Avalanche Biotechnologies, Inc. Special Interim CSO Bonus Agreement with Mehdi Gasmi
Avalanche Biotechnologies, Inc. agrees to pay Mehdi Gasmi a one-time cash bonus of $100,000 for his service as interim Chief Scientific Officer, provided he remains employed through July 22, 2016. The bonus will be paid within ten business days after that date, in addition to his regular salary and annual bonus. This agreement outlines the conditions for receiving the special bonus during a company transition period.
Exhibit 10.3
[Avalanche Biotechnologies, Inc. letterhead]
July 23, 2015
Mehdi Gasmi
1035 O’Brien Drive
Suite A
Menlo Park, California 94025
Re: Special Interim CSO Bonus
Dear Mehdi:
The Board of Directors of the Avalanche Biotechnologies, Inc. (the “Company”) has determined to grant you a special bonus for your services as interim Chief Scientific Officer of the Company (the “Special Bonus”). Subject to your continued employment with the Company through July 22, 2016, you will be entitled to receive a one-time cash bonus of One Hundred Thousand Dollars ($100,000), 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.
We greatly appreciate your services to the Company during this transition time.
Sincerely,
/s/ Mark S. Blumenkranz, M.D.
Mark S. Blumenkranz, M.D.
Chairman of the Board
