Document:

Exhibit 10.11

 

November 5, 2014

 

John B. Simpson, MD, PhD

 

Dear Dr. Simpson:

 

Avinger, Inc. (the -Company”) is pleased to confirm the details of your employment with the company under the terms described below. The Company confirms your execution of an At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement, dated June 28, 2010; a copy has been enclosed for your reference.

 

Following are the terms of employment with the Company:

 

Title: Chief Executive Officer 

Status: Full-time; Exempt

Date of Hire: June 15, 2010

 

Base Salary: Annual gross salary of $335,000 paid in semi-monthly installments of $13,958,33 on the Company’s regular payroll dates. All forms of compensation referred to in this letter are subject to applicable withholding and payroll taxes.

 

Stock Options: The Company’s Board of Directors or its Compensation Committee, have granted you options to purchase 1,300,000 shares of the Company’s common stock. As previously communicated, the vesting commencement date is January 1, 2013; these options vest over 4 years, with 25% of the Shares subject to the Option vesting upon one year of the vesting commencement date and one forty-eighth (1/48th) of the Shares subject to the Option vesting upon completion of each month of continuous Service thereafter. The options will be subject to the terms and conditions applicable to options granted under the current Stock Plan, as described in that Plan and the applicable stock option agreement.

 

Benefits: Standard, Avinger-provided benefits for eligible employees, include the following: Medical, dental, and vision to which you are eligible, subject to any additional eligibility requirements; Paid time off per the Company’s Paid Time Off policy; and Avinger’s 401(k) Plan.

 

Change of Control: A Change of Control and Severance Agreement was entered into and made effective on March 1, 2012 and continues to be in effect.

 

Additional terms of employment are described below:

 

Employment Relationship: Please note that, you are employed at all times as an at-will employee, meaning that either you or the Company may terminate the employment relationship at any time and for any reason, with or without cause or notice. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may not

 

 

be changed or be modified, except in writing, executed by the Company’s Board of Directors.

 

Outside Activities: While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company. In addition, while you render services to the Company, you will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company.

 

Prior Obligations: Please keep in mind Avinger’s ethical and contractual obligations that our  proprietary information of third parties (including former employers) in connection with your work for us. In addition, Avinger must emphasize that you must abide by any contractual obligations that you have consented to in agreements with previous employers or third parties. If we receive notification that any employee is breaching an obligation regarding specific proprietary information or employment terms, then the company must investigate it.

 

Entire Agreement: This letter supersedes and replaces any prior understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter.

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
Sincerely,
    	
 
    
	
 
    	
 
    
	
/s/   Matthew Ferguson
    	
 
    
	
 
    	
 
    
	
Matthew   Ferguson
    	
 
    
	
Chief   Business Officer
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
I have read, accept and confirm the accuracy of   this employment agreement:
    
	
 
    	
 
    
	
Signature:
    	
/s/   John B. Simpson
    	
 
    	
Date:
    	
Dec   1, 2014
    

 

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this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing signed by the President or CEO of the Company and me. Any subsequent change or changes in my duties, salary, or compensation will not affect the validity or scope of this Agreement.

 

C.                                    Severability. If one or more of the provisions in this Agreement arc deemed void by law, then the remaining provisions will continue in full force and effect.

 

D.                                    Successors and Assigns. This Agreement will be binding upon my heirs, executors, assigns, administrators, and other legal representatives, and will be for the benefit of the Company, its successors, and its assigns. There are no intended third-party beneficiaries to this Agreement, except as expressly stated. Notwithstanding anything to the contrary herein, Company may assign this Agreement and its rights and obligations under this Agreement to any successor to all or substantially all of Company’s relevant assets, whether by merger, consolidation, sale of assets or stock, or otherwise.

 

E.                                     Waiver. Waiver by the Company of a breach of any provision of this Agreement will not operate as a waiver of any other or subsequent breach.

 

F.                                      Survivorship. The rights and obligations survive termination of my employment with the Company.

 

G.                                    Signatures. This Agreement may be signed in two counterparts, each of which shall be deemed an original, with the same force and effectiveness as though executed in a single document.

 

	
Date:
    	
June 28,   2010
    	
 
    	
/s/   John B. Simpson
    
	
 
    	
 
    	
Signature
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
John   B. Simpson
    
	
 
    	
 
    	
Name   of Employee (typed or printed)
    
	
 
    	
 
    	
 
    
	
Witness:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name   (typed or printed)
    	
 
    	
 
    

 

 

Exhibit A

 

LIST OF PRIOR INVENTIONS
 AND ORIGINAL WORKS OF AUTHORSHIP

 

	
Title
    	
 
    	
Date
    	
 
    	
Identifying Number or Brief
   Description
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

x          No inventions or improvements

 

o            Additional Sheets Attached

 

 

	
Signature   of Employee:
    	
/s/   John B. Simpson
    	
 
    
	
 
    	
 
    	
 
    
	
Print   Name of Employee:
    	
John.   B. Simpson
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
June 15,   2012Exhibit 10.12

 

April 2, 2014

 

John D. Simpson

 

Dear JD:

 

Avinger, Inc. (the “Company”) is pleased to confirm the employment offer with the company under the terms described below.  This offer is contingent upon your successful completion of our background check process, your execution of an At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement, and your presentation of appropriate documentation showing that you are legally authorized to work in the United States.

 

By signing this letter, you confirm with the Company that you are under no contractual or other legal obligations that would prohibit you from performing your duties with the Company.

 

Following are the terms of the offer of employment with the Company:

 

Title: Vice President, Sales

 

Reports To: Chief Executive Officer

 

Status: Full-time, Exempt

 

Start Date: March 7, 2014

 

Base Salary: Annual gross starting salary of $200,000 paid in semi-monthly installments of $8,333.33 on the Company’s regular payroll dates.  All forms of compensation referred to in this letter are subject to applicable withholding and payroll taxes.

 

Commission: In addition to your base salary, you will also be eligible to receive a commission based on a schedule relating to your sates productivity, which will be communicated by the Company.

 

Benefits: Standard, Avinger-provided benefits for eligible employees, include the following: Medical, dental, and vision to which you will become eligible on the 1st day of the month after the Start Date, and subject to any additional eligibility requirements; Paid time off per the Company’s Paid Time Off policy; and Avinger’s 401[k] Plan.

 

Additional terms of employment are described below:

 

Employment Relationship: Please note that you will be employed at all times as an at-will employee, meaning that either you or the Company may terminate the employment relationship at any time and for any reason, with or without cause or notice.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and

 

 

procedures, may change from time to time, the -at wilt” nature of your employment may not be changed or be modified, except in writing, executed by the CEO of the Company.

 

Outside Activities: White you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company.  In addition, while you render services to the Company, you will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company.

 

Prior Obligations: Please keep in mind Avinger’s ethical and contractual obligations that our employees owe to their former employers.  Please do not to disclose, transfer, or utilize any proprietary information of third parties (including former employers] in connection with your work for us.  In addition, Avinger must emphasize that you must abide by any contractual obligations that you have consented to in agreements with previous employers or third parties.  If we receive notification that any employee is breaching an obligation regarding specific proprietary information or employment terms, then the company must investigate it.

 

Entire Agreement: This letter supersedes and replaces any prior understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter.

 

Please provide evidence of your U.S. citizenship or proof of your legal right to work in this country.  We are required by federal law to examine documentation of your employment eligibility within three business days after you begin employment.  Also within your offer package are the following documents for your review: 11 At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement; 21 W-4; and 31 an 1-9 form.

 

Please sign and date this offer letter, the At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement, W-4, and 1-9.  Please bring these forms, along with proof of your legal right to work in the United States.

 

We are very excited about Avinger’s prospects, and you will be a key member of the team that can make our company successful.  If you have questions or concerns, please feel free to contact me.

 

	
Sincerely,
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Matthew   Ferguson
    	
 
    	
 
    
	
Chief   Business Officer
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
I   have read and accept this offer of employment:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
/s/   John D. Simpson
    	
 
    	
Date:   
    	
4/7/14
    
					

 

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