Document:

Exhibit 10.50

 

January 30, 2006

 

Louis St. Laurence O’DEA, MB, BCh, BAO. FRCP(C)

566 Main Street

Hingham, Massachusetts 02043

 

Dear Louis:

 

Radius is pleased to offer you the position of Senior Vice President-Chief Medical Officer. The terms are set forth below.

 

·                  Duties and Responsibilities - You will report to the President and Chief Executive Officer and will be responsible for organizing and leading all aspects of clinical research, which will concentrate on the rapid and efficient clinical development of therapeutic candidates.

 

·                  Salary - Your initial base salary will be $279,000. Your salary will be payable in installments established by Company policy, and the Company will make appropriate deductions from your salary for federal, state and local payroll withholding taxes. Your initial salary will be subject to review and adjustment on an annual basis in accordance with the procedures established from time to time by the Company’s Board of Directors.

 

·                  Performance Bonus - You will be eligible to receive an annual cash bonus equal to 33% of your annual base salary based on meeting performance goals. Performance goals will be established yearly.

 

·                  Year I performance goals will be:

 

1.                                      Completion of PhIB for BA058

2.                                      Completion of Design of PhII for BA058

3.                                      Review and recommendations on new in-licensing opportunities

4.                                      Active participation in the strategy development and the management of Radius

 

·                  Stock Options - Upon commencement of employment, you will be issued 570,000 stock options which are equal to approximately 1.75% of the company shares. These would vest by time and on the completion of the specific milestones goals, as follows.

 

·                  Vesting of the initial stock options

 

·                                          50% of the initial options will vest over time as follows, 25% on the completion of year 1, and the remaining 25% in 12 quarterly installments over the next 3 years.

 

·                                          50% of the initial stock options will vest upon completion of the following milestones or alternate milestones agreed upon by the CEO and Dr.

 

 

O’Dea, should the current milestones become no longer relevant resulting from a Company decision.

 

·     5% on completion of Phi for BA058

·     20% on completion of PhII for BA058

·                  25% on partnering or starting PH III for BA058

 

·                  Upon completion of the next financing additional options will be granted, the amount will be guided by several factors including: the current level of options, performance, and the financial status of the Company. All stock options grants are subject to the approval of the Board of Directors.

 

·                  Employee Benefits - You will be entitled to the full range of the Company’s standard employee benefits in accordance with established eligibility requirements. As outlined in the appended Benefits summary.

 

·                  Vacation - You will be entitled to 20 days of vacation plus additional Company Holidays as defined in the Summary of Benefits which will accrue over the first year and can be taken in advance with the approval of the CEO.

 

·                  Proprietary Information and Inventions. You realize that, as an employee of the Company, you may create, or have access to, confidential information, trade secrets, substances and inventions, etc. As a condition of commencing employment, you will be required to sign and deliver the Company’s standard form of Proprietary Information and Inventions Agreement.

 

·                  At-Will Employment - If you choose to accept this offer, please understand that your employment is “at-will,” voluntarily entered into and is for no specific period. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, Radius is free to conclude its “at-will” employment relationship with you at any time, with or without cause. Should Radius terminate the employee without cause within the first 24 months of employment Radius will pay equal to 6 months of the current base salary.

 

Louis, all of the Employees of Radius are extremely enthusiastic about your decision and look forward to working with you to build a successful organization.

 

If you choose to accept this offer under the terms described above, please sign both copies and return one to me no later than 5:00 P.M., February 3, 2006, after which time this offer will expire. Your anticipated start date will be on or about March 6, 2006.

 

	
 
    	
Sincerely,
    
	
 
    	
 
    
	
 
    	
Radius
    
	
 
    	
 
    
	
 
    	
    /s/   C. Richard Lyttle
    
	
 
    	
C.   Richard Lyttle
    
	
 
    	
President &   CEO
    

 

2

 

	
Accepted   by:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
           /s/   Louis St. Laurence O’Dea
    	
 
    
	
Louis   St. Laurence O’DEA, MB BCh BAO. FRCP(C)
    	
 
    
	
 
    	
 
    
	
Date:
    	
           February 3,   2006
    	
 
    
			

 

3

 

	
Benefit
    	
 
    	
Coverage
    	
 
    	
Eligibility
    	
 
    	
Cost/Additional Information
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Medical   Insurance  

 

Blue Cross Blue Shield   of MA 

BlueCare Elect Enhanced   Value 

PPO
    	
 
    	
·                   Preferred Provider Organization covers   both in-network and out of network services 

·                   Primary care physicians (PCP) referrals not required   

·                   $20 co-pay in-network office visits year 

·                   $75 co-pay for emergency room visits 

·                   $250 co-pay for ambulatory day surgery 

·                   $500 co-pay for in-patient care (per admission) 

·                   Out of network, deductible applies, 80% coverage 

·                   Deductible for individual $500, family $1,000   Prescription coverage included: 

· $15   co-pay for generic drugs 

· $30   co-pay for preferred brand-name 

· $50 for non-preferred 

· 90   day mail order option available at: 

$15   co-pay for generic drugs 

$30 co-pay for preferred   brand-name 

$50   co-pay for non-preferred
    	
 
    	
Date of Hire or 

during open 

enrollment each   year
    	
 
    	
Individual:    $ 42.05/pay period 

Family:         $ 110.29/pay period
    
	
Dental Insurance Delta 

Dental Premier
    	
 
    	
·                   Preventative Treatment:  100 % coverage 

·                   Basic Treatment:             80   % coverage 

·                   Major Treatment:            50   % coverage 

 

Deductible applies for   Basic $25 individual and $75 family and Major Treatment $50 individual and   $150 family 

 

Maximum yearly benefit   of $1,000

 
    	
 
    	
Date of Hire or 

during open 

enrollment each   year

 
    	
 
    	
Individual:     $ 4.16/pay period 

Family:          $ 11.20/pay period
    
	
Flexible Spending Accounts  

 

Health Insurance Premium   
    	
 
    	
·                   Health insurance premiums are deducted pre-tax from   employee’s paycheck 

 

·                   Employee can set aside up to $2,000 per calendar year   of pre-tax dollars to pay for expenses which 
    	
 
    	
Date of Hire 

 

Within 31 days of   employment or 

 
    	
 
    	
N/A 

 

Pre-tax dollars   deducted 

from payroll
    

 

1

 

	
Benefit
    	
 
    	
Coverage
    	
 
    	
Eligibility
    	
 
    	
Cost/Additional Information
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Health Care 

 

Dependent Care
    	
 
    	
may not be covered under   your health plan (ie: deductibles and coinsurance, amounts in excess of plan   maximums or usual & customary, hearing aids, etc.) 

 

·                   Employee can set aside up to $5,000 per   calendar year of pre-tax dollars to pay for daycare for children under 13
    	
 
    	
during open 

enrollment each   year 

 

Within 31 days of   employment or 

during open 

enrollment
    	
 
    	
 

Pre-tax dollars   deducted

from payroll
    

 

	
Benefit
    	
 
    	
Coverage
    	
 
    	
Eligibility
    	
 
    	
Cost/Additional Information
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Basic Life Insurance  

Assurant 

 

Accidental Death & 

Dismemberment (AD&D)  

Assurant
    	
 
    	
·                   Coverage = 1 x annual salary
    	
 
    	
Date of Hire
    	
 
    	
Company Provided
    
	
Short Term Disability  

Self-funded
    	
 
    	
·                   STD compensation coverage begins after an employee   has been disabled for more than 5 consecutive days. 

·                   Coverage levels: 

100% of base salary for   first 4 weeks 

70% of base salary for   next 8 weeks 

·                   Vacation/sick accruals stop while receiving   disability benefits 

 

·                   Coverage at 60% of salary

 
    	
 
    	
Date of Hire. 

Documentation   from 

attending   physician is 

required noting 

disability and 

expected return   to 

work date
    	
 
    	
Company Provided
    
	
Long Term Disability  

Assurant
    	
 
    	
·                   Monthly maximum = $6,000
    	
 
    	
 
    	
 
    	
Company Provided
    

 

2

 

	
Benefit
    	
 
    	
Coverage
    	
 
    	
Eligibility
    	
 
    	
Cost/Additional Information
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Retirement   Savings Plan, 

401(k)  

John Hancock Insurance
    	
 
    	
·                   Changes to plan can be made in March, June,   September and December
    	
 
    	
1st day of month after 

hire date

 
    	
 
    	
 
    
	
Tuition Reimbursement
    	
 
    	
·                   Reimbursed for college level courses that are career   related 

·                   4 courses per year approved up to reimbursement   limits 

·                   Reimbursed 100% for grade “A” or “B” and 75% for a   grade of “C” for tuition 

·                   $2,000/year reimbursable
    	
 
    	
Date of Hire
    	
 
    	
See Tuition   Assistance Limits
    

 

	
Benefit
    	
 
    	
Coverage
    	
 
    	
Eligibility
    	
 
    	
Cost/Additional Information
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Paid Time  

Vacation 

 

 

Holidays
    	
 
    	
·                   Four weeks of vacation/year — accrued at   1.25/days/month. Five days may be carried over to next year. 

 

·                   10 company holidays per year
    	
 
    	
Date of Hire 

 

 

 

Date of Hire
    	
 
    	
Company Provided 

 

 

 

Company Provided

 
    
	
Other Benefits  

 

Direct Deposit
    	
 
    	
 

·                   Employee’s may have payroll check directly deposited   into checking and/or savings accounts

 
    	
 
    	
 

Date of Hire
    	
 
    	
 

Available to   Employees
    
	
Immigration Process
    	
 
    	
·                   Company may cover partial or all expenses related to   INS process contingent upon employee acceptance of three (3) year   employment commitment.
    	
 
    	
Date of Hire
    	
 
    	
Available to   Employees
    

 

3

 

	
Benefit
    	
 
    	
Coverage
    	
 
    	
Eligibility
    	
 
    	
Cost/Additional Information
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Parking/Public 

Transportation
    	
 
    	
·                   Radius pays for employee parking in garage assigned   to 300 Technology Square; or 

·                   Radius reimburses the cost of monthly “T” passes to   those employees using public transportation
    	
 
    	
Date of Hire
    	
 
    	
Available to   Employees
    

 

	
Benefit
    	
 
    	
Coverage
    	
 
    	
Eligibility
    	
 
    	
Cost/Additional Information
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Other Employee Programs  

Employee Referral   Program
    	
 
    	
·                   Employees receive a cash reward for referrals that   result in the hiring of a Radius employee (paid upon completion of 90 days   employment)

 
    	
 
    	
Date of Hire
    	
 
    	
Available to   Employees
    
	
Employee Stock Options
    	
 
    	
·                   Awarded to all newly hired employees 

·                   Options vest over four (4) years of continuous   employment
    	
 
    	
Date of Hire
    	
 
    	
Available to   Employees
    

 

4Exhibit 10.51

 

November 15, 2006

 

B. Nicholas Harvey

4 Clifford Street

Wellesley

MA 02482

 

Dear Nick:

 

Radius is pleased to offer you the position of Senior Vice President-Chief Financial Officer. The terms are set forth below.

 

·                  Duties and Responsibilities - You will report to the President and Chief Executive Officer and will be responsible for organizing and leading all aspects of finances and business operations, which will concentrate on the rapid and efficient enabling of the development of therapeutic candidates and strategic planning.

 

·                  Salary - Your initial base salary will be $250,000. Your salary will be payable in installments established by Company policy, and the Company will make appropriate deductions from your salary for federal, state and local payroll withholding taxes. Your initial salary will be subject to review and adjustment on an annual basis in accordance with the procedures established from time to time by the Company’s Board of Directors.

 

·                  Performance Bonus - You will be eligible to receive an annual cash bonus equal to up to 30% of your annual base salary based on meeting performance goals. Performance goals will be established yearly. The regular yearly bonus will be pro rated for the month of December 2006. In addition there will be an early achievement bonus of $10,000 to be based on the completion of short terms goals such as the closing of Series C financing. The yearly performance goals will be established by mutual agreement between Nick Harvey and the CEO, this will occur by January 15, 2007.

 

·                  Stock Options - Upon the closing of the Series C financing and subject to the approval of the Board of Directors, you will be issued a number of stock options, which are equal to approximately 1.25% of the company’s fully-diluted shares outstanding assuming issuance of the total stock option pool as calculated at the close of a Series C financing. These would vest by time and on the completion of the specific milestones goals, as follows.

 

·                  Vesting of the stock options

 

·                  50% of the stock options will vest over time as follows, 25% on the completion of year 1, and the remaining 25% in 12 quarterly installments over the next 3 years.

 

·                  50% of the stock options will vest upon completion of the milestones or alternate milestones agreed upon by the CEO and Nick Harvey should the current milestones become no longer relevant resulting from a Company decision.

 

 

In the event that the Company is acquired, fifty percent (50%) of all your previously granted stock options that have not vested will vest upon the closing of that acquisition.

 

If the Company terminates your employment without cause or you resign for Good Reason (as defined below), vesting of your previously granted stock options shall accelerate by six (6) months.

 

·                  Employee Benefits - You will be entitled to the full range of the Company’s standard employee benefits in accordance with established eligibility requirements. As outlined in the appended Benefits summary.

 

·                  Vacation - You will be entitled to 20 days of vacation plus additional Company Holidays as defined in the Summary of Benefits which will accrue over the first year and can be taken in advance with the approval of the CEO

 

·                  Proprietary Information and Inventions. You realize that, as an employee of the Company, you may create, or have access to, confidential information, trade secrets, substances and inventions, etc. As a condition of commencing employment, you will be required to sign and deliver the Company’s standard form of Proprietary Information and Inventions Agreement.

 

·                  At-Will Employment - If you choose to accept this offer, please understand that your employment is “at-will,” voluntarily entered into and is for no specific period. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, Radius is free to conclude its “at-will” employment relationship with you at any time, with or without cause. For these purposes, “cause” is defined as: (1) a willful act by you that constitutes misconduct or fraud that is injurious to the Company; (2) conviction of a felony; (3) an uncured material breach of this employment agreement or any other agreement between you and the Company; (4) insubordination; (5) failure or unwillingness to comply with the Company’s policies in effect from time to time that are applicable to all of the Company’s employees; or (6) any breach of your fiduciary duties to the Company.

 

Should Radius terminate the employee without cause or you resign for Good Reason (as defined below), Radius will make a severance payment to you for a length of time (the “Severance Period”) equal to 6 months of your then current base salary, and your health benefits shall be continued for the Severance Period at no cost to you. “Good Reason” shall mean any action by the Company without your prior consent which results in (i) your removal as the Chief Financial Officer of the Company; (ii) a reduction to your base salary; or (iii) requiring you to relocate to another office or facility outside the greater Boston area or more than 50 miles from the current office location in Cambridge.

 

·                  Indemnification - The Company shall indemnify you against all liabilities, claims, damages, costs and expenses arising from your serving as an officer of the Company to the maximum extent permitted under the Delaware General Corporation Law.

 

·                  Permitted Outside Activities - While you are employed by the Company you shall be permitted to serve on the Boards of Shiprock Capital and Passport Systems, provided that

 

 

there are no conflicts of interest and the time devoted to such Board appointments and incidental activities is reasonable and does not interfere in the performance of your duties and responsibilities to the Company.

 

Nick, all of the Employees of Radius are extremely enthusiastic about our decision and look forward to working with you to build a successful organization.

 

If you choose to accept this offer under the terms described above, please sign both copies and return one to me no later than 5:00 PM November 21 2006, after which time this offer will expire. Your anticipated start date will be on or about December 1, 2006.

 

	
 
    	
 
    	
Sincerely,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Radius
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/   C. Richard Lyttle
    
	
 
    	
 
    	
C.   Richard Lyttle
    
	
 
    	
 
    	
President   & CEO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Accepted   by:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   B. Nicholas Harvey
    	
 
    	
 
    
	
B.   Nicholas Harvey

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