This Employment Agreement (the “Agreement”), is made and entered into by and between Akouos, Inc. (the “Company”), and Michael McKenna (“Executive”), and is effective as of August 12, 2021 (the “Effective Date”).
Whereas, the Company desires to continue to employ Executive as its Chief Medical Officer; and
Whereas, Executive is party to a letter agreement dated June 25, 2018 (and as amended and/or updated) with the Company (the “Existing Agreement”) which Existing Agreement will be superseded in its entirety by this Agreement; and
Whereas, Executive has agreed to accept such continued employment on the terms and conditions set forth in this Agreement;
Now, Therefore, in consideration of the foregoing and of the respective covenants and agreements of the parties herein contained, the parties hereto agree as follows:
1.Term of Agreement. The term of this Agreement (the “Term”) shall commence on the Effective Date and continue until the termination of Executive’s employment by Executive or the Company. During the Term, Executive shall be an at-will employee of the Company and Executive’s employment shall be freely terminable by either Executive or the Company, for any reason, at any time, subject to the provisions set forth in Section 8 below.
2.Position. During the Term, Executive shall continue to serve on a full-time basis as the Company’s Chief Medical Officer, working out of the Company’s offices in Boston, Massachusetts. Executive shall report to the Company’s Chief Executive Officer (the “CEO”).
3.Scope of Employment. During the Term, Executive shall be responsible for the performance of those duties consistent with Executive’s position, plus such other duties as may from time to time be assigned to Executive by the CEO. Executive shall perform and discharge faithfully, diligently, and to the best of Executive’s ability, Executive’s duties and responsibilities hereunder. Executive shall devote Executive’s entire business time, loyalty, attention and efforts to the business and affairs of the Company; provided, however, that reasonable time for personal business as well as charitable and professional activities will be permitted, including, with the prior written approval of the Company, serving as a board member of other organizations, so long as such activities do not materially interfere with Executive’s performance of services under this Agreement. Executive agrees to abide by the lawful rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company.
4.Compensation. As full compensation for all services rendered by Executive during the Term, the Company will provide to Executive the following:
(a)Base Salary. Executive shall continue to receive a base salary at the rate of $16,745.83 per semi-monthly pay period (the “Base Salary”) (which annualized equals $401,900), to be paid in installments in accordance with the Company’s regularly established payroll procedure. The Base