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Exhibit 10.27
proteon Proteon. Inc
-------- Nine Technology Drive
Wesborough, MA 01581-1799
508 / 898-2800
March 11, 1996
Xx. Xxxxxxx X. Xxxxx
00 Xxxxx Xxxxxx
Xxxxx, XX 00000
Dear Xxx:
It is my pleasure to offer you the position of Vice President Sales for North,
South and Latin America, reporting directly to me.
The terms of our agreement will be as follows:
- BASE SALARY: You will receive an initial minimum annual base salary of
$95,000, which will be reviewed annually, plus incentive and bonus
compensation as described below.
- INCENTIVE COMPENSATION: You will be eligible for $67,000, Incentive
Compensation, without a cap, based on Sales Revenue performance.
- BONUS: You will be eligible for an additional annual MIP bonus compensation
of 40% of Base salary. ($38,000 annualized target on base salary of
$95,000, for example). Payment of this bonus is based upon Proteon's
Management Incentive Program.
- STOCK: A recommendation will be made to the Compensation Committee that you
receive an option to purchase 25,000 shares of stock which vest over a 4
year period.
Xxx, I look forward to the contributions you will make in your new role at
Proteon, and wish you great success. Please indicate your acceptance of this
offer by signing below. Please return one copy of the signed offer letter.
It is understood that the contents herein are confidential to both yourself and
Proteon.
Sincerely,
/s/ Xxxxxx X. Xxxxxx, Xx.
Xxxxxx X. Xxxxxx, Xx.
President and C.E.O.
Accepted by: Start date:
-------------------------------- -----------------------
Xxxxxxx X. Xxxxx
