Exhibit 10.1
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 | | Bio-Rad Laboratories, Inc. | | Corporate Offices 1000 Alfred Nobel Drive Hercules, California 94547 Phone: 510-724-7000 Fax: 510-741-5865 | | |
March 15, 2019
Andrew J. Last
3 Shadewell Court
Danville, CA 94506
Dear Andrew,
I am pleased to extend to you our written offer of employment to joinBio-Rad Laboratories as the Chief Operating Officer reporting directly to Norman Schwartz, President & CEO. In your new position, yourbi-weekly salary will be $22,115.38, equivalent to $575,000 annually.
You are eligible to participate in our Corporate Incentive Bonus Plan (IBP) with a targeted bonus of 80% of your eligible earnings, payable in March 2020. Your bonus will bepro-rated based on your time in the position. The terms and conditions of the IBP are contained in the plan document which you will receive at a later date. You are eligible to receive asign-on bonus of $50,000 (less taxes) payable within 30 days of your hire date.
You will also be eligible to participate in the 2019 Stock Program. We will grant 5000 Restricted Stock Units and 5000 Stock Options within 30 days of your hire date; this grant has an estimated target value of $1.7 to $2.2 million, based on our share performance history.
If after you begin employment withBio-Rad your employment is terminated byBio-Rad without good cause, you will be entitled to a lump sum severance payment equal toone-year of your then current annual base salary provided that you first enter into a full release of all claims in favor ofBio-Rad, its affiliates and their respective officers, directors and employees in a form provided byBio-Rad.
This offer is contingent upon your passing a background check and drug test prior to starting employment and entering into a mutual agreement to arbitrate with the company. The type of information requested in the background check includes: education verification, previous employment verification, professional references, and criminal record check.
Bio-Rad maintains a smoke-free and drug-free work environment. As such, our expectation is that you complete a drug test within five days of this offer. Hire Right, our background screening provider, will contact you regarding a clinic location for the drug test.
