SEC Contract Filing

Filing Date: 2015-11-18

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>a15-23087_1ex10d3.htm
<DESCRIPTION>EX-10.3
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.3</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This EMPLOYMENT AGREEMENT (the &#147;Employment Agreement&#148;), effective as of, and contingent upon, the effectiveness of the registration statement for Employer&#146;s initial public offering (&#147;Agreement Effective Date&#148;), is made by and between Aclaris Therapeutics,&nbsp;Inc., a corporation organized under the laws of the State of Delaware (&#147;Employer&#148;) and Christopher Powala (&#147;Executive&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Executive desires to continue to provide services to Employer and Employer desires to continue to retain the services of Executive;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, in consideration of Executive&#146;s employment by Employer for more than three (3)&nbsp;years prior to the Agreement Effective Date, Employer and Executive desire to enter this Employment Agreement and formalize the terms and conditions of Executive&#146;s employment with Employer; and</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, this Agreement has been duly approved and its execution has been duly authorized by the Compensation Committee of Employer&#146;s Board of Directors.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, Employer and Executive hereby agree as follows:</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1</font></b><br> <b>EMPLOYMENT</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.1</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>General</b>. Employer hereby agrees to continue to employ Executive in the capacity of Chief Operating Officer. Executive hereby accepts such continued employment upon the terms and subject to the conditions herein contained.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.2</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Authority and Duties</b>. Executive shall have full responsibility as the Chief Operating Officer of Employer and all authority normally accorded to such position. Executive agrees to perform such duties and responsibilities commensurate with the position of Chief Operating Officer as may reasonably be determined by the Board of Directors of Employer (the &#147;Board&#148;).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.2.1</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Reporting</b>. During Executive&#146;s employment with Employer, Executive will report directly to, and take direction from, the Chief Executive Officer (the &#147;CEO&#148;).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.2.2</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Time to Be Devoted to Employment</b>. During Executive&#146;s Employment with Employer, Executive shall diligently devote his efforts, business time, attention and energies to the business of Employer will not, while employed by Employer, undertake or engage in any other employment, occupation or business enterpr