Attached files
file | filename |
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EX-21.1 - EX-21.1 - INSULET CORP | b84120exv21w1.htm |
EX-23.1 - EX-23.1 - INSULET CORP | b84120exv23w1.htm |
EX-31.2 - EX-31.2 - INSULET CORP | b84120exv31w2.htm |
EX-31.1 - EX-31.1 - INSULET CORP | b84120exv31w1.htm |
EX-32.1 - EX-32.1 - INSULET CORP | b84120exv32w1.htm |
10-K - INSULET CORPORATION - INSULET CORP | b84120e10vk.htm |
Exhibit 10.34
May 11, 2010
Paul Lucidi
11 Governor Doherty Road
Billerica, MA 01821
11 Governor Doherty Road
Billerica, MA 01821
Dear Paul:
Insulet Corporation (Insulet or the Company) is pleased to offer you the full-time position of
Vice President of Information Technology, reporting directly to Brian Roberts, CFO. We are excited
about the prospect of you joining our team and look forward to the addition of your professionalism
and experience to help the Company achieve its goals. You are scheduled to begin your employment
with the Company on May 17, 2010.
Your base compensation will be $210,000 per year. You will be paid $8,076.92 biweekly in
accordance with the Companys normal payroll practices as established or modified from time to
time. You will participate in the Companys Executive Incentive Compensation Program with a target
bonus of 30% of your 2010 base compensation. Your first year bonus compensation will be pro-rated
for your start date. If you are terminated without cause or you terminate for good reason as
defined in the Companys Amended and Restated Executive Severance Plan (Severance Plan), you will
receive six months of salary at your then current rate of base compensation. If you are terminated
as a result of a change of control as defined in the Companys Severance Plan, you will receive an
additional six months of salary (twelve months total) at your then current rate of base
compensation. You will be eligible to participate as a Covered Executive in the Companys
Severance Plan and receive any additional benefits owed to you as defined in the Plan except for
those covered specifically in this offer letter.
This offer of employment is contingent upon the satisfactory completion of background checks.
You will also be eligible to participate in the Companys benefits programs to the same extent as,
and subject to the same terms, conditions and limitations applicable to, other employees of the
Company of similar rank and tenure. These benefits presently include: comprehensive medical,
prescription drug, and dental insurance coverage, with 80% of premiums paid for you and your
dependents; Company-paid life insurance coverage at two times your annualized salary; 401(k) plan;
paid holidays and vacation time which will accrue at three weeks per year, per Company policy. For
a more detailed understanding of the benefits and the eligibility requirements, please consult the
summary plan descriptions for the programs which will be made available to you.
Subject to approval of the Companys Board of Directors, you will be granted the option to purchase
35,000 shares of Company common stock at a purchase price equal to the fair market value as of the
date of the grant. You will also receive 10,000 shares of restricted stock as of June 1, 2010. The
date of the grants will be June 1, 2010. Prior to the grant date, the number of options and
restricted shares may be adjusted to reflect a stock split or other similar transaction. These
grants will be subject to and governed by the terms and conditions of a stock option agreement and
restricted stock agreement between you and the Company and the Companys Stock Option and Incentive
Plan, which will include, among other things, a vesting schedule.
Provided that you are an employee in good standing with the Company and that you are able to
achieve the goals and objectives as outlined by the CFO and CEO, the Company agrees that you will
be promoted to the title of Chief Information Officer by no later than December 31, 2010. If the
Company is to be acquired through a change of
control as defined in the Severance Plan prior to December 31, 2010, the Company agrees that you
will be promoted to the title of Chief Information Officer immediately prior to the consummation of
the transaction.
Insulets normal business hours are 8:00am to 5:00pm, Monday through Friday. Your schedule may vary
based on your job responsibilities. This position is salary exempt and may include travel and
hours greater than a forty hour per-week work schedule. You will be reimbursed for normal travel
and lodging expenses outside of the local Bedford, Massachusetts area.
The Company also requires you to verify that the performance of your position at Insulet does not
and will not breach any agreement entered into by you prior to employment with the Company (i.e.,
you have not entered into any agreements with previous employers which are in conflict with your
obligations to Insulet). You will be required to sign the Companys standard Proprietary
Information and Non-Competition Agreements as a condition of your employment with the Company. A
copy of these agreements will be made available to you prior to your employment start date.
Also, please bring with you, for the purpose of completing the I-9 form, sufficient documentation
to demonstrate your eligibility to work in the United States on your first day of employment. This
verification must occur by the third day of your employment.
We look forward to having you join Insulet. We hope you will be a very valuable contributor to our
team going forward. Please provide a response within 2 days acknowledging that you have accepted
this offer of employment.
Sincerely, |
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/s/ Brian Roberts
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Chief Financial Officer |
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Accepted: |
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/s/ Paul Lucidi
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