Employment Offer Letter between Vision-Sciences, Inc. and Alan Jacobson (Vice President of Sales & Marketing)

Summary

Vision-Sciences, Inc. offers Alan Jacobson the position of Vice President of Sales & Marketing starting January 17, 2000, with a $100,000 annual salary and a $30,000 performance-based bonus. He will receive standard company benefits, a $500 monthly car allowance, and business cell phone coverage. The agreement includes a grant of 100,000 stock options vesting over four years, with immediate vesting if the company is acquired or merged. The offer is contingent on satisfactory job performance and is governed by the company's standard policies.

EX-10.28 4 ex-10_28.txt EXHIBIT 10.28 EXHIBIT NO. 10.28 December 20, 1999 Mr. Alan Jacobson 73 Richmond Lane West Hartford, CT 06117 Dear Alan, 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: $100,000 per annum, payable in accordance with the Company's normal payroll schedules. Bonus: $30,000 payable as follows: $15,000 six months from your start date, and $15,000 twelve months from your start date. Payment of the bonus is contingent upon satisfactory job performance by you during that period. Effective Date: January 17, 2000 Benefits: You will be entitled to participate in the Company's standard benefits package, including health insurance and the Company's 401K plan. In addition, you will receive a car allowance of $500.00 per month, and the company will pay for your business cell phone charges. 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 equal to the price as of the close of business on January 17, 2000 with vesting as follows: o 25,000 shares vesting on January 17, 2001 o 25,000 shares vesting on January 17, 2002 o 25,000 shares vesting on January 17, 2003 o 25,000 shares vesting on January 17, 2004 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 1990 Stock Option Plan shall apply to this grant. Yours truly, /s/ Katsumi Oneda - ------------------------ Katsumi Oneda President/CEO/Chairman Accepted: /s/ Alan Jacobson Date: December 23, 1999 - ---------------------------- ------------------------------- Alan Jacobson