SEC Contract Filing

Filing Date: 2019-11-07

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>advm-ex102_241.htm
<DESCRIPTION>EX-10.2
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.96%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.96%;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.2</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:9pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FAFAFA;">October 11, 2019 </font></p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FAFAFA;">Peter Soparkar</font></p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;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;">Re: Employment Terms for Chief Legal Officer</p>
<p style="margin-bottom:12pt;text-align:justify;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;">Dear Peter, </p>
<p style="margin-bottom:12pt;text-align:justify;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;">This letter agreement (the &#8220;Agreement&#8221;) memorializes the employment terms for your anticipated hire by Adverum Biotechnologies, Inc. (the &#8220;Company&#8221;) in the position of Chief Legal Officer, reporting to Leone Patterson, CEO. These terms will become effective on or before October 30, 2019 or at a later date determined by mutual agreement (as applicable, the &#8220;Hire Date&#8221;).</p>
<p style="margin-bottom:12pt;text-align:justify;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;">Effective as of the Hire Date, your employment terms will be as follows:</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font>Compensation and Benefits.</p>
<p style="margin-bottom:12pt;text-align:justify;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;">Your base salary will be&#160;$375,000.00 annually ($15,625.00 per pay period), subject to payroll deductions and all required withholdings, representing full-time employment with the Company. Your salary will be paid in accordance with the Company&#8217;s standard payroll schedule.</p>
<p style="margin-bottom:12pt;text-align:justify;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;"><a name="_Hlk523916752"></a>In addition, for each calendar year starting with 2019 you will be eligible to earn an annual performance bonus with a target bonus amount equal to <font style="Background-color:#FAFAFA;color:#000000;">40</font>% of your base salary during the bonus year, subject to the applicable Company annual bonus plan. Your annual bonus for the 2019 calendar year may be prorated based on your Hire Date. Your annual bonus will be calculated based on attainment of individual goals (including corporate and personal objectives) to be determined by the Company&#8217;s management each year. Bonus payments will be in the form of cash, and will be granted entirely at the discretion of the Company&#8217;s CEO and Board of Directors. Any cash bonus payments will be less payroll deductions and all required withholdings. For each calendar year starting with 2019, in addition to a cash bonus, you may be eligible for an annual equity grant, provided that you are actively employed with the Company through and including the date of such annual equity grant. Your annual equity grant for the calendar year may be prorated based on your Hire Date. </p>
<p style="margin-bottom:12pt;text-align:justify;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;">You will be eligible to participate in the Company&#8217;s general employee benefits in accordance with the terms, conditions and limitations of the benefit plans to the extent such plans have been established by the Company.&nbsp;&nbsp;In addition, you will be entitled to enter into the Company&#8217;s standard Change in Control and Severance Agreement for executive officers other than the Chief Executive Officer (the &#8220;CIC Agreement&#8221;) with the Compan