EXHIBIT 10.2
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement (the "Amendment") dated as of
the 1st day of May, 2003 amends that certain Employment Agreement (the
"Agreement") dated September 3, 2002 between CryoLife, Inc., a Florida
corporation ("CryoLife") and Xxxxxx X. Xxxxxxxx (the "Employee").
W I T N E S S E T H:
WHEREAS, the parties inadvertently failed to include certain agreements
respecting major medical and life insurance benefits they intended to include in
the Agreement when they prepared and executed the Agreement; and
WHEREAS, in order to correct this mistake, the parties have entered into
this Amendment.
NOW, THEREFORE, in consideration of the premises, the promises hereinafter
set forth and other good and valuable consideration, and in order to amend the
Agreement so that it correctly contains all of the agreements and understandings
of the parties, the Agreement is hereby amended as follows effective as of
September 3, 2002:
1. Paragraph 6(b) of the Agreement is hereby deleted in its entirety and
replaced with the following:
(b) Death. If the Employee's employment is terminated by reason of the
Employee's death during the Employment Period, this Agreement shall terminate
without further obligation to the Employee's legal representatives under this
Agreement, other than for (i) payment of obligations occurring through the Date
of Termination plus one year's salary and (ii) for the provision of health
insurance to Employee's wife, Xxx X. Xxxxxxxx. In the event of Employee's demise
prior to the termination of this Agreement, CryoLife agrees to continue the
major medical insurance described in the schedules attached to this Agreement
for Employee's wife, Xxx X. Xxxxxxxx, for the duration of her life.
2. The following paragraph is added to Exhibit A of the Agreement:
Life Insurance. The life insurance benefits described in the attached
pages from the CryoLife Employee Handbook but without the maximum benefit
limitation of $350,000.
[SIGNATURES APPEAR ON FOLLOWING PAGE]
IN WITNESS WHEREOF, the Employee has hereunder set the Employee's hand and,
pursuant to the authorization from the Compensation Committee of its Board,
CryoLife has caused these presents to be executed in its name and on its behalf,
all as of the day and year first above written.
/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
CRYOLIFE, INC.
By: /s/ Xxxxxx X. XxXxxx
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Xxxxxx X. XxXxxx, Esq.
Director, Compensation Committee
Member
