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EXHIBIT 10.14
[NITROMED LETTERHEAD]
NitroMed, Inc. Manuel Worcel, M.D.
One Kendall Square PRESIDENT
Building 100 CHIEF EXECUTIVE OFFICET
Cambridge, MA 02139 Phone: 617-374-9074
Facsimile: 617-374-9173
November 4, 1993
L. Gordon Letts, Ph.D.
14 Pond Brook Road
Newtown, CT 06470
Dear Dr. Letts:
We would like to formally offer you the position of Vice President of
Research of NitroMed. I know you share with us the enthusiasm in the mission of
the Company, which is to develop Nitric Oxide based drugs.
As Vice President of Research, you will be responsible for the definition,
follow-up and implementation of NitroMed's Drug Discovery programs, as well as
the selection, recruitment and supervision of the members of the Research Team.
You will report to the Chief Executive Officer.
Base Salary: $150,000 per annum paid in 24 equal payments.
Performance Bonus: Cash bonus based upon performance of 20% of base
salary paid at year end.
Stock: You will be offered options to purchase 125,000
shares of common stock of the Company. The
exercise price of these options will be set by
the Board of Directors. These options will vest
over four years in equal installments, with the
initial installment vested at the anniversary of
your joining the company.
Group Benefits: You will receive comprehensive group health,
disability, accident and life insurance benefits
in line with the attached plan of Guardian, or
such other comparable benefits and protection as
the Company is able to reasonably obtain from
another plan. You will be entitled to participate
in and enjoy the benefits of a retirement and
pension plan or plans as and when instituted by
the Company for the benefit of its employees
generally.
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L. Gordon Letts, Ph.D.
November 4, 1993
Page 2
Leave: You will be entitled to illness and vacation days
consistent with the standard policies to be
developed for the Company's executive employees.
Agreements: As a condition of employment, you will be
required to sign customary invention,
non-disclosure and non-compete agreements.
Relocation Costs: The Company will reimburse you for all reasonable
expenses incurred in the sale of your current
house; the purchase of a home in the Boston area;
the removal, storage, insuring, moving and
unpacking of your household goods and
automobiles, house hunting expenses, and rental
of temporary living quarters.
Severance Compensation: If your employment is terminated by the Company
without cause, you will be entitled to receive
continued base salary payments until you obtain
new employment, up to a maximum of six months.
This offer is open to November 15, 1993, and is subject to my final
reference checks, which I hope to complete by next week.
We would like to move forward as soon as possible, and would like to
suggest an early start date.
I personally very much look forward to working with you.
Sincerely,
/s/ Manuel Worcel, M.D.
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Manuel Worcel, M.D.
President and Chief Executive Officer
Agreed and accepted by;
/s/ L. Gordon Letts, Ph.D.
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L. Gordon Letts, Ph.D.