EX-10.14 Agreement between Burkhard Blank, dated June 2, 2006

EX-10.14 6 b63667alexv10w14.txt EX-10.14 AGREEMENT BETWEEN BURKHARD BLANK, DATED JUNE 2, 2006 Exhibit 10.14 [ALTUS LETTERHEAD] June 2, 2006 Burkhard Blank [ADDRESS] Dear Burkhard: We are pleased you have accepted our offer for the position of Senior Vice President reporting to Sheldon Berkle, President and CEO. We offer you a biweekly salary of $14,038.46, which equates to an annualized salary of $365,000. In addition to your base salary, you will have the opportunity to earn a bonus of up to 40% of your base salary based on achieving mutually established performance objectives. Our offer to you also includes Stock Options of 200,000 shares of Altus common stock. Shares will vest quarterly over a four-year schedule, in accordance with plan documents, so long as you remain an employee. Your exercise price will be the common stock price in effect on your first day of employment. We feel this is an opportunity that will offer you a satisfying position in a challenging growth environment. You will also be eligible for a Sign-On Bonus of $150,000 to be paid within 30 days of your hire. Should you voluntarily terminate your employment before the first anniversary of the Commencement Date, the full amount of the bonus will be repaid by you to the Company. Should you voluntarily terminate your employment on or after the first anniversary of the Commencement Date and prior to the second anniversary of the Commencement Date, one-half of the bonus will be repaid by you to the Company. To assist you with your transition to Massachusetts, we will assist you in your search for housing. We will also reimburse you for your moving expenses up to a maximum of $70,000 to be verified with validated receipts. If you leave the company within one year you are responsible to reimburse the company back the pro-rated amount. Altus offers a competitive and comprehensive benefits program. All employees are eligible to participate in the program, which includes group health, dental, life, and long and short-term disability insurance. You are also eligible to participate in our matching 401k plan, in accordance with plan guidelines. Employees also receive generous vacation time, of which you are eligible to receive five (5) weeks, personal time and observed as well as floating holidays. Burkhard Blank June 2, 2006 Page 2 Your employment is subject to your agreement to Altus's standard employee non-disclosure and inventions agreement. We have included a copy of the agreement as an attachment to this offer. Please bring the signed copy with you on your first day. The Federal government requires that we verify the employment eligibility of all new employees. On your first day, please bring two forms of identification (valid driver's license, original birth certificate, passport, original social security card, etc) demonstrating you are legally eligible to work in the United States. This information is required to complete the INS (Immigration and Naturalization Service) form I-9. We look forward to you beginning employment with us on June 8, 2006. Once you have had an opportunity to review the above information, please let us know it is acceptable to you by signing below and returning one copy of this letter. Burkhard, everyone who has met with you is enthusiastic about your capabilities and feels confident that Altus will afford you a challenging and rewarding career. We look forward to having you join us. Please feel free to contact Rose Villandry (617 ###-###-####) with any questions or if you need additional information. Sincerely, /s/ Sheldon Berkle - ------------------------------------- Sheldon Berkle President & CEO I accept the terms of employment offered in this letter. Signature: /s/ Burkhard Blank -------------------------- Date: June 8, 2006 SSN: [SOCIAL SECURITY NUMBER] Attachments: 1. Non-Disclosure and Inventions Agreement