Avalanche Biotechnologies, Inc. CFO Special Bonus and Salary Increase Letter to Linda Bain
Avalanche Biotechnologies, Inc. has offered Linda Bain, its Chief Financial Officer, a one-time cash bonus of $30,000, payable if she remains employed through August 11, 2016. The bonus will be paid within ten business days after that date and is in addition to her regular salary and annual bonus. Effective August 15, 2015, her annual base salary will also increase to $360,000. This letter outlines the terms of the bonus and salary adjustment as recognition for her service during a transition period.
Exhibit 10.4
[Avalanche Biotechnologies, Inc. letterhead]
August 11, 2015
Linda Bain
1035 O’Brien Drive
Suite A
Menlo Park, California 94025
Re: CFO Compensation
Dear Linda:
The Board of Directors (the “Board”) of Avalanche Biotechnologies, Inc. (the “Company”) has determined to grant you a special bonus for your services as Chief Financial Officer of the Company (the “Special Bonus”). Subject to your continued employment with the Company through August 11, 2016, you will be entitled to receive a one-time cash bonus of Thirty Thousand Dollars ($30,000), less applicable withholdings, payable in a lump sum within ten (10) business days thereafter. This Special Bonus is in addition to your base salary and annual bonus otherwise payable to you.
Additionally, effective August 15, 2015, the Board has determined to increase your annual base salary to $360,000 per year.
We greatly appreciate your services to the Company during this transition time.
| Sincerely, |
| /s/ Mark S. Blumenkranz
Mark S. Blumenkranz, M.D. Chairman of the Board |
