Document:

EX-10.19

 Exhibit 10.19 
 SEVERANCE AND CHANGE IN CONTROL AGREEMENT 
 THIS
SEVERANCE AND CHANGE IN CONTROL AGREEMENT (the “Agreement”), made this 24th day of January 2013 (the “Effective Date”), is entered into by AVEO Pharmaceuticals, Inc., a Delaware corporation with its principal place of business at
75 Sidney Street, 4th Floor, Cambridge, MA 02139 (the
“Company”), and Mary Ellen Jones (the “Employee”). 
 WHEREAS, the Company has determined that appropriate
steps should be taken to reinforce and encourage the employment and dedication of the Employee and the Employee’s efforts to maximize the Company’s value. 
 NOW, THEREFORE, as an inducement for and in consideration of the Employee employment with the Company and as consideration for the Employee’s agreement to enter into and be bound by the provisions of
Section 4 hereof, the Company agrees that the Employee shall receive the severance benefits set forth in this Agreement in the event the Employee’s employment with the Company is terminated under the circumstances described below.

 1. Key Definitions. 
 As used herein, the following terms shall have the following respective meanings: 

1.1 “Cause” means conduct involving one or more of the following: (i) the conviction of the Employee of, or, plea
of guilty or nolo contendere to, any crime involving dishonesty or any felony; (ii) the willful misconduct by the Employee resulting in material harm to the Company; (iii) fraud, embezzlement, theft or dishonesty by the Employee against
the Company resulting in material harm to the Company; (iv) the repeated and continuing failure of the Employee to follow the proper and lawful directions of the Company’s Chief Executive Officer or the Board after a written demand is
delivered to the Employee that specifically identifies the manner in which the Chief Executive Officer or the Board believes that the Employee has failed to follow such instructions; (v) the Employee’s current alcohol or prescription drug
abuse affecting work performance, or current illegal use of drugs regardless of the effect on work performance; (vi) material violation of the Company’s code of conduct by the Employee that causes harm to the Company; or (vii) the
Employee’s material breach of any term of the Agreement, or any other applicable confidentiality and/or non-competition agreements with the Company. 
 1.2 “Good Reason” means the occurrence, without the Employee’s written consent, of any of the following events: (A) any requirement by the Company that the Employee
perform her principal duties at a location that is outside a radius of fifty (50) miles from the Company’s Cambridge, Massachusetts location, (B) any material diminution in the Employee’s duties, responsibilities or
authority, or (C) a material reduction in the Employee’s base salary (unless such reduction is effected in connection with a general and proportionate reduction of compensation for all employees of her level), provided, however, that Good
Reason can only occur if (i) the Employee has given the Company a written notice of termination indicating the existence of a condition giving rise to Good Reason and the Company has not cured the condition giving rise to Good Reason within
thirty (30) days after receipt of such notice of termination, and (ii) such notice of termination is given within ninety (90) days after the initial occurrence of the condition giving rise to Good Reason and further provided that a
termination for Good Reason shall occur no more than one hundred eighty (180) days after the initial occurrence of the condition giving rise to Good Reason. 
 1.3 “Disability” means (i) the Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) the Employee is, by reason of any medically determinable physical or mental impairment that can be

 
expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three
(3) months under an accident and health plan covering employees of the Company; provided that in each case, the Employee’s physical or mental impairment shall be determined by an independent qualified physician mutually acceptable to the
Company and the Employee (or her personal representative) or, if the Company and the Employee (or such representative) are unable to agree on an independent qualified physician, as determined by a panel of three physicians, one designated by the
Company, one designated by the Employee (or her personal representative) and one designated by the two physicians so designated. 
 2. Termination Without Cause or for Good Reason. 
 2.1 Other than as set
forth in Section 3 below, if, at any time, the Employee’s employment with the Company is terminated by the Company without Cause or due to the Employee’s Disability, or by the Employee for Good Reason, then the Company shall:

 (a) continue to pay the Employee her base salary in effect on the date of termination, to be paid in
accordance with the Company’s customary payroll practices as are established or modified from time to time, until the earlier of (x) the date twelve (12) months following the date of termination, or (y) the date on which the
Employee commences employment or a consulting relationship with substantially equivalent compensation; 
 (b)
within thirty (30) days following the execution and non-revocation of the Release (as defined below), pay the Employee’s target bonus on the date of termination multiplied by a fraction, the numerator of which shall equal the number
of days the Employee was employed by the Company during the Company fiscal year in which the termination occurs and the denominator of which shall equal 365; 
 (c) pay to the Employee (i) on the date of termination, any base salary earned but not paid and any vacation accrued but not used through the date of termination, and (ii) within thirty
(30) days after the date of termination, any reimbursable business expenses incurred by the Employee through the date of termination pursuant to any expense reimbursement policies of the Company then in effect; and 

(d) to the extent the Employee and any qualified beneficiary with respect to such Employee elects continuation of health
benefit coverage under Section 4980B (“COBRA”) of the Internal Revenue Code of 1986, as amended (the “Code”), and continues to be eligible for such benefits, the Company shall provide payments to the Employee for such
benefits equal to the amount contributed for active employees with similar benefits and similar participating beneficiaries until the earlier of (x) twelve (12) months (or as long as such eligibility for the Employee and each qualified
beneficiary continues) from the date such benefits would otherwise end under the applicable plan terms or (y) the date the Employee becomes eligible for group health coverage through another employer. 

2.2 The payments and benefits to the Employee under this Section 2 shall (i) be contingent upon the execution and
non-revocation by the Employee of a release of claims (the “Release”) in favor of the Company within sixty (60) days following the date of termination (the “Release Period”), in a form that will be provided by the Company
and substantially identical to the form attached to this Plan as Exhibit A (except for such modifications as the Company may make in its sole discretion to reflect changes in law or the circumstances of the termination); provided
that if the Release does not become effective during the Release Period, the payments and benefits described in Sections 2.1(a) and 2.1(d) of this Agreement that commenced following the date of termination shall cease following the Release Period
and (ii) constitute the sole remedy of the Employee in the event of a termination of the Employee’s employment in the circumstances set forth in this Section 2. 

 2.3 Notwithstanding anything herein to the contrary, all benefits under this Section 2
shall terminate immediately if the Employee, at any time, violates any proprietary information, assignment of inventions agreement, confidentiality, non-competition or non-solicitation obligation to the Company, or any other continuing obligation to
the Company. 
 3. Termination upon a Change in Control.  

If the Employee is an “Eligible Employee” as defined in the Key Employee Change in Control Severance Plan adopted by the
Company in December 2007, as amended on November 25, 2009 (the current terms of which are attached hereto as Exhibit B) (the “Change in Control Plan”) at the time of a Change in Control, as defined in said Change in Control
Plan, then any termination of the Employee’s employment following such Change in Control shall be governed by the terms of the Change in Control Plan and no benefits shall be provided under the terms of this Agreement.

 4. Non-Competition and Non-Solicitation. 
 4.1 Restricted Activities. While the Employee is employed by the Company and for a period of one (1) year after the termination or cessation of such employment for any reason, the Employee
will not: 
 (a) directly engage in the development or commercialization of a Competitive Product for another
business or enterprise. For purposes of this provision, a “Competitive Product” means any therapeutic or diagnostic product that competes with any product that the Company (i) has, as of the date of cessation of the Employee’s
employment with the Company, developed to the stage of readiness for a phase 2 clinical trial or later; or (ii) has sold at any time during the Employee’s employment with the Company or plans to commence selling during the one year period
after the cessation of the Employee’s employment; 
 (b) directly or indirectly either alone or in
association with others (i) solicit, or permit any organization directly or indirectly controlled by the Employee to solicit, any employee of the Company to leave the employ of the Company, or (ii) solicit for employment, hire as an
employee or engage as an independent contractor, or permit any organization directly or indirectly controlled by the Employee to solicit for employment, hire as an employee or engage as an independent contractor, any person who was employed or
engaged by the Company at the time of the termination or cessation of the Employee’s employment with the Company or within six months preceding such termination or cessation; provided, that this clause (ii) shall not apply to the
solicitation, hiring or engagement of any individual whose employment with the Company has been terminated for a period of six months or longer; or 
 (c) directly or indirectly make any statements that are professionally or personally disparaging about, or adverse to, the interests of the Company (including its officers, directors, employees and
consultants) including, but not limited to, any statements that disparage any person, product, service, finances, financial condition, capability or any other aspect of the Company’s business, or engage in any conduct which could reasonably be
expected to harm professionally or personally the Company’s business or reputation (including its officers, directors, employees and consultants); provided that these obligations in Section 4.1(c) will not prevent the Employee from
engaging in ordinary business competition with the Company after the provisions of Section 4.1(a) have expired, providing truthful information to any regulatory agency or providing truthful testimony in any litigation involving the Company or
its officers, directors, employees and consultants. 
 If the Employee violates or breaches any of the provisions of this
Section 4.1, then the provisions of this Section 4 shall be applicable to the Employee until a period of one year has expired without any violation or breach of such provisions. 

 4.2 Interpretation. If any restriction set forth in Section 4.1 is found by any
court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time,
range of activities or geographic area as to which it may be enforceable. 
 4.3 Equitable Remedies. The restrictions
contained in this Section 4 are necessary for the protection of the business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose. The Employee agrees that any breach of this Section 4 is likely
to cause the Company substantial and irrevocable damage which is difficult to measure. Therefore, in the event of any such breach or threatened breach, the Employee agrees that the Company, in addition to such other remedies which may be available,
shall have the right to obtain an injunction from a court restraining such a breach or threatened breach and the right to specific performance of the provisions of this Section 4 and the Employee hereby waives the adequacy of a remedy at law as
a defense to such relief. 
 5. Taxes.  
 5.1 The payments set forth in Sections 2 and 3 above shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company determines are reasonably
required pursuant to any applicable law or regulation. Neither the Employee nor the Company shall have the right to accelerate or to defer the delivery of the payments to be made under Sections 2 and 3 of this Agreement. 

5.2 Subject to this Section 5.2, payments or benefits under this Agreement shall begin only upon the date of a “separation from
service” of the Employee (determined as set forth below) which occurs on or after the termination of the Employee’s employment. The following rules shall apply with respect to distribution of the payments and benefits, if any, to be
provided to the Employee under this Agreement: 
 (a) It is intended that each installment of the payments and
benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Code and the guidance issued thereunder (“Section 409A”). Neither the Company nor the Employee shall have
the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A; 
 (b) If, as of the date of the “separation from service” of the Employee from the Company, the Employee is not a “specified employee” (each within the meaning of Section 409A),
then each installment of the payments and benefits shall be made on the dates and terms set forth in this Agreement; 
 (c) If, as of the date of the “separation from service” of the Employee from the Company, the Employee is a “specified employee” (each, for purposes of this Agreement, within the
meaning of Section 409A), then: 
 (x) Each installment of the payments and benefits due under this
Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the short-term deferral period (as defined in Section 409A) shall be
treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A; and 

(y) Each installment of the payments and benefits due under this Agreement that is not described in Section 5(c)(x)
and that would, absent this subsection, be paid within the six-month period following the “separation from service” of the Employee of the Company shall not be paid until the date that is six months and one day after such separation from
service (or, if earlier, the death of the Employee), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date

 
that is six months and one day following the Employee’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein;
provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not
provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Such payments shall bear interest at an annual rate equal to the
prime rate as set forth in the Eastern edition of the Wall Street Journal on the Date of Termination, from the Date of Termination to the date of payment. Any installments that qualify for the exception under Treasury Regulation
Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the second taxable year of the Employee following the taxable year of the Employee in which the separation from service occurs. 

(d) The determination of whether and when a separation from service of the Employee from the Company has occurred shall be
made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Section 5(d), “Company” shall include all persons with whom the Company would
be considered a single employer as determined under Treasury Regulation Section 1.409A-1(h)(3). 
 (e) All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A,
including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible
for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the
year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 
 (f) Notwithstanding anything herein to the contrary, the Company shall have no liability to the Employee or to any other person if the payments and benefits provided in this Agreement that are intended to
be exempt from or compliant with Section 409A are not so exempt or compliant. 
 6. Other Employment
Termination. If the Employee’s employment terminates for any reason other than as described in Sections 2 and 3, the Employee shall only receive any compensation owed to such Employee as of the termination date and any other
post-termination benefits which the Employee is eligible to receive under any plan or program of the Company. 

7. Successors.  
 7.1 Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets
of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no such succession had taken place. All covenants and agreements hereunder shall inure to the benefit of
and be enforceable by such successors or assigns without the necessity that this Agreement be re-signed at the time of such assignment. As used in this Agreement, “Company” shall mean the Company as defined above and any successor to its
business or assets as aforesaid which assumes and agrees to perform this Agreement, by operation of law or otherwise. 
 7.2
Successor to Employee. This Agreement shall inure to the benefit of and be enforceable by the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the
Employee should die while any amount would still be payable to the Employee or the Employee’s family hereunder if the Employee had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms
of this Agreement to the executors, personal representatives or administrators of the Employee’s estate. 

 8. Notices. All notices, instructions and other
communications given hereunder or in connection herewith shall be in writing. Any such notice, instruction or communication shall be sent either (i) by registered or certified mail, return receipt requested, postage prepaid, or
(ii) prepaid via a reputable nationwide overnight courier service, in each case addressed to the Company, at 75 Sidney Street, 4th Floor, Cambridge, MA 02139, ATTN: Tuan Ha-Ngoc, Chief Executive Officer and to the Employee at the Employee’s
address indicated in the introduction to this Agreement (or to such other address as either the Company or the Employee may have furnished to the other in writing in accordance herewith). Any such notice, instruction or communication shall be deemed
to have been delivered five business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one business day after it is sent via a reputable nationwide overnight courier service. Either party may give
any notice, instruction or other communication hereunder using any other means, but no such notice, instruction or other communication shall be deemed to have been duly delivered unless and until it actually is received by the party for whom it is
intended. 
 9. Miscellaneous. 
 9.1 Employment by Subsidiary. For purposes of this Agreement, the Employee’s employment with the Company shall not be deemed to have terminated solely as a result of the Employee continuing to
be employed by a wholly-owned subsidiary of the Company. 
 9.2 Severability. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 9.3 Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the internal laws of the Commonwealth of Massachusetts, without regard to
conflicts of law principles. The Employee hereby irrevocably submits to and acknowledges and recognizes the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in Massachusetts (which
courts, for purposes of this Agreement, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with this Agreement or the subject matter hereof. 

9.4 Waiver of Right to Jury Trial. Both the Company and the Employee expressly waive any right that any party either has or may
have to a jury trial of any dispute arising out of or in any way related to the matters covered by this Agreement. 
 9.5
Waivers. No waiver by the Employee at any time of any breach of, or compliance with, any provision of this Agreement to be performed by the Company shall be deemed a waiver of that or any other provision at any subsequent time. 

9.6 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but both of
which together shall constitute one and the same instrument. 
 9.7 Entire Agreement. Except to the extent provided
herein, this Agreement, together with the Invention and Non-Disclosure Agreement dated August 25, 2011, sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto in respect of the subject matter contained herein. 

 9.8 Not an Employment Contract. The Employee acknowledges that this Agreement does
not constitute a contract of employment or impose on the Company any obligation to retain the Employee as an employee and that this Agreement does not prevent the Employee from terminating employment at any time. 

9.9 Amendments. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
Employee, and, notwithstanding the provisions of the Change in Control Plan, the language of such Change in Control Plan may not be amended as it applies to the Employee except to the extent subject to a written instrument executed by both parties.

 9.10 Employee’s Acknowledgements. The Employee acknowledges that he: (a) has read this Agreement;
(b) has been represented in the preparation, negotiation and execution of this Agreement by legal counsel of the Employee’s own choice or has voluntarily declined to seek such counsel; and (c) understands the terms and consequences of
this Agreement. 
 9.11 Representations Regarding Prior Work. You represent that you have no agreement or other legal
obligation with any prior employer or any other person or entity that restricts your ability to engage in employment discussion with, employment with or to perform function for, the Company. You represent that you have been advised by the Company
that at no time should you divulge to or use for the benefit of the Company, any trade secret or proprietary information of any previous employer. You acknowledge that you have not divulged or used any such information for the benefit of the
Company. You acknowledge that the Company is basing important business decision on these representations, affirm that all of the statements included herein are true and that any breach of this Section 9.11 would be considered an material breach
of this Agreement. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
set forth above. 
  

							
	AVEO Pharmaceuticals, Inc.	 	 	 	EMPLOYEE
				
	By:	 	 /s/ Tuan Ha-Ngoc
	 		 	 /s/ Mary Ellen Jones

				
	Title:	 	 President & CEO
	 		 	

 EXHIBIT A 

RELEASE 

Reference is hereby made to that certain Severance and Change in Control Agreement by and between AVEO Pharmaceuticals, Inc. (the
“Company”) and the undersigned dated [            ], (the “Agreement”). 
 In order to receive the benefits as set forth in the Agreement, I acknowledge that I must enter into this Release and have it become binding upon me. 

Except as otherwise set forth in this Release, I hereby release, acquit and forever discharge the Company, its parents and subsidiaries,
and their officers, directors, agents, servants, employees, shareholders, predecessor, successors, assigns and affiliates as well as its and their representatives, agents, insurers and reinsurers, and employee benefit programs (and the trustees,
administrators, fiduciaries and insurers of such programs), past, present and future (hereafter, the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money,
costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature which I ever had or now have
against the Released Parties, including, but not limited to, those claims arising out of my employment with and/or separation from the Company, including, but not limited to, all claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C.
§ 2000e et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq. (“ADEA”), the Americans With Disabilities Act of 1990, 42 U.S.C. § 12101 et seq., the Family and
Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq., Section 806 of the Corporate and Criminal Fraud
Accountability Act of 2002, 18 U.S.C. § 1514(A), the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, 15 U.S.C. § 1681 et
seq., the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., the Massachusetts Fair Employment Practices Act., M.G.L. c. 151B, § 1 et seq., the Massachusetts
Civil Rights Act, M.G.L. c. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, M.G.L. c. 93, § 102 and M.G.L. c. 214, § 1C, the Massachusetts Labor and Industries Act, M.G.L. c. 149, § 1 et seq., the
Massachusetts Privacy Act, M.G.L. c. 214, § 1B, and the Massachusetts Maternity Leave Act, M.G.L. c. 149, § 105D, all as amended; all common law claims including, but not limited to, actions in tort, defamation and breach of contract; all
claims to any non-vested ownership interest in the Company, contractual or otherwise, including, but not limited to, claims to stock or stock options; and any claim or damage arising out of my employment with or separation from the Company
(including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that nothing in this Agreement prevents me from filing, cooperating with, or
participating in any proceeding before the Equal Employment Opportunity Commission or a state Fair Employment Practices Agency (except that I acknowledge that I may not be able to recover any monetary benefits in connection with any such claim,
charge or proceeding); provided, further, that nothing in this paragraph shall be construed in any way to release the Company from its obligation to indemnify me from any third party action brought against me based on my employment with the Company,
pursuant to any applicable agreement or applicable law or to reduce or eliminate any coverage I may have under the Company’s director and officer liability policy, if any. 

 I understand and agree that, as a condition for payment to me of the sums set forth in the
Agreement, I shall not make any false, disparaging or derogatory statements to any media outlet, industry group, financial institution or current or former employee, consultant, client or customer of the Company regarding the Company or any of its
directors, officers, employees, agents or representatives or about the Company’s business affairs and financial condition; provided, however, that nothing herein shall prevent me from making truthful disclosures to any
governmental entity or in any litigation or arbitration. 
 In addition, I confirm that I have returned to the Company all keys,
files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, pagers, etc.), Company identification, Company vehicles and any other Company-owned
property in my possession or control and have left intact all electronic Company documents, including but not limited to, those that I developed or helped develop during my employment. I further confirm that I have cancelled all accounts for my
benefit, if any, in the Company’s name, including but not limited to, credit cards, telephone charge cards, cellular phone and/or pager accounts and computer accounts. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given under the Agreement for the waiver and
release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (A) my waiver and release do not apply
to any rights or claims that may arise on or after the date I execute this Release; (B) I should consult with an attorney prior to executing this Release; (C) I have been given more than twenty-one (21) days to consider this
Release (although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following my execution of this Release to revoke the Release by notifying the Company; and (E) this Release shall not be
effective until the date upon which the revocation period has expired, which shall be the eighth day after this Release is executed by me, provided I have not timely revoked. 

 

			
	Signature:	 	  

		
	Date:	 	  

 EXHIBIT B 

AVEO PHARMACEUTICALS, INC. 
 KEY EMPLOYEE CHANGE IN CONTROL SEVERANCE BENEFITS PLAN 
 SECTION 1. INTRODUCTION

 The Key Employee Change in Control Severance Benefits Plan (the “Plan”) is designed to provide separation pay and
benefits to certain eligible employees of AVEO Pharmaceuticals, Inc. (“the “Company”) whose employment is involuntarily terminated without cause or voluntarily terminated for good reason as set forth in this Plan. 

SECTION 2. DEFINITIONS 

For purposes of this Plan, the following terms shall have the meanings set forth below: 

(a) “BASE SALARY” means the annual base salary for an Eligible Employee as in effect on the Change in Control Date, or as
increased thereafter. 
 (b) “BOARD” means the Board of Directors of the Company. 

(c) “CAUSE” means conduct involving one or more of the following: (i) the conviction of the Eligible Employee of, or, plea
of guilty or nolo contendere to, any crime involving dishonesty or any felony; (ii) the willful misconduct by the Eligible Employee resulting in material harm to the Company; (iii) fraud, embezzlement, theft or dishonesty by the Eligible
Employee against the Company resulting in material harm to the Company; (iv) the repeated and continuing failure of the Eligible Employee to follow the proper and lawful directions of the Company’s Chief Executive Officer or the Board
after a written demand is delivered to the Eligible Employee that specifically identifies the manner in which the Chief Executive Officer or the Board believes that the Employee has failed to follow such instructions; (v) the Eligible
Employee’s current alcohol or prescription drug abuse affecting work performance, or current illegal use of drugs regardless of the effect on work performance; (vi) material violation of the Company’s code of conduct by the Eligible
Employee that causes harm to the Company; or (vii) the Eligible Employee’s material breach of any term of the Plan or any applicable written proprietary information, confidentiality, non-competition and/or non-solicitation agreements
with the Company. 
 (d) “CHANGE IN CONTROL” means the occurrence of any of the events set forth in subsections
(A) or (B) below, provided that such event(s) constitute (i) a change in the ownership of the Company (as defined in Treasury Regulation Section 1.409A-3(i)(5)(v)), (ii) a change in effective control of the Company (as
defined in Treasury Regulation Section 1.409A-3(i)(5)(vi)), or (iii) a change in the ownership of a substantial portion of the assets of the Company (as defined in Treasury Regulation Section 1.409A-3(i)(5)(vii)): 

(A) when a person, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, a amended) acquires beneficial ownership of the Company’s capital stock equal to 50% or more of either: (X) the then-outstanding shares of the Company’s common stock (the “Outstanding Company Common
Stock”) or (Y) the combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) provided, however, that for
purposes of this subsection (A), the following acquisitions of securities shall not constitute a Change in Control: (1) any acquisition of securities directly from the Company (excluding an acquisition of securities pursuant to the exercise,
conversion or exchange of any security exercisable for, convertible into or 

 
exchangeable for common stock or voting securities of the Company, unless the Person exercising, converting or exchanging such security acquired such security directly from the Company or an
underwriter or agent of the Company) or (2) any acquisition of securities by the Company; or 
 (B) upon the
consummation by the Company of a reorganization, merger, consolidation, statutory share exchange or a sale or other disposition of all or substantially all of the assets of the Company in one or a series of transactions (a “Business
Combination”), provided that, in each case, the persons who were the Company’s beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination do not
beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the
resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or
through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively; or

 (C) such time as the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if
applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (i) who was a member of the Board on the effective date of this Plan, or
(ii) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a
majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (ii) any individual whose initial assumption of office occurred
as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board. 

(e) “CHANGE IN CONTROL DATE” means the first date on which a Change in Control occurs. 

(f) “DISABILITY” means (i) the Eligible Employee is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) the Eligible Employee is, by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less
than three (3) months under an accident and health plan covering employees of the Company; provided that in each case, the Eligible Employee’s physical or mental impairment shall be determined by an independent qualified physician mutually
acceptable to the Company and the Eligible Employee (or his personal representative) or, if the Company and the Eligible Employee (or such representative) are unable to agree on an independent qualified physician, as determined by a panel of three
physicians, one designated by the Company, one designated by the Eligible Employee (or his personal representative) and one designated by the two physicians so designated. 
 (g) “INVOLUNTARY TERMINATION WITHOUT CAUSE” means an Eligible Employee’s dismissal or discharge by the Company (or, if applicable, by any successor entity) for a reason other than Cause.
The termination of employment will not be deemed to be an “Involuntary Termination Without Cause” if such termination occurs as a result of the Eligible Employee’s voluntary resignation without Good Reason, death or Disability.

 (i) “MANAGEMENT TEAM” shall include any executive officer, senior vice-president
and vice-president of the Company and other employees of the Company nominated by the Chief Executive Officer and ratified by the Compensation Committee. 
 (j) “QUALIFYING TERMINATION” means that an Eligible Employee’s employment terminates due to an Involuntary Termination Without Cause or a Voluntary Termination for Good Reason, in either
case, within eighteen (18) months following a Change in Control Date. 
 (k) “SECTION 16 OFFICER” means an
executive officer of the Company, other than the Chief Executive Officer, Chief Financial Officer, Chief Business Officer and Chief Medical Officer, who is considered to an “officer” of the Company within the meaning of Rule 16a-1(f) under
the Securities Exchange Act of 1934, as amended and “executive Officer” of the Company within the meaning of Rule 3b-7 under the Securities Exchange Act of 1934, as amended. 

(l) “VOLUNTARY TERMINATION FOR GOOD REASON” means any action by the Company without the Eligible Employee’s prior consent
which results in he or she voluntarily terminating his or her employment with the Company (or, if applicable, with any successor entity) after any of the following are undertaken by the Company (or, if applicable, by any successor entity) without
such Eligible Employee’s express consent, provided, however, that a termination for Good Reason can only occur if (i) the Eligible Employee has given the Company a written notice of termination indicating the existence of a condition
giving rise to Good Reason and the Company has not cured the condition giving rise to Good Reason within thirty (30) days after receipt of such notice of termination, and (ii) such notice of termination is given within ninety
(90) days after the initial occurrence of the condition giving rise to Good Reason and further provided that a termination for Good Reason shall occur no more than one hundred eighty (180) days after the initial occurrence of the condition
giving rise to Good Reason: (A) any requirement by the Company that the Eligible Employee perform his or her principal duties outside a radius of 50 miles from the Company’s Cambridge, Massachusetts location, (B) any material
diminution in the Eligible duties, responsibilities or authority; or (C) a material reduction in the Eligible Employee’s base salary (unless such reduction is effected in connection with a general and proportionate reduction of
compensation for all employees of his or her level). 
 SECTION 3. ELIGIBILITY AND PARTICIPATION 

An individual is deemed an “Eligible Employee” and, therefore, eligible to participate in the Plan if he or she is a member of
the Company’s Management Team at the time of such individual’s termination of employment with the Company, and such employment terminates due to an event which constitutes a Qualifying Termination. 

SECTION 4. BENEFITS 

Eligible Employees are eligible to receive the following benefits on the following conditions: 

(a) SALARY AND BONUS PAYOUT. Commencing in the first month following the month of a Qualifying Termination and the Release set forth
in Section (f) below becoming binding on the Eligible Employee, Eligible Employee will be paid in periodic installments consistent with the Company’s payroll procedures as then in effect and continuing for a number of months equal to the
product of the Eligible Employee’s “Severance Multiple” (as set forth below) times twelve (12), a total sum equal to: (i) Severance Multiple times the Eligible Employee’s Base Salary; (ii) the Eligible Employee’s
Severance Multiple times his/her target bonus on the date of the Qualifying Termination; and (iii) the Eligible Employee’s target bonus on the date of termination multiplied by a fraction, the numerator of which shall equal the
number of days the Eligible Employee was employed by the Company during the Company fiscal year in which the termination occurs and the denominator of which shall equal 365. 

 Severance Multiple shall be based on the following: 

 

					
	Chief Executive Officer	  	—  	  	1.5
			
	Chief Financial Officer, Chief Business Officer, Chief Medical Officer, Section 16 Officer, and any other Eligible Employee nominated by the CEO and ratified by the
Compensation Committee	  	—  	  	1.0
			
	Senior Vice Presidents, Vice Presidents and other Eligible Employees nominated by CEO and ratified by Compensation Committee, other than those considered Section 16
Officers	  	—  	  	0.5

 (b) HEALTH BENEFITS. Provided the Eligible Employee timely elects continued coverage under federal
COBRA law, the Company shall pay, on the Eligible Employee’s behalf, the portion of premiums for the type of group health insurance coverage, including coverage for his or her eligible dependents, that the Company paid prior to his or her
termination of employment for a period following his or her Qualifying Termination based on the Eligible Employee’s level as follows: 
  

					
	Chief Executive Officer	  	—  	  	18 months
			
	Chief Financial Officer, Chief Business Officer, Chief Medical Officer, Section 16 Officer, and any other Eligible Employee nominated by the CEO and ratified by the
Compensation Committee	  	—  	  	12 months
			
	Senior Vice Presidents, Vice Presidents and other Eligible Employees nominated by CEO and ratified by Compensation Committee, other than those considered Section 16
Officers	  	—  	  	6 months

 provided, however, that the Company will pay such premiums for the Eligible Employee and his/her eligible dependents only
for coverage for which such individual and those dependents were enrolled immediately prior to the Qualifying Termination. The Eligible Employee shall continue to be required to pay that portion of the premium of such group health insurance
coverage, including coverage for his/her eligible dependents that he/she had been required to pay as an active employee immediately prior to the Qualifying Termination of employment (subject to change). For the balance of the period that an Eligible
Employee is eligible to receive coverage under federal COBRA law, the Eligible Employee shall be eligible to maintain coverage for himself/herself and his/her eligible dependents at the Eligible Employee’s own expense in accordance with
applicable law. 
 (c) EQUITY ACCELERATION. In addition to any other rights that Eligible Employees may have with respect to the
acceleration of the vesting of any stock options or restricted stock awards (“Awards”) granted to such Eligible Employees pursuant to the Company’s 2002 Stock Incentive Plan, as amended (the “2002 Stock Incentive Plan”), or
any successor plan, including without limitation those certain change in control related acceleration rights (upon a termination without cause) approved by the Board on December 11, 2007, and notwithstanding any provision to the contrary
contained in the 2002 Stock Incentive Plan, the instrument evidencing any Award or any other agreement between an Eligible Employee and the Company, each such Award shall be immediately exercisable in full and/or free of all restrictions on
repurchase, as the case may be, if the Eligible Employee’s employment with the Company or the acquiring or succeeding corporation is terminated as a result of a Qualifying Termination. 

(d) EARNED BUT UNPAID BENEFITS. As of the Qualifying Termination date an Eligible Employee will also be eligible to receive any
earned but unpaid benefits including salary earned but unpaid, the annual bonus for the most recently completed financial year and payment for unused accrued vacation. 

 (e) RELEASE. To receive benefits under this Plan, an Eligible
Employee must execute after the Qualifying Termination a release of claims in favor of the Company within thirty (30) days following the Eligible Employee’s date of termination, in the form attached to this Plan as
Exhibit A and such release must become effective in accordance with its terms (the “Release”). Notwithstanding the foregoing, if the 30th day following the Eligible Employee’s date of termination occurs in the calendar year following the Eligible
Employee’s termination, then the payments and benefits will commence no earlier than January 1 of such subsequent calendar year. 
 (f) TERMINATION OF BENEFITS. Benefits under this Plan shall terminate immediately if an Eligible Employee, at any time, violates any proprietary information, confidentiality, non-competition or
non-solicitation obligation to the Company, or any other continuing obligation to the Company. 
 (g) NON-DUPLICATION OF
BENEFITS. Eligible Employees are not eligible to receive benefits under this Plan more than one time and are not eligible to receive benefits under any other Company change in control severance plan, arrangement or agreement. 

(h) TAX WITHHOLDING. Any payments that an Eligible Employee receives under this Plan shall be subject to all required tax
withholding. 
 (i) DISTRIBUTIONS. The following rules shall apply with respect to distribution of the payments and benefits, if
any, to be provided to the Eligible Employee under this Section 4: 
 (A) It is intended that each
installment of the payments and benefits provided under Section 4 shall be treated as a separate “payment” for purposes of Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and the guidance issued thereunder
(“Section 409A”). Neither the Company nor the Eligible Employee shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A;

 (B) If, as of the date of the “separation from service” of the Eligible Employee from the Company,
the Eligible Employee is not a “specified employee” (each within the meaning of Section 409A), then each installment of the payments and benefits shall be made on the dates and terms set forth in Section 4; and 

(C) If, as of the date of the “separation from service” of the Eligible Employee from the Company, the Eligible
Employee is a “specified employee” (each, for purposes of this Agreement, within the meaning of Section 409A), then: 
 (x) Each installment of the payments and benefits due under Section 4 that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from
service occurs, be paid within the Short-Term Deferral Period (as hereinafter defined) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under
Section 409A. For purposes of this Agreement, the “Short-Term Deferral Period” means the period ending on the later of the 15th day of the third month following the end of the Eligible Employee’s tax year in which the Eligible
Employee’s separation from service occurs and the 15th day of the third month following the end of the Company’s tax year in which the Eligible Employee’s separation from service occurs; and 

(y) Each installment of the payments and benefits due under Section 4 that is not paid within the Short-Term Deferral
Period and that would, absent this subsection, be paid within the six-month period following the “separation from service” of the Eligible Employee of the Company shall not be paid until the date that is six months and one day after such
separation from service (or, if earlier, the death of the Eligible Employee), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day
following the Eligible Employee’s separation 

 
from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall
not apply to any installment of payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of
Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service) or Treasury Regulation 1.409A-1(b)(9)(v) (relating to reimbursements and certain other separation payments). Such payments shall bear
interest at an annual rate equal to the prime rate as set forth in the Eastern edition of the Wall Street Journal on the Date of Termination, from the Date of Termination to the date of payment. Any installments that qualify for the exception under
Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the second taxable year of the Eligible Employee following the taxable year of the Eligible Employee in which the separation from service occurs.

 SECTION 5. OTHER TERMINATIONS 
 An otherwise Eligible Employee shall NOT be eligible to receive benefits under this Plan if (i) the Eligible Employee’s employment terminates due to death, Disability or any other reason other
than a Qualifying Termination; or (ii) an Eligible Employee’s employment is terminated within thirty (30) days of his or her refusal to accept an offer of comparable employment by any successor to the Company (provided that
“comparable employment” shall mean employment at a business office the location of which is not violative of Section 2(g)(i), with duties and responsibilities not violative of Section 2(g)(ii) and with a reduction in such
Eligible Employee’s base salary not violative of 2(g)(iii)). 
 SECTION 6. CLAIMS PROCEDURE 

Ordinarily, severance benefits will be paid to an Eligible Employee without to having to file a claim or take any action other than
signing the Release as provided in Section 4(f) of this Plan and, where applicable, not revoking the Release during the applicable revocation period. If an Eligible Employee believes that he or she is entitled to severance benefits under the
Plan that are not being paid, he or she may submit a written claim for payment to the Company. Any claim for benefits shall be in writing, addressed to the Company and must be sufficient to notify the Company of the benefit claimed. If such claim is
denied, the Company shall within a reasonable period of time provide a written notice of denial. The notice will include the specific reasons for denial, the provisions of the Plan on which the denial is based, and the procedure for a review of the
denied claim. Where appropriate, it will also include a description of any additional material or information necessary to complete or perfect the claim and an explanation of why that material or information is necessary. Eligible Employees may
request in writing a review of a claim denied by the Company and may review pertinent documents and submit issues and comments in writing to the Company. The Company shall provide a written decision upon such request for review of a denied claim.
The decision of the Company upon such review shall be final. 
 SECTION 7. MISCELLANEOUS 

The Company reserves the right to amend or terminate this Plan at any time; provided however, that this Plan may not be amended or
terminated following the Change in Control Date; and further provided that Section 4(c) of this Plan shall not be amended without the Eligible Employee’s consent unless the Board determines that the amendment, taking into account any other
related action, would not materially adversely affect the Eligible Employee. This Plan shall be binding upon any surviving entity resulting from a Change in Control and upon any other person who is a successor by merger, acquisition, consolidation
or otherwise to the business formerly carried on by the Company without regard to whether or not such person actively adopts or formally continues the Plan. The Plan shall be interpreted in accordance with the laws of the Commonwealth of
Massachusetts. The Eligible Employee hereby 

 
irrevocably submits to and acknowledges and recognizes the jurisdiction of the courts of the Commonwealth of Massachusetts, or if appropriate, a federal court located in Massachusetts
(which courts, for purposes of the Plan, are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection with the Plan or the subject matter hereof. 

 EXHIBIT A 

RELEASE 

Certain capitalized terms used in this Release are defined in the Key Employee Change in Control Severance Plan (the “Plan”)
which I have reviewed. 
 In order to receive the benefits as set forth in the Plan, I acknowledge that I must enter into this
Release and have it become binding upon me. 
 Except as otherwise set forth in this Release, I hereby release, acquit and
forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, predecessor, successors, assigns and affiliates as well as its and their representatives, agents, insurers and
reinsurers, and employee benefit programs (and the trustees, administrators, fiduciaries and insurers of such programs), past, present and future (hereafter, the “Released Parties”) from any and all claims, charges, complaints, demands,
actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities, and expenses (including attorneys’ fees
and costs), of every kind and nature which I ever had or now have against the Released Parties, including, but not limited to, those claims arising out of my employment with and/or separation from the Company, including, but not limited to, all
claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq. (“ADEA”), the Americans With Disabilities Act of 1990, 42
U.S.C. § 12101 et seq., the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U.S.C. § 2101 et seq.,
Section 806 of the Corporate and Criminal Fraud Accountability Act of 2002, 18 U.S.C. § 1514(A), the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Executive Order 11246, Executive Order 11141, the Fair Credit
Reporting Act, 15 U.S.C. § 1681 et seq., the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., the Massachusetts Fair Employment Practices Act., M.G.L. c. 151B,
§ 1 et seq., the Massachusetts Civil Rights Act, M.G.L. c. 12, §§ 11H and 11I, the Massachusetts Equal Rights Act, M.G.L. c. 93, § 102 and M.G.L. c. 214, § 1C, the Massachusetts Labor and Industries Act, M.G.L.
c. 149, § 1 et seq., the Massachusetts Privacy Act, M.G.L. c. 214, § 1B, and the Massachusetts Maternity Leave Act, M.G.L. c. 149, § 105D, all as amended; all common law claims including, but not limited to, actions in
tort, defamation and breach of contract; all claims to any non-vested ownership interest in the Company, contractual or otherwise, including, but not limited to, claims to stock or stock options; and any claim or damage arising out of my employment
with or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above; provided, however, that nothing in this Agreement prevents me
from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission or a state Fair Employment Practices Agency (except that I acknowledge that I may not be able to recover any monetary benefits in
connection with any such claim, charge or proceeding); provided, further, that nothing in this paragraph shall be construed in any way to release the Company from its obligation to indemnify me from any third party action brought against me based on
my employment with the Company, pursuant to any applicable agreement or applicable law or to reduce or eliminate any coverage I may have under the Company’s director and officer liability policy, if any. 

I understand and agree that, as a condition for payment to me of the Plan benefits, I shall not make any false, disparaging or derogatory
statements to any media outlet, industry group, financial institution or current or former employee, consultant, client or customer of the Company regarding the Company or any of its directors, officers, employees, agents or representatives or about
the Company’s business affairs and financial condition; provided, however, that nothing herein shall prevent me from making truthful disclosures to any governmental entity or in any litigation or arbitration. 

 I confirm that I have returned to the Company all keys, files, records (and copies thereof),
equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, pagers, etc.), Company identification, Company vehicles and any other Company-owned property in my possession or control
and have left intact all electronic Company documents, including but not limited to, those that I developed or helped develop during my employment. I further confirm that I have cancelled all accounts for my benefit, if any, in the Company’s
name, including but not limited to, credit cards, telephone charge cards, cellular phone and/or pager accounts and computer accounts. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given under the Plan for the waiver and release in
the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (A) my waiver and release do not apply to any
rights or claims that may arise on or after the date I execute this Release; (B) I should consult with an attorney prior to executing this Release; (C) I have been given more than twenty-one (21) days to consider this Release
(although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following my execution of this Release to revoke the Release by notifying the Company; and (E) this Release shall not be effective
until the date upon which the revocation period has expired, which shall be the eighth day after this Release is executed by me, provided I have not timely revoked. 
  

			
	Signature:	 	  

		
	Date:EX-10.1

 Exhibit 10.1 
 SECOND AMENDMENT TO  
 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

 THIS SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of
March 5, 2013 but effective on the Effective Date (as defined below), by and among Century Exploration New Orleans, LLC, a Delaware limited liability company, Century Exploration Houston, LLC, a Delaware limited liability company, and Century
Exploration Resources, LLC, a Delaware limited liability company (each herein called a “Borrower,” and collectively, the “Borrowers”), Union Bank, N.A., individually and as administrative agent
(“Administrative Agent”), and the Lenders party to the Original Agreement defined below (“Lenders”). 
 W I T N E S S E T H: 
 WHEREAS, Borrowers, Administrative Agent and Lenders
entered into that certain Fourth Amended and Restated Credit Agreement dated as of November 29, 2011 (as heretofore amended or modified, the “Original Agreement”), for the purpose and consideration therein expressed, whereby
Lenders became obligated to make loans to Borrowers as therein provided; and 
 WHEREAS, Borrowers, Administrative Agent and
Lenders desire to amend the Original Agreement as set forth herein; 
 NOW, THEREFORE, in consideration of the premises and the
mutual covenants and agreements contained herein and in the Original Agreement, in consideration of the loans which may hereafter be made by Lenders to Borrowers, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto do hereby agree as follows: 
 ARTICLE I. 

DEFINITIONS AND REFERENCES 
 Section 1.1. Terms Defined in the Original Agreement. Unless the context otherwise requires or unless otherwise expressly defined herein, the terms defined in the Original Agreement shall have
the same meanings whenever used in this Amendment. 
 Section 1.2. Other Defined Terms. Unless the context otherwise
requires, the following terms when used in this Amendment shall have the meanings assigned to them in this Section 1.2. 
 “Amendment” means this Second Amendment to Fourth Amended and Restated Credit Agreement. 
 “Amendment Documents” means (a) this Amendment and (b) the Consent and Agreement by Guarantor with respect to this Amendment. 

“Credit Agreement” means the Original Agreement as amended hereby. 

[SECOND AMENDMENT TO 
 FOURTH AMENDED AND RESTATED CREDIT AGREEMENT] 

 ARTICLE II.  
 AMENDMENT TO ORIGINAL AGREEMENT 
 Section 2.1. Indebtedness The
reference to “$200,000,000” in Section 7.1(f) of the Original Agreement is hereby replaced with “$250,000,000”. 
 ARTICLE III. 
 CONDITIONS OF EFFECTIVENESS 

Section 3.1. Effective Date. This Amendment shall be effective when and only when (the “Effective Date”):

 (a) Administrative Agent shall have received duly executed and delivered in form and substance satisfactory to
Administrative Agent, all of the following: 
 (i) this Amendment executed and delivered by each Borrower and
each Lender; 
 (ii) counterparts of each other Amendment Document originally executed and delivered by the
applicable Restricted Persons in form and substance acceptable to Administrative Agent and in such numbers as Administrative Agent or its counsel may reasonably request; 

(iii) a certificate of the Secretary of each Restricted Person certifying that none of the resolutions, incumbency
certificates and/or organizational documents of any Restricted Person as Administrative Agent has previously required have been amended, modified or terminated since they were delivered, and certifying resolutions authorizing this Amendment; and

 (iv) such documents and certifications as Administrative Agent may reasonably require to evidence that each
Restricted Person is duly organized or formed, and that each Restricted Person is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its
business requires such qualification. 
 (b) Administrative Agent shall have received all documents and
instruments which Administrative Agent has then reasonably requested, in addition to those described in this Section 3.1. All such additional documents and instruments shall be reasonably satisfactory to Administrative Agent in form, substance
and date. 
 (c) Borrowers shall have paid, in connection with the Loan Documents, all recording, handling, and
other fees and reimbursements required to be paid to Administrative Agent pursuant to any Loan Documents, including fees and disbursements of attorneys. 

  

					
		 		 	[SECOND AMENDMENT TO
		 	2	 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT]

 ARTICLE IV.  
 REPRESENTATIONS AND WARRANTIES 
 Section 4.1. Representations and
Warranties of Borrowers. In order to induce each Lender to enter into this Amendment, each Borrower jointly and severally represents and warrants to each Lender that: 

(a) The representations and warranties contained in Article V of the Original Agreement are true and correct at and as of
the time of the effectiveness hereof, except to the extent that such representation or warranty was made as of a specific date or updated, modified or supplemented as of a subsequent date with the consent of Majority Lenders and Administrative
Agent. 
 (b) Such Borrower is duly authorized to execute and deliver this Amendment and is and will continue to
be duly authorized to borrow monies and to perform its obligations under the Credit Agreement. Such Borrower has duly taken all corporate action necessary to authorize the execution and delivery of this Amendment and to authorize the performance of
the obligations of such Borrower hereunder. 
 (c) The execution and delivery by such Borrower of this Amendment,
the performance by such Borrower of its obligations hereunder and the consummation of the transactions contemplated hereby do not and will not (i) conflict with any provision of (1) any Law, (2) the organizational documents of such
Borrower, or (3) any material agreement, judgment, license, order or permit applicable to or binding upon such Borrower, or (ii) result in the creation of any Lien upon any assets or properties of such Borrower except as expressly
contemplated or permitted in the Loan Documents. Except as expressly contemplated in the Loan Documents, no consent, approval, authorization or order of any Tribunal or third party is required in connection with the execution and delivery by such
Borrower of this Amendment or to consummate the transactions contemplated hereby. 
 (d) When duly executed and
delivered, each of this Amendment and the Credit Agreement will be a legal and binding obligation of such Borrower, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or similar Laws of general application relating
to the enforcement of creditors’ rights and by equitable principles of general application. 
 ARTICLE V. 

 MISCELLANEOUS 
 Section 5.1. Ratification of Agreements. The Original Agreement as hereby amended is hereby ratified and confirmed in all respects. Any reference to the Credit Agreement in any Loan Document
shall be deemed to be a reference to the Original Agreement as hereby amended. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lenders
under the Credit Agreement, the Notes, or any other Loan Document nor constitute a waiver of any provision of 

  

					
		 		 	[SECOND AMENDMENT TO
		 	3	 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT]

 
the Credit Agreement, the Notes, or any other Loan Document. Without limitation of the foregoing, the consents, waivers and agreements set forth herein are limited precisely to the extent set
forth herein and shall not be deemed to (a) be a consent or agreement to, or waiver or modification of, any other term or condition of the Credit Agreement or any of the documents referred to therein, or (b) except as expressly set forth
herein, prejudice any right or rights that Administrative Agent or Lenders may now have or may have in the future under or in connection with the Credit Agreement or any of the documents referred to therein 

Section 5.2. Survival of Agreements. All representations, warranties, covenants and agreements of Borrowers herein shall
survive the execution and delivery of this Amendment and the performance hereof, including without limitation the making or granting of the Loans, and shall further survive until all of the Obligations are paid in full. All statements and agreements
contained in any certificate or instrument delivered by any Restricted Person hereunder or under the Credit Agreement to any Lender shall be deemed to constitute representations and warranties by, and/or agreements and covenants of, such Restricted
Person under this Amendment and under the Credit Agreement. 
 Section 5.3. Loan Documents. This Amendment is a Loan
Document, and all provisions in the Credit Agreement pertaining to Loan Documents apply hereto. 
 Section 5.4.
Interpretive Provisions. Section 1.3 of the Credit Agreement is incorporated herein by reference herein as if fully set forth. 
 Section 5.5. Governing Law. This Amendment shall be governed in accordance with the Governing Law provisions set forth in Section 10.7 of the Credit Agreement. 

Section 5.6. Counterparts; Fax. This Amendment may be separately executed in counterparts and by the different parties hereto
in separate counterparts, each of which when so executed shall be deemed to constitute one and the same Amendment. This Amendment may be validly executed by facsimile or other electronic transmission. 

THIS AMENDMENT, THE OTHER AMENDMENT DOCUMENTS AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY
NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. 
 [The remainder of this past is left blank intentionally.] 

  

					
		 		 	[SECOND AMENDMENT TO
		 	4	 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT]

 IN WITNESS WHEREOF, this Amendment is executed as of the date first above written. 

 

			
	CENTURY EXPLORATION NEW ORLEANS, LLC, as Borrower
		
	By:	 	 /s/ Jeffrey T. Craycraft

		 	Jeffrey T. Craycraft
		 	Treasurer
	
	CENTURY EXPLORATION HOUSTON, LLC, as Borrower
		
	By:	 	 /s/ Jeffrey T. Craycraft

		 	Jeffrey T. Craycraft
		 	Treasurer
	
	CENTURY EXPLORATION RESOURCES, LLC, as Borrower
		
	By:	 	 /s/ Jeffrey T. Craycraft

		 	Jeffrey T. Craycraft
		 	Treasurer

  

					
		 		 	[SECOND AMENDMENT TO
		 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT - SIGNATURE PAGE]

 
			
	UNION BANK, N.A.,
	as Administrative Agent and a Lender
		
	By:	 	 /s/ Damien G. Meiburger

		 	Damien G. Meiburger
		 	Senior Vice President

  

					
		 		 	[SECOND AMENDMENT TO
		 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT - SIGNATURE PAGE]

 
			
	CAPITAL ONE, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Robert James

	Name:	 	Robert James
	Title:	 	Vice President

  

					
		 		 	[SECOND AMENDMENT TO
		 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT - SIGNATURE PAGE]

 
			
	REGIONS BANK,
	as a Lender
		
	By:	 	 /s/ William A. Philipp

	Name:	 	William A. Philipp
	Title:	 	Senior Vice President

  

					
		 		 	[SECOND AMENDMENT TO
		 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT - SIGNATURE PAGE]

 
			
	WELLS FARGO BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Patrick J. Fults

	Name:	 	Patrick J. Fults
	Title:	 	Vice President

  

					
		 		 	[SECOND AMENDMENT TO
		 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT - SIGNATURE PAGE]

 
			
	NATIXIS,
	as a Lender
		
	By:	 	 /s/ Carlos Quinteros

	Name:	 	Carlos Quinteros
	Title:	 	Managing Director
		
	By:	 	 /s/ Timothy L. Polvado

	Name:	 	Timothy L. Polvado
	Title:	 	Sr. Managing Director

  

					
		 		 	[SECOND AMENDMENT TO
		 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT - SIGNATURE PAGE]

 [SECOND AMENDMENT] 

CONSENT AND AGREEMENT 
 The undersigned hereby (i) consents to the provisions of this Amendment and the transactions contemplated herein, (ii) ratifies and confirms the Third Amended and Restated Guaranty and the
Fourth Amended and Restated Security Agreement, each dated as of November 29, 2011 (collectively, the “RAAM Security Documents”) made by it for the benefit of Administrative Agent and Lenders, which RAAM Security Documents were
executed pursuant to the Credit Agreement and the other Loan Documents, (iii) agrees that all of its respective obligations and covenants under the RAAM Security Documents shall remain unimpaired by the execution and delivery of this Amendment
and the other documents and instruments executed in connection herewith, and (iv) agrees that the RAAM Security Documents and such other Loan Documents shall remain in full force and effect. 

 

			
	RAAM GLOBAL ENERGY COMPANY
		
	By:	 	 /s/ Jeffrey T. Craycraft

		 	Jeffrey T. Craycraft
		 	Treasurer

  

					
		 		 	[SECOND AMENDMENT TO
		 	FOURTH AMENDED AND RESTATED CREDIT 
AGREEMENT - CONSENT AND AGREEMENT]

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