Offer Letter for Vice President Position between MEMSIC, Inc. and Feiming Huang
MEMSIC, Inc. offers Feiming Huang the position of Vice President overseeing its Asia manufacturing operations. The agreement provides an annual base salary of $30,000, eligibility for bonuses per company policy, and a 2% equity stake in the company, which vests equally over four years of service. The offer outlines key compensation terms and the vesting schedule for equity, making Feiming a significant equity holder and member of the senior management team.
Exhibit 10.8
June 28, 1999
Mr. Feiming Huang
Qinshanwan
Wuxi City
Jiangsu Province, China
Dear Feiming:
On behalf of MEMSIC, Inc., I am pleased to offer you a position of Vice President in charge of company’s Asia manufacturing operation. As a member of MEMSIC’s senior management team, your compensation is described below:
| 1. | Annual base salary is $30,000 plus bonus as determined based on the company policy |
| 2. | Equity ownership is 2% pre-money value of the company. This makes you a key partner and one of the large equity owners of the company. |
As a typical practice of the US startup community, your 2% equity will be vested equally over the next four years of your service. To be more specific, 0.5% of your equity will be vested at the first anniversary of your service for MEMSIC and an additional 0.5% will be vested at each subsequent anniversary of your service in MEMSIC.
I am looking forward to working together with you to build up a highly successful international enterprise.
| Sincerely, |
| /s/ Yang Zhao, Ph.D |
| Yang Zhao, Ph.D. |
| President & CEO |
| MEMSIC, Inc. |
CC: Dr. Ray Stata
YANG ZHAO MEMSIC, INC. 21 OSBORN STREET CAMBRIDGE MA 02139
Tel: (617) 761-7816 Fax: (978) 689-8068 e-mail: ***@***
