EXHIBIT 10.1
January 8, 1999
TO: Jeff Jones, President and CEO, BIOLASE
FROM: Keith G. Bateman
SUBJECT: Offer of Employment
This letter hereby acknowledges the agreement between Jeffrey Jones, President
and CEO of BioLase and Keith G. Bateman. Following is a synopsis of the position
and compensation agreed upon:
Position/Title: Vice President, Global Sales
Responsibility: All sales of all products, global. Management of all
sales personnel.
Reports to: CEO
Compensation:
Base Salary: $110,000
Tiered Commission Rate Total compensation including base salary, commissions
& Year End Bonus: and year end bonus is approximately $200,000 at
quota. See the attached Tables A & B for the base
salary component, the commission rate component and
the year bonus component of the total compensation.
Sales goals, targets, year end bonus and stock
options will be based on all sales of all products
from January 1, 1999 through December 31, 1999.
Quota: Quota per plan is $*****. In the event the DermaLase
is not available for sales and shipment by August 1,
1999, quota will be reduced to $*****.
Stock Options: 50,000 incentive stock options at $2 1/8 to accrue
over the first six months of employment and an
additional 50,000 vested options at $2 1/8 if year
end sales quota is met (see Tables A & B for details).
It is the intention of BioLase to offer similar stock
options in the year 2000. These year 2000 options
will have similar performance stipulations.
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* Confidential Treatment Requested.
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Start Date: January 8, 1999
Terms of Employment: Either party may terminate this agreement at will with
the following exceptions: in the event BioLase is
acquired or merged, the new entity has the option of
(1) offering Bateman a one year contract at the same
or a better compensation plan, or (2) paying Bateman a
severance pay for nine months equal to his previous
nine months total compensation including base salary,
commissions and bonuses.
Both parties agree that this preliminary agreement may be replaced with a
refined version so long as the basic terms defined herein remain intact.
/s/ KEITH G. BATEMAN
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I agree to the above terms and conditions of employment
Keith G. Bateman/Date
/s/ JEFFREY W. JONES
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I agree to the above terms and conditions of employment for Keith G. Bateman
Jeffrey W. Jones
President & CEO
BIOLASE TECHNOLOGY, INC.
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COMPENSATION PLAN FOR KEITH G. BATEMAN
VP GLOBAL SALES
Table A:
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Monthly Sales Amount Monthly Sales Commission Rate Monthly Annualized Sales Annualized
Amount Commission Amount Commission
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$*****-***** $***** *****% $***** $***** $*****
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$*****-$***** $***** *****% $***** $***** $*****
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TOTALS $***** $***** $***** $*****
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Base Salary $***** $*****
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TOTALS $***** $*****
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Year End Bonus/Quick Zone Quick Zone $*****
based on sales from $*****- Amt. At
$***** *****%
$*****
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TOTAL $*****
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* Confidential Treatment Requested.
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Table B (applicable retroactively for Bateman's compensation if the DermaLase is
not available for sale and shipment by August 1, 1999):
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Monthly Sales Amount Monthly Sales Commission Rate Monthly Annualized Sales Annualized
Amount Commission Amount Commission
- ----------------------------------------------------------------------------------------------------------------
$*****-***** $***** *****% $***** $***** $*****
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$*****-$***** $***** *****% $***** $***** $*****
- ----------------------------------------------------------------------------------------------------------------
TOTALS $***** $***** $***** $*****
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Base Salary $***** $*****
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TOTALS $***** $*****
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Year End Bonus/Quick Zone Quick Zone $*****
based on sales from $*****- Amt. At
$***** *****%
$*****
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TOTAL $*****
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* Confidential Treatment Requested.
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