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Exhibit 10.8
August 8, 2005
Vincent E. Estrada
1009 Chestnut Avenue
Wilmette, IL 60091
Dear Vince:
On behalf of VISICU, Inc., I
am pleased to present this revised offer for you to take the position of
VISICU’S Chief Financial Officer reporting to Frank Sample,
Chairman & CEO.
Your base salary will be
$8,500.00 semi-monthly ($204,000.00 if annualized) less payroll deductions and
all required withholdings. This is a Senior Vice President level position and
is eligible for an annual bonus of up to 40% of your annual salary based upon
company performance, as well as your individual performance. Any bonus payment
in 2005 will be pro-rated based upon your hire date.
Relocation:
To help facilitate your move
to Baltimore, VISICU will provide you with relocation assistance. The terms of
that assistance are outlined in the attached relocation agreement (Attachment
A).
Stock Options:
Subject to formal approval by
the Board of Directors, you will receive a grant of 325,000 options to purchase
VISICU Common Stock at a strike price of $1.80. This is equivalent to 1.2% of
the fully diluted shares of the company. These options vest over a period of
four years.
Should there be a change of
control, the vesting of these options will accelerate to be 100% vested upon the
occurrence of the event.
Should you be terminated
without cause within 36 months of your hire date, your vesting will
continue for another 12 months from your last day of work. You will have
an additional 12 months from the final vesting date to exercise these
options. This does not apply should you voluntarily terminate your employment.
The definition of
“cause” for this document is the willful or intentional act of the
employee that has the effect of injuring the business prospects of the Company
or its affiliates in any material respect; use of illegal drugs by the employee
or repeated drunkenness; conviction of the employee for the commission of a
felony involving moral turpitude; or the commission by the employee of a
material act of fraud or embezzlement against the Company.
August 8, 2005
Vincent E. Estrada
Page 2
Severance:
You are also eligible for the
management severance policy which provides for six months of severance pay
along with pro-rated annual bonus amount should you be terminated without
cause. This policy eliminates the 12 month employment requirement for Vice
Presidents and above.
Other Benefits:
After certain eligibility
requirements have been met, you will be eligible to participate in our employee
benefit program that includes health, vision, dental, life and disability
insurance, 401(k) plan and paid leave.
As a condition of your
employment, you are required to sign the attached Proprietary Information
Agreement. If you have any questions about the language, please feel free to
call me. We wish to impress upon you that you are not to bring with you any
confidential or proprietary material of any former employer or to violate any
other obligation to your former employers.
Please understand that VISICU
is an at will employer, meaning that either you or the Company may terminate
the relationship at anytime with or without cause. As such, neither this offer
letter, your acknowledgement for the initiation of your employment, or the
initiation of your employment, promotions, positive performance reviews, pay
increases, bonuses, increases in job duties or responsibilities and other
changes during employment will not change the at-will term of your employment.
This letter, together with
your Proprietary Information Agreement, forms the complete and exclusive
statement of your employment agreement with the Company. The employment terms
in this letter supersede any other agreements or promises made to you by
anyone, whether oral or written. As required by law, this offer is subject to
satisfactory proof of your right to work in the United States.
To indicate your acceptance
of our offer, please return signed copies of this letter and the Proprietary
Information Agreement. A copy of this letter has been enclosed for you to
retain. This offer will remain open until August 10, 2005.
We look forward to your
joining our team at VISICU, Inc. If you have any questions or require
additional information, please do not hesitate to call me at
(410) 246-5358.






