EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement (this Agreement) is made and entered this 7th day of August, 2014 (the Effective Date), by and between AveXis, Inc., a Delaware corporation (the Employer), and John A. Carbona, an individual residing in the State of Texas (the Executive).
WHEREAS, the Executive has certain skills, experience, and abilities that may be valuable to the success of the Employers operations and future profitability;
WHEREAS, the Employer desires to employ and retain the services of the Executive as an employee in the position of Chief Executive Officer, and the Executive desires to work for and be employed by the Employer in such position; and
WHEREAS, the Employer and the Executive desire to set forth the terms and conditions pursuant to which the Executive will be employed by the Employer.
NOW, THEREFORE, in consideration of the foregoing premises and of the mutual covenants and undertakings contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:
EMPLOYMENT PERIOD AND DUTIES
1.01 Employment. The Employer hereby employs the Executive, and the Executive hereby accepts employment by the Employer, upon the terms and conditions set forth in this Agreement.
1.02 Employment Period. Unless earlier terminated as herein provided, the Executives employment with the Employer pursuant to this Agreement shall commence on the Effective Date and shall end on the Expiration Date (as defined in this Section 1.02). For purposes of this Agreement, the Employment Period shall mean a period of time commencing on the Effective Date and continuing until the earlier to occur of (a) the third anniversary (the Scheduled Expiration Date) of the Effective Date, at which time the Employment Period shall automatically be extended for subsequent one year terms (each, an Extension Term), each until the next anniversary of the Scheduled Expiration Date, subject to either party providing written notice to the other party of its intent not to extend the Employment Period at least 90 days before the then-current Expiration Date; or (b) an earlier Termination Date (as defined in Section 4.01(d) hereof). The date on which the Employment Period, including any Extension Terms, ends shall be referred to herein as the Expiration Date.
1.03 Duties and Services. The Executive will be employed as the Chief Executive Officer of the Employer, and will have such authority and duties and perform such services commensurate with such position or as are assigned or delegated to the Executive by the Board