Document:

exv10w12

 

Exhibit 10.12

START DATE

12/1/04

Offer of Employment

          This
letter dated November 1, 2004, represents a formal offer of
at-will employment at Micrus Corporation. Micrus wishes to extend
this offer to Bill Rigas for the position of Vice President of Sales,
Far East and Latin America with a proposed start date on or before
November 29, 2004. Employment will not begin until the terms in
this offer are agreed to and acknowledged by signature of this
letter. This offer is valid through November 5, 2004.

Eligibility

On your
first day of work, please bring with you evidence of your U.S.
citizenship or proof of your legal right to live and work in this
country. We are required by federal law to examine documentation of
your employment eligibility within three business days after you
begin work.

In
addition, your employment at Micrus is contingent upon your execution
and compliance with several Company Agreements as follows:
Confidentiality and Proprietary Information Agreements, and an
Arbitration Agreement. In addition, the Invention Assignment
(Exhibit A of Proprietary Information Agreement) must be signed
thus requiring, among other provisions, the assignment of patent
rights to any invention made during your employment at the Company to
Micrus Corporation.

You understand and agree that by accepting this offer of employment,
you represent to Micrus that your performance will not breach any
other agreement to which you are a party and that you have not, and
will not during the term of your employment with Micrus, enter into
any oral or written agreement in conflict with any of the provisions
of this letter or Micrus’ policies. Notwithstanding the
foregoing, Micrus acknowledges and agrees that you are currently a
party to a consulting agreement with Control Delivery Systems
(“CDS”) and that this consulting engagement will continue
until December 3, 2004. You acknowledge and agree that your
performance of your obligations pursuant to this consulting agreement
will not conflict or otherwise interfere with your obligations as an
employee of Micrus and that the performance of such consulting
obligations will not involve the use of any of Micrus’
facilities or materials.

Compensation

Upon commencement of employment, you will be paid $5769.23 bi-weekly
in accordance with the Company’s normal payroll procedures. We
have recommended that you receive stock options in the amount of
75,000 shares. These options are subject to the Board of
Directors’ approval. One-fourth of the options vest at the end
of the first year of employment, and one-forty-eighth vest each full
month thereafter subject to your continued employment with Micrus.
These options would not preclude the award of additional options that
may carry a different exercise price and/or vesting period. The
option grant shall be subject to the terms, definitions and
provisions of the Company’s 1998 Stock Plan and a Stock Option
Agreement by and between you and the Company, both of which documents
are incorporated herein by reference. In the event that your
employment is terminated for any reason or no reason, all rights to
exercise unvested stock options will be cancelled as per the
applicable ISO Stock Options Plan, except as expressly set forth
below.

For the fiscal year 2005 you will be eligible for an incentive bonus
of up to 20% of your annual base salary on a prorated basis. This
bonus will be based upon performance and achievement of mutually
agreed upon goals to be determined by the CEO and Board of Directors.
This is under no circumstances a guarantee of payment. The decision
whether to award a bonus in any future year and the amount of said
bonus will be at the sole discretion of the Board of Directors.

Definitions.
For purposes of this Agreement, the following terms shall have the
following meanings:

(a)  “Cause”
shall mean a good faith finding by the Company of: (i) gross
negligence of willful misconduct by Executive in connection with his
employment duties, (ii) failure by Executive to perform his duties or
responsibilities required pursuant to his employment, if such failure
is not cured within ten (10) days after written notice thereof, (iii)
mis-appropriation by Executive of the assets or business
opportunities of the Company, or its affiliates, (iv) embezzlement or
other financial fraud committed by Executive, (v) the Executive
knowingly allowing any third party to commit any of the acts
described in any of the preceding clauses (iii) or (iv), of (vi) the
Executive’s indictment for, conviction of, or entry of a plea of no
contest with respect to, any felony.

 

Benefits

The following benefits will be made available to
Bill Rigas upon commencement of employment under the same terms
as other Micrus employees and in accordance with the
Company’s Benefits Program.

		
	• 	
    Health, Dental, Vision, and Disability/Life
    Insurance
    
	 
	• 	
    I125 plan
    
	 
	• 	
    401(k)
    
	 
	• 	
    Holiday pay
    
	 
	• 	
    PTO pay (Paid Time Off — to be accrued
    and used in accordance with Company policy)
    

By accepting the Micrus Corporation Offer of
Employment, you will be acknowledging and expressly agreeing
that at all times you will be an at-will employee. Thus, you and
Micrus Corporation will retain the right to terminate the
employment relationship for any reason. Upon any termination of
the employment relationship, Micrus Corporation’s only
liability to you will be for payment of salary and vacation time
earned prior to the termination date. The at-will nature of this
employment relationship can be modified or nullified only in a
formal written employment contract signed by you and the
President of Micrus Corporation. This letter, along with any
agreements relating to proprietary rights between you and the
Company, set forth the terms of your employment with the Company
and supersede any prior representations or agreements.

Agreed to and accepted by:

	 	 	 	 	 	 	 
	
    
    /s/ MICHAEL R. HENSON
    

    	 	
    11/5/04
    	 	
    /s/ BILL RIGAS
    	 	
    11/5/2004
    
	
	 	

	
    Michael R. Henson
    	 	
    Date
    	 	
    Bill Rigas
    	 	
    Date
    
	
    
    Chairman, Board of Directorsexv10w13

 

 Exhibit 10.13

EMPLOYMENT CONTRACT

between

Eckhard H. Reitz,
Nelkenstrasse 19, 85591 Vaterstetten, Germany (the
“Employee”)

and

Micrus SA, En Chamard
55, Montagny-près-Yverdon VD, Switzerland (the
“Employer”)

	 	 	 
	1.

	 	Position
	 
	 	 
	1.1.

	 	The Employee will hold the position of Vice President Sales & Marketing Europe.
	 
	 	 
	1.2.

	 	The Employee’s principal functions and duties are set forth in a job description which
constitutes an integral part of this employment contract.
	 
	 	 
	1.3.

	 	The working place of the Employee will be the Employer’s business establishment in
Montagny-près-Yverdon, Switzerland. The rent of the apartment of the Employee in the canton of
Vaud or Neuchâtel shall be borne by the Employer. Such allowance is of a maximum of CHF 800.-
per month. The rent shall be borne by the Employer until the Employee’s family joins him in
Switzerland which shall take place within the first twelve months of employment. Upon such
occurrence, he will receive a moving allowance of CHF 20’000.-. This allowance will be subject
to social security contributions.
	 
	 	 
	2.

	 	Salary
	 
	 	 
	2.1.

	 	The Employee will receive a gross salary of CHF 250’000 p.a. (in words: Swiss Francs two
hundred and fifty thousand), which will be paid out in 12 equal installments at the end of
each month.
	 
	 	 
	2.2.

	 	The Employee is entitled to receive an annual bonus of up to 25%. The amount granted will be
based on annual salary, which will be paid out based on own and Company performance and will
be paid upon the Employer’s sole discretion.
	 
	 	 
	2.3.

	 	The Employee will benefit from a company car at the company’s discretion.

 

 

	 	 	 
	2.4.

	 	The Employee will receive a representation allowance of CHF 15,000 per annum, paid in 12
equal monthly installments.
	 
	 	 
	2.5.

	 	The Employer shall deduct from the gross salary social security contributions, contributions
to the mandatory pension plan (“LPP”) and any other amounts which the Employer may be required
to deduct or withhold pursuant to any federal, cantonal or community laws and regulations in
Switzerland.
	 
	 	 
	3.

	 	Hours
	 
	 	 
	3.1.

	 	The Employee will not be bound by specific working hours (“horaire de travail”). The Employee
acknowledges, however, that the position of Vice President Sales & Marketing Europe requires
flexibility and adaptability in terms of working hours, depending in particular on the
workload.
	 
	 	 
	3.2.

	 	Subject to the mandatory provisions of Swiss labor law, the Employee will not be paid for any
overtime for hours exceeding his regular working hours. The salary of the Employee as set
forth in this employment contract covers the remuneration of any extra hours.
	 
	 	 
	4.

	 	Vacation
	 
	 	 
	4.1.

	 	During the term of employment, the Employee shall be entitled to 25 (in words: twenty-five)
days of paid vacation, to be taken at times to be determined in agreement with the Employer.
	 
	 	 
	5.

	 	Confidentiality
	 
	 	 
	5.1.

	 	The Employee shall maintain strict confidentiality about all matters relating to the
Employer, its business and its customers during and after termination of the employment
relationship.
	 
	 	 
	5.2.

	 	Inventions: Inventions made by the Employee in the course of his duties, in or out the
discharge of his contractual obligations, irrespective of their patentability, belong to the
Employer. Such Inventions should immediately be reported in writing by the Employee to the
Employer. The Employer shall compensate the Employee for the costs incurred in such invention
in accordance with the principles set out by Article 332 of the Swiss code of Obligations.

2

 

	 	 	 
	5.3.

	 	Non competition: during the twelve months following the end of the present contract, the
Employee is prohibited to accept a similar position as the one described herein at a
competitor of the Employer and that is active in Europe, Middle East and Africa.
	 
	 	 
	6.

	 	Term and Termination
	 
	 	 
	6.1.

	 	This employment contract is entered into as of November 1st, 2004 for an
indefinite term. Parties agree on a trial period of three months.
	 
	 	 
	6.2.

	 	After the probationary period, this agreement can be terminated at any time by both parties
upon a prior six-month written notice for the end of a calendar month. Extraordinary notice of
termination, effective immediately, may be given for cause as defined under Swiss labor law.
	 
	 	 
	7.

	 	Miscellaneous
	 
	 	 
	7.1.

	 	All employment regulations, employee manuals and guidelines are part of this employment
contract.
	 
	 	 
	7.2.

	 	Unless provided for differently by either this employment contract or its parts referred to,
the provisions of the Swiss Code of Obligations as well as other employment regulations are
applicable.
	 
	 	 
	8.

	 	Applicable Law
	 
	 	 
	8.1.

	 	This employment contract shall be governed, interpreted and construed under and in accordance
with Swiss law.
	 
	 	 
	9.

	 	Jurisdiction
	 
	 	 
	9.1.

	 	The place of jurisdiction for disputes arising from this employment contract shall be
determined in accordance with Articles 24 of the Swiss federal Act on places of jurisdiction
(LFors).

	 	 	 
	The Employee:

	 	The Employer:
	 
	 	 
	/s/ Eckhard H. Reitz

	 	/s/ Markus Oswald
	 
	 	 
	Date: 10/25/2004

	 	Date: 10/19/2004
	 
	 	 
	Eckhard H. Reitz

	 	Micrus SA

3

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