SEC Contract Filing

Filing Date: 2016-09-21

Document Content:
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<TYPE>EX-10.7
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<FILENAME>d261598dex107.htm
<DESCRIPTION>EX-10.7
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.7 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;19, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John McCabe </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">17 Brookside Farm Lane </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sudbury, MA 01776 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Severance and Retention Incentives </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear John: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eleven Biotherapeutics (the &#147;Company&#148;) recognizes and appreciates the contributions you have made to the Company during your employment and wants
you to remain committed and focused following the closing (the &#147;Closing&#148;) of the proposed acquisition by the Company of Viventia Bio Inc. (&#147;Viventia&#148;) pursuant to a Share Purchase Agreement (the &#147;Agreement&#148;) by and
among the Company, Viventia, the shareholders of Viventia named on the signature pages thereto and, for certain limited purposes, Clairmark Investments Ltd., pursuant to which Agreement the Company will acquire all of the outstanding equity
interests in Viventia and Viventia will become a wholly-owned subsidiary of the Company. Although the Company had earlier contemplated terminating your employment upon or shortly following the Closing, we have decided that we would like you to stay
on and continue guiding the Company forward in your role as Chief Financial Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We recognize that you would have been eligible to receive certain
benefits under the employment letter agreement between you and the Company dated August&nbsp;28, 2015 (the &#147;Employment Agreement&#148;) had your employment been terminated as earlier contemplated, and that we are asking you to remain employed
by us during a time of change and challenge. We also recognize that your preference may have been to pursue other opportunities, had you had more of an opportunity to fully evaluate the opportunity that remaining presents to you and therefore want
to offer that, if you <I>voluntarily</I> terminate your employment for <I>any</I> reason during the six&nbsp;(6) month period following the Closing, you will be eligible to receive the same severance benefits that you would have been eligible to
receive pursuant to the Employment Agreement had your employment been involuntarily terminated without Cause (as defined in the Employment Agreement) upon the Closing (including, without limitation, vesting of 100% of your then outstanding unvested
equity awards that were granted <I>prior to </I>the Closing). Such severance benefits will be payable in the same manner and subject to the same conditions as set forth in the Employment Agreement (including, without limitation, your timely entering
into a separation and release of claims agreement that will be provided to you by the Company should you voluntarily resign during the six&nbsp;(6) month period following the Closing). For the avoidance of doubt, you acknowledge that portion of the
severance benefits under your Employment Agreement comprised of (i) the 12 months of base salary and (ii) the delivery of the shares subject to the outstanding restricted stock units granted to you prior to Closing will be subject to the six-month
delay required by Section 409A of the Internal Revenue Code. </P>
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<TD VALIGN="top" ALIGN="right">1</TD></TR></TABLE>
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<TD VALIGN="top">215 First Street, Suite 400, Cambridge, MA 02142</TD>
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<TD VALIGN="top" ALIGN="right">PHONE: 617-871-9911</TD></TR>
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<TD VALIGN="top" ALIGN="right">FAX: 617-858-0911</TD></TR></TABLE>

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