PANDION THERAPEUTICS, INC.
610 MAIN STREET
CAMBRIDGE, MA 02139
July 1, 2019
On behalf of Pandion Therapeutics, Inc., a Delaware corporation (the Company), I am pleased to offer you employment with the Company. The purpose of this letter is to summarize the terms of your employment with the Company, should you accept our offer:
1. You will be employed to serve on a full-time basis as Senior Vice President, Business Development, reporting to the Companys Chief Executive Officer, effective August 1, 2019 (the Start Date), and you will be based at the Companys offices in Cambridge, Massachusetts. In addition to performing duties and responsibilities associated with the position above, from time-to-time the Company may assign you other duties and responsibilities consistent with such position.
2. Your base salary will be at the annualized rate of $270,000, paid in semi-monthly installments, subject to tax and other withholdings as required by law. Such base salary may be adjusted from time to time in accordance with normal business practice and in the sole discretion of the Company. This position is exempt, so you will not be eligible for overtime pay.
3. You will be eligible to participate in the Companys discretionary annual retention and performance bonus program, subject to its terms and conditions and in the sole and absolute discretion of the Company. The bonus is based upon the Companys assessment of your performance, as well as business conditions at the Company. Your target bonus will be 30% of your annualized base salary for the applicable year. Your 2019 bonus would be prorated based on the part of the year you were employed. You must be employed by the Company at the time any bonus is paid to earn any part of a bonus.
4. As a regular, full time employee, you will be eligible to participate in the employee benefit program that the Company offers to its employees in comparable positions, which currently include Medical, Dental, Life, Disability, Vision, paid Holidays, paid sick time, commuter benefits and a 401(k) retirement savings plan, subject to plan terms and generally applicable Company policies, as amended from time to time. You will also be entitled to twenty five days of paid vacation each year, prorated if you work a fraction of a given year, pursuant to the Companys applicable policies as may exist and be amended from time to time. Descriptions of the Companys benefits will be available upon request. The Company retains the right to amend, modify, or cancel any benefits program in its sole and absolute discretion. Where a particular benefit is subject to a formal plan (for example, medical insurance), eligibility to participate in and receive any particular benefit is governed solely by the applicable plan document.