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ADOLOR CORP | Thomas Hess,. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.1
September 13, 2005
Mr. Thomas Hess, CPA
Dear Mr. Hess:
On behalf of Adolor Corporation (the “Company”), we would like to offer you the position of Vice President, Finance and Chief Financial Officer reporting directly to Michael Dougherty, Senior Vice President and Chief Operating Officer. This offer is contingent upon our receipt of employment and education references that meet our standards of acceptability as well as:
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a) |
The completion of a satisfactory criminal and credit background check (in compliance with the Fair Credit Reporting Act) |
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b) |
The completion of a successful pre-employment drug screening. The drug test must be completed within 5 days of the employment letter date. Please visit www.questdiagnostics.com for directions and contact information for the local Quest Diagnostics Patient Service Centers in your area. Please call to schedule an appointment for your drug screen and bring the enclosed Custody and Control Form with you to your appointment. |
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c) |
Successful verification of your signed certification that you are not an Ineligible Person as defined in the Adolor Corporation Certification List of Parties Excluded From Federal Programs. |
In this position, you will receive a base salary of $16,250 per month, the equivalent of $195,000 on an annual basis, subject to the normal payroll withholding taxes in accordance with the Company’s customary practices. Adolor’s current pay practice is to make direct payroll deposits on alternate Fridays.
Benefits
As a full time employee, you will be eligible to participate in the Company’s employee benefit programs. Currently these benefits include:
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Medical, prescription, and vision benefits through Blue Cross/Blue Shield’s Personal Choice plan or Keystone plan, and dental insurance coverage through MetLife. As is the current practice in our industry, we ask that employees contribute a portion of the medical and dental insurance premiums. Your medical and dental insurance will be effective on the first day of the month following your start date. |
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Short Term Disability and Long Term Disability insurance, at no cost to you. These benefits are effective the first day of your employment. |
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A company paid term life insurance plan equivalent to twice your annual salary up to a maximum of $400,000, at no cost to you. This benefit is effective the first day of your employment. |
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A 401(k) Retirement Savings
Plan is available through The Principal Life Insurance Company to
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