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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
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Date: |
2002 |
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Size: |
Preview shows 4KB of 22KB total |
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Price: |
$42 |
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ID: |
#862570 |
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AMENDMENT TO THE AGREEMENT BETWEEN
OSTEOTECH, INC. AND MARC BUREL DATED APRIL 18, 2000
EFFECTIVE MARCH 1, 2002
WHEREAS the Corporation and the Employee desire to modify Section 5.3 of
the Agreement, which, among other things stipulates that the Employee will
receive a Special Bonus over a period of four (4) years based on sales of tissue
and metal products, excluding base tissue, in certain areas as specified.
NOW, THEREFORE, it is agreed that:
(a) the period in which the Special Bonus is to be paid is changed
from four (4) years from the original date of employment to
six (6) years.
(b) the threshold that has to be achieved to earn an incremental
6% commission of net sales (defined as net sales of tissue,
excluding base tissue, and metal products in New Jersey,
Delaware and Northeastern Pennsylvania) in excess of the
threshold, is changed from previous years net sales plus
twenty (20) percent to previous years net sales plus fifteen
(15) percent.
In all other respects, Section 5.3 shall remain unchanged.
AGREED TO BY:
Corporation:
Osteotech, Inc. Employee:
By: /s/ Richard W. Bauer By: /s/ Marc Burel
-------------------------------------- ---------------------------
Richard W. Bauer Marc Burel
President, Chief Executive Officer
Dated: 2/26/02 Dated: 3/4/02
----------------------------------- ------------------------
<PAGE>
EMPLOYMENT AGREEMENT
THIS AGREEMENT entered into the ___ day of April, 2000 ("Effective Date")
between OSTEOTECH, INC., a Delaware corporation (the "Corporation") and Marc
Burel (the "Employee").
WITNESSETH:
WHEREAS, the Corporation desires to employ the Employee as Vice President
Sales; and
WHEREAS, the Employee desires to accept such employment upon the terms and
conditions set forth therein.
NOW, THEREFORE, in consideration of the mutual covenants and obligations
hereinafter set forth, the parties hereto agree as follows:
1. Employment. The Corporation hereby employs the Employee, and the
Employee hereby accepts employment by the Corporation, as Vice President Sales
upon the terms and conditions set forth herein.
2. Term. Unless sooner terminated in accordance with this Agreement, the
term of this Agreement and the term of employment of the Employee shall be for
two (2) years commencing on the Effective Date hereof and shall be automatically
renewable for successive additional two (2) year terms unless at least three (3)
months prior to the expiration of the initial two-year period or any subsequent
two-year term the Corporation terminates this Agreement by written notice to the
Employee, whereupon this Agreement shall be terminated at the end of the
applicable two-year period (with such initial two year term and any two year
renewal thereof, unless sooner terminated in accordance with this Agreement
being the "Term of Employment").
<PAGE>
3. Duties. The Employee shall perform such duties and services and shall
be allocated such resources, consistent with his position, as may be assigned to
him from time to time by the President. In furtherance of the foregoing, the
Employee hereby agrees to perform well and faithfully such duties and
responsibilities.
4. Time to be Devoted to Employment.
4(a). The Employee shall devote his full time and energy to the business
of the Corporation except for vacations, holidays and personal days and absences
due to temporary illness, during the Term of Employment and except as approved
by the Board of Directors.
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