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Exhibit 10.22
September 3, 2004
James G. Ham, III
31 Merion Place
Lawrenceville, New Jersey 08648
Dear Jim:
I would like to formally offer you the position of Vice President, Finance at
NitroMed reporting to the Chief Financial Officer and Chief Business Officer.
The terms of this offer are as follows:
Responsibilities: You will be responsible for all controller-related
functions, including general accounting and auditing
financial control as well as financial
analysis/analytical support of all departments.
Base Salary: $180,000 per year paid in 24 equal payments to be
reviewed annually.
Stock: You will be offered an option to purchase 40,000
shares of common stock in the Company. The price at
which the stock closes on your start date will be the
exercise price of these options. These options will
vest over four years in equal installments as long as
you remain in the employ of the Company.
Performance Bonus: You may be entitled to receive a bonus under the
NitroMed bonus plan, which is discretionary and
based on milestones to be determined and mutually
agreed upon by the Chief Financial Officer/Chief
Business Officer and you. You will be entitled to
receive a minimum guaranteed first year bonus of
20% that will be prorated for the months remaining
between your date of hire and December 31, 2004.
Such bonus may be subject to an upward adjustment
in 2004, depending on performance.
Group Benefits: You will receive comprehensive group health,
disability, accident and life insurance benefits or
such comparable benefits and protections the Company
is able to reasonably obtain from another plan.
You will be entitled to participate in and enjoy the
benefits of NitroMed's 401K retirement plan as well
as any other retirement and pension plan or plans
if and when instituted by the Company for the
benefit of its employees generally.
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James G. Ham, III
September 3, 2004
Page Two
Leave: You will be entitled to illness and vacation days
consistent with the Company's standard policy. This
policy provides up to three weeks vacation per
calendar year accrued at a rate of 1.25 days per
month of employment and 20 days per calendar year
after five years of employment.
Relocation: Subject to your continued employment the Company will
reimburse you Up to a sum not to exceed $30,000 for
moving your household contents, including buy and
sell side costs such as commissions and fees. You
will 12 months to exercise this relocation benefit.
You will also be entitled to six months of temporary
housing reimbursable at $3,000 per month. At your
request, the Company will pay directly all of the
deductible relocation and temporary housing expenses
for you.
Signing Bonus: You will be entitled to receive a $20,000 signing
bonus payable on January 1st 2005 dependent on your
continued employment.
Severance: You will be eligible for six months of severance if
you are terminated for reasons other than for cause,
including corporate, reorganization, merger or
consolidation.
Agreements: As a condition of employment, you will be required to
sign the Company's assignment of invention,
non-disclosure, and non-compete agreements.
The commencement date for this position is on or before September 13, 2004.
Please sign a copy of this letter and return it as acceptance of this offer by
September 9, 2004.
Jim, we look forward to working with you at NitroMed. It is my wish that this
position allows you to participate in the success of NitroMed and will both
enrich and enhance your career experience.
Sincerely,
/s/ Michael D. Loberg
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Michael D. Loberg
Agreed and Accepted:
/s/ James G. Ham, III
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James G. Ham, III
Dated: September 3, 2004
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