SEC Contract Filing

Filing Date: 2018-03-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.21
<SEQUENCE>3
<FILENAME>pti-ex1021_125.htm
<DESCRIPTION>EX-10.21 MUNOZ EMPLOYMENT AGREEMENT
<TEXT>
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pti-ex1021_125.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;">Exhibit 10.21</font></p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Calibri;font-size:12pt;font-style:normal;text-transform:none;font-variant: normal;">CONFIDENTIAL</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">October 17, 2016</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Re:<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Employment Agreement</font></p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dear Ben:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_cp_text_1_18"></a>I have recently reviewed the terms and conditions of your employment and am pleased to provide this letter agreement (the &#8220;Agreement&#8221;) modifying the terms of your employment in your continuing role as Executive Vice President, Drug Discovery of Proteostasi<a name="_cp_text_1_18"></a>s Therapeutics, Inc. (&#8220;Proteostasis&#8221; or the &#8220;Company&#8221;).&nbsp;&nbsp;This Agreement amends, restates, and supersedes in its entirety the letter agreement dated October 9, 2013 between you and the Company (the &#8220;Offer Letter Agreement&#8221;).&nbsp;&nbsp;This Agreement is effective as of the date hereof.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font>This letter agreement outlines the terms of your employment with the Company.&nbsp;&nbsp; </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Calibri;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Position and Duties</font>.&nbsp;&nbsp;You currently serve as Executive Vice President, Drug Discovery of the Company.&nbsp;&nbsp; In this capacity, you will report directly to the Chief Executive Officer (&#8220;CEO&#8221;) of the Company and will have responsibility for performing those duties as are customary for, and consistent with, your position with Company, as well as those duties as the CEO may from time to time designate.&nbsp;&nbsp;You shall use your best efforts and devote your full working time to performing your responsibilities for the Company.&nbsp;&nbsp;In addition, and as a condition of your continued employment with the Company, on or before you execute this Agreement, you shall execute the Company&#8217;s standard form of Employee Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement (the &#8220;Restrictive Covenants Agreement&#8221;).&nbsp;&nbsp;Notwithstanding the foregoing, you may serve on other boards of directors or undertake other professional or charitable activities if (i)&#160;they do not conflict with any of your obligations to the Company and (ii)&#160;such activities are approved by the Board of Directors (the &#8220;Board&#8221;) or its Executive Committee.&nbsp;&nbsp;You may also undertake charitable activities without the approval of the Board or its Executive Committee if (i)&#160;they do not conflict with any of your obligations to the Company and (ii)&#160;they do not involve a material time commitment, individually or in the aggregate.&nbsp;&nbsp;</p>
<p style="text-align:center;margin-bottom:6pt;margin-top:12pt;text-indent:0%;color:#00CCFF;font-size:8pt;font-family:Century Gothic;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proteostasis Therapeutics, Inc. | 200 Technology Square, Fourth Floor, Cambridge, MA 02139 | T: 617.225.0096</p>
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