Exhibit 10.29
December 21, 2005
Mr. Gordon Brown
87 Addis Drive
Churchville, PA 18966
We are pleased to make the following
employment offer to you as Senior Vice President—Global Lab
Operations reporting directly to Paul Kelly, MD, President and
Chief Executive Officer. We are looking forward to working with you
and feel confident that you can add significant value to Orchid
Cellmark (the “Company”). The terms of your employment
are detailed below. This letter agreement is referred to herein as
the “Agreement.”
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Base
Salary:
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$17,916.66
pre-tax per month (paid monthly, less applicable taxes and
deductions). This is the equivalent of $215,000.00
annually.
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Annual Bonus
Target:
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Up to 30% of
your base salary. Your annual bonus is based upon the number of
full months employed in the performance year. The decision to award
a bonus and the amount of the bonus, if any, will be decided by the
Company’s Board of Directors in its sole discretion based on
your contribution and the Company’s performance.
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Equity:
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It will be
recommended that you be granted stock options to purchase 100,000
shares of Orchid Cellmark Inc. Common Stock pursuant to the Orchid
2005 Stock Plan, which describes this aspect of your compensation.
All stock option grants are contingent upon approval by the
Compensation Committee of Orchid’s Board of Directors and are
priced according to the grant date. The exercise price will be the
closing price of the stock on the grant date. These stock options
will vest either based upon performance factors to be determined
between you and Dr. Kelly; provided, that the performance factors
will provide the opportunity for the stock options to be fully
vested within three (3) years of your Hire Date, or they will vest
based upon time pro rata on a monthly basis over four (4) years.
Orchid’s Stock Plan Administrator will provide you with a
copy of the Plan and your Stock Option Agreement shortly after the
commencement of your employment.
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Mr. Gordon
Brown
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Additional
option grants may be considered annually based upon your
performance against objectives, your general contribution towards
the Company’s success, and the Company’s business
situation, all as determined solely at the discretion of the Board
of Directors.
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Benefits
Plan:
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As a full-time
employee, you are eligible to participate in the Company sponsored
medical, dental, vision, life and other insurance plans at some
cost to you. The Human Resource Department will provide you with
detailed information on our current benefits at your new employee
orientation. Your coverage will begin on your start date. Should
you have any questions in the interim, please feel free to call
Lauren Vazquez at (609) 750-2390.
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Executive
Deferred Compensation:
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The Company
will contribute 5% of your annual base salary each year to an
executive deferred compensation plan.
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Severance:
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If you receive written notice of termination
from the Company that your employment is being terminated without
“Cause”, or you give written notice of resignation to
the Company due to a “Constructive Dismissal”, or you
receive written notice of termination from the Company that your
employment is being terminated as a result of a “Change of
Control” within one (1) year following the Change of Control,
then you shall be entitled to the following:
Twelve (12) months of continued base salary
(payable one-third within thirty (30) days after termination and
the balance payable in twelve equal installments at the same time
as your salary would otherwise be payable), plus at the end of such
twelve (12) month period the Company will pay to you an amount
equal to a prorated portion of your bonus determined from January 1
of the year your employment terminated through the date of
termination. In addition, during such twelve (12) month period, if
you elect continued coverage under COBRA, the Company will
reimburse you for the same portion of your health insurance
premiums for you and your family, to the same extent the Company
paid those premiums during your employment. All payments shall be
less applicable taxes and deductions.
For purposes of this Agreement
“Cause” shall mean that you have either (1)
intentionally committed an act or omission that
materially
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