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Exhibit 10.24
January 20, 1999
Mr. Bryan Dieter
142 Acorn Lane
Shelburne, VT 05482
Dear Bryan:
We are very pleased to extend an offer of employment to you for the position of
Chief Information Officer, PhyMatrix. The terms are as follows:
Base Salary: $200,000
Bonus Potential: 20% (based on both company and personal performance
metrics).
Equity: a. 100,000 (initial grant) with 3 year vesting
period. The vesting period will be accelerated with
material change in control of company.
Benefits: Per PhyMatrix policies
Severance: A. One year of base compensation for termination
without cause; or
B. One year base compensation as a result of a
material change in responsibilities or reporting
relationships.
Relocation: 1. Pack and move of household goods.
2. Closing costs at sell end, including
realtors fees.
3. Two house hunting trips for family.
5. $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.
Best Regards,
Michael Heffernan
I acknowledge and agree to the terms stated above.
Bryan Dieter
