including (in the Company's sole discretion) a reaffirmation of the Executive's obligations under the Restrictive Covenant Agreement, and a seven (7) business day revocation period, in the form
                  provided to the Executive by the Company at or around the time that the Executive's employment terminates (the "Separation Agreement "). The Executive
                  must return to the Company and not revoke the Separation Agreement within the time period required by the Separation Agreement, and in any event, the Separation Agreement must become effective, if at all, by the sixtieth (60th) calendar day following the date
                  the Executive's employment terminates. Any Severance Payments and Health Continuation Benefits to which the Executive is entitled will be payable in the form of salary continuation in accordance with the normal payroll practices of the
                  Company. The first such payment, together with the pro-rated Target Bonus described under Section 5(b)(ii) above, will be made on the Company's
                  next regular payday following the expiration of sixty (60) calendar days from the date that the Executive's employment terminates, provided that if the 60-day period begins in one calendar year and ends in a second calendar year, the Severance Payments, to the extent they qualify as "non-qualified deferred compensation" within the meaning of Section 409A,
                shall begin to be paid in the second calendar year by the last day of such 60-day period, provided further that the initial payment of the Severance Payments shall include a catch-up payment to
                  cover amounts retroactive to the day following such date of termination. Notwithstanding the foregoing, in the event that the Company's payment of the Health Continuation Benefits would subject the Company to any tax or penalty under Section 105(h) of the Internal Revenue Code, as amended (the " Code"), the Patient Protection and Affordable Care Act, as amended, any regulations or guidance issued thereunder, or any other
                  applicable law, in each case, as determined by the Company, the Executive and the Company shall work together in good faith to restructure such
                  benefit.

            

          

        

      

       

      
        
          (d)     Benefits Termination. Except for any right the
              Executive may have under COBRA or other applicable law to continue participation in the Company's group health and dental plans at the Executive's cost
              and except as expressly provided in Section 5(b)(iii) of this Agreement, the Executive's participation in all employee benefit plans shall terminate in
              accordance with the terms of the applicable benefit plans based on the date of termination of the Executive's employment, without regard to any continuation of the Base Salary or other payment to the Executive following termination of the
              Executive's employment, and the Executive shall not be eligible for vacation or other paid time off following the termination of the Executive's employment.

        

         

        

      

      
        - 7 -

        
          

      

      
        
          (e)     Survival. Provisions of this Agreement shall survive any termination of employment if so provided in this Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the Executive's obligations under Section 3
              of this Agreement and the Restrictive Covenant Agreement. The obligation of the Company to make payments to the Executive under Section 5(b), and the
              Executive's right to retain the same, are expressly
              conditioned upon the Executive's continued full performance of the Executive's obligations under Section 3 of this Agreement and the Restrictive Covenant Agreement. Upon termination of employment by either the Executive or the Company, all rights, duties and obligations of the Executive and the Company to each other shall cease, except as otherwise expressly provided in this Agreement and the Restrictive Covenant Agreement.

        

      

       

      
        
          6.           Timing of Payments and Section 409A.

        

      

       

      
        
          (a)    Notwithstanding anything to the contrary in this Agreement or the Restrictive Covenant Agreement , if at the time the Executive's employment terminates, the Executive is a "specified employee," as defined below, any and all amounts payable under this Agreement or the Restrictive
              Covenant Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of
              such six (6)-month period or, if earlier, upon the
              Executive's death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation
              Section 1.409A-l(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-l (b)(9)(iii), as determined by the Company
              in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-l(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section
              409A of the Code, as amended ("Section 409A").

        

      

       

      
        
          (b)    For purposes of this Agreement, all references to "termination of employment" and correlative phrases shall be construed to require a "separation from service" (as defined in Section 1.409A-l(h) of the Treasury
              regulations after giving effect to the presumptions contained therein), and the term "specified employee"
            means an individual determined by the Company to be a specified employee under Treasury regulation Section
              1.409A-l(i).

        

      

       

      
        
          (c)      Each payment made under this Agreement or the Restrictive Covenant Agreement shall be treated as a separate
            payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments.

        

      

       

      
        
          (d)     In no event shall the Company or any person affiliated with the Company have any liability relating to the failure
            or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A.

        

      

       

      
        
          7.           Definitions.   For purposes of this Agreement , the following definitions apply:

        

      

      

      

      " Affiliates" means all persons
          and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise; provided, however, that Affiliates does not include any portfolio company of
          any investment fund associated with Bain Capital Private Equity, L.P.

          other than the Company and its direct and indirect parents and subsidiaries. "Person" means an individual, a corporation, a limited liability company, an association, a partnership , an estate, a trust or any other entity or organization, other than the Company or any of its Affiliates.

       

        

      
        - 8 -

        
          

      

      
        
          8.          Conflicting
              Agreements. The Executive hereby represents and warrants that the Executive's signing of this Agreement
              and the performance of the Executive's obligations under it will not breach or be in conflict with any other agreement to which the Executive is a party
              or is bound, and that the Executive is not now subject to any covenants against competition or similar covenants or any court order that could affect the performance of the Executive's obligations under this Agreement. The Executive agrees that the Executive will not disclose to or use on behalf of the Company any confidential or proprietary information of a third party without that party's
              consent.

        

      

       

      
        
          9.          Withholding. All

            payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company to the extent required by applicable law.

        

      

       

      
        
          10.       Assignment. Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, the Company may assign its rights and obligations under this Agreement and the Restrictive Covenant Agreement without the Executive's consent to one of its Affiliates or to any Person with whom the Company
              shall hereafter effect a reorganization, consolidate or merge, or to whom the Company shall hereafter transfer all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon the
              Executive and the Company, and each of their respective successors, executors, administrators, heirs and permitted assigns.

        

      

       

      
        
          11.       Severability. If any portion or provision of this Agreement shall to any extent be declared illegal
              or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not
              be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

        

      

       

      
        
          
            
              12.       Miscellaneous. This Agreement sets forth the entire agreement between the Executive and the Company, and replaces all prior and contemporaneous communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive's
                  employment, provided that the Restrictive Covenant Agreement and the Equity Documents remain in full force and effect. This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by the Executive and an expressly authorized representative of the Board. The headings and captions in this Agreement are for convenience only
                  and in no way define or describe the scope or content of any provision of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and
                  the same instrument. This is a Massachusetts contract and shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction.

            

             

            

          

        

      

      
        - 9 -

        
          

      

      
        
          13.         Legal Fees. The Executive shall be entitled to payment or reimbursement of reasonable legal fees in an amount not to exceed $10,000 in connection with the review, negotiation, preparation of this Agreement and the Non-Statutory Stock Option Agreement between the Executive and Parent.

        

      

       

      
        
          14.        Notices. Any notices provided for in this Agreement shall be in writing and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, and addressed to the Executive at the Executive's last known address on the books of the Company or, in the case of the Company, to it at its principal place of business, attention of the Chairman of the Board,
              or to such other address as either party may specify by notice to the other actually received.

        

         

        

      

      
        - 10 -

        
          

      

      IN WITNESS WHEREOF, this Agreement has been executed by the Company, by its duly authorized representative, and by the Executive, as of the date first above written.

      

      

      
        	 	
                
                  THE EXECUTIVE:

                

              	 	
                THE COMPANY:

              	 
	 	 	 	 	 
	 	
                
                  /s/ Bryan Phillips

                

              	 	
                By:

              	/s/ N. Anthony Coles	 
	 	
                
                  Bryan Phillips

                

              	 	

              	
                Name: N. Anthony Coles, M.D.

              	 
	 	

              	 	

              	
                Title: Chief Executive Officer

              	 

      

       

      

       

      

      
        
          - 11 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]