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EXHIBIT 10.27
March 27, 2000
Kevin Stromberg
2978 Ascot Drive
San Ramon, California 94583
Dear Kevin:
I am pleased to offer you a position with Cholestech Corporation (the "Company")
as VICE PRESIDENT OF ENGINEERING, WELLCHECK.COM, commencing on APRIL 10, 2000.
You will receive a monthly salary of $12,083.33, which will be paid semi-monthly
in accordance with the Company's normal payroll procedures. You will be eligible
to participate in Cholestech's Management Incentive Bonus Program. As a Company
Associate, you will be eligible to participate in our Associate benefits package
which includes medical/dental insurance, life insurance, long term disability
insurance, and a 401(k) retirement plan in addition to sixteen (16) days of
Personal Time Off the first year and ten (10) paid holidays. You should note
that the Company may modify salaries and/or benefits from time to time as it
deems necessary. Information regarding these programs and other Company benefits
along with guidelines concerning employment are contained in the Cholestech
Associate package, which is issued at the time employment commences.
We will recommend to the Board of Directors of the Company that, at the next
Board meeting following your date of hire, you be granted a non-qualified
incentive stock option entitling you to purchase up to 50,000 shares of Common
Stock of the Company at the then current fair market value as determined by the
Board at that meeting. Such options shall be subject to the terms and conditions
of the Company's Stock Option Plan and Stock Option Agreement, including vesting
requirements.
The Company is excited about you joining our team and looks forward to a
beneficial and fruitful relationship. Nevertheless, you should be aware that
your employment with the Company is for no specified period and constitutes
at-will employment. As a result, you are free to resign at any time, for any
reason or for no reason. Similarly, the Company is free to conclude its
employment relationship with you at any time, with or without cause, and with or
without notice. We request that, in the event of resignation, you give the
Company at least two weeks notice.
For us to comply with the federal immigration law, you will be required to
provide to the Company documentary evidence of your identity and eligibility for
employment in the United States. Such documentation must be provided to us
within three (3) business days of your date of hire.
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Kevin Stromberg
March 27, 2000
Page Two
All Associates are required to sign an "Employment, Confidential Information and
Invention Assignment Agreement" and the "Arbitration Agreement" as a condition
of employment. Please review the enclosed Employment, Confidential Information
and Invention Assignment Agreement and the Arbitration Agreement. The
Employment, Confidential Information and Invention Assignment Agreement which
requires, among other provisions, the assignment of patent rights to any
invention made during your employment at the Company, and non-disclosure of
proprietary information. The Arbitration Agreement provides that in the event of
any dispute or claim relating to or arising out of our employment relationship,
you and the Company agree that all such disputes shall be fully and finally
resolved by binding arbitration. This letter, along with these agreements set
forth the terms of your employment with the Company and supersedes any prior
representations or agreements, whether written or oral. This letter may not be
modified or amended except by a written agreement, signed by both parties.
Please feel free to call me with any questions or comments you might have about
the offer.
Kindly acknowledge your acceptance of this offer by signing and returning this
letter, the Employment, Confidential Information and Invention Assignment
Agreement, and the Arbitration Agreement to our Human Resources Department. A
duplicate original of this offer letter is enclosed for your records.
Sincerely,
/s/ Warren E. Pinckert II
Warren E. Pinckert II
President & CEO
ACCEPTED AND AGREED TO this
28 day of March, 2000.
/s/ Kevin Stromberg
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Kevin Stromberg
Enclosures: Duplicate Original Letter
Employment, Confidential Information and Invention Assignment
Agreement
Arbitration Agreement
