Contract
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Exhibit 10.3 US-DOCS\152925120.1 August 26, 2024 VIA EMAIL Xxxxxxx X. XxxXxxx c/o Avidity Biosciences, Inc. 00000 Xxxxxxx Xxxxxx Xxxxx, Xxxxx 000 Xxx Xxxxx, XX 00000 Re: Amended and Restated Employment Agreement Dear Xxxx: Avidity Biosciences, Inc. (the “Company”) and you entered into that certain Employment Agreement, dated as of May 14, 2020 (the “Prior Agreement”). The Company and you desire to amend and restate the Prior Agreement on the terms and conditions set forth in this letter agreement (the “Agreement”), effective immediately. 1. Title. You will continue to serve as the Company’s Chief Financial and Business Officer. 2. Duties. You will be responsible for performing such duties as are customary for your position and any other duties or areas of responsibility that may be reasonably requested from time to time by the Company’s Chief Executive Officer, to whom you will report. You shall devote your best efforts and full business time, skill and attention to the performance of your duties. You will also be expected to adhere to the general employment policies and practices of the Company that may be in effect from time to time, except that when the terms of this Agreement conflict with the Company’s general employment policies or practices, this Agreement will control. Your primary work location shall be Boston, Massachusetts. The Company reserves the right to reasonably require you to perform your duties at places other than your primary work location from time to time, and to require reasonable business travel with reimbursement in a manner consistent with the Company’s travel reimbursement policies. 3. Salary. You will be paid an annual base salary of $490,800 less applicable deductions and withholdings, to be paid each month in accordance with the Company’s payroll practices, as may be in effect from time to time. 4. Benefits. You will continue to be eligible to participate in the Company’s standard benefit programs, subject to the terms and conditions of such plans. The Company may, from time to time, change these benefits in its discretion. Additional information regarding these benefits is available for your review upon request. 5. Equity Awards. You will remain eligible to receive Stock Awards (as defined below) covering the Company’s common stock under the equity plans maintained by the Company.
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3 US-DOCS\152925120.1 Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), then subject to your obligations below, you shall be entitled to receive the following severance benefits (collectively, the “Severance Benefits”): (i) an amount equal to twelve (12) months of your then current base salary (at the rate in effect immediately prior to the date of your termination of employment, or in the case of a material diminution in your base salary which would give rise to Good Reason for your resignation, the base salary in effect prior to such material diminution), to be paid in a lump sum on the sixtieth (60th) day following your Separation from Service (the “Salary Severance”); (ii) if you timely elect continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for yourself and your covered dependents under the Company’s group health plans following such termination or resignation of employment, then the Company shall pay the COBRA premiums necessary to continue your health insurance coverage in effect for yourself and your eligible dependents on the termination date until the earliest of (A) the close of the twelve (12) month period following the termination of your employment, (B) the expiration of your eligibility for the continuation coverage under COBRA, or (C) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the termination date through the earliest of (A) through (C), the “COBRA Payment Period”). Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the payment of the COBRA premiums could result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company, in its sole discretion, may elect to instead pay you on the first day of each month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), for the remainder of the COBRA Payment Period. You may, but are not obligated to, use such Special Severance Payment toward the cost of COBRA premiums. On the sixtieth (60th) day following your Separation from Service, the Company will make the first payment under this clause (and, in the case of the Special Severance Payment, such payment will be paid to you in a lump sum) equal to the aggregate amount of payments that the Company would have paid through such date had such payments commenced on the Separation from Service through such sixtieth (60th) day, with the balance of the payments paid thereafter on the schedule described above. If you become eligible for coverage under another employer’s group health plan or otherwise cease to be eligible for COBRA during the period provided in this clause, you must immediately notify the Company of such event, and all payments and obligations under this clause shall cease; and (iii) your vested Stock Awards will remain exercisable by you until the latest of (A) six (6) months after the date of your termination of employment, or (B) such longer period as may be specified in the applicable Stock Award agreement; provided that in no event shall any Stock Award remain exercisable beyond the original outside expiration date of such Stock Award.
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13 US-DOCS\152925120.1 Best regards, AVIDITY BIOSCIENCES, INC. /s/ Xxxxx Xxxxx Xxxxx Xxxxx President and Chief Executive Officer Date: August 27, 2024 Accepted and agreed: /s/ Xxxxxxx X. XxxXxxx Xxxxxxx X. XxxXxxx Date: August 27, 2024