Vision-Sciences, Inc. Employment Offer Letter to Thomas Olmstead (Vice President of Sales & Marketing)

Summary

Vision-Sciences, Inc. offers Thomas Olmstead the position of Vice President of Sales & Marketing, effective October 1, 2001, with an annual salary of $120,000. He will receive standard company benefits, vacation per company policy, and a grant of 100,000 stock options vesting over four years. If the company is merged or acquired, all options vest immediately. The agreement is signed by both parties and follows the company's standard stock option plan.

EX-10.7 3 a2079827zex-10_7.txt EXHIBIT 10.7 [VISION SCIENCES LOGO] EXHIBIT 10.7 September 20, 2001 Mr. Thomas Olmstead 4114 Meadowbrook Boulevard University Heights, Ohio 44118 Dear Tom, I am pleased to offer you employment with Vision-Sciences, Inc. ("the Company"), pursuant to the following terms and conditions: Title: Vice President of Sales & Marketing Salary: $120,000 per annum, payable in accordance with the Company's normal payroll schedules. Effective Date: October 1, 2001 Benefits: You will be entitled to participate in the Company's standard benefits package, including health insurance and the Company's 401K plan. Vacation: You will be eligible for vacation in accordance with the Company's standard vacation policy. Options: You will receive a grant of stock options for 100,000 shares of the common stock of Vision-Sciences, Inc. at an exercise price as of the close of business on October 1, 2001 with vesting as follows: - 25,000 shares vesting on October 1, 2002 - 25,000 shares vesting on October 1, 2003 - 25,000 shares vesting on October 1, 2004 - 25,000 shares vesting on October 1, 2005 In accordance with the terms of the Vision-Sciences 2000 Stock Option plan, in the event that Vision-Sciences is merged into or acquired by another entity, all options shall vest immediately. All other provisions of the Vision-Sciences 2000 Stock Option Plan shall apply to this grant. Yours truly, /s/ Katsumi Oneda - ----------------- Katsumi Oneda President/CEO/Chairman Accepted: /s/ Thomas Olmstead Date: 10-1-01 - ------------------- Thomas Olmstead