December 13, 2017
Dear Mr. Sami Shihabi,
Progenity, Inc. (the Company) is pleased to confirm the following employment offer as Senior Vice President of Marketing and Portfolio Strategy starting January 15, 2018 (the Employment Start Date). This offer is subject to the terms and conditions set forth in this offer letter. This offer will remain open until Friday, December 15th, 2017.
You agree to serve as Senior Vice President of Marketing and Portfolio Strategy and shall have the duties and responsibilities commensurate with such position reporting directly to Harry Stylli, Executive Chairman. The annual base salary for this position is $350,000 on a full-time basis. Progenity will provide you with a $100,000 sign-on bonus to be paid on the pay date following your start date.
90 Day Probationary Period
The first 90 days of your employment will be under a probationary period. During this period, both the company and you will determine whether you can perform the requirements of the job you have been assigned to.
Beginning the first of the month following your start date, the Company will provide you with the usual health insurance benefits it generally provides to other employees. Except for any waiting period that may be applicable, you will have immediate right to participate in and receive benefit from life, accident, disability, medical, bonus, and similar benefits made available generally to employees of the Company as such plans and benefits may be adopted by the Company. These plans may vary, from time to time, be amended, or terminated
Your PTO time shall be.in accord with the Companys PTO policy that allows all full-time employees to accrue three weeks PTO per benefit year.
You are eligible for the annual bonus program with a maximum annual bonus of 40%. Bonuses are calculated annually when the calendar year ends and are awarded in the first quarter of the following year. These bonuses are prorated based on your start date. You would be eligible for your first bonus during the first quarter of 2019. The bonus incentive is based on several items including company performance, individual goals, and a subjective portion. The bonus program is operated at the sole discretion of the Company and is subject to review, modification, or revocation at any time.
You will be granted an option to purchase 225,000 shares of common stock. Such option and exercise shall be subject to the terms of the Companys most current Equity Incentive Plan and standard agreement. Twenty-five percent of the option shall become vested on the first anniversary of your Employment Start Date and the balance of the shares shall vest in 36 consecutive successive equal monthly installments thereafter, provided that you are providing Continuous Service during the period commencing on the Grant Date and through each applicable vesting date.