SEC Contract Filing

Filing Date: 2023-03-01

Document Content:
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<TYPE>EX-10.7
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<FILENAME>d464771dex107.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="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SEPARATION AGREEMENT AND GENERAL RELEASE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Separation Agreement and General Release (the &#147;Agreement&#148;) is entered into by and between Imara Inc. (referred
to throughout this Agreement as &#147;Employer&#148;) and Michael Gray (&#147;Employee&#148;). The term &#147;Party&#148; or &#147;Parties&#148; as used herein shall refer to Employer, Employee, or both, as may be appropriate. The Parties are
subject to the terms of a certain Amended and Restated Letter Agreement, dated as of September&nbsp;23, 2019 and amended on November&nbsp;5, 2021 (collectively, the &#147;Letter Agreement&#148;) and to the terms of the Employee Confidentiality,
Assignment and Noncompetition Agreement, dated as of April&nbsp;1, 2019 (the &#147;Restrictive Covenant Agreement&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Last Day of Employment</U></B>. Employee&#146;s last day of employment with Employer was
February&nbsp;23, 2023 (&#147;Separation Date&#148;). This Agreement is not valid if signed by Employee before the Separation Date or more than five (5)&nbsp;days after the Separation Date. For the avoidance of doubt, Employee will not be entitled
to any payments or benefits set forth in Paragraph 2 below if (i)&nbsp;Employee voluntarily leaves employment with the Employer before the Separation Date without written approval from the Employer to depart early or (ii)&nbsp;Employer terminates
Employee&#146;s employment before the Separation Agreement due to Employee&#146;s violation of Employer&#146;s policies or due to Employee&#146;s failure to satisfactorily perform Employee&#146;s duties and any transition tasks assigned to Employee
through the Separation Date, as determined by Employer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Consideration</U></B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In consideration for Employee timely signing this Agreement, and complying with its terms, Employer agrees to provide the
following separation benefits in Sections 2(a) and (b): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Severance Payment. Employer agrees to
pay to Employee the gross amount of six hundred seventy two thousand nine hundred eighty dollars ($672,980), representing (i)&nbsp;twelve (12) months of salary at Employee&#146;s current base rate of pay and (ii)&nbsp;one hundred percent (100%) of
Employee&#146;s current target bonus, in each case less lawful taxes, deductions and withholdings, to be paid in a lump sum through a special payroll not more than two (2)&nbsp;business days after both parties have signed this Agreement. Employee
agrees and accepts to receive the severance in a lump sum as provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;COBRA Benefits.
Following the Separation Date, if you are eligible for and elect to continue your health insurance coverage pursuant to your rights under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or any state equivalent
(&#147;COBRA&#148;), then Employer (or its affiliate) shall reimburse Employee&#146;s premiums under COBRA on a monthly basis until the earlier of twelve (12)&nbsp;months following the Separation Date, or (y)&nbsp;the date upon which Employee
commences full-time employment (or employment that provides Employee with eligibility for healthcare benefits substantially comparable to those provided by the Employer (or its affiliate)) with an entity other than Employer (or its affiliate)
(&#147;COBRA Payment Period&#148;). Reimbursement of the premium for such coverage shall be made by Employer (or its affiliate) commencing after the date on which the release of claims set forth herein becomes effective. Employee agrees to promptly
notify Employer (or its affiliate) if Employee becomes eligible for coverage under the group health, vision and/or dental plan of another employer during </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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the COBRA Payment Period. Following the COBRA Payment Period, and provided that the COBRA coverage period has not expired, Employee shall be entitled to continue Employee&#146;s elected COBRA
coverage for the remainder of the COBRA coverage period, at Employee&#146;s own and sole expense. Employer (or its affiliate) reimbursement of Employee&#146;s COBRA premiums is subject to all the terms and conditions set forth in the Employer&#146;s
(or its affiliate&#146;s) group health plan intended to avoid any excise tax under Section&nbsp