Promotion and Compensation Agreement between Ophthotech Corporation and Keith Westby (January 2017)

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement confirms the promotion of Keith Westby to Senior Vice President & Chief Operating Officer at Ophthotech Corporation, effective January 30, 2017. Mr. Westby will report to the President & CFO, Glenn Sblendorio, and will receive an annual salary of $325,000, with a bonus target of 40%. The position is classified as exempt from overtime pay. The agreement is accepted by Mr. Westby and outlines his new compensation and reporting structure.

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EX-10.1 2 opht-03312017xex101.htm EXHIBIT 10.1 Exhibit
Exhibit 10.1


January 30, 2017

Keith Westby
Senior Vice President
Dear Keith:
It is my pleasure to confirm your promotion to Senior Vice President & Chief Operating Officer effective January 30, 2017. You will report to Glenn Sblendorio, President & Chief Financial Officer. This position is exempt according to federal wage law, which means you will not be eligible for ovettime pay for hours worked in excess of 40 in a given work week.
Your annualized salary will increase to $325,000 less taxes, effective January 30, 2017 and you will be classified as an Officer of the Company. Your bonus target will increase to 40%.
Keith, I congratulate you on this achievement and trust you will meet the challenges of your new position with great success. If you are in agreement with this letter, please sign and return a fully executed copy to me .

/s/ Amy Sheehan
Amy Sheehan
Vice President, Human Resources


Accepted by: /s/ Keith Westby
Date: 2/1/17