Document:

EX-10.16

 Exhibit 10.16 

GENERATION BIO CO. 

CONSULTING AGREEMENT 

This Consulting Agreement (the “Agreement”), made this 5th day of January, 2019 is entered into by Generation Bio Co., a
Delaware corporation (the “Company”), and Tom Graney, an individual residing at (the “Consultant”). 

WHEREAS, the Company and the Consultant desire to establish the terms and conditions under which the Consultant will provide services to the
Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the parties agree as follows: 
 1.
Services. The Consultant agrees to perform such consulting, advisory and related services to and for the Company as may be reasonably requested from time to time by the Company, including, but not limited to, the services specified on
Schedule A to this Agreement. The Consultant also agrees to provide the Company with related services that may be requested from time to time by the Company. 

2. Term. This Agreement shall commence on the date hereof and shall continue until February 21, 2019, the date on which the
Company and the Consultant expect that the Consultant will commence employment with the Company (such period, as it may be extended or sooner terminated in accordance with the provisions of Section 4, being referred to as the
“Consultation Period”). If the Consultant commences employment with the Company following termination or expiration of this Agreement, any continuing obligations of the Consultant under Section 6.2(a)(ii) and Section 7
shall terminate and be covered by the Consultant’s employment arrangements with the Company. 
 3. Compensation. 

3.1 Consulting Fees. The Company shall pay to the Consultant a consulting fee of (i) $30,000.00 for services performed in January 2019,
and (ii) $20,000 for services performed in February 2019. The Consultant shall submit to the Company a semimonthly statement of the number of hours of consulting services that Consultant performed in such semimonthly period. In the event that this
Agreement terminates early pursuant to Section 4, payment for any partial period shall be prorated. The Company shall pay to the Consultant the amount shown on each such statement within thirty (30) days after receipt thereof. 

3.2 Expenses. The Company shall reimburse the Consultant for all reasonable and necessary documented out of pocket expenses incurred or
paid by the Consultant in connection with, or related to, the performance of Consultant’s services under this Agreement. The Consultant shall submit to the Company itemized monthly statements, in a form satisfactory to the Company, of such
expenses incurred in the previous month. The Company shall pay to the Consultant amounts shown on each such statement within thirty (30) days after receipt thereof. Notwithstanding the foregoing, the Consultant shall not incur total expenses in
excess of $500.00 per month without the prior written approval of the Company. 

 3.3 Benefits. The Consultant shall not be entitled to any benefits, coverages or
privileges, including, without limitation, health insurance, social security, unemployment, medical or pension payments, made available to employees of the Company. 

4. Termination. This Agreement may be terminated in the following manner: (a) by either the Company or the Consultant upon not
less than ten (10) days prior written notice to the other party; (b) by the non-breaching party, upon twenty-four (24) hours prior written notice to the breaching party if one party has
materially breached this Agreement; or (c) at any time upon the mutual written consent of the parties hereto. In the event of termination, the Consultant shall be entitled to payment for services performed and (subject to the limitation in
Section 3.2) for expenses paid or incurred prior to the effective date of termination that have not been previously paid. Such payment shall constitute full settlement of any and all claims of the Consultant of every description against the
Company. Notwithstanding the foregoing, the Company may terminate this Agreement effective immediately by giving written notice to the Consultant if the Consultant breaches or threatens to breach any provision of Sections 6, 7 or 10. 

5. Cooperation. The Consultant shall use Consultant’s best efforts in the performance of Consultant’s obligations under this
Agreement. The Company shall provide such access to its information and property as may be reasonably required in order to permit the Consultant to perform Consultant’s obligations hereunder. The Consultant shall cooperate with the
Company’s personnel, shall not interfere with the conduct of the Company’s business and shall observe all rules, regulations and security requirements of the Company concerning the safety of persons and property. 

6. Proprietary Information and Inventions. 

6.1 Proprietary Information. 

(a) The Consultant acknowledges that Consultant’s relationship with the Company is one of high trust and confidence and that in the
course of Consultant’s service to the Company, Consultant will have access to and contact with Proprietary Information. The Consultant will not disclose any Proprietary Information to any person or entity other than employees of the Company or
use the same for any purposes (other than in the performance of the services) without written approval by an officer of the Company, either during or after the Consultation Period, unless and until such Proprietary Information has become public
knowledge without fault by the Consultant. 
 (b) For purposes of this Agreement, Proprietary Information shall mean, by way of
illustration and not limitation, all information, whether or not in writing, whether or not patentable and whether or not copyrightable, of a private, secret or confidential nature, owned, possessed or used by the Company, concerning the
Company’s business, business relationships or financial affairs, including, without limitation, any Invention, formula, vendor information, customer information, apparatus, equipment, trade secret, process, research, report, technical or
research data, clinical data, know-how, computer program, software, software 

 
documentation, hardware design, technology, product, processes, methods, techniques, formulas, compounds, projects, developments, marketing or business plan, forecast, unpublished financial
statement, budget, license, price, cost, customer, supplier or personnel information or employee list that is communicated to, learned of, developed or otherwise acquired by the Consultant in the course of Consultant’s service as a consultant
to the Company. 
 (c) The Consultant’s obligations under this Section 6.1 shall not apply to any information that (i) is or
becomes known to the general public under circumstances involving no breach by the Consultant or others of the terms of this Section 6.1, (ii) is generally disclosed to third parties by the Company without restriction on such third
parties, or (iii) is approved for release by written authorization of an officer of the Company. 
 (d) The Consultant agrees that all
files, documents, letters, memoranda, reports, records, data sketches, drawings, models, laboratory notebooks, program listings, computer equipment or devices, computer programs or other written, photographic, or other tangible material containing
Proprietary Information, whether created by the Consultant or others, which shall come into Consultant’s custody or possession, shall be and are the exclusive property of the Company to be used by the Consultant only in the performance of
Consultant’s duties for the Company and shall not be copied or removed from the Company premises except in the pursuit of the business of the Company. All such materials or copies thereof and all tangible property of the Company in the custody
or possession of the Consultant shall be delivered to the Company, upon the earlier of (i) a request by the Company or (ii) the termination of this Agreement. After such delivery, the Consultant shall not retain any such materials or
copies thereof or any such tangible property. 
 (e) The Consultant agrees that Consultant’s obligation not to disclose or to use
information and materials of the types set forth in paragraphs (b) and (d) above, and Consultant’s obligation to return materials and tangible property set forth in paragraph (d) above extends to such types of information, materials
and tangible property of customers of the Company or suppliers to the Company or other third parties who may have disclosed or entrusted the same to the Company or to the Consultant. 

(f) The Consultant acknowledges that the Company from time to time may have agreements with other persons or with the United States
Government, or agencies thereof, that impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. The Consultant agrees to be bound by
all such obligations and restrictions that are known to Consultant and to take all action necessary to discharge the obligations of the Company under such agreements. 

6.2 Inventions. 
 (a)
All inventions, ideas, creations, discoveries, computer programs, works of authorship, data, developments, technology, designs, innovations and improvements (whether or not patentable and whether or not copyrightable) which are made, conceived,
reduced to practice, created, written, designed or developed by the Consultant, solely or jointly with others or under Consultant’s direction and whether during normal business hours or 

 
otherwise, (i) during the Consultation Period if related to the business of the Company or (ii) after the Consultation Period if resulting or directly derived from Proprietary
Information (as defined below) (collectively under clauses (i) and (ii), “Inventions”), shall be the sole property of the Company. The Consultant hereby assigns to the Company all Inventions and any and all related patents,
copyrights, trademarks, trade names, and other industrial and intellectual property rights and applications therefor, in the United States and elsewhere and appoints any officer of the Company as Consultant’s duly authorized attorney to
execute, file, prosecute and protect the same before any government agency, court or authority. However, this paragraph shall not apply to Inventions which do not relate to the business or research and development conducted or planned to be
conducted by the Company at the time such Invention is created, made, conceived or reduced to practice and which are made and conceived by the Consultant not during normal working hours, not on the Company’s premises and not using the
Company’s tools, devices, equipment or Proprietary Information. The Consultant further acknowledges that each original work of authorship which is made by the Consultant (solely or jointly with others) within the scope of the Agreement and
which is protectable by copyright is a “work made for hire,” as that term is defined in the United States Copyright Act. 
 (b)
The Consultant agrees that if, in the course of performing the Services, the Consultant incorporates into any Invention developed under this Agreement any preexisting invention, improvement, development, concept, discovery or other proprietary
information owned by the Consultant or in which the Consultant has an interest (“Prior Inventions”), (i) the Consultant will inform the Company, in writing before incorporating such Prior Inventions into any Invention, and
(ii) the Company is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, transferable worldwide license with the right to grant and authorize sublicenses, to make, have made, modify, use, import, offer for sale, sell, reproduce,
distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit such Prior Inventions, without restriction, including, without limitation, as part of or in connection with such Invention, and to practice any method
related thereto. The Consultant will not incorporate any invention, improvement, development, concept, discovery or other proprietary information owned by any third party into any Invention without the Company’s prior written permission. 

(c) Upon the request of the Company and at the Company’s expense, the Consultant shall execute such further assignments, documents and
other instruments as may be necessary or desirable to fully and completely assign all Inventions to the Company and to assist the Company in applying for, obtaining and enforcing patents or copyrights or other rights in the United States and in any
foreign country with respect to any Invention. The Consultant also hereby waives all claims to moral rights in any Inventions. 
 (d) The
Consultant shall promptly disclose to the Company all Inventions and will maintain adequate and current written records (in the form of notes, sketches, drawings and as may be specified by the Company) to document the conception and/or first actual
reduction to practice of any Invention. Such written records shall be available to and remain the sole property of the Company at all times. 

 7. Non-Solicitation. During the Consultation
Period and for a period of six (6) months thereafter, the Consultant shall not, either alone or in association with others, (i) solicit, or permit any organization directly or indirectly controlled by the Consultant to solicit, any
employee of the Company to leave the employ of the Company; (ii) solicit for employment, hire or engage as an independent contractor, or permit any organization directly or indirectly controlled by the Consultant to solicit for
employment, hire or engage as an independent contractor, any person who is employed or engaged by the Company; and/or (iii) solicit, divert or take away, the business or patronage of any of the clients, customers or accounts or prospective
clients, customers or accounts, of the Company that were contacted, solicited or served by the Consultant on behalf of the Company during the term of the Consultant’s engagement with the Company. 

8. Other Agreements; Warranty. 

8.1 The parties acknowledge that the Consultant is bound by the terms of one or more Third Party agreements regarding confidential or
proprietary information, competition with such Third Party and/or nonsolicitation from such Third Party. The Consultant represents that Consultant’s performance of all the terms of this Agreement and the performance of the services as a
consultant of the Company do not and will not breach any agreement with any third party to which the Consultant is a party (including, without limitation, any nondisclosure or non-competition agreement), and
that the Consultant will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any current or previous employer or others. 

8.2 The Consultant hereby represents, warrants and covenants that Consultant has the skills and experience necessary to perform the services,
that Consultant will perform said services in a professional, competent and timely manner, that Consultant has the power to enter into this Agreement and that Consultant’s performance hereunder will not infringe upon or violate the rights of
any third party or violate any federal, state or municipal laws. 
 9. Independent Contractor Status. 

9.1 The Consultant shall perform all services under this Agreement as an “independent contractor” and not as an employee or agent of
the Company. The Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner. 

9.2 The Consultant shall have the right to control and determine the time, place, methods, manner and means of performing the services. In
performing the services, the amount of time devoted by the Consultant on any given day will be entirely within the Consultant’s control, and the Company will rely on the Consultant to put in the amount of time necessary to fulfill the
requirements of this Agreement. The Consultant will provide all equipment and supplies required to perform the services. The Consultant is not required to attend regular meetings at the Company. However, upon reasonable notice, the Consultant shall
meet with representatives of the Company at a location to be designated by the parties to this Agreement. 

 9.3 In the performance of the services, the Consultant has the authority to control and
direct the performance of the details of the services, the Company being interested only in the results obtained. However, the services contemplated by the Agreement must meet the Company’s standards and approval and shall be subject to the
Company’s general right of inspection and supervision to secure their satisfactory completion. 
 9.4 The Consultant shall not use the
Company’s trade names, trademarks, service names or service marks without the prior approval of the Company. 
 9.5 The Consultant
shall be solely responsible for all state and federal income taxes, unemployment insurance and social security taxes in connection with this Agreement and for maintaining adequate workers’ compensation insurance coverage. 

10. Non-Exclusivity and Non-Competition. The Consultant
retains the right to contract with other companies or entities for Consultant’s consulting services without restriction; provided, that during the Consultation Period, the Consultant may not contract with any business or enterprise that
is competitive with the Company’s business, including, but not limited to, any business or enterprise that develops, manufactures, markets, or sells any product or service that competes with any product or service developed, manufactured,
marketed or sold, or planned to be developed, manufactured, marketed or sold, by the Company. The Company retains a right to contract with other companies and/or individuals for consulting services without restriction. 

11. Remedies. The Consultant acknowledges that any breach of the provisions of Sections 6, 7 or 10 of this Agreement shall result in
serious and irreparable injury to the Company for which the Company cannot be adequately compensated by monetary damages alone. The Consultant agrees, therefore, that, in addition to any other remedy the Company may have, the Company shall be
entitled to enforce the specific performance of this Agreement by the Consultant and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity of proving actual damages or posting a bond. 

12. Indemnification. Company shall indemnify, defend and hold harmless the Consultant from and against any claim or liability resulting
from the Consultant’s performance of the services on behalf of Company hereunder, except to the extent caused by the Consultant’s gross negligence or willful misconduct. Notwithstanding the foregoing, the Consultant shall be solely liable
for, and shall indemnify, defend and hold harmless the Company and its successors and assigns from and against any claim or liability of any kind (including penalties, fees or charges) resulting from the Consultant’s failure to pay the taxes,
penalties, and payments referenced in Section 9 of this Agreement. The Consultant shall further indemnify, defend and hold harmless the Company and its successors and assigns from and against any and all loss or damage resulting from any
misrepresentation, or any non-fulfillment of any representation, responsibility, covenant or agreement (including any agreements Consultant may have with Vertex Pharmaceuticals, Inc.) on Consultant’s
part, and the Consultant shall pay reasonable attorneys’ fees, costs and expenses incident thereto. 
 13. Notices. All notices
required or permitted under this Agreement shall be in writing and shall be deemed effective upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party at
the address shown above, or at such other address or addresses as either party shall designate to the other in accordance with this Section 13. 

 14. Pronouns. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa. 

15. Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and
understandings, whether written or oral, relating to the subject matter of this Agreement. 
 16. Amendment. This Agreement may be
amended or modified only by a written instrument executed by both the Company and the Consultant. 
 17.
Non-Assignability of Contract. This Agreement is personal to the Consultant and the Consultant shall not have the right to assign any of Consultant’s rights or delegate any of Consultant’s
duties without the express written consent of the Company. Any non-consented-to assignment or delegation, whether express or implied or by operation of law, shall be
void and shall constitute a breach and a default by the Consultant. 
 18. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the Commonwealth of Massachusetts without giving effect to any choice or conflict of law provision or rule that would cause the application of laws of any other jurisdiction. 

19. Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of, both parties and their respective
successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of the Consultant are personal and shall not be assigned
by Consultant. 
 20. Interpretation. If any restriction set forth in Section 6, Section 7 or Section 10 is
found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum
period of time, range of activities or geographic area as to which it may be enforceable. 
 21. Survival. Sections 4 through 22
shall survive the expiration or termination of this Agreement. 
 22. Miscellaneous. 

22.1 No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A
waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion. 

22.2 The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or
substance of any section of this Agreement. 

 22.3 In the event that any provision of this Agreement shall be invalid, illegal or
otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 

IN WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the date and year first above written. 

 

			
	COMPANY:
	
	GENERATION BIO CO.
		
	By:	 	/s/ Geoffrey McDonough
	Name:	 	Geoffrey McDonough
	Title:	 	Chief Executive Officer

  

	
	CONSULTANT:
	
	 /s/ Tom Graney

	 Name: Tom Graney

 SCHEDULE A 

DESCRIPTION OF SERVICES 
  

	 	•	 	 Provide strategic financial services 

 

	 	•	 	 Advise on the Company’s finances, including financial planning, management of financial risks,
record-keeping, and financial reporting 

  

	 	•	 	 Mentor and coach members of the finance team and other Company employees 

 

	 	•	 	 Give guidance and input to the capital structure and financing for the Company 

 

	 	•	 	 Participate in internal and external meetingsEX-10.17

 Exhibit 10.17 

January 9, 2020 
 Thomas
Graney 
 Dear Tom: 
 This letter agreement
(the “Agreement”) memorializes our recent discussions regarding the decision of Generation Bio (the “Company”)1 to end your employment, which coincided with your need for
short-term disability leave. As discussed, the Company has agreed to postpone the effective date of your separation until the conclusion of your short-term disability leave. This Agreement also sets forth our agreement concerning the severance
benefits to be made available to you at the time your employment at the Company ends and other terms and conditions to which we have agreed in connection with your leave and separation. This Agreement will become effective and enforceable on the
eighth day after you sign it without revocation (the “Effective Date”). 
 1. Leave of Absence and
Separation. You will begin a medical leave of absence as of January 13, 2020. The leave will be unpaid beginning on January 16, 2020, unless you are approved to receive short-term disability benefits through the
Company’s third-party insurer (“STD Benefits”), in which case you will receive payment of benefits directly from the insurer. The Company agrees to continue your leave for thirteen weeks, through April 10, 2020, unless you and
the Company agree in writing to a shorter period (in either case, the “Leave Period”). During the Leave Period (a) your stock options will continue to vest in accordance with the terms set forth in your written stock option agreement
and related stock plan, attached as Exhibit A (the “Stock Option Documents”), and (b) your health insurance coverage will continue in accordance with the terms of the Company’s health insurance plan. 

The last day of the Leave Period will also be your last day of employment (the “Separation Date”). Regardless of whether you sign
this Agreement, you will receive payment of all Accrued Obligations, as that term is defined in your December 14, 2018 offer letter (the “Offer Letter”), within the time required by law and described in the Offer Letter. Except as set
forth in this Agreement, your salary and benefits end as of the Separation Date, and any entitlement you had or might have had under any Company-provided benefit program will also end except as required by federal or state law or as otherwise
described in benefits documentation given to you separately. 
 2. Severance Benefits. You are eligible for the
following payments and other benefits in connection with the termination of your employment (the “Severance Benefits”). Your receipt of the Severance Benefits is contingent on your agreement to and compliance with the terms of this
Agreement, including your signing and returning this Agreement within 21 days (and not thereafter revoking it) and on your signing and returning the general release attached as Exhibit B (the “Second Release”) within 21 days
after the Separation Date (and not thereafter revoking it). 
  

	1 	 Except for the obligations set forth in Sections 1 and 2 hereof, which shall be the sole obligation of
Generation Bio, whenever the term “the Company” is used in this Agreement, it shall be deemed to include Generation Bio and any other related companies (including, without limitation, any divisions, affiliates, parents and subsidiaries of
Generation Bio), and its and their respective officers, directors, employees, agents, successors and assigns. 

 (a) Continued Salary Payments. Beginning on the second payday that follows the
effective date of the Second Release, and for a period of six (6) months thereafter, in accordance with its regular payroll schedule the Company will continue to pay your base salary as in effect on the Separation Date, less legally required or
agreed withholdings or deductions, until you have been paid a total of One Hundred Eighty-Seven Thousand Five Hundred Dollars ($193, 125.00). These payments will be directly deposited into your designated bank account. 

(b) Benefits Payments. Beginning on the first payday that follows the effective date of the Second Release, and provided you timely
elect COBRA continuation benefits, then for a period of six (6) months thereafter the Company will provide you with a monthly cash payment equal to the monthly employer contribution that the Company would have made to provide health and dental
insurance to you and your eligible dependents if you had remained employed by the Company. Such payments will be recorded as additional income to you pursuant to Section 6041 of the Internal Revenue Code of 1986, as amended and will not be
eligible for any tax qualified treatment, to the extent necessary to comply with or avoid the discriminatory treatment prohibited by the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act of 2010
or Sections 409A or 105(h) of the Internal Revenue Code of 1986, as amended. 
 (c) Vesting. Twenty-five percent (25%) of the
unvested portion of each stock option grant and any other equity grant from the Company to you will fully vest as of the effective date of the Second Release. 

(d) Extension of Option Exercise Window. The Company will request the Board of Directors approve an amendment to Section 3(c) of
your stock option agreement such that the period during which you may exercise your vested stock options following your Separation Date is extended from 90 days to the earlier of (i) 18 months after your Separation Date, or (ii) 30 days after the
close of an initial public offering by the Company. 
 You acknowledge and agree the Severance Benefits are being provided to you in
exchange for your release of claims and other promises in this Agreement, including the Second Release. You also agree the Severance Benefits to be provided to you are not intended to and do not constitute a severance plan and do not confer a
benefit on anyone other than the parties to this Agreement. You further acknowledge except for the Severance Benefits, and the amounts set forth in Section 1 (which have been paid to you as set forth above), you are not now
and shall not in the future be entitled to any other compensation from the Company including, without limitation, other wages, bonuses, earned paid time off, vacation pay, holiday pay, stock options, or any other form of compensation or benefit.

 3. Confidentiality and Other Obligations. By signing this Agreement, you expressly acknowledge and agree to the
following: 
 (a) All keys, documents, records, materials, software, equipment, and any and all other property or materials, whether or not
pertaining to confidential information, that have come into your possession or been produced by you in connection with your employment (“Property”) have been and remain the sole property of the Company. You represent you have returned all
Property, and any copies thereof, in your possession (including, without limitation, laptop, office badge, supplies, and other materials) to Sara Den Besten at the Company before the Leave Period began; 

(b) The Company’s confidential information and trade secrets – including without limitation processes, nonpublic patent
applications, formulas, know-how, data, improvements, inventions, techniques, marketing and sales plans, forecasts, non-public financial information (including non-public financial statements, sales information and budgets), licenses, prices, costs and employee, 

 
customer, patient, vendor and business partner information – belongs exclusively to the Company, and that the confidential information of the Company or of other organizations with which the
Company does business remains their exclusive property. You agree you will not use or disclose any such confidential information, whether for your benefit or for the benefit of another, and you will hold and treat such information as confidential
information; 
 (c) You will abide by the terms of the Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement attached as Exhibit C, (the “Non-Disclosure Agreement”), and you
will abide by any and all common law and/or statutory obligations relating to protection and non-disclosure of the Company’s trade secrets and/or confidential and proprietary documents and information.
For clarity, and in accordance with M.G.L. c. 149, § 24L(c)(iii), under the circumstances of your termination Section 7(a) of the Non-Disclosure Agreement will not be enforced; 

(d) Unless as required by law or valid subpoena, You will not make any statements that are professionally or personally disparaging about, or
adverse to, the interests of the Company (including its officers, directors, employees and consultants) including, but not limited to, any statements that disparage any person, product, service, finances, financial condition, capability or any other
aspect of the business of the Company, and that you will not engage in any conduct which could reasonably be expected to harm professionally or personally the reputation of the Company (including its officers, directors, employees and consultants);
and 
 (e) A breach of any part of this Section 3 shall constitute a material breach of this Agreement and, in
addition to any other legal or equitable remedy available to the Company, shall entitle the Company to recover any Severance Benefits. 

4. Unemployment Benefits. After the Separation Date, you may be eligible to apply for unemployment benefits, and
information about how to do so will be provided to you on or before the Separation Date. Decisions regarding eligibility for and amounts of unemployment benefits are made by the relevant state agency, not by the Company. Nothing in this Agreement
interferes with the Company’s obligation to respond truthfully to any government inquiry with respect to your application for unemployment benefits. 

5. Release of Claims. You hereby acknowledge and agree that by signing this Agreement and accepting the Severance
Benefits provided for herein, you are waiving your right to assert any form of legal claim against the Company and its current or former employees, officers and directors, of any kind whatsoever from the beginning of time through and including the
Effective Date. Your waiver and release is intended to bar any form of legal claim, charge, complaint or any other form of action (jointly referred to as “Claims”) against the Company seeking any form of relief including, without
limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress
damages, punitive damages, attorneys’ fees and any other costs) against the Company up through and including the Effective Date. You understand there could be unknown or unanticipated Claims resulting from your employment with the Company and
the termination thereof and agree such Claims are intended to be, and are, included in this waiver and release. 
 Without limiting the
foregoing general waiver and release, you specifically waive and release the Company from any Claims arising from or related to your employment relationship with the Company or the termination thereof, including without limitation: (i) Claims
under any state (including, without limitation, Massachusetts or any other state where you worked for the Company), federal or local discrimination or fair employment practices or other employment related statute, regulation or executive order
(including but not limited to Massachusetts General Laws Chapter 151B, Title VII of the Civil 

 
Rights Act of 1964, the Age Discrimination in Employment Act, and the Americans with Disabilities Act), as they may have been amended through the date on which you sign this Agreement;
(ii) Claims under any state, local or federal employment related statute, regulation or executive order (as they may have been amended through the date on which you sign this Agreement) relating to wages, hours, whistleblowing, leaves of
absences or any other terms and conditions of employment (including, but not limited to, the federal Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq., the Massachusetts Payment of Wages Act, M.G.L. c. 149, § 148
et seq., the Massachusetts Parental Leave Act, M.G.L. c. 149, § 105D, the Massachusetts Sick Leave Act, M.G.L. c. 149, § 148C, and the Massachusetts Domestic Violence Leave Act, M.G.L. c. 149, § 52E); (iii) Claims under any
state, local or federal common law theory; and (iv) any other Claim arising under any other state, federal or local law or constitution. 

You agree and acknowledge you are waiving and releasing any claims for unpaid wages of any type you may have against the Company under the
Massachusetts Payment of Wages Act, M.G.L. c. 149, § 148 et seq. 
 The foregoing general waiver and release does not cover
claims that cannot be waived as a matter of law. Notwithstanding the foregoing or any other provision of this Agreement: (i) you are not releasing the Company from any obligation expressly set forth in this Agreement; (ii) your
right to file a claim with the Equal Employment Opportunity Commission (“EEOC”), National Labor Relations Board, or similar state agencies is expressly preserved, provided, however, that if you file such a claim, you waive the right to
recover monetary damages and any other relief personal to you in connection with such claim; (iii) you retain the right to participate in any investigation by any government agency charged with enforcement of any law; and (iv) you retain
the right to engage in concerted activity protected by Section 7 of the National Labor Relations Act. Further, notwithstanding the general waiver and release, you are not releasing your rights and claims to vested benefits, including, but not
limited to, vested benefits under the Stock Option Documents, your rights and claims to indemnification and defense, if any. For the avoidance of doubt, your general waiver and release does not cover any rights and claims you may have against any of
the Company’s insurance carriers including, but not limited to, the insurance carriers for the Company’s short term and long term disability plans and policies. 

6. OWBPA. It is the Company’s desire and intent to make certain you fully understand the provisions and
effects of this Agreement. To that end, the Company hereby advises you in writing to consult with legal counsel for the purpose of reviewing the terms of this Agreement, and you are being given the opportunity to do so. Because you are over 40 years
of age, you are granted specific rights under the Older Workers Benefit Protection Act (OWBPA), which prohibits discrimination on the basis of age. Among other things, the release set forth in Section 5 is intended to
release any rights you may have against the Company alleging discrimination on the basis of age under the Age Discrimination in Employment Act (ADEA), the OWBPA, and state and local laws. You acknowledge and understand the release in
Section 5 does not cover rights or claims under the ADEA that may arise after the date you sign this Agreement. 

Consistent with the provisions of OWBPA, you will have at least 21 days from the original date of this letter to consider and accept the
provisions of this Agreement (the “Review Period”). You and the Company agree that any changes to this Agreement, whether material or immaterial, do not restart the running of the Review Period. Furthermore, you may rescind your assent to
this Agreement if, within seven days after the date you sign this Agreement, you deliver a written notice of rescission to the Company (“Rescission Period”). To be effective, such notice of rescission must be postmarked, and sent by
certified mail, return receipt requested, or delivered in-hand within the seven-day period to Sara Den Besten, Vice President, Head of Human Resources, Generation Bio,
301 Binney St., Suite 401, Cambridge, MA 02142. On the eighth day following your execution of this Agreement without your revocation, it will become final and binding on all parties. 

 Also, consistent with the provisions of the OWBPA and other federal discrimination laws,
nothing in the release in Section 5 shall be deemed to prohibit you from challenging the validity of this release under the federal age or other discrimination laws (the “Federal Discrimination Laws”) or from
filing a charge or complaint of age or other employment related discrimination with the EEOC, or from participating in any investigation or proceeding conducted by the EEOC. However, the release in Section 5 does prohibit
you from seeking or receiving monetary damages or other individual-specific relief in connection with any such charge or complaint of age or other employment-related discrimination. Further, nothing in this release or Agreement shall be deemed to
limit the Company’s right to seek immediate dismissal of such charge or complaint on the basis that your signing of this Agreement constitutes a full release of any individual rights under the Federal Discrimination Laws, or the Company’s
right to seek restitution or other legal remedies to the extent permitted by law of the economic benefits provided to you under this Agreement in the event that you successfully challenge the validity of this release and prevail in any claim under
the Federal Discrimination Laws. 
 7. Miscellaneous. 

(a) This Agreement supersedes any and all other prior oral and/or written agreements and sets forth the entire agreement between you and the
Company concerning the subject matter of this Agreement, except (i) the Non-Disclosure Agreement remains in full force and effect, except as described in Section 3(c) of this Agreement; and
(ii) the Stock Option Documents remain in full force and effect, except as superseded by the terms set forth in Sections 2(c) and 2(d) of this Agreement. No variations or modifications hereof shall be deemed valid unless reduced to writing and
signed by the parties hereto. 
 (b) You are hereby advised pursuant to the Defend Trade Secrets Act: An individual shall not be held
criminally or civilly liable under any Federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a Federal, state, or local government official or to an attorney solely for the purpose of reporting or
investigating a suspected violation of law. An individual shall not be held criminally or civilly liable under any Federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a
lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the
trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. 

(c) This Agreement shall be deemed to have been made in the Commonwealth of Massachusetts, shall take effect as an instrument under seal, and
the validity, interpretation and performance of this Agreement shall be governed by, and construed in accordance with, the internal law of the Commonwealth of Massachusetts, without giving effect to conflict of law principles. 

(d) You agree any action, demand, claim or counterclaim relating to the terms and provisions of this Agreement, or to its breach, shall be
commenced in Massachusetts in a court of competent jurisdiction, and you further acknowledge venue for such actions shall lie exclusively in Massachusetts and that material witnesses and documents would be located in Massachusetts. You also agree a
court in Massachusetts will have personal jurisdiction over you, and you waive any right to raise a defense of lack of personal jurisdiction by such a court. 

 (e) Both parties further agree any action, demand, claim or counterclaim shall be resolved
by a judge alone, and both parties hereby waive and forever renounce the right to a trial before a civil jury. 
 (f) The terms of this
Agreement are severable, and if for any reason any part hereof shall be found to be unenforceable, the remaining terms and conditions shall be enforced in full; except if your release of claims pursuant to Section 5
is determined to be unenforceable, in whole or in part, the Company will have the option, in its sole discretion, of declaring the entire Agreement null and void and requiring you to refund the Severance Benefits to the Company. 

(g) This Agreement shall inure to the benefit of and be binding on the Company, and any of its successors and assigns, and you specifically
acknowledge and agree the Company maintains the right to assign this Agreement to any of its successors and assigns, and you shall be fully bound by the terms of this Agreement upon such assignment. 

By executing this Agreement, you are acknowledging but for signing and not revoking this Agreement, you would not be receiving the Severance
Benefits; you have been afforded sufficient time to understand the provisions and effects of this Agreement; the Company has advised you to consult with an attorney before signing this Agreement and to the extent that you desired, you availed
yourself of this right; your agreements and obligations hereunder are made voluntarily, knowingly and without duress; and neither the Company nor its agents or representatives have made any representations inconsistent with the provisions of this
Agreement. 
 If you agree with the terms of this Agreement, please return a signed copy to my attention by the end of business on
January 30, 2020. 
  

			
	Yours very truly,
		
	By:	 	/s/ Geoff McDonough
		 	Geoff McDonough, MD
		 	President and Chief Executive Officer

  

					
	ACCEPTED AND AGREED TO:	  		  	
			
	 /s/ Thomas Graney
	  		  	 Dated: January 30, 2020

	Thomas Graney	  		  	

 EXHIBIT A 

Stock Option Documents 

 GENERATION BIO CO. 

STOCK OPTION AGREEMENT 

GRANTED UNDER 2017 STOCK INCENTIVE PLAN 

This Stock Option Agreement (this “Agreement”) is made between Generation Bio Co., a Delaware corporation (the
“Company”), and the Participant pursuant to the 2017 Stock Incentive Plan (the “Plan”). 

NOTICE OF GRANT 

I. Participant Information      
  

			
	Participant:	  	Tom Graney
	 	 
	Participant Address:	  	 

 II. Grant Information 
  

			
	Grant Date:	  	February 21, 2019
	 	 
	Number of Shares:	  	770,000
	 	 
	Exercise Price Per Share:	  	$2.60
	 	 
	Vesting Commencement Date:	  	January 5, 2019
	 	 
	Type of Option:	  	Incentive Stock Option / Nonstatutory Stock Option

 III. Vesting Table 
  

			
	Vesting Date	  	Shares that Vest(1)
	 	 
	First anniversary of the Vesting Commencement Date	  	1/4* of the original number of Shares
	 	 
	End of each successive quarter period following the first anniversary of the Vesting Commencement Date until
the fourth anniversary of the Vesting Commencement Date	  	1/16th of the original number of Shares

  

	(1)	 The number of shares is subject to adjustment for any changes in the Company’s capitalization as set forth
in Section 9 of the Plan. 

 IV. Final Exercise Date 

 

			
	5:00 pm Eastern time on Date:	  	
February 20, 2029

 This Agreement includes this Notice of Grant and the following Exhibits, which are expressly incorporated by reference in
their entirety herein: 
 Exhibit A—General Terms and Conditions 

Exhibit B—Notice of Stock Option Exercise 
 Exhibit
C—Generation Bio Co. 2017 Stock Incentive Plan 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement. 

 

					
	GENERATION BIO CO.	 		 	PARTICIPANT
			
	/s/ Geoffrey McDonough	 		 	/s/ Tom Graney
	Name: Geoffrey McDonough	 		 	Name: Tom Graney
	Title: President and Chief Executive Officer	 		 	

 EXHIBIT B 

Second Release 

 GENERAL RELEASE OF CLAIMS 

1. General Release and Waiver of Claims. In consideration of the Severance Benefits provided by Generation Bio (the “Company”) to Thomas
Graney, as described in the letter agreement dated January 9, 2020 to which this General Release and Waiver of Claims is attached as Exhibit B (the “Agreement”), Mr. Graney, for himself and for his heirs, executors,
administrators, estates, agents, servants, representatives, attorneys, insurers and assigns (referred to in this General Release of Claims as the “Releasor”), hereby to the extent permitted by law, voluntarily, irrevocably and
unconditionally releases and forever discharges the Company, its affiliated entities, its and their predecessor and successor organizations and assigns, and each of its and their present and former shareholders, directors, officers, employees,
agents, servants, representatives, attorneys and insurers (collectively, the “Releasees”), from all actions, causes of action, claims, complaints, suits, debts, sums of money, agreements, promises, torts, damages, accounts, covenants,
contracts, judgments, controversies, rights, and demands whatsoever, whether known or unknown, suspected or unsuspected, in law or in equity, whether statutory or common law, whether federal, state, local or otherwise, which the Releasor now has,
owns, or holds, or claims to have, own or hold, or which at any time heretofore, had owned or held, or claimed to have owned or held against each, or any or all of the Releasees, based upon, arising out of or in connection with any circumstances,
matter or state of fact from the beginning of the world to the date of this General Release of Claims, including but not limited to claims arising out of or in any way related to Releasor’s hiring or employment at the Company, or his
termination from that employment, or any related matters, including but not limited to claims arising under (i) Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act of 1990, the Age
Discrimination in Employment Act as amended by the Older Workers Benefit Protection Act, and the Rehabilitation Act of 1973, all as amended; (ii) all claims arising out of the Fair Labor Standards Act, the Fair Credit Reporting Act, the
Employee Retirement Income Security Act of 1974, the Massachusetts Fair Employment Practices Act, the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Act, the Massachusetts Labor and Industries Act, the Massachusetts Payment of Wages
Act, the Massachusetts Privacy Act, and the Massachusetts Parental Leave Act, all as amended; (iii) all common law tort or contract claims including, but not limited to, actions in tort, defamation, and breach of contract; and (iv) all
claims under any federal, state or local law, constitution, or regulation. 
 Releasor agrees and acknowledges that he is waiving and
releasing any claims for unpaid wages of any type that he may have against any of the Releasees under the Massachusetts Payment of Wages Act, M.G.L. c. 149, § 148 et seq. 

2. Preservation of Rights. The foregoing general waiver and release does not cover claims that cannot be waived as a matter of law.
Notwithstanding the foregoing or any other provision of this Release or the Agreement: (i) Releasor’s right to file a claim with the Equal Employment Opportunity Commission, National Labor Relations Board, or similar state
agencies is expressly preserved, provided, however, that if Releasor files such a claim, he expressly waives the right to recover and shall not accept monetary damages, costs, attorneys’ fees or any other relief personal to him in connection
with such claim; (ii) Releasor retains the right to participate in any investigation by any government agency charged with enforcement of any law; and (iii) Releasor retains the right to engage in concerted activity protected by
Section 7 of the National Labor Relations Act. Further, notwithstanding the foregoing general waiver and release, you are not releasing your rights and claims to vested benefits, including, but not limited to, vested benefits under the Stock
Option Documents (as defined in the January 9, 2020 letter agreement), your rights and claims to indemnification and defense, if any. For the avoidance of doubt, your general waiver and release does not cover any rights and claims you may have
against any of the Company’s insurance carriers including, but not limited to, the insurance carriers for the Company’s short term and long term disability plans and policies. 

 3. Representations of Releasor. Releasor represents that: 

 

	 	•	 	 he understands the various claims he could have asserted under the laws set forth above, including but not
limited to claims for unpaid wages under the Massachusetts Payment of Wages Act, M.G.L. c. 149, § 148 et seq. and the Age Discrimination in Employment Act; 

 

	 	•	 	 he has read this Release carefully and understands all its provisions; 

 

	 	•	 	 he understands that the Company advises him to consult with an attorney before signing this Release and to
the extent he desired, he availed himself of this right; 

  

	 	•	 	 the consideration received by Releasor is above and beyond the payments or benefits otherwise owed to him under
the terms of his employment with the Company or required by law; and 

  

	 	•	 	 he understands he has 21 days to consider, sign and return this Release. 

4. Right to Revoke. Releasor may revoke this Release if, within seven (7) days after he signs this Release, he delivers a notice of rescission to
the Company. To be effective, such notice of rescission must be postmarked, and sent by certified mail, return receipt requested, or delivered in-hand within the
seven-day period to Sara Den Besten, Vice President, Head of Human Resources, Generation Bio, 301 Binney St., Suite 401, Cambridge, MA 02142. Absent such revocation, this Release will become effective on the
eighth (8th) day after the date Releasor signs it. 
 5. Payment of Consideration. The Company
will pay Releasor the consideration for this Release as set forth in the Agreement. The first salary continuation payment and benefits payment, as described in Sections 2(a) and 2(b) of the Agreement, will be made on the first scheduled pay date
following the effective date of this Release. 
 PLEASE READ CAREFULLY BEFORE SIGNING. UNLESS EXCLUDED ABOVE, THIS GENERAL
RELEASE OF CLAIMS IS INTENDED RELEASE ANY AND ALL KNOWN AND UNKNOWN CLAIMS RELATED TO YOUR HIRING BY, EMPLOYMENT WITH, OR TERMINATION OF EMPLOYMENT WITH, GENERATION BIO EXISTING AS OF THE DATE OF THIS GENERAL RELEASE AND WAIVER OF ALL CLAIMS,
INCLUDING CLAIMS OF DISCRIMINATION ON THE BASIS OF AGE AND CLAIMS FOR UNPAID WAGES. 
 IN WITNESS WHEREOF, Releasor has knowingly and
voluntarily signed and sealed this Release on this 10th day of April, 2020. 
  

	
	/s/ Thomas Graney
	Thomas Graney

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