Employment Offer Letter between Aastrom Biosciences, Inc. and Daniel R. Orlando (Chief Commercial Officer)
This letter is an employment offer from Aastrom Biosciences, Inc. to Daniel R. Orlando for the position of Chief Commercial Officer, starting August 27, 2012. The agreement outlines an annual base salary of $285,000, eligibility for a discretionary bonus up to 40% of base salary, stock options, participation in company benefits, and paid time off. Mr. Orlando will work part-time in the Ann Arbor office and part-time remotely, with travel expenses covered by the company. Employment is contingent on standard pre-employment requirements and signing a confidentiality agreement.
Exhibit 10.1
Employment Offer Letter
August 20, 2012
Daniel R. Orlando
Dear Dan,
It is with great pleasure that I extend an offer for you to join Aastrom Biosciences, Inc. (the Company). Employment with the Company is contingent upon compliance with necessary Immigration Laws, satisfaction of any routine pre-employment contingencies and execution of a Confidentiality, Nondisclosure and Assignment Agreement.
Based on our agreement, your title will be Chief Commercial Officer and you will report directly to me. Your employment will commence on August 27, 2012. Compensation for your employment will consist of the following:
1) Annual Base Salary $285,000 (USD) paid semi-monthly ($11,875.00 semi-monthly rate).
2) Annual Target Bonus you will be eligible to receive a discretionary cash bonus of up to 40% of your base salary based on performance and the achievement of certain corporate and personal goals.
3) Options you will be eligible to receive an option to purchase 500,000 shares of the Companys common stock based on the terms of the Companys 2009 Omnibus Incentive Plan and contingent upon approval by the Board of Directors of the Company.
4) Benefits you will also be eligible to participate in the Companys benefit programs including Medical/Dental/Vision insurance, Life & Disability insurance and 401(k) savings plan subject to those plans terms and conditions as may be amended from time to time.
5) Paid Time Off (PTO) you will be eligible to accrue Paid Time Off at the rate of 16.67 hours per month (25 days per year).
6) Commuting to Ann Arbor you will work in the Ann Arbor office during regular business hours from Monday through Wednesday, and from your home office on Thursdays and Fridays. Other than when traveling on company business, all changes to the schedule will be worked out directly between you and me in advance. Aastrom will pay for reasonable travel and lodging expenses in accordance with our regular company policy.
This letter summarizes the key points regarding the terms of your employment with the Company. I speak for all of us at Aastrom, when I say that we look forward to you joining our team. Please do not hesitate to contact me if I can answer any questions.
Regards, |
| Accepted and Agreed, |
|
|
|
|
| /s/ Daniel R. Orlando |
/s/ Tim M. Mayleben |
| Daniel R. Orlando |
Tim M. Mayleben |
|
|
President and CEO |
| August 20, 2012 |
|
| Date |