Exhibit 10.8
EMPLOYMENT AGREEMENT
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EMPLOYMENT AGREEMENT (the "Agreement") entered into as of January 1, 2002,
by and between Orthovita, Inc., a Pennsylvania corporation (the "Company"), and
Xxxx X. Xxxx, an employee of the Company ("Xxxx").
WHEREAS, the Company wishes to continue to employ Xxxx as its Vice
President of Research and Development, and both parties desire to extend the
July 1, 2000 employment agreement (the "Employment Agreement") upon the terms
and conditions set forth herein.
NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby
agree as follows:
1.0 Employment. The Company hereby continues to employ Xxxx as its Vice
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President of Research and Development under the terms of the Employment
Agreement. Xxxx hereby accepts such employment and agrees to perform his duties
and responsibilities, in accordance with terms, conditions and provisions set
forth therein with the following changes:
1.1 Employment Term. The Employment Term shall continue in effect through
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December 31, 2002.
1.3 Base Salary: Xxxx'x base salary shall be $176,610.
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1.4 Incentive Programs: 2002 fiscal year bonus eligibility shall be based
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on 30% of 2002 annual salary subject to the bonus program specifics for 2002.
1.5 Termination: Section 5.7 of the Employment Agreement shall be amended
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to be as follows:
"5.7 Termination at December 31, 2002. Notwithstanding Section 5.6, if the
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Employment Term shall not have been terminated prior to December 31, 2001
pursuant to the foregoing provisions of this Section 5 and Xxxx and the Company
cannot reach a mutually acceptable agreement in respect of the continuation of
Xxxx'x employment after December 31, 2002, and if (i) Xxxx voluntarily
terminates his employment with the Company at December 31, 2002, and (ii) Xxxx
executes (and does not revoke) the Release described in Section 5.4(2), the
Company shall pay subject to Section 8 to Xxxx as xxxxxxxxx compensation the
amounts described in Section 5.4(2), but with Xxxx'x Base Salary to continue
under Section 5.4(2)(i) for one year after termination of employment. The
payments under this Section 5.7 shall be made in lieu of the payments described
in Section 5.6, which Xxxx agrees to waive. In the event Xxxx refuses to execute
the Release (or revokes the Release), Xxxx shall receive only amounts and
benefits to the same extent and at the same time specified in Section 5.6."
IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have
executed this Agreement as of the date first above written.
ORTHOVITA, INC.
By: /s/ Xxxx X. Xxxx /s/ Xxxxx X. Xxxxxxx
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Xxxx X. Xxxx, Ph.D. Xxxxx X. Xxxxxxx
Vice President of Research President and Chief Executive Officer
and Development
