Exhibit 10.10
CONSULTING AGREEMENT
THIS CONSULTING AGREEMENT (the “Agreement”), effective as of November 16, 2023 (the “Effective Date”), is made by and between Homology Medicines, Inc., a Delaware corporation (the “Company”), and W. Bradford Smith (“Consultant”).
WHEREAS, Consultant’s employment with the Company terminated on November 16, 2023 (the “Termination Date”); and
WHEREAS, in connection with Consultant’s cessation of employment, the Company and Consultant desire to set forth the terms and conditions under which Consultant will continue to provide services to the Company following the Effective Date.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the parties agree as follows:
1. Term. This Agreement shall commence on the Effective Date and shall continue until February 28, 2024, unless sooner terminated in accordance with the provisions of Section 4 (the “Consultation Period”).
2. Services.
2.1 During the Term, Consultant agrees to perform such consulting, advisory and related services to and for the Company as may be reasonably requested by the President of the Company from time to time and relate to Consultant’s former duties with the Company (the “Services”). Consultant will perform the Services in a timely, professional and workmanlike manner, consistent with industry standards and will comply with all applicable laws, rules and regulations in connection with Consultant’s performance of the Services hereunder. For the avoidance of doubt, the parties intend for Consultant to incur a “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, as of the Termination Date and, accordingly, the level of services Consultant provides hereunder will in all events be less than 20% of the average level of bona fide services performed by Consultant for the Company and its subsidiaries as an employee prior to the Termination Date.
2.2 Notwithstanding Section 2.1, the parties agree that Consultant’s performance of Services hereunder will be considered Consultant’s continued “employment” with the Company under, and within the meaning of, the Employee Proprietary Information and Inventions Assignment Agreement between the Company and Consultant dated March 18, 2018 (the “Restrictive Covenant Agreement”) such that Consultant’s obligations relating to confidentiality, non-use and non-disclosure of Proprietary Information (as defined in the Restrictive Covenant Agreement), will continue during the Consultation Period.
3. Compensation.
3.1 Consulting Fees. In consideration of the Services, Consultant shall be entitled to a consulting fee (the “Consulting Fee”) in the amount of $4,564.60 per month, payable in accordance with the Company’s regular payment practices for Company consultants. All billable Services shall be directed by the President of the Company (or his successor or designee). In addition, the Company shall reimburse Consultant for or directly pay all reasonable, approved and documented business expenses incurred by Consultant in the performance of the Services in accordance with the Company’s expense reimbursement policy.