Exhibit 10.12
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December 8, 2004
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[LOGO]
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425 Bush Street, 3 rd
Floor
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San Francisco, CA
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Myles McCormick
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94108
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1723 Milton Street
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415-288-3500
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Redwood City, CA 94061
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Fax: 415-288-3501
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Dear Myles,
On behalf of MD Beauty, I am pleased to extend
an offer of full-time employment to you as Chief Financial Officer,
reporting directly to me. This letter will highlight the financial
aspects and terms of this assignment. The offer is contingent upon
satisfactory reference from your current and past
employers.
In this position you will be responsible for all
of MD Beauty’s Finance functions and Legal matters. You will
direct our accounting, financial control, treasury, taxation,
financial planning and analysis functions, as well as, oversee all
legal matters for the Company. We will look to you to play a
critical role in establishing and building these functions and
determining areas of opportunity and growth. In addition, if we
take the Company public you will be responsible for Investor
Relations. Below are the key features of our offer:
SALARY
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Your annualized salary is
$250,000.00 and will be compensated at the rate of $9,615.39 on a
bi-weekly basis.
•
We are on a bi-weekly pay cycle with
26 pay periods in a year. Pay days are every other Friday, a week
after the pay period ends. You may elect the direct deposit of your
pay to your personal checking and/or savings accounts.
BONUS
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You will participate in our bonus
plan with an annual target bonus of 70% of your base salary
($175,000.00). Normally the actual bonus payment is based upon
Company performance and personal accomplishments. For the calendar
year 2005 we will guarantee a bonus of at least $80,000 (less the
customary taxes) assuming a start date of January 2005.
•
Bonuses are paid once a year (after
the close of the fiscal year). Specific objectives to obtain the
non-guaranteed portion of the bonus will be developed with you
after your start date. Eligibility is also dependent on active
employment at the time of payout.
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