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Exhibit 10.6
Light Sciences Oncology, Inc.
(LIGHT SCIENCES ONCOLOGY(TM) LOGO)
34931 SE Douglas Street, Suite 200, Snoqualmie, Washington
98065
CONFIDENTIAL INFORMATION
September 21, 2005
Dear Jay,
I am very pleased to confirm our offer of employment with Light
Sciences
Oncology, Inc. ("LSO"), commencing upon the first business day
following the
closing of LSO's preferred stock financing. This letter sets forth
the terms of
your employment.
1. Position and Reporting Relationships. Your job title will be
C.O.O and you
will report to Llew Keltner. During your employment, you will
devote your full
working time and attention to the business of LSO to the exclusion
of all other
business activities and will not be employed (e.g., as an employee
or
independent contractor) by any other business, without the prior
approval of
LSO.
2. Compensation
(a)
You will receive an annual base salary of $325,000.00, subject
to
payroll withholding and deductions. The salary will be payable
twice per
month in accordance with LSO's standard payroll practices. Your
base salary
will
be reviewed annually by the appropriate management of LSO.
(b)
LSO's management intends to recommend to the Board of Directors
that it
approve a performance bonus plan and a stock option plan. The
details of
the
adopted plans as well as the eligibility and specifics of any
awards to
you
will be communicated to you after action by the Board of
Directors.
3. Benefits. You will be eligible to participate in LSO employee
benefit
programs made available to all employees, subject to and in
accordance with the
eligibility and other terms and conditions of the applicable
programs. These
programs are currently expected to include health care coverage
(medical/dental/vision/prescription), short term and long term
disability, group
life and accidental death benefit, travel insurance, flexible
spending accounts
for health and dependent care expenses, Employee Assistance Program
(EAP) and a
401(k) retirement savings plan. All benefits generally are
effective upon your
date of hire with the exception of health coverage, which will be
effective on
the first of the month following your date of hire and the flexible
spending
account which requires enrollment. Your Light Sciences Corporation
("LSC")
health coverage will continue until
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