Exhibit 10.10
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CryoCor, Inc.
11065 Sorrento Valley Court
San Diego, CA 92121
858-453-2663, Fax:
858-450-3187
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September 27, 2000
Russell Olson
2084 Royale Court
Eagan, MN 55122
Via Fax: 651-454-1480
Dear Russ:
I am pleased to offer you the position of Vice
President, Regulatory and Quality at CryoCor, Inc. (the
“Company”) with a starting date of October 16, 2000. We
anticipate your efforts, and therefore salary, will initially be
based on 75% of full time and will transition to 100% on November
6, 2000. This timing of your efforts can accelerate to 100% at an
earlier date than November 6, 2000 should you notify me of your
desire to make this change. This position will report to me. This
offer and your employment relationship will be subject to the terms
and conditions of this letter.
Your initial salary will be $12,916.67 per month
(or $155,000 annually), less applicable withholdings, paid in
accordance with the Company’s normal payroll practices. This
position is an exempt position, which means you are paid for the
job and not by the hour. Accordingly, you will not receive overtime
pay if you work more than 8 hours in a work day or 40 hours in a
workweek.
You will receive, subject to the approval of the
Company’s Board of Directors, an option to purchase 75,000
shares of the Company’s common stock in accordance with the
CryoCor, Inc. 2000 Stock Option Plan (the “Plan”) and
related option documents. The exercise price for such shares will
be the fair market value on the actual date of the option grant.
Such options shall be subject to a Notice of Grant of Stock Option
and Stock Option Agreement, which will be provided