Exhibit 10.10
Amendment to Employment Agreement, dated June 27, 1997, between Registrant and
T. Xxxx Xxxxxx
This Amendment to Employment Agreement is made as of the 20th day of May,
1999, by and between Xxxx Xxxxxxxx (the "Employee") and Innovasive Devices,
Inc., a Massachusetts corporation (the "Company").
1. The Employee and the Company are parties to an Employment Agreement dated as
of June 27, 1997 (the "Employment Agreement"). The Employee and the Company are
also parties to an Income Continuation Agreement date as of April 6th, 1999 (the
"Income Continuation Agreement"). The Employee and the Company wish to amend the
Employment Agreement and the Income Continuation Agreement to avoid certain
inconsistencies in the Employment Agreement and the Income Continuation
Agreement.
2. The Employee and the Company agree that if the Employee becomes entitled to
receive Income Continuance Payments (as defined in the Income Continuation
Agreement) in the circumstances described in Article III of the Income
Continuation Agreement, the provisions of the Income Continuation Agreement
shall govern and the employee and the Company will not be subject to the
provisions of Section 4(a) and 5 of the Employment Agreement. In such an event,
the payment by the Company of Income Continuation Payments shall be deemed to be
payments required under Section 5 (I) of the Employment Agreement for the
purpose of Section 6(a) of the Employment Agreement.
3. In all other circumstances, the Employment Agreement shall remain in full
force and effect as written.
IN WITNESS WHEREOF, the parties have caused this amendment to Employment
Agreement to be executed and delivered as of the day and year first above
written.
_______________
T. Xxxx Xxxxxx INNOVASIVE DEVICES, INC.
By:
Name: Xxxxxxx X. Xxxxxxx
Title: President and CEO
