deCODE genetics Inc. Contracts
Sample Business Contracts
Employment Agreement - deCODE genetics Inc. and Chung Tung Augustine Kong
Employment Forms
- Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
- Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
- Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
- Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
- Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
- More Employment Agreements
[deCODE GENETICS LOGO] Lynghalsi 1 IS-110 Reykjavik ICELAND Phone: +354 570 1900 Fax: +354 570 1981 E-mail: [email protected] Web Page: www.decode.com December 30, 2000 Chung Tung Augustine Kong 5527 University Avenue, Apartment 4W Chicago, IL 60637 USA Dear Augie: I am pleased to confirm that deCODE genetics, Inc. is offering you a position as a Vice President, Statistics. In this position, your major responsibilities would be to oversee the activities of the team of deCode's statisticians in Iceland and Boston. This arrangement would begin on or about January 1, 2001. In exchange for your services, you will receive the following compensation: 1. Base salary at an annual rate of $143,000, payable from the United States into an account that you'll indicate to us. Bank details: Hyde Park Bank, 1525 East 53d Street, Chicago, Il 60615 (773-752-4600). Account No: 071004022:4468554 2. Participate in deCODE's stock option plan, as determined by the Board, with an initial option grant to purchase 80,000 shares of common stock, which will vest over a four-year period, subject to approval by the Compensation Committee of the Board at an exercise price determined by the Board (which will be equal to the fair market value of the common stock on the date of the grant by the Compensation Committee), in addition to the stock option you've already been granted. 3. Participate in deCODE's benefit plans that deCODE provides to its U.S. employees. 4. So long as reasonably comparable health insurance coverage is not provided to you by deCODE, deCODE will reimburse you (or pay directly to your current employer on your behalf, as you and your current employer may agree) for the cost to you of all health, dental and hospital insurance benefits to which you are entitled from your current employer under the U.S. federal law popularly known as COBRA. 5. deCODE, or an appropriate subsidiary, will provide office space in Boston, Massachusetts to be the primary location for you and your department. However, you will travel to Iceland, as deemed necessary by deCODE, to perform your responsibilities for deCODE. <PAGE> 2 6. deCODE will maintain an apartment in Iceland for your use during the periods that you are working in Iceland on behalf of deCODE. 7. deCODE will provide you with up to $150,000 of funding for your use in sponsoring research or establishing collaborations with academic institutions on behalf of deCODE, subject to satisfactory terms and conditions being reached between deCODE and such academic institutions. This letter is not an employment contract and you will be an employee at-will. Therefore, either you or deCODE will have the right to terminate your employment at will, with or without cause, at any time. Sincerely yours, deCODE genetics, Inc. /s/ Kari Stefansson ------------------------------------ Dr. Kari Stefansson President and Chief Executive Officer