Document:

Exhibit 10.4

 

	
 
    	
 
    	

    
	
 
    	
 
    	
113 Hartwell Ave
    
	
 
    	
 
    	
Lexington, MA 02421
    
	
 
    	
 
    	
tel: 617.301.9400
    
	
 
    	
 
    	
fax: 617.301.9401
    
	
 
    	
 
    	
www.quanterix com
    

 

Joseph Driscoll

 

Dear Joe:

 

Quanterix Corporation (the “Company”) is pleased to offer you the full-time position of Chief Financial Officer reporting to me. Your effective date of hire as a regular full-time employee will be Monday, April 24, 2017. We are excited about the prospect of you joining our team. Please note that this offer is contingent upon Board approval.

 

Salary: The Company will pay you a salary at the annual rate of $300,000, paid at a bi-weekly rate of $11,538.46 (subject to periodic review and adjustment at the discretion of the Company).

 

Bonus: You will be eligible to receive an annual performance bonus. The Company will target the bonus at up to 40% of your annual base salary earnings. The actual bonus percentage is discretionary and will be subject to the Company’s assessment of your performance, as well as business conditions at the Company. The bonus also will be subject to your employment for the full period covered by the bonus, approval by and adjustment at the discretion of the Company and Company’s Board of Directors, and the terms of any applicable bonus plan.

 

Benefits: You will be eligible to participate in the employee benefits and insurance programs generally made available to its full-time employees, including medical insurance, dental insurance, 401K Plan, Flexible Spending Account, term life insurance, and short and long term disability insurance. Details of these benefits programs, including mandatory employee contributions, will be made available to you when you start. You also will be eligible to receive paid vacation time. You will be eligible for up to 20 days of paid vacation per year, which shall accrue on a prorated basis. Other provisions of the Company’s vacation policy are set forth in the policy itself.

 

Stock Options: You will be eligible to participate in the Company’s stock option program, subject to approval by the Board of Directors. We will recommend to the Board of Directors, at the next scheduled meeting to approve options, that you be granted an option to purchase 950,000 shares of the Company’s common stock at the stock’s then fair market value. Your eligibility for stock options will be governed by the Quanterix 2007

 

 

 

Stock Option and Grant Plan (the “2007 Plan”) and any associated stock option agreement required to be entered into by you and the Company. The option shall vest as to 25% of the options on the first anniversary of start date of your employment, with the remaining 75% vesting monthly over the next three years. In addition, your stock option agreement will provide that, to the extent not previously vested, 33.3% of your stock options will vest upon the closing of an IPO. In the event of a Sale Event (as defined in the 2007 Plan), 50% of your unvested stock options up to 75% of the total grant will vest. In the event that you are terminated without cause within one year following a Sale Event the remaining unvested shares will vest (100% of stock options).

 

Other Terms: Your employment is “at will,” meaning you or the Company may terminate it at any time for any or no reason. Similarly, the terms of employment outlined in this letter are subject to change at any time. In the event of the termination of your employment for any reason, the Company shall pay you the Accrued Obligations, defined as (1) your base salary through the date of termination, (2) an amount equal to the value of your accrued unused vacation days, and (3) the amount of any expenses properly incurred by you on behalf of the Company prior to any such termination and not yet reimbursed.

 

In addition, the Company shall provide you with the following termination benefits (the “Termination Benefits”): in the event the Company terminates your employment without Cause, the Company will provide a continuation of your base salary for a period of six (6) months after the date of termination at the salary rate then in effect (“Salary Continuation Payments”) (solely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, each Salary Continuation Payment is considered a separate payment).

 

Continuation of group health plan benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), with the cost of the regular premium for such benefits shared in the same relative proportion by the Company and you as in effect on the date of termination until the earlier of (i) six (6) months from the termination date; and (ii) the date you become eligible for health benefits through another employer or otherwise become ineligible for COBRA (“Health Benefits Continuation Payments”). Notwithstanding the above, if the Company determines in its sole discretion that it cannot provide the foregoing Health Benefits Continuation Payments without potentially violating applicable law (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), the Company shall in lieu thereof provide to you a

 

 

taxable monthly payment in an amount equal to the Company’s portion of the monthly COBRA premium (as described above) that you would be required to pay to continue your group health coverage in effect on the date of your termination (which amount shall be based on the premium for the first month of COBRA coverage), which payments shall be made on the last day of each month regardless of whether you elect COBRA continuation coverage and shall end on the earlier of (y) the date upon which you obtain other employment or (z) the last day of the sixth (6th) calendar month following your termination date.

 

Representation Regarding Other Obligations: This offer is conditioned on your representation that you are not subject to any confidentiality, non-competition agreement or any other similar type of restriction that may affect your ability to devote full time and attention to your work at the Company. If you have entered into any agreement that may restrict your activities on behalf of the Company, please provide me with a copy of the agreement as soon as possible.

 

You also will be required to sign the Company’s standard “Employee Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement” as a condition of your employment. A copy of that Agreement is enclosed. In addition, as with all employees, our offer to you is contingent on your submission of satisfactory proof of your identity and your legal authorization to work in the United States.

 

We are excited about the opportunity to work with you at Quanterix. If you have any questions about this information, please do not hesitate to call. Otherwise, please confirm your acceptance of this offer of employment by signing below and returning a copy to me no later than April 6, 2017. We are confident that with your background and skills, you will have an immediate positive impact on our organization.

 

	
Sincerely,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Kevin Hrusovsky
    	
 
    
	
Chairman and Chief Executive Officer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Offer accepted:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Joseph Driscoll
    	
 
    	
4/8/17
    
	
Joseph Driscoll
    	
DateExhibit 10.5

 

 

Ernie Orticerio

 

Dear Ernie:

 

Quanterix Corporation (the Company) is pleased to offer you the position of Chief Financial Officer.  Your effective date of hire as a regular full-time employee will be on January 3, 2012.  We are excited about the prospect of having you join our team.

 

Your base salary for this position will be paid at the rate of $200,000 per year.  You will be paid in accordance with the Company’s normal payroll practices on a biweekly basis.  In addition, you will be eligible to participate in an annual cash incentive program, as approved by the Board of Directors, with a target bonus of 10% of your base salary up to 20% of your base salary, based on individual and the Company’s performance.  The actual amount of your bonus shall be determined by the Company and you must be employed on the date a bonus is paid to earn any part of that bonus.

 

In addition to your cash compensation, you will be eligible to purchase up to 300,000 shares of the Company’s common stock.  The shares of common stock underlying your options shall vest as follows: 25% of the shares will vest on the one year anniversary of the Commencement Date, with the remainder of the shares vesting in approximately equal monthly installments over the 36 months following the one year anniversary of the Commencement Date, provided that you are employed by the Company on any such vesting date.  Your Incentive Stock Option Agreement will further provide that in the event (i) there is a Sale Event (as defined herein) and (ii) you are terminated by the Company without Cause (as defined below) or you terminate your employment for Good Reason (as defined below), in either case within 12 months of such Sale Event, than all of your then unvested options shall fully vest.  The option will be subject to the terms and conditions of the Company’s Incentive Stock Option Agreement and Stock Option Plan.

 

For purposes hereof: “Sale Event” means the consummation of (i) the dissolution or liquidation of the Company, (ii) the sale of all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis to an unrelated person or entity, or (iii) a merger, reorganization or consolidation in which the outstanding shares of Stock are converted into or exchanged for securities of the successor entity and the holders of the Company’s outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the successor entity immediately upon completion of such transaction (taking into account only ownership interests resulting from pre-transaction interests in the Company).  “Cause” means any of the following: (i) dishonesty, embezzlement,

 

 

misappropriation of assets or property of the Company; (ii) gross negligence, misconduct, neglect of duties, theft, fraud, or breach of fiduciary duty to the Company; (iii) violation of federal or state securities laws; (iv) breach of an employment, consulting or other agreement with the Company; or (v) the conviction of a felony, or any crime involving moral turpitude, including a plea of guilty or nolo contendre.  Commencement Date” means the first day of your employment with the Company.  “Good Reason” means that you have complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following actions undertaken by the Company without your express prior written consent: (i) the material diminution in your responsibilities, authority and function; (ii) a material reduction in your base salary, provided, however, that Good Reason shall not be deemed to have occurred in the event of a reduction in your base salary that is pursuant to a salary reduction program affecting substantially all of the senior level employees of the Company and that does not adversely affect you to a greater extent than other similarly situated employees; or (iii) a material change in the geographic location at which you must regularly report to work and perform services, except for required travel on the Company’s business.  “Good Reason Process” means that (i) you have reasonably determined in good faith that a “Good Reason” condition has occurred; (ii) you have notified the Company in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) you have cooperated in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) you terminate your employment within 60 days after the end of the Cure Period.  If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

You will be eligible to participate in the Company’s benefits programs to the same extent as, and subject to the same terms, conditions and limitations applicable to, other employees of the Company of similar rank and tenure.  While subject to change in the Company’s discretion, these benefits currently include medical insurance, dental insurance, 401K plan, flexible spending account, term life insurance, short and long term disability insurance, vacation, holidays and sick/personal time.  Benefits are listed the Benefits Summary, a copy of which is enclosed.

 

It is understood that you are an at-will employee.  Similarly, the terms and conditions of your employment are subject to the change.  As an at will employee, either you or the company may terminate the employment relationship at any time and for any reason without prior notice and without additional compensation to you; provided, however, that in the event (i) there is a Sale Event and (ii) you are terminated by the Company without Cause or you terminate your employment for Good Reason, in either case within 12 months of the Sale Event, then provided you enter into, do not revoke and comply with a separation and release agreement in a form acceptable to the Company, the Company shall pay you post-employment severance pay in the form of salary continuation which shall commence on the Company’s first regular payroll period after 30 days from the date of termination.

 

Your normal place of work will be One Kendall Square, Building 1400 West, Suite B14201, Cambridge, Massachusetts 02139; however, it is understood that the Company is anticipating a change of your normal place of work in or around April 2012 from Cambridge to the Lexington/Bedford, MA area.

 

 

In making this offer, the Company understands, and in accepting it you represent, that you are not under any obligation to any former employer or any person, firm, or corporation which would prevent, limit, or impair in any way performance by you of your duties as an employee of the Company.

 

The Immigration Reform and Control Act requires employers to verify employment eligibility and identity of new employees.  Enclosed is a copy of the form I-9 that you will be required to complete.  Please bring the appropriate documents with you on your first day of work.  This offer is contingent on you providing documentation to show you are legally authorized to work in the United States.

 

This letter sets forth the complete and exclusive agreement between you and the Company with regard to your employment, and supersedes any prior representations or agreements about this matter, whether written or verbal.  This letter may not be modified or amended except by a written agreement signed by you and an authorized member of the Board of Directors.

 

Please indicate your acceptance of this offer by signing and dating the enclosed copy of this letter and returning it by December 5, 2011.

 

We are excited about the opportunity to work with you at Quanterix.  If you have any questions about this information, please do not hesitate to call.  We look forward to the addition of your professionalism, experience, and leadership to help Quanterix achieve its goals.

 

Sincerely,

 

 

	
/s/ Martin Madaus Dec. 1,   2011
    	
 
    

 

 

Martin Madaus

Chairman and CEO

 

 

Offer accepted:

 

 

	
/s/ Ernest Orticerio
    	
 
    
	
Employee Signature
    	
Date Dec. 5, 2011

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}]]