AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Amended and Restated Employment Agreement (the Agreement), dated as of May 25, 2021 (the Effective Date), is by and between Cyteir Therapeutics, Inc., a Delaware corporation (the Company) and Markus Renschler (the Executive).
WHEREAS, the Company desires to continue to retain the services of the Executive, and the Executive wishes to continue to be employed by the Company, on the terms and conditions set forth herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Term. Effective as of the Effective Date, the Executive will continue to be employed on an at will basis, and, subject to Section 5 of the Agreement, either the Executive or the Company may terminate the employment relationship at any time, with or without cause, and with or without advance notice.
2. Duties. The Executive will continue to serve as the President and Chief Executive Officer of the Company and will continue to have such duties of an executive nature, consistent with such position, as the Board of Directors of the Company (the Board) shall determine from time to time. The Executive will report to the Board. For so long as the Executive is employed by the Company as President and Chief Executive Officer, the Company will nominate the Executive to serve as a member of the Board at each annual meeting of the Companys stockholders at which the Executives then-current term expires and, if so elected at such meeting, the Executive will continue to serve as a member of the Board. Upon the termination of the Executives employment as President and Chief Executive Officer, the Executive shall immediately resign from the Board as well as from any other position(s) to which the Executive was elected or appointed. The Executive will be an exempt, salaried full-time employee of the Company, and will work substantially the majority of the Executives business time from the headquarters of the Company in Lexington, Massachusetts (or such other office as may from time to time be the headquarters of the Company).
3. Full Time; Best Efforts. The Executive shall diligently promote the interests of the Company and shall devote the Executives full business time and best efforts to the performance of his duties and responsibilities hereunder. The Executive shall not engage in any other business or commercial activity; provided that, with the prior written approval of the. Board, the Executive may serve on the boards of other entities. The Executive may engage in charitable or civic endeavors, so long as they do not interfere with the performance of the Executives duties and responsibilities hereunder.
4. Compensation and Benefits. During the Executives employment with the Company under this Agreement, the Executive shall be entitled to compensation and benefits as follows:
(a) Base Salary. The Executive will receive a salary at the rate of $466,000 annually (as adjusted, from time to time, the Base Salary), payable in equal increments in accordance with the Companys payroll policy.