Employment Agreement - BriteSmile Inc. and Cheryl Sullivan Lester
BriteSmile
Walnut Creek Office
101 Ygnacio Valley Road
Walnut Creek, CA 94596
Tel: 925-906-1900
Fax: 925-906-1919
REVISED
July 10, 1998
Ms. Cheryl Sullivan Lester
6224 Viewcrest Drive
Oakland, CA 94619
Dear Cheryl,
It is my pleasure to offer you employment with BriteSmile. The specifics of this
offer are detailed below.
Title: Vice President, Center Marketing and
Advertising.
Reporting: This position reports to Linda Oubre,
President, BriteSmile Center Division.
Responsibilities: Develops and executed marketing strategies
for launch of teeth whitening centers.
Manages branding, agency relationships,
advertising placement, and medial relations
in center markets. Directs consumer research
activities. Manages marketing activities
for laser eye and other center concepts as
they are implemented.
Base Salary: Annual base salary of $120,000.
Incentive Plan: An incentive bonus plan will be
developed and agreed upon no later than
September 30, 1998. This incentive will
consist of a minimum annual target of 10% of
base salary and will be based on short-term
and long-term company goals for center
launches, budgeted income and cash flow, and
procedure volume.
Stock Options: Options to buy shares of BriteSmile will be
granted. The options incentive plan will be
comparable with those paid to individuals of
similar level in the company.
Benefits: You will receive employee benefits including
vacation according
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to BriteSmile Company policy.
Start Date: Your start date will be August 5, 1998.
Sole Endeavor: BriteSmile shall be your sole endeavor. Any
patents, licenses, or business ideas related
to BriteSmile's business generated during
the terms of your employment will be owned
by BriteSmile.
At Will Employment: Your employment is considered at will employment
which can be terminated at any time. If employment is terminated "without cause"
("cause" is defined as business dishonesty or any conduct involving moral
turpitude) then you will be entitled to severance pay according to BriteSmile
company policy.
We have a very exciting time in front of us, and I look forward to you being a
part of the team that "makes it happen". Please acknowledge your acceptance of
this offer by signing and dating below. Let me know if you have any questions.
Sincerely,
/s/ Linda S. Oubre
Linda S. Oubre
President, Center Division
BriteSmile
Accepted
/s/ Cheryl S. Lester Date 7/10/98
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cc: Tony Pilaro
Michael Bonner
Carol Lewis