Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

AVIDITY BIOSCIENCES, INC. 

2013 EQUITY INCENTIVE PLAN 

ADOPTED: JANUARY 28, 2013 

APPROVED BY MEMBERS: JANUARY 28, 2013 

AMENDED BY MEMBERS AND MANAGERS: DECEMBER 19, 2016

 AMENDED BY THE BOARD OF DIRECTORS:
NOVEMBER 7, 2019 
 AMENDED BY THE STOCKHOLDERS:
NOVEMBER 7, 2019 
 TERMINATION DATE: JANUARY 27, 2023 

1.    GENERAL. 

(a)    Eligible Award Recipients. Employees, Directors, eligible Consultants and Other
Service Providers of the Company and its Affiliates are eligible to receive Awards. 

(b)    Available Awards. The Plan provides for the grant of Options and Restricted Share
Awards. 
 (c)    Purpose. The Plan, through the granting of Awards, is intended to help
the Company secure and retain the services of eligible Award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible recipients may benefit
from increases in the value of the Shares. 
 2.    ADMINISTRATION. 

(a)    Administration by Board. The Board will administer the Plan. The Board may delegate
administration of the Plan to a Committee or Committees, as provided in Section 2(c). 

(b)    Powers of Board. The Board will have the power, subject to, and within the limitations
of, the express provisions of the Plan: 
 (i)    To determine (A) who will be granted
Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise; (E) the number of
Shares subject to an Award; and (F) the Fair Market Value applicable to an Award. 

 (ii)    To construe and interpret the Plan and
Awards granted under it, and to establish, amend and revoke rules and regulations for administration of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Award
Agreement, in a manner and to the extent it deems necessary or expedient to make the Plan or Award fully effective. 

(iii)    To settle all controversies regarding the Plan and Awards granted under it. 

(iv)    To accelerate, in whole or in part, the time at which an Award may be exercised or vest.

 (v)    To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan
or an Award Agreement, suspension or termination of the Plan will not impair a Participant’s rights under his or her then-outstanding Award without his or her written consent except as provided in subsection (viii) below. 

(vi)    To amend the Plan in any respect the Board deems necessary or advisable, including, without
limitation, by adopting amendments relating to certain nonqualified deferred compensation under Section 409A of the Code and/or to make the Plan or Awards granted under the Plan exempt from or compliant with the requirements for nonqualified
deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. However, if required by applicable law, and except as provided in Section 10(a) relating to Capitalization Adjustments, no
amendment will be effective unless approved by the Company’s Stockholders if such approval is required by applicable law. Except as provided in the Plan (including subsection (viii) below) or an Award Agreement, no amendment of the Plan
will impair a Participant’s rights under an outstanding Award without his or her written consent. 

(vii)    To submit any amendment to the Plan for stockholder approval. 

(viii)    To approve forms of Award Agreements for use under the Plan and to amend the terms of any
one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion;
provided however, that, a Participant’s rights under any Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected Participant, and (B) such Participant consents in writing.
Notwithstanding the foregoing, (1) a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the
Participant’s rights, and (2) subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Awards without the affected Participant’s consent to bring the Award into compliance with
Section 409A of the Code or to comply with other applicable laws. 

 (ix)    Generally, to exercise such powers and to
perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Awards. 

(x)    To adopt such procedures and sub-plans as are
necessary or appropriate to permit participation in the Plan by Employees, Directors, eligible Consultants, and Other Service Providers who are foreign nationals or employed outside the United States (provided that Board approval will not be
necessary for immaterial modifications to the Plan or any Award Agreement that are required for compliance with the laws of the relevant foreign jurisdiction). 

(xi)    To effect, with the consent of any adversely affected Participant, (A) the reduction of
the exercise, purchase or strike price of any outstanding Award; (B) the cancellation of any outstanding Award and the grant in substitution therefore of a new (1) Option, (2) Restricted Share Award, (3) cash and/or (4) other
valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same or a different number of Shares as the cancelled Award and (y) granted under the Plan or another equity or
compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting principles. 

(c)    Delegation to Committee. The Board may delegate some or all of the administration of
the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to
the Committee, including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or
subcommittee). Any delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee may, at any time, abolish
the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers
previously delegated. 
 (d)    Delegation to an Officer. The Board may delegate to one or
more Officers the authority to do one or both of the following (i) designate Employees who are not Officers to be recipients of Options (and, to the extent permitted by applicable law, other Awards) and, to the extent permitted by applicable
law, the terms of such Options, and (ii) determine the number of Shares to be subject to such Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation will specify the total number of
Shares that may be subject to the Awards granted by such Officer and that 

 
such Officer may not grant an Award to himself or herself. Any such Awards will be granted on the form of Award Agreement most recently approved for use by the Committee or the Board, unless
otherwise provided in the resolutions approving the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) to determine the Fair Market Value pursuant
to Section 14(u) below. 
 (e)    Effect of Board’s Decision. All determinations,
interpretations and constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 

3.    SHARES SUBJECT TO THE PLAN. 

(a)    Share Reserve.

(i)    Subject to Section 10(a) relating to Capitalization Adjustments, the aggregate number of
Shares that may be issued pursuant to Awards from and after the Effective Date will not exceed 10,065,722 Shares (the “Share Reserve”). 

(ii)    For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of
Shares that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Awards except as provided in Section 8(a). 

(b)    Reversion of Shares to the Share Reserve. If an Award or any portion thereof
(i) expires or otherwise terminates without all of the Shares covered by such Award having been issued, or (ii) is settled in cash (i.e., the Participant receives cash rather than Shares), such expiration, termination or settlement
will not reduce (or otherwise offset) the number of Shares that may be available for issuance under the Plan. If any Shares issued pursuant to an Award are forfeited back to or repurchased by the Company because of the failure to meet a contingency
or condition required to vest such Shares in the Participant, then the Shares that are forfeited or repurchased will revert to and again become available for issuance under the Plan. Any Shares reacquired by the Company in satisfaction of tax
withholding obligations on an Award or as consideration for the exercise or purchase price of an Award will again become available for issuance under the Plan. 

4.    ELIGIBILITY OF CONSULTANTS AND OTHER
SERVICE PROVIDERS. 
 A Consultant or Other Service Provider will not be eligible for the grant of an Award
if, at the time of grant, either the offer or sale of the Company’s securities to such Consultant or Other Service Provider is not exempt under Rule 701 because of the nature of the services that the Consultant or Other Service Provider is
providing to the Company, because the Consultant or Other Service Provider is not a natural person, or because of any other provision of Rule 701, unless the 

 
Company determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption under the Securities Act as well as comply with the securities laws of all
other relevant jurisdictions. 
 5.    OPTION TERMS. 

Each Option will be in such form and will contain such terms and conditions as the Board deems appropriate. The provisions of separate Options
need not be identical; provided, however, that each Option Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Option Agreement or otherwise) the substance of each of the following provisions:

 (a)    Term. No Option will be exercisable after the expiration of 10 years from the
date of its grant or such shorter period specified in the Option Agreement. 
 (b)    Exercise
Price. The exercise or strike price of each Option will be not less than 100% of the Fair Market Value of the Shares subject to the Option on the date the Award is granted. Notwithstanding the foregoing, an Option may be granted with an exercise
or strike price lower than 100% of the Fair Market Value of the Shares subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option pursuant to a Company Transaction and in a manner consistent with
the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. 

(c)    Consideration. The purchase price of Shares acquired pursuant to the exercise of an
Option may be paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment set forth below. The Board will have the authority to grant Options that do not permit
all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of payment. The permitted methods of payment are as follows:

 (i)    by cash, check, bank draft or money order payable to the Company; 

(ii)    by delivery to the Company (either by actual delivery or attestation) of Shares; 

(iii)    by a “net exercise” arrangement pursuant to which the Company will reduce the
number of Shares issuable upon exercise by the largest whole number of Shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from the
Optionholder to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the number of whole Shares to be issued. Shares will no longer be subject to an Option and will not be exercisable thereafter to
the extent that (A) Shares issuable upon exercise are used 

 
to pay the exercise price pursuant to the “net exercise,” (B) Shares are delivered to the Optionholder as a result of such exercise, and (C) Shares are withheld to satisfy tax
withholding obligations;     
 (iv)    according to a deferred payment or
similar arrangement with the Optionholder; provided, however, that interest will compound at least annually and will be charged at the minimum rate of interest necessary to avoid (A) the imputation of interest income to the Company and
compensation income to the Optionholder under any applicable provisions of the Code, and (B) the classification of the Option as a liability for financial accounting purposes; or 

(v)    in any other form of legal consideration that may be acceptable to the Board and is specified
in the applicable Option Agreement. 
 (d)    Transferability. The Board may, in its sole
discretion, impose such limitations on the transferability of Options as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options will apply: 

(i)    Restrictions on Transfer. An Option will not be transferable except by will or by the
laws of descent and distribution (or pursuant to subsections (ii) and (iii) below) and will be exercisable during the lifetime of the Optionholder only by the Optionholder. The Board may permit transfer of the Option in a manner that is not
prohibited by applicable tax and securities laws. Except as explicitly provided herein, an Option may not be transferred for consideration. 

(ii)    Domestic Relations Orders. Subject to the approval of the Board or a duly authorized
Officer, an Option may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument. (iii) Beneficiary Designation. Subject to the
approval of the Board or a duly authorized Officer, an Optionholder may, by delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the Optionholder, will
thereafter be entitled to exercise the Option and receive the Shares or other consideration resulting from such exercise. In the absence of such a designation, the executor or administrator of the Optionholder’s estate will be entitled to
exercise the Option and receive the Shares or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be
inconsistent with the provisions of applicable laws. 

 (e)    Vesting Generally. The total number
of Shares subject to an Option may vest and therefore become exercisable in periodic installments that may or may not be equal. The Option may be subject to such other terms and conditions on the time or times when it may or may not be exercised
(which may be based on the satisfaction of performance goals or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options may vary. The provisions of this Section 5(e) are subject to any Option provisions
governing the minimum number of Shares as to which an Option may be exercised. 

(f)    Termination of Continuous Service. Except as otherwise provided in the applicable
Option Agreement or other agreement between the Optionholder and the Company, if an Optionholder’s Continuous Service terminates (other than for Cause and other than upon the Optionholder’s death or Disability), the Optionholder may
exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the date three months following the
termination of the Optionholder’s Continuous Service (or such longer or shorter period specified in the applicable Option Agreement, which period will not be less than 30 days if necessary to comply with applicable laws unless such termination
is for Cause) or (ii) the expiration of the term of the Option as set forth in the Option Agreement. If, after termination of Continuous Service, the Optionholder does not exercise his or her Option within the applicable time frame, the Option
will terminate. 
 (g)    Extension of Termination Date. Except as otherwise provided in
the applicable Option Agreement or other agreement between the Optionholder and the Company, if the exercise of an Option following the termination of the Optionholder’s Continuous Service (other than for Cause and other than upon the
Optionholder’s death or Disability) would be prohibited at any time solely because the issuance of Shares would violate the registration requirements under the Securities Act, then the Option will terminate on the earlier of (i) the
expiration of a total period of three months (that need not be consecutive) after the termination of the Optionholder’s Continuous Service during which the exercise of the Option would not be in violation of such registration requirements, or
(ii) the expiration of the term of the Option as set forth in the applicable Option Agreement. In addition, unless otherwise provided in an Optionholder’s Option Agreement, if the sale of any Shares received upon exercise of an Option
following the termination of the Optionholder’s Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option will terminate on the earlier of (i) the expiration of a period of months
(that need not be consecutive) equal to the applicable post-termination exercise period after the termination of the Optionholder’s Continuous Service during which the sale of Shares received upon exercise of the Option would not be in
violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option as set forth in the applicable Option Agreement. 

(h)    Disability of Optionholder. Except as otherwise provided in the applicable Option
Agreement or other agreement between the Optionholder and the Company, if an Optionholder’s Continuous Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent that the
Optionholder was 

 
entitled to exercise such Option as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months following such
termination of Continuous Service (or such longer or shorter period specified in the Option Agreement, which period will not be less than 6 months if necessary to comply with applicable laws), and (ii) the expiration of the term of the Option
as set forth in the Option Agreement. If, after termination of Continuous Service, the Optionholder does not exercise his or her Option within the applicable time frame, the Option will terminate. 

(i)    Death of Optionholder. Except as otherwise provided in the applicable Option Agreement
or other agreement between the Optionholder and the Company, if (i) an Optionholder’s Continuous Service terminates as a result of the Optionholder’s death, or (ii) the Optionholder dies within the period (if any) specified in
the Option Agreement for exercisability after the termination of the Optionholder’s Continuous Service (for a reason other than death), then the Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of
the date of death) by the Optionholder’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death, but only within the period
ending on the earlier of (i) the date 18 months following the date of death (or such longer or shorter period specified in the Option Agreement, which period will not be less than 6 months if necessary to comply with applicable laws), and
(ii) the expiration of the term of such Option as set forth in the Option Agreement. If, after the Optionholder’s death, the Option is not exercised within the applicable time frame, the Option will terminate. 

(j)    Termination for Cause. Except as explicitly provided otherwise in an
Optionholder’s Option Agreement, if an Optionholder’s Continuous Service is terminated for Cause, the Option will terminate immediately upon such Optionholder’s termination of Continuous Service, and the Optionholder will be
prohibited from exercising his or her Option from and after the time of such termination of Continuous Service.  

(k)    Non-Exempt Employees. If an Option is granted
to an Employee who is a nonexempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, the Option will not be first exercisable for any Shares until at least six months following the date of grant of the Option (although the
Option may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity Act, the vested portion of any Options may be exercised earlier than six months following the date of grant (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Company Transaction in which such Option is not assumed, continued or substituted, (iii) upon a Change in Control, or (iv) upon
Optionholder’s retirement (as such term may be defined in the Optionholder’s Option Agreement, in another agreement between the Optionholder and the Company, or, if no such definition is provided for, in accordance with the Company’s
then current employment policies and guidelines). The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option will
be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the Worker Economic Opportunity Act to 

 
ensure that any income derived by a non-exempt Employee in connection with the exercise, vesting or issuance of any Shares under any other Award will be
exempt from the employee’s regular rate of pay, the provisions of this Section 5(k) will apply to all Awards and are hereby incorporated by reference into such Award Agreements.  

(l)    Early Exercise of Options. An Option may, but need not, include a provision whereby
the Optionholder may elect at any time before the Optionholder’s Continuous Service terminates to exercise the Option as to any part or all of the Shares subject to the Option prior to the full vesting of the Option. Subject to the Repurchase
Limitation in Section 9(k), any unvested Shares so purchased may be subject to a repurchase right in favor of the Company or to any other restriction the Board determines to be appropriate. Provided that the Repurchase Limitation in
Section 9(k) is not violated, the Company will not be required to exercise its repurchase right until at least six months (or such longer or shorter period of time required to avoid classification of the Option as a liability for financial
accounting purposes) have elapsed following exercise of the Option unless the Board specifically provides otherwise in the Option Agreement. 

(m)    Right of Repurchase. Subject to the Repurchase Limitation in Section 9(k), the
Option may include a provision whereby the Company may elect to repurchase all or any part of the vested Shares acquired by the Optionholder pursuant to the exercise of the Option. 

(n)    Right of First Refusal. The Option may include a provision whereby the Company may
elect to exercise a right of first refusal following receipt of notice from the Optionholder of the intent to transfer all or any part of the Shares received upon the exercise of the Option. Such right of first refusal will be subject to the
Repurchase Limitation in Section 9(k). Except as expressly provided in this Section 5(n) or in the Option Agreement, such right of first refusal will otherwise comply with any applicable provisions of the Stockholder Documents. 

6.    RESERVED. 

7.    RESTRICTED SHARE AWARD TERMS. 

Each Restricted Share Award Agreement will be in such form and will contain such terms and conditions as the Board deems appropriate. At the
Board’s election, Shares may be (i) held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted Share Award lapse; or (ii) evidenced by a certificate, which certificate will be
held in such form and manner as determined by the Board. The terms and conditions of Restricted Share Award Agreements may change from time to time, and the terms and conditions of separate Restricted Share Award Agreements need not be identical.
Each Restricted Share Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise) the substance of each of the following provisions:  

 (i)    Consideration. A Restricted Share
Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future
services) that may be acceptable to the Board, in its sole discretion, and permissible under applicable law. 

(ii)    Vesting. Subject to the “Repurchase Limitation” in Section 9(k),
Shares awarded under the Restricted Share Award Agreement may be subject to forfeiture to the Company in accordance with a vesting schedule to be determined by the Board. 

(iii)    Termination of Participant’s Continuous Service. If a Participant’s
Continuous Service terminates, the Company may receive through a forfeiture condition or a repurchase right, any or all of the Shares held by the Participant as of the date of termination of Continuous Service under the terms of the Restricted Share
Award Agreement. 
 (iv)    Transferability. Rights to acquire Shares under the Restricted
Share Award Agreement will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Share Award Agreement, as the Board will determine in its sole discretion, so long as Shares awarded under the
Restricted Share Award Agreement remain subject to the terms of the Restricted Share Award Agreement. 

(v)    Right of First Refusal. The Restricted Share Award may include a provision whereby the
Company may elect to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the Shares received pursuant to the Restricted Share Award Agreement. Except as expressly provided
in this Section 7(iv), or in the Restricted Share Award Agreement, such right of first refusal will otherwise comply with any applicable provisions of the Stockholder Documents. 

8.    COVENANTS OF THE COMPANY. 

(a)    Availability of Shares. The Company will keep available at all times the number of
Shares reasonably required to satisfy then-outstanding Awards.  
 (b)    Securities Law
Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Awards and to issue Shares upon exercise of the Options; provided, however,
that this undertaking will not require the Company to register under the Securities Act the Plan, any Award or any Shares issued or issuable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to
obtain from any such regulatory commission or agency the authority that counsel for the Company deems 

 
necessary for the lawful issuance of Shares under the Plan, the Company will be relieved from any liability for failure to issue Shares upon exercise of such Options or vesting of such Profits
Interest unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of Shares pursuant to the Award if such grant or issuance would be in violation of any applicable
securities law.     
 (c)    No Obligation to Notify or Minimize Taxes.
The Company will have no duty or obligation to any Optionholder to advise such holder as to the time or manner of exercising such Option. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a
pending termination or expiration of an Option or a possible period in which the Option may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award. 

9.    MISCELLANEOUS. 

(a)    Use of Proceeds from Sales of Shares. Proceeds from the sale of Shares pursuant to
Awards will constitute general funds of the Company. 
 (b)    Company Action Constituting
Grant of Awards. Company action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date of such company action, unless otherwise determined by the Board, regardless of when the instrument,
certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. If the company records (e.g., Board consents, resolutions or minutes) documenting the company action approving the Award contains
terms (e.g., exercise price, vesting schedule or number of Shares) that are inconsistent with those in the Award Agreement as a result of a clerical error in papering the Award Agreement, the company records will control and the Participant will
have no legally binding right to the incorrect term in the Award Agreement. 

(c)    Shareholder Rights. No Participant will be deemed to be the holder of, or to have any
of the rights of a holder with respect to, any Shares subject to such Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of Shares under, the Award pursuant to its terms, and
(ii) the issuance of the Shares subject to such Award has been entered into the books and records of the Company. A Participant to whom a Share is issued in accordance with the Plan will have such rights with respect to such Share as are
provided in the applicable Stockholder Documents. 
 (d)    No Employment or Other Service
Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in
the capacity in effect at the time the Award was granted or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a
Consultant or Other Service Provider pursuant to the terms of such Consultant’s or Other Service Provider’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the LLC Agreement, and any
applicable provisions of the law of the state in which the Company or the Affiliate is organized, as the case may be. 

 (e)    Change in Time Commitment. If a
Participant’s regular level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced for any reason (for example, and without limitation, if the Participant is an Employee of the Company and the
Employee has a change in status from a full-time Employee to a part-time Employee) after the date of grant of any Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number of
Shares subject to any portion of such Award that are scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule
applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced. 

(f)    Investment Assurances; Execution of Stockholder Documents. The Company may require a
Participant, as a condition of exercising or acquiring Shares under any Award, to (i) give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and business matters and/or to employ a
purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the purchaser representative, the merits and
risks of exercising the Award; (ii) give written assurances satisfactory to the Company stating that the Participant is acquiring Shares subject to the Award for the Participant’s own account and not with any present intention of selling
or otherwise distributing the Shares; and (iii) execute any applicable Stockholder Documents. The foregoing requirements, and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the Shares upon
the exercise or acquisition of Shares under the Award has been registered under a then currently effective registration statement under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the
Company that such requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on certificates issued under the Plan (if any) as such counsel deems
necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Shares. 

(g)    Withholding Obligations. Unless prohibited by the terms of an Award Agreement, the
Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to an Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant
by the Company) or by a combination of such means: (i) requiring the Participant to tender a cash payment; (ii) withholding Shares from the Shares issued or otherwise issuable to the Participant in connection with the Award; provided,
however, that no Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lesser amount as may be necessary to avoid classification of the Award as a liability for

 
financial accounting purposes); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by such
other method as may be set forth in the Award Agreement.     

(h)    Electronic Delivery. Any reference herein to a “written” agreement or
document will include any agreement or document delivered electronically or posted on the Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). 

(i)    Deferrals. To the extent permitted by applicable law, the Board, in its sole
discretion, may determine that the delivery of Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for deferral elections to be made by
Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant is still an employee or otherwise
providing services to the Company. The Board is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s termination
of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and in accordance with applicable law. 

(j)    Compliance with Section 409A. To the extent that the Board
determines that any Award granted hereunder is subject to Section 409A of the Code, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of
the Code. To the extent applicable, the Plan and Award Agreements will be interpreted in accordance with Section 409A of the Code. 

(k)    Repurchase Limitation. The terms of any repurchase right will be specified in the
Award Agreement. The repurchase price for vested Shares will be the Fair Market Value of the Shares on the date of repurchase. The repurchase price for unvested Shares will be the lower of (i) the Fair Market Value of the Shares on the date of
repurchase or (ii) the original purchase price paid. However, the Company will not exercise its repurchase right until at least six months (or such longer or shorter period of time as may be necessary to avoid classification of the Award as a
liability for financial accounting purposes) have elapsed following delivery of Shares subject to the Award, unless otherwise specifically provided by the Board. 

10.    ADJUSTMENTS UPON CHANGES IN CAPITALIZATION;
OTHER COMPANY EVENTS. 
 (a)    Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), and (ii) the
class(es) and number of securities and price per Share subject to outstanding Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive.     

 (b)    Dissolution or Liquidation. Except
as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Awards (other than Awards consisting of vested and outstanding Shares not subject to a forfeiture condition or the
Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the Shares subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or
reacquired by the Company notwithstanding the fact that the holder of such Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion, cause some or all Awards to become fully vested, exercisable
and/or no longer subject to repurchase or forfeiture (to the extent such Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion. 

(c)    Company Transaction. The following provisions will apply to Awards in the event of a
Company Transaction unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of
an Award. In the event of a Company Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Awards, contingent upon the closing or completion of the Company
Transaction: 
 (i)    arrange for the surviving Entity or acquiring Entity (or the surviving or
acquiring Entity’s parent company) to assume or continue the Award or to substitute a similar award for the Award (including, but not limited to, an award to acquire the same consideration paid to the Company’s Stockholders of the Company
pursuant to the Company Transaction); 
 (ii)    arrange for the assignment of any reacquisition
or repurchase rights held by the Company in respect of Shares issued pursuant to the Award to the surviving Entity or acquiring Entity (or the surviving or acquiring Entity’s parent company); 

(iii)    accelerate the vesting, in whole or in part, of the Award (and, if applicable, the time at
which the Award may be exercised) to a date prior to the effective time of such Company Transaction as the Board may determine (or, if the Board does not determine such a date, to the date that is five days prior to the effective date of the Company
Transaction), with such Award terminating if not exercised (if applicable) at or prior to the effective time of the Company Transaction; provided, however, that the Board may require Participants to complete and deliver to the Company a
notice of exercise before the effective date of a Company Transaction, which exercise is contingent upon the effectiveness of such Company Transaction; 

 (iv)    arrange for the lapse, in whole or in
part, of any reacquisition or repurchase rights held by the Company with respect to the Award; 

(v)    cancel or arrange for the cancellation of the Award, to the extent not vested or not
exercised prior to the effective time of the Company Transaction, in exchange for such cash consideration, if any, as the Board, in its sole discretion, may consider appropriate; and 

(vi)    make a payment, in such form as may be determined by the Board equal to the excess, if any,
of (A) the value of the property the Participant would have received upon the exercise of the Award immediately prior to the effective time of the Company Transaction, over (B) any exercise price payable by such holder in connection with
such exercise. For clarity, this payment may be $0 if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders of the
Company’s Shares in connection with the Company Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies. The Board need not take the same action or actions with respect to all Awards or portions thereof or
with respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of an Award.  

(d)    Change in Control. An Award may be subject to additional acceleration of vesting and
exercisability upon or after a Change in Control as may be provided and defined in the Award Agreement or grant notice for such Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but
in the absence of such provision, no such acceleration will occur. 
 11.    TERMINATION OR
SUSPENSION OF THE PLAN. 

(a)    Plan Term. The Board may suspend or terminate the Plan at any time. Unless terminated
sooner by the Board, the Plan will automatically terminate on the day before the 10th anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the date the
Plan is approved by the Company’s Stockholders. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 

(b)    No Impairment of Rights. Suspension or termination of the Plan will not impair rights
and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan. 

 12.    EFFECTIVE DATE OF
PLAN. 
 This Plan will become effective on the Effective Date. 

13.    CHOICE OF LAW. 

The law of the State of California will govern all questions concerning the construction, validity and interpretation of this Plan, without
regard to that state’s conflict of laws rules. 
 14.    DEFINITIONS. As used in the Plan, the
following definitions will apply to the capitalized terms indicated below:  

(a)    “Affiliate” means, at the time of determination, any
“parent” or “majority-owned subsidiary” of the Company, as such terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent” or “majority-owned subsidiary”
status is determined within the foregoing definition. 
 (b)    “Award
Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of an Award grant. Each Award Agreement will be subject to the terms and conditions of the Plan.  

(c)    “Award” means any right to receive Shares granted under the Plan,
including an Option or a Profits Interest.  

(d)    “Board” means the Board of Directors of the
Company.  
 (e)    “Capitalization Adjustment” means any
change that is made in, or other events that occur with respect to, the Shares subject to the Plan or subject to any Award after the Effective Date without the receipt of consideration by the Company (through merger, consolidation, reorganization,
recapitalization, incorporation, change in state of organization, distribution (whether in property or cash), equity split, reverse equity split, liquidating distribution, combination of Shares, exchange of Shares, change in form of organization or
structure, or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the
conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment. 

(f)    “Cause” will have the meaning ascribed to such term in any written
agreement between the Participant and the Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant’s
commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud or act of
dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s
unauthorized use or disclosure 

 
of the Company’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous
Service is either for Cause or without Cause will be made by the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding
Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.  

(g)    “Change in Control” means the occurrence in a single transaction or
in a series of related transactions, of any one or more of the following events: 
 (i)    any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or
similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities
of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company
through the issuance of equity securities or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting
securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of Shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the
acquisition of voting securities by the Company, and after such Share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage
of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur; 

(ii)    there is consummated a merger, consolidation or similar transaction involving (directly or
indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the Company’s Stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either
(A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more 50% of the combined outstanding voting power of
the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction;

 (iii)    there is consummated a sale, lease,
exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the
Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned by Company’s Stockholders of the Company in substantially the same proportions as their Ownership of the
outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or 

(iv)    individuals who, on the date the Plan is adopted by the Board, are Company’s
Stockholders of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Company’s Stockholders of the Board; provided, however, that if the appointment or election (or
nomination for election) of any new Board member was approved or recommended by a majority vote of the Company’s Stockholders of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a
member of the Incumbent Board.  
 Notwithstanding the foregoing definition or any other provision of this Plan, (A) the term Change in Control
will not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an individual written agreement
between the Company or any Affiliate and the Participant will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set
forth in such an individual written agreement, the foregoing definition will apply. 
 To the extent required for compliance with Section 409A of the
Code, in no event will a Change in Control be deemed to have occurred if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets
of” the Company as determined under Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). The Board may, in its sole discretion and without a
Participant’s consent, amend the definition of “Change in Control” to conform to the definition of “Change in Control” under Section 409A of the Code, and the regulations thereunder. 

(h)    “Code” means the Internal Revenue Code of 1986, as amended, including
any applicable regulations and guidance thereunder. 
 (i)    “Committee”
means a committee of one or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c). 

 (j)    “Company Transaction”
means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events: 

(i)    a sale, lease or other disposition of all or substantially all, as determined by the Board in
its sole discretion, of the consolidated assets of the Company and its Subsidiaries; 
 (ii)    a
sale or other disposition of at least 90% of the outstanding securities of the Company; 

(iii)    a merger, consolidation, or similar transaction following which the Company is not the
surviving Entity; 
 (iv)    a merger, consolidation or similar transaction following which the
Company is the surviving Entity but the Shares outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger consolidation or similar transaction into other property, whether in
the form of securities, cash or otherwise. To the extent required for compliance with Section 409A of the Code, in no event will an event be deemed a Company Transaction if such transaction is not also a “change in the ownership or
effective control of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder). 

(k)    “Company” means Avidity Biosciences, Inc., a Delaware corporation.

 (l)    “Consultant” means any person, including an advisor, who is
(i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors or directors of an Affiliate and is compensated for such
services. However, the term “Consultant” will not include Company’s Stockholders, and service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes
of the Plan. 
 (m)    “Continuous Service” means that the
Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an
Employee, Consultant or Director or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a
Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s
Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to

 
a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or an officer of the Company designated by the Board, in that party’s sole
discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by that party, including sick leave, military leave or any other personal leave, or (ii) transfers between
the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence
policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law. 

(n)    “Director” means a member of the Board. 

(o)    “Disability” means, with respect to a Participant, the
inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous
period of not less than 12 months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 

(p)    “Effective Date” means the effective date of this Plan,
which is the earlier of (i) the date that this Plan is first approved by the Company’s Stockholders, and (ii) the date this Plan is adopted by the Board. 

(q)    “Employee” means any person employed by the Company or
an Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan. 

(r)    “Entity” means a corporation, partnership, limited liability
company or other entity. 
 (s)    “Exchange Act Person”
means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company,
(ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities, (iv) an Entity Owned, directly or indirectly, by the Company’s Stockholders of the Company in substantially the same proportions as their Ownership of securities of
the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company
representing more than 50% of the combined voting power of the Company’s then outstanding securities. 

 (t)    “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

(u)    “Fair Market Value” means, as of any date, the value of
the Shares determined reasonably and in good faith by the Board. 

(v)    “Officer” means any person designated by the Company as
an officer.  
 (w)    “Option Agreement” means a written agreement
between the Company and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan. 

(x)    “Option” means an option to purchase Shares granted pursuant to the
Plan. 
 (y)    “Optionholder” means a person to whom an Option is granted
pursuant to the Plan or, if applicable, such other person who holds an outstanding Option. 

(z)    “Other Service Provider” means any provider of services
to the Company or an Affiliate other than an Employee, Director or Consultant. Other Service Providers will include, without limitation, a Shareholder who is providing services to the Company either in such Shareholder’s capacity as a
Shareholder or in some other capacity; a “director” of the Company or an Affiliate as such term may be defined in the applicable governing documents of such Entity; or a partner of an Affiliate organized as a partnership if such partner is
providing services to the Affiliate either in such partner’s capacity as a partner, or in some other capacity. 

(aa)    “Own,” “Owned,”
“Owner,” “Ownership” A person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such
person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities. 

(bb)    “Participant” means a person to whom an Award is
granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.  

(cc)    “Plan” means this Amended and Restated Avidity Biosciences, Inc.
2013 Equity Incentive Plan. 
 (dd)    “Rule 405” means Rule 405
promulgated under the Securities Act. 
 (ee)    “Rule 701” means Rule 701
promulgated under the Securities Act. 
 (ff)    “Securities Act” means
the Securities Act of 1933, as amended. 

 (gg)    “Share” means a
Share of Common stock of the Company, par value $0.0001. 
 (hh)    “Stockholder
Documents” means the Company’s bylaws any applicable shareholders agreement, investor rights agreement, voting agreement, drag-along agreement, right of first refusal and co-sale agreement or
similar agreement to which the Company and/or the holders of its capital securities or options may be a party that may be in effect from time to time (each, as amended or modified from
time-to-time). 

(ii)    “Subsidiary” means, with respect to the Company,
(i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or
classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in
which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%. 

 AVIDITY BIOSCIENCES, INC. 

OPTION GRANT NOTICE 

(AMENDED AND RESTATED 2013 EQUITY INCENTIVE PLAN)

 Avidity Biosciences, Inc. (the “Company”), pursuant to its Amended and Restated 2013 Equity Incentive Plan (the
“Plan”), hereby grants to Optionholder an option to purchase the number of Shares set forth below. This option is subject to all of the terms and conditions as set forth in this notice, in the Option Agreement, the Plan and
the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined in this notice but defined in the Plan or the Option Agreement will have the same definitions as in the Plan
or the Option Agreement. If there is any conflict between the terms in this notice and the Plan, the terms of the Plan will control. 
  

			
	Optionholder:	  	 
		
	Date of Grant:	  	 
		
	Vesting Commencement Date:	  	 
		
	Number of Shares Subject to Option:	  	 
		
	Exercise Price (Per Shares):	  	 
		
	Total Exercise Price:	  	 
		
	Expiration Date:	  	 

  

			
	Exercise Schedule:	  	☐  Same as Vesting Schedule            ☐  Early Exercise Permitted
		
	Vesting Schedule:	  	[To be specified in individual agreements] 
		
	Payment:	  	 By one or a combination of the following items (described in the Option Agreement):

 
     ☐  Cash, check, bank draft or money order
payable to the Company
     ☐  A “net exercise” arrangement (subject to the Company’s consent at the time
of exercise)

 Additional Terms/Acknowledgements: By accepting this option, Optionholder consents to receive such documents by
electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. Optionholder acknowledges
receipt of, and understands and agrees to, this Option Grant Notice, the Option Agreement and the Plan. Optionholder acknowledges and agrees that this Option Grant Notice and the Option Agreement may not be modified, amended or revised except as
provided in a writing signed by the Optionholder and a duly authorized officer of the Company or as otherwise provided in the Plan. Optionholder further acknowledges that as of the Date of Grant, this Option Grant Notice, the Option Agreement and
the Plan set forth the entire understanding between Optionholder and the Company regarding this option award and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception of (i) options
previously granted and delivered to Optionholder, and (ii) the following agreements only: the Company’s bylaws any applicable stockholders agreement, investor rights agreement, voting agreement, drag-along agreement, right of first refusal
and co-sale agreement or similar agreement to which the Company and/or the holders of its capital securities or options may be a party that may be in effect from time to time (each, as amended or modified from
time-to-time). 

									
	AVIDITY BIOSCIENCES, INC.	 		 	OPTIONHOLDER:
				
	By:	 	 	 		 	 
		 	Signature	 		 	Signature
					
	Title:	 	 	 		 	Date:	 	                    
					
	Date:	 	 	 		 		 	
	
	ATTACHMENTS: Option Agreement, 2013 Equity Incentive Plan and Notice of Exercise

 AVIDITY BIOSCIENCES, INC. 

AMENDED AND RESTATED 2013 EQUITY INCENTIVE PLAN

 OPTION AGREEMENT 

Pursuant to your Option Grant Notice (“Grant Notice”) and this Option Agreement, Avidity Biosciences, Inc. (the
“Company”) has granted you an option under its Amended and Restated 2013 Equity Incentive Plan (the “Plan”) to purchase the Shares indicated in your Grant Notice at the exercise price indicated in your
Grant Notice. The option is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date of Grant”). If there is any conflict between the terms in this Option Agreement and the Plan, the terms of
the Plan will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan. This option is not intended to be an “incentive stock
option” within the meaning of Section 422 of the Code. 
 The details of your option, in addition to those set forth in the Grant
Notice and the Plan, are as follows: 
 1.    VESTING. Your option will vest as provided in
your Grant Notice. Vesting will cease upon the termination of your Continuous Service. 

2.    NUMBER OF SHARES AND EXERCISE
PRICE. The number of Shares subject to your option and your exercise price per Shares in your Grant Notice will be adjusted for Capitalization Adjustments. 

3.    EXERCISE RESTRICTION FOR
NON-EXEMPT EMPLOYEES. If you are an Employee eligible for overtime compensation under the Fair Labor Standards Act of 1938, as amended (that is, a
“Non-Exempt Employee”), and except as otherwise provided in the Plan, you may not exercise your option until you have completed at least six months of Continuous Service measured from the Date of
Grant, even if you have already been an employee for more than six months. Consistent with the provisions of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such six month anniversary in the case
of (i) your death or disability, (ii) a Company Transaction in which your option is not assumed, continued, or substituted, (iii) a Change in Control or (iv) your termination of Continuous Service on your “retirement”
(as defined in the Company’s benefit plans). 
 4.    EXERCISE PRIOR
TO VESTING (“EARLY EXERCISE”). If permitted in your Grant Notice (that is, the “Exercise Schedule” indicates “Early Exercise Permitted”) and subject to the
provisions of your option, you may elect at any time that is both (i) during the period of your Continuous Service and (ii) during the term of your option, to exercise all or part of your option, including the unvested portion of your
option; provided, however, that: 
 (a)    a partial exercise of your option will be deemed to cover first
vested Shares and then the earliest vesting installment of unvested Shares; 

 (b)    any Shares so purchased from installments that have not
vested as of the date of exercise will be subject to the purchase option in favor of the Company as described in the Company’s form of Early Exercise Shares Purchase Agreement; and 

(c)    you will enter into the Company’s form of Early Exercise Shares Purchase Agreement with a vesting
schedule that will result in the same vesting as if no early exercise had occurred. 

5.    METHOD OF PAYMENT. You must pay the full amount of the
exercise price for the Shares you wish to purchase. You may pay the exercise price in cash or by check, bank draft or money order payable to the Company or in any other manner permitted by your Grant Notice, which may include
one or more of the following: 
 (a)    By a “net exercise” arrangement pursuant to which the Company
will reduce the number of Shares issued upon exercise of your option by the largest whole number of Shares with a Fair Market Value that does not exceed the aggregate exercise price. You must pay any remaining balance of the aggregate exercise price
not satisfied by the “net exercise” in cash or other permitted form of payment. Shares will no longer be outstanding under your option and will not be exercisable thereafter if those Shares (i) are used to pay the exercise price
pursuant to the “net exercise,” (ii) are delivered to you as a result of such exercise, or (iii) are withheld to satisfy your tax withholding obligations. 

6.    WHOLE SHARES. You may exercise your option only for whole Shares. 

7.    SECURITIES LAW COMPLIANCE. In no event may you exercise
your option unless the Shares issuable upon your exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance of the Shares would be exempt from the registration
requirements of the Securities Act. The exercise of your option also must comply with all other applicable laws and regulations governing your option, and you may not exercise your option if the Company determines that your exercise would not
be in material compliance with such laws and regulations (including any restrictions on exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable). 

8.    TERM. You may not exercise your option before the Date of Grant or after the expiration
of the option’s term. The term of your option expires, subject to the provisions in the Plan, upon the earliest of the following: 

(a)    immediately upon the termination of your Continuous Service for Cause; 

(b)    three months after the termination of your Continuous Service for any reason other than Cause, your
Disability or your death (except as otherwise provided in Section 8(d) below); provided, however, that if during any part of such three month period your option is not exercisable solely because of the condition set forth in the section
above relating to “Securities Law Compliance,” your option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of three months after the termination of

 
your Continuous Service; provided further, that if (i) you are a Non-Exempt Employee, (ii) your Continuous Service terminates within six
months after the Date of Grant, and (iii) a portion of your option has vested at the time of your Continuous Service termination, your option will not expire until the earlier of (x) the later of (A) the date that is seven months
after the Date of Grant, and (B) the date that is three months after the termination of your Continuous Service, and (y) the Expiration Date; 

(c)    12 months after the termination of your Continuous Service due to your Disability (except as otherwise
provided in Section 8(d) below); 
 (d)    18 months after your death if you die either during your
Continuous Service or within three months after your Continuous Service terminates for any reason other than Cause; 

(e)    the Expiration Date indicated in your Grant Notice; or 

(f)     the day before the 10th anniversary of the Date of
Grant. 
 9.    EXERCISE. 

(a)    You may exercise the vested portion of your option (and the unvested portion of your option if your Grant
Notice so permits) during its term by (i) delivering a Notice of Exercise (in a form designated by the Company) or completing such other documents and/or procedures designated by the Company for exercise, and (ii) paying the exercise price
and any applicable withholding taxes to the Company’s Secretary, stock plan administrator or to such other person as the Company may designate, together with such additional documents as the Company may then require. 

(b)    By exercising your option you agree that, as a condition to any exercise of your option, the Company may
require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (i) the exercise of your option, (ii) the lapse of any substantial risk of
forfeiture to which the Shares are subject at the time of exercise, or (iii) the disposition of Shares acquired upon such exercise. 

(c)    By exercising your option you agree that you will not sell, dispose of, transfer, make any short sale of,
grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Shares or other securities of the Company held by you, for a period of 180 days following the effective date of a
registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate with FINRA Rule 2241 or any successor or similar rule or regulation (the “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the exercise of a reacquisition or repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are 

 
consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to
your Shares until the end of such period. You also agree that any transferee of any Shares held by you will be bound by this Section 9(c). The underwriters of the Company’s securities are intended third party beneficiaries of this
Section 9(c) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

10.    TRANSFERABILITY. Except as otherwise provided in this Section 10, your option is
not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. 

(a)    Certain Trusts. Upon receiving written permission from the Board or its duly authorized designee, you
may transfer your option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the option is held in the trust. You and the trustee must enter into transfer
and other agreements required by the Company. 
 (b)    Domestic Relations Orders. Upon receiving written
permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant to the terms of a domestic
relations order, official marital settlement agreement or other divorce or separation instrument that contains the information required by the Company to effectuate the transfer. You are encouraged to discuss the proposed terms of any division of
this option with the Company prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is contained within the domestic relations order or marital settlement agreement. 

(c)    Beneficiary Designation. Upon receiving written permission from the Board or its duly authorized
designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled to
exercise this option and receive the Shares or other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this option and receive, on behalf of
your estate, the Shares or other consideration resulting from such exercise. 
 11.    RIGHT
OF FIRST REFUSAL; TRANSFER RESTRICTIONS ON SHARES. Shares that you acquire upon exercise of your option are subject to any right of first
refusal or other transfer restrictions that may be described in the Stockholder Documents in effect at such time the Company elects to exercise its right. The Company’s right of first refusal will expire on the first date upon which any
security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system. 

 12.    RIGHT OF
REPURCHASE. To the extent provided in the Stockholder Documents in effect at such time the Company elects to exercise its right, the Company will have the right to repurchase all or any part of the Shares you acquire pursuant to
the exercise of your option. 
 13.    OPTION NOT A
SERVICE CONTRACT. Your option is not an employment or service contract, and nothing in your option will be deemed to create in any way whatsoever any obligation on your part to continue in the employ or service of
the Company or an Affiliate, or of the Company or an Affiliate to continue your employment or service. In addition, nothing in your option will obligate the Company or an Affiliate, their respective owners, managers, directors, officers or employees
to continue any relationship that you might have as a manager, director or consultant for the Company or an Affiliate. 

14.    WITHHOLDING OBLIGATIONS. 

(a)    At the time you exercise your option, in whole or in part, and at any time thereafter as requested by the
Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for, any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the
Company or an Affiliate, if any, which arise in connection with the exercise of your option. 
 (b)    Upon your
request and subject to approval by the Company, in its sole discretion, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested Shares otherwise issuable to you upon the exercise of your option
a number of whole Shares having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid classification of
your option as a liability for financial accounting purposes). If the date of determination of any tax withholding obligation is deferred to a date later than the date of exercise of your option, Shares withholding pursuant to the preceding sentence
will not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering the aggregate number of Shares acquired upon such exercise with respect to which such determination is otherwise deferred, to
accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding the filing of such election, Shares will be withheld solely from fully vested Shares determined as of the date of exercise of
your option that are otherwise issuable to you upon such exercise. Any adverse consequences to you arising in connection with such Shares withholding procedure will be your sole responsibility. 

(c)    You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate
are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation to issue a certificate for, or otherwise evidence the issuance to you of, such Shares or
release such Shares from any escrow provided for herein, if applicable, unless such obligations are satisfied. 

 15.    TAX
CONSEQUENCES. You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim
against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation. In particular, you acknowledge that this option is exempt from Section 409A of the
Code only if the exercise price per Shares specified in the Grant Notice is at least equal to the “fair market value” per Shares on the Date of Grant and there is no other impermissible deferral of compensation associated with the option.
Because the Shares are not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in consultation with an independent valuation firm retained by the Company. You acknowledge that there is no guarantee
that the Internal Revenue Service will agree with the valuation as determined by the Board, and you will not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue
Service asserts that the valuation determined by the Board is less than the “fair market value” as subsequently determined by the Internal Revenue Service. 

16.    NOTICES. Any notices provided for in your option or the Plan will be given in writing
(including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, 5 days after deposit in the United States mail, postage prepaid, addressed to you at the last address
you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to your participation in the Plan and your option by electronic means or to request your consent to participate in the Plan by electronic
means. By accepting this option, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or
another third party designated by the Company. 
 17.    GOVERNING PLAN
DOCUMENT. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from
time to time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your option and those of the Plan, the provisions of the Plan will control. 

 NOTICE OF EXERCISE 

 

					
	Avidity Biosciences, Inc.	 		  	
	10975 N Torrey Pines, #150	 		  	
	La Jolla, CA 92037	 		  	Date of
Exercise:                                 

 Ladies and Gentlemen: 

This constitutes notice to Avidity Biosciences, Inc. (the “Company”) under my option that I elect to purchase the
below number of Shares of the Company (the “Shares”) for the price set forth below. 
  

					
	 Option dated:
	  			
		  	  
	  
	 
		
	 Number of Shares as to which option is exercised:
	  			
		  	  
	  
	 
		
	 Shares to be issued in name of:
	  			
		  	  
	  
	 
		
	 Total exercise price:
	  	$	                     	 
		  	  
	  
	 
		
	 Cash payment delivered herewith:
	  	$	                     	 
		  	  
	  
	 

 By this exercise, I agree (i) to provide such additional documents as you may require pursuant to the
terms of the Company’s 2013 Equity Incentive Plan, and (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option. 

I hereby make the following certifications and representations with respect to the number of Shares listed above, which are being acquired by
me for my own account upon exercise of the option as set forth above: 
 I acknowledge that the Shares have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), and are deemed to constitute “restricted securities” under Rule 701 and Rule 144 promulgated under the Securities Act. I warrant and represent to the
Company that I have no present intention of distributing or selling said Shares, except as permitted under the Securities Act and any applicable state securities laws. 

 I further acknowledge that I will not be able to resell the Shares for at least 90 days
after the Company becomes publicly traded (i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company
under Rule 144. 
 I further acknowledge that certificates (if any) representing any of the Shares subject to the provisions of the option
will have endorsed thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Certificate of Incorporation, Bylaws and/or applicable securities laws. 

I further agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten
registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the
same economic effect as a sale, any Shares or other securities of the Company, for a period of 180 days following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as the underwriters
or the Company shall request to facilitate compliance with FINRA Rule 2241 any successor or similar rule or regulation). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters
that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to my Shares subject to the foregoing
restrictions until the end of such period. 
  

	
	Very truly yours,EX-10.9

 Exhibit 10.9 

GENERAL RELEASE OF CLAIMS 

THIS GENERAL RELEASE OF CLAIMS (this “Release”) is entered into by and between Avidity Biosciences, Inc., a Delaware
corporation (the “Company”), and Kent Hawryluk (“Executive”), as of the Effective Date (as defined below). 

WHEREAS, the Company and Executive are parties to that certain Executive Employment Agreement dated as of January 1, 2013, as amended by
that certain Amendment #1 to Executive Employment Agreement effective as of January 1, 2013 (as amended, the “Employment Agreement”), a copy of which is attached to this Release as Exhibit A and incorporated herein by
reference, and that certain Company’s Employee Proprietary Information and Inventions Agreement executed by Executive on January 14, 2014 (the “PIIA”); 

WHEREAS, the parties agree that Executive is entitled to certain severance benefits under the Employment Agreement, subject to
Executive’s execution and non-revocation of this Release; and 
 WHEREAS, the Company and
Executive now wish to fully and finally resolve all matters between them. 
 NOW, THEREFORE, in consideration of, and subject to, the
severance benefits payable to Executive described in Section 2(d) below, the adequacy of which is hereby acknowledged by Executive, and which Executive acknowledges that he would not otherwise be entitled to receive, Executive and the Company
hereby agree as follows: 
 1.    Effective Date; Termination of Employment. 

(a)    Effective Date. This Release shall become effective upon Executive’s execution of the Release (which
shall occur no earlier than the Separation Date (as defined below)) and the expiration of the revocation period applicable under Section 3(d) without Executive having given notice of revocation. The “Effective Date” shall be
the eighth (8th) day following Executive’s execution of this Release without revocation. Executive understands that Executive will not be given any severance benefits under this Release
unless the Effective Date occurs on or before the date that is sixty (60) days following the Separation Date. In the event the Effective Date does not occur on or before the date that is sixty (60) days following the Separation Date, this
Release shall be null and void. 
 (b)    Termination of Employment. Executive’s employment by the Company
will terminate effective as of December 19, 2019 (the “Separation Date”). Executive hereby resigns from his position as Chief Business Officer, and any and all other titles or positions he may hold with the Company (and any of
its affiliates and subsidiaries) effective as of the Separation Date. Executive shall execute any additional documentation necessary to effectuate such resignations. Executive’s “separation from service” for purposes of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall be the Separation Date. The Company will provide Executive with advanced copies of all press releases, articles, other publications (on the
Company’s website or otherwise) and/or internal announcements related to the Executive’s separation (“Announcements”). Executive shall promptly, but no longer than five (5) days, provide Company with any proposed edits to
the Announcements, and the Company shall consider including such edits in the Announcements at Company’s sole discretion. No future Announcements will be published or sent without Executive’s opportunity to review and propose edits
pursuant to this Section 1(b). Executive agrees that the Announcements attached hereto as Exhibit C may be published or sent by Company any time on or after the date of Executive’s signature on this Release. 

 2.    Compensation. 

(a)    Compensation Through Separation Date. On the Separation Date, the Company shall issue to Executive his final
paycheck, reflecting (i) Executive’s fully earned but unpaid base salary, through the Separation Date at the rate then in effect, and (ii) all accrued, unused paid time off or vacation due Executive through the Separation Date. In
addition, subject to Section 2(d)(iii)(C) below, all vesting of Executive’s unvested stock options previously granted to him by the Company shall cease and none of such unvested stock options shall be exercisable following the Separation
Date. Subject to Sections 2(b) and (d) below, Executive acknowledges and agrees that with his final check, Executive received all monies, bonuses, commissions, expense reimbursements, paid time off or vacation, or other compensation he earned
or was due during his employment by the Company and that were payable as of his Separation Date. 
 (b)    Expense
Reimbursements. The Company, within thirty (30) days after the Separation Date, will reimburse Executive for any and all reasonable and necessary business expenses incurred by Executive in connection with the performance of his job duties
prior to the Separation Date, which expenses shall be submitted to the Company with supporting receipts and/or documentation no later than thirty (30) days after the Separation Date. 

(c)    Benefits. Subject to Section 2(d)(iii)(B) below, Executive’s entitlement to benefits from the
Company, and eligibility to participate in the Company’s benefit plans, shall cease on the Separation Date, except to the extent Executive elects to and is eligible to receive continued healthcare coverage pursuant to the provisions of the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), for himself and any covered dependents, in accordance with the provisions of COBRA. 

(d)    Severance. In exchange for Executive’s agreement to be bound by the terms of this Release, including,
but not limited to, the release of claims in Section 3, and subject to the occurrence of the Effective Date as provided in Section 1(a), Executive shall be entitled to receive the following, which shall be the exclusive severance benefits
to which Executive is entitled, unless Executive has failed to comply with the provisions of this Release, in which case the last sentence of Section 4 shall apply: 

(i)     A cash payment in the amount of $292,916.55, representing twelve (12) months’ base salary, payable in a
lump sum on the sixtieth (60th) day following the Separation Date; plus 
 (ii)
    A cash payment in the amount of $87,874.97, representing Executive’s 2019 annual bonus, payable in a lump sum on the sixtieth (60th) day following the Separation
Date; plus 
 (iii)     For the period beginning on the Separation Date and ending on the date which is twelve
(12) full months following the Separation Date (or, if earlier, (x) the date on which the applicable continuation period under COBRA expires, or (y) the date Executive becomes eligible to receive the equivalent or increased healthcare
coverage from a subsequent employer) (such period, the “COBRA Coverage Period”), the Company shall either, at its option, (1) pay directly or (2) reimburse Executive, for the costs associated with continuation coverage
pursuant to COBRA for Executive and his eligible dependents who were covered under the Company’s health plans as of the Separation Date (provided that Executive shall be solely responsible for all matters relating to his continuation of
coverage pursuant to COBRA, including, without limitation, his election of such coverage and his timely payment of premiums). If (x) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period
of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1.409A-1(a)(5), or (y) the Company is otherwise unable to continue to
cover Executive under its group health plans under applicable law or the terms of such plans, then, in either case, the Company shall instead pay to Executive an amount equal to the monthly plan premium payment for

  
 2 

 
Executive and his eligible dependents who were covered under the Company’s health plans as of the Separation Date (calculated by reference to Executive’s premiums as of the Separation
Date) as currently taxable compensation in substantially equal monthly installments over the COBRA Coverage Period (or the remaining portion thereof); plus 

(iv)    In the event a Company Transaction (as defined in the Employment Agreement) occurs within fifty-nine
(59) days following the Separation Date, the additional benefits set forth below (and, for the avoidance of doubt, if a Company Transaction does not occur within such time period, Executive shall not be eligible to receive the additional
severance benefits described in this clause (iv)): 
 (A)    An additional cash payment in the amount of
Executive’s full target bonus for the year in which the Company Transaction occurs, payable in a lump sum on the sixtieth (60th) day following the Separation Date; plus 

(B)     The vesting and/or exercisability of each of Executive’s outstanding stock options shall be automatically
accelerated and deemed vested and exercisable as of the Separation Date. Except as modified above, Executive’s stock options shall continue to be governed by the terms and conditions of the stock option agreements and the Company’s equity
plan pursuant to which such stock options were granted. 
 The foregoing benefits shall be the exclusive benefits to which Executive is
entitled in connection with his termination of employment, unless Executive has failed to comply with the provisions of this Release, in which case the last sentence of Section 4(a) shall apply. 

(e)    Return of the Company’s Property. On the Separation Date, and prior to the payment of any amounts to
Executive under Section 2(d) above, Executive shall immediately surrender to the Company all Company equipment, lists, books and records of, or in connection with, the Company’s business, and all other property belonging to the Company, it
being distinctly understood that all such equipment, lists, books and records, and other documents, are the property of the Company and shall be returned with all stored data and files intact. 

3.    General Release of Claims by Executive. 

(a)    Executive, on behalf of himself and his executors, heirs, administrators, representatives and assigns, hereby
agrees to release and forever discharge the Company and all predecessors, successors and their respective parent corporations, affiliates, related, and/or subsidiary entities, and all of their past and present investors, directors, shareholders,
officers, general or limited partners, employees, attorneys, agents and representatives, and the employee benefit plans in which Executive is or has been a participant by virtue of his employment with or service to the Company (collectively, the
“Company Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses,
compensation, responsibility and liability of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected (collectively,
“Claims”), which Executive has or may have had against such entities based on any events or circumstances arising or occurring on or prior to the date hereof, arising directly or indirectly out of, relating to, or in any other way
involving in any manner whatsoever Executive’s employment by or service to the Company or the termination thereof, including any and all claims arising under federal, state, or local laws relating to employment, including without

  
 3 

 
limitation claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, or liability in tort, and claims of any kind that may be brought in any court
or administrative agency including, without limitation, claims under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the
Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; the Civil Rights Act of 1866, and the Civil Rights Act of 1991; 42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C.
Section 621, et seq. (the “ADEA”); the Equal Pay Act, as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical Leave Act, as
amended, 29 U.S.C. § 2601 et seq.; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; and the California Fair Employment and
Housing Act, California Government Code Section 12940, et seq. 
 Notwithstanding the generality of the foregoing, Executive does not
release the following: 
 (i)    Claims for unemployment compensation or any state disability insurance benefits
pursuant to the terms of applicable state law; 
 (ii)    Claims for workers’ compensation insurance benefits
under the terms of any worker’s compensation insurance policy or fund of the Company; 
 (iii)    Claims pursuant
to the terms and conditions of the federal law known as COBRA; 
 (iv)    Claims for indemnity and to be held harmless
under the bylaws of the Company; as provided for by California law (including California Labor Code Section 2802) or another applicable and comparable state law, whichever is broader; or under any applicable insurance policy with respect to
Executive’s liability as an employee, director or officer of the Company; 
 (v)    Claims based on any right
Executive may have to enforce the Company’s executory obligations under this Release; 
 (vi)    Executive’s
right to bring to the attention of the Equal Employment Opportunity Commission or the California Department of Fair Employment and Housing claims or any other federal, state or local government agency of discrimination, harassment, retaliation or
failure to accommodate, or from participating in an investigation or proceeding conducted by the Equal Employment Opportunity Commission or any other federal, state or local government agency; provided, however, that Executive does
release his right to secure any damages for any such alleged treatment; 
 (vii)    Executive’s right to
communicate or cooperate with any government agency; and 
 (vii)    Any other Claims that cannot be released as a
matter of law. 
 Further, nothing in this Agreement alters Executive’s rights to any vested benefits, his rights related to his vested
options or ownership, or his right to pursue benefits under any applicable benefit plan. 

  
 4 

 (b)    EXECUTIVE ACKNOWLEDGES THAT HE HAS BEEN ADVISED OF AND IS
FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS: 
 “A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR
RELEASED PARTY.” 
 BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS HE MAY HAVE THEREUNDER, AS WELL
AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 (c)    Executive acknowledges that this
Release was presented to him on December 19, 2019, and that, prior to signing this Release, Executive was given at least twenty-one (21) days’ time in which to consider it. Executive further
acknowledges that the Company has advised him that he is waiving his rights under the ADEA, and that Executive should consult with an attorney of his choice before signing this Release, and Executive has had sufficient time to consider the terms of
this Release. Executive represents and acknowledges that if Executive executes this Release before the foregoing twenty-one (21) days have elapsed, Executive does so knowingly, voluntarily, and upon the
advice and with the approval of Executive’s legal counsel (if any), and that Executive voluntarily waives any remaining consideration period. 

(d)    Executive understands that after executing this Release, Executive has the right to revoke it within seven
(7) days after his execution of it. Executive understands that this Release will not become effective and enforceable unless the seven (7) day revocation period passes and Executive does not revoke the Release in writing. Executive
understands that this Release may not be revoked after the seven (7) day revocation period has passed. Executive also understands that any revocation of this Release must be made in writing and delivered to John Wallen, General Counsel of the
Company, at the Company’s principal place of business, within the foregoing seven (7) day period. 

(e)    Executive understands that this Release shall become effective, irrevocable, and binding upon Executive on the
eighth (8th) day after his execution of it, so long as Executive has not revoked it within the time period and in the manner specified in clause (d) above. 

4.    Confirmation of Continuing Obligations. 

(a)    Executive hereby expressly reaffirms his obligations under the PIIA, a copy of which is attached to this Release as
Exhibit B and incorporated herein by reference, and agrees that such obligations shall survive the Separation Date and any termination of his services to the Company. The Company shall be entitled to cease all severance payments to Executive
in the event of his non-compliance with this Section 4. 
 (b)    Executive
agrees that during the period of employment with the Company and for twelve (12) months after the date Executive’s employment is terminated for any reason, Executive will not, either directly or through others, solicit or encourage or
attempt to solicit or encourage any employee, independent contractor, or consultant of the Company to terminate his or her relationship with the Company in order to become an employee, consultant or independent contractor to or for any other person
or entity. The foregoing provision shall not be violated by (i) general advertising not targeted at employees, independent contractors or consultants of the Company or (ii) Executive’s ownership, for investment purposes only, of no
more than 3% of the outstanding stock of any company listed on a national securities exchange, or actively traded in a national over-the-counter market. 

  
 5 

 (c)    Executive agrees that he shall not disparage or otherwise
communicate negative statements or opinions about the Company, its board members, officers, employees, shareholders or agents; provided, however, that Executive shall not be prohibited from making such statements or opinions to his
immediate family so long as such statements or opinions are not likely to be harmful to the Company, its board members, officers, employees, shareholders or agents or its or their businesses, business reputations, or personal reputations. The
Company agrees that neither its board members nor officers shall disparage or otherwise communicate negative statements or opinions about Executive. Except as may be required by law, neither Executive, nor any member of Executive’s family, nor
anyone else acting by, through, under or in concert with Executive will disclose to any individual or entity (other than Executive’s legal or tax advisors) the terms of this Release.    Nothing in this Section 4(c)
shall prohibit Executive from (i) testifying in any legal proceeding in which his testimony is compelled by law or court order and no breach of this provision shall occur due to any accurate, legally compelled testimony or
(ii) communicating or cooperating with any government agency. 
 (d)    Executive acknowledges that the Company has
provided him with the following notice of immunity rights in compliance with the requirements of the Defend Trade Secrets Act: (i) Executive shall not be held criminally or civilly liable under any Federal or State trade secret law for the
disclosure of Proprietary Information (as defined in the PIIA) 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,
(ii) Executive shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of Proprietary Information that is made in a complaint or other document filed in a lawsuit or other proceeding, if
such filing is made under seal and (iii) if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the Proprietary Information to his attorney and use the Proprietary
Information in the court proceeding, if Executive files any document containing the Proprietary Information under seal, and does not disclose the Proprietary Information, except pursuant to court order. 

5.    Indemnification. The Company shall indemnify Executive for all necessary expenditures or losses, including
all reasonable costs and attorneys’ fees, incurred by Executive as a result of the discharge of his duties, or of his obedience to the directions of the Company, during his employment as provided in Section 2802 of the California Labor
Code or comparable applicable state law, whichever is broader. To the extent any claim, action or proceeding is brought related to events that occurred during Executive’s employment with the Company, if the Company requires information or
reasonable assistance from Executive to defend such claim, action or proceeding, the Company will pay or reimburse Executive for any reasonable out-of-pocket expenses
incurred by Executive in doing so. 
 6.    Arbitration. Any dispute, claim or controversy based on, arising out
of or relating to Executive’s employment or this Release shall be settled by final and binding arbitration in San Diego, California, pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, before a
single neutral arbitrator in accordance with the then-applicable rules (the “Rules”) of JAMS, Inc. (“JAMS”), and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction. The
Rules may be found online at www.jamsadr.org/rules-clauses and are available upon request from the Company. Arbitration may be compelled pursuant to the California Arbitration Act (Code of Civil Procedure §§ 1280 et seq.). If
the parties are unable to agree upon an arbitrator, one shall be appointed by JAMS in accordance with its Rules. The arbitrator will: (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; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. Each party shall pay the fees of its or his own attorneys,
the expenses of its or his witnesses and all other expenses connected with presenting its case; however, Executive and the Company agree that, to the extent permitted by law, the arbitrator may, in his or her discretion, award reasonable
attorneys’ fees to the prevailing party. Other costs of the arbitration, including the cost of any record or transcripts of the arbitration, JAMS’ 

  
 6 

 
administrative fees, the fee of the arbitrator, and all other fees and costs, shall be borne by the Company. This Section 5 is intended to be the exclusive method for resolving any and all
claims by the parties against each other for payment of damages under this Release or relating to Executive’s employment; provided, however, that Executive shall retain the right to file administrative charges with or seek relief
through any government agency of competent jurisdiction, and to participate in any government investigation, including but not limited to (i) claims for workers’ compensation, state disability insurance or unemployment insurance;
(ii) claims for unpaid wages or waiting time penalties brought before the California Division of Labor Standards Enforcement; provided, however, that any appeal from an award or from denial of an award of wages and/or waiting time
penalties shall be arbitrated pursuant to the terms of this Release; and (iii) claims for administrative relief from the United States Equal Employment Opportunity Commission and/or the California Department of Fair Employment and Housing (or
any similar agency in any applicable jurisdiction other than California). This Release shall not limit either party’s right to obtain any provisional remedy, including, without limitation, injunctive or similar relief, from any court of
competent jurisdiction as may be necessary to protect their rights and interests pending the outcome of arbitration, including without limitation injunctive relief, in any court of competent jurisdiction pursuant to California Code of Civil
Procedure § 1281.8 or any similar statute of an applicable jurisdiction. Seeking any such relief shall not be deemed to be a waiver of such party’s right to compel arbitration. Both Executive and the Company expressly waive their right to
a jury trial. 
 7.    Miscellaneous. 

(a)    Assignment; Assumption by Successor. The rights of the Company under this Release may, without the consent
of Executive, be assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or
substantially all of the assets or business of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of the Company expressly to
assume and to agree to perform this Release in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place; provided, however, that no such assumption shall relieve the
Company of its obligations hereunder. As used in this Release, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this
Release by operation of law or otherwise. 
 (c)    Survival. The covenants, agreements, representations and
warranties contained in or made in Sections 2, 3, 4, 5, 6 and 7 of this Release shall survive Executive’s termination of employment or any termination of this Release. 

(d)    Severability. In the event any provision of this Release is found to be unenforceable by an arbitrator or
court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the Parties shall receive the benefit contemplated herein to the fullest
extent permitted by law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be
affected thereby. 
 (e)    Interpretation; Construction. The headings set forth in this Release are for
convenience only and shall not be used in interpreting this Release. This Release has been drafted by legal counsel representing the Company, but Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that
Executive has had an opportunity to review and revise the Release and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the 

  
 7 

 
interpretation of this Release. Either party’s failure to enforce any provision of this Release shall not in any way be construed as a waiver of any such provision, or prevent that party
thereafter from enforcing each and every other provision of this Release. 
 (d)    Governing Law and Venue. This
Release is to be governed by and construed in accordance with the laws of the United States of America and the State of California applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws
principles thereof. Except as provided in Section 5, any suit brought hereon shall be brought in the state or federal courts sitting in San Diego, California, the parties hereto hereby waiving any claim or defense that such forum is not
convenient or proper. Each party hereby agrees that any such court shall have in personam jurisdiction over it and consents to service of process in any manner authorized by California law. 

(e)    Entire Agreement; Modification. This Release and the PIIA set forth the entire understanding of the parties
with respect to the subject matter hereof and supersede all existing agreements between them concerning such subject matter. The Employment Agreement shall be superseded entirely by this Release and the Employment Agreement shall be terminated and
be of no further force or effect. This Release may be amended or modified only with the written consent of Executive and an authorized representative of the Company. No oral waiver, amendment or modification will be effective under any circumstances
whatsoever. 
 (f)    Counterparts. This Release may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same Release. 
 (g)    Withholding and
other Deductions. All compensation payable to Executive hereunder shall be subject to such deductions as the Company is from time to time required to make pursuant to law, governmental regulation or order. 

(h)    Section 409A. 

(i)    It is intended that all of the severance benefits and other payments payable under this Agreement satisfy, to the
greatest extent possible, the exemptions from the application of Section 409A of the Code provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this Agreement (and any definitions hereunder) will be
construed in a manner that complies with Section 409A of the Code. 
 (ii)    To the extent applicable, this
Release shall be interpreted in accordance with the applicable exemptions from Section 409A of the Code. To the extent that any provision of the Release is ambiguous as to its compliance with Section 409A of the Code, the provision shall
be read in such a manner that no payments payable under this Release shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code. 

(iii)    For purposes of Section 409A of the Code, Executive’s right to receive any installment payments
pursuant to this Agreement will 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, the actual date of payment within the
specified period will be within the sole discretion of the Company. 
 (iv)    Any reimbursement of expenses or in-kind benefits payable under this Release shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of
Executive’s taxable year following the taxable year in which Executive incurred 

  
 8 

 
the expenses. The amount of expenses reimbursed or in-kind benefits payable during any taxable year of Executive’s will not affect the amount eligible
for reimbursement or in-kind benefits payable in any other taxable year of Executive’s, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for any
other benefit. 
 (i)    RIGHT TO ADVICE OF COUNSEL. EXECUTIVE ACKNOWLEDGES THAT HE HAS THE RIGHT, AND IS
ENCOURAGED, TO CONSULT WITH HIS LAWYER; BY HIS SIGNATURE BELOW, EXECUTIVE ACKNOWLEDGES THAT HE HAS CONSULTED, OR HAS ELECTED NOT TO CONSULT, WITH HIS LAWYER CONCERNING THIS RELEASE. 

(Signature Page Follows) 

  
 9 

 IN WITNESS WHEREOF, the parties have executed this Release as of the dates set forth below.

  

									
		 		 		 	AVIDITY BIOSCIENCES, INC.
					
	Date:	 	01/04/2020	 		 	By:	 	 /s/ Sarah Boyce

		 		 		 	Name:	 	Sarah Boyce
		 		 		 	Title:	 	CEO
				
		 		 		 	EXECUTIVE
				
	Date:	 	01/06/2020	 		 	 /s/ Kent Hawryluk

		 		 		 	Kent Hawryluk

 [SIGNATURE PAGE TO GENERAL RELEASE OF CLAIMS] 

 EXHIBIT A 

EMPLOYMENT AGREEMENT 

AVIDITY NANOMEDICINES LLC 

EXECUTIVE EMPLOYMENT AGREEMENT 

FOR 

KENT HAWRYLUK 

This Executive Employment Agreement (the “Agreement”), made between Avidity NanoMedicines LLC (the
“Company”) and Kent Hawryluk (the “Executive”) (collectively, the “Parties”), is effective as of January 1, 2013. 

WHEREAS, the Company desires Executive to provide non-exclusive
employment services to the Company, and wishes to provide Executive with certain compensation and benefits in return for such employment services; and 

WHEREAS, Executive wishes to be employed by the Company and to provide personal services to the Company
in return for certain compensation and benefits; 
 NOW, THEREFORE, in consideration of
the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 

EMPLOYMENT BY THE COMPANY. 

Position. Executive will serve as the Company’s Chief Business Officer. During the term of Executive’s employment with the
Company, Executive will devote Executive’s best efforts and a reasonable amount of Executive’s business time and attention to the business of the Company, except for reasonable periods of illness or other incapacities permitted by the
Company’s general employment policies. 
 1.2    Duties and Location. Executive will perform such
duties as are required by the Company’s Chief Executive Officer to whom Executive will report. Executive’s primary office location will be located in Indianapolis, Indiana. The Company reserves the right to reasonably require Executive to
perform Executive’s duties at places other than Executive’s primary office location from time to time and to require reasonable business travel. 

1.3    Policies and Procedures. The employment relationship between the Parties will be governed by the
general employment policies and practices of the Company, except that when the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement will control. 

COMPENSATION. 

Initial Salary. For services to be rendered hereunder, Executive will be entitled to receive a base salary at the rate of $120,000 per
year (the “Initial Salary”) less normal payroll withholdings. Executive will receive the full Initial Salary in cash in accordance with the Company’s regular payroll schedule. 

 Bonus. Executive will be eligible for an annual discretionary bonus of up to 30% of
Executive’s Base Salary (the “Annual Bonus”). Whether Executive receives an Annual Bonus for any given year, and the amount of any such Annual Bonus, will be determined by the Company’s Board of Managers
(“Board”) in its sole discretion based upon the Company’s and Executive’s achievement of objectives and milestones to be determined on an annual basis by the Board. Executive must remain an active employee or
consultant through the end of any given calendar year in order to earn an Annual Bonus for that year and any such bonus will be paid prior to March 15 of the year following the year in which such bonus was earned. Executive will not be eligible
for, and will not earn, any Annual Bonus (including a prorated bonus) if Executive’s employment or consulting relationship with the Company terminates for any reason before the end of the calendar year. 

Payment of Special Bonus. Executive will be eligible to receive a special bonus (the “Special Bonus”) payable
upon the upon the closing of the Company Financing (as defined below) in the form of equity securities issued in the Company Financing calculated in accordance with this Section 2.3. Upon the closing of the Company Financing, the Company will
issue to Executive equity securities in the Company in the same class and with the same rights and preferences as the equity securities issued pursuant to the Company Financing in an aggregate amount (based on the per share price of the equity
securities issued in the Company Financing) equal to (a) $104,712, plus (b) an amount equal to $140,000 multiplied by x/365 (where x = the number of days between May 28, 2013 and the earlier to occur of (x) date of the closing of the
Company Financing and (y) the effective date of any termination of Executive’s employment or consulting relationship with the Company prior to the date of the closing of the Company Financing). In the event that the Company has not closed
a Company Financing prior to a Company Transaction (as defined below), at the closing of the Company Transaction, the Company will pay the Executive an amount in cash equal to the Special Bonus (provided, that for purposes of determining the portion
of the Special Bonus described in clause (b) above, the term “Company Financing” shall be replaced with the term “Company Transaction”). 

Post-Financing Salary. Upon the closing of the Company Financing, for services to be rendered hereunder, the Executive’s base
salary will increase to $260,000 per year (the “Base Salary”) less normal payroll withholdings. Executive will receive the full Base Salary in cash in accordance with the Company’s regular payroll schedule. 

Payment of Base Salary and Annual Bonus. The Initial Salary, Base Salary, and Annual Bonus (if any) shall be paid to Executive by
Insperity (a co-employer of Executive) or another professional employer organization and all amounts so paid for services rendered will satisfy the Company’s obligations hereunder. The Company will
indemnify Executive for any claims for federal, state or local taxing authorities that the Company’s payments to Executive should have been subjected to additional taxes or withholdings. 

STANDARD COMPANY BENEFITS. Executive shall be entitled to participate in all employee
benefit programs for which Executive is eligible under the terms and conditions of the benefit plans that may be in effect from time to time and provided by the Company to its employees. The Company reserves the right to cancel or change the benefit
plans or programs it offers to its employees at any time. 
 VACATION. Executive will be entitled to accrue and use
paid vacation in accordance with the terms of the Company’s vacation policy and practices, provided, however, that in no event will Executive’s vacation accrual rate be lower than 3 weeks per year. 

 EXPENSES AND INDEMNITY 

EXPENSES. The Company will reimburse Executive for reasonable travel and lodging, including, without
limitation, any required lodging expenses incurred in connection with travel by Executive to La Jolla, California, entertainment or other expenses incurred by Executive in furtherance or in connection with the performance of Executive’s duties
hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time. 

INDEMNITY. Executive will be indemnified by the Company to the fullest extent permitted by California, Indiana or
Delaware law pursuant to an indemnity agreement entered into between the parties substantially in the form of Exhibit B. 

TERMINATION OF EMPLOYMENT; SEVERANCE. 

At-Will Employment. Executive’s employment relationship is
at-will. Either Executive or the Company may terminate the employment relationship at any time, with or without Cause or advance notice. 

Termination Without Cause; Resignation for Good Reason. 

Not in Connection with a Company Transaction. In the event Executive’s employment with the Company is terminated by the Company
without Cause (other than by reason of death or disability), or Executive resigns for Good Reason, then provided such termination or resignation 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”), the Separation from Service occurs more than 59 days prior to the closing of a
Company Transaction, and provided that Executive remains in compliance with the terms of this Agreement, the Company will provide Executive with a cash lump-sum payment in an amount equal to 12 months of
Executive’s annual base salary at the rate in effect on the effective date of Executive’s Separation from Service, ignoring any decrease in base salary that forms the basis for Good Reason, payable on the 60th day following Executive’s Separation from Service, provided the Release (as discussed in Section 6) has become effective. 

In Connection with a Company Transaction. In the event Executive’s employment with the Company is terminated by the Company
without Cause (other than by reason of death or disability), or Executive resigns for Good Reason, then provided such termination or resignation constitutes a Separation from Service, the Separation from Service occurs within 59 days prior to, on or
within 12 months following the closing of a Company Transaction, and provided that Executive remains in compliance with the terms of this Agreement, the Company will provide Executive with the following severance benefits: 

A cash lump-sum payment in an amount equal to 12 months of Executive’s annual base salary at the
rate in effect on the effective date of Executive’s Separation from Service, ignoring any decrease in base salary that forms the basis for Good Reason, less standard deductions and withholdings, payable on the 60th day following Executive’s Separation from Service, provided the Release (as discussed in Section 7) has become effective. 

A cash lump-sum payment in an amount equal to the Executive’s full target bonus amount for
services to be performed during the year in which the Company Transaction occurs, less standard deductions and withholdings, payable on the 60th day following Executive’s Separation from
Service, provided the Release (as discussed in Section 7) has become effective. 
 Provided Executive timely elects continued coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company will pay the COBRA premiums to continue Executive’s coverage (including coverage for eligible dependents,

 
if applicable), subject to withholding if deemed necessary to comply with applicable laws, through the period (the “COBRA Premium Period”) starting on the Executive’s
Separation from Service and ending on the earliest to occur of: (i) 12 months following Executive’s Separation from Service; (ii) the date Executive becomes eligible for group health insurance coverage through a new employer; or
(iii) the date Executive ceases to be eligible for COBRA continuation coverage for any reason. In the event Executive becomes covered under another employer’s group health plan or otherwise cease to be eligible for COBRA during the COBRA
Premium Period, Executive must immediately notify the Company of such event. 
 One hundred percent of any Parent equity held by Executive
will be deemed vested and exercisable (if applicable) as of Executive’s last day of employment. 
 Termination for Cause;
Resignation Without Good Reason; Death or Disability. If Executive resigns without Good Reason, or the Company terminates Executive’s service for Cause, or upon Executive’s death or disability, then all payments of compensation by the
Company to Executive hereunder will terminate immediately (except as to amounts already earned), and Executive will not be entitled to any benefits under Section 6.2(a) or Section 6.2(b). 

RELEASE OF CLAIMS. The receipt of any benefits under Section 6.2(a) or
Section 6.2(b) will be subject to Executive providing a signed and irrevocable release of claims in the form attached hereto as Exhibit A (the “Release”), within 60 days following Executive’s Separation from
Service. 
 SECTION 409A. 

It is intended that all of the severance benefits and other payments payable under this Agreement satisfy, to the greatest extent possible, the
exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and
1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this Agreement (and any definitions hereunder) will be
construed in a manner that complies with Code Section 409A. 
 A termination of employment will not be deemed to have occurred for
purposes of any provision of this Agreement providing for the payment of any amounts or benefits 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 service” or like terms will mean “separation from service.” If Executive is deemed on the date
of termination 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 deferred compensation under Code
Section 409A payable on account of a “separation from service,” such payment or benefit will be made or provided at the date which is the earlier of (A) the expiration of the six-month
period measured from the date of such “separation from service” of Executive, and (B) the date of Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all
payments and benefits delayed pursuant to this Section 8.2 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) will be paid or reimbursed to Executive in a lump sum, and any remaining
payments and benefits due under this Agreement will be paid or provided in accordance with the normal payment dates specified for them herein. 

To the extent that reimbursements or other in-kind benefits under this Agreement constitute
“nonqualified deferred compensation” for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder will be made on or prior to the last day of the taxable year following the taxable year in which such
expenses were incurred by Executive, (B) any right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses
eligible for reimbursement, or in-kind benefits provided in any taxable year will in any way affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other taxable year. 

 For purposes of Code Section 409A, Executive’s right to receive any installment
payments pursuant to this Agreement will 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, the actual date of payment
within the specified period will be within the sole discretion of the Company. Notwithstanding any other provision of this Agreement to the contrary, in no event will any payment under this Agreement that constitutes “nonqualified deferred
compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A. 

DEFINITIONS. 

“Cause” with respect to Executive means Executive has: (a) been convicted of or pled guilty or
nolo contendere to a felony or any crime involving moral turpitude or dishonesty; (b) participated in a fraud or act of dishonesty against the Company; (c) materially breached any agreement between such Executive and the Company or
any written policy of the Company; (d) engaged in conduct that demonstrates gross unfitness to serve; or (e) engaged in willful misconduct or (f) refused to comply with any lawful directive of the Company and, with respect to clauses
(c) and (f), Executive has not cured such noncompliance or breach within 30 days of receipt the Company’s written notice of such noncompliance or breach. 

“Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance
thereunder. 
 “Company Financing” means the first issuance of equity securities by the Company in one transaction
or a series of related transactions which is a bona fide financing transaction with proceeds to the Company equal to at least $5.0 million (excluding the conversion of any convertible debt). 

“Company Transaction” means the consummation, in a single transaction or in a series of related transactions, of any
one or more of the following events: 
 a sale, lease or other disposition of all or substantially all, as determined by the Board in its
sole discretion, of the consolidated assets of the Company and its subsidiaries; 
 a sale or other disposition of at least 50% of the
outstanding securities of the Company or of the outstanding securities of Parent; 
 a merger, consolidation, or similar transaction of the
Company or Parent following which such entity is not the surviving entity; 
 a merger, consolidation or similar transaction of the Company
or Parent following which such entity is the surviving entity but the units outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger consolidation or similar transaction
into other property, whether in the form of securities, cash or otherwise. 
 Notwithstanding the foregoing, the term Company Transaction
will not include (i) a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, or (ii) the acquisition of securities of the Company by an investor or any affiliate thereof
that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities. In addition, to the

 
extent required for compliance with Section 409A of the Code, in no event will an event be deemed a Company Transaction if such transaction is not also a “change in the ownership or
effective control of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5)
(without regard to any alternative definition thereunder). 
 “Good Reason” will exist for resignation from
employment with the Company if any of the following actions are taken by the Company without Executive’s prior written consent: 
 a
material reduction in Executive’s base salary, unless pursuant to a salary reduction program applicable generally to the Company’s similarly situated employees; 

a material reduction in Executive’s duties (including responsibilities and/or authorities); 

a material reduction in the authority, duties, or responsibilities of the supervisor to whom Executive is required to report, including a
requirement that Executive report to an officer or employee instead of reporting directly to the Board or similar governing body; 

relocation of Executive’s principal place of employment to a place that increases Executive’s
one-way commute by more than 50 miles as compared to Executive’s then-current principal place of employment immediately prior to such relocation; or 

any other action or inaction that constitutes a material breach by the Company of this Agreement or any agreement under which Executive
provides services. 
 In order to resign for Good Reason, Executive must provide written notice to the Company within 60 days after the first occurrence of
the event giving rise to Good Reason setting forth the basis for Executive’s resignation, allow the Company at least 30 days from receipt of such written notice to cure such event, and if such event is not reasonably cured within such period,
Executive must resign from all positions Executive then holds with the Company not later than 90 days after the expiration of the cure period. 

“Parent” means, an entity that is a majority equity holder of the Company, or any entity in a chain of entities in
which each entity is a majority equity holder of another entity in the chain, ending with the Company. A “majority equity holder” is an equity holder owning more than 50% of the total fair market value and total voting power of the entity
in question. 
 PROPRIETARY INFORMATION OBLIGATIONS. 

Confidential Information Agreement. As a condition of employment, Executive will execute and abide by the Company’s standard form
of Proprietary Information and Invention Assignment Agreement (the “Confidentiality Agreement”) and Arbitration Agreement. 

Third-Party Agreements and Information. Executive represents and warrants that Executive’s employment by the Company does not
conflict with any prior employment or consulting agreement or other agreement with any third party, and that Executive will perform Executive’s duties to the Company without violating any such agreement. During Executive’s employment with
the Company, Executive will use in the performance of Executive’s duties only information which is generally known and used by persons with training and experience comparable to Executive’s own, common knowledge in the industry, otherwise
legally in the public domain, or obtained or developed by the Company or by Executive in the course of Executive’s work for the Company. 

 NO ADVERSE INTERESTS. 

During the term of employment with the Company, Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or
interest known to be a direct competitor of the Company, its business or prospects, financial or otherwise. This does not prohibit Executive’s continued involvement in any existing investments or ownership, for investment purposes only, of not
more than 3% of the outstanding stock of any company listed on a national securities exchange, or actively traded in a national over-the-counter market. 

NON-SOLICITATION. Executive agrees that during the period of
employment with the Company and for 12 months after the date Executive’s employment is terminated for any reason, Executive will not, either directly or through others, solicit or encourage or attempt to solicit or encourage any employee,
independent contractor, or consultant of the Company to terminate his or her relationship with the Company in order to become an employee, consultant or independent contractor to or for any other person or entity. The foregoing provision shall not
be violated by (a) general advertising not targeted at employees, independent contractors or consultants of the Company or (b) Executive’s ownership, for investment purposes only, of not more than 3% of the outstanding stock of any
company listed on a national securities exchange, or actively traded in a national over-the-counter market. 

DISPUTE RESOLUTION. 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, Executive’s employment, or the termination of Executive’s employment, including but not limited to statutory claims, will be resolved to the fullest extent permitted by law by final, binding and
confidential arbitration, by a single arbitrator, in San Diego, California, conducted by JAMS, Inc. (“JAMS”) under the then applicable JAMS rules (which can be found at the following web address:
http://www.jamsadr.com/rulesclauses). By agreeing to this 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. The Company acknowledges that
Executive will have the right to be represented by legal counsel at any arbitration proceeding. The arbitrator will: (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; and (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator will be authorized to award any or all remedies that
Executive or the Company would be entitled to seek in a court of law. The Company will pay all JAMS’ arbitration fees. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in 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. 

GENERAL PROVISIONS. 

Notices. Any notices provided must be in writing and will be deemed effective upon the earlier of personal delivery or the next day
after sending by overnight carrier, to the Company at its primary office location and to Executive at the address as listed on the Company payroll. 

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 to the extent possible in keeping with the intent of the parties. 

 Waiver. Any waiver of any breach of any provisions of this Agreement must be in
writing to be effective, and it will not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

Complete Agreement. This Agreement, together with the Confidentiality Agreement and Arbitration Agreement, constitutes the entire
agreement between Executive and the Company with regard to this subject matter and is the complete, final, and exclusive embodiment of the Parties’ agreement with regard to this subject matter. This Agreement is entered into without reliance on
any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. It 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 a writing signed by a duly authorized officer of the Company. 

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. 
 Headings. The headings of the paragraphs hereof
are inserted for convenience only and will not be deemed to constitute a part hereof nor to affect the meaning thereof. 
 Successors and
Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of
his duties hereunder and he may not assign any of his rights hereunder without the written consent of the Company, which will not be withheld unreasonably. 

Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws of
the State of California. 
 IN WITNESS WHEREOF, the Parties have executed
this Agreement on the day and year first written above. 
  

			
	AVIDITY NANOMEDICINES LLC
		
	By:	 	 /s/ Troy Wilson

	Name: Troy Wilson
	Title: President and CEO
	
	EXECUTIVE
	
	 /s/ P. Kent Hawryluk

	Name: P. Kent Hawryluk

 AMENDMENT #1 TO 

EXECUTIVE EMPLOYMENT AGREEMENT 
 This
Amendment #1 is made effective as of January 1, 2013 (“the Amendment Effective Date”) and amends that certain Executive Employment Agreement by and between Avidity NanoMedicines LLC, a Delaware limited liability company (the
“Company”) and Kent Hawryluk (the “Executive”) dated January 1, 2013 (the “Agreement”). 
 WHEREAS, the
Company and Executive desire to amend the Agreement to clarify and correct the provision with respect to the commencement date of Executive’s salary. 

NOW THEREFORE, in consideration of the foregoing and the agreements below, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
  

	 	1.	 All terms not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

  

	 	2.	 Section 2.1 is hereby deleted and replaced in its entirety with the following: 

“2.1 Initial Salary. For Services to be rendered hereunder, commencing on May 28, 2013 Executive will be entitled to receive
a base salary at the rate of $120,000 per year (the “Initial Salary”) less normal payroll withholdings. Executive will receive the full Initial Salary in cash in accordance with the Company’s regular payroll
schedule.” 
  

	 	3.	 Except as specifically amended hereby, all terms of the Agreement remain in full force and effect.

 IN WITNESS WHEREOF, the undersigned agree to the terms and conditions of the Agreement as amended herein. 

 

									
	Avidity NanoMedicines LLC	 		 		 	Executive
					
	By:	 	 /s/ Troy Wilson
	 		 		 	 /s/ Kent Hawryluk

	Name:	 	Troy Wilson	 		 		 	Name: Kent Hawryluk
	Title:	 	President and Chief Executive Officer	 		 		 	

 EXHIBIT B 

AVIDITY NANOMEDICINES LLC 

EMPLOYEE PROPRIETARY INFORMATION 

AND INVENTIONS AGREEMENT 

In consideration of my employment or continued employment by AVIDITY NANOMEDICINES
LLC (the “Company”), and the compensation now and hereafter paid to me, I hereby agree as follows: 

 

 1.     NONDISCLOSURE 

1.1    Recognition of Company’s Rights; Nondisclosure. At all times during my employment and
thereafter (and for purposes of this Agreement, any reference to any period of employment shall also include any other provision of services to the Company, directly or indirectly), I will hold in strictest confidence and will not disclose, use,
lecture upon or publish any of the Company’s Proprietary Information (defined below), except as such disclosure, use or publication may be required in connection with my work for the Company, or unless an officer of the Company expressly
authorizes such in writing. I will obtain Company’s written approval before publishing or submitting for publication any material (written, verbal, or otherwise) that relates to my work at Company and/or incorporates any Proprietary
Information. I hereby assign to the Company any rights I may have or acquire in such Proprietary Information and recognize that all Proprietary Information shall be the sole property of the Company and its assigns. I have been informed and
acknowledge that the unauthorized taking of the Company’s trade secrets could result in a civil liability under California Civil Code Section 3426, and that, if willful, could result in an award for double the amount of the
Company’s damages and attorneys’ fees; and is a crime under California Penal Code Section 444(c), punishable by imprisonment for a time not exceeding one (1) year, or by a fine not exceeding five thousand
dollars ($5,000), or by both. 
 1.2    Proprietary Information. The term “Proprietary
Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the Company. By way of illustration but not limitation, “Proprietary Information” includes (a) trade
secrets, inventions, mask works, ideas, samples, procedures and formulations for producing any such samples, media and/or processes, data, formulae, methods, software, source and object codes. programs, other works of authorship, know-how, improvements, discoveries, developments, developmental or experimental work, designs, and techniques (hereinafter collectively referred to as “Inventions”); (b) information
regarding the operation of the Company, products, services, plans for research and development, marketing

 
and business plans, budgets, accounts, financial statements, licenses, licensors, licensees, contracts, prices and costs, suppliers, and current or potential customers; (c) information
regarding the skills, tasks and compensation of Company’s employees, contractors, and any other service providers of Company; and (d) the existence of any business discussions, negotiations, or agreements between Company and any third
party. 
 1.3    Third Party Information. understand, in addition, that the Company has received and in
the future will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it
only for certain limited purposes. During the term of my employment and thereafter, I will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in
connection with their work for the Company) or use, except in connection with my work for the Company, Third Party Information unless expressly authorized by an officer of the Company in writing. 

1.4    No Improper Use of Information of Prior Employers and Others. During my employment by the Company I
will not improperly use or disclose any confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality, and I will not bring onto the premises of the Company any
unpublished documents or any property belonging to any former employer or any other person to whom I have an obligation of confidentiality unless consented to in writing by that former employer or person. I will use in the performance of my duties
only information which is generally known and used by persons with training and experience comparable to my own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the
Company. 
 2.    ASSIGNMENT OF INVENTIONS. 

2.1    Proprietary Rights. The term “Proprietary Rights” shall mean any Invention,
whether 

 

 
or not patentable, and all related know-how, designs, trademarks, formulae, processes, manufacturing techniques, trade secrets, ideas, artwork, software or
other copyrightable or patentable works and any and all other intellectual property rights throughout the world. 

2.2    Prior Inventions. Inventions, if any, patented or unpatented, which I made prior to the commencement of my
employment with the Company are excluded from the scope of this Agreement. To preclude any possible uncertainty, I have set forth on Exhibit B (Previous Inventions) attached hereto a complete list of all Inventions that I have, alone
or jointly with others, conceived, developed or reduced to practice or caused to be conceived, developed or reduced to practice prior to the commencement of my employment with the Company, that I consider to be my property or the property of third
parties and that I wish to have excluded from the scope of this Agreement (collectively referred to as “Prior Inventions”). If disclosure of any such Prior Invention would cause me to violate any prior confidentiality
agreement, I understand that I am not to list such Prior Inventions in Exhibit B but am only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs and the fact that full disclosure as to
such inventions has not been made for that reason. A space is provided on Exhibit B for such purpose. If no such disclosure is attached, I represent that there are no Prior Inventions. If, in the course of my employment with the
Company, I incorporate a Prior Invention into a Company product, process or machine, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple
tiers of sublicensees) to make, have made, modify, use and sell such Prior Invention. Notwithstanding the foregoing, I agree that I will not incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions without the
Company’s prior written consent. 
 2.3    Assignment of Inventions. Subject to Sections 2.4, and 2.6, I
hereby assign and agree to assign in the future (when any such Inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to the Company all my right, title and interest in and to any and all
Inventions (and all Proprietary Rights with respect thereto) whether or not patentable or registrable under copyright or similar statutes, made or conceived or reduced to practice or learned by me, either alone or jointly with others, during the
period of my employment with the Company. Inventions assigned to the Company, or to a third party as directed by the Company pursuant to this Section 2, are hereinafter referred to as “Company Inventions.”

 2.4    Nonassignable Inventions. This Agreement does not
apply to an Invention which qualifies fully as a nonassignable Invention under Section 2870 of the California Labor Code (hereinafter “Section 2870”). I have reviewed the notification on Exhibit A (Limited
Exclusion Notification) and agree that my signature acknowledges receipt of the notification. 

2.5    Obligation to Keep Company Informed. During the period of my employment and for six (6) months
after termination of my employment with the Company, I will promptly disclose to the Company fully and in writing all Inventions authored, conceived or reduced to practice by me, either alone or jointly with others. In addition, I will promptly
disclose to the Company all patent applications filed by me or on my behalf within a year after termination of employment. At the time of each such disclosure, I will advise the Company in writing of any Inventions that I believe fully qualify for
protection under Section 2870; and I will at that time provide to the Company in writing all evidence necessary to substantiate that belief. The Company will keep in confidence and will not use for any purpose or disclose to third parties
without my consent any confidential information disclosed in writing to the Company pursuant to this Agreement relating to Inventions that qualify fully for protection under the provisions of Section 2870. I will preserve the confidentiality of
any Invention that does not fully qualify for protection under Section 2870. 
 2.6    Government or
Third Party. I also agree to assign all my right, title and interest in and to any particular Company Invention to a third party, including without limitation the United States, as directed by the Company. 

2.7    Works for Hire. I acknowledge that all original works of authorship which are made by me (solely or
jointly with others) within the scope of my employment and which are protectable by copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section 101). 

2.8    Enforcement of Proprietary Rights. I will assist the Company in every proper way to obtain, and from time
to time enforce, United States and foreign Proprietary Rights relating to Company Inventions in any and all countries. To that end I will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as
the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof. In addition, I will execute, verify and deliver

 

 
assignments of such Proprietary Rights to the Company or its designee. My obligation to assist the Company with respect to Proprietary Rights relating to such Company Inventions in any and all
countries shall continue beyond the termination of my employment, but the Company shall compensate me at a reasonable rate after my termination for the time actually spent by me at the Company’s request on such assistance. 

In the event the Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions
specified in the preceding paragraph, I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and in my behalf to
execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by me. I hereby waive and quitclaim to the Company any and
all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company. 

3.    RECORDS. I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings
and in any other form that may be required by the Company) of all Proprietary Information developed by me and all Inventions made by me during the period of my employment at the Company, which records shall be available to and remain the sole
property of the Company at all times. 
 4.    ADDITIONAL ACTIVITIES. I agree that during
the period of my employment by the Company I will not, without the Company’s express written consent, engage in any employment or business activity which is competitive with, or would otherwise conflict with, my employment by the Company. I
agree further that for the period of my employment by the Company and for one (1) year after the date of termination of my employment by the Company I will not, either directly or through others, solicit or attempt to solicit any employee,
independent contractor or consultant of the company to terminate his or her relationship with the Company in order to become an employee, consultant or independent contractor to or for any other person or entity. 

5.    NO CONFLICTING OBLIGATION. represent that my performance of all the terms of
this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment by the Company. I have not

 
entered into, and I agree I will not enter into, any agreement either written or oral in conflict herewith. 

6.    RETURN OF COMPANY DOCUMENTS. When I leave the employ of
the Company, I will deliver to the Company any and all drawings, notes, memoranda, specifications, devices, formulas, and documents, together with all copies thereof, and any other material containing or disclosing any Company Inventions, Third
Party Information or Proprietary Information of the Company. I further agree that any property situated on the Company’s premises and owned by the Company, including disks and other storage media, filing cabinets or other work areas, is subject
to inspection by Company personnel at any time with or without notice. Prior to leaving, I will cooperate with the Company in completing and signing the Company’s termination statement. 

7.    LEGAL AND EQUITABLE REMEDIES. Because my services are
personal and unique and because I may have access to and become acquainted with the Proprietary Information of the Company, the Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or
other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement. 

8.    NOTICES. All notices required or permitted hereunder shall be in writing and shall be
deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, and if not during normal business hours of the
recipient, then on the next business day, (iii) five (5) calendar days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) business 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 other party hereto at such party’s address hereinafter set forth on the signature page hereof, or at such
other address as such party may designate by ten (10) days advance written notice to the other party hereto. 

9.    NOTIFICATION OF NEW EMPLOYER. In the event that I leave
the employ of the Company, I hereby consent to the notification of my new employer of my rights and obligations under this Agreement.

 

 10.    GENERAL PROVISIONS. 

10.1    Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed
according to the laws of the State of California, as such laws are applied to agreements entered into and to be performed entirely within California between California residents. 

10.2    Severability. In case any one or more of the provisions contained in this Agreement shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein. If moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it
shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

10.3    Successors and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other
legal representatives and will be for the benefit of the Company, its successors, and its assigns. 

10.4    Survival. The provisions of this Agreement shall survive the termination of my employment and the
assignment of this Agreement by the Company to any successor in interest or other assignee. 

10.5    Employment. I agree and understand that nothing in this Agreement shall confer any right with
respect to continuation of employment by the Company, nor shall it interfere in any way with my right or the Company’s right to terminate my employment at any time, with or without cause. 

10.6    Waiver. No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or
succeeding breach. No waiver by the Company of any right under this Agreement shall be construed as a waiver of any other right. The Company shall not be required to give notice to enforce strict adherence to all terms of this Agreement. 

10.7    “I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT, I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF
INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS

 
AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.” 

10.8    Entire Agreement. The obligations pursuant to Sections 1 and 2 of this Agreement shall apply to any time
during which I was previously employed, or am in the future employed, by the Company as a consultant if no other agreement governs nondisclosure and assignment of inventions during such period. This Agreement is the final, complete and exclusive
agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior discussions between us with respect to the subject matter hereto, including, but not limited to, any prior agreement between the Company and me
with respect to the assignment of proprietary information to the Company. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the party to be
charged. Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement. 

This Agreement shall be effective as of the first day of my employment with the Company, namely January 1, 2013. 

I HAVE READ THIS AGREEMENT CAREFULLY AND
UNDERSTAND ITS TERMS. I HAVE COMPLETELY FILLED OUT EXHIBIT B TO THIS AGREEMENT.

 Dated: 1/24/14 
 /s/ Kent Hawryluk

 (Signature) 
 Kent Hawryluk 

ACCEPTED AND AGREED TO: 

AVIDITY NANOMEDICINES LLC 
 By:    
/s/ Troy Wilson 
 Name:       

Title:         

Dated:      

 

 EXHIBIT A 

LIMITED EXCLUSION NOTIFICATION 

THIS IS TO NOTIFY you in accordance with Section 2872 of the
California Labor Code that the foregoing Agreement between you and the Company does not require you to assign or offer to assign to the Company any invention that you developed entirely on your own time without using the Company’s equipment,
supplies, facilities or trade secret information except for those inventions that either: 
 1.    Relate at the
time of conception or reduction to practice of the invention to the Company’s business, or actual or demonstrably anticipated research or development of the Company; 

2.    Result from any work performed by you for the Company. 

To the extent a provision in the foregoing Agreement purports to require you to assign an invention otherwise excluded from the preceding
paragraph, the provision is against the public policy of this state and is unenforceable. 
 This limited exclusion does not apply to any
patent or invention covered by a contract between the Company and the United States or any of its agencies requiring full title to such patent or invention to be in the United States. 

I ACKNOWLEDGE RECEIPT of a copy of this notification. 

By: /s/ P. Kent Hawryluk 

Print Name: P. Kent Hawryluk 

Date: 1/24/14 
 Witnessed By: 

/s/ [Illegible] 

 EXHIBIT B 

TO:              AVIDITY NANOMEDICINES
LLC 
 FROM: P. Kent Hawryluk 
 DATE: 1/24/14

 SUBJECT:  Previous Inventions 
 1. Except
as listed in Section 2 below, the following is a complete list of all inventions or improvements relevant to the subject matter of my employment by AVIDITY NANOMEDICINES LLC (the
“Company”) that have been made or conceived or first reduced to practice by me alone or jointly with others prior to my engagement by the Company: 
  

	 	☒	 No inventions or improvements. 

 

	 	☐	 See below: 

  

	 	☐	 Additional sheets attached. 

2. Due to a prior confidentiality agreement, I cannot complete the disclosure under Section 1 above with respect to inventions or improvements generally
listed below, the proprietary rights and duty of confidentiality with respect to which I owe to the following party(ies): 
  

							
		 	Invention or Improvement	  	Party(ies)	  	Relationship
				
	1.        	 		  		  	
				
	2.	 		  		  	
				
	3.	 		  		  	

  

	 	☐	 Additional sheets attached.

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