Sirion Therapeutics, Inc. Offer Letter to Dawn Bennet Johnson for Chief Financial Officer Position

Contract Categories: Human Resources › Employment Agreements
Summary

Sirion Therapeutics, Inc. offers Dawn Bennet Johnson the position of Chief Financial Officer, reporting to the CEO, with a start date of May 15, 2006. The role includes a base salary of $175,000 per year, full family health benefits, four weeks of vacation, and relocation expense reimbursement up to $10,000. Dawn will also be eligible for a senior executive bonus plan and an employee stock option plan, with a target of 1% ownership after the next financing round. The offer outlines key compensation and benefits for the position.

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EX-10.16 18 g03213exv10w16.htm EX-10.16 OFFER LETTER EX-10.16 OFFER LETTER  

Exhibit 10.16
     
Date:
  April 25, 2006
To:
  Dawn Bennet Johnson
From:
  Barry Butler
Subject:
  Offer letter
As we discussed, I would like to offer you the position of Chief Financial Officer of Sirion Therapeutics, Inc. You will report directly to the CEO. We anticipate a start date of May 15, 2006.
The base salary of the position will be $14,583.33 per month ($175,000 per year). The position includes full health insurance benefits for your family (currently administered by Aetna HMO), prescription drug coverage, base dental insurance, base vision insurance, and life insurance equal to one times base salary. You may purchase additional benefits and upgrades at your own expense. You will receive 4 weeks of vacation per calendar year and standard paid company holidays. In addition, Sirion Therapeutics, Inc. will offset documented moving/relocation expenses up to $10,000.
As CFO, you will participate in the Senior Executive bonus plan that will be implemented following the closing of the next financing round.
Finally, you will participate in the employee stock option plan that will be implemented following the next round of financing. As we agreed, the target level of ownership control represented by the options is 1% of the post financing value (currently estimated at 82,500 options with an exercise price of $7.50).
We look forward to having you join our team.
Best Regards,
Barry Butler,
Chief Executive Officer
3110 Cherry Palm Drive, Suite 340 • Tampa, FL • 33619 • Phone: (813)  ###-###-#### • Fax: (813)  ###-###-####• www.siriontherapeutics.com