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Mohan Sancheti
609 Palomar Drive
Redwood City, CA 94062
On behalf of VNUS Medical Technologies, Inc. (“VNUS” or
the “company”), I am pleased to offer you the position
of Vice President of Manufacturing, reporting to the President and
CEO. In making this offer we are expressing our enthusiastic
support of your abilities to help VNUS become a great success. You
bring a skill set to this company that is essential to achieving
our goals, both short and long term. The purpose of this letter is
to offer you a position and detail the terms of your
employment.
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Vice President
of Manufacturing
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Monday,
April 24, 2006, or an earlier mutually agreed date.
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$170,000,
payable in accordance with the company’s standard payroll
policies (currently bi-monthly). Your initial performance review
will be performed with an effective date of January 1, 2007.
You are also eligible to participate in the company’s officer
2006 bonus plan for a maximum bonus of approximately
30 percent of annual salary, pro-rated to your date of
hire.
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You will be
granted stock options for 50,000 VNUS common shares on your first
day of employment. These options will be exercisable at the fair
market value of the shares on the date of your first day of
employment, and will vest 25 percent (12,500 shares) at the end of
your first year of employment and 1/36th (1041 shares) of the
remaining balance for each month thereafter for an additional 36
months, for a total vesting period of 4 years. These options
may be exercised up to 10 years from the date of grant so long
as you are an employee of the company.
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You will also
be granted 15,
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