Exhibit 10.13
July 11, 2005
Mr. Scott Wiese
40085 Chaparral Drive
Temecula, CA 92592
Dear Scott:
I
am very pleased to provide you with a summary of the terms of your
employment with Alphatec Manufacturing, Inc. ("Alphatec").
Your employment with Alphatec will commence once any conditions set
forth in this letter are satisfied, and you return the letter to
the Company. At this time, we anticipate that your employment will
begin on July 26, 2005.
1.
Position.
Your position will be Vice President,
Business Development and Marketing. As you progress with Alphatec,
your position and assignments are, of course, subject to change. As
an Alphatec employee, we expect that you will perform any and all
duties and responsibilities normally associated with your position
in a satisfactory manner and to the best of your abilities at all
times.
2.
Starting Date/Nature of
Relationship. If you accept this offer,
and any conditions set forth herein are satisfied, your employment
with Alphatec will begin on July 26, 2005 (the "Commencement
Date"). Thereafter, you will be expected to devote all of your
working time to the performance of your duties at Alphatec
throughout your employment. No provision of this letter shall be
construed to create an express or implied employment contract, or a
promise of employment for any specific period of time. Your
employment with Alphatec is at-will employment which may be
terminated by you or Alphatec at any time for any reason with or
without advance notice.
3.
Compensation, Equity, Benefits,
Bonus. Your initial base pay shall be
at a rate of $4,326.92 weekly ($225,000.00 on an annualized basis)
minus customary deductions for federal and state taxes and the
like.
Subject
to approval by the Board of Directors, you will be granted 15,000
shares of Founder's stock. This stock will have a five year vesting
schedule along with change of control privileges.
In
addition to your compensation, you may choose to take advantage of
various health and welfare benefits offered by Alphatec to include
a 401(k) plan. These benefits, of course, may be modified or
changed from time to time at the sole discretion of Alphatec. Any
provision of benefits to you in no way changes or impacts your
status as an at-will employee.
Employee
will be eligible to receive a cash performance bonus each fiscal
year, payable within 30 days after the end of the Company's
fiscal year, in an amount of up to 50% of the base salary received
by Employee for such fiscal year. In the fiscal year ended
December 31, 2005 ("FY 2005"), Employee will be entitled to
his full performance bonus (which will be 50% of base salary paid
from the Commencement Date through December 31, 2005) if the
Company's Net Sales (as that term is used in the Company's audited
financial statements), exclusive of sales by businesses acquired
from and after the Commencement Date equal or exceed $50 Million.
In the event that Same Store Sales in FY 2005 are $33 Million,
Employee will receive 25% of his full performance bonus. In the
event that Same Store Sales in FY 2005 are $40 Million, Employee
will receive 50% of his full performance bonus. In the event that
Same Store Sales for FY 2005 are between $33 Million and $40
Millio
