Document:

exv10w47

 

Exhibit 10.47

May 19, 2006

Mr. Richard H. Lussier

c/o Solexa, Inc.

25861 Industrial Blvd.

Hayward, CA 94545

Dear Rich:

     We are pleased to offer you a position as Vice President of Sales at Solexa on the following
terms:

     You will report to John West, CEO and you will be a member of the Executive Management Team.
Your starting salary will be $20,000.00 per month (equivalent to an annual salary of $240,000),
less payroll deductions and all required withholdings. We will also grant you a stock option, upon
approval of the Board of Directors, in the amount of 75,000 shares pursuant to the Company’s 2005
Equity Incentive Plan. The exercise price will be the closing sales price as quoted on the Nasdaq
National Market System (“Nasdaq”) on the last market trading day prior to the day of determination.
You will also be eligible to participate in the Company’s bonus plan at a target rate of 30%.
This plan will be presented under separate cover. In addition, we are establishing certain
sales-function related company policies for which you will also be eligible. The following
standard Company benefits will be detailed for you during your employee orientation: medical
insurance, vacation, sick leave and holidays. A summary of the benefit plans is enclosed.

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

     The employment terms in this letter constitute the complete, final and exclusive embodiment of
the entire agreement between you and the Company with respect to the terms and conditions of your
employment and these terms supersede any other agreements or promises made to you by anyone,
whether oral or written. As required by law, this offer is subject to satisfactory proof of your
right to work in the United States.

 

 

On your first day at Solexa, you will be required to sign the documents listed below:

	1.	 	Proprietary Information and Inventions Agreement. Signing this agreement is a
condition of employment. A copy has been enclosed for your review.

	2.	 	Employment Eligibility Verification (I-9) Form. In compliance with the Immigration
Reform and Control Act of 1986, you will be required to complete this 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 your first day.

If you have any questions, please contact Kathy San Roman at 510-670-9306.

Welcome to Solexa Inc. We look forward to working with you.

Sincerely,

/s/ John West

John West

Chief Executive Officer

/enclosures

     Please sign below indicating your acceptance of this offer of employment, and return the
original to our office by May 26, 2006 in the enclosed self-addressed, stamped envelope.

	 	 	 	 	 
	     Richard H. Lussier

	 	/s/ Richard H. Lussier
	 	 
	 

	 	 	 	 
	Name (PRINT)

	 	Signature	 	 
	 
	 	 	 	 
	     26 May 2006

	 	week of 19 June 2006	 	 
	 

	 	 	 	 
	Date of Signing

	 	Start Dateexv10w48

 

Exhibit 10.48

July 5, 2006

Mr. Omead Ostadan

c/o Solexa, Inc.

25861 Industrial Blvd.

Hayward, CA 94545

Dear Omead:

This letter sets forth the modified terms and conditions of your employment with Solexa, Inc. (the
“Company”).

You will continue to be employed with the Company, with the title of Vice President of Marketing.
You will perform all duties customarily associated with the Vice President of Marketing position,
and all other job responsibilities reasonably assigned to you. You will report directly to the
Chief Executive Officer, and will be a vital member of the Company’s executive management team.

You will receive a base salary for your services paid at the rate of $20,000.00 per month
(equivalent to an annual salary of $240,000), less applicable payroll deductions and all
withholdings. (As an exempt, salaried employee, you will not be eligible for overtime
compensation.) You will also be eligible to earn an annual bonus of up to thirty percent (30%) of
your base salary (the “Bonus”), subject to applicable payroll deductions and withholdings, pursuant
to the terms and conditions of the Company’s current 2005-2006 Bonus Plan. Thereafter, you will be
eligible to receive a Bonus on the terms and conditions of any subsequently adopted Bonus Plan
applicable to your position; 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 for that year. The Company, at its sole discretion, shall determine
whether you have earned a Bonus and the amount of the Bonus. Unless otherwise expressly provided
in any duly adopted Bonus Plan, no prorated Bonus may be earned or paid. The Company reserves the
right change compensation and/or to modify, supersede or terminate the terms of any Bonus Plan at
any time, in its sole discretion.

In connection with your employment, you were previously granted options to purchase 125,000 shares
of Company Common Stock pursuant to written stock option grant notices and agreements issued to you
(collectively, the “Option Documents”). Those options will continue in effect in accordance with
the terms set forth in the Option Documents. The Company may grant you additional equity awards in
the future, it its sole discretion.

 

 

You will continue to participate in all Company benefit plans and programs applicable to similarly
situated executive employees of the Company generally, on the same terms, conditions and
limitations of those benefit plans, and will continue to accrue fifteen (15) days of vacation each
year, subject to the terms of the Company vacation policies and procedures, in effect from time to
time.

The terms of your Employee Proprietary Information and Inventions Agreement will remain in full
force and effect, and you must abide by all Company rules and regulations in effect from time to
time, including the Company’s Code of Conduct.

Your employment with the Company remains at-will, meaning that you may terminate your employment at
any time and for any reason whatsoever simply by notifying Solexa. Likewise, Solexa may terminate
your employment at any time and for any reason whatsoever, with or without cause or advance notice.
Solexa also retains its discretion to make all other decisions concerning your employment (e.g.
transfers, job responsibilities, compensation or any other managerial decisions) with or without
good cause. This at-will employment relationship cannot be changed except in writing, signed by
the Chief Executive Officer.

The employment terms in this letter, together with your Employee Proprietary Information and
Inventions Agreement, constitutes the complete, final and exclusive embodiment of the entire
agreement between you and the Company with respect to the terms and conditions of your employment
and these terms supersede any other agreements or promises made to you by anyone, whether oral or
written.

Please sign and date this letter below to confirm your agreement to the modifications to your terms
of employment as set forth above.

Omead, we appreciate your service on behalf of the Company, and look forward to your continued
contributions.

Sincerely,

/s/ John West

John West

Chief Executive Officer

Understood And Agreed:

	 	 	 	 	 
	/s/ Omead Ostadan

	 	July 5, 2006
	 	 
	 

	 	 	 	 
	Omead Ostadan

	 	Dateexv10w49

 

Exhibit 10.49

[SOLEXA LETTERHEAD]

May 19, 2006

VIA HAND DELIVERY

Omead Ostadan

Solexa, Inc.

25861 Industrial Boulevard

Hayward, CA 94545

Re: New Alternative One-Time Bonus Arrangement

Dear Omead:

This letter contains the terms and conditions of the new alternative one-time bonus arrangement
that Solexa, Inc. (“Solexa” or the “Company”) is offering you, subject to the terms and conditions
set forth in this letter. This new bonus arrangement will be a supplemental bonus arrangement and
it does not replace or cancel any other current bonus program of the Company.

A. New Bonus Overview:

The two below potential bonuses are alternative one-time bonuses. Accordingly, if the terms and
conditions are met for one of these bonuses at any time, you will not earn or be eligible to
receive any additional such bonus, and you will not earn or be eligible to receive the other
one-time bonus (even if the applicable terms and conditions subsequently are met). In addition,
because the alternative one-time bonuses are intended to incentivize you with respect to your
employment services and your continued employment with the Company, in order to earn and be
eligible to receive either of the below alternative one-time bonuses, you must remain an employee
in good standing of the Company (or a successor entity) as of the date that such bonus is earned.

Additional specific terms and conditions of each alternative one-time bonus are set forth below.

1. One-Time Market Capitalization Bonus:

In the event that the closing price of the Company’s common stock equals or exceeds twenty-seven
dollars and sixty cents ($27.60) per share (as presently constituted) for each of twenty-five (25)
consecutive public trading days (the “Trading Period”), you will be entitled to receive a one-time
bonus of seventy-seven thousand, one hundred fifty-one (77,151) shares of the Company’s common
stock (as adjusted for stock splits, stock dividends or the like) pursuant to the Company’s 2005
Equity Incentive Plan (the “Plan”) (the “Market Capitalization Bonus”). If it is reasonably
determined by the Company that it would be inadvisable or impractical for you to sell or otherwise
dispose of a portion of the common stock constituting the Market Capitalization Bonus for the
purposes of paying applicable taxes, the Company may at its election provide you with cash
compensation in lieu of a portion of the common stock sufficient to pay, valued based on the
average of the per share closing prices during the Trading Period, the taxes applicable to the
Market Capitalization Bonus, with the remaining portion of the Market Capitalization Bonus to be
provided as Company common stock pursuant to the Plan.

If earned, the Market Capitalization Bonus will be provided to you within forty-five (45) days
after the Trading Period. Notwithstanding the preceding sentence, at your written election,
delivery of all or a portion of the Market Capitalization Bonus will be delayed until January 15 of
the tax year following the

 

 

Omead Ostadan

May 19, 2006

Page 2 of 3

year in which the bonus is earned, without any interest or additional consideration being owed to you. The Company shall make all determinations and calculations
regarding whether and when the Market Period Capitalization Bonus has been earned and the amount of
the Market Capitalization Bonus.

2. One-Time Change in Control Bonus:

In the event of a Change in Control (as defined below), you shall be eligible to receive a bonus
equivalent to one quarter of one percent (.25%) of the amount by which the consideration received
by the Company’s stockholders as a direct result of the Change in Control exceeds the sum of One
Hundred Fifty Million Dollars ($150,000,000) plus the aggregate gross proceeds received by the
Company through sales of equity securities occurring after the date of this letter (the “Change in
Control Bonus”).

The Change in Control Bonus will be provided to you in the same form as the consideration received
by the Company’s stockholders as a direct result of the Change in Control. For example, if cash is
the consideration provided to the Company’s stockholders as a direct result of the Change in
Control, you will be provided a cash Change in Control Bonus; and if the consideration provided to
the Company’s stockholders as a direct result of the Change in Control consists of securities or
other non-cash consideration, your Change in Control Bonus (if earned) will be paid in such form
and determined based on the value thereof established in the Change in Control, provided that,
notwithstanding the preceding, the Company may in its sole discretion elect to substitute cash for
all or any portion of the securities or other non-cash consideration that would otherwise be
payable based on the value thereof established in the Change in Control. The Company shall make
all determinations and calculations regarding whether the Change in Control Bonus has been earned
and the amount of the Change in Control Bonus.

For purposes of the Change in Control Bonus, a “Change of Control” means the happening of any of
the following events: (a) a dissolution or liquidation of Solexa; (b) a sale, lease, exchange or
other transfer (in one transaction or a series of related transactions) of all or substantially all
of the assets of Solexa; (c) a consolidation or merger of Solexa in which Solexa is not the
continuing or surviving corporation or pursuant to which the stock of Solexa would be converted
into cash, securities or other property, other than a merger or consolidation of Solexa in which
the holders of such entity’s stock immediately prior to the merger or consolidation hold more than
fifty percent (50%) of the stock or other forms of equity of the surviving corporation immediately
after the merger in substantially the same proportions of ownership of shares of Solexa
immediately prior to the merger or consolidation; or (d) a sale or exchange by the shareholders of
Solexa, in a single transaction or series of related transactions, of more than fifty percent (50%)
of the voting stock of such entity, after which the shareholders of such entity immediately before
such transaction do not retain immediately after such transaction, in substantially the same
proportions of their ownership of shares of Solexa immediately before the transaction, direct or
indirect beneficial ownership of more than fifty percent (50%) of the combined voting power of such
entity.

B. Miscellaneous:

Nothing in this letter is intended to alter the at-will nature of your employment with the Company.
In addition, this letter does not alter any existing agreement between you and the Company
(including but not limited to your offer letter agreement dated April 22, 2005), except to the
extent such other existing agreement contains any terms inconsistent with this letter, which
inconsistent terms are hereby superseded. This letter constitutes the complete, final and exclusive
embodiment of the entire agreement between the Company and you with regard to this subject matter.
It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it
supersedes any other such promises, warranties or representations. This letter agreement may not
be modified or amended except in a writing signed by you and a duly authorized officer of the
Company.

 

 

Omead Ostadan

May 19, 2006

Page 3 of 3

This letter agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their
heirs, successors and assigns. If any provision of this letter agreement is determined to be
invalid or unenforceable, in whole or in part, this determination shall not affect any other
provision of this letter agreement and the provision in question shall be modified so as to be
rendered enforceable in a manner consistent with the intent of the parties insofar as possible
under applicable law. This letter agreement shall be construed and enforced in accordance with the
laws of the State of California without regard to conflicts of law principles. Any ambiguity in
this letter agreement shall not be construed against either party as the drafter. Any waiver of a
breach of this letter agreement, or rights hereunder, shall be in writing and shall not be deemed
to be a waiver of any successive breach or rights hereunder. This letter agreement may be executed
in counterparts which shall be deemed to be part of one original, and facsimile signatures shall be
equivalent to original signatures.

To indicate your understanding and acceptance of this new bonus arrangement, please sign and date
this letter below, and return this letter to me within five (5) business days. You may retain the
enclosed additional copy of this letter for your files.

We are very pleased to offer this new arrangement, and look forward to a continued productive
employment relationship.

Sincerely,

Solexa, Inc.

/s/ John West

 

John West

Chief Executive Officer

UNDERSTOOD AND AGREED:

/s/ Omead Ostadan

 

Omead Ostadan

May 23, 2006

 

Date

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