Exhibit 10.114
July
15, 2009
Mr.
Benjamin Palleiko
One
Meadowland Drive
Hopkinton, MA 01748
Dear
Ben:
I am
pleased to offer you the position of Senior Vice President and
Chief Financial Officer effective July 15, 2009. You will report to
the CEO. In this role you will be the senior financial officer of
the company, and will have responsibility for overseeing the
development of strategic plans, budgets and financing programs for
the company and its subsidiaries. You will be responsible for
accounting and control, SEC reporting, and will coordinate external
auditors. You will be a member of the senior management team at Ore
and will be expected to attend Board of Directors' meetings, in the
discretion of the CEO, as well as supporting the CEO in developing
and communicating growth strategies to internal and external
audiences. This is a critical role in the company as we transition
Ore from an old-model biotech company into a new-model asset
management and drug development enterprise.
In
accordance with our Ore Compensation Plan (the "Plan") a Senior
Vice President is an Ore job level M19. Your starting salary shall
be $215,000 per annum paid semi-monthly. Your salary will be
reviewed in December of each year and may be adjusted in accordance
with your performance and other conditions. Such adjustment (if
any) will be implemented in January of the following year. In
addition, all Ore employee salaries will be reviewed once the
company concludes a business transaction which generates a
significant positive cash inflow for the company. Such adjustment
shall be solely at the discretion of the Compensation Committee of
the Board of Directors, in consultation with the CEO, although we
currently anticipate that your salary following any such adjustment
will be not less than $295,000 per year.
Subject
to the Ore Pharmaceuticals 1997 Equity Incentive Plan (the
”Equity Plan”), you are to be granted thereunder in
connec
