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EXHIBIT 10.30
(TRUBION PHARMACEUTICALS(TM) LOGO)
January 20, 2006
Michelle Burris
20235 SE 19th Street
Sammamish, Washington
Dear Michelle,
I am
pleased to offer you a position with Trubion Pharmaceuticals,
Inc.
(the "Company"), as the Senior VP, Chief Financial Officer,
reporting to me,
commencing on January 31, 2006. If you decide to join us, you will
receive an
annual salary of $300,000, which will be paid semi-monthly in
accordance with
the Company's normal payroll procedures. As an employee, you will
also be
eligible to receive certain employee benefits including health
& dental
insurance, and participation in the Company's 401(k) plan. You
should note that
the Company might modify job titles, salaries and benefits from
time to time, as
it deems necessary.
In
addition, if you decide to join the Company, it will be recommended
at
the first meeting of the Company's Board of Directors following
your start date
that the Company grant you an option to purchase 500,000 shares of
the Company's
Common Stock at a price per share equal to the fair market value
per share of
the Common Stock on the date of grant, as determined by the
Company's Board of
Directors. The shares subject to this grant will be subject to
normal Company
vesting requirements, with 25% of the shares subject to this grant
vesting on
the one-year anniversary of your start date, and the remainder
vesting
thereafter in equal monthly installments, such that the shares
subject to this
grant will be fully vested on the four-year anniversary of your
start date. This
option grant shall be subject to the terms and conditions of the
Company's Stock
Option Plan and Stock Option Agreement. No right to any stock is
earned or
accrued until such time that vesting occurs, nor does the grant
confer any right
to continued vesting or employment.
During each year of the employment term you may be entitled to a
bonus of
up to $100,000 in cash or options on equity based on milestones to
be set and
reviewed at the sole discretion of the CEO. The CEO and the
Compensation
Committee of the Board of Directors will approve any payment of a
bonus.
2401 4th Ave. Suite 1050 Seattle WA 98121
Main Phone 206.838.0500
Fax Number 206.838.0503
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The
Company is excited about your joining and looks forward to a
beneficial
and productive relationship. Nevertheless, you should be aware that
your
employment with the Company is for no specified period and
constitutes at-will
employment. As a result, you are free to resign at any time, for
any reason or
for no reason. Similarly, the Company is free to conclude its
employment
relationship with you at any time, with or without cause, and with
or without
notice. We request that, in the event of resignation, you give the
Company at
least two weeks notice.
The
Company reserves the right to conduct background investigations
and/or
reference checks on all of its potential employees. Your job offer,
therefore,
is contingent upon a clearance of such a
