Exhibit 10.29
October 21, 2008
Caroline Loewy
|
Re:
|
Offer of
Employment at Corcept Therapeutics Incorporated
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Dear Caroline:
We are very pleased to invite you to
join Corcept Therapeutics Incorporated (the “Company”)
in the role of Chief Financial Officer.
1. Duties and
Responsibilities . Your initial assignment will be as Chief
Financial Officer, reporting to me in my role as CEO. You will also
be a member of our Executive Team. This offer is for a full time
position with a start date of November 28, 2008.
2. Salary . Your
initial annual base salary will be $300,000 for full-time
employment, payable in accordance with the Company’s
customary payroll practice. Salary is subject to periodic review
and adjustment by the Company’s management.
3. Bonus . You will be
eligible to receive a cash bonus up to 30% of your base salary for
calendar year 2009. We expect you to be active in setting the
goals for our bonus plan.
4. Location . As a
general rule, you will work at the Company’s principal
offices in Menlo Park. Your position may also require occasional
travel to other locations as may be necessary to fulfill your
responsibilities. The Company will reimburse your reasonable and
necessary travel expenses under its standard travel reimbursement
policy.
5. Medical, Dental and
Insurance Benefits . You will be eligible to receive the
Company’s standard employee benefits package. Information
regarding our current benefit plans can be discussed with Mark
Strem, our Director of Business Operations, by calling him at
650-688-8809.
6. Other Benefits .
You will receive the same benefits, including separation and change
of control benefits currently in place for the rest of senior
management.
7. Vacation and
Holidays . You will accrue vacation at the rate of three
(3) weeks per year, assuming full-time employment. You also
will be entitled to take all paid holidays under the
Company’s then-current schedule.
October 21, 2008
Page 2
8. Stock Option . The
executive management of the Company will recommend that the Board
of Directors grant you a stock option to purchase 800,000 shares of
the Company’s Common Stock under the terms of the
Company’s 2004 Stock Option Plan. We will endeavor to have
our Board of Directors approve the grant of the award with the
following terms:
The exercise price for this option
will be based on the closing price of the Company’s stock as
of the date of Board
