INSYS THERAPEUTICS, INC. (COMPANY)
Exhibit 10.11
May 17th, 2007
Kelly D. Tate, MBA, MS
3548 N. Reynolds Circle
Mesa, AZ 85215
Dear Kelly:
I am pleased to offer you the position of Director, Regulatory Affairs at Insys Therapeutics, Inc. The salary offered for this position is $130,000.00 per year. You are also eligible to receive a bonus potential of up to 10% of your base salary based on performance. As a full-time employee you will be eligible for health benefits and a 401K retirement plan. The attached “employment statement” summarizes your employment benefits.
On the first day of your employment you will be requested to sign a Confidentiality Agreement. If you are in agreement, please signify your acceptance of this offer of employment by signing and returning this letter and the “offer statement” no later than May 21st, 2007. It is understood that the job requires travel from time to time or as needed.
Kelly, you are being offered a key position at Insys and we look forward to your active contribution to the success of our company. It is my hope that you will find your employment at Insys a truly rewarding experience.
I look forward to welcoming you to Insys. Should you have any questions or concerns please do not hesitate to contact me at (602) ###-###-####.
Sincerely,
| /s/ Jon W. McGarity |
| Jon W. McGarity |
| President and CEO |
I hereby accept Insys Therapeutics Inc.’s offer as described in this letter.
| /s/ Kelly Tate | May 19, 2007 | |||
| Signature of Kelly D. Tate | Date | |||
INSYS THERAPEUTICS, INC. (“COMPANY”)
EMPLOYMENT OFFER STATEMENT (“OFFER STATEMENT”)
TO: Kelly D. Tate, MBA, MS
DATE: May 17th, 2007
POSITION: Director, Regulatory Affairs
START DATE: June 11th, 2007
COMPENSATION:
| SALARY | $130,000.00 per annum | |
| BONUS | Up to 10% bonus potential. | |
| EQUITY | You shall receive 10,000 options. On an ongoing basis, you will participate in the annual employee stock option award program, to the extent such awards are granted by the Board of Directors. | |
| 50% of the options will be vested immediately upon your joining the company; the remaining 50% will vest per the following schedule: | ||
| 25% - June 1, 2008 | ||
| 25% - June 1, 2009 | ||
| In order for any unvested options to vest, you must be an employee of the Company in good standing or reach terms that would complete the vesting. | ||
| The options shall be subject to all the terms and conditions of the Employee Stock Option Program adopted by the Company. Any Shares issued pursuant to these paragraphs shall be subject to a prohibition on transferability until such time as an initial public offering of the Company’s stock is implemented by the Company. | ||
| PAID TIME OFF: | Your annual vacation time will be three weeks. You will have eight paid holidays and five personal/sick days. Please note that vacation time unused for the calendar year cannot be carried over. After two years of complete service, four weeks will be approved. | |
| HEALTH INSURANCE: | Effective on the first day following the first full month of employment but subject to any pre-existing condition clauses that may be applicable to you or your family, Company Sponsored group medical and dental health coverage will be provided to you consistent with the Company health insurance benefits plan in place. | |
| BENEFITS: | Effective on the first day of the first full month following the Start Date, long term disability and life insurance at one and one-half (1 1/2) times annual salary to a maximum of $100,000.00, consistent with the Company benefits plan, shall be provided to you. These benefits are to be paid in full by the Company. | |
| RETIREMENT: | Subject to all eligibility and waiting period requirements, you shall be entitled to participate in the 401(k) Plan. | |
| TERMINATION: | Either you or the Company may terminate the “At-Will” employment upon thirty (30) days written notice to the other. | |
| EMPLOYMENT STATUS: | “At Will” Employment; Nothing herein shall be construed to alter your status as an “At-Will” employee. | |
| TECHNOLOGY & INTELLECTUAL PROPERTY: | All intellectual property and technology developed as a result of projects pursued by Insys, whether directly or indirectly, while employed at Insys Therapeutics, Inc. shall belong to the Company. | |
| Accepted: | /s/ Kelly Tate | Approved: | /s/ Jon W. McGarity | |||||
| Its: | President & CEO |
