Exhibit 10.53
March 21, 2022
John Sprague
[*******]
[*******]
Dear John,
This letter sets forth the agreement between you and T2 Biosystems, Inc. (the “Company”) regarding certain terms and conditions of your employment. This replaces any prior agreement between yourself and the Company with respect to the subject matter contained herein. You are entitled to receive the following:
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Notwithstanding anything herein to the contrary, in the event that any compensation or benefit that constitutes “nonqualified deferred compensation” within the meaning of Section 409A (as defined below) becomes payable upon the occurrence of a Change of Control, such compensation or benefit shall not be paid unless such Change of Control constitutes a “change in control event” within the meaning of Section 409A.
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Notwithstanding the foregoing, Good Reason shall only exist if you have given written notice to the Company within 90 days of the initial existence of the Good Reason condition(s), the Company has failed to cure such event(s) within 30 days of its receipt of said notice and you terminate employment within 90 days following expiration of such cure period.
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Sincerely,
T2 BIOSYSTEMS, INC.
By: /s/ John Sperzel
Name: John Sperzel
Title: Chairman, President & CEO
Acknowledged and Agreed
/s/ John Sprague
Name: John Sprague
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