Icoria, Inc. Offer Letter to Brett Farabaugh for Vice President of Finance Position
Icoria, Inc. offers Brett Farabaugh the position of Vice President of Finance, reporting to the CEO. The offer includes an annual salary of $160,000 effective April 1, 2005, eligibility for a bonus as previously outlined, and participation in the Executive Incentive Plan at a 35% rate, prorated for 2005. Additionally, Brett will receive a severance agreement providing up to 12 months of severance pay, to be finalized by April 30, 2005. Brett accepted the offer on March 29, 2005.
Exhibit 10.5
108 T. W. Alexander Drive, P.O. Box 14528
Research Triangle Park, NC ###-###-####
919 ###-###-#### phone ###-###-#### fax
www.icoria.com
March 28, 2005
Brett Farabaugh
8308 Clarks Branch Drive
Raleigh, NC 27613
Dear Brett,
I am pleased to confirm the offer to you for the position of Vice President, Finance for Icoria, Inc. This executive level position will report directly to our CEO, Heiri Gugger. This promotion is reflective of our confidence in you and your ability to add value to the Icoria executive team. As part of this offer, your annual salary will increase to $160,000 effective April 1, 2005.
With the acceptance of this offer, the bonus opportunity outlined in Heiri’s letter to you on January 24, 2005, will remain in effect. Your participation in the Executive Incentive Plan will begin April 1, 2005, at a rate of 35% prorated for 2005.
In addition we will provide you an agreement that would offer you up to 12 months of severance pay, consistent with other executive agreements. This document will be prepared and executed by April 30, 2005.
I look forward to working with you on the Executive Team.
Sincerely,
Jim Bucci
Vice President, Human Resources
I acknowledge and accept the offer as described as above.
| /s/ Brett Farabaugh | 3/29/2005 | |
| Brett Farabaugh | Date |
