EXHIBIT 10.50
[Cholestech Letterhead]
March 31, 2003
Donald P. Wood
5608 Bellagio Dr.
San Jose, CA 95118
Dear Don:
I am pleased to offer you a position with Cholestech Corporation (the "Company")
as the VICE PRESIDENT OF OPERATIONS, commencing on April 14, 2003. You will
receive a monthly salary of $15,416.67, which will be paid semi-monthly in
accordance with the Company's normal payroll procedures. You will be eligible to
participate in Cholestech's Management Incentive Bonus Program with a targeted
payout of 25% of base salary.
BENEFITS
As a Company Associate, you will be eligible to participate in our Associate
benefits package which includes medical/dental insurance, life insurance, long
term disability insurance, and a 401(k) retirement plan in addition to sixteen
(16) days of Personal Time Off the first year and ten (10) paid holidays. You
will be required to attend new hire orientation from 9:00 - 4:00 pm on the first
Monday of your employment with the Company. You should note that the Company may
modify salaries and/or benefits from time to time, as it deems necessary.
Information regarding these programs and other Company benefits along with
guidelines concerning employment are contained in the Cholestech Associate
package, which is issued at the time employment commences.
STOCK
We will recommend to the Board of Directors of the Company that, at the next
Board meeting following your date of hire, you be granted a non-qualified stock
option entitling you to purchase up to 40,000 shares of Common Stock of the
Company at the then current fair market value as determined by the Board at that
meeting. Such options shall be subject to the terms and conditions of the
Company's Stock Option Plan and Stock Option Agreement, including vesting
requirements.
AGREEMENTS
The Company is excited about you joining our team and looks forward to a
beneficial and fruitful relationship. Nevertheless, you should be aware that
your employment with the Company is for no specified period and constitutes
at-will employment. As a result, you are free to resign at any time, for any
reason or for no reason. Similarly, the Company is free to conclude its
employment relationship with you at any time, with or without cause, and with or
without
Don Wood
Page two
notice. We request that, in the event of resignation, you give the Company at
least two weeks notice.
Enclosed is a Severance Agreement that you will need to sign and return with a
signed copy of this offer letter.
For us to comply with the federal immigration law, you will be required to
provide to the Company documentary evidence of your identity and eligibility for
employment in the United States. Such documentation must be provided to us
within three (3) business days of your date of hire.
All Associates are required to sign an "Employment, Confidential Information and
Invention Assignment Agreement" and the "Arbitration Agreement" as a condition
of employment. Please review the enclosed Employment, Confidential Information
and Invention Assignment Agreement and the Arbitration Agreement. The
Employment, Confidential Information and Invention Assignment Agreement that
requires, among other provisions, the assignment of patent rights to any
invention made during your employment at the Company, and non-disclosure of
proprietary information. The Arbitration Agreement provides that in the event of
any dispute or claim relating to or arising out of our employment relationship,
you and the Company agree that all such disputes shall be fully and finally
resolved by binding arbitration. This letter, along with these agreements set
forth the terms of your employment with the Company and supersedes any prior
representations or agreements, whether written or oral. This letter may not be
modified or amended except by a written agreement, signed by both parties.
Please feel free to call me with any questions or comments you might have.
We want to be sure you understand that it is Cholestech Corporation's policy to
honor the confidentiality obligations our Associates make with former employers.
Please attach a copy of any and all agreements relating to proprietary
information and inventions into which you have entered in connection with any
previous employment.
Don Wood
Page three
While we do not foresee that your new duties at Cholestech will cause any
conflict to arise, please be advised that Cholestech does not want or expect you
to reveal the protected trade secrets of former employers. Should you feel at
any time that you are being asked to violate this policy, you should discuss the
matter immediately with me.
Sincerely,
/s/ Terry Wassmann
Terry Wassmann
VP, Human Resources
Please indicate your acceptance of this offer by signing below and returning
this form, the "Employment, Confidential Information and Invention Assignment
Agreement", and the "Arbitration Agreement" to Human Resources as soon as
possible. Please print your social security number and name exactly as it
appears on your social security card. This offer contains all terms of
employment expressed or implied. I acknowledge and accept the conditions set
forth above.
/s/ Donald P. Wood 4/1/03
- --------------------------------- --------------------------------
Signature Date
Donald P. Wood
- --------------------------------- ________________________________
Printed Name Date of Birth
_________________________________
Social Security Number
Enclosures: Duplicate Original Letter
Employment, Confidential Information and Invention Assignment
Agreement
Arbitration Agreement
Benefits Summary
Severance Agreement