Exhibit 10.12
August 18, 2020
Damon A. Terrill
Dear Damon:
Alpha Teknova, Inc. (“Company”) is pleased to offer you the position of General Counsel & Chief Administrative Officer, initially reporting to Stephen Gunstream. Your primary job duties and responsibilities shall include overseeing the legal and administrative operations within our organization. Your anticipated starting date will be August 31, 2020. This offer and your employment relationship will be subject to the terms and conditions of this letter.
1. Compensation. If you decide to join us, your initial salary will be $225,000 per year, less applicable withholdings, paid in accordance with Company’s normal payroll practices. Future adjustments in compensation, if any, will be made by Company in its sole and absolute discretion. This position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay if you work more than 8 hours in a work day or 40 hours in a workweek.
2. Benefits. You will also be eligible for all fringe benefits available to other full-time Company employees, including medical, dental and vision programs, PTO at the immediate rate of 3 weeks per year (accrued at 4.62 hours per pay period), and 401k plan, in accordance with Company’s benefit plans. Company reserves the right to change or eliminate these benefits on a prospective basis at any time.
3. Stock Options. In addition, subject to the approval of Company’s Board of Directors (the “Board”), you will be granted an incentive stock option to purchase 93,000 shares of Company’s common stock (the “Option”) in accordance with Company’s 2020 Equity Incentive Plan (as amended, the “Plan”) and related stock option documents. The Option will have an exercise price per share equal to the fair market value of one share of the Company’s common stock on the date of grant of the Option, as determined by the Board. As a condition of receipt of the Option, you will be required to sign Company’s standard form of stock option agreement (the “Agreement”) and the Option will be subject to the terms and conditions of the Plan and the Agreement. The Option will vest over a four-year period from your employment start date, subject to your continued employment with the Company, with 25% of the shares subject to the Option becoming vested on the first year anniversary of your employment start date and the remainder vesting in equal monthly installments over the subsequent 36 month period.
4. No Violation of Rights of Third Parties. By accepting this offer, you represent that you are not a party to any other agreement which will interfere with your ability to fully and satisfactorily provide the services for which you are being employed by Company. During your employment with Company, you will not breach any agreement between you and any third party to keep in confidence proprietary information, knowledge or data belonging to that third party that was acquired by you prior to your employment with Company. In addition, you agree that you will not disclose to Company, or induce Company to use, any confidential or proprietary information or material belonging to any previous employer or others. You agree not to enter into any agreement, whether written or oral, in conflict with your promises in this provision.
5. At-Will Employment. If you accept our offer, your employment with Company will be “at-will.” This means your employment is not for any specific period of time and can be terminated by you at any time for any reason. Likewise, Company may terminate the employment relationship at any time, with or without cause or advance notice. In addition, Company reserves the right to modify your position, duties and reporting relationship to meet business needs and to use its managerial discretion in deciding on appropriate discipline. Any change to the at-will employment relationship must be by a specific, written agreement signed by you and Company’s Chief Executive Officer.
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2290 Bert Drive Hollister, California. 95023
Tel: 831.637.1100 Fax: 831.637.2355 www.teknova.com
