Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This FIRST AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (the “Agreement”), is entered into effective as of April 28, 2021 (the “Effective Date”), by and between Sensei Biotherapeutics, Inc. (the
“Company”) and Erin Colgan (the “Executive”). This Agreement amends, restates, and supersedes in its entirety the Offer Letter between the Company and Executive that was dated June 10, 2020
(the “Prior Agreement”). 
 The Company desires to continue to employ Executive, now in the capacity of full-time
Senior Vice President, Finance and Administration pursuant to the terms of this Agreement and, in connection therewith, to compensate Executive for Executive’s personal services to the Company; and 

Executive wishes to continue to be employed by the Company and provide personal services to the Company in return for certain compensation.

 Accordingly, in consideration of the mutual promises and covenants contained herein, the parties agree to the following: 

 

	 	1.	 EMPLOYMENT BY THE
COMPANY. 

1.1    At-Will Employment. Executive shall continue to be
employed by the Company on an “at-will” basis, meaning either the Company or Executive may terminate Executive’s employment at any time, with or without cause or advanced notice. Any contrary
representations that may have been made to Executive shall be superseded by this Agreement. This Agreement shall constitute the full and complete agreement between Executive and the Company on the
“at-will” nature of Executive’s employment with the Company, which may be changed only in an express written agreement signed by Executive and a duly authorized officer of the Company.
Executive’s rights to any compensation following a termination shall be only as set forth in Section 6. 

1.2    Position. Subject to the terms set forth herein, the Company agrees to continue to employ
Executive, now in the position of Senior Vice President, Finance and Administration, and Executive hereby accepts such continued employment. During the term of Executive’s employment with the Company, Executive will devote Executive’s best
efforts and substantially all of Executive’s business time and attention to the business of the Company. 

1.3    Duties. Executive will report to the President and Chief Executive Officer performing such
duties as are normally associated with Executive’s then-current position and such duties as are assigned to Executive from time to time, subject to the oversight and direction of the President and Chief Executive Officer. In general, and
without limitation, Executive will: oversee the company’s financial, business operations, and human resources functions and liaise with external investors and financial analysts. Executive shall perform Executive’s duties under this
Agreement principally out of the Company’s office in the Boston, Massachusetts area or such other location as assigned. In addition, Executive shall make such business trips to such places as may be necessary or advisable for the
efficient operations of the Company. 

 1.4    Company Policies and Benefits. The
employment relationship between the parties shall also continue to be subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion.
Executive will be eligible to participate on the same basis as similarly-situated employees in the Company’s benefit plans in effect from time to time during Executive’s employment. All matters of eligibility for coverage or benefits under
any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of
this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control. 
  

	 	2.	 COMPENSATION. 

2.1    Salary. Executive shall receive for Executive’s services to be rendered hereunder an
initial annualized base salary of $320,000, subject to review and adjustment from time to time by the Company in its sole discretion (“Base Salary”). The Base Salary is payable subject to standard federal and state
payroll withholding requirements in accordance with the Company’s standard payroll practices. 

2.2    Annual Bonus. Executive shall be eligible to receive an annual performance bonus of up to 35%
(the “Target Percentage”) of Executive’s then-current Base Salary (“Annual Bonus”). The Annual Bonus will be based upon the Company’s assessment of Executive’s performance, the
Company’s attainment of targeted goals as set by the Company’s Board of Directors (the “Board”) in its sole discretion, overall economic conditions and forecasts, and related financial factors, all as determined by
the Company in its sole discretion. The Annual Bonus, if any, will be subject to applicable payroll deductions and withholdings. Following the close of each calendar year, the Company will determine whether Executive has earned the Annual Bonus, and
the amount of any Annual Bonus (which can be less than the Target Percentage), based on the set criteria. No amount of the Annual Bonus is guaranteed, and Executive must be an employee in good standing on the Annual Bonus payment date to be eligible
to receive an Annual Bonus; no partial or prorated bonuses will be provided. Executive’s eligibility for an Annual Bonus is subject to change in the discretion of the Board (or any authorized committee thereof). 

2.3    Future Equity Awards. Executive remains eligible to be considered for future equity awards as
may be determined by the Board or a committee of the Board in its discretion in accordance with the terms of any applicable equity plan or arrangement that may be in effect from time to time. 

2.4    Expense Reimbursement. The Company will reimburse Executive for all reasonable, documented
business expenses incurred in connection with Executive’s services hereunder, in accordance with the Company’s business expense reimbursement policies and procedures as may be in effect from time to time. For the avoidance of doubt, to the
extent that any reimbursements payable to Executive are subject to the provisions of Section 409A (as defined below): (i) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense
was incurred, (ii) the amount of expenses reimbursed in 

  
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one year will not affect the amount eligible for reimbursement in any subsequent year, and (iii) the right to reimbursement under this Agreement will not be subject to liquidation or
exchange for another benefit. 
 3.    CONFIDENTIAL INFORMATION,
INVENTIONS, NON-SOLICITATION, AND NON-COMPETITION
OBLIGATIONS. As a condition of employment and in consideration of the benefits that Executive is eligible to receive under this Agreement, Executive agrees to sign and abide by the
Employee Confidential Information and Inventions Assignment Agreement (the “Confidential Information Agreement”) attached hereto as Exhibit A. The Confidential Information Agreement may be amended by the parties
from time to time without regard to this Agreement. The Confidential Information Agreement contains provisions that are intended by the parties to survive and do survive termination or expiration of this Agreement. 

4.    OUTSIDE ACTIVITIES.
Except with the prior written consent of the Board, Executive will not, while employed by the Company, undertake or engage in any other employment, occupation or business enterprise that would interfere with Executive’s responsibilities and the
performance of Executive’s duties hereunder except for (i) reasonable time devoted to volunteer services for or on behalf of such religious, educational, non-profit and/or other charitable
organization as Executive may wish to serve; (ii) reasonable time devoted to activities in the non-profit and business communities consistent with Executive’s duties; (iii) Executive’s
participation in professional and academic activities; and (iv) such other activities as may be specifically approved by the Board. This restriction shall not, however, preclude Executive from managing personal investments or owning less than
one percent (1%) of the total outstanding shares of a publicly-traded company. 
 5.    NO
CONFLICT WITH EXISTING OBLIGATIONS. Executive represents that Executive’s continued performance of all the terms of this Agreement
and as an employee of the Company do not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with prior employers or entities
for which Executive has provided services. Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith. 

6.    TERMINATION OF
EMPLOYMENT. The parties acknowledge that Executive’s employment relationship with the Company continues to be at-will. Either Executive
or the Company may terminate the employment relationship at any time, with or without Cause. The provisions in this Section govern the amount of compensation, if any, to be provided to Executive upon termination of employment and do not alter this at-will status. 
 6.1    Termination by the Company Without Cause or
Resignation by Executive for Good Reason (not in Connection with a Change in Control). 
 (a)    The
Company shall have the right to terminate Executive’s employment with the Company pursuant to this Section 6.1 at any time without “Cause” (as defined in Section 6.3(a) below) by giving notice as described in
Section 6.7 of this Agreement. A termination pursuant to Section 6.5 or 6.6 below is not a termination without “Cause” for purposes of receiving the Non-CIC Severance Benefits described in
(and as defined in) this Section 6.1 or the CIC Severance Benefits described in (and as defined in) Section 6.2. 

  
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 (b)    If the Company terminates Executive’s employment at
any time without Cause or Executive terminates Executive’s employment with the Company for “Good Reason” (as defined in Section 6.1(g) below), in either case, at any time except during the Change in Control Measurement Period
(both “Change in Control” and “Change in Control Measurement Period” as defined in Section 6.2 below), then Executive shall be entitled to receive the Accrued Obligations (defined in 6.1(d) below). If such termination
without Cause or for Good Reason not occurring during the Change in Control Measurement Period constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h),
without regard to any alternative definition thereunder, a “Separation from Service”), and Executive complies with the obligations in Section 6.1(c) below, Executive shall also be eligible to receive the following
“Non-CIC Severance Benefits:” 
 (i)    The Company
will pay Executive an amount equal to Executive’s then current Base Salary for six (6) months, less all applicable withholdings and deductions, paid in equal installments beginning on the Company’s first regularly scheduled payroll
date following the Release Effective Date (as defined in Section 6.1(c) below), with the remaining installments occurring on the Company’s regularly scheduled payroll dates thereafter; and 

(ii)    Provided Executive or Executive’s covered dependents, as the case may be, timely elects continued coverage
under COBRA, or state continuation coverage (as applicable), under the Company’s group health plans following such termination, the Company will pay the portion of the COBRA, or state continuation coverage, premiums which is equal to the cost
of the coverage that the Company was paying as of the date of termination, to continue Executive’s (and Executive’s covered dependents, as applicable) health insurance coverage in effect on the termination date until the earliest of:
(1) six (6) months following the termination date; (2) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (3) the date Executive
ceases to be eligible for COBRA or state law continuation coverage for any reason, including plan termination (such period from the termination date through the earlier of (1)-(3), (the “Non-CIC
COBRA Payment Period”)). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA, or state continuation coverage, premiums on Executive’s behalf would result in a violation of applicable law
(including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying such premiums pursuant to this Section, the Company shall pay Executive
on the last day of each remaining month of the Non-CIC COBRA Payment Period, a fully taxable cash payment equal to the COBRA or state continuation coverage premium for such month, subject to applicable tax withholding, for the remainder of the Non-CIC COBRA Payment Period. Nothing in this Agreement shall deprive Executive of Executive’s rights under COBRA or ERISA for benefits under plans and policies arising under Executive’s employment by the
Company. 

  
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 (c)    Executive will be paid all of the Accrued Obligations on
the Company’s first payroll date after Executive’s date of termination from employment or earlier if required by law. Executive shall receive the Non-CIC Severance Benefits pursuant to
Section 6.1(b) or the CIC Severance Benefits pursuant to Section 6.2(a) of this Agreement if: (i) by the sixtieth (60th) day following the date of Executive’s Separation from Service, Executive has signed and delivered to the
Company a separation agreement containing an effective, general release of claims in favor of the Company and its affiliates and representatives, in the form presented by the Company (the “Release”), which will include a non-competition clause, which cannot be revoked in whole or part by such date (the date that the Release can no longer be revoked is referred to as the “Release Effective Date”); and
(ii) if Executive holds any other positions with the Company or any Affiliate, including a position on the Board, Executive resigns such position(s) to be effective no later than the date of Executive’s termination date (or such other date
as requested by the Board); (iii) Executive returns all Company property; (iv) Executive complies with all post-termination obligations under this Agreement and the Confidential Information Agreement; and (v) Executive complies with
the terms of the Release, including without limitation any non-disparagement and confidentiality provisions contained in the Release. 

(d)    For purposes of this Agreement, “Accrued Obligations” are (i) Executive’s
accrued but unpaid salary and accrued but unused vacation days, each through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense reimbursement
policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan. 

(e)    The Non-CIC Severance Benefits provided to Executive pursuant to
this Section 6.1 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy, program, or prior agreement with the Company. For avoidance of doubt, Executive shall
not be eligible for both CIC Severance Benefits and Non-CIC Severance Benefits. 

(f)    Any damages caused by the termination of Executive’s employment without Cause not in connection with a
Change in Control would be difficult to ascertain; therefore, the Non-CIC Severance Benefits for which Executive is eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by
the parties as liquidated damages, to serve as full compensation, and not a penalty. 
 (g)    For purposes of
this Agreement, “Good Reason” shall mean the occurrence of any of the following events without Executive’s consent: (i) a material reduction in Executive’s Base Salary of at least 10%; (ii) a material reduction
in Executive’s duties, authority and responsibilities relative to Executive’s duties, authority, and responsibilities in effect immediately prior to such reduction; (iii) the relocation of Executive’s principal place of
employment, without Executive’s consent, in a manner that lengthens Executive’s one-way commute distance by fifty (50) or more miles from Executive’s then-current principal place of
employment immediately prior to such relocation; or (iv) any material breach of this Agreement 

  
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by the Company; provided, however, that, any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if: (1) Executive gives the Company written
notice of Executive’s intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that Executive believes constitute(s) Good Reason, which notice shall describe such condition(s);
(2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to receiving such notice from Executive, already
informed Executive that Executive’s employment with the Company is being terminated; and (4) Executive voluntarily terminates Executive’s employment within thirty (30) days following the end of the Cure Period. 

6.2    Termination by the Company without Cause or Resignation by Executive for Good Reason (in connection
with a Change in Control). 
 (a)    In the event that Executive’s employment is terminated without
Cause or Executive resigns for Good Reason within twelve (12) months following the effective date of a Change in Control (“Change in Control Measurement Period”) of the Company, then Executive shall be entitled to the
Accrued Obligations and, subject to Executive’s full compliance with Section 6.1(c) above, including but not limited to the Release requirement and Executive’s continued compliance with obligations to the Company under
Executive’s Confidential Information Agreement, then Executive will be eligible for the following “CIC Severance Benefits:” 

(i)    The Company will pay Executive an amount equal to Executive’s then current Base Salary for twelve
(12) months, less all applicable withholdings and deductions, paid in equal installments beginning on the Company’s first regularly scheduled payroll date following the Release Effective Date, with the remaining installments occurring on
the Company’s regularly scheduled payroll dates thereafter; 
 (ii)    Provided Executive or Executive’s
covered dependents, as the case may be, timely elects continued coverage under COBRA, or state continuation coverage (as applicable), under the Company’s group health plans following such termination, the Company will pay the portion of the
COBRA, or state continuation coverage, premiums which is equal to the cost of the coverage that the Company was paying as of the date of termination, to continue Executive’s (and Executive’s covered dependents, as applicable) health
insurance coverage in effect on the termination date until the earliest of: (1) twelve (12) months following the termination date; (2) the date when Executive becomes eligible for substantially equivalent health insurance coverage in
connection with new employment or self-employment; or (3) the date Executive ceases to be eligible for COBRA or state law continuation coverage for any reason, including plan termination (such period from the termination date through the
earlier of (1)-(3), (the “CIC COBRA Payment Period”)). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA, or state continuation coverage, premiums on Executive’s behalf would
result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying such premiums pursuant to this
Section, the Company shall pay Executive on the last day of each remaining month of the CIC COBRA Payment Period, a fully taxable cash payment equal to the COBRA or state continuation 

  
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coverage premium for such month, subject to applicable tax withholding, for the remainder of the CIC COBRA Payment Period. Nothing in this Agreement shall deprive Executive of Executive’s
rights under COBRA or ERISA for benefits under plans and policies arising under Executive’s employment by the Company; 

(iii)    The Company will make a lump sum cash payment to Executive in an amount equal to one (1) times the
Target Percentage for the year in which the termination occurs, subject to standard deductions and withholdings, which will be paid in a lump sum on the sixtieth (60th) day following Executive’s date of Separation from Service; and 

(iv)    Effective as of Executive’s termination date, the vesting and exercisability of all outstanding equity
awards held by Executive immediately prior to the termination date (if any) shall be accelerated in full. 

(b)    For purposes of this Agreement, a “Change in Control” shall have the meaning set
forth in the Company’s 2018 Stock Incentive Plan. 
 (c)    The CIC Severance Benefits provided to
Executive pursuant to this Section 6.2 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program. 

(d)    Any damages caused by the termination of Executive’s employment without Cause during the Change in
Control Measurement Period would be difficult to ascertain; therefore, the CIC Severance Benefits for which Executive is eligible pursuant to Section 6.2(a) above in exchange for the Release are agreed to by the parties as liquidated damages,
to serve as full compensation, and not a penalty. 
 6.3    Termination by the Company for Cause.

 Subject to Section 6.3(b) below, the Company shall have the right to terminate Executive’s employment with the Company at any
time for Cause by giving notice as described in Section 6.7 of this Agreement. 

(a)    “Cause” for termination shall mean that the Company has determined in its sole
discretion that Executive has engaged in any of the following: (i) a material breach of any covenant or condition under this Agreement or any other agreement between the parties; (ii) any act constituting dishonesty, fraud, immoral or
disreputable conduct; (iii) any conduct which constitutes a felony under applicable law; (iv) material violation of any Company policy or any act of misconduct; (v) refusal to follow or implement a clear and reasonable directive of
the Company; (vi) negligence or incompetence in the performance of Executive’s duties after the expiration of ten (10) days without cure after written notice of such failure; or (vii) breach of fiduciary duty. 

(b)    In the event Executive’s employment is terminated at any time for Cause, Executive will not receive
the Non-CIC Severance Benefits, the CIC Severance Benefits, or any other severance compensation or benefit, except that, consistent with the Company’s standard payroll policies, the Company shall provide
to Executive the Accrued Obligations. 

  
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 6.4    Resignation by Executive (other than for Good
Reason). 
 (a)    Executive may resign for any reason from Executive’s employment with the Company
at any time by giving notice as described in Section 6.7. 
 (b)    In the event Executive resigns from
Executive’s employment with the Company (other than for Good Reason), Executive will not receive the Non-CIC Severance Benefits, the CIC Severance Benefits, or any other severance compensation or benefit,
except that, consistent with the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 

6.5    Termination by Virtue of Death or Disability of Executive. 

(a)    In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the
parties hereunder shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, provide to Executive’s legal representatives Executive’s Accrued Obligations, but neither Executive nor
Executive’s legal representatives will be eligible for the Non-CIC Severance Benefits, the CIC Severance Benefits, or any other severance compensation or benefit. 

(b)    Subject to applicable state and federal law, the Company shall at all times have the right, upon written
notice to the Executive, to terminate this Agreement based on Executive’s Disability (as defined below). Termination by the Company of Executive’s employment based on “Disability” shall mean termination because
Executive is unable due to a physical or mental condition to perform the essential functions of Executive’s position with or without reasonable accommodation for six (6) months in the aggregate during any twelve (12) month period or
based on the written certification by two licensed physicians of the likely continuation of such condition for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical
Leave Act, and other applicable law. In the event Executive’s employment is terminated based on Executive’s Disability, Executive will not receive the Non-CIC Severance Benefits, the CIC Severance
Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 

6.6    Termination Due to Discontinuance of Business. Anything in this Agreement to the contrary
notwithstanding, in the event the Company’s business is discontinued because rendered impracticable by substantial financial losses, lack of funding, legal decisions, administrative rulings, declaration of war, dissolution, national or local
economic depression or crisis or any reasons beyond the control of the Company, then this Agreement shall terminate as of the day the Company determines to cease operation with the same force and effect as if such day of the month were originally
set as the termination date hereof. In the event this Agreement is terminated pursuant to this Section 6.6, Executive will not receive the Non-CIC Severance Benefits, the CIC Severance Benefits, or any
other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 

  
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 6.7    Notice; Effective Date of Termination. 

(a)    Termination of Executive’s employment (the “Separation Date”) pursuant to this
Agreement shall be effective on the earliest of: 
 (i)    immediately after the Company gives notice to Executive of
Executive’s termination, with or without Cause, unless pursuant to Section 6.3(b)(vi) in which case ten (10) days after notice if not cured, or unless the Company specifies a later date, in which case, termination shall be effective
as of such later date; 
 (ii)    immediately upon Executive’s death; 

(iii)    immediately after the Company gives written notice to Executive of Executive’s termination on account of
Executive’s Disability, unless the Company specifies a later Separation Date, in which case, termination shall be effective as of such later Separation Date, provided that Executive has not returned to the full-time performance of
Executive’s duties prior to such date; 
 (iv)    except as addressed by Section 6.7(a)(v), forty-five
(45) days (or such shorter period agreed to by the President and Chief Executive Officer and Executive in writing) after Executive gives written notice to the Company of Executive’s resignation for any reason, provided that the
Company may set a Separation Date at any time between the date of notice and the date of resignation, in which case Executive’s resignation shall be effective as of such other date. Executive will receive compensation through any required
notice period; or 
 (v)    for a termination for Good Reason, immediately upon Executive’s full satisfaction of
the requirements of
 Section 6.1(g). 
 (b)    In the event notice of a termination under subsection
(a)(i) is given orally, at the other party’s request, the party giving notice must provide written confirmation of such notice within five (5) business days of the request in compliance with the requirement of Section 7.1 below. In
the event of a termination for Cause, written confirmation shall specify the subsection(s) of the definition of Cause relied on to support the decision to terminate. 

6.8    Cooperation With Company After Termination of Employment. Following termination of
Executive’s employment for any reason, Executive shall reasonably cooperate with the Company in all matters relating to the winding up of Executive’s pending work including, but not limited to, any litigation in which the Company is
involved, and the orderly transfer of any such pending work to such other employees as may be designated by the Company. 

  
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 6.9    Effect of Termination. Executive agrees that
should Executive’s employment be terminated for any reason, Executive shall be deemed to have resigned from any and all positions with the Company and its subsidiaries. 

6.10    Application of Section 409A. 

(a)    It is intended that all of the compensation payable under this Agreement, to the greatest extent possible,
either complies with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively,
“Section 409A”) or satisfies one or more of the exemptions from the application of Section 409A, and this Agreement will be construed in a manner consistent with such intention,
incorporating by reference all required definitions and payment terms. 
 (b)    No severance payments will be
made under this Agreement unless Executive’s termination of employment constitutes a Separation from Service. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulations
Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement (whether severance payments or otherwise) shall be treated as a right to receive a series of
separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. 

(c)    To the extent that any severance payments are deferred compensation under Section 409A, and are not
otherwise exempt from the application of Section 409A, then, to the extent required to comply with Section 409A, if the period during which Executive may consider and sign the Release spans two calendar years, the severance payments will
not begin until the second calendar year. If the Company determines that the severance benefits provided under this Agreement constitutes “deferred compensation” under Section 409A and if Executive is a “specified employee”
of the Company, as such term is defined in Section 409A(a)(2)(B)(i) of the Code at the time of Executive’s Separation from Service, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under
Section 409A, the timing of the severance will be delayed as follows: on the earlier to occur of (a) the date that is six months and one day after Executive’s Separation from Service, and (b) the date of Executive’s death,
the Company will: (i) pay to Executive a lump sum amount equal to the sum of the severance benefits that Executive would otherwise have received if the commencement of the payment of the severance benefits had not been delayed pursuant to this
Section 6.10(c); and (ii) commence paying the balance of the severance benefits in accordance with the applicable payment schedule set forth in Sections 6.1 and 6.2. No interest shall be due on any amounts deferred pursuant to this
Section 6.10(c). 
 (d)    To the extent required to avoid accelerated taxation and/or tax penalties under
Section 409A, amounts reimbursable to Executive under this Agreement shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement
(and in-kind benefits provided to Executive) during any one year may not effect amounts reimbursable or provided in any subsequent year. 

  
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 (e)    Notwithstanding the foregoing, the Company makes no
representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred
by the Executive on account of non-compliance with Section 409A. 

6.11    Excise Tax Adjustment. 

(a)    If any payment or benefit Executive will or may receive from the Company or otherwise (a “280G
Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this Section, be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), then any such 280G Payment provided pursuant to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount” shall be either
(x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the
amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state, and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in
Executive’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is
required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the
greatest economic benefit for Executive. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). 

(b)    Notwithstanding any provision of this Section 6.11 to the contrary, if the Reduction Method or the Pro
Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction
Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic
benefit for Executive as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without Cause), shall be reduced (or
eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that
are not deferred compensation within the meaning of Section 409A. 
 (c)    Unless Executive and the
Company agree on an alternative accounting firm or law firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the Change in Control transaction shall perform the foregoing
calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity, or group effecting the Change in Control transaction, the Company shall appoint a nationally-recognized accounting or law
firm to make the determinations required by this Section 6.11. The Company shall bear all expenses 

  
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with respect to the determinations by such accounting or law firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting or law firm engaged
to make the determinations hereunder to provide its calculations, together with detailed supporting documentation, to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right to a 280G Payment
becomes reasonably likely to occur (if requested at that time by Executive or the Company) or such other time as requested by Executive or the Company. 

(d)    If Executive receives a Payment for which the Reduced Amount was determined pursuant to clause (x) of
Section 6.11(a) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Executive agrees to promptly return to the Company a sufficient amount of the Payment (after reduction
pursuant to clause (x) of Section 6.11(a)) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) of Section 6.11(a),
Executive shall have no obligation to return any portion of the Payment pursuant to the preceding sentence. 
  

	 	7.    	 GENERAL PROVISIONS. 

7.1    Notices. Any notices required hereunder to be in writing shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by electronic mail, telex or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the next business day, (c) five (5) days
after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally-recognized overnight courier, specifying next-day
delivery, with written verification of receipt. All communications shall be sent to the Company at its primary office location and to Executive at Executive’s address as listed on the Company payroll or Executive’s Company-provided email
address, or at such other address as the Company or Executive may designate by ten (10) days’ advance written notice to the other. 

7.2    Severability. Whenever possible, each provision of this Agreement will be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein.

 7.3    Waiver. If either party should waive any breach of any provisions of this Agreement,
Executive or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

7.4    Complete Agreement. This Agreement constitutes the entire agreement between Executive and the
Company with regard to the subject matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and
agreements, 

  
 12 

 
including the Prior Agreement. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended
except in writing signed by Executive and an authorized officer of the Company. The parties have entered into or are entering into a separate Confidential Information Agreement in connection herewith and have or may enter into separate agreements
related to equity awards. These separate agreements govern other aspects of the relationship between the parties, have or may have provisions that survive termination of Executive’s employment under this Agreement, may be amended or superseded
by the parties without regard to this Agreement and are enforceable according to their terms without regard to the enforcement provision of this Agreement. 

7.5    Counterparts. This Agreement may be executed in separate counterparts, any one of which need
not contain signatures of more than one party, but all of which taken together will constitute one and the same agreement. 

7.6    Headings. The headings of the sections hereof are inserted for convenience only and shall not
be deemed to constitute a part hereof nor to affect the meaning thereof. 
 7.7    Successors and
Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any Company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may
transfer all or substantially all of its assets, if in any such case said Company or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party
hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. Executive may not assign or transfer this Agreement or any rights or obligations hereunder, other than to Executive’s estate upon Executive’s
death. 
 7.8    Choice of Law. All questions concerning the construction, validity and
interpretation of this Agreement will be governed by the law of the Commonwealth of Massachusetts. 

7.9    Resolution of Disputes. To ensure the timely and economical resolution of disputes that may arise in
connection with Executive’s employment with the Company, Executive and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance, negotiation, execution, or
interpretation of this Agreement, Confidential Information Agreement, or Executive’s employment, or the termination of Executive’s employment, including but not limited to all statutory claims, will be resolved pursuant to the Federal
Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law, by final, binding and confidential arbitration by a single arbitrator conducted in Boston, Massachusetts by
Judicial Arbitration and Mediation Services Inc. (“JAMS”) under the then applicable JAMS rules (at the following web address: https://www.jamsadr.com/rules-employment-arbitration/); provided, however, this arbitration
provision shall not apply to sexual harassment claims to the extent prohibited by applicable law. A hard copy of the rules will be provided to Executive upon request. By agreeing to this 

  
 13 

 
arbitration procedure, both Executive and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. In addition, all
claims, disputes, or causes of action under this Section, whether by Executive or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative
proceeding, nor joined or consolidated with the claims of any other person or entity. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class
proceeding. To the extent that the preceding sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court
of law rather than by arbitration. The Company acknowledges that Executive will have the right to be represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to arbitration under this Agreement
shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the final disposition are also matters for the arbitrator. The arbitrator shall: (a) have the authority to compel adequate
discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the
award; and (c) be authorized to award any or all remedies that Executive or the Company would be entitled to seek in a court of law. Executive and the Company shall equally share all JAMS’ arbitration fees. Except as modified in
the Confidential Information Agreement, each party is responsible for its own attorneys’ fees. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in a court to prevent
irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction. To the extent applicable law
prohibits mandatory arbitration of sexual harassment claims, in the event Executive intends to bring multiple claims, including a sexual harassment claim, the sexual harassment claim may be publicly-filed with a court, while any other claims will
remain subject to mandatory arbitration. 
 [SIGNATURES TO FOLLOW ON
NEXT PAGE] 

  
 14 

 IN WITNESS WHEREOF, the
parties have executed this First Amended and Restated Employment Agreement on the day and year first written above. 
  

			
	SENSEI BIOTHERAPEUTICS, INC.
		
	By:	 	 /s/ John Celebi

		 	Name: John Celebi
		 	Title: President and CEO
	
	Executive:
	
	             /s/ Erin
Colgan

	Erin Colgan

  
 15Exhibit 10.1

    

     

    

    
      OLLIE’S BARGAIN OUTLET, INC.

        6295 Allentown Boulevard — Suite A

        Harrisburg, Pennsylvania 17112

      

      

      May 3, 2021

      

      

      Eric van der Valk

        STREET ADDRESS

      CITY, STATE ZIP

      

        

        Dear Eric:

       

      

      This letter (the “Agreement”) will set forth the terms
        of your employment with Ollie’s Bargain Outlet, Inc. (the “Company”), an indirect, wholly-owned subsidiary of Ollie’s Bargain Outlet Holdings, Inc. (“OBO Holdings”).

       

      

      WHEREAS, the Company desires to employ you and you desire to be employed by the Company on the terms and conditions set forth in the
        Agreement.

       

      

      NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants contained herein, the parties hereto agree as follows:

       

        

      1.        Effective Date; Term.  Your employment hereunder shall commence effective upon May 3, 2021 (the “Effective Date”) and continue until terminated in accordance with Section 7 hereof.  The period of your employment with the Company as set forth in this Section 1 is referred to herein as the “Term of Employment.”

       

        

      2.        Duties, etc.  During the Term of Employment you will be the Executive Vice President & Chief Operating Officer.  In this capacity, you will perform the duties
          typically assigned to such a position, and shall report to the President and Chief Executive Officer.  You will perform and discharge your duties and responsibilities faithfully, diligently and to the best of your ability.  You will devote
          substantially all of your working time and efforts to the business and affairs of the Company Group (as defined in Section 7b, below); provided, however, that the foregoing shall not restrict your engaging in civic, charitable and personal investment activities which do not materially affect your
          availability to any member of the Company Group during working time.

       

        

      
        1

        
          

      

      3.        Base Salary.  As compensation for all services provided by you during the Term of Employment, and subject to your performance in accordance with the terms of this
          Agreement, the Company shall pay you a base salary at a rate of $400,000 per annum (the per annum amount in effect from time to time being referred to herein as the “Base
              Salary”).  All payments under this Section 3 will be made in accordance with the regular payroll practices of the Company.  The amount of Base Salary shall be reevaluated annually by the Compensation Committee of the Board of
          Directors of OBO Holdings, or, if no such committee exists, the Board of Directors of OBO Holdings (the “Board”), with the input of the Chief Executive Officer
          of the Company; provided, that the Base Salary may not be reduced to an amount below $400,000.  Your Base Salary for 2021 will be pro-rated for the actual
          number of days you are employed in the calendar year 2021.

       

        

      4.        Performance Bonus.  In addition to your Base Salary, you will be eligible for an annual bonus (the “Bonus”) for each fiscal year during the Term of Employment.  As indicated in the following table, with respect to each fiscal year during the Term of Employment, if Company EBITDA for such fiscal year: (a) equals the
          Target EBITDA for such fiscal year, your Bonus for such fiscal year shall be equal to 50% of your Base Salary, (b) is equal to or less than the Minimum EBITDA Threshold for such fiscal year, your Bonus for such fiscal year shall be $0, (c) is
          equal to or greater than the Maximum EBITDA Threshold for such fiscal year, your Bonus for such fiscal year shall be 100% of your Base Salary, or (d) is greater than Target EBITDA but less than the Maximum EBITDA Threshold for such fiscal year,
          or is less than Target EBITDA but greater than the Minimum EBITDA Threshold for such fiscal year, your Bonus for such fiscal year shall be determined by interpolating on a straight line basis between the Bonus amounts set forth in the following
          table and the corresponding level of Company EBITDA.

          

        

      
        2

        
          

      

      
        	
                Company EBITDA for fiscal year:

              	
                Bonus Amount

              
	 	 
	
                Equal to or greater than Maximum EBITDA Threshold

              	
                100% of Base Salary

              
	 	 
	
                Equal to Target EBITDA

              	
                50% of Base Salary

              
	 	 
	
                Equal to or less than Minimum EBITDA Threshold

              	
                $0

              
	 	 

        

        You must be employed on the last day of any fiscal year and the day payments are made in order to be eligible for a Bonus for that fiscal year.  The Bonus for each fiscal year shall be paid to you at the same time that other senior
        executives of the Company receive bonus payments, but in no event later than April 15 of the fiscal year following the fiscal year to which the Bonus relates.

       

      

      For purposes of this Agreement:

       

      

      “Company EBITDA” shall mean, with respect to a fiscal
        year of OBO Holdings, the sum of (without duplication): (a) Consolidated Net Income for such fiscal year and (b) to the extent Consolidated Net Income has been reduced thereby, (i) all income taxes of the Company Group recorded as a tax provision
        in accordance with GAAP for such period (other than income taxes attributable to items (a), (b), and (f) included in the definition of Consolidated Net Income), (ii) Consolidated Interest Expense, and (iii) Consolidated Non-Cash Charges, all as
        determined on a consolidated basis for the Company Group in accordance with GAAP, and (iv) any non-cash equity compensation expense and store closing costs.  The components of Company EBITDA will be determined by the independent auditor of the
        Company Group in accordance with GAAP.

       

      

      
        3

        
          

      

      “Consolidated Interest Expense” shall mean, with
        respect to a fiscal year of OBO Holdings, the sum of (without duplication): (a) the aggregate of the interest expense of the Company Group for such fiscal year determined on a consolidated basis in accordance with GAAP and (b) the interest
        component of capitalized lease obligations accrued by the Company Group during such period as determined on a consolidated basis in accordance with GAAP, less (c) the amount of any interest income received by the Company Group during such fiscal
        period and (d) deferred financing costs and bank administration fees.

      

      

      “Consolidated Net Income” shall mean, with respect to
        a fiscal year of OBO Holdings, the aggregate net income (or loss) of the Company Group for such fiscal year on a consolidated basis, determined in accordance with GAAP, which shall reflect the full charge resulting from the payment by the Company
        Group of any base salary, bonus compensation (including without limitation the Bonus) or other payment to any person pursuant to any employment agreement with any member of the Company Group; provided, that there shall be excluded from the calculation thereof: (a) after-tax gains and losses from asset sales or abandonments or reserves relating thereto, (b) after-tax items classified as extraordinary
        gains or losses, (c) the net income (or loss) of any subsidiary of OBO Holdings to the extent that the declaration of dividends or similar distributions by that subsidiary is restricted by a contract, operation of law or otherwise, (d) the net
        income (or loss) of any other person or entity, other than a subsidiary of OBO Holdings, except to the extent of cash dividends or distributions paid to the Company Group by such other person or entity, (e) in the case of a successor to any member
        of the Company Group by consolidation or merger or as a transferee of the assets of such member of the Company Group, any net income (or loss) of the successor corporation prior to such consolidation, merger or consolidation of assets, and (f) the
        after-tax impact of nonrecurring items of income and expense that are included in the determination of net income related to: (i) executive officer severance payments, (ii) discontinued operations, (iii) insurance losses and recoveries, (iv)
        write-up/write-down of assets related to acquisitions, (v) cumulative effects of accounting changes and

        

      

      
        4

        
          

      

      (vi) securities registration expenses.

       

      

      “Consolidated Non-Cash Charges” shall mean, with
        respect to a fiscal year of OBO Holdings, the aggregate depreciation and amortization of the Company Group reducing Consolidated Net Income of the Company for such fiscal year.

       

      

      “GAAP” shall mean generally accepted accounting
        principles in the United States as in effect from time to time.

       

      

      “Maximum EBITDA Threshold”, “Minimum EBITDA Threshold” and “Target EBITDA” shall mean, for any fiscal year of OBO Holdings,
        such amounts as shall be determined by the Compensation Committee of the Board, or, if no such committee exists, the Board; provided, that the Maximum EBITDA
        Threshold shall in no event be more than 15% higher than the Target EBITDA and the Minimum EBITDA Threshold shall in no event be more than 15% lower than the Target EBITDA; provided,
        further, that after setting the Maximum EBITDA Threshold, Minimum EBITDA Threshold and Target EBITDA for any fiscal year, the Compensation Committee of the
        Board, or, if no such committee exists, the Board may subsequently adjust such amounts in the event of any acquisition, disposition or other material transaction or event with respect to the Company Group with a view to maintaining the incentive
        nature of the Bonus.

       

      

      
        5

        
          

      

      5.        Stock Options; Benefits.

       

        

      (a)        On or promptly
          following the Effective Date, you shall receive a Long Term Incentive Grant with a value of $600,000 which will be comprised of Restricted Stock Units (“RSUs”) and Non-Qualified Stock Options (“Options”).  The RSUs and Options shall be issued
          pursuant to and shall be subject to the terms and conditions of, the OBO Holdings, Inc. 2015 Equity Incentive Plan and OBO Holdings, Inc. 2015 Equity Incentive Plan Nonqualified Stock Option Award Agreement. The Option Award Agreement includes a
          separate Restrictive Covenant Agreement that is attached to and made a part of the Agreement.  Forms of both the Option Award Agreement and the Restricted Stock Unit Award Agreement are attached hereto as Exhibit A.

       

        

      (b)        You will be
          eligible to receive three weeks, or fifteen (15) days, of Paid Time Off (“PTO”) per year, pro-rated for partial years.  Beginning with the first day following
          your 5th annual anniversary of employment with the Company, you will be eligible to receive twenty (20) days of PTO per year.  In addition to any PTO to which you are entitled, you will, after six (6) months of continuous full-time
          employment, receive two (2) personal days to use as you see fit.  You will be eligible to receive two (2) personal days in each succeeding year where you are employed by the Company. You will not be entitled to any cash, severance payment or
          other compensation for PTO of personal days not taken, and unused PTO may be carried over up to a maximum of five (5) days to succeeding years.  You will be eligible to participate in,  all benefit and welfare plans made generally available to
          senior management executives of the Company (including health, dental, vision, short and long term disability, life and AD&D, and business travel accident insurance plans), as in effect from time to time, all subject to plan terms and
          generally applicable Company policies.  From the Effective Date through your Termination Date (as defined in Section 6), you will also be entitled to an annual automobile allowance in the amount of $12,000 (the “Auto Allowance”).  The Auto
          Allowance shall be pro-rated for the actual number of days you are employed in the calendar year 2021.  You will be entitled to receive prompt reimbursement for all reasonable expenses incurred by you in performing services hereunder, including
          all expenses of travel while on business or at the request of and in the service of the Company; provided, that such expenses are incurred and accounted for
          in accordance with the policies and procedures reasonably established by the Company.

       

        

      
        6

        
          

      

      6.        Ollie’s will
          provide you with a $25,000 lump sum check on the first regularly schedule paycheck following your first day of employment (“Commencement Benefit”).  Ollie’s will also provide you with a $100,000 lump sum relocation check, less applicable
          withholding, within fourteen (14) days of the closing on a residence in South Central Pennsylvania (“Relocation Allowance”).  You will be reimbursed up to $2,500 per month for temporary housing (“Temporary Housing Benefit”), provided that such
          Temporary Housing Benefit shall continue for a period of a maximum of 6 months from the date you first incur expenses for which you seek reimbursement.  Any of the foregoing reimbursable expenses shall be accounted for by you and be subject to
          the reasonable review and approval of the Company prior to payment or reimbursement as the case may be.  The Commencement Benefit, Relocation Allowance, and Temporary Housing Benefit shall be referred to collectively herein as the “Relocation
          Expenses.”  If your employment ends for any reason, the Relocation Expenses shall be repaid to the Company according to the following schedule: (a) 100% if employment is ended at or within 365 days, and (b) 50% is employment is ended between 365
          and 730 days.  For the avoidance of doubt, in the event of a termination that triggers the repayment obligations of this paragraph, the Relocation Allowance shall be repaid to the Company in cash (USD), and not by transfer of title or lien on any
          property.

       

        

      
        7

        
          

      

      7.        Termination of Employment; Severance Payments.  You or the Company may terminate your employment at any time and for any reason by giving written notice to the
          other in accordance with the terms of this Agreement; provided, that (i) the Company shall provide you with at least thirty (30) days’ prior written notice in
          the case of termination of your employment without Cause (as defined below), excluding a termination due to death or Disability (as defined below) and (ii) you shall provide the Company with at least thirty (30) days’ prior written notice in the
          case of your termination of employment without Good Reason (as defined below).  During the period following any notice of termination of employment through the Termination
            Date, the Company reserves the right to require you to not be in the Company’s offices and/or not to undertake all or any of your duties or responsibilities, in each case, without such action constituting Good Reason.  During any such period,
            you remain a service provider to the Company Group with all duties of fidelity and confidentiality to such persons and subject to all terms and conditions of your employment and should not be employed or engaged in any other business. 
          The parties’ rights and duties in the event of a termination of employment are as set forth below.

       

        

      
        8

        
          

      

      (a)        If (x) the
          Company terminates your employment without Cause (but excluding any termination due to your death or Disability), or (y) you terminate your employment for Good Reason, the Company will, in lieu of any other payments or benefits hereunder or
          otherwise, (i) continue to pay your Base Salary for a period of twelve (12) months after the Termination Date (the “Severance Period”), and (ii) continue to
          life  insurance benefits to the extent permitted under such plans until the earlier of (x) the end of the Severance Period and (y) the date you have commenced new employment; provided, that you make such affirmative and timely COBRA or other elections as are required for such benefits to continue; provided,
          further, that any such life insurance continuation shall be treated as taxable compensation to you to the extent necessary to avoid adverse tax consequences on
          the Company or you resulting from the provision of tax free benefits to you.  Any obligation of the Company to you under this paragraph is conditioned, however, upon your signing a release of claims in the form attached hereto as Exhibit B (as
          may be updated and revised by the Company from time to time to comply with applicable law or to otherwise achieve its intent, the “Release”) within twenty-one
          (21) days following the Termination Date and upon you not revoking the Release within seven (7) days thereafter, and is further conditioned upon your continuing compliance with the provisions of Sections 8 and 9.  The cash severance set forth in
          Section 6(a)(i) will be made in the form of salary continuation, and will begin at the Company’s next regular payroll period following the effective date of the Release (i.e., once it becomes irrevocable), but shall be retroactive to the
          Termination Date; provided, that if the date on which such
          salary continuation may commence can occur in your immediately subsequent taxable year assuming the Release becomes irrevocable on the twenty-eighth (28th) day following the Termination Date, then payment shall commence in the immediately
          subsequent taxable year and otherwise in accordance with the terms of this Section 6(a).  Notwithstanding anything to the contrary herein, in the event of a breach of Section 8 or Section 9, you shall have no right to receive (or continue to
          receive) any amounts under this paragraph, and the Company shall retain any and all rights to pursue other available remedies (whether at law or equity) for any such breach.

       

        

      
        9

        
          

      

      (b)        If (x) the
          Company terminates your employment for Cause, (y) you terminate your employment without Good Reason, or (z) your employment terminates by reason of your death or Disability, the Company will, in lieu of any other payments or benefits hereunder or
          otherwise (including without limitation any severance payments), pay you any Base Salary earned but not paid through the Termination Date.

      

      

      You hereby acknowledge and agree that, other than the payments described in this Section 7, upon the Termination Date you shall not be
        entitled to any other severance payments or benefits of any kind under any Company benefit plan or severance policy generally available to the Company’s employees or otherwise.  For purposes of this Agreement:

      

      

      “Cause” shall mean (i) a material breach by you of any agreement between you on the one hand
          and any one or more members of the Company Group on the other hand (including, without limitation, agreements which may have other parties) or any written lawful policy of  any member of the Company Group, including, without limitation,
        any breach by you of any restrictive covenants by which you are bound (including, without limitation, Sections 8 and 9 hereof), or the failure or refusal by you to substantially perform the duties required of you as an employee of the Company, (ii)
        misappropriation or theft of the funds or property of any member of the Company Group, (iii) your conviction of, or plea of guilty or nolo contendere to, any fraud, misappropriation, embezzlement or similar act, felony or crime involving dishonesty
        or moral turpitude, (iv) your commission of any act involving willful misconduct or gross negligence or your failure to act involving material nonfeasance, (v) your engaging in any act of dishonesty, violence or threat of violence (including any
        violation of federal securities laws) which is or could reasonably be expected to be injurious to the financial condition or business reputation of any member of the Company Group, (vi) a finding by the Board that you breached any of your fiduciary
        duties to any member of the Company group or any of their respective stockholders, or (vii) your habitual drunkenness or substance abuse which materially interferes with your
          ability to discharge your duties, responsibilities and obligations to any member of the Company Group.

       

      

      
        10

        
          

      

      “Company Group” shall mean OBO Holdings and its direct and indirect subsidiaries.

       

        

      “Disability” shall mean any illness, injury, accident
        or condition of either a physical or psychological nature which, despite reasonable accommodations, results in your being unable to perform substantially all of the duties of your employment with the Company Group for a period of ninety (90)
        consecutive days or one hundred eighty (180) total days during any period of three hundred sixty-five (365) consecutive days.

       

      

      “Good Reason” shall mean, without your consent, (i)
        the Company’s material violation of its obligations under this Agreement, (ii) a material reduction in your authority, compensation, perquisites, position or responsibilities, other than any reduction in compensation or perquisites which affects
        all of the Company’s senior executives on a substantially equal or proportionate basis, or (iii) a relocation of the Company’s primary business location by more than 25 miles.  In order to invoke a termination for “Good Reason,” you shall provide
        written notice to the Board of the existence of one or more of the conditions constituting “Good Reason” within thirty (30) days following the initial existence of such condition or conditions, specifying in reasonable detail the conditions
        constituting “Good Reason,” and the Company shall have thirty (30) days following receipt of such written notice (the “Cure Period”) during which it may cure the
        condition if such condition is subject to cure.  In the event that the Company fails to remedy the condition constituting “Good Reason” during the applicable Cure Period, your resignation for Good Reason must occur, if at all, within thirty (30)
        days following the expiration of the Cure Period.

       

      

      
        11

        
          

      

      “Termination Date” shall mean the date your employment
        with the Company terminates, regardless of the reason. Upon termination of your employment by either you or the Company as provided herein, all rights, duties and obligations of you and the Company to each other pursuant to this Agreement shall
        cease, except as otherwise expressly provided in this Agreement (including, without limitation, Sections 4, 6, 7, 8, 9, 10, 11, 13, 14, and 17 hereof).

       

      

      8.        Confidentiality; Proprietary Rights.  Without the written consent of the Board, you will not during or after the Term of Employment: (a) disclose to any person or
          entity (other than any disclosure during the Term of Employment to a person or entity to which such disclosure is in your reasonable judgment necessary or appropriate in connection with the performance of your duties as an executive officer of
          any member of the Company Group), any confidential, proprietary or trade secret information obtained by you while in the employ of any member of the Company Group, or (b) use any such information to the detriment of any member of the Company
          Group; provided, however, that the restrictions in clause (a) of this
          sentence shall not apply to information that is generally known to the public other than as a result of unauthorized disclosure by you.

       

      

      All inventions, developments, methods, processes and ideas conceived, developed or reduced to practice by you during your employment, and for
        six (6) months thereafter, which are directly or indirectly useful in, or relate to, the business of or products or services provided by or sold by any member of the Company Group shall be promptly and fully disclosed by you to an appropriate
        executive officer of the Company (accompanied by all papers, drawings, data and other materials relating thereto) and shall be the exclusive property of the Company (or another member of the Company Group specified by the Company).  You will, upon
        the Company’s request and at its expense (but without any additional compensation to you), execute all documents reasonably necessary to assign your right, title and interest in any such invention, development, method or idea (and to direct
        issuance to the Company (or another member of the Company Group specified by the Company) of all patents or copyrights with respect thereto).

       

      

      
        12

        
          

      

      9.        Restricted Activities.  You acknowledge that in your employment with the Company you will have access to confidential, proprietary and trade secret information
          which, if disclosed, would assist in competition against the Company Group and that you will also generate goodwill for the Company Group in the course of your employment.  Therefore, you agree that the following restrictions on your activities
          during and after your employment are necessary to protect the goodwill, confidential information and other legitimate interests of the Company Group:

       

        

      (a)        During the
          Non-Competition Period (as defined below), neither you nor any of your affiliates will compete, or undertake any planning to compete, in any way (whether directly or indirectly as an officer, director, employee, owner, investor, joint venturer,
          independent contractor or otherwise) with the Company Group.  Specifically, but without limiting the foregoing, you will not work or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or
          without compensation, to any person or entity who is engaged in any business that is competitive with the business of the Company Group, as conducted or in planning (i.e., the Company Group has taken material steps in implementing such plan)
          during your employment with the Company.  A competitive business shall, without express or implied limitation, include any person or entity in the business of the retail sale, direct marketing or wholesale of off-price and closeout merchandise in
          any state where the Company Group does business or in any state contiguous to a state in which the Company Group does business.  You understand and agree that ownership of less than 5% of the outstanding stock of any publicly-traded corporation
          will not in and of itself be deemed to result in any competition with the Company Group.  For purposes of this Agreement, “Non-Competition Period” shall mean
          the period during the Term of Employment and for one (1) year thereafter.

       

        

      
        13

        
          

      

      (b)        During the
          Non-Competition Period, neither you nor any of your affiliates will recruit, offer employment to, employ, engage as a consultant or independent contractor, lure or entice away any person or entity who (i) is on or at any time after the date
          hereof, an employee of any member of the Company Group or providing services to any member of the Company Group as a consultant or independent contractor, or otherwise persuade any such person or entity to reduce or otherwise change the extent of
          such person’s or entity’s relationship with any member of the Company Group or (ii) was an employee of any member of the Company Group or providing services to any member of the Company Group as a consultant or independent contractor, in each
          case, at any time within twelve (12) months following the date of cessation of employment or services of such person or entity with the Company Group, or otherwise persuade any such person or entity during such twelve (12) month period to reduce
          or otherwise change the extent of such person’s or entity’s relationship with any member of the Company Group.

       

        

      (c)        During the
          Non-Competition Period,  you shall not make any negative, disparaging, detrimental or derogatory remarks or statements (written, oral, telephonic, electronic, or by any other method) about the Company Group or any of its affiliates, owners,
          partners, managers, directors, officers, employees or agents, including, without limitation, any remarks or statements that would adversely affect in any manner (i) the conduct of the Company Group’s business taken as a whole or (ii) the business
          reputation or relationships of the Company Group and/or any of its past or present officers, directors, agents, employees, attorneys, successors and assigns.  Notwithstanding the foregoing, nothing in this Section 8(c) shall prevent you from
          making any truthful statement to the extent, but only to the extent required by law, legal process or by any court, arbitrator, mediator or
          administrative or legislative body (including any committee thereof) with apparent jurisdiction over you.

          

        

      
        14

        
          

      

      In signing this Agreement, you give the Company assurance that you have carefully read and considered all the terms and conditions of this
        Agreement, including the restraints imposed on you under Section 8 and this Section 9.  You agree that these restraints are necessary for the reasonable and proper protection of the Company Group and its affiliates, and are reasonable in respect to
        subject matter, length of time and geographic area.  You further agree that, were you to breach any of the covenants contained in Section 8 or this Section 9, the damage to the Company Group and its affiliates would be irreparable.  You therefore
        agree that the Company, in addition to any other remedies available to it (including without limitation the remedies as provided in Section 6), shall be entitled without posting bond to preliminary and permanent injunctive relief against any breach
        or threatened breach by you of any of those covenants.  You further agree that, in the event that any provision of Section 8 or this Section 9 is determined 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 your obligations under this Agreement, including without limitation pursuant to this Section 9.

       

      

      
        15

        
          

      

      10.      409A Compliance.

       

        

      (a)        The parties
          agree that this Agreement shall be interpreted to comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and
          the regulations and guidance promulgated thereunder to the extent applicable (collectively “Code Section 409A”), and all provisions of this Agreement shall be
          construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. In no event whatsoever will any member of the Company Group, or any of their respective affiliates or any directors, officers, agents,
          attorneys, employees, executives, shareholders, members, managers, trustees, fiduciaries, representatives, principals, accountants, insurers, successors or assigns of such member of the Company Group or such affiliate be liable for any additional
          tax, interest or penalties that may be imposed on you under Code Section 409A or any damages for failing to comply with Code Section 409A.

       

        

      (b)        A termination
          of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits considered “nonqualified deferred compensation” under Code Section 409A upon or following a
          termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or
          like terms shall mean “separation from service.” If you are deemed on the Termination Date to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any
          benefit that is considered nonqualified deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (i) the expiration of
          the six (6)-month period measured from the date of your “separation from service” and (ii) the date of your death (the “Delay Period”). Upon the expiration of
          the Delay Period, all payments and benefits delayed pursuant to this Section 9(b) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed on the first business
          day following the expiration of the Delay Period to you in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

       

        

      
        16

        
          

      

      (c)        With regard to
          any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for
          another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits, to be provided in any other taxable
          year; provided, that this clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code
          solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of your taxable year following the taxable year in which the expense occurred.

       

        

      (d)        For purposes
          of Code Section 409A, your right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period
          with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the Termination Date”), the actual date of payment within the specified period shall be within the sole discretion of the Company.

       

        

      
        17

        
          

      

      11.      Miscellaneous.  The headings in this Agreement are for convenience only and shall not affect the meaning hereof.  This Agreement constitutes the entire agreement
          between the Company and you, and supersedes any prior communications, agreements, term sheets and understandings, written or oral, with respect to your employment and compensation and all matters pertaining thereto.  If any provision in this
          Agreement should, for any reason, be held invalid or unenforceable in any respect, it shall be construed by limiting it so as to be enforceable to the maximum extent compatible with applicable law.  This Agreement shall be governed by and
          construed in accordance with the internal substantive laws of the Commonwealth of Pennsylvania without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any
          other jurisdiction.

       

        

      12.      Acceptance.  In accepting this offer, you represent that you have not relied on any agreement or representation, oral or written, express or implied, that is not
          set forth expressly in this Agreement.

       

        

      13.      Withholding.  The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant
          to any applicable law or regulation.

       

        

      14.      Notices.  Any, demand, consent or approval permitted or required to be given under this Agreement shall be deemed duly made or given if it is in written form and
          delivered personally, by facsimile (with receipt confirmed), by prepaid, commercially recognized overnight carrier (with receipt confirmed), or by certified or registered mail, return receipt requested.  Any party may change the address to which
          any notice, demand, consent or approval shall be sent by a notice in writing to the other party in accordance with the provisions hereof.

       

        

      
        18

        
          

      

      All notices shall be addressed as follow:

       

      

      If to you, to your last address on file in the records of the Company.

        

        If to the Company:

        

        Ollie’s Bargain Outlet, Inc.

        6295 Allentown Boulevard, Suite A

        Harrisburg, PA 17112

        Attention: General Counsel

        

        With a copy to:

        

        Weil, Gotshal & Manges LLP

        767 Fifth Avenue

        New York, NY 10163

        Facsimile: (212) 310-8007

        Attention: Faiza Rahman

      

      

      15.      Counterparts.          This Agreement may be executed in any number of
          counterparts, each of which so executed will be deemed to be an original and such counterparts will, when executed by the parties hereto, together constitute but one agreement.  Facsimile and electronic signatures shall be deemed to be the
          equivalent of manually signed originals.

       

        

      16.      Successors and Assigns.  The provisions of this Agreement
          shall be binding on and shall inure to the benefit of the Company and its assigns, including any successor in interest to the Company who acquires all or substantially all of the Company’s stock or assets.  Neither this Agreement nor any of your
          rights, duties or obligations shall be assignable by you.  All your rights under this Agreement shall inure to the benefit of and be enforceable by your personal or legal representatives, estates, executors, administrators, heirs and
          beneficiaries.

       

        

      
        19

        
          

      

      17.      No Waiver; Amendment.  No change or modification of this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto.  No
          waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party charged with waiver.  No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision,
          whether or not similar, nor shall any waiver constitute a continuing waiver, unless so provided in the waiver.

       

        

      [Signature Page to Follow]

       

      

      
        20

        
          

      

      Very truly yours,

      

      

      	 	
              OLLIE’S BARGAIN OUTLET, INC.

            

      

      

      	 	
              By: 

            	/s/ John Swygert

      

      

      	 	
              Name: 

            	John Swygert

      

      

      	 	
              Title: 

            	President & CEO

      

      

      Accepted and Agreed To:

      

      

      	
              /s/ Eric van der Valk

            	 
	
              Name: Eric van der Valk

            	 

      

      

      [Signature Page to van der Valk Employment Letter Agreement, dated May 3, 2021]

       

      

      
        21

        
          

      

      
      Exhibit A

       

        

      Form of OBO Holdings, Inc. 2015 Equity Incentive Plan and OBO Holdings Nonqualified Stock Option Award Agreement

       

        

      
        1

        
          

      

      
      Exhibit B

      Form of

       

      

      Release of Claims

       

        

      FOR AND IN CONSIDERATION OF the amounts to be provided to me in connection with the termination of my employment, as set forth in the
        agreement between me and Ollie’s Bargain Outlet, Inc. (the “Company”) dated as of May 3, 2021 (“Letter Agreement”), which are conditioned upon my signing this Release of Claims and to which I am not otherwise entitled, and for other good and
        valuable consideration, I, on my own behalf and on behalf of my heirs, executors, beneficiaries and personal representatives, and all others connected with me, hereby release and forever discharge the Company, its parents, subsidiaries and other
        affiliates and all of their respective past and present officers, directors, shareholders, employees, agents, general and limited partners, members, managers, joint venturers, representatives, successors and assigns, and all others connected with
        any of them, both individually and in their official capacities, from any and all causes of action, rights and claims, of any nature or type, known or unknown, which I have had in the past, now have, or might now have, through the date of my
        signing of this Release of Claims, including, but not limited to, any such causes of action, rights or claims in any way resulting from, arising out of or connected with my employment by, investment in, or other relationship with the Company or any
        of its affiliates or the termination of that employment, investment and/or relationship or pursuant to any federal, state or local law, regulation or other requirement (including without limitation Title VII of the Civil Rights Act of 1964, the Age
        Discrimination in Employment Act, the Americans with Disabilities Act, and the fair employment practices laws of the state or states in which I have provided services to the Company or its affiliates, each as amended from time to time).

       

      

      
        1

        
          

      

      In signing this Release of Claims, I acknowledge that I have had a reasonable amount of time to consider the terms of this Release of Claims
        and that I am signing this Release of Claims voluntarily and with a full understanding of its terms.

       

      

      In signing this Release of Claims, I acknowledge my understanding that I may not sign it prior to the termination of my employment, but that
        I may consider the terms of this Release of Claims for up to twenty-one (21) days following the Termination Date (as defined in the Agreement).  I also acknowledge that I am advised by the Company and its subsidiaries and other affiliates to seek
        the advice of an attorney prior to signing this Release of Claims; that I have had sufficient time to consider this Release of Claims and to consult with an attorney, if I wished to do so, or to consult with any other person of my choosing before
        signing; and that I am signing this Release of Claims voluntarily and with a full understanding of its terms.

       

      

      I further acknowledge that, in signing this Release of Claims, I have not relied on any promises or representations, express or implied, that
        are not set forth expressly in the Letter Agreement.  I understand that I may revoke this Release of Claims at any time within seven (7) days of the date of my signing by written notice to the Company in accordance with Section 13 of the Letter
        Agreement and that this Release of Claims will take effect only upon the expiration of such seven-day revocation period and only if I have not timely revoked it.

        

       

      

      Intending to be legally bound, I have signed this Release of Claims under seal as of the date written below.

       

      

      	
              Signature:

            	 	 

      

      

      	
              Name (please print):

            	 	 

      

      

      	
              Date Signed:

            	 	 

      

      

      

      

      
        2

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