AVEO AVEO Pharmaceuticals Inc

(b) On August 27, 2021, AVEO Pharmaceuticals, Inc. (the “Company”) announced that Michael Needle, M.D., Chief Medical Officer of the Company, will retire from employment with the Company effective as of November 19, 2021 (such date, the “Effective Date”). Dr. Needle will remain the Chief Medical Officer through the Effective Date. The Company has initiated a search for a chief medical officer.

(e) In connection with Dr. Needle’s retirement, on August 27, 2021, the Company entered into a Transition, Separation and Release of Claims Agreement (the “Agreement”). Pursuant to the Agreement, Dr. Needle will be entitled to receive benefits in connection with his retirement that are substantially comparable to the benefits he would have received had he been terminated without cause, due to disability or resigned for good reason, as described in his severance and change in control agreement, dated January 9, 2015, the terms of which were previously disclosed in the Company’s definitive proxy statement for the 2021 Annual Meeting of Stockholders, filed with the Securities Exchange Commission on April 28, 2021, and are incorporated by reference herein. In addition, Dr. Needle will continue to receive his base salary in effect on the Effective Date for 12 months following the Effective Date. Dr. Needle has also been given 12 months from the Effective Date to exercise any options to purchase shares of the Company’s common stock that vested prior to the Effective Date and will receive a bonus of $187,069.20, less applicable taxes and withholdings, representing 100% of the target bonus he would have been eligible to receive had he remained employed with the Company on the date that bonuses related to 2021 are paid to active and similarly situated employees. Dr. Needle agreed to execute a release of all claims in favor of the Company on the Effective Date. If, following his retirement, Dr. Needle does not execute such release of claims or revokes such release of claims, he will forfeit the right to receive all benefits in accordance with the terms of the Agreement.