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Exhibit 10.25
March 2, 1999
Mr. John Wardle
74 Caswell Street
Narragansett, RI 02882
Dear John:
We are very pleased to extend an offer of employment to you for the position of
Chief Operating Officer, PhyMatrix. The terms are as follows:
Base Salary: $210,000
Bonus Potential: 25% bonus potential (based on both company and
personal performance metrics to be agreed upon).
$10,000 sign-on bonus
Equity: 100,000 (initial grant) with 3 year vesting period.
The vesting period will be accelerated with
material change in control of the company. Strike
price will be determined at the price April 30,
1999.
Benefits: Per PhyMatrix policies. COBRA to be reimbursed for
six months.
Severance: A. One year of base compensation and payment of
COBRA premiums for termination by the company
without cause.
or
B. One year base compensation and payment of COBRA
premiums as a result of a material change in
responsibilities, reporting relationships or
location.
Start Date: April 5, 1999 or sooner (TBD)
We are very excited about the prospect of working with you and look forward to
you joining our team. Please sign and return this letter as your acceptance of
these terms.
Best Regards,
Michael Heffernan
I acknowledge and agree to the terms stated above.
John Wardle
