Employment Offer Letter for Chief Operating Officer Position at PhyMatrix – Dr. Adrian Otte

Summary

This letter is an employment offer from PhyMatrix to Dr. Adrian Otte for the role of Chief Operating Officer of Pharmaceutical Services. The agreement outlines a base salary of $250,000, a guaranteed first-year bonus of $50,000 paid quarterly, and an initial grant of 200,000 shares with options vesting over three years. If the company changes ownership, all options vest immediately. The offer includes standard benefits, one year of severance pay if terminated without cause, and comprehensive relocation assistance. Acceptance is required by June 1, 1999, and is contingent on reference checks.

EX-10.22 2 ex-10_22.txt EXHIBIT 10.22 Exhibit 10.22 May 21, 1999 Dr. Adrian Otte 109 Kelly Drive Chadds Ford, PA 19317 Dear Adrian: We are very pleased to extend an offer of employment to you for the position of Chief Operating Officer of Pharmaceutical Services, PhyMatrix. The terms are as follows: Base Salary: $250,000 Bonus Potential: Guaranteed target bonus of $50,000 to be paid quarterly. (Guaranteed for 1st year only). At 120% of target, an additional $25,000. Equity: a. An initial grant of 200,000 shares at market price. Priced as of close of business May 28, 1999. b. Options will be vested over a three year period in equal increments. If there is a material change in ownership of the company, all outstanding options will vest with change of control. Benefits: Per PhyMatrix policies Severance: One year of base compensation for termination by the company without cause. Relocation: 1. Pack and move of household goods. 2. Closing costs at sell end, including realtors fees. 3. Two house hunting trips for family. 4. $10,000 in temporary living expenses for residence, transportation, meals, etc. Receipts for expenses need to be submitted for reimbursement. 5. Tax gross up for taxable relocation items. We are very excited about the prospect of working with you and look forward to you joining our team. This offer is contingent upon the completion of referencing. Please sign and return this letter as your acceptance of these terms by Tuesday, June 1, 1999. Best Regards, Michael Heffernan I acknowledge and agree to the terms stated above. Dr. Adrian Otte