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118 N. Clinton Street, Suite 205
Chicago, IL 60661
In addition, subject to Board review and approval, The Company, to the extent permitted by its Articles and By Laws, shall indemnify you for all claims, losses, expenses, costs, obligations, and liabilities of every nature whatsoever incurred by you to any Third Party as a result of your acts or omissions as an employee of the Company, but excluding from such indemnification any claims, losses, expenses, costs, obligations, or liabilities incurred by you as a result of your bad faith, willful misconduct or gross negligence. Our intention will also be to add you to a Directors and Officers policy, which we intend to obtain commensurate with the Companys planned Series B venture capital financing.
You will be eligible for the standard benefits of the Company (pursuant to the terms and conditions of the benefit plans and applicable policies), which includes health insurance. Currently, the company offers California BCBS Ultimate PPO. The Company reserves the right to change or otherwise modify, in its sole discretion, the benefits offered to employees to conform to the Companys general policies and plans as they may be changed from time to time.
As a SlipChip employee, you will be expected to abide by Company rules and policies. As a condition of employment, you must sign and comply with the attached Employee Confidential Information and Inventions Assignment Agreement, which prohibits unauthorized use or disclosure of SlipChip proprietary information, among other obligations.
In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. You agree that you will not bring onto Company premises any unpublished documents or property belonging to any former employer or other person to whom you have an obligation of confidentiality. You hereby represent that you have disclosed to the Company any contract you have signed that may restrict your activities on behalf of the Company.
Normal business hours are from 8:30 a.m. to 5:30 p.m., Monday through Friday. As an exempt salaried employee, you will be expected to work additional hours as required by the nature of your work assignments.
Your employment with the Company will be at will. You may terminate your employment with SlipChip at any time and for any reason whatsoever simply by notifying SlipChip. Likewise, SlipChip may terminate your employment at any time, with or without cause or advance notice. Your employment at-will status can only be modified in a written agreement signed by you and by an officer of SlipChip.
This offer is contingent upon a satisfactory proof of your right to work in the United States. You agree to assist as needed and to complete any documentation at the Companys request to meet these conditions.
This letter, together with your Employee Confidential Information and Inventions Assignment Agreement, forms the complete and exclusive statement of your employment agreement with SlipChip. It supersedes any other agreements or promises made to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Companys discretion in this letter, require a written modification signed by an officer of SlipChip.