Exhibit 10.12
December 15, 2001
Xxxxxx Xxxxxxx, PhD
Geneteric
0000 Xxxxxxxxxx Xxxxx
Xxxxxxx, XX 00000
Dear Xxxxxx:
Thank you for your commitment to being a member of ViaCell, Inc.'s Board of
Directors. I look forward to our working relationship and appreciate your
involvement in our company's mission to deliver the highest quality cellular
medicines for the treatment of human disease. This letter is to confirm our
agreement effective January 1, 2002 that ViaCell will compensate you as outlined
below:
Fee for attending each Board of Directors meeting of $3,500 paid within
30 days of the meeting. Additionally, you will be granted 5,000 shares
of stock options, which will vest one year from the grant date.
You will attend six Board of Director meetings (schedule attached)
including a dinner the night before plus a half-day meeting.
Occasional calls, emails and correspondence with the Chairman and CEO
may be required.
ViaCell will reimburse you for miscellaneous travel expenses incurred on behalf
of the Company. Xxxx Xxxxxxx will arrange your flights and the flight cost will
be billed directly to ViaCell. Other business expenses should be submitted to
Xxxx Xxxxxxx. The Company will reimburse you in a timely fashion. I am confident
you will use good prudent business judgment as it relates to business travel
expenses.
It is further understood that while you are serving as a member of XxxXxxx's
Board of Directors, you will not serve as a consultant, employee, or in any
similar capacity with any entity or individual in competition with ViaCell, Inc.
and its Viacord Cord Blood Banking Service.
Sincerely,
/s/ Xxxx Xxxx
Xxxx X. Xxxx Xxxxxx to by:
Chairman and Chief Executive Officer
_____________________________________
Xxxxxx Xxxxxxx, PhD Date
Enclosure:
2002 Board of Director Meeting Calendar
