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EXHIBIT
10.17
December 30, 2004
Mr. David Zeffren
211 S. Alta Vista Blvd.
Los Angeles, CA 90036
Dear David:
We are pleased to offer you a
full-time position with Arbios Systems, Inc. (“Arbios”)
as Vice President of Operations, which is an exempt position.
Specifics of our offer include:
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You will be compensated at an
annualized rate of $120,000 paid twice monthly, before withholding
of Federal and State income taxes, Social Security, and other
customary deductions.
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Your performance shall be reviewed
annually against mutually agreed upon goals. At that time,
appropriate upward compensation adjustments may be made in the form
of increased salary. Your first review shall be in January 2006
with any compensation adjustments to be effective in February
2006.
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All requests for time off (other
than holidays observed by all of Arbios’s employees) should
be approved in advance by Jacek Rozga, MD, PhD. You will report to
Jacek Rozga, MD, PhD. and will perform such tasks as are usually
and customarily performed by persons holding the title of Vice
President of Operations.
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You will be entitled to two weeks
vacation per year to be taken in accordance with Arbios Systems,
Inc. corporate policy. You will also be entitled to the same paid
holidays as are observed by all Arbios employees. In addition, you
will be allowed paid time-off for religious holidays as specified
in Appendix A (designated as “holy days”).
Additional religious holidays (designated as “regular”
days) will be assessed as unpaid time-off. This calendar will be
submitted before the end of each year or the upcoming year.
Requests for additional time-off in excess of the time allotted for
vacation leave will be assessed as an unpaid leave of
absence.
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You will be entitled to
participat
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