SEC Contract Filing

Filing Date: 2022-03-14

Document Content:
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>4
<FILENAME>aveo20211231ex1020.htm
<DESCRIPTION>EX-10.20
<TEXT>
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<title>Document</title></head><body><div id="i89ea67c1df1e4180bfa208cdbed94785_1"></div><div style="min-height:72pt;width:100%"><div style="margin-bottom:10pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"> SEVERANCE AND CHANGE IN CONTROL AGREEMENT </font></div><div style="margin-top:9pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">THIS SEVERANCE AND CHANGE IN CONTROL AGREEMENT (the &#8220;Agreement&#8221;), made this 10</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.15pt;font-weight:400;line-height:100%;position:relative;top:-3.85pt;vertical-align:baseline">th</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"> day of March 2021 (the &#8220;Effective Date&#8221;), is entered into by AVEO Pharmaceuticals, Inc., a Delaware corporation with its principal place of business at 30 Winter Street Boston, MA 02108 (the &#8220;Company&#8221;), and Michael Ferraresso (the &#8220;Employee&#8221;). </font></div><div style="margin-top:9pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">WHEREAS, the Company has determined that appropriate steps should be taken to reinforce and encourage the employment and dedication of the Employee and the Employee&#8217;s efforts to maximize the Company&#8217;s value. </font></div><div style="margin-top:9pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">NOW, THEREFORE, as an inducement for and in consideration of the Employee&#8217;s continued employment with the Company and as consideration for the Employee&#8217;s agreement to enter into and be bound by the provisions of Section&#160;4 hereof, the Company agrees that the Employee shall receive the severance benefits set forth in this Agreement in the event the Employee&#8217;s employment with the Company is terminated under the circumstances described below. </font></div><div style="margin-top:9pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Key Definitions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">. </font></div><div style="margin-top:9pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">As used herein, the following terms shall have the following respective meanings&#58; </font></div><div style="margin-top:9pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1.1 &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Cause</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8221; means conduct involving one or more of the following&#58; (i)&#160;the conviction of the Employee of, or, plea of guilty or nolo contendere to, any crime involving dishonesty or any felony&#59; (ii)&#160;the willful misconduct by the Employee resulting in material harm to the Company&#59; (iii)&#160;fraud, embezzlement, theft or dishonesty by the Employee against the Company resulting in material harm to the Company&#59; (iv)&#160;the repeated and continuing failure of the Employee to follow the proper and lawful directions of the Company&#8217;s Chief Executive Officer or the Board after a written demand is delivered to the Employee that specifically identifies the manner in which the Chief Executive Officer or the Board believes that the Employee has failed to follow such instructions&#59; (v)&#160;the Employee&#8217;s current alcohol or prescription drug abuse affecting work performance, or current illegal use of drugs regardless of the effect on work performance&#59; (vi)&#160;material violation of the Company&#8217;s code of conduct by the Employee that causes harm to the Company&#59; or (vii)&#160;the Employee&#8217;s material breach of any term of the Agreement, or any other applicable confidentiality and&#47;or non-competition agreements with the Company. </font></div><div style="margin-top:9pt;text-indent:24.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1.2 &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Good Reason</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#8221; means the occurrence, without the Employee&#8217;s written consent, of any of the following events&#58; (A)&#160;&#160;any material diminution in the Employee&#8217;s duties, responsibilities or authority, or (B)&#160;a material reduction in the Employee&#8217;s base salary (unless such reduction is effected in connection with a general and proportionate reduction of compensation for all employees of his or her level), pro