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Exhibit 10.15
July 6, 2000
Mr. Jerry L.
DaBell
3850 Cheshire Court
Pleasanton, CA 94588
Dear Jerry:
It is my pleasure to offer you the
position of Vice President of Business Development for Sonic
Innovations, Inc. (Sonic). This position reports directly to Greg
Koskowich, Vice President of Research and Development. The terms of
this offer include the following:
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1.
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Base salary
will be $160,000 per year, paid twice monthly. In addition, you
will be eligible to participate in the Executive Bonus
Plan.
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2.
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Benefits
include medical insurance for you and your dependants for which the
premium is fully paid by Sonic. Your benefits will include
long-term disability insurance for which the premium is also paid
100% by Sonic. You will also be eligible for dental insurance, our
401K plan and flexible spending (cafeteria) plan. Other benefits
include vacation, holidays and personal leave.
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3.
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At the first
Board of Directors meeting after you begin employment, I will ask
the Board to grant to you an option to purchase 75,000 shares of
common stock at the fair market price on the date of grant. The
grant will be subject to the standard terms and conditions of Sonic
Stock Option Agreement. Your shares will vest over four years, the
first 25% on the date of your first anniversary of employment at
Sonic; the remainder in equal installments over the subsequent 36
month period.
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4.
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In the event of
a change in control (defined as the acquisition by another company
of greater than 50% ownership of Sonic’s equity or assets,
o
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