Document:

Exhibit 10.48

                              EMPLOYMENT AGREEMENT

      THIS AGREEMENT effective the 2nd day of July 2004 (the "Effective Date")
between OSTEOTECH, INC., a Delaware corporation (the "Corporation") and Sam
Owusu-Akyaw (the "Employee").

                                   WITNESSETH:

      WHEREAS, the Corporation desires to retain the Employee as President And
Chief Operating Officer; and

      WHEREAS, the Employee desires to maintain such employment upon the terms
and conditions set forth herein.

      NOW, THEREFORE, in consideration of the mutual covenants and obligations
hereinafter set forth, the parties hereto agree as follows:

      1.    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 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").

      (a) The Employee will be on an unpaid leave of absence during the period
July 2, 2004

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to July 11, 2004.

      2. Duties. The Employee shall be employed in an executive capacity as the
President And Chief Operating Officer of the Corporation. The Employee shall
perform such duties and services, consistent with his position, as may be
assigned to him from time to time by the Chief Executive Officer of the
Corporation. In furtherance of the foregoing, the Employee hereby agrees to
perform well and faithfully the aforesaid duties and responsibilities and the
other reasonable senior executive duties and responsibilities assigned to him
from time to time by the Board of Directors of the Corporation or its designee.
During the Term of the Employment, the Corporation shall provide the Employee
with an office, secretarial and other support services at its headquarters as
may be required for the Employee to perform the duties assigned to him
hereunder.

      3. Time to be Devoted to Employment.

      (a) Except for reasonable vacations (to consist of at least four (4) weeks
per year) and absences due to temporary illness, during the Term of Employment,
the Employee shall devote substantially his full time and energy to the business
of the Corporation.

      (b) During the Term of Employment, the Employee shall not be engaged in
any other business activity which, in the reasonable judgment of the
Corporation, conflicts with the duties of the Employee hereunder, whether or not
such activity is pursued for gain, profit or other pecuniary advantage.

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      4. Compensation; Reimbursement.

      (a) During the Term of Employment, the Corporation (or at the
Corporation's option, any subsidiary or affiliate thereof) shall pay to the
Employee an annual base salary ("Base Salary") of Three hundred thousand dollars
($300,000), payable in installments as is the policy of the Corporation with
respect to employees of the Corporation at substantially the same employment
level as the Employee, but in no event less frequently than once per month.
Thereafter, the Base Salary shall be subject to increase at the option and in
the sole discretion of the Board of Directors of the Corporation.

      (b) Employee shall be eligible for an annual bonus as determined by the
Board of Directors of the Corporation based on Employee's performance. The bonus
payment to Employee for a calendar year is contingent upon the Employee being
retained as an employee of the Corporation at the time such payments are made.
In calendar year 2004, the employee shall be eligible for a target bonus of 40%
of Base Salary, based upon the full calendar year.

      (c) Employee shall be eligible for an annual stock option grant consistent
with the Corporation's Stock Option Plan with said grant being determined by the
Board of Directors of the Corporation based on the Corporation's performance.
Contingent upon approval of the Board of Directors, the Employee will be granted
a stock option agreement for One hundred thousand (100,000) shares upon
employment. The exercise price of these options will be the closing price as
quoted on NASDAQ on the day the options are approved by the Board of Directors.

      (d) During the Term of Employment, the Employee shall be entitled to such
fringe benefits as are made available from time to time to the employees of the
Corporation at substantially the same employment level as the Employee,
including, without limitation, four (4) weeks paid vacation.

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<PAGE>

      (e) The Corporation shall reimburse Employee, in accordance with the
practice from time to time for other officers of the Corporation, for all
reasonable and necessary travel expenses, disbursements and other reasonable and
necessary incidental expenses incurred by him for or on behalf of the
Corporation in the performance of his duties hereunder upon presentation by the
Employee to the Corporation of appropriate vouchers, receipts and reports.

      (f) The Corporation shall reimburse Employee for other reasonable expenses
during the Term of Employment as follows:

            (i) Reasonable travel and lodging expenses for house hunting trips
to New Jersey for Employee and Employee's spouse to locate and purchase
appropriate housing for Employee and family.

            (ii) Temporary living expenses for Employee, up to eighteen (18)
months at an extended stay hotel, furnished apartment or similar type long-term
stay accommodation.

            (iii) Travel to and from Employee's current home in Texas, coach
class, twice per month for up to eighteen (18) months.

            (iv) Packing, shipping and unpacking of Employee's household goods
and personal belongings that are normally part of relocation.

            (v) The physical relocation trip for Employee and family from Texas
to New Jersey, including transportation, hotels and meals.

            (vi) A one-time relocation payment of Twenty five thousand dollars
($25,000) to help defray the incidental expenses related to relocation. This
payment will be made upon Employee's physical relocation to New Jersey, and will
be considered regular income and taxed as such.

            (vii) Should the Employee voluntarily terminate his employment in
less than two

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<PAGE>

(2) years, Employee will be responsible for paying back to the Company any
relocation expenses reimbursed to the Employee, on a pro rata basis.

      5. Disability or Death.

      (a) If the Employee is incapacitated or disabled by accident, sickness or
otherwise so as to render him mentally or physically incapable of performing the
services required to be performed by him under this Agreement for a period of 90
consecutive days or longer, (such condition being herein referred to as
"Disability"), the Employee will be eligible to receive benefits under the
Corporation's Long-Term Disability Benefits Plan pursuant to the terms and
conditions of such plan. Until the Employee becomes eligible for benefits under
the Corporation's Long-Term Disability Benefits Plan and so long as the
Corporation shall not have otherwise terminated the Employee's employment
hereunder in accordance with this Agreement, the Employee shall be entitled to
receive his compensation, notwithstanding any such Disability.

      (b) If the Employee dies during the Term of Employment, his employment
hereunder shall be deemed to cease as of the date of his death.

      6. Termination For Cause. The Corporation may, with the approval of a
majority of the Board of Directors of the Corporation, terminate the employment
of the Employee hereunder at any time during the Term of Employment for "cause"
(such termination being hereinafter called a "Termination For Cause") by giving
the Employee notice of such termination, and upon the giving of such notice
termination shall take effect immediately. For the purposes of this Section 6,
"cause" shall mean (i) the Employee's actions on behalf of the Corporation or
any subsidiary or affiliate thereof, without the authorization of the Board of
Directors or the Chief Executive Officer of the Corporation, which actions are
knowingly for the pecuniary benefit of the Employee or members of his family and
which actions materially and adversely effect the business or affairs of the

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<PAGE>

Corporation or any subsidiary or affiliate thereof, or (ii) the Employee fails
in any material respect to observe and perform his obligations hereunder or
under the Employee Non-Competition, Non-Solicitation, Confidential Information
And Inventions Agreement by and between Employee and Corporation which failure
is not cured within twenty (20) days after written notice thereof is given to
the Employee by the Corporation, or, (iii) the commission by the Employee of an
act involving embezzlement or fraud against the Corporation (other than
non-material expense account issues) or commission or conviction of a felony or
(iv) the repeated use by the Employee of alcohol in a manner which impairs his
duties or the use of any controlled substance other than under a physician's
prescription.

      7. Termination Without Cause. The Corporation may, with the approval of a
majority of the Board of Directors of the Corporation, terminate the employment
of the Employee hereunder at any time during the Term of Employment without
"cause" (such termination being hereinafter called a "Termination Without
Cause") by giving the Employee notice of such termination. Upon the giving of
such notice, termination shall take effect immediately.

      8. Voluntary Termination. Any termination of the employment of the
Employee hereunder otherwise then as a result of an Involuntary Termination, a
Termination For Cause or a Termination Without Cause shall be deemed to be a
"Voluntary Termination". A Voluntary Termination shall be deemed to be effective
immediately upon receipt of notice to the Corporation of such termination.

      9. Effect of Termination of Employment.

      (a) Upon the termination of the Employee's employment hereunder pursuant
to a Voluntary Termination or a Termination For Cause, neither the Employee nor
his beneficiary or estate shall have any further rights or claims against the
Corporation under this Agreement except

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<PAGE>

to receive:

            (i) the unpaid portion of the Base Salary provided for in Section
      4(a), computed on a pro rata basis to the date of termination; and

            (ii) reimbursement for any expenses for which the Employee shall not
      have theretofore been reimbursed as provided in Section 5(e).

            (iii) any amounts due and owing to the Employee by the Corporation
      under any benefit plan.

      (b) Upon the termination of the Employee's employment hereunder pursuant
to Disability or death neither the Employee nor his beneficiary or estate shall
have any further rights or claims against the Corporation under this Agreement
except to receive payments equal to that provided for in Section 5(a), if
applicable, and Section 9(a) hereof and any other benefits available under the
Corporation's Benefits Plans.

      (c) Upon the termination of the Employee's employment hereunder pursuant
to a Termination Without Cause, neither the Employee nor his beneficiary or
estate shall have any further rights or claims against the Corporation under
this Agreement except to receive a termination payment equal to that provided
for in Section 9(a) hereof, plus an aggregate amount equal to twelve (12) months
Base Salary, payable in twelve (12) equal monthly installments and the
continuation of medical and dental benefits and life insurance for the same
twelve (12) month period to the extent such benefits were being provided to
Employee at the time of termination. Upon completion of the initial twelve (12)
month period, should the Employee continue to be unemployed and actively
conducting a job search, Employee will be eligible for continued termination
payments for up to six (6) months Base Salary, payable in six (6) equal monthly
installments, or until such time as Employee begins other employment, whichever
is earlier.

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<PAGE>

Employee will continue to be eligible for medical, dental and life insurance
benefits for up to an additional six (6) months or until such time as he begins
other employment, whichever is earlier. In addition, Employee will be eligible
for outplacement services for up to twelve (12) months, and continued for up to
eighteen (18) months provided Employee is actively conducting a job search.

      10. General Provisions

      (a) This Agreement and any or all terms hereof may not be changed, waived,
discharged, or terminated orally, but only by way of an instrument in writing
signed by the parties.

      (b) This Agreement shall be governed by and construed in accordance with
the laws of the State of New Jersey, without reference to the conflicts of laws
of the State of New Jersey or any other jurisdiction.

      (c) If any portion of this Agreement shall be found to be invalid or
contrary to public policy, the same may be modified or stricken by a Court of
competent jurisdiction, to the extent necessary to allow the Court to enforce
such provision in a manner which is as consistent with the original intent of
the provision as possible. The striking or modification by the Court of any
provision shall not have the effect of invalidating the Agreement as a whole.

      (d) Employee acknowledges that he has signed the Corporation's Employee
Non-Competition, Non-Solicitation, Confidential Information And Inventions
Agreement and said agreement is made a part hereof.

      (e) This Agreement, together with the Corporation's Employee
Non-Competition, Non-Solicitation, Confidential Information And Inventions
Agreement, constitutes the entire and exclusive agreement between Employee and
Corporation pertaining to the subject matter thereof, and supersedes and
replaces any and all earlier agreements.

      11. Notices. Notices and other communications hereunder shall be in
writing and shall

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<PAGE>

be delivered personally or sent by air courier or first class certified or
registered mail, return receipt requested and postage prepaid, addressed as
follows:

If to the Employee:

         Sam Owusu-Akyaw
         714 Chatham Court
         Southlake, Texas 76092

If to the Corporation:

         Osteotech, Inc.
         51 James Way
         Eatontown, New Jersey 07724
         Attn: CEO

Copy to:

         Kevin Collins, Esq.
         Dorsey & Whitney LLP
         250 Park Avenue
         New York, New York 10177

All notices and other communications given to any party hereto in accordance
with the provisions of this Agreement shall be deemed to have been given on the
date of delivery if personally delivered; on the business day after the date
when sent if sent by air courier; and on the third business day after the date
when sent if sent by mail, in each case addressed to such party as provided in
this Section or in accordance with the latest unrevoked direction from such
party.

      12. Headings. The section headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

      13. Assignment. This Agreement is personal in its nature and the parties
hereto shall not, without the consent of the other, assign or transfer this
Agreement or any rights or obligations hereunder; provided, however, that the
provisions hereof shall inure to the benefit of, and be binding upon (i) each
successor of the Corporation, whether by merger, consolidation, transfer of all

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<PAGE>

or substantially all assets, or otherwise and (ii) the heirs and legal
representatives of the Employee.

      IN WITNESS WHEREOF, the parties have duly executed this Agreement
effective as of the date first above written.

                                             OSTEOTECH, INC.

                                             By:________________________
                                             Name: Richard W. Bauer
                                             Title: Chief Executive Officer

                                             EXECUTIVE

                                             By:________________________
                                             Name: Sam Owusu-Akyaw
                                             Title: President And Chief
                                                    Operating Officer

                                       10Exhibit 10.49

            EMPLOYEE NON-COMPETITION, NON-SOLICITATION, CONFIDENTIAL
                      INFORMATION AND INVENTIONS AGREEMENT

      This Agreement is made and entered into by and between Osteotech, Inc.
("Osteotech"), a Delaware corporation having its principal place of business at
51 James Way, Eatontown, New Jersey, and the undersigned Employee. For purposes
of this Agreement, the term "Osteotech" shall include all current and future
parent, subsidiary or affiliate companies. In consideration of Employee's
employment, or continued employment, with Osteotech and/or any and all wages
and/or other compensation paid and training and instruction provided to Employee
in the course of such employment, it is agreed as follows:

      1. From the date of this Agreement, through the term of Employee's
employment, and for a period of twelve (12) months, or up to eighteen (18)
months should Employee continue to receive termination payments, following the
voluntary or involuntary termination of Employee's employment with Osteotech for
any reason, Employee will not, on Employee's own behalf or on behalf of any
other person, partnership, corporation or other entity, directly or indirectly:

      (a)   engage by any means in any business which is competitive with the
            business of Osteotech (as an employee, proprietor, partner, agent,
            consultant or otherwise) within any country in which Osteotech
            transacts business or sells its products or services;

      (b)   solicit or accept business in competition with Osteotech from any
            existing customer of Osteotech or any prospective customer of
            Osteotech which Employee learned of by virtue of Employee's
            employment with Osteotech;

      (c)   recruit or hire any employee, consultant, sales agent or sales agent
            representative of Osteotech; or

<PAGE>

      (d)   directly or indirectly encourage or assist any director, officer,
            employee, agent, consultant, sales agent, sales agent
            representative, customer or supplier of Osteotech to terminate or
            alter his/her/its relationship with Osteotech.

      2. Employee acknowledges and agrees that the scope of each of the
covenants contained herein are reasonable and necessary to protect the
legitimate business interests of Osteotech. Employee and Osteotech agree that,
in the event of a breach of this Agreement by Employee, Osteotech would be
seriously damaged although the amount of damages sustained by Osteotech would be
difficult to ascertain. Therefore, in the event of a breach, Osteotech shall
have the right to obtain an injunction or other appropriate equitable relief,
and to seek all other appropriate legal remedies, including damages. Moreover,
the twelve (12) month period referred to in the preceding paragraph shall be
extended for a period equal to the duration of any breach of Employee's
obligations pursuant to this Agreement. Provided Osteotech prevails in any legal
action brought against Employee, Osteotech shall also be entitled to recover
from Employee reasonable costs and attorney's fees that it may incur in
connection with any legal action brought by Osteotech to enforce any provision
of this Agreement.

      3. Employee shall notify any prospective employer, in writing, of the
existence of this Agreement, and provide a copy of such written notice to the
Human Resources Department of Osteotech. Employee consents to the disclosure of
this Agreement by Osteotech to prospective and future employers of Employee.

      4. Employee will serve Osteotech's best interests loyally and diligently
throughout the term of employment. Throughout the term of employment, and at all
times thereafter, Employee will not disclose to any person, firm, corporation or
entity (except as authorized by Osteotech) any confidential information relating
to Osteotech's business, including without limitation, information relating to
trade secrets, business methods, products, processes,

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<PAGE>

procedures, development or experimental projects, suppliers, customer lists or
the needs of customers or prospective customers. Employee will not use such
information for any purpose other than to do his or her job for Osteotech and at
no time, either during his or her employment or anytime after such employment
ends, shall Employee use such information for Employee's own purpose or for the
purpose of any person, firm, corporation or entity, except Osteotech.

      5. Employee will promptly disclose to Osteotech for its sole use and
benefit any and all inventions, improvements, technical information, discoveries
and suggestions relating in any way to the business, products or actual or
anticipated research of Osteotech (whether patentable or not), which Employee
may develop, acquire, conceive or reduce to practice while employed by
Osteotech, either alone or in collaboration with others, or resulting from any
work performed by Employee for Osteotech, whether or not during usual working
hours (the "Inventions"). Employee will assign to Osteotech all right, title and
interest in and to the Inventions, together with all patent applications
(including divisionals, continuations and continuations-in-part), letters
patent, copyright applications and registrations, and all reissues and renewals
therefor, that may at any time be filed or issued for the Inventions. In
connection therewith:

      (a)   Employee will, without charge, but at the expense of Osteotech,
            promptly execute and deliver all documents as may be necessary or
            proper in the opinion of Osteotech to vest in Osteotech all right,
            title and interest in and to the Inventions, and all patent
            applications (including divisionals, continuations and
            continuations-in-part), letters patent, copyrights applications and
            registrations, reissues and renewals therefor, and to enable
            Osteotech to obtain and maintain its right, title and interest in
            and to the Inventions throughout the world; and

      (b)   Employee will, at the expense of Osteotech (including reasonable
            payment by Osteotech for Employee's time in the event Employee is
            not then in Osteotech's employ), do all such acts and render such
            assistance as Osteotech may require or request in connection with
            the prosecution or maintenance of any patent applications (including
            divisionals, continuations and continuations-in-part), letters
            patent, copyright applications or registrations, all reissues or
            renewals obtained therefor, or any other forms of protection sought
            or obtained for the Inventions, and in connection with the defense
            or prosecution of any controversy

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<PAGE>

            or legal or administrative proceedings involving or relating to the
            Inventions, throughout the world.

      6. Employee acknowledges that nothing contained in this Agreement is
intended to create or imply a contract for either employment or for the
provision of any benefit for any particular length of time. Employee's
employment with Osteotech shall be at will. Employee has the right to terminate
his or her employment at any time and for any reason, and Osteotech has the same
right, to the extent not prohibited by law, with or without cause or notice.

      7. Any failure by Osteotech to exercise any of its rights under this
Agreement in the event of any breach of this Agreement by Employee shall not be
construed as a waiver of any such breach or act to prevent Osteotech from
requiring strict compliance with the terms of this Agreement.

      8. If any provision of this Agreement or compliance by any of the parties
with any provision of this Agreement constitutes a violation of any law, or is
or becomes unenforceable or void, then such provision, to the extent only that
it is in violation of law, unenforceable or void, shall be deemed modified to
the extent necessary so that it is no longer in violation of law, unenforceable
or void, and such provision will be enforced to the fullest extent permitted by
law. If such modification is not possible, said provision, to the extent that it
is in violation of law, unenforceable or void, shall be deemed severable from
this Agreement, which will remain binding on the parties. This Agreement shall
be interpreted in accordance with the laws of the State of New Jersey, without
regard to conflicts of law principles. Venue for the adjudication of any
disputes arising out of this Agreement shall be in the State of New Jersey.

      9. This Agreement shall be binding upon the parties hereto and their
respective heirs, personal representatives, successors and assigns.

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<PAGE>

      10. This Agreement constitutes the entire and exclusive agreement between
Employee and Osteotech pertaining to the subject matter hereof, and supercedes
and replaces any earlier agreements between the parties pertaining to the
subject matter hereof.

      11. This Agreement and all terms hereof may not be changed, waived,
discharged, or terminated orally, but only by a writing signed by Employee and
the President of Osteotech or his designee.

         OSTEOTECH, INC.                               EMPLOYEE

By: _______________________                   By:_______________________
    Richard W. Bauer                             Sam Owusu-Akyaw
    Chief Executive Officer

Date: July 2, 2004                            Date: July 2, 2004
      ------------                                  ------------

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