EX-10.56
from 10-Q
3 pages
1. the Position Offered Is That of Senior Vice President of Clinical and Regulatory and Chief Medical Officer. 2. You Shall Be Paid an Initial Monthly Salary of $25,000 (For an Average 4 Day Per Week Commitment to Esperion) Plus a Bonus of Up to 25% of Base Salary. the Bonus for the First Year of Employment Will Be Pro-Rated Based Upon the Portion of the Year Which You Are Employed by Esperion. the Right to Receive a Bonus for the First Year of Employment or Portion Thereof Is Dependent on Continued Employment During That Period. the Magnitude of the Bonus, if Any, Will Be Determined, Based Upon an Annual Performance Review That Will Evaluate Your Achievement of a Series of Mutually Agreed Upon Performance Objectives/Milestones. a Proposed Series of Objectives/Milestones Will Be Developed Among US. 3. a Benefits Package Will Be Provided to You, Which Is Equivalent to That Offered to Other Similarly Situated Employees Within the Company. 4. Subject to Meeting Eligibility Requirements and the Approval of the Compensation Committee of Our Board of Directors, We Will Grant You an Option to Purchase Up to 200,000 Shares of the Company’s Common Stock Under One of the Company’s Equity Compensation Plans. the Options Will Vest Ratably Over a Period of Two (2) Years (1/8 Per Quarter), Have a Strike Price Equal to the Fair Market Value on the Date of Grant and Must Be Approved by the Compensation Committee of the Board of Directors. the Terms and Conditions of the Option Will Be Set Forth in a Stock Option Agreement That You Will Be Required to Execute
12/34/56