Document:

exv10w7

 

Exhibit 10.7

Fred Moll

October 21, 2002

Page 1

Autocath, Inc.

P.O. Box 620635

Woodside, CA 94062

October 21, 2002

Fred Moll

Dear Fred:

          Autocath, Inc. (the “Company”) is pleased to offer you employment on the following terms:

          1. Position. Your initial title will be President and Chief Executive Officer, and you will
initially report to the Company’s Board of Directors. This is a full-time position. By signing
this letter agreement, you confirm to the Company that you have no contractual commitments or other
legal obligations that would prohibit you from performing your duties for the Company.

          2. Cash Compensation. The Company will pay you a starting salary at the rate of $210,000 per
year, payable in accordance with the Company’s standard payroll schedule. In addition, you will be
entitled to receive a $120,000 signing bonus, payable in three (3) equal annual installments of
$40,000 on January 1st of each year beginning on January 1, 2003 so long as you are employed by the
Company on such dates.

          3. Employee Benefits. As a regular employee of the Company, you will be eligible to
participate in a number of Company-sponsored benefits. In addition, you will be entitled to paid
vacation in accordance with the Company’s vacation policy, as in effect from time to time.

          4. Severance Pay. If the Company terminates your employment for any reason other than Cause
or if you terminate your employment for Good Reason, then the Company will continue to pay your
base salary for a period of 6 months following the termination of your employment and vesting of
common stock in accordance with your Stock Purchase Agreement of even date herewith. Your base
salary will be paid at the rate in effect at the time of the termination of your employment and in
accordance with the Company’s standard payroll procedures. However, this Paragraph 4 will not
apply unless you (a) sign a general release of claims (in a form prescribed by the Company) of all
known and unknown claims that you may then have against the Company or persons affiliated with the
Company and (b) have returned all Company property.

 

 

Fred Moll

October 21, 2002

Page 2

          “Cause” means (a) an unauthorized use or disclosure of the Company’s confidential information
or trade secrets, which use or disclosure causes material harm to the Company, (b) a material
breach of any agreement between you and the Company, (c) a material failure to comply with the
Company’s written policies or rules, (d) conviction of, or plea of “guilty” or “no contest” to, a
felony under the laws of the United States or any state thereof, (e) gross negligence or willful
misconduct or (f) a continued failure to perform assigned duties after receiving written
notification of such failure from the Company’s Board of Directors.

          “Good Reason” shall mean your voluntary resignation (A) within 180 days following a change in
your position with the Company from that of President and Chief Executive Officer to one where you
are not Chairman of the Board of Directors and Chief Medical Officer, (B) within 45 days following
a reduction in your base salary by more than 10% (except as part of a generalized salary reduction
affecting similarly situated employees) or (C) within 45 days following your receipt of notice that
your principal workplace will be relocated more than 50 miles.

          5. Proprietary Information and Inventions Agreement. Like all Company employees, you will be
required, as a condition of your employment with the Company, to sign the Company’s standard
Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A.

          6. Employment Relationship. Employment with the Company is for no specific period of time.
Your employment with the Company will be “at will,” meaning that either you or the Company may
terminate your employment at any time and for any reason, with or without cause. Any contrary
representations that may have been made to you are superseded by this offer. This is the full and
complete agreement between you and the Company on this term. 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 only be changed in an express
written agreement signed by you and the Chief Executive Officer of the Company.

          7. 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 prior written
consent of the Company. While you render services to the Company, you also 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. The Company acknowledges and agrees to: (i)
your involvement as a fund raiser, scientific advisor and potential board member of Restoration
Robotics, Inc. and (ii) your entering into a consulting agreement with Intuitive Surgical to
provide consulting services one day per week and approves of such activities provided they do not
materially distract from your duties as President and Chief Executive Officer of the Company.

          8. Withholding Taxes. All forms of compensation referred to in this letter agreement are
subject to reduction to reflect applicable withholding and payroll taxes and other deductions
required by law.

          9. Entire Agreement. This letter agreement supersedes and replaces any prior agreements,
representations or understandings, whether written, oral or implied, between you and the Company.

* * * * *

 

 

Fred Moll

October 21, 2002

Page 3

          We hope that you will accept our offer to join the Company. You may indicate your agreement
with these terms and accept this offer by signing and dating both the enclosed duplicate original
of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and
returning them to me. As required by law, your employment with the Company is contingent upon your
providing legal proof of your identity and authorization to work in the United States.

          If you have any questions, please call me at (650) 854-3210.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	Autocath, Inc.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert Younge
	 

	 	 	 	 
	 	 	Robert Younge

Chief Technical Officer

I have read and accept this employment offer:

	 	 	 	 	 
	/s/ Fred Moll	 	 
	 	 	 
	 

	 	Signature of Fred Moll	 	 
	 
	 	 	 	 
	Dated:
11-6-02
	 	 

Attachment

Exhibit A: Proprietary Information and Inventions Agreementexv10w8

 

Exhibit 10.8

July 29, 2005

James Feenstra

Dear Jim,

I am very pleased to offer you the position of President and Chief Operating Officer (“COO”) at
Hansen Medical, Inc. (“Hansen” or the “Company”) under the terms and conditions described below.

Position: President and COO, reporting to the Chief Executive Officer (“CEO”). In the event that I
cease to serve as CEO, you will be first the first candidate to be considered by the Company’s
Board of Directors (the “Board”) for appointment as the new CEO. We currently anticipate this
transition should take place approximately nine months from now, subject in large part to the
Board’s assessment of your performance. Should the Board approve your transition to succeed me,
then your title will become President and CEO.

Date of Hire: On or before August 15, 2005.

Salary: Your starting base salary will be $20,834 per month, (approximately $250,000 annually) for
the remainder of calendar year 2005 and for calendar year 2006. However, subject to the approval
of the Board of Directors, your base salary will increase to $22,917 per month (approximately
$275,000 annually) should you become President and CEO. Your compensation package will be reviewed
annually by the Compensation Committee of the Board of Directors.

Incentive Bonus: You will be eligible to participate in the Company’s Incentive Bonus Plan, when
established. Under the terms of that plan, you will be eligible to earn a bonus in an amount up to
30% of your base salary. Payment of the bonus will be based upon achievement of mutually agreed
upon goals and objectives and subject to the approval of the Board of Directors, and may be
prorated if appropriate.

Stock Options: I will recommend to our Board that you be granted, at the first Board meeting
following your hire date, an option to purchase 1,747,800 shares of Hansen common stock, (currently
4.5% of the fully diluted outstanding stock of the Company). Of the total grant, 1,533,600 option
shares (the “Time Vesting Shares”) will vest as follows: twenty-five percent (25%) will vest after
12 months and 1/48th of the Time Vesting Shares will vest at the end of each month
thereafter until all shares have vested. The remaining 194,200 option shares (the “Milestone
Vesting Shares”), will vest on the date Hansen achieves cumulative U.S. product sales (as measured
from first commercial product sales) of ten million dollars ($10,000,000), but in no event will
these Milestone Vesting Shares vest later than December 31, 2007, provided that you remain employed
with the Company at that time. All of your option shares will be governed by your Stock Option
Agreement (which you are required to sign) and the Company’s applicable plan document, and they are
subject to approval by the Board of Directors. Also enclosed for your signature is a Vesting
Acceleration and Severance Agreement which the Company is offering to you.

Policies and Benefits: Hansen provides competitive health, dental, vision, and life/disability
insurance benefits, as well as Flexible Spending Accounts and a 401(k) plan. Benefits are

 

 

James Feenstra

July 29, 2005

Page 2

effective the first of the month following the date of your employment. Hansen provides ten (10)
holidays each calendar year and you will accrue twenty (20) vacation days each year, subject to
Hansen’s standard policies. Hansen reserves the right to change or modify these benefits at any
time. As an employee of the Company, you will be expected to abide by all of the Company’s
policies and procedures, including those that may be set forth from time to time in an employee
handbook.

Proprietary Information and Confidentiality: As a condition of your employment, you must sign and
comply with the Company’s standard Employee Proprietary Information and Inventions Agreement.

At-Will Employment and Mandatory Arbitration: Your employment is at-will. Thus, you or Hansen may
terminate the employment relationship at any time, with or without cause or notice. No reason is
required for you to quit or be terminated. To resolve any dispute between you and Hansen, you and
the Company will enter into the enclosed Arbitration Agreement concurrently with entering into this
employment agreement

This letter constitutes the complete and exclusive statement of your agreement with the Company
concerning the subject matter hereof. It supersedes any other agreements or promises made to you
by anyone, whether oral or written, and it cannot be changed except in a written agreement signed
by you and a duly authorized officer of the Company. As required by law, this offer is subject to
satisfactory proof of your right to work in the United States.

This Offer expires August 1, 2005. To accept this Offer, please sign it on or before August 1,
2005 and either deliver it to our offices to my attention, fax it to me at 650-404-5900, or email a
signed version directly to me.

Jim, we believe you will be a great asset to our team and will make a huge contribution to Hansen’s
future success. We are all very excited about the prospect of working with you.

Best personal regards,

/s/ Frederic H. Moll, M.D.

Frederic H. Moll, M.D.

Founder and Chief Executive Officer

UNDERSTOOD & AGREED:

	 	 	 	 	 	 	 
	By:

	 	/s/ James Feenstra
	 	 	 	           8-2-05
	 

	 	 
	 	 	 	 
	 

	 	James Feenstra
	 	 	 	Date

 

 

ARBITRATION AGREEMENT

     I hereby agree that any and all claims or controversies between me and Hansen Medical, Inc., a
Delaware corporation (“Hansen”) relating to my employment with Hansen, or termination thereof,
including but not limited to claims for breach of contract, tort, employment discrimination
(including unlawful harassment as well as any claims arising under Title VII of the Civil Rights
Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, and any
claims under California’s Fair Employment and Housing Act), and any violation of any state or
federal law, statute, regulation or ordinance, shall be resolved by final, binding, and
confidential arbitration in accordance with the then applicable rules of the American Arbitration
Association. However, claims under applicable workers’ compensation laws or the National Labor
Relations Act shall not be subject to arbitration. Unless the parties mutually agree otherwise,
the Arbitrator shall be selected from a panel provided by the American Arbitration Association, and
the arbitration hearing will be held in San Francisco or Palo Alto, California. The arbitrator
shall apply the same substantive law, with the same statutes of limitations and same remedies that
would apply if the claims were brought in a court of law. The arbitration also shall have the
authority to rule on a motion to dismiss and/or summary judgment by either party. The arbitrator
shall: (a) have the authority to compel adequate discovery for the resolution of the dispute; and
(b) issue a written statement signed by the arbitrator regarding the disposition of each claim and
the relief if any, awarded as to each claim, the reasons for the award, and the arbitrator’s
essential findings and conclusions on which the award is based.

     Hansen shall pay for the costs of arbitration. Each party shall pay for its own costs and
attorneys’ fees, if any. However, if any party prevails on a statutory claim which affords the
prevailing party attorneys’ fees, then the arbitrator may award reasonable attorneys’ fees and
costs to the prevailing party.

     Either Hansen or I may bring an action in court to compel arbitration under this Agreement and
to enforce an arbitration award. Otherwise, neither party shall initiate or prosecute any lawsuit
or claim in any way related to any arbitrable claim. Nothing in this Agreement, however, precludes
a party from filing an administrative charge before an agency that has jurisdiction over an
arbitrable claim. In addition, nothing in this Agreement prohibits either party from seeking
injunctive or provisional relief from a court of competent jurisdiction to prevent irreparable
harm, pursuant to Section 1281.8 of the California Code of Civil Procedure.

     I understand and agree that this Arbitration Agreement contains a full and complete statement
of any agreements and understandings regarding resolution of disputes between Hansen and me, and I
agree that this Arbitration Agreement supersedes all previous agreements, whether written or oral,
express or implied, relating to the subjects covered in this Arbitration Agreement. I further
understand that this arbitration agreement cannot be modified except in a written document signed
by both me and the President of Hansen. If any provision of this Agreement shall be held by a
court or the arbitrator to be invalid, unenforceable, or void, such provision shall be enforced to
the fullest extent permitted by law, and the remainder of this Agreement shall remain in full force
and effect. The parties’ obligations under this Agreement shall survive the termination of my
employment with Hansen.

     The arbitration provisions of this Agreement shall be governed by the Federal Arbitration Act.
In all other respects, this Arbitration Agreement shall be construed in accordance with the laws
of the State of California, without reference to conflicts of law principles.

     THE PARTIES UNDERSTAND AND AGREE THAT THIS AGREEMENT TO ARBITRATE CONSTITUTES A WAIVER OF
THEIR RIGHT TO A TRIAL BY JURY OR JUDGE OF ANY MATTERS SUBJECT TO ARBITRATION UNDER THIS AGREEMENT.

	 	 	 	 	 	 	 
	Employee:

	 	/s/ James Feenstra
	 	 	 	8-2-05
	 

	 	 
	 	 	 	 
	 

	 	  James Feenstra
	 	 	 	Date

	 	 	 	 	 	 	 
	Hansen Medical:

	 	/s/ Frederic Moll
	 	 	 	7-29-05
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	Date

 

 

Vesting Acceleration and Severance Agreement

In consideration for the continued employment of James Feenstra (the “Employee’) at the
executive level within Hansen Medical (the “Company”), the Company shall provide the following
benefits:

In the event of the Employee’s termination of employment for other than Cause (as defined below) or
disability before the first anniversary of Employee’s employment with the Company, Employee shall
be entitled to receive:

	 	(i)	 	Twelve (12) months of severance payments based on Employee’s then current
monthly base salary compensation; and
	 
	 	(ii)	 	Twelve (12) months reimbursement for the cost of continuation of Employee’s
then-current health, dental, vision, and life/disability insurance benefits.

In the event-of the Employee’s termination of employment for other than Cause (as defined below) or
disability after the first anniversary of Employee’s employment with the Company, Employee shall be
entitled to receive:

	 	(i)	 	Six (6) months of severance payments based on Employee’s then current monthly
base salary compensation; and
	 
	 	(ii)	 	Six (6) months reimbursement for the cost of continuation of Employee’s
then-current health, dental, vision, and life/disability insurance benefits.

Severance compensation will be paid in installments in the normal payroll cycle, subject to
standard withholdings and deductions. Bonuses of any kind are not considered in the calculation of
severance compensation. If Employee becomes employed by another employer at any time during the
severance period, all further severance compensation payments will immediately cease.

In the event of an Acquisition of the Company (as defined below) after the first anniversary of
Employee’s employment with the Company and either a) the termination of Employee’s employment for
other than Cause (as defined below), or b) the material change of Employee’s employment by
substantial diminution in compensation or duties, or c) substantial relocation of Employee’s place
of work, Employee shall be entitled to the following:

	 	(i)	 	One hundred percent (100%) of any then-unvested shares subject to stock
options issued to Employee shall become immediately vested;

-Confidential-

 

 

	 	(ii)	 	Employee shall receive twelve (12) months of severance payments based on
Employee’s then current monthly base salary compensation; and
	 
	 	(iii)	 	Employee shall receive twelve (12) months reimbursement for the cost of
continuation of Employee’s then-current health, dental, vision, and life/disability
insurance benefits.

In the event of an Acquisition of the Company (as defined below) before the first anniversary and
after six months of Employee’s employment with the Company, and either a) the termination of
Employee’s employment for other than Cause (as defined below), or b) the material change of
Employee’s employment by substantial diminution in compensation or duties, or c) substantial
relocation of Employee’s place of work, Employee shall be entitled to the following:

	 	(i)	 	Twenty-five percent (25%) of any then-unvested shares subject to stock
options issued to Employee shall become immediately vested;
	 
	 	(ii)	 	Employee shall receive twelve (12) months of severance payments based on
Employee’s then current monthly base salary compensation; and
	 
	 	(iii)	 	Employee shall receive twelve (12) months reimbursement for the cost of
continuation of Employee’s then-current health, denial, vision, and life/disability
insurance benefits.

In the event of an Acquisition of the Company (as defined below) before six months and after three
months of Employee’s employment with the Company and either a) the termination of Employee’s
employment for other than Cause (as defined below), or b) the material change of Employee’s
employment by substantial diminution in compensation or duties, or c) substantial relocation of
Employee’s place of work, Employee shall be entitled to the following:

	 	(i)	 	Eighteen and three quarters percent (18.75%) of any then-unvested shares
subject to stock options issued to Employee shall become immediately vested;
	 
	 	(ii)	 	Employee shall receive twelve (12) months of severance payments based on
Employee’s then current monthly base salary compensation; and
	 
	 	(iii)	 	Employee shall receive twelve (12) months reimbursement for the cost of
continuation of Employee’s then-current health, dental, vision, and life/disability
insurance benefits.

-Confidential-

 

 

In the event of an Acquisition of the Company (as defined below) before three months of Employee’s
employment with the Company and either a) the termination of Employee’s employment for other than
Cause (as defined below), or b) the material change of Employee’s employment by substantial
diminution in compensation or duties, or c) substantial relocation of Employee’s place of work,
Employee shall be entitled to the following:

	 	(i)	 	Twelve and one-half percent (12.5%) of any then-unvested shares subject to
stock options issued to Employee shall become immediately vested;
	 
	 	(ii)	 	Employee shall receive twelve (12) months of severance payments based on
Employee’s then current monthly base salary compensation; and
	 
	 	(iii)	 	Employee shall receive twelve (12) months reimbursement for the cost of
continuation of Employee’s then-current health, dental, vision, and life/disability
insurance benefits.

Severance compensation will be paid in installments in the normal payroll cycle, subject to
standard withholdings and deductions. Bonuses of any kind are not considered in the calculation of
severance compensation. If Employee becomes employed by another employer at any time during the
severance period, all further severance compensation payments will immediately cease.

As a precondition of receiving the severance compensation provided above, Employee shall execute a
general release of any and all known and unknown claims against the Company and its officers,
directors, employees, affiliates, agents and shareholders. Such general release will not include
rights to vested options or claims for any compensation earned (including, without limitation,
accrued vacation), or reimbursement of expenses incurred, through date of termination.

The following terms shall have the following definitions:

(i) An “Acquisition” shall mean a) any consolidation or merger of the Company with or into any
other corporation or entity or person in which the stockholders of the Company prior to such
consolidation, merger or reorganization shall own less than fifty percent (50%) of the voting stock
of the continuing or surviving entity of such consolidation, merger or reorganization; b) any other
corporate reorganization in which in excess of fifty percent (50%) of the Company’s voting power is
transferred; or c) any transaction in which any person, together with its affiliates, accumulates
fifty percent (50%) or more of the Company’s voting power.

-Confidential-

 

 

(ii) “Cause” shall mean (a) an intentional unauthorized use or disclosure of the Company’s
confidential information or trade secrets, which use or disclosure causes material harm to the
Company; (b) a material breach of any agreement between Employee and the Company; (c) a material
failure to comply with the Company’s written policies or rules; (d) conviction of, or plea of
guilty or “no contest” to, a felony under federal or state law; (e) gross negligence or willful
misconduct; or (f) a continued failure to perform assigned duties after receiving reasonable
written notification of such failure from the Company’s Board of Directors.

	 	 	 
	Understood and Agreed:
	 	 
	 
	 	 
	/s/ James Feenstra

	 	8-2-05
	 

	 	 
	James Feenstra

	 	          Date
	 
	 	 
	/s/ Frederic H. Moll, M.D.

	 	8-1-05
	 

	 	 
	Frederic H. Moll, M.D.

	 	          Date
	Chief Executive Officer
	 	 

-Confidential-

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