BioForm Medical, Inc. Offer Letter Agreement with Jeff Wells dated May 1, 2007

Summary

BioForm Medical, Inc. offers Jeff Wells the position of Senior Vice President of Product Development, starting June 6, 2007, with an annual base salary of $280,000 and eligibility for a 30% management bonus. The offer includes a recommendation for stock options, benefits, and up to $40,000 in relocation reimbursement. Employment is at-will and subject to signing a proprietary information agreement. Severance and accelerated vesting apply if employment ends after a change in control. Acceptance is required by May 8, 2007.

EX-10.13 9 dex1013.htm OFFER LETTER AGREEMENT WITH JEFF WELLS DATED MAY 1, 2007 Offer Letter Agreement with Jeff Wells dated May 1, 2007

Exhibit 10.13

May 1, 2007

Mr. Jeff Wells

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Dear Jeff:

We are delighted to offer you employment as Senior Vice President of Product Development for BioForm Medical, Inc. This position will be based in the San Mateo, CA office, and begin June 6, 2007, reporting to Steve Basta, President and CEO.

Your annual base salary will be $280,000, paid bi-weekly. In addition, you will be eligible for the management bonus program, with a bonus opportunity of 30% of your base salary.

Management shall recommend to the Board of Directors that you receive an incentive stock option (ISO) for 260,000 shares of common stock. These options will be considered ISO’s subject to the annual ISO vesting limitations, the remainder of which would be non-qualified options. Only the Board of Directors in its sole discretion can grant stock options, and the options may be increased or decreased on terms or provisions altered by the board prior to grant. The Board of Directors will price the options at the next meeting, and the options begin vesting retrospectively to your date of hire on the following schedule: 25% on the one (1) year anniversary of vesting commencement date, and 1/48 of the options shall vest each month thereafter over a 4-year total vesting period, subject to your continued employment.

The stock option grant noted above will be subject to the terms and conditions of BioForm Medical’s 2003 Stock Plan, which provides for, among other things, acceleration of vesting in the event of your termination following a change of control (as set forth in more detail therein). In addition, if after a change in control of the Company, your employment is terminated, you will be paid six (6) months severance.

BioForm Medical, Inc.’s benefits include health and dental insurance, short and long-term disability, 15 days paid time off (PTO), 401K savings plan, and flexible spending account, along with standard paid holidays.

The health, dental, 401K, and short/long term disability coverage become effective the first of the month after the date of hire.

BioForm will reimburse you up to a maximum total of $40,000 to support your relocation costs such as out-of-pocket expenses, apartment rental and tax obligations resulting from your relocation. The reimbursement is valid for a period of 12-months beginning with your first day of employment.

 


Jeff Wells Offer Letter

May 1, 2007

Page 2 of 2

 

Your position is exempt under the Fair Labor Standards Act. This position and all other positions at the company are intended to be “at will” positions under California law and can be terminated with or without cause and with or without notice at any time by either you or the company.

On your first day of employment, please be sure to bring social security numbers and dates of birth for you and all your dependents. In addition, please be sure to bring eligibility for employment information to complete the I-9 form.

If you accept this offer of employment, please sign this letter and send it along with a fresh copy of your resume to Juanita Sullivan at our San Mateo office. Additionally, this offer is extended to you with the condition of signing our “Agreement Regarding Proprietary Information and Inventions” upon starting your new role. Please confirm your acceptance by May 8, 2007.

The BioForm Medical, Inc. team looks forward to you joining us in our very exciting venture. I personally look forward to working with you and to the substantial contribution that I believe you will make to our team.

 

Sincerely,     Offer Accepted:  

/s/ Steven L. Basta

    /s/ Jeff Wells   5/2/07
Steven L. Basta     (Signature)  
President & CEO     Print Name: Jeff Wells