BioTransplant, Inc. Employment Agreement with Richard V. Capasso (Controller) and Amendment
BioTransplant, Inc. offered Richard V. Capasso the position of Controller, starting around December 9, 1991, with a salary of $65,000 per year, eligibility for a bonus (minimum $5,000 for 1992), and 10,000 stock options (subject to board approval). Employment is contingent on signing confidentiality, invention, and non-compete agreements. In 1996, the agreement was amended to provide up to six months of severance pay if Capasso is terminated without cause, paid in 12 installments and ending if he finds other employment.
Exhibit 10.10
[BIOTRANSPLANT LOGO]
Building 75, 3rd Avenue
Charlestown Navy Yard
Charlestown, MA 02129
Tel: 617 ###-###-####
Fax: 612 ###-###-####
November 13, 1991
Richard V. Capasso
39 Rocky Nook
Malden, MA 02148
Dear Rick:
This letter will confirm our offer to you to join BioTransplant, Inc. on the following terms:
| Title: | Controller |
| Terms: | This offer is contingent on your starting on or about December 9, 1991. |
| Compensation: | $65,000 per year/six month review, no guarantee of salary increase. |
| Bonus: | Eligible; with a guaranteed minimum of $5,000 for 1992. |
| Equity: | 10,000 options; subject to approval by the Board of Directors. |
| Agreements: | Your employment is subject to your signing a Confidentiality, Invention Agreement and a Non-Compete Agreement with BioTransplant and review of any agreement you may have with others to insure that your employment with BioTransplant is not in conflict with any such agreements. |
If these terms are acceptable, please sign and return one copy of this agreement.
We look forward to your joining the company and sharing in our new challenge.
Best regards,
/s/ Elliot Lebowitz
Elliot Lebowitz, Ph.D.
President and C.E.O
AGREED TO:
| By: | /s/ Richard V. Capasso | Date: | 11/14/91 | |
| | | |||
| Richard V. Capasso |
[BIOTRANSPLANT LOGO]
Building 75, 3rd Avenue
Charlestown Navy Yard
Charlestown, MA 02129
Tel: 617 ###-###-####
Fax: 612 ###-###-####
March 31, 1996
Mr. Richard Capasso
10 Rolling Lane
Wayland, MA 01778
Dear Rick:
Reference is made to the Letter Agreement dated November 13, 1991, by and between BioTransplant Incorporated and you (the “Letter Agreement”). The Letter Agreement is hereby amended to add the following additional term:
| Severance: | In the event your employment is terminated without cause, you will receive up to 6 months base salary, payable in 12 equal installments which will be discontinued upon your securing other employment. |
Please sign below to acknowledge your agreement with the foregoing.
| Very truly yours, | |
| /s/ Elliot Lebowitz | |
| | |
| Elliot Lebowitz, Ph.D. | |
| President and Chief Executive Officer |
AGREED:
| By: | /s/ Richard V. Capasso |
| | |
| Richard V. Capasso |
Date: April 15, 1996
