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Letter Agreement Re: Employment Terms

 

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Title:

Letter Agreement Re: Employment Terms

Entities:

Genitope Corp.; Silicon Valley Bank

Date:

2003

Size:

Preview shows 2KB of 9KB total

Price:

$40

ID:

#306670

 

 

► Legal ► Letter Agmt. ► Misc. Letter Agreements
► Biotech & Drugs ► Biological Products

 

 

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                             (GENITOPE LETTERHEAD)


21 January 2002

Fred Kurland
4213 Los Palos Avenue
Palo Alto, CA 94306

RE: EMPLOYMENT TERMS

Dear Fred:

Genitope Corporation (the "Company") is pleased to offer you a position with the
Company, on the following terms:

You will be Vice President of Finance and Chief Financial Officer, starting no
later than February 25, 2002. Your first day of work will be your "Employment
Date." You will be responsible for all finance functions as well as facilities
and IT functions at the Company. You will report to the CEO, Dan Denney. Your
position will be full-time. Your compensation will be $20,000 per month
($240,000 per year), less standard payroll deductions and withholdings. You will
be paid according to the Company's regular payroll schedule. The Company will
reimburse you for the monthly charges and all business related calls on a
cellular telephone and for an annual airline lounge membership. The Company will
subscribe to BioCentury and provide a copy to you.

Subject to the approval of the Board of Directors, upon commencement of your
employment, the Company will grant you a nonstatutory stock option to purchase
220,000 shares of Company common stock (the "Option") pursuant to the Company's
1996 Stock Option Plan (the "Plan") at an exercise price equal to the then fair
market value of a share of the Company's common stock on the date of grant. The
current fair market value of the Company's common stock is $0.40 per share.

Your Option will be subject to the Company's standard vesting schedule and will
have a term of ten years, measured from the grant date. Vesting will begin on

 

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