Document:

exv10w16

 

Exhibit
10.16

[BioTrove Logo]

BioTrove,

12 Gill Street, Suite 4000

Woburn, MA 01801-1728

tel: 781 721 3600 fax: 781 721 3601

Mr. Edward Sztukowski

103 Donegal Drive

Chapel Hill, NC 27517

October 31, 2007

Dear Buzz,

This letter confirms the verbal offer I discussed with you on October 10th to join
BioTrove as Senior Vice President and its Chief Business Officer reporting directly to me. Your
effective full time start date will be January 2, 2008 and in the interim will consult to the
company at 50% of your available time under our existing consulting contract. You will be
responsible for all Company commercial operations and the leadership of its molecular diagnostics
initiative. The base salary for this position will be $235,000 per year and is paid bimonthly.
You will be eligible to participate in BioTrove’s bonus program at the current maximum
participation level of 30%. This program is structured around the Company’s MBO objectives and
your contribution to the Company’s overall performance. You will also be eligible for a
Company-sponsored relocation benefit of $48,000.00.

A common stock equity option award of 154,175 shares that equates to ~ 0.75% of the fully diluted
shares of the Company will be granted to you upon your acceptance of this offer. One half of this
grant will be effective upon your signing of the Offer. The remaining option grants will be made
at such time you are able to join the company full-time, but no later than January 2, 2008. The
option pricing will be the board-approved price effective on your dates of grants.

It is further anticipated that you will be assuming additional functional responsibilities which
would lead to the position of Chief Operating Officer. Although it is difficult to predict timing
associated with this future anticipated role, a period of less than 18 months is anticipated
assuming your strong performance and our continued achievement of critical Company milestones.

Consistent with the direction of BioTrove’s Compensation Committee, you will have a non-cause
severance that offers full base salary continuation of up to 12 months. This severance has the
important feature of continue stock option vesting of all non vested shares you hold at the time of
termination. The vesting will continue at the normal vesting rate and end when the severance is
complete. Also included is a change of control provision that will survive the contemplated IPO.
If there is a change of control, all outstanding options will immediately vest. All ‘C’ level
officers will share this severance plan which we are targeting to put into place during November,
2007. This plan is

 

 

designed to provide appropriate incentive for the Leadership Team in the event that M&A is elected
as the best path forward for BioTrove. You will be eligible for BioTrove’s generous benefit plan
including life, health, dental and disability insurance. This plan additionally includes a 401K
plan with partial Company matching. Susan Melillo Human Resources Manager (781-721-3614) can brief
you on the details as well as describe our earned time off benefit.

BioTrove expects and encourages you in the pursuit of other professional/personal activities
including potential non BioTrove board or advisory roles. In keeping with our desire to bring best
practices to the Company, full disclosure of these activities is required from you as well as all
officers of the Company. It is further expected that any non BioTrove-related activities would not
directly compete with BioTrove’s main business activities.

The above cited compensation and employment considerations will require a final review and approval
by the Compensation Committee Chaired by Mr. Joshua Phillips. If you accept this offer, BioTrove’s
full board must then approve your election as an officer of the Corporation. Once elected as an
officer, you will be covered by BioTrove’s D&O insurance.

BioTrove is poised for great accomplishments and requires your leadership to realize its future
plans. We have assembled a world-class management team that I believe you will find highly
rewarding to work with. I am pleased to be able to offer you this crucial position and look forward
to working with you to build our Company.

This offer will expire on November 21st 2007.

Sincerely yours,

	 	 	 	 	 
	/s/ Albert A. Luderer
 	 	 
	Albert A. Luderer, PhD 	 	 
	President, CEO and Director

BioTrove Incorporated

12 Gill Street, Suite 4000

Woburn, MA 01801 	 	 
	 
	Accepted:

 	 	 
	/s/ Edward Sztukowski
 	 	 
	Edward Sztukowski 	 	 
	 	 	 
	Date: 11/18/07exv10w17

 

Exhibit 10.17

BIOTROVE, INC.

RESTRICTED STOCK AGREEMENT

     This AGREEMENT, dated as December 20, 2006, is made by and between BioTrove, Inc., a Delaware
corporation (the “Corporation”) and Edward Erickson (the “Grantee”).

W I T N E S S E T H:

     WHEREAS, the Grantee serves as a director of the Corporation; and

     WHEREAS, the Corporation desires to grant to the Grantee shares of the Corporation’s Common
Stock, $.01 par value per share (“Common Stock”), pursuant to the terms hereof.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto
agree as follows:

     1. Grant of Restricted Shares.

     Pursuant to the provisions of the Corporation’s 2000 Stock Plan, as amended (the
“Plan”), the Corporation hereby grants the Grantee 6,000 shares of Common Stock (the
“Restricted Shares”) with a fair market value equal to $0.50 per Restricted Share,
effective as of the date hereof (the “Date of Grant”). The grant of the Restricted Shares
to the Grantee shall be subject to the terms and conditions of this Agreement and the Plan.
Capitalized terms used in this Agreement but not defined herein shall have the meaning given to
such terms in the Plan.

     2. Vesting Period.

     (a) Vesting. The Restricted Shares shall vest and become nonforfeitable as set forth
below (provided the Grantee serves as a director of the Company at the time of vesting):

     (i) 500 shares of the Restricted Shares shall vest and become nonforfeitable on the
Date of the Grant (the “Initial Grant”); and

     (ii) The remaining unvested Restricted Shares shall vest and become nonforfeitable over
the twenty-two (22) months at the rate of 1/22 shares of the remaining unvested Restricted
Shares per month.

     (b) Cessation of Appointment. If the Grantee ceases to be a director of the Company,
either voluntarily or involuntarily, for any reason whatsoever, including upon retirement, death or
disability prior to the satisfaction of the vesting provisions set forth in this Section 2, no
further portion of his or her Restricted Shares shall become vested pursuant to this Agreement and
such unvested Restricted Shares shall be forfeited effective as of the date that his directorship
ceases.

 

 

     3. Non-Transferability of Unvested Restricted Shares. Subject to the satisfaction of
any and all conditions specified herein, the unvested Restricted Shares may not be sold,
transferred, assigned, pledged or otherwise encumbered or disposed of by the Grantee. In the event
of (a) an attempt by the Grantee to alienate, assign, pledge, hypothecate or otherwise dispose of
unvested Restricted Shares, except as provided for herein, or (b) the levy of any attachment,
execution or similar process upon the rights or interest hereby conferred, the Corporation may
terminate this Agreement by notice to the Grantee and the Agreement shall thereupon become null and
void and the Grantee shall have no further right to the unvested Restricted Shares.

     4. Restrictions on Transfer of Vested Restricted Shares.

     (a) Except for transfers permitted in clauses (b), (c), (d) and (e) of this Section 4, the
Grantee shall not transfer any vested Restricted Shares (the “Shares”) until the
consummation of a Public Offering (as defined in the Plan).

     (b) The Grantee may transfer Shares held by such Grantee as follows: (i) by testamentary or
intestate disposition; (ii) pursuant to a transfer in connection with the Grantee’s estate
planning, to the Grantee’s spouse, children (including stepchildren or adopted children),
grandchildren, parents or siblings thereof or any spouse of any of the foregoing, and any trust or
other estate planning vehicle created for the primary benefit of any one or more of them; or (iii)
to a former spouse pursuant to a court-approved divorce decree; provided, however,
that in each case (A) the transferor shall retain voting control of all such Shares and beneficial
ownership of at least a majority of the Shares originally held by the transferor, (B) the
transferee shall hold such Shares subject to the same restrictions applicable to its transferor,
and (C) the transferee shall agree in writing to be bound by the terms of this Agreement.

     Notwithstanding the foregoing, the Grantee agrees not to sell, exchange or otherwise dispose
of any Shares held by him or her if such sale, exchange, or disposition, would create a default
under the terms of any indebtedness or other contractual obligations of Corporation then
outstanding to any third party.

     (c) If the Grantee shall propose to transfer any Shares held by him or her to any Person (a
“Transferee”) other than pursuant to clauses (b), (d) or (e) of this Section 4, such
proposed transfer shall be conditioned upon the following:

     (i) The Grantee shall not transfer any Shares unless the Grantee has owned such shares
for a period of at least six (6) months on the date of transfer. Any transfer of Shares
owned by the Grantee for less than six (6) months on the date of transfer shall be null and
void.

     (ii) The Grantee (the “Offeror”) shall offer to the Corporation or the
Corporation’s designee(s) the Shares which it desires to sell, transfer or convey (the
“Offered Securities”), at the same price and on the same terms that the Grantee
intends to sell, transfer or convey the Offered Securities to the Transferee. Such offer
shall be made by a written notice (the “Notice of Proposed Transfer”) delivered to
the Corporation not less than sixty (60) days prior to the proposed sale, transfer or
conveyance. Such notice

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shall set forth the identity of the Transferee, the price and other terms and
conditions of the proposed sale or transfer and such other information as the Corporation or
its designee(s) shall reasonably request.

     (iii) If the Corporation or its designee(s) do not accept the offer made by the Offeror
with respect to all of the Offered Securities within sixty (60) days following the
Corporation’s receipt of the Notice of the Proposed Transfer, then the Offeror shall have
the right for a period of thirty (30) days following the aforementioned sixty (60) day
period to sell, transfer or convey such Offered Securities, but only to the Transferee, at
not less than the price, and upon terms not more favorable to the Transferee that were
contained in the Notice of Proposed Transfer.

     (d) If the holders of seventy five percent (75%) of the Common Stock, assuming the conversion
of all shares of capital stock which can be converted into Common Stock at the time of the
determination, into Common Stock, elect to effect a sale of Common Stock, the Grantee shall sell
all Shares held by him or her on the terms and conditions approved by such other selling
stockholders; provided, however, that the Shares being sold by the Grantee are sold for the same
price and upon the same terms and conditions in all material respects as those applicable to the
Common Stock being sold by such other selling stockholders. The Grantee will take all action
necessary and desirable in connection with the consummation of the sale of Common Stock, including,
without limitation, execution and delivery of agreements relating to such sale of Common Stock.
The Grantee will bear its pro rata share of the cost of any sale of Common Stock or other equity
securities pursuant to a sale of Common Stock to the extent such costs are incurred for the benefit
generally of all stockholders of the Corporation and are not otherwise paid by the Corporation or
the acquiring party. Costs incurred by stockholders of Corporation on their own behalf will not be
considered costs of the transaction hereunder.

     (e) If at any time the holders of seventy five percent (75%) of the Common Stock, assuming the
conversion of all shares of capital stock which can be converted into Common Stock at the time of
the determination, shall propose to pledge their shares of Corporation to one or more lenders as
security for the obligations of the Corporation, the Grantee shall pledge the Shares held by such
Grantee to such lender on substantially the same terms and conditions in all material respects as
those that are to be applied to the holders of the majority of the Common Stock with respect to the
Common Stock of the Corporation being pledged by them.

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     5. Stock Certificates; Dividends and Stockholder Rights.

     (a) Custody of Restricted Shares; Legend. Certificates for Restricted Shares shall be
issued in the Grantee’s name and shall be held by the Corporation until the Restricted Shares shall
become vested. The Corporation shall serve as attorney-in-fact for the Grantee during the period
during which the Restricted Shares are unvested with full power and authority in the Grantee’s name
to assign and convey to the Corporation any Restricted Shares held by the Corporation for the
Grantee if the Grantee forfeits the shares under the terms of the this Agreement and the Plan.
Certificates representing the Restricted Shares shall bear the following legend:

The securities represented by this Stock Certificate have not been registered
under the Securities Act of 1933, as amended (the “Act”), or any state
securities laws and may not be sold or transferred in the absence of any effective
registration statement under the Act and such laws or any exemption from
registration thereunder.

The Shares represented by this Stock Certificate have been granted as
restricted stock under the biotrove, inc. 2000 Stock Plan, as amended. The Shares
represented by this Stock Certificate may not be sold, exchanged, assigned,
transferred, pledged, hypothecated or otherwise encumbered or disposed of unless
the restrictions set forth in the Restricted Stock Agreement between the registered
holder of these Shares and biotrove, inc. shall have lapsed.

     Upon the vesting of the Restricted Shares, the Corporation shall so notify the Secretary of
the Corporation and the Secretary shall obtain from the Corporation certificates representing all
such shares that have vested, which certificates shall not bear any restrictive endorsement making
reference to this Agreement, and shall deliver such certificates to the Grantee.

     6. Share Adjustments. In the event of any stock dividend, stock split, combination or
exchange of shares, merger, consolidation, spin-off or other distribution (other than normal cash
dividends) of the Corporation assets to stockholders, or any other change affecting shares of the
Corporation’s capitalization, the Compensation Committee of the Corporation’s Board of Directors in
its discretion may make such adjustments as it may deem appropriate to reflect such change or to
fairly preserve the intended benefits of the Plan.

     7. No Right to Continued Employment or Appointment. Nothing in this Agreement shall
confer upon the Grantee any right with respect to continuance of employment or directorship by the
Corporation or any of its subsidiaries, nor shall it interfere in any way with the right of the
employer to terminate the Grantee’s employment or directorship at any time.

     8. Grantee Bound by Plan. The Grantee hereby acknowledges receipt of a copy of the
Plan and agrees to be bound by all the terms and provisions thereof. In the event of any conflict
between the provisions of this Agreement and the provisions of the Plan, the provisions of the Plan
shall control.

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     9. Liquidation or Dissolution of the Corporation. In the event of the proposed
dissolution or liquidation of the Corporation, each unvested Restricted Share issued pursuant to
this Agreement shall terminate prior to the consummation of such proposed action or at such other
time and subject to such other conditions as shall be determined by the Board.

     10. Tax Consequences.

     (a) The Grantee has reviewed with the Grantee’s own tax advisors the federal,
state, local and foreign (if applicable) tax consequences of the transactions contemplated by this
Agreement. The Grantee is relying solely on such advisors and not on any statements or
representations of the Corporation or any of its agents. The Grantee (and not the Corporation)
shall be responsible for the Grantee’s own tax liability that may arise as a result of this
Agreement.

     (b) the Grantee acknowledges that it is his or her sole responsibility and not
the Corporation’s to timely file the election under section 83(b) of the code, even if the
Grantee requests the Corporation or its representatives to make this filing on the Grantee’s
behalf. The Corporation specifically disavows any representations or warranties as to the
sufficiency or adequacy of the attached form of code section 83(b) election for purposes
of satisfying the code and irs interpretations thereof; the attached form is for purposes of
illustration only, and the Grantee should rely solely on his own tax advisors, and not the
Corporation or its representatives, in determining whether and how to satisfy any requirements
under section 83 of the code with respect to this agreement and the incentive units and
transactions contemplated hereunder.

     (c) If the Grantee makes any tax election relating to the treatment of the Units
under the Code, at the time of such election the Grantee shall promptly notify the Corporation of
such election.

     (d) If the Grantee files an election with the Internal Revenue Service to include
the fair market value of any Restricted Shares in gross income as of the Date of Grant, the Grantee
agrees to promptly furnish the Corporation with a copy of such election, together with the amount
of any federal, state, local or other taxes required to be withheld to enable the Corporation to
claim an income tax deduction with respect to such election.

     (e) The Grantee acknowledges that the Corporation is not responsible for the tax
consequences to the Grantee of the granting or vesting of the Restricted Shares, and that it is the
responsibility of the Grantee to consult with the Grantee’s personal tax advisor regarding all
matters with respect to the tax consequences of the granting and vesting of the Restricted Shares.
The Corporation shall have the right to deduct from the Restricted Shares or any payment to be made
with respect to the Restricted Shares any amount that federal, state, local or foreign tax law
required to be withheld with respect to the Restricted Shares or any such payment. Alternatively,
the Corporation may require that the Grantee, prior to or simultaneously with the Corporation
incurring any obligation to withhold any such 

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amount, pay such amount to the Corporation in cash or in shares of the Corporation’s
Common Stock (including shares of Common Stock retained from the Restricted Stock Award creating
the tax obligation), which shall be valued at the Fair Market Value of such shares on the date of
such payment. In any case where it is determined that taxes are required to be withheld in
connection with the issuance, transfer or delivery of the shares, the Corporation may reduce the
number of shares so issued, transferred or delivered by such number of shares as the Corporation
may deem appropriate to comply with such withholding. The Corporation may also impose such
conditions on the payment of any withholding obligations as may be required to satisfy applicable
regulatory requirements under the Exchange Act.

     11. Miscellaneous.

          11.1. Binding Effect. Except as otherwise provided herein, this Agreement shall inure
to the benefit of the successors and assigns of the Corporation and be binding upon the Grantee and
the Grantee’s heirs, executors, administrators, successors and assigns.

          11.2. Termination or Amendment. The Board may terminate or amend the Plan (subject to
the provisions of the Plan) and may amend this Agreement at any time, provided,
however, that no such termination or amendment may adversely affect the rights of the
Grantee under this Agreement without the consent of the Grantee, except that any termination or
amendment that would adversely affect the rights of the Grantee and the rights of other holders of
options, purchase rights and the like under the Plan in a similar manner shall be effective if
consented to by a majority in interest of such similarly affected holders.

          11.3. Transferees. Each and every transferee or assignee of Restricted Shares from
the Grantee shall be bound by and subject to all the terms and conditions of this Agreement. So
long as this Agreement is in effect, the Corporation shall require, as a condition precedent to the
transfer of any Restricted Shares by the Grantee, that the transferee agree in writing to be bound
by, and subject to, the terms and conditions of this Agreement and to ensure that such transferee’s
transferees shall be likewise bound.

          11.4. Remedies.

          (a) The rights and remedies provided by this Agreement are cumulative and the use of any one
right or remedy by any party shall not preclude or waive its right to use any or all other
remedies. Said rights and remedies are given in addition to any other rights the parties may have
at law or in equity.

          (b) Without limitation of the foregoing, the parties hereto agree that irreparable harm would
occur in the event that any of the agreements and provisions of this Agreement were not performed
fully by the parties hereto in accordance with their specific terms or were otherwise breached, and
that money damages are an inadequate remedy for breach of the Agreement because of the difficulty
of ascertaining and quantifying the amount of damage that will be suffered by the parties hereto in
the event that this Agreement is not performed in accordance with its term or is otherwise
breached. It is accordingly hereby agreed that the

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parties hereto shall be entitled to an injunction or injunctions to restrain, enjoin and
prevent breaches of this Agreement, such remedy being in addition to and not in lieu of, any other
rights and remedies to which the other parties are entitled to at law or in equity.

          (c) Except where a time period is otherwise specified, no delay on the part of any party in
the exercise of any right, power, privilege or remedy hereunder shall operate as a waiver thereof,
nor shall any exercise or partial exercise of any such right, power, privilege or remedy preclude
any further exercise thereof or the exercise of any right, power, privilege or remedy.

          11.5. Integrated Agreement. The Corporation and the Grantee mutually agree that this
Agreement is issued pursuant to and shall be governed by the Plan and that this Agreement and the
Plan constitute the entire understanding and agreement of the Grantee and the Corporation with
respect to the subject matter contained herein and therein, and there are no agreements,
understandings, restrictions, representations, or warranties among the Grantee and the Corporation
other than those as set forth or provided for herein and therein. Except for the accelerated
vesting provision set forth in Section 2(b) of this Agreement, to the extent that any conflict or
inconsistency may exist between any term or provision of this Agreement and any term or provision
of the Plan, the term or provision of the Plan shall control. To the extent contemplated herein
and therein, the provisions of the Agreement and the Plan shall survive the vesting of the
Restricted Shares and shall remain in full force and effect.

          11.6. Applicable Law. This Agreement shall be governed by the laws of the State of
Delaware.

          11.7. Waiver of Jury Trial.

          EACH OF THE PARTIES HERETO HEREBY VOLUNTARILY AND IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY
JURY IN ANY ACTION OR OTHER PROCEEDING BROUGHT IN CONNECTION WITH OR ANY MATTER ARISING UNDER, OUT
OF OR RELATING TO, THIS AGREEMENT (AS THIS AGREEMENT MAY HEREAFTER BE AMENDED) OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

          11.8. Successors and Assigns. Except as otherwise expressly provided herein, the
provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns,
heirs, executors and administrators of the parties hereto.

          11.9. Holdback. In connection with any Public Offering by the Company, the Grantee
agrees not to effect, directly or indirectly (except as part of such Public Offering in accordance
with the provisions hereof) any sale, distribution, short sale, loan, grant options for the
purchase of or otherwise dispose the Restricted Shares during the 7 days prior to and 180 days
after any such Public Offering. In addition, the Grantee agrees to execute and deliver to any
managing underwriter in connection with any Public Offering, any lock-up letter requested of the
Grantee.

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          11.10. Severability. In case any provision of this Agreement shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of
this Agreement shall not in any way be affected or impaired thereby, and each provision of this
Agreement shall be enforced to the fullest extent permitted by law.

          11.11. Subject to Plan. The rights of the Grantee are subject to all of the terms and
conditions of the Plan, the provisions of which are hereby incorporated by reference herein. The
Grantee hereby acknowledges receipt of a copy of the Plan and agrees to by bound by all terms and
provisions thereof and further agrees to accept as binding, conclusive and final all decisions or
interpretations of the Board upon any questions arising under this Agreement or the Plan.

          11.12. Investment Representation. The Grantee represents and warrants that the
Grantee is acquiring any shares of Common Stock issuable under this Agreement for the Grantee’s own
account as an investment and not with a view toward the sale or distribution thereof.

          11.13. No Third Party Beneficiaries. There are no third party beneficiaries of this
Agreement.

          11.14. Titles and Subtitles. The titles of the sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in construing this
Agreement.

          11.15. Gender; Number. The use of any gender in this Agreement shall be deemed to be
or include the other genders, and the use of the singular in this Agreement shall be deemed to be
or include the plural (and vice versa), wherever appropriate.

          11.16. Duration. This Agreement shall be valid and continue in full force and effect
until there shall be consummated a Terminating Transaction. The provisions of Section 4 shall
terminate upon the consummation of a Public Offering.

          11.17. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be an original, but all of which together constitute one agreement.

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[The next page is the signature page.]

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     IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed by its duly
authorized officer and the Grantee has executed this Agreement as of the date set forth above.

	 	 	 	 	 
	 	BIOTROVE, INC.

 	 
	 	By:  	/s/ Albert Luderer
 	 
	 	 	Name:  	Albert Luderer 	 
	 	 	Title:  	President and CEO 	 
	 

	 	 	 	 	 	 	 
	 	 	GRANTEE	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Edward Erickson	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Edward Erickson	 	 
	 

	 	Address:
	 	6887 Tohickan Hill Road

Pipersville, PA 18947	 	 

[Signature Page to Restricted Stock Agreement between the BioTrove and Edward Erickson]

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