November 30, 2007 David Shaw, Esq. Dear David: Hansen Medical, Inc. (the “Company”) is pleased to offer you employment on the following terms:
Exhibit 10.25
November 30, 2007
Xxxxx Xxxx, Esq.
Dear Xxxxx:
Xxxxxx Medical, Inc. (the “Company”) is pleased to offer you employment on the following
terms:
1.
Position. Your title will be Senior Vice President, Business Development and General
Counsel, and you will report to the Company’s Chief Executive Officer. This is a full-time
position. While you render services to the Company, you will not engage in any other employment,
consulting or other business activity (whether full-time or part-time) that would create a conflict
of interest with the Company. By signing this letter agreement, you confirm to the Company that
you have no contractual commitments or other legal obligations that would prohibit you from
performing your duties for the Company.
2. Cash Compensation. The Company will pay you a starting salary at the rate of $250,000 per
year, payable in accordance with the Company’s standard payroll schedule. This salary will be
subject to adjustment pursuant to the Company’s employee compensation policies in effect from time
to time. In addition, you will be eligible to be considered for an incentive bonus for each fiscal
year of the Company after 2007. The bonus (if any) will be awarded based on objective or
subjective criteria established by the Company’s Chief Executive Officer and approved by the
Compensation Committee of the Company’s Board of Directors (the “Committee”). Your target bonus
for 2008 will be equal to 35% of your annual base salary. The bonus for a fiscal year will be paid
after the Company’s books for that year have been closed and will be paid only if you are employed
by the Company at the time of payment. The determinations of the Committee with respect to your
bonus will be final and binding.
3. Employee Benefits. As a regular employee of the Company, you will be eligible to
participate in a number of Company-sponsored benefits. In addition, you will be entitled to paid
vacation in accordance with the Company’s vacation policy, as in
effect from time to time. Your previously arranged family vacation
from December 20 through January 2, 2008 is approved as an addition
to those periods to which you will be entitled under the
Company’s vacation policy.
4.
Stock Options. On December 3, 2007, you
will receive an option to purchase 275,000 shares of the Company’s Common Stock. The exercise
price per share will be equal to the closing price of the
Company’s Common Stock on December 3, 2007. The option will be subject to the terms and conditions applicable
to options granted under the Company’s 2006 Equity
Xxxxx Xxxx, Esq.
November ___, 2007
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Incentive Plan (the “Plan”), as described in the
Plan and the applicable Stock Option Agreement. You will vest in 25% of the option shares after 12
months of continuous service, and the balance will vest in equal monthly installments over the next 36 months of continuous service, as
described in the applicable Stock Option Agreement.
5.
Stock Units. On December 3, 2007, you will
receive a Restricted Stock Unit Award representing 10,000 shares of the Company’s Common Stock.
The award will be subject to the terms and conditions applicable to Restricted Stock Unit Awards
granted under the Plan, as described in the Plan and the applicable Restricted Stock Unit Award
Agreement. You will vest in the award in equal annual installments over your first four years of
continuous service, as described in the applicable Restricted Stock Unit Award Agreement.
6. Change in Control Agreement. The Company will offer you the opportunity to enter into a
Vesting Acceleration and Severance Agreement in the form of the document attached hereto as Exhibit
A.
7. Proprietary Information and Inventions Agreement. Like all Company employees, you will be
required, as a condition of your employment with the Company, to sign the Company’s standard
Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit B.
8. Employment Relationship. Employment with the Company is for no specific period of time.
Your employment with the Company will be “at will,” meaning that either you or the Company may
terminate your employment at any time and for any reason, with or without cause. Any contrary
representations that may have been made to you are superseded by this letter agreement. This is
the full and complete agreement between you and the Company on this term. Although your job
duties, title, compensation and benefits, as well as the Company’s personnel policies and
procedures, may change from time to time, the “at will” nature of your employment may only be
changed in an express written agreement signed by you and a duly authorized officer of the Company
(other than you).
9. Taxes. All forms of compensation referred to in this letter agreement are subject to
reduction to reflect applicable withholding and payroll taxes and other deductions required by law.
You agree that the Company does not have a duty to design its compensation policies in a manner
that minimizes your tax liabilities, and you will not make any claim against the Company or its
Board of Directors related to tax liabilities arising from your compensation.
10. Interpretation, Amendment and Enforcement. This letter agreement and Exhibits A and B
constitute the complete agreement between you and the Company, contain all of the terms of your
employment with the Company and supersede any prior agreements, representations or understandings
(whether written, oral or implied) between you and the Company. This letter agreement may not be
amended or modified, except by an express written agreement signed by both you and a duly
authorized officer of the Company. The terms of this letter agreement and the resolution of any
disputes as to the meaning, effect, performance or
Xxxxx Xxxx, Esq.
November ___, 2007
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validity of this letter agreement or arising out
of, related to, or in any way connected with, this letter agreement, your employment with the
Company or any other relationship between you and the Company (the “Disputes”) will be governed by California law, excluding laws relating to
conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of
the federal and state courts located in Santa Xxxxx County, California, in connection with any
Dispute or any claim related to any Dispute.
* * * * *
We hope that you will accept our offer to join the Company. You may indicate your agreement
with these terms and accept this offer by signing and dating both the enclosed duplicate original
of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and
returning them to me. This offer, if not accepted, will expire at the close of business on
November 30, 2007. As required by law, your employment with the Company is contingent upon your
providing legal proof of your identity and authorization to work in the United States. Your
employment is also contingent upon your starting work with the Company on or before December 3,
2007.
If you have any questions, please call me at 000.000.0000.
Very truly yours,
Xxxxxx Medical, Inc. | ||||
By: |
Xxxxxxxx X. Xxxx | |||
Title: |
CEO | |||
I have read and accept this employment offer:
/s/ Xxxxx Xxxx | ||||
Signature of Xxxxx Xxxx | ||||
Dated: |
12/3/07 | |||
Attachment
Exhibit A: Vesting Acceleration and Severance Agreement
Exhibit B: Proprietary Information and Inventions Agreement
Exhibit B: Proprietary Information and Inventions Agreement