Employment Offer Letter for Chief Operating Officer Position at PhyMatrix – John Wardle

Summary

This agreement is an employment offer from PhyMatrix to John Wardle for the role of Chief Operating Officer. It outlines a base salary of $210,000, a 25% bonus potential, a $10,000 sign-on bonus, and an initial equity grant of 100,000 shares with a three-year vesting period (accelerated upon a change in company control). Benefits follow company policy, with COBRA reimbursement for six months. If terminated without cause or due to significant changes in job conditions, John is entitled to one year of base pay and COBRA coverage. The start date is set for April 5, 1999 or earlier.

EX-10.25 5 ex-10_25.txt EXHIBIT 10.25 Exhibit 10.25 March 2, 1999 Mr. John Wardle 74 Caswell Street Narragansett, RI 02882 Dear John: We are very pleased to extend an offer of employment to you for the position of Chief Operating Officer, PhyMatrix. The terms are as follows: Base Salary: $210,000 Bonus Potential: 25% bonus potential (based on both company and personal performance metrics to be agreed upon). $10,000 sign-on bonus Equity: 100,000 (initial grant) with 3 year vesting period. The vesting period will be accelerated with material change in control of the company. Strike price will be determined at the price April 30, 1999. Benefits: Per PhyMatrix policies. COBRA to be reimbursed for six months. Severance: A. One year of base compensation and payment of COBRA premiums for termination by the company without cause. or B. One year base compensation and payment of COBRA premiums as a result of a material change in responsibilities, reporting relationships or location. Start Date: April 5, 1999 or sooner (TBD) We are very excited about the prospect of working with you and look forward to you joining our team. Please sign and return this letter as your acceptance of these terms. Best Regards, Michael Heffernan I acknowledge and agree to the terms stated above. John Wardle