EMPLOYMENT ARRANGEMENT CHRISTOPHER SMITH

Contract Categories: Human Resources - Employment Agreements
EX-10.1 2 dex101.htm EMPLOYMENT ARRANGEMENT WITH CHRISTOPHER SMITH Employment Arrangement with Christopher Smith

Exhibit 10.1

EMPLOYMENT ARRANGEMENT – CHRISTOPHER SMITH

Christopher Smith is Senior Vice President, U.S. Sales of Orthovita, Inc. (the “Company”). Mr. Smith has an “at will” employment arrangement with the Company which includes the following:

 

  1. Annual Base Salary of $174,970, subject to review and adjustment by the Board of Directors of the Company based on recommendations by the Compensation Committee of the Board;

 

  2. Eligibility for annual discretionary performance bonus awards based on Company and individual objectives and milestones established by the Board of Directors of the Company each year. Under the annual discretionary performance bonus program, Mr. Smith is eligible to receive an annual target bonus of up to $30,000 if the Company achieves 100% of its annual performance objectives;

 

  3. In addition to eligibility under the annual discretionary performance bonus program described in item 2, above, eligibility for quarterly bonus awards based on the achievement of quarterly U.S. product sales performance goals established by the Board of Directors;

 

  4. Eligibility for awards under the Company’s long-term incentive compensation plan, as determined by the Board of Directors based on recommendations of the Compensation Committee of the Board. These awards are based on the Company’s achievement of annual performance objectives as well as the Compensation Committee’s subjective view of the executive’s performance;

 

  5. Eligibility to participate in the Company’s 401(k) plan;

 

  6. Eligibility for medical and disability insurance and other forms of health, life and other insurance and/or benefits provided by the Company to its employees;

 

  7. Eligibility for a $1,000,000 supplemental life insurance policy;

 

  8. An automobile allowance of $600 per month;

 

  9. Vacation, paid sick leave and all other employee benefits provided by the Company to its executive officers; and

 

  10. The Company has entered into change of control agreements with certain of its executive officers and other vice presidents, including Mr. Smith. The severance benefits provided under the change of control agreement are described in the Company’s annual meeting proxy statement filed on May 1, 2006 with the Securities and Exchange Commission.