Employment Agreement between Orthovita Inc. and Maarten Persenaire, M.D. dated March 12, 1999
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This agreement outlines the terms of employment for Maarten Persenaire, M.D. as Vice President, Medical Affairs, Worldwide at Orthovita Inc. Dr. Persenaire will report to the CEO/President, receive an annual salary of $170,000 with bonus opportunities, stock options, a car allowance, and executive benefits. The agreement includes provisions for severance in case of termination without cause, immediate vesting of options upon a change of control, and a start date in or around April 1999. Both parties have signed and agreed to these terms.
EX-10.1 3 dex101.txt EMPLOYMENT LETTER DATED MARCH 12, 1999 [LETTERHEAD OF ORTHOVITA] EXHIBIT 10.1 March 12, 1999 Maarten Persenaire, M.D. 310 Whitetail Drive Chagrin Falls, OH 44022 Dear Maarten: It was a pleasure meeting you and I am delighted that you have chosen to join Orthovita. You will, no doubt, bring solid experience to the management team here, and I am sure you will enjoy the environment at Orthovita and your re-location to the Philadelphia area and all it offers. The following confirms our discussion regarding your employment by Orthovita: 1. Position: Vice President, Medical Affairs, Worldwide. Your prime responsibility will be clinical affairs directly reporting to me. You will be a member of the executive management team and will work with me to define the strategic opportunities for Orthovita. 2. Reporting Relationship: To the CEO/President of Orthovita 3. Compensation: $170,000 per annum with an annual salary grade review, and participation in the Executive Compensation Plan for Vice President level, with a 30% bonus opportunity based upon performance criteria established on Company and individual performance (bonus criteria to be described as part of this agreement). Year-end bonus can be in cash and/or stock options at your discretion. 4. Stock Options in Orthovita: The current plan approved at the last meeting of the Board of Directors changed the vesting period to 25% each year for 4 years beginning on the anniversary of you employment date. Although I indicated that I was not sure that this had taken effect, it has been initiated since the year-end grants were awarded this past January. Thus, you will received a 50,000 stock option grant at the current price of $4.00 per share with the vesting as stated above. Additional options may be granted at the discretion of the CEO/President and Board of Directors. Maarten Persenaire, M.D. March 12, 1999 Page 2 5. Car Allowance: $600 per month 6. Employee Benefits: Participation in all Executive benefit plans generally available. Benefits to include but not be limited to Blue Cross Personal Choice Medical; MetLife Dental; Pharmacare Prescription; 401(k); Life Insurance ($500,000 minimum); Long-Term Disability; and so on. Four weeks of vacation and normal holidays. 7. Start Date and Term of Employment: Start date on or mid April with a to be agreed upon relocation package. 8. Severance: In the event of involuntary termination without cause by Orthovita or its successor, you will receive 9 months salary as a severance benefit. Additionally, you will be able to continue your participation in any short-term and long-term incentive compensation and benefit programs generally established for the Company's executives. 9. Change of Control: In the event of change of control of Orthovita, all granted options or any other granted equity-type shares or rights shall vest immediately. The terms of this agreement shall remain in force. Approved for Orthovita Inc. /s/ David S. Joseph /s/ Maarten Persenaire - ------------------- -------------------------------- David S. Joseph Maarten Persenaire, M.D. President March 12, 1999 March 12, 1999 - ------------------- --------------------------------- Date Date