SEC Contract Filing

Filing Date: 2018-06-11

Document Content:
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>4
<FILENAME>axovantexhib1023.htm
<DESCRIPTION>EXHIBIT 10.23
<TEXT>
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<div><a name="sc22b5b466ae54c718f5dc63d787514c0"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:144%;padding-bottom:16px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.23</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MUTUAL RELEASE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS MUTUAL RELEASE AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#32;(the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is made as of February 11, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Signing Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;) by and between Axovant Sciences, Inc. (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Axovant</font><font style="font-family:inherit;font-size:12pt;">&#8221;), Roivant Sciences, Inc. (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Roivant</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and David Hung (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Hung</font><font style="font-family:inherit;font-size:12pt;">&#8221;) (collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Parties</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">RECITALS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS, </font><font style="font-family:inherit;font-size:12pt;">Roivant is an Affiliate of, and under common control with, Axovant (with the term &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Affiliate</font><font style="font-family:inherit;font-size:12pt;">&#8221; having the meaning given it in Rule 405 of the U.S. Securities and Exchange Commission); </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS, </font><font style="font-family:inherit;font-size:12pt;">Hung has been employed by Axovant as Axovant&#8217;s President and Chief Executive Officer pursuant to that certain Employment Agreement dated as of April 7, 2017 between Hung and Axovant (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Employment Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS, </font><font style="font-family:inherit;font-size:12pt;">Hung has served as an Advisor to Roivant pursuant to that certain Advisor Agreement dated as of June 1, 2017 between Hung and Roivant (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Advisor Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;); and </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS, </font><font style="font-family:inherit;font-size:12pt;">Hung&#8217;s last day of employment with Axovant will be February 11, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Separation Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;) pursuant to that certain Separation Agreement dated the Signing Date between Hung and Axovant (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Separation Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;); </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE,</font><font style="font-family:inherit;font-size:12pt;">&#32;in consideration of the mutual covenants and agreements herein contained, the Parties hereby covenant and agree as follows effective as of the Separation Date:</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">AGREEMENT</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1. TERMINATION OF ADVISOR AGREMENT AND EMPLOYMENT AGREEMENT.</font><font style="font-family:inherit;font-size:12pt;">&#3