Exhibit 10.13
MAZE THERAPEUTICS, INC.
January 7, 2025
Harold Bernstein
Sent via email
RE: Continued Employment with Maze Therapeutics Inc.
Dear Harold:
This letter agreement sets forth the terms confirms your continued employment as President, Research and Development and Chief Medical Officer of Maze Therapeutics, Inc., a Delaware Corporation (the “Company”). You will continue to report to the Company’s Chief Executive Officer. This letter agreement amends and restates the employment offer letter entered into between you and the Company, dated August 23, 2022 (the “Prior Agreement”). This letter is effective as of the closing of the sale of shares of the Company’s common stock to the public pursuant to a registration statement declared effective by the U.S. Securities and Exchange Commission (the “IPO Effective Date”).
1. Compensation.
(a) Salary. In this position and effective as of the IPO Effective Date, the Company will pay you an annual base salary of $550,000 per year, payable in accordance with the Company’s standard payroll schedule. Your pay will be periodically reviewed as a part of the Company’s regular reviews of compensation.
(b) Bonus. For fiscal 2025, you will be eligible to receive a cash incentive annual bonus of up to 45% of your base salary, based upon the achievement of both Company and individual goals. To receive payment of any annual bonus earned, you must remain employed with the Company on the date the annual bonus is paid (which is typically no later than March 15th of the calendar year immediately following the calendar year to which the bonus pertains). Please note that bonus programs, payouts and criterion are subject to change or adjustment as the business needs at the Company may require.
(c) Equity Awards. You currently hold Company equity grants. You will be eligible for future discretionary equity grants at the sole discretion of the Company.
2. Employee Benefits. You will be entitled to participate in employee benefit plans currently and hereafter maintained by the Company of general applicability to other employees of the Company subject to the eligibility requirements of each such benefit plan. The Company, in its sole discretion, may amend, suspend or terminate its employee benefits at any time, with or without notice. In addition, you will be entitled to vacation in accordance with the Company’s vacation policy, as in effect from time to time.
3. Severance and Change in Control Plan. We also acknowledge that you are a participant in, or will become a participant in, the Company’s Amended and Restated Executive Severance and Change in Control Plan (the “A&R Executive Severance and Change in Control Plan”). Notwithstanding any provision of the A&R Executive Severance and Change in Control Plan to the contrary:
(a) The definition of Qualifying Termination in the A&R Executive Severance and Change in Control Plan shall be replaced in its entirety with the following:
““Qualifying Termination” means a termination of employment resulting from (i) a termination by the Company of the Executive’s employment for any reason other than Cause, death or Disability or (ii) a voluntary resignation by the Executive of his employment for Good Reason. Termination due to Executive’s death or Executive’s Disability will in no event constitute a Qualifying Termination.”;