Employment Position and Duties. You will continue to be employed in the position of Chief Financial Officer (“CFO”). You will be expected to perform the customary duties of your position, duties specified in the Bylaws of the Company, and as may be required by the Company’s Board of Directors (the “Board”) consistent with your position as CFO. You will report to the Chief Executive Officer, and work at the Company’s corporate headquarters in Boston, Massachusetts. During your employment with the Company, you will devote your full-time best efforts and business time and attention to the business of the Company. As an exempt salaried employee, you will be expected to be available and working during the Company’s regular business hours, and such additional time as appropriate to manage your responsibilities. The Company reserves the right to reasonably require you to perform your duties at places other than its corporate headquarters from time to time, and to require reasonable business travel, including international travel, at the Company’s expense. Your employment relationship with the Company will also be governed by the general employment policies and practices of the Company, except that if the terms of this Agreement conflict, this Agreement will control. Base Salary You will earn a salary at the rate of $14,666.67 semimonthly ($352,000 annualized), less payroll deductions and withholdings (“Base Salary”), payable on the Company’s regular payroll schedule. The Base Salary will be reviewed on an annual or more frequent basis by the Board (or any authorized committee thereof), and is subject to change in the discretion of the Board (or any authorized committee thereof). Discretionary Performance Bonus You will be eligible to earn a discretionary performance bonus of up to thirty-five percent (35%) of your Base Salary, subject to applicable payroll deductions and withholdings (“Bonus”), based upon the Board’s assessment of your performance, and the Company’s attainment of written targeted goals as determined by the Board in its sole discretion. Following the close of each calendar year, the Board will determine in its discretion whether you have earned a Bonus, and the amount of any Bonus. You will be eligible to earn a Bonus for any full calendar year provided that you remain employed by the Company as of December 31 of that year. The Bonus, if earned, will be paid no later than March 15 of the calendar year after the year to which it relates.
Appears in 1 contract
Samples: Employment Agreement (Paratek Pharmaceuticals, Inc.)
Employment Position and Duties. You will continue to be employed in the executive position of Chief Financial Officer (“CFO”). You will be expected to President, and you shall perform the customary duties of your positionsuch position as are customary, duties as specified in the Bylaws of the Company, and as may be required by me or the Company’s Board of Directors (the “Board”) consistent with your position as CFO). You will report to the Chief Executive Officer, me and work at you will be based in the Company’s corporate headquarters in Boston, Massachusettsheadquarters. During your employment with the Company, you will devote your full-time best efforts and business time and attention to the business of the Company. As an exempt salaried employee, you will be expected to be available and working during the Company’s regular business hours, and such additional time as appropriate to manage your responsibilities. The Company reserves the right to reasonably require you to perform your duties at places other than its corporate headquarters from time to time, and to require reasonable business travel, including international travel, at the Company’s expense. Your employment relationship with the Company will shall also be governed by the general employment policies and practices of the Company, Company (except that if the terms of this Agreement conflictdiffer from or are in conflict with the Company’s general employment policies or practices, this Agreement will control), and you will be required to abide by the general employment policies and practices of the Company. The Company reserves the right to change your position, duties, reporting relationship, work location, and the Company’s general employment policies and procedures, from time to time in its discretion. Base Salary You Salary, Signing Bonus, and Employee Benefits Your base salary will earn a salary be paid at the initial rate of $14,666.67 semimonthly 25,000.00 per month (an annual rate of $352,000 annualized300,000.00), less payroll deductions and withholdings. You will be paid your base salary on a semi-monthly basis, on the Company’s normal payroll schedule. As an exempt salaried employee, you will be required to work the Company’s normal business hours, and such additional time as appropriate for your work assignments and positions. You will not be eligible for overtime premiums. You will be paid a signing and retention bonus in the amount of $250,000.00, less payroll deductions and withholdings (the “Base SalarySigning Bonus”). The Signing Bonus will be paid to you no later than the first regular payroll date following your hire. If your employment terminates prior to the second anniversary of the Xxxxx Xxxxxxxx November 13, payable 2012 Start Date due to either a termination by the Company for Cause (as defined below) or a resignation by you (other than your resignation for Good Reason (as defined below)), then you agree to repay to the Company a portion of the Signing Bonus which is calculated as the full amount of the Signing Bonus reduced by 1/24th for each complete month of your employment. For example, if your employment terminates due to your resignation (other than resignation for Good Reason) on the fifth month anniversary of the Start Date, you will be obligated to repay 19/24th of the Signing Bonus (a total of $197,916.67). If repayment of the Signing Bonus is owed, your repayment shall be due no later than within thirty (30) days following your termination or resignation date. As a regular, full-time employee, you will be eligible to participate in the Company’s regular payroll schedulestandard employee benefits (pursuant to the terms and conditions of the benefit plans and applicable policies), as and when the Company adopts such benefit plans and programs. The Base Salary will be reviewed on an annual or more frequent basis by the Board (or any authorized committee thereof), and is subject to change in Company retains the discretion of the Board (or any authorized committee thereof)to modify employee benefits from time to time in its discretion. Discretionary Annual Performance Bonus You In this position, you will be eligible to earn a discretionary an annual performance bonus of up to thirty-five percent (35%) of based on your Base Salary, subject to applicable payroll deductions and withholdings (“Bonus”), based upon the Board’s assessment of your performance, performance and the Company’s attainment performance against annual targets broken out with quarterly objectives. The annual on-target amount of written targeted goals your annual bonus will be set at $300,000.00 with payments made quarterly, but the actual amount of the bonus earned by you could be more or less than $300,000 per annum as determined by your performance relative to the Board in its sole discretionapplicable quarterly objectives. Following The performance bonus will not be capped annually. No amount of the close of each calendar year, the Board will determine in its discretion whether you have earned a Bonusannual bonus is guaranteed, and you must be an employee in good standing on the amount of any Bonus. You will bonus payment date to be eligible to earn receive a Bonus for any full calendar year provided that you remain employed by the Company as of December 31 of that yearbonus. The Bonusquarterly bonus payments, if earned, will be paid no later than March 15 within thirty (30) days after the close of the calendar year after the year quarter to which it the bonus payment relates. Given your short period of employment in 2012, you will not be eligible for an annual performance bonus for 2012.
Appears in 1 contract
Samples: Pure Storage, Inc.
Employment Position and Duties. You will continue to be employed in the position of Chief Financial Commercialization Officer (“CFOCCO”). You In this role, you will be expected to prepare and implement the commercialization strategy for each of the Company’s late stage development candidates, with the primary focus being on omadacycline and, to the extent necessary, sarecycline. As CCO, you will also be expected to support any and all partnering efforts associated with the Company’s late stage development compounds. In addition you will be expected to perform the other customary duties of your position, duties specified in the Bylaws of the Company, and as may be required by the Company’s Board of Directors (the “Board”) consistent with your position as CFO). You will report to the Chief Executive Officer, and . You will work at the Company’s corporate headquarters in Boston, MassachusettsPhiladelphia area facility. During your employment with the Company, you will devote your full-time best efforts and business time and attention to the business of the Company. As an exempt salaried employee, you will be expected to be available and working during the Company’s regular business hours, and such additional time as appropriate to manage your responsibilities. The Company reserves the right to reasonably require you to perform your duties at places other than its corporate headquarters Philadelphia area facility from time to time, and to require reasonable business travel, including international travel, at the Company’s expense. Your employment relationship with the Company will also be governed by the general employment policies and practices of the Company, except that if the terms of this Agreement conflict, this Agreement will control. The Company reserves the right to change your position, duties, reporting relationship, and work location, from time to time in its discretion. Base Salary You will earn a salary at the rate of $14,666.67 semimonthly 26,666.67 per month ($352,000 320,000 annualized), less payroll deductions and withholdings (“Base Salary”), payable on the Company’s regular payroll schedule. The Base Salary will be reviewed on an annual or more frequent basis by the Board (or any authorized committee thereof), and is subject to change in the discretion of the Board (or any authorized committee thereof). Xxxx Xxxxxxx February 4, 2015 Discretionary Performance Bonus You Starting with calendar year 2015, you will be eligible to earn a discretionary performance bonus of up to thirty-five thirty percent (3530%) of your Base Salary, subject to applicable payroll deductions and withholdings (“Bonus”), based upon the Board’s assessment of your performance, and the Company’s attainment of written targeted goals as determined by the Board in its sole discretion. Following the close of each calendar year, the Board will determine in its discretion whether you have earned a Bonus, and the amount of any Bonus. No amount of the Bonus is guaranteed. You will be eligible to earn a Bonus for any full calendar year provided that you remain are employed by the Company as of December 31 of that year31. The Bonus, if earned, will be paid no later than March 15 of the calendar year after the year to which it relates.
Appears in 1 contract
Samples: Employment Agreement (Paratek Pharmaceuticals, Inc.)
Employment Position and Duties. You will continue to be employed in the position of Chief Financial Officer (“CFO”). You will be expected to perform the customary duties of your position, duties specified in the Bylaws of the Company, and as may be required by the Company’s Board of Directors (the “Board”) consistent with your position as CFO. You will report to the Chief Executive Officer, and work at the Company’s corporate headquarters in Boston, Massachusetts. During your employment with the Company, you will devote your full-time best efforts and business time and attention to the business of the Company. As an exempt salaried employee, you will be expected to be available and working during the Company’s regular business hours, and such additional time as appropriate to manage your responsibilities. The Company reserves the right to reasonably require you to perform your duties at places other than its corporate headquarters from time to time, and to require reasonable business travel, including international travel, at the Company’s expense. Your employment relationship with the Company will also be governed by the general employment policies and practices of the Company, except that if the terms of this Agreement conflict, this Agreement will control. Base Salary You will earn a salary at the rate of $14,666.67 semimonthly ($352,000 annualized), less payroll deductions and withholdings (“Base Salary”), payable on the Company’s regular payroll schedule. The Base Salary will be reviewed on an annual or more frequent basis by the Board (or any authorized committee thereof), and is subject to change in the discretion of the Board (or any authorized committee thereof). Discretionary Performance Bonus You will be eligible to earn a discretionary performance bonus of up to thirty-five percent (35%) of your Base Salary, subject to applicable payroll deductions and withholdings (“Bonus”), based upon the Board’s assessment of your performance, and the Company’s attainment of written targeted goals as determined by the Board in its sole discretion. Following the close of each calendar year, the Board will determine in its discretion whether you have earned a Bonus, and the amount of any Bonus. You will be eligible to earn a Bonus for any full calendar year provided that you remain employed by the Company as of December 31 of that year. The Bonus, if earned, will be paid no later than March 15 of the calendar year after the year to which it relates.. Xxxxxxx Xxxxx
Appears in 1 contract
Samples: Employment Agreement (Paratek Pharmaceuticals, Inc.)
Employment Position and Duties. You will continue to be employed in the position of Chief Financial Commercialization Officer (“CFOCCO”). You In this role, you will be expected to prepare and implement the commercialization strategy for each of the Company’s late stage development candidates, with the current primary focus being on omadacycline and, to the extent necessary, sarecycline. As CCO, you will also be expected to support any and all partnering efforts associated with the Company’s late stage development compounds. In addition, you will be expected to perform the other customary duties of your position, duties specified in the Bylaws of the Company, and as may be required by the Company’s Board of Directors (the “Board”) consistent with your position as CFO). You will report to the Chief Executive Officer, and . You will work at the Company’s corporate headquarters in Boston, MassachusettsPhiladelphia area facility. During your employment with the Company, you will devote your full-time best efforts and business time and attention to the business of the Company. As an exempt salaried employee, you will be expected to be available and working during the Company’s regular business hours, and such additional time as appropriate to manage your responsibilities. The Company reserves the right to reasonably require you to perform your duties at places other than its corporate headquarters Philadelphia area facility from time to time, and to require reasonable business travel, including international travel, at the Company’s expense. Your employment relationship with the Company will also be governed by the general employment policies and practices of the Company, except that if the terms of this Agreement conflict, this Agreement will control. Xxxx Xxxxxxx Base Salary You will earn a salary at the rate of $14,666.67 14,508.33 semimonthly ($352,000 348,200 annualized), less payroll deductions and withholdings (“Base Salary”), payable on the Company’s regular payroll schedule. The Base Salary will be reviewed on an annual or more frequent basis by the Board (or any authorized committee thereof), and is subject to change in the discretion of the Board (or any authorized committee thereof). Discretionary Performance Bonus You will be eligible to earn a discretionary performance bonus of up to thirty-five percent (35%) of your Base Salary, subject to applicable payroll deductions and withholdings (“Bonus”), based upon the Board’s assessment of your performance, and the Company’s attainment of written targeted goals as determined by the Board in its sole discretion. Following the close of each calendar year, the Board will determine in its discretion whether you have earned a Bonus, and the amount of any Bonus. You will be eligible to earn a Bonus for any full calendar year provided that you remain employed by the Company as of December 31 of that year. The Bonus, if earned, will be paid no later than March 15 of the calendar year after the year to which it relates.
Appears in 1 contract
Samples: Employment Agreement (Paratek Pharmaceuticals, Inc.)