Exhibit 10.27
July 15, 2005
Mr. Stephen D.
Reichenbach
5012 141st Avenue S.E.
Bellevue, WA 98006
Dear Steve:
On behalf of Applied Precision, I am
pleased to offer you a position as Chief Financial Officer,
reporting to me at an annualized base salary of $220,000.00; paid
bi-weekly at the rate of $8,461.54. In addition you will be
eligible for an annual bonus equal to 40% of your base salary which
will be dependent upon your ability to meet the metrics we define.
For the year 2005 your bonus will be prorated based on the number
of months worked.
We will recommend that you be
granted an option to purchase 120,000 units of the Common Units of
Applied Precision Holdings, LLC. These options will have a
five-year vesting schedule, as follows:
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20% on the
anniversary of your hire date in the 12th month of
employment
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The remaining
80% vests monthly in equal amounts over the subsequent 48
months
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We will submit this recommendation
to the APHLLC Board of Directors as soon as practical after you
become a full time employee of the Company. These options are
subject to approval by the Board of Directors and the terms and
conditions of the Company’s APHLLC Unit Option
Plan.
I would like to point out that, as
with other employees, your employment with the Company will be
“at will” and either you or Applied Precision may
terminate your employment at any time and for any
reason.
If your employment is terminated
other than for cause or total disability during the employment
term, upon receipt of a fully executed ‘Release of
Claims’ you will be provided with continuation of payments of
your base salary at the rate then in effect for twelve
(12) months; provided that during the final six
(6) months such payments will be reduced by any co
