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Exhibit 10.22
May 21, 1999
Dr. Adrian Otte
109 Kelly Drive
Chadds Ford, PA 19317
Dear Adrian:
We are very pleased to extend an offer of employment to you for the position of
Chief Operating Officer of Pharmaceutical Services, PhyMatrix. The terms are as
follows:
Base Salary: $250,000
Bonus Potential: Guaranteed target bonus of $50,000 to be paid
quarterly. (Guaranteed for 1st year only). At 120%
of target, an additional $25,000.
Equity: a. An initial grant of 200,000 shares at market
price. Priced as of close of business May 28, 1999.
b. Options will be vested over a three year period
in equal increments. If there is a material change
in ownership of the company, all outstanding
options will vest with change of control.
Benefits: Per PhyMatrix policies
Severance: One year of base compensation for termination by
the company without cause.
Relocation: 1. Pack and move of household goods.
2. Closing costs at sell end, including
realtors fees.
3. Two house hunting trips for family.
4. $10,000 in temporary living expenses for
residence, transportation, meals, etc. Receipts for
expenses need to be submitted for reimbursement.
5. Tax gross up for taxable relocation items.
We are very excited about the prospect of working with you and look forward to
you joining our team. This offer is contingent upon the completion of
referencing. Please sign and return this letter as your acceptance of these
terms by Tuesday, June 1, 1999.
Best Regards,
Michael Heffernan
I acknowledge and agree to the terms stated above.
Dr. Adrian Otte
