Exhibit 10.11
January 3, 2006 |
Reyn Gallacher
Dear Reyn:
Amedica is pleased to offer you the position of Controller at a salary of $4153.85 per average biweekly pay period which equates to $108,000 per year. This position is exempt. Amedica provides a drug free work environment; therefore, this offer is conditioned upon you taking a drug test and such test results are negative. Amedica will arrange and pay for this test. We anticipate your employment to begin on January 9, 2006 which will be your hire date.
Upon your hire date, you will be nominated to receive an incentive stock option award for 40,000 shares of Amedicas common stock, subject to a 4-year vesting schedule, 10-year option life and approval by Amedicas Board of Directors. We feel that these stock options are a valuable part of your total compensation package.
As part of this offer, you will be eligible for Amedicas complete benefits program, including medical, dental, life and long term disability insurances and our 401(k) retirement plan. Also included are Amedicas 10 paid holidays, 5 days of personal/sick leave and 15 days of vacation per year. When you report to work, you will be provided with more detailed information regarding our complete policies and benefits programs.
Your employment at Amedica assumes an obligation to maintain confidentiality of Amedicas business information and that of its clients, partners and suppliers. By safeguarding such confidential information, Amedica earns the respect and further trust of our clients, suppliers and partners. Thus, as a condition of your employment, you will be required to sign a standard confidentiality agreement.
Amedica is committed to maintaining its leading technology position in the orthopedic implant field and to the commercialization of revolutionary orthopedic implant products for treatment of joint diseases. Our success depends upon bright, dedicated staff such as yourself. If you are in agreement with the terms of this letter, please sign below and return one original to our offices.
Sincerely, | ||||
/s/ Eugene B. Jones | ||||
615 Arapeen Drive Suite 302 | Eugene B. Jones | |||
Salt Lake City, UT 84108 | Vice President Finance Chief Financial Officer | |||
(801) 583 5100 (phone) | ||||
(801) 583-8635 (fax) | Agreed to and Accepted by: | |||
www.amedicacorp.com | /s/ Reyn Gallacher | |||
Reyn Gallacher |