EXHIBIT 10.29
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
& Year End Bonus: Total compensation including base salary, commissions
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 $16,200,000. In the event the
DermaLase is not available for sales and shipment by
August 1, 1999, quota will be reduced to $15,000,000.
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
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offer similar stock options in the year 2000. These year
2000 options will have similar performance stipulations.
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 January 8, 1999
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I agree to the above terms and conditions of employment
Keith G. Bateman/Date
/s/ Jeffrey W. Jones January 8, 1999
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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:
Monthly Sales Annualized Sales Annualized
Monthly Sales Amount Amount Commission Rate Monthly Commission Amount Commission
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$0-600,000 $ 600,000.00 .25% $ 1,500.00 $ 7,200,000.00 $ 18,000.00
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$601,000-$1,301,000 $ 700,000.00 .50% $ 3,500.00 $ 8,400,000.00 $ 42,000.00
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TOTALS $1,300,000.00 $ 5,000.00 $15,600,000.00 $ 60,000.00
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Base Salary $ 9,166.66 $110,000.00
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TOTALS $14,166.66 $170,000.00
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Year End Bonus/Quick Zone Quick Zone Amt. $ 33,000.00
based on sales from At 5.5%
$15,600,000-$16,200,000 $600,000.00
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TOTAL $203,000.00
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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:
Monthly Sales Annualized Sales Annualized
Monthly Sales Amount Amount Commission Rate Monthly Commission Amount Commission
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$0-500,000 $ 500,000.00 .25% $ 1,250.00 $ 6,000,000.00 $ 15,000.00
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$501,000-$1,201,000 $ 700,000.00 .50% $ 3,500.00 $ 8,400,000.00 $ 42,000.00
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TOTALS $1,200,000.00 $ 5,750.00 $14,400,000.00 $ 57,000.00
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Base Salary $ 9,166.66 $110,000.00
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TOTALS $13,916.66 $167,000.00
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Year End Bonus/Quick Zone Quick Zone Amt $ 33,000.00
based on sales from At 5.5%
$14,400,000-$15,000,000 $600,000.00
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TOTAL $200,000.00
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