(b) Bonus. The Executive will be eligible to participate in the Executive Cash Bonus Plan in effect from time to time (Bonus Plan). The Executives initial target annual cash incentive compensation will be 40 percent of the Executives Base Salary. The terms and conditions of the Executives bonus compensation shall be subject to the terms of the Bonus Plan (as the Plan is amended or altered by the Board in its discretion from time to time).
(c) Expenses. The Executive shall be entitled to reimbursement for all reasonable and documented expenses incurred by the Executive in performing services hereunder, subject to Codiaks applicable policies and procedures.
(d) Other Benefits. The Executive shall be eligible to participate in or receive benefits under the Companys employee benefit plans in effect from time to time, subject to the terms of such plans. To avoid doubt, Codiak may alter the terms of, or eliminate, its employee benefit plans in its discretion.
(e) Equity Compensation. The Executive shall be eligible to participate in the Companys equity incentive program, subject to approval by the Companys Board. The Executives eligibility for and other rights with respect to any granted equity awards will be governed by the Equity Documents.
(f) Vacation. The Executive shall be entitled to vacation consistent with, and subject to, the Companys vacation policy in effect from time to time (the Vacation Policy), which Policy is subject to change by the Company. Currently, the Vacation Policy provides the Executive with 20 paid vacation days each year, subject to accrual conditions and the other terms of the Policy. The Executive shall also be entitled to all Company paid holidays as designated by the Company from time to time.
(a) At-Will. The Executives employment hereunder is at-will and may be terminated by the Executive or the Company at any time and for any reason.
(b) Accrued Compensation. In connection with the termination of Executives employment for any reason, the Company shall pay the Executive any Base Salary earned through the last day of the Executives employment with the Company (such date, the Termination Date), any unpaid expense reimbursements (subject to Section 2(c)) and any unused vacation that accrued through the Termination Date (if the Companys policy on the date of the Executives termination provides for accrual of vacation), in each case on or before the time required by law.
(c) Severance. Under certain circumstances, the Executive shall be eligible for severance compensation as set forth in, and subject to, the Codiak Biosciences, Inc. Executive Severance Plan, which is attached hereto as Exhibit B (the Severance Plan). By signing this Agreement, you are agreeing to the terms and conditions of the Severance Plan.
(d) Notice of Termination. Except for termination by reason of death, any termination of the Executives employment by the Company or any such termination by the Executive shall be communicated by written notice of termination to the other party.
Codiak BioSciences, Inc. 35 Cambridge Park Drive, Suite 500, Cambridge, MA 02140