Exhibit 10.11
August 29, 2014
George Gianakopoulos
Dear Mr. George Gianakopoulos,
Progenity, Inc. (the “Company”) is pleased to confirm the following employment offer for Vice President of Sales – Specialist Markets starting September 29th, 2014 (the “Employment Start Date”). This employment offer is subject to the terms and conditions set forth in this offer letter.
Employment
You agree to serve as Vice President of Sales — Specialty Markets and shall have the duties and responsibilities commensurate with such position reporting directly to Chris Lowe, Vice President of Sales. The annual base salary for this position is $270,000 on a full-time basis.
90 Day Probationary Period
The first 90 days of your employment will be under a probationary period. During this period, both the company and you will determine whether you can perform the requirements of the job you have been assigned to. Near the end of this probation, we will assess your performance in the form of a standard review.
Benefits
Upon employment, the Company will provide you with the usual health insurance benefits it generally provides to other employees. Except for any waiting period that may be applicable, you will have immediate right to participate in and receive benefit from life, accident, disability, medical, bonus stock, and similar benefits made available generally to employees of the Company as such plans and benefits may be adopted by the Company. These plans may vary, from time to time, be amended, or terminated.
PTO
Your paid time off shall be in accord with the Company’s PTO policy that in general currently allows all full time employees three weeks’ PTO per benefit year, which may be amended or terminated by the Company from time to time.
Bonus
You are eligible for the annual bonus program with a max bonus of 30%. Bonuses are calculated annually when the calendar year ends and are awarded in the first quarter of the following year. These bonuses are prorated based on your start date. You would be eligible for your first bonus during the first quarter of 2015 (if hired 90 days or less prior to the bonus end period, you will not be eligible for bonus dollars for that year). The bonus incentive is based on several items including company performance, individual goals, and a subjective portion. The bonus program is operated at the sole discretion of the Company and is subject to review, modification, or revocation at any time.
Stock Grant
You will be granted an option to purchase 125,000 shares of common stock. Such option and exercise rights (and all other options set forth in this letter) shall be subject to the terms of the Company’s most current Equity Incentive Plan and standard agreement. Twenty-five percent of the option shall become vested on the first anniversary of your Employment Start Date and the balance of the shares shall vest in 36 consecutive successive equal monthly Installments thereafter, provided that you are providing Continuous Service during the period commencing on the Grant Date and through each applicable vesting date.
