Ventana Medical Systems Promotion Offer Letter to Hany Massarany for Chief Operating Officer Position
Ventana Medical Systems, Inc. offers Hany Massarany the position of Chief Operating Officer, effective July 9, 2007, with a base salary of $330,000 per year, an annual bonus target equal to 100% of his salary (actual payout based on company performance), and a $35,000 net acceptance bonus each year for five years. He is also granted 15,000 restricted stock units that vest after five years. The agreement requires Hany to sign and return the letter to accept the promotion.
EXHIBIT 10.10
 | Ventana Medical Systems, Inc. Human Resources 1910 E. Innovation Park Drive Tucson, AZ 85755
Toll Free: 800 ###-###-#### |
July 9, 2007
Hany Massarany
12136 N Copper Spring
Oro Valley, AZ 85737
Dear Hany:
I am very pleased to offer you the position of Chief Operating Officer, reporting directly to me. Your pay increase and promotion will be effective on July 9, 2007.
As an integral component of this appointment, you will be paid a biweekly base salary of $12,692.31 (which aggregates to $330,000 over a 12-month period). This new position has an annual bonus target of 100% of your annual base salary. Actual payout will range from 0% to 150% of your target bonus, depending on company performance.
Additionally, you will receive an acceptance bonus of $35,000 (net) per year for five years payable each year in the second pay check every July.
As part of you promotion the Compensation Committee of the Board of Directors has approved a grant of 15,000 restricted stock units effective on the date of your promotion. The restricted stock units will cliff vest 5 years after the date of grant.
I know you will continue to add tremendous value to our organization and I look forward to working with you as we drive forward to achieve our ambitious goals. If you accept this promotion, please sign in the space indicated below and return the document to Human Resources.
| Sincerely, | Accepted, | |||||||
| /s/ CHRIS GLEESON | /s/ HANY MASSARANY | July 9, 2007 | ||||||
| Chris Gleeson | Hany Massarany | Date | ||||||
| President and CEO | ||||||||
