Document:

exv10w2

 

Exhibit 10.2

March 31, 2006

Mohan Sancheti

609 Palomar Drive

Redwood City, CA 94062

Dear Mohan:

On behalf of VNUS Medical Technologies, Inc. (“VNUS” or the “company”), I am pleased to offer you
the position of Vice President of Manufacturing, reporting to the President and CEO. In making this
offer we are expressing our enthusiastic support of your abilities to help VNUS become a great
success. You bring a skill set to this company that is essential to achieving our goals, both
short and long term. The purpose of this letter is to offer you a position and detail the terms of
your employment.

	 	 	 
	Job Title:

	 	Vice President of Manufacturing
	 
	 	 
	Starting Date:

	 	Monday, April 24, 2006, or an earlier mutually agreed date.
	 
	 	 
	Salary:

	 	$170,000, payable in accordance with the company’s standard
payroll policies (currently bi-monthly). Your initial
performance review will be performed with an effective date
of January 1, 2007. You are also eligible to participate
in the company’s officer 2006 bonus plan for a maximum
bonus of approximately 30 percent of annual salary,
pro-rated to your date of hire.
	 
	 	 
	Stock:

	 	You will be granted stock options for 50,000 VNUS common
shares on your first day of employment. These options will
be exercisable at the fair market value of the shares on
the date of your first day of employment, and will vest 25
percent (12,500 shares) at the end of your first year of
employment and 1/36th (1041 shares) of the remaining
balance for each month thereafter for an additional 36
months, for a total vesting period of 4 years. These
options may be exercised up to 10 years from the date of
grant so long as you are an employee of the company.
	 
	 	 
	 	 	
You will also be granted 15,000 restricted stock units at
$.00/unit on your first day of employment. These shares
will vest 25 percent per year with a total vesting period
of 4 years.
	 
	 	 
	Benefits:

	 	The company will provide to you, medical, dental and vision
coverage beginning the first of the month after your start
date. For an additional monthly charge, coverage for your
spouse and children may also be added. You are eligible to
participate in the
company’s 401(k) plan beginning the first of the month after your start
date.

 

 

	 	 	 
	 

	 	Life insurance coverage equal to twice your annual salary is provided to
you as part of the employee benefits program. Long-term disability
insurance is also provided after one month of employment. To help employees
pay for healthcare and dependent care expenses, the company has adopted a
flexible spending/reimbursement accounts program. This allows you to pay
for out-of-pocket medical, dental, and vision costs, as well as dependent
care expenses, with pre-tax wages
	 
	 	 
	Paid Time Off:

	 	You are eligible to accrue 18 days of Paid Time Off during your first year of
employment. Two days of PTO accrual are added for each year of service up to a maximum of 28
days per year. You may accumulate up to 40 days of banked PTO-time. In addition, in 2006, the
company will be closed for 13 holidays including the days from December 25 to December 29.

This offer is contingent upon your executing VNUS’ Proprietary Information and Inventions
Agreement for new employees, signing the Arbitration Agreement, and providing the company with
the legally required proof of your identity and authorization to work in the United States within
72 hours of your first day of employment. VNUS is an at-will employer. Employment-at-will may be
terminated with or without cause, and with or without notice at any time, by the employee or the
company.

This offer will remain in effect through April 5, 2006. If you do accept, and I sincerely hope you
will, please fax an endorsed letter to HR’s confidential fax at 408-365-8489, and return an
original signed copy by mail shortly thereafter.

Mohan, we believe you will be an outstanding addition to the company. We have an exciting
opportunity ahead of us to which you can make a significant contribution. We look forward to
working with you in a productive and mutually beneficial relationship.

	 	 	 
	Sincerely,

	 	Foregoing terms and conditions hereby accepted:

/s/ Brian E. Farley

	 
	Brian E. Farley	 	 	 	 
	President and
	 	/s/ Mohan Sancheti
	 	April 4, 2006
	 
	 	 
	 	 
	Chief Executive Officer
	 	Mohan Sancheti
	 	Dateexv10w3

 

Exhibit 10.3

First Amendment to Lease Agreement

This First Amendment to Lease Agreement (the “Amendment”) is made and entered into to be effective
as of March 3, 2006, by and between Legacy Partners I SJ Fontanoso, LLC, a Delaware limited
liability company (“Landlord”), and VNUS Medical Technologies, Inc., a Delaware corporation
(“Tenant”), with reference to the following facts:

Recitals

A.      Landlord and Tenant have entered into that certain Lease Agreement dated November 15, 2005 (the
“Lease”), for the leasing of certain premises containing approximately 93,650 rentable square feet
of space located at 5799 Fontanoso Way, San Jose, California 95138 (the “Premises”), as such
Premises are more fully described in the Lease.

B.      Landlord and Tenant wish to amend the Commencement Date of the Lease.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, Landlord and Tenant hereby agree as
follows:

          1.      Recitals: Landlord and Tenant agree that the above recitals are true and correct.

          2.      Commencement Date: The Commencement Date of the Lease shall be 3/6/06.

          3.      Expiration Date: The last day of the Term of the Lease (the “Expiration Date”) shall be
3/5/14.

          4.      Base Rent: The dates on which the Base Rent will be adjusted are:

	 	 	 for the period 3/6/06 to 6/5/07 the monthly Base Rent shall be $0.00;
	 
	 	 	 for the period 6/6/07 to 3/5/08 the monthly Base Rent shall be $60,872.50;
	 
	 	 	 for the period 3/6/08 to 3/5/09 the monthly Base Rent shall be $77,261.25;
	 
	 	 	 for the period 3/6/09 to 3/5/10 the monthly Base Rent shall be $91,777.00;
	 
	 	 	 for the period 3/6/10 to 3/5/11 the monthly Base Rent shall be $94,530.31;
	 
	 	 	 for the period 3/6/11 to 3/5/12 the monthly Base Rent shall be $97,366.22;
	 
	 	 	 for the period 3/6/12 to 3/5/13 the monthly Base Rent shall be $100,287.21; and
	 
	 	 	 for the period 3/6/13 to 3/5/14 the monthly Base Rent shall be $103,295.82.

          5.      Effect of Amendment: Except as modified herein, the terms and conditions of the Lease
shall remain unmodified and continue in full force and effect. In the event of any conflict
between the terms and conditions of the Lease and this Amendment, the terms and conditions of this
Amendment shall prevail.

          6.      Definitions: Unless otherwise defined in this Amendment, all terms not defined in this
Amendment shall have the meaning set forth in the Lease.

          7.      Authority: Subject to the provisions of the Lease, this Amendment shall be binding upon
and inure to the benefit of the parties hereto, their respective heirs, legal representatives,
successors and assigns. Each party hereto and the persons signing below warrant that the person
signing below on such party’s behalf is authorized to do so and to bind such party to the terms of
this Amendment.

          8.      Incorporation: The terms and provisions of the Lease are hereby incorporated in this
Amendment.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first above
written.

 

 

Tenant:

VNUS Medical Technologies, Inc.,

a Delaware corporation

By: /s/ Timothy A. Marcotte

Its: VP + CFO

Date: 4-4-06

	 	 	 	 	 
	By:	/s/ Charlene A. Friedman	 	/s/ Brian E. Farley
	Its:	 	 	 	 
	Date:	 	4/12/06	 	4-18-06

Landlord:

Legacy Partners I SJ Fontanoso, LLC,

a Delaware limited liability company,

Owner

	 	 	 
	By:

	 	LEGACY PARTNERS COMMERCIAL, L.P.,
	 

	 	a California limited partnership,
	 

	 	as Property Manager and Agent for Owner
	 
	 	 
	By:

	 	LEGACY PARTNERS COMMERCIAL, INC.,
	 

	 	General Partner

	 	 	 	 	 
	 

	 	By:	 	/s/ Debra Smith
	 

	 	 	 	Debra Smith
	 

	 	Its:
	 	Executive Vice President

	 	 	 	 	 
	Date:
	 	4/28/06
	 	 
	 	 	 	 	 
	 	 	 	 	 

If Tenant is a CORPORATION, the authorized officers must sign on behalf of the corporation and
indicate the capacity in which they are signing. The Lease must be executed by the president or
vice-president and the secretary or assistant secretary, unless the bylaws or a resolution of the
board of directors shall otherwise provide, in which event, the bylaws or a certified copy of the
resolution, as the case may be, must be attached to this Lease.exv10w6

 

Exhibit 10.6

FN 8958.1561

SN:03

A/P Ref: 75092.03

AMENDMENT #2 TO DISTRIBUTOR AGREEMENT

This AMENDMENT is made and entered into this 9th day of March, 2006, by and between Medtronic,
Inc. (“Medtronic”) and VNUS Medical Technologies, Inc. (“VNUS”).

WHEREAS, Medtronic and VNUS are parties to a Distributor Agreement, dated January 20, 2006 (the
“Distributor Agreement”) as amended by Amendment #1 on January 20, 2006;

WHEREAS, Medtronic and VNUS wish to amend certain sections of the Distributor Agreement to properly
add certain omitted products to the list of products supplied by Medtronic to VNUS under the
Distributor Agreement.

THEREFORE, the parties agree as follows:

1. SCHEDULE 1.2, U-CLIPÔ PRODUCTS shall be amended by adding the following Products:

 

U-CLIPÔ Anastomotic Devices

 

All U-CLIPÔ 2-pack configurations are shipped as 24 packs per carton, all
8-pack configurations are shipped as 18 packs per carton.

	 	 	 	 	 
	 
	 
	 	 	 	 
	Product Order	 	 	 	U-CLIPÔ Count
	Number	 	Product Description	 	(clips per carton)
	****
	 	****	 	****
	 
	 	 	 	 
	****
	 	****	 	****
	 
	 	 	 	 
	****
	 	****	 	****
	 
	 	 	 	 
	****
	 	****	 	****
	 

	2.	 	SCHEDULE 6.1, U-CLIPÔ PRODUCTS AND PRICING shall be amended by adding the following
Products and Pricing:

 

U-CLIPÔ Anastomotic Devices

 

All U-CLIPÔ 2-pack configurations are shipped as 24 packs per carton, all 8-pack configurations are shipped as 18
packs per carton.

	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 
	Product Order	 	 	 	U-CLIPÔ	 	Carton List	 	Distributor	 	Transfer
	Number	 	Product Description	 	Count	 	Price	 	Discount	 	Price
	****
	 	****	 	****	 	****	 	****	 	****
	 
	 	 	 	 	 	 	 	 	 	 
	****
	 	****	 	****	 	****	 	****	 	****
	 
	 	 	 	 	 	 	 	 	 	 
	****
	 	****	 	****	 	****	 	****	 	****
	 
	 	 	 	 	 	 	 	 	 	 
	****
	 	****	 	****	 	****	 	****	 	****
	 

			
	****	 	Certain confidential information contained in this document, marked with 4 asterisks, has been omitted and filed
separately with the Securities and Exchange Commission pursuant to Rule 24b- 2 of the Securities Exchange Act of 1934, as
amended.

 

 

FN 8958.1561

SN:03

A/P Ref: 75092.03

Except to the extent provided above, the remaining terms and conditions of the Agreement shall
remain in full force and effect.

IN WITNESS WHEREOF, the parties have caused this Addendum to be executed on the date first written
above.

	 	 	 
	MEDTRONIC, INC.

	 	VNUS MEDICAL TECHNOLOGIES, INC.
	 
	 	 
	/s/ Clifton W. Owens

	 	/s/ R. McRae
	 

	 	 
	Signature

	 	Signature
	 
	 	 
	Clifton W Owens

	 	B. McRae
	 

	 	 
	Name

	 	Name
	 
	 	 
	Vice President/General Manager

	 	VP, Bus. Development
	 

	 	 
	Title

	 	Title
	 
	 	 
	March 15, 2006

	 	4/27/06
	 

	 	 
	Date

	 	Date

			
	****	 	Certain confidential information contained in this document, marked with 4 asterisks, has been omitted and filed
separately with the Securities and Exchange Commission pursuant to Rule 24b- 2 of the Securities Exchange Act of 1934, as
amended.

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