Document:

Exhibit
      10.1

     

    
      

      

      

      August
        10, 2006

       

      [xxxx]

      
        [xxxx]

      

       

      Dear
        Matt: 

      

      We
        are
        pleased to offer you, pending approval by the Board of Directors of Osteologix,
        inc., a position as the Chief Financial Officer of Osteologix, Inc.
        (“Osteologix” or the “Company”). The terms of your employment are as follows:

      

      Your
        start date with the Company will be September 1, 2006 (the “Start Date”). You
        will perform all duties customarily associated with the position of Chief
        Financial Officer, and all other job responsibilities reasonably assigned
        to
        you, and will report directly to the Chief Executive Officer. As Chief Financial
        Officer you will have a strong functional relationship and dialogue with
        the
        Board of Directors to ensure proper compliance and governance. You shall
        perform
        your duties at the Company’s San Francisco, California office. 

      

      You
        will
        receive a base salary at the rate of $20,833.33 per month (equivalent to
        an
        annual salary rate of $250,000), less payroll deductions and required
        withholdings. As an exempt, salaried employee, you will not be eligible for
        overtime compensation. 

      

      During
        your employment with Osteologix, you will be eligible to earn an annual bonus
        of
        up to thirty-three and one third percent (33 1-3%) of your base salary (the
        “Bonus”), subject to applicable payroll deductions and withholdings. You will be
        eligible to earn a Bonus for your 2006 services (prorated based on the number
        of
        full months of your employment service during this year) pursuant to the
        terms
        and conditions of the Company’s current 2005-2006 Bonus Plan. Thereafter, you
        will be eligible to receive the Bonus on the terms and conditions of any
        subsequently adopted Bonus Plan applicable to your position, in effect from
        time
        to time; provided that you must remain in active service with the Company
        through December 31 of each calendar year and through and including the
        Bonus payment date in order to be eligible to earn a Bonus. The Company,
        at its
        sole discretion, based on achievement of annual objectives as well as over
        all
        performance, shall determine whether you have earned a Bonus and the amount
        of
        the Bonus, if any. Unless otherwise expressly provided in any duly adopted
        Bonus
        Plan and except as expressly provided herein, no prorated Bonus may be earned
        or
        paid. The Company reserves the right to modify, supersede or terminate the
        terms
        of any Bonus Plan at any time, in its sole discretion. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      As
        part
        of this employment offer, you will be awarded a stock option grant to purchase
        four hundred thousand (400,000) shares of restricted common stock of the
        Company
        (the “Stock Award”), at a strike price equal to the closing per share price the
        first official day of your employment, or $1.50 per share, if the per share
        price on the first official day of your employment is less than $1.50 per
        share,
        pursuant to the Company’s Equity Incentive Plan, as may be amended from time to
        time (the “Plan”). The stock shall vest over four years and the Stock Award
        shall otherwise be subject to the terms of the Plan and a Stock Award Agreement
        to be issued to you. 

      

      As
        a
        Company employee, you will also be eligible to participate in all Company
        benefit plans and programs applicable to similarly situated executive employees
        of the Company generally, pursuant to the terms, conditions and limitations
        of
        those benefit plans and Company policy, including (but not limited to) group
        medical insurance, paid vacation and sick leave, and paid holidays. You will
        receive four weeks vacation
        time.

      

      As
        an
        Osteologix employee, you will be required to abide by all Company rules and
        regulations in effect from time to time, including the Company’s Code of
        Conduct. You will also be required to sign an acknowledgment that you have
        read,
        understand, and will comply with the Company’s Employee Handbook. 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 Osteologix any contract you have
        signed that may restrict your activities on behalf of the Company. 

      

      Your
        employment with Osteologix is at-will, meaning that you may terminate your
        employment at any time and for any reason whatsoever simply by notifying
        Osteologix. Likewise, Osteologix may terminate your employment at any time,
        with
        or without cause and with or without advance notice. The Company also retains
        sole discretion to make all other decisions concerning your employment
        (e.g.
        position,
        title, reporting relationship, transfers, job duties and responsibilities,
        compensation, benefits or any other managerial decisions) with or without
        cause,
        and with or without advance notice. This at-will employment relationship
        cannot
        be changed except in writing, signed by you and a duly authorized Company
        officer. 

      

      On
        your
        first day at Osteologix you will be required to sign the documents listed
        below.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      1.
        Proprietary
        Information and Inventions Agreement.
        Signing
        this agreement is a condition of our offer of employment, and compliance
        with
        this agreement is a condition of continued employment. 

      

      2.
        Employment
        Eligibility Verification (I-9) Form.
        In
        compliance with the Immigration Reform and Control Act of 1986, our offer
        of
        employment is subject to satisfactory proof of your identity and right to
        work
        in the United States. You will be required to complete the enclosed I-9 form
        and
        provide us with original documentation as outlined in Section 2 (copy
        enclosed) to verify your identity and eligibility for employment in the United
        States. It is very important that you remember to bring the necessary
        identification documents on the Start Date. 

      

      The
        employment terms set forth in this Agreement, and the enclosed Proprietary
        Information and Inventions Agreement, constitute the complete and exclusive
        statement of the subject matter hereof, and supersede any agreements or promises
        made to you by anyone, whether oral or written. Changes in your employment
        terms, other than those changes, if any, expressly reserved to the Company’s
        discretion in this Agreement, require a written modification signed by you
        and a
        duly authorized officer of Osteologix. This offer letter is contingent upon
        approval from the Osteologix Board of Directors.

      

      If
        you
        have any questions, please contact me. 

      

      Welcome
        to Osteologix. We look forward to working with you. 

      

      Sincerely,
        

      
        	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                /s/
                  Charles Casamento  

              	
                 

              	
                 

              	 
	
                Charles
                  Casamento

              	
                 

              	
                 

              	 
	
                President
                  and Chief Executive Officer 

              	
                 

              	
                 

              	 
	
                Osteologix,
                  Inc.

              	 	 	 

      

      

      

      Please
        sign below indicating your acceptance of this offer of employment on the
        terms
        set forth above, and return the original to our office in the enclosed
        self-addressed, stamped envelope. 

      
        	
                 

              	
                 

              	
                 

              
	
                Matt
                  Loar 

              	
                 

              	
                /s/
                  Matt Loar

              
	
                 
                  

              	
                 

              	
                 

              
	
                Name
                  (print) 

              	
                 

              	
                Signature

              
	
                 

              	
                 

              	
                 

              
	
                August
                  23, 2006 

              	
                 

              	
                September
                  1, 2006

              
	
                 
                  

              	
                 

              	
                 

              
	
                Date
                  Signed 

              	
                 

              	
                Start
                  DateEQUITY
      INCENTIVE PLAN

    STOCK
      OPTION AGREEMENT

    

    Osteologix,
      Inc. (the “Company”),
      pursuant to its Equity Incentive Plan (the “Plan”),
      hereby grants to the Optionee listed below (“Optionee”),
      an
      option to purchase the number of shares of the Company’s Common Stock set forth
      below, subject to the terms and conditions of the Plan and this Stock Option
      Agreement. Unless otherwise defined herein, the terms defined in the Plan shall
      have the same defined meanings in this Stock Option Agreement.

    

    
      	
              I.

            	
              NOTICE
                OF STOCK OPTION GRANT

            

    

     

    
      	
              Optionee:

            	 	
              Matthew
                Loar

            
	
              Type
                of Option

            	 	
              92,308
                Non-Qualified and 307,692 Incentive Stock Options

            
	
              Date
                of Stock Option Agreement:

            	 	
              September
                1, 2006

            
	
              Date
                of Grant:

            	 	
              September
                1, 2006

            
	
              Vesting
                Date or Schedule:

            	 	
              100,000
                vest on September 1, 2007; the remaining 300,000 vest in 36 equal
                monthly
                installments commencing October 1, 2007

            
	
              Exercise
                Price per Share:

            	 	
              $1.50

            
	
              Total
                Number of Shares Granted:

            	 	
              400,000

            
	
              Total
                Exercise Price:

            	 	
              $600,000

            
	
              Term/Expiration
                Date:

            	 	
              August
                31, 2016

            

    

    

    
      	
              II.

            	
              OPTION
                AGREEMENT

            

    

    

    1. Grant
      of Option.
      The
      Company hereby grants to the Optionee an Option to purchase the Common Stock
      (the “Shares”)
      set
      forth in Section I above, at the exercise price per share set forth in
      Section I above (the “Exercise
      Price”).
      Notwithstanding anything to the contrary anywhere else in this Option Agreement,
      this grant of an Option is subject to the terms, definitions and provisions
      of
      the Plan
      adopted
      by the Company, which are incorporated herein by reference

    

    2. Vesting.
      Subject
      to the limitations contained herein, an Option will vest as provided in your
      Grant Notice, provided that vesting will cease upon the Optionee ceasing to
      be a
      Service Provider.

    

    3. Number
      of Shares and Exercise Price.
      The
      number of shares of Common Stock subject to your Option and your exercise price
      per share referenced in your Grant Notice may be adjusted from time to time
      for
      various adjustments in the Company’s equity capital structure, as provided in
      the Plan.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4. Method
      of Payment.
      Payment
      of the Exercise Price shall be by any of the methods of payment provided for
      under the Plan.

    

    5. Whole
      Shares.
      The
      Optionee may exercise the Option only for whole shares of Common
      Stock.

    

    6. Securities
      Law Compliance.
      Notwithstanding anything to the contrary contained herein, the Optionee may
      not
      exercise the Option unless the shares of Common Stock issuable upon such
      exercise are then registered under the Securities Act or, if such shares of
      Common Stock are not then so registered, the Company has determined that such
      exercise and issuance would be exempt from the registration requirements of
      the
      Securities Act. The exercise of the Option must also comply with other
      applicable laws and regulations governing such Option, and the Optionee may
      not
      exercise the Option if the Company determines that such exercise would not
      be in
      material compliance with such laws and regulations.

    

    7. Term.
      The
      Optionee may not exercise the Option before the commencement of its term on
      the
      Date of Grant or after its term expires. Subject to the provisions of the Plan
      and this Stock Option Agreement, the Optionee may exercise all or any part
      of
      the vested portion of the Option at any time prior to the earliest to occur
      of:

    

    (a) the
      date
      on which the Optionee ceases to be a Service Provider as a result of termination
      for “Cause” (as defined in the Plan);

    

    (b) three
      (3)
      months after the Optionee ceases to be a Service Provider for any reason other
      than death, disability, or termination for Cause;

    

    (c) twelve
      (12) months after the Optionee ceases to be a Service Provider due to
      disability;

    

    (d) twelve
      (12) months after the Optionee ceases to be a Service Provider due to death;
      or

    

    (e) the
      Expiration Date specified in the Grant Notice.

    

    Notwithstanding
      the foregoing, if the exercise of your Option within the applicable time periods
      set forth in this Section is prevented for any reason, your Option shall not
      expire before the date that is thirty (30) days after the date that you are
      notified by the Company that the Option is again exercisable, but in any event
      no later than the Expiration Date indicated in your Grant Notice; provided,
      however, that if the Grant Notice designates your Option as an Incentive Stock
      Option, and if any such extension causes the term of your Option to exceed
      the
      maximum term allowable for Incentive Stock Options, your Option shall cease
      to
      be treated as an Incentive Stock Option and instead shall be treated thereafter
      as a Nonstatutory Stock Option.

    

    8. Exercise
      Procedures.
      Subject
      to the other relevant terms and conditions of the Plan and this Stock Option
      Agreement, you may exercise the vested portion of your Option during its term
      by
      delivering a Notice of Exercise (in a form designated by the Company) together
      with the Exercise Price to the Secretary of the Company, or to such other person
      as the Company may designate, during regular business hours, together with
      such
      additional documents as the Company may then reasonably require. By exercising
      your Option you agree that, as a condition to any exercise of your Option,
      the
      Company may require you to enter into an arrangement providing for the payment
      by you to the Company of any tax withholding obligation of the Company arising
      by reason of (1) the exercise of your Option, or (2) other applicable
      events.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    9. Limitations
      on Transfer of Options.
      Your
      Option is not transferable, except by will or by the laws of descent and
      distribution, and is exercisable during your life only by you. Notwithstanding
      the foregoing, by delivering written notice to the Company, in a form
      satisfactory to the Company, you may designate a third party who, in the event
      of your death, shall thereafter be entitled to exercise your
      Option.

    

    10. Option
      Not an Employment Contract.
      Your
      Option is not an employment or service contract, and nothing in your Option
      shall be deemed to create in any way whatsoever any obligation on your part
      to
      continue in the service of the Company or any Parent or Subsidiary in any
      capacity.

    

    11. Notices.
      Any
      notices provided for in your Option or the Plan shall be given in writing and
      shall be deemed given and effective upon the occurrence of (a) the signing
      by
      the recipient of an acknowledgement of receipt form accompanying delivery
      through the U.S. mail sent by certified mail, return receipt requested, (b)
      delivery to the recipient’s address by overnight delivery (e.g., FedEx, UPS, or
      DHL) or other commercial delivery service, or (c) delivery in person or by
      personal courier.

    

    12. Option
      Subject Plan Document.
      Your
      Option is subject to all of the provisions of the Plan, the provisions of which
      are hereby made a part of your Option, and is further subject to all
      interpretations, amendments, rules and regulations that may from time to time
      be
      promulgated and adopted pursuant to the Plan, to the extent not inconsistent
      with the terms of this Stock Option Agreement according to the standard set
      forth in the second paragraph of this Stock Option Agreement.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original and all of which shall constitute one document.

     

    
      	 	
              OSTEOLOGIX,
                INC. 

              

              

              By:
                _______________________________

              

              Name: _____________________________

              

              Title:
                ______________________________

            

    

     

    Optionee
      acknowledges and agrees that the vesting of shares pursuant to this Option
      Agreement is earned only by continuing service with the Company [and/or other
      specified performance measures] (not through the act of being hired, being
      granted or acquiring shares hereunder). Optionee further acknowledges and agrees
      that nothing in the Agreement, not in the Plan shall confer upon the Optionee
      any right to continue in the service of the Company, nor shall it interfere
      in
      any way with Optionee’s right or the Company’s right to terminate Optionee’s
      service at any time, with or without Cause.

    

    Optionee
      acknowledges receipt of a copy of the Plan and represents that he is familiar
      with the terms and provisions thereof. Optionee hereby accepts this Option
      subject to all of the terms and provisions hereof. Optionee has reviewed the
      Plan and this Option in their entirety, has had an opportunity to obtain the
      advice of counsel prior to executing this Option and fully understands all
      provisions of the Option. Optionee hereby agrees to accept as binding,
      conclusive and final all decisions or interpretations of the Administrator
      upon
      any questions arising under the Plan or this Option. Optionee further agrees
      to
      notify the Company upon any change in the residence address indicated
      below.

     

     

    
      	Dated:
              __________________  	
              ____________________________________

               

              Matthew Loar

               

               

              Residence
                Address:

            

    

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

      

        SAMPLE

        NOTICE
          OF EXERCISE

         

        
          	
                  Osteologix,
                    Inc.

                  425
                    Market Street

                  Suite
                    2230

                  San
                    Francisco, CA 94105

                	
                  Date
                    of Exercise:

                
	 	 	 

        

        Ladies
          and Gentlemen:

         

        This
          constitutes notice under my stock Option that I elect to purchase the number
          of
          Shares for the price set forth below.

         

        
          	
                  Type
                    of Option (check one):

                	
                  Incentive
                    / Nonstatutory

                
	 	 
	 	 
	
                  Stock
                    Option dated:

                	 
	 	 
	
                  Number
                    of Shares as

                  to
                    which Option is

                  exercised:

                	 
	 	 
	
                  Certificates
                    to be

                  issued
                    in name of:

                	 
	 	 
	
                  Total
                    exercise price:

                	
                  $

                
	 	 
	
                  Cash
                    payment delivered

                  herewith:

                	
                  $

                

        

        

        By
          this
          exercise, I agree (i) to execute or provide such additional documents as
          Osteologix, Inc. (the “Company”) may reasonably require pursuant to the terms of
          this Notice of Exercise and the Company’s Equity Incentive Plan (the “Plan”),
          and (ii) to provide for the payment by me to the Company (in the manner
          designated by the Company) of the Company’s withholding obligation, if any,
          relating to the exercise of this Option.

         

         

        
          	 	
                  Very
                    truly yours,

                   

                   

                  ______________________________________

                  Option
                    Holder

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