Exhibit 10.6
EMPLOYMENT AGREEMENT
--------------------
EMPLOYMENT AGREEMENT (the "Agreement") entered into as of January 1, 2002,
by and between Orthovita, Inc., a Pennsylvania corporation (the "Company"), and
Xxxxx X. Xxxxxx, an employee of the Company ("Xxxxxx").
WHEREAS, the Company wishes to continue to employ Xxxxxx as its Chairman
and as a member of its Board of Directors, and both parties desire to extend the
December 31, 1999 employment agreement (the "Employment Agreement") upon the
terms and conditions set forth therein subject to the following:
1.1 Employment Term. The Employment Term shall continue in effect through
---------------
the date of the 2002 Orthovita Annual Shareholders Meeting subject to the change
in control provisions set forth in Section 1.1 of the Employment Agreement.
1.2 Duties and Responsibilities: Section 1.2 of the Employment Agreement is
---------------------------
amended to be as follows:
"1.2 Duties and Responsibilities: Xxxxxx shall serve as the Company's
---------------------------
Chairman during the Employment Term. During the Employment Term, Xxxxxx shall
perform all duties and responsibilities incident to, and not inconsistent with,
such position."
5.7 Termination at End of Employment Term: The second sentence of this
-------------------------------------
section shall be amended to read, "Upon execution of the Release by Xxxxxx, the
Company shall pay to Xxxxxx as xxxxxxxxx, Chairman Base Salary under Section 5.4
(b)(i), as applicable, and maintenance of health insurance benefits for Xxxxxx
and eligible family members, both Chairman base salary and health insurance
benefits to continue for one year after termination of employment".
All other terms and conditions of the Employment Agreement remain
unchanged.
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/ Xxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxx
---------------------- --------------------------
Director and Xxxxx X. Xxxxxx
Member of Compensation Chairman
Committee
awarded alternative compensation based upon the value of the stock options had
the shareholder approval been received will be made to Peacock.
All other terms and conditions of the Employment Agreement remain
unchanged.
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/ Xxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxxx
------------------- --------------------
Director and Xxxxx X. Xxxxxxx
Member of Compensation President and Chief Executive Officer
Committee
