Document:

exv10w17wxay

Exhibit 10.17(a)

SEVERANCE AGREEMENT

     THIS SEVERANCE AGREEMENT (this “Agreement”) is made as of the 3rd day of January, 2011 by and
between Integra LifeSciences Holdings Corporation, a Delaware Corporation, and Judith E. O’Grady
(“Executive”).

Background

     WHEREAS, this Agreement is, in part, intended to specify the financial arrangements that the
Company (as defined below) will provide to Executive upon Executive’s separation from employment
with the Company in connection with or after a Change in Control (as defined below).

     NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein
and intended to be legally bound hereby, the parties hereto agree as follows:

Terms

     1. Definitions. The following words and phrases shall have the meanings set forth
below for the purposes of this Agreement (unless the context clearly indicates otherwise):

	 	(a)	 	“Base Salary” shall mean a minimum base salary of
$250,000 per year, payable in periodic installments in accordance with the
Company’s regular payroll practices in effect from time to time. Executive’s
Base Salary shall be subject to annual reviews, and may increase pursuant to
such reviews, in which case the increased annual Base Salary shall become the
“Base Salary.”
	 
	 	(b)	 	“Board” shall mean the Board of Directors of the
Company, or any successor thereto.
	 
	 	(c)	 	“Cause,” as determined by the Board in good faith,
shall mean Executive has —

	 	(1)	 	failed to perform his stated
duties in all material respects, which failure continues for 15
days after his receipt of written notice of the failure;
	 
	 	(2)	 	intentionally and materially
breached any provision of this Agreement and not cured such
breach (if curable) within 15 days of his receipt of written
notice of the breach;
	 
	 	(3)	 	demonstrated his personal
dishonesty in connection with his employment by the Company;
	 
	 	(4)	 	engaged in a breach of fiduciary
duty in connection with his employment with the Company;

 

 

	 	(5)	 	engaged in willful misconduct that is materially and
demonstrably injurious to the Company or any of its
subsidiaries; or
	 
	 	(6)	 	been convicted or entered a plea
of guilty or nolo contendere to a felony or to
any other crime involving moral turpitude which conviction or
plea is materially and demonstrably injurious to the Company or
any of its subsidiaries.

	 	(d)	 	A “Change in Control” of the Company shall be deemed to
have occurred:

	 	(1)	 	if the “beneficial ownership” (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934)
of securities representing more than fifty percent (50%) of the
combined voting power of Company Voting Securities (as herein
defined) is acquired by any individual, entity or group (a
“Person”), other than the Company, any trustee or other
fiduciary holding securities under any employee benefit plan of
the Company or an affiliate thereof, or any corporation owned,
directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of stock
of the Company (for purposes of this Agreement, “Company Voting
Securities” shall mean the then outstanding voting securities of
the Company entitled to vote generally in the election of
directors); provided, however, that any acquisition from
the Company or any acquisition pursuant to a transaction which
complies with clauses (i), (ii) and (iii) of paragraph (3) of
this definition shall not be a Change in Control under this
paragraph (1); or
	 
	 	(2)	 	if individuals who, as of the
date hereof, constitute the Board (the “Incumbent Board”) cease
for any reason during any period of at least 24 months to
constitute at least a majority of the Board; provided, however,
that any individual becoming a director subsequent to the date
hereof whose election, or nomination for election by the
Company’s stockholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board
shall be considered as though such individual were a member of
the Incumbent Board, but excluding, for this purpose, any such
individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened
solicitation of proxies or

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	 	 	 	consents by or on behalf of a Person other than the Board; or
	 
	 	(3)	 	upon consummation by the Company
of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the
Company or the acquisition of assets or stock of any entity (a
“Business Combination”), in each case, unless immediately
following such Business Combination: (i) Company Voting
Securities outstanding immediately prior to such Business
Combination (or if such Company Voting Securities were converted
pursuant to such Business Combination, the shares into which
such Company Voting Securities were converted) (x) represent,
directly or indirectly, more than 50% of the combined voting
power of the then outstanding voting securities entitled to vote
generally in the election of directors of the corporation
resulting from such Business Combination (the “Surviving
Corporation”), or, if applicable, a corporation which as a
result of such transaction owns the Company or all or
substantially all of the Company’s assets either directly or
through one or more subsidiaries (the “Parent Corporation”) and
(y) are held in substantially the same proportions after such
Business Combination as they were immediately prior to such
Business Combination; (ii) no Person (excluding any employee
benefit plan (or related trust) of the Company or such
corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 50% or more of the
combined voting power of the then outstanding voting securities
eligible to elect directors of the Parent Corporation (or, if
there is no Parent Corporation, the Surviving Corporation)
except to the extent that such ownership of the Company existed
prior to the Business Combination; and (iii) at least a majority
of the members of the board of directors of the Parent
Corporation (or, if there is no Parent Corporation, the
Surviving Corporation) were members of the Incumbent Board at
the time of the execution of the initial agreement, or the
action of the Board, providing for such Business Combination; or
	 
	 	(4)	 	upon approval by the stockholders
of the Company of a complete liquidation or dissolution of the
Company.

	 	(e)	 	“Code” shall mean the Internal Revenue Code of 1986, as
amended.

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	 	(f)	 	“Company” shall mean Integra LifeSciences Holdings
Corporation and any corporation, partnership or other entity owned directly or
indirectly, in whole or in part, by Integra LifeSciences Holdings Corporation.
	 
	 	(g)	 	“Disability” shall mean Executive’s inability to
perform his duties hereunder by reason of any medically determinable physical
or mental impairment which is expected to result in death or which has lasted
or is expected to last for a continuous period of not fewer than six months.
	 
	 	(h)	 	“Good Reason” shall mean:

	 	(1)	 	a material breach of this
Agreement by the Company which is not cured by the Company
within 15 days of its receipt of written notice of the breach;
	 
	 	(2)	 	during the one-year period
following a Change in Control, the relocation by the Company of
Executive’s office to a location more than forty (40) miles from
Princeton, New Jersey, or, where Executive’s office is located
other than at the Company’s headquarters in Plainsboro, New
Jersey, to a location more than forty (40) miles from the
location of Executive’s office on the date hereof;
	 
	 	(3)	 	the Company’s failure to obtain
the assumption of this Agreement by any successor to the
Company; or
	 
	 	(4)	 	during the one-year period
following a Change in Control, the Company, without Executive’s
express written consent: (i) a reduction in Executive’s Base
Salary, bonus opportunity (if applicable) or the aggregate
fringe benefits provided to Executive; or (ii) a substantial
alteration of Executive’s authority and/or title or other
substantial diminution in the nature or status of Executive’s
responsibilities in a manner reasonably construed to constitute
a demotion.

	 	 	 	Notwithstanding the foregoing, Executive will not be deemed to have resigned
for Good Reason unless (1) Executive provides the Company with written
notice setting forth in reasonable detail the facts and circumstances
claimed by Executive to constitute Good Reason within 60 days after the date
of the occurrence of any event that Executive knows or should reasonably
have known constitutes Good Reason for voluntary termination, (2) the
Company fails to cure such acts or omissions within 30 days of its actual
receipt of such notice, and (3) the effective date of Executive’s
termination for Good Reason occurs no later than 30 days after the
expiration of the cure period.

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	 	(i)	 	“Retirement” shall mean the termination of Executive’s
employment with the Company in accordance with the retirement policies,
including early retirement policies, generally applicable to the Company’s
salaried employees.
	 
	 	(j)	 	“Term” shall have the meaning set forth in Section 2
hereof.
	 
	 	(k)	 	“Termination Date” shall mean the date on which
Executive’s employment with the Company terminates, as specified in the
Termination Notice.
	 
	 	(l)	 	“Termination Notice” shall mean a dated notice which:
(i) indicates the specific termination provision in this Agreement relied upon
(if any); (ii) sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for the termination of Executive’s employment under
such provision; (iii) specifies a Termination Date; and (iv) is given in the
manner specified in Section 16(i).

     2. Term of Agreement. The term of this Agreement shall commence on the date hereof as
first written above and shall terminate on December 31, 2011 (the “Term”), provided, that,
notwithstanding any decision of the Company not to extend this Agreement, this Agreement shall
continue in effect for a period of 12 months beyond the date on which a Change in Control occurs if
a Change in Control shall have occurred during the Term and while Executive is employed by the
Company.

     3. Termination of Employment.

	 	(a)	 	Prior to a Change in Control. Executive’s rights upon
termination of employment prior to a Change in Control shall be governed by the
Company’s standard employment termination policies and practices applicable to
Executive in effect at the time of termination or, if applicable, any written
employment agreement between the Company and Executive other than this
Agreement in effect at the time of termination.
	 
	 	(b)	 	After a Change in Control.

	 	(i)	 	From and after the date of a Change in Control
during the Term, the Company shall not terminate Executive from
employment with the Company except as provided in this Section 3(b) or
as a result of Executive’s Disability, Retirement or death.
	 
	 	(ii)	 	From and after the date of a Change in Control
during the Term, the Company shall have the right to terminate
Executive from employment with the Company at any time during the Term
for Cause, by written notice to Executive, specifying the particulars
of the conduct of Executive forming the basis for such termination.

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	 	(iii)	 	From and after the date of a Change in Control
during the Term, subject to Section 4 below: (x) the Company shall have
the right to terminate Executive’s employment without Cause, at any
time; and (y) Executive shall have the right to voluntarily terminate
his employment for Good Reason.

     4. Payments Upon Termination of Employment.

	 	(a)	 	As consideration for the restrictive covenants contained in
Section 5, in the event that within twelve months of a Change in Control (i)
Executive terminates his employment for Good Reason, or (ii) Executive’s
employment is terminated by the Company for a reason other than Retirement,
Disability, death or Cause, then the Company shall:

	 	(i)	 	pay Executive a lump-sum severance amount equal
to Executive’s annual Base Salary (determined without regard to any
reduction that would give rise to Good Reason) as of his last day of
active employment; the severance amount shall be paid in a single sum
on the first business day of the month following the Termination Date;
and
	 
	 	(ii)	 	maintain and provide to Executive, for a period
commencing on the Termination Date and ending on the earlier of (A) the
end of the twelfth month after the Termination Date, or (B) Executive’s
death, continued health coverage in the plan in which Executive was
participating immediately prior to the Termination Date; provided that
the continuation of such coverage is not prohibited by the terms of the
plan or by the Company for legal reasons; and provided further, that in
order to receive such continued coverage, Executive shall be required
to pay to the Company at the same time that premium payments are due
for the month an amount equal to the full monthly premium payments
required to pay for such coverage and the Company shall reimburse to
Executive the amount of such monthly premium, less the amount that
Executive was required to pay for such coverage immediately prior to
the Termination Date (the “Health Payment”), no later than the next
payroll date of the Company that occurs after the date the premium for
the month is paid by Executive. In addition, on each date on which the
monthly Health Payments are made, the Company shall pay to Executive an
additional amount equal to the federal, state and local income and
payroll taxes that Executive incurs on each monthly Health Payment (the
“Health Gross-up Payment”). The Health Payment and the Health Gross-up
Payment shall be reimbursed to Executive in a manner that complies with
the requirements of Treas. Reg. §1.409A-3(i)(1)(iv), and in no event
will the Health Gross-up Payment be paid to Executive later than the
end of the calendar year following that in which Executive

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	 	 	 	remits the underlying taxes incurred by the Executive on the
applicable Health Payment; and
	 
	 	(iii)	 	pay to Executive a lump sum cash payment
within thirty (30) days following Executive’s Termination Date equal to
the premium cost of continuing the life and disability insurance in
effect on Executive’s Termination Date for the period ending on the end
of the twelfth month after the Termination Date; provided that the
continuation of such benefits is not prohibited by the terms of the
plan or by the Company for legal reasons.
	 
	 	(iv)	 	If any payment or benefit to Executive under
this Agreement would be considered a “parachute payment” within the
meaning of Section 280G(b)(2) of the Code and, if, after reduction for
any applicable federal excise tax imposed by Section 4999 of the Code
(the “Excise Tax”) and federal income tax imposed by the Code,
Executive’s net proceeds of the amounts payable and the benefits
provided under this Agreement would be less than the amount of
Executive’s net proceeds resulting from the payment of the Reduced
Amount described below, after reduction for federal income taxes, then
the amount payable and the benefits provided under this Agreement shall
be limited to the Reduced Amount. The “Reduced Amount” shall be the
largest amount that could be received by Executive under this Agreement
such that no amount paid to Executive under this Agreement and any
other agreement, contract or understanding heretofore or hereafter
entered into between Executive and the Company (the “Other Agreements”)
and any formal or informal plan or other arrangement heretofore or
hereafter adopted by the Company for the direct or indirect provision
of compensation to Executive (including groups or classes of
participants or beneficiaries of which Executive is a member), whether
or not such compensation is deferred, is in cash, or is in the form of
a benefit to or for Executive (a “Benefit Plan”) would be subject to
the Excise Tax. In the event that the amount payable to Executive
shall be limited to the Reduced Amount, then, first non-cash benefits
that are not equity-based shall be reduced, then equity award vesting
acceleration and next new equity award grants shall be reduced,
followed by a reduction of cash payments, including without limitation
the severance amounts set forth in Section 4, beginning with payments
that would be made last in time, in all cases, (A) if and to the extent
not already provided, accelerated, granted or paid, as applicable,
prior to the date of such reduction, (B) only to the least extent
necessary so that no portion thereof shall be subject to the Excise
Tax, (C) in a manner that results in the best economic benefit to
Executive, and (D) to the extent economically equivalent, in a pro rata
manner.

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	 	(v)	 	Notwithstanding any provision to the contrary
herein, if at the time of Executive’s termination of employment the
Company’s stock is publicly traded and Executive is a “specified
employee” (as such term is defined in Section 409A(2)(B)(i) of the Code
and its corresponding regulations), then, to the extent that paying
such amounts at the time or times indicated in this Agreement would be
a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code,
all payments to Executive pursuant to this Section 4(a) that are deemed
as deferred compensation subject to the requirements of Section 409A of
the Code shall not be paid to Executive until as soon as
administratively practicable following the expiration of the six month
period following the date of Executive’s Termination Date, but not
later than the first Company payroll date that occurs after the end of
such six month period. If Executive dies during such six-month period
and prior to the payment of the postponed amounts hereunder, the
amounts withheld on account of Section 409A of the Code shall be paid
to the personal representative of Executive’s estate within thirty (30)
days after the date of Executive’s death. If any of the payments
payable pursuant to this Section 4(a) are deferred due to such
requirements, there shall be added to such payments interest during the
deferral period at a rate, per annum, equal to the applicable federal
short-term deferral rate (compounded monthly) in effect under Section
1274(d) of the Code on Executive’s Termination Date.

	 	(b)	 	Other Termination. In the event that Executive’s
employment terminates other than as set forth in Section 4(a), Executive’s
rights upon termination shall be governed by the Company’s standard employment
termination policies and practices applicable to Executive in effect at the
time of termination or, if applicable, any written employment agreement between
the Company and Executive other than this Agreement in effect at the time of
termination.
	 
	 	(c)	 	Termination Notice. Except in the event of Executive’s
death, a termination under this Agreement shall be effected by means of a
Termination Notice.

	5.	 	Restrictive Covenants.

	 	(a)	 	Covenant Not to Compete. During the Term and for a
period of one year following the Termination Date of Executive’s employment,
Executive shall not, without the express written consent of the Company,
directly or indirectly: (I) engage, anywhere within the geographical areas in
which the Company is conducting business operations or providing services as of
the date of Executive’s termination of employment, in the tissue engineering
business (the use of implantable absorbable materials, with or without a
bioactive component, to attempt to elicit a specific cellular

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	 	 	 	response in order to regenerate tissue or to impede the growth of tissue or
migration of cells) (the “Tissue Engineering Business”), neurosurgery
business (the use of surgical instruments, implants, monitoring products or
disposable products to treat the brain or central nervous system)
(“Neurosurgery Business”), instrument business (general surgical handheld
instruments used for general purposes in surgical procedures) (“Instrument
Business”), reconstruction business (bone fixation devices for foot and
ankle reconstruction procedures) (“Reconstruction Business”) or in any other
line of business the revenues of which constituted at least 50% of the
Company’s revenues during the six (6) month period prior to the Termination
Date (together with the Tissue Engineering Business, Neurosurgery Business,
Instrument Business and Reconstruction Business, the “Business”); (II) be or
become a stockholder, partner, owner, officer, director or employee or agent
of, or a consultant to or give financial or other assistance to, any person
or entity engaged in the Business; (III) seek in competition with the
Business to procure orders from or do business with any customer of the
Company; (IV) solicit, or contact with a view to the engagement or
employment by any person or entity of, any person who is an employee of the
Company; (V) seek to contract with or engage (in such a way as to adversely
affect or interfere with the business of the Company) any person or entity
who has been contracted with or engaged to manufacture, assemble, supply or
deliver products, goods, materials or services to the Company; or (VI)
engage in or participate in any effort or act to induce any of the
customers, associates, consultants, or employees of the Company to take any
action which might be disadvantageous to the Company; provided, however,
that nothing herein shall prohibit Executive and his affiliates from owning,
as passive investors, in the aggregate not more than 5% of the outstanding
publicly traded stock of any corporation so engaged and provided, further,
however, that nothing set forth in this Section 5(a) shall prohibit
Executive from becoming an employee or agent of, or consultant to, any
entity that is engaged in the Business so long as Executive does not engage
in any activities in the Business in any capacity for said entity.
	 
	 	(b)	 	Confidentiality. Executive acknowledges a duty of
confidentiality owed to the Company and shall not, at any time during or after
his employment by the Company, retain in writing, use, divulge, furnish, or
make accessible to anyone, without the express authorization of the Board, any
trade secret, private or confidential information or knowledge of the Company
obtained or acquired by him while so employed. All computer software, business
cards, telephone lists, customer lists, price lists, contract forms, catalogs,
the Company books, records, files and know-how acquired while an employee of
the Company are acknowledged to be the property of the Company and shall not be
duplicated, removed from the Company’s possession or premises or made use of other than in pursuit of the Company’s business or as may otherwise be required
by law or any legal process, or as is necessary in connection with any
adversarial

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	 	 	 	proceeding against the Company and, upon termination of employment for any
reason, Executive shall deliver to the Company all copies thereof which are
then in his possession or under his control. No information shall be
treated as “confidential information” if it is generally available public
knowledge at the time of disclosure or use by Executive.
	 
	 	(c)	 	Inventions and Improvements. Executive shall promptly
communicate to the Company all ideas, discoveries and inventions which are or
may be useful to the Company or its business. Executive acknowledges that all
such ideas, discoveries, inventions, and improvements which heretofore have
been or are hereafter made, conceived, or reduced to practice by him at any
time during his employment with the Company heretofore or hereafter gained by
him at any time during his employment with the Company are the property of the
Company, and Executive hereby irrevocably assigns all such ideas, discoveries,
inventions and improvements to the Company for its sole use and benefit,
without additional compensation. The provisions of this Section 5(c) shall
apply whether such ideas, discoveries, inventions, or improvements were or are
conceived, made or gained by him alone or with others, whether during or after
usual working hours, whether on or off the job, whether applicable to matters
directly or indirectly related to the Company’s business interests (including
potential business interests), and whether or not within the specific realm of
his duties. Executive shall, upon request of the Company, but at no expense to
Executive, at any time during or after his employment with the Company, sign
all instruments and documents reasonably requested by the Company and otherwise
cooperate with the Company to protect its right to such ideas, discoveries,
inventions, or improvements including applying for, obtaining and enforcing
patents and copyrights thereon in such countries as the Company shall
determine.
	 
	 	(d)	 	Breach of Covenant. Executive expressly acknowledges
that damages alone will be an inadequate remedy for any breach or violation of
any of the provisions of this Section 5 and that the Company, in addition to
all other remedies, shall be entitled as a matter of right to equitable relief,
including injunctions and specific performance, in any court of competent
jurisdiction. If any of the provisions of this Section 5 are held to be in any
respect unenforceable, then they shall be deemed to extend only over the
maximum period of time, geographic area, or range of activities as to which
they may be enforceable.
	 
	 	(e)	 	Survivability. Executive’s obligations under this
Section 5 shall survive termination of this Agreement and/or termination of
Executive’s employment regardless of the manner of termination and shall be
binding upon Executive’s heirs, executors, administrators and legal
representatives.

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     6. Condition to Payment. Executive’s receipt of the compensation benefits set forth
herein are expressly conditioned upon Executive’s execution of a general release satisfactory to
the Company.

     7. No Duty to Mitigate. Executive shall not be required to mitigate the amount of any
payment or benefit provided for in this Agreement by seeking other employment or otherwise, nor
shall the amount of any payment or benefit provided for herein be reduced by any compensation
earned by other employment or otherwise.

     8. No Set-off. Following a Change in Control, the Company’s obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any circumstances, including, without limitation, any set-off, counterclaim,
recoupment, defense or other right which the Company may have against Executive or otherwise
arising.

     9. Limitation on Obligations of the Company. Executive understands that this
Agreement does not create an obligation on the Company or any other person or entity to continue
his employment or to exploit any Inventions. Executive understands and acknowledges that his
employment with the Company is for an unspecified duration and constitutes “at-will” employment and
that this employment relationship may be terminated at any time, with or without cause, either at
Executive’s or the Company’s option, with or without notice.

     10. Executive Duties. Unless such notice is waived by the Company, Executive shall not
terminate employment with the Company without giving 30 days’ prior notice to the Board, and during
such 30-day period Executive will assist, as and to the extent reasonably requested by the Company,
in training the successor to Executive’s position with the Company; provided, however, that the
provisions of Section 1(h) shall control over this Section 10 in the event of a voluntary
termination by Executive for Good Reason.

     11. Withholding. The Company shall have the right to withhold from all payments made
pursuant to this Agreement any federal, state, or local taxes and such other amounts as may be
required by law to be withheld from such payments.

     12. Assignability. The Company may assign this Agreement and its rights and
obligations hereunder in whole, but not in part, to any entity to which the Company may transfer
all or substantially all of its assets, if in any such case said entity shall expressly in writing
assume all obligations of the Company hereunder as fully as if it had been originally made a party
hereto. The Company may not otherwise assign this Agreement or its rights and obligations
hereunder. This Agreement is personal to Executive and his rights and duties hereunder shall not
be assigned except as expressly agreed to in writing by the Company.

     13. Death of Executive. Any amounts due Executive under this Agreement (not including
any Base Salary not yet earned by Executive) unpaid as of the date of Executive’s death shall be
paid in a single sum within thirty (30) days after Executive’s death to Executive’s surviving
spouse, or if none, to the duly appointed personal representative of his estate.

     14. Legal Expenses. In the event of a termination pursuant to Section 4(a) hereof,
the Company shall also pay to Executive all reasonable legal fees and expenses incurred by

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Executive as a result of such termination of employment (including all fees and expenses, if
any, incurred by Executive in contesting or disputing any such termination or in seeking to obtain
to enforce any right or benefit provided to Executive by this Agreement whether by arbitration or
otherwise).

	 	15.	 	Miscellaneous.

	 	(a)	 	Amendment. No provision of this Agreement may be
amended unless such amendment is signed by Executive and such officer as may be
specifically designated by the Board to sign on the Company’s behalf.
	 
	 	(b)	 	Nature of Obligations. Nothing contained herein shall
create or require the Company to create a trust of any kind to fund any
benefits which may be payable hereunder, and to the extent that Executive
acquires a right to receive benefits from the Company hereunder, such right
shall be no greater than the right of any unsecured general creditor of the
Company.
	 
	 	(c)	 	ERISA. For purposes of the Employee Retirement Income
Security Act of 1974, as amended, this Agreement is intended to be a severance
pay employee welfare benefit plan, and not an employee pension plan, and shall
be construed and administered with that intention.
	 
	 	(d)	 	Prior Employment. Executive represents and warrants
that his acceptance of employment with the Company has not breached, and the
performance of his duties for the Company will not breach, any duty owed by him
to any prior employer or other person.
	 
	 	(e)	 	Headings. The Section headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation or this Agreement. In the event of a conflict
between a heading and the content of a Section, the content of the Section
shall control.
	 
	 	(f)	 	Gender and Number. Whenever used in this Agreement, a
masculine pronoun is deemed to include the feminine and a neuter pronoun is
deemed to include both the masculine and the feminine, unless the context
clearly indicates otherwise. The singular form, whenever used herein, shall
mean or include the plural form where applicable.
	 
	 	(g)	 	Severability. If any provision of this Agreement or
the application thereof to any person or circumstance shall be invalid or
unenforceable under any applicable law, such event shall not affect or render
invalid or unenforceable any other provision of this Agreement and shall not
affect the application of any provision to other persons or circumstances.
	 
	 	(h)	 	Binding Effect. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors,
permitted assigns, heirs, executors and administrators.

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	 	(i)	 	Notice. For purposes of this Agreement, notices and
all other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given if hand-delivered, sent by documented
overnight delivery service or by certified or registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth
below:

	 	 	 	To the Company:

	 	 	 	Integra LifeSciences Holdings Corporation

311 Enterprise Drive

Plainsboro, New Jersey 08536

Attn: President and CEO

	 	 	 	With a copy to:

	 	 	 	The Company’s General Counsel:

	 	 	 	To Executive:

	 	 	 	Judith E. O’Grady

c/o Integra LifeSciences Corporation

311 Enterprise Drive

Plainsboro, NJ 08536

	 	(j)	 	Entire Agreement. This Agreement sets forth the entire
understanding of the parties and supersedes all prior agreements, arrangements
and communications, whether oral or written, pertaining to the subject matter
hereof.
	 
	 	(k)	 	Governing Law. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the United States where applicable and otherwise by the laws of the State of
New Jersey.
	 
	 	(l)	 	Section 409A.

	 	(i)	 	This Agreement shall be interpreted in
accordance with Section 409A of the Code and Department of Treasury
regulations and other interpretive guidance issued thereunder and to
avoid any penalty sanctions under Section 409A of the Code. If any
payment or benefit cannot be provided or made at the time specified
herein without incurring sanctions under Section 409A of the Code, then
such benefit or payment shall be provided in full at the earliest time
thereafter when such sanctions will not be imposed. All payments to be
made upon a termination of employment under this Agreement may only be
made upon a “separation from service”

13

 

	 	 	 	under Section 409A of the Code. For purposes of Section 409A of the
Code, each payment made under this Agreement shall be treated as a
separate payment. In no event may Executive, directly or indirectly,
designate the calendar year of payment.
	 
	 	(ii)	 	All reimbursements provided under this
Agreement shall be made or provided in accordance with the requirements
of Section 409A of the Code, including, where applicable, the
requirement that (A) any reimbursement is for expenses incurred during
Executive’s lifetime (or during a shorter period of time specified in
this Agreement), (B) the amount of expenses eligible for reimbursement
during a calendar year may not affect the expenses eligible for
reimbursement in any other calendar year, (C) the reimbursement of an
eligible expense will be made on or before the last day of the calendar
year following the year in which the expense is incurred, and (D) the
right to reimbursement is not subject to liquidation or exchange for
another benefit. If expenses are incurred in connection with
litigation, any reimbursements under the Agreement shall be paid not
later than the end of the calendar year following the year in which the
litigation is resolved.

     IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written.

	 	 	 	 	 	 	 	 	 

	INTEGRA LIFESCIENCES 

EXECUTIVE HOLDINGS CORPORATION	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 
	By: 

Its:

	 	/s/ Stuart M. Essig
 

Chief Executive Officer
	 	 	 	/s/ Judith E. O’Grady
 

Judith E. O’Gradyexv10w28wxby

Exhibit
10.28(b)

[Form for Essig Annual RSU Grant]

INTEGRA LIFESCIENCES HOLDINGS CORPORATION

CONTRACT STOCK / RESTRICTED UNITS AGREEMENT

Pursuant to

2003 EQUITY INCENTIVE PLAN

     AGREEMENT, dated as of ____________, 20__, by and between Integra LifeSciences Holdings
Corporation, a Delaware corporation (the “Company”), and Stuart M. Essig
(“Executive”).

     WHEREAS, the Company and Executive previously entered into that certain Second Amended and
Restated Employment Agreement dated as of July 27, 2004, as amended by Amendment 2006-1 to the
Second Amended and Restated Employment Agreement, Amendment 2008-1 to the Second Amended and
Restated Employment Agreement, Amendment 2008-2 to the Second Amended and Restated Employment
Agreement and Amendment 2009-1 to the Second Amended and Restated Employment Agreement (such Second
Amended and Restated Employment Agreement, as so amended being hereinafter called the
“Employment Agreement”), pursuant to which Executive will continue to serve as Chief
Executive Officer of the Company, on the terms and conditions set forth and described therein;

     WHEREAS, pursuant to the Employment Agreement, the Company has agreed to grant to Executive an
annual equity-based award under the Integra LifeSciences Holdings Corporation Second Amended and
Restated 2003 Equity Incentive Plan (the “2003 Plan”), the terms of which are hereby
incorporated by reference and made a part of this Agreement; and

     WHEREAS, the Compensation Committee of the Board of Directors of the Company, appointed to
administer the 2003 Plan, has determined that it would be to the advantage and in the best interest
of the Company and its stockholders to grant to the Executive an annual award for [INSERT YEAR] of
an aggregate of [_________] (_________________) shares of contract stock in the form of restricted
units (the “Units”) representing the right to receive an equal number of shares of common
stock of the Company, par value $.01 per share (“Common Stock”), on the terms and
conditions set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration the legal sufficiency of which is hereby acknowledged, the parties
hereto, intending to be legally bound hereby, agree as follows:

     1. Definitions. Capitalized terms not otherwise defined herein shall have the
meaning set forth in the Employment Agreement or the 2003 Plan, as applicable, unless otherwise
indicated.

     2. Grant of Units. Pursuant to Section 3.2(c)(i)(C) of the Employment Agreement,
Executive is hereby granted, as of ____________, 20__ (the “Grant Date”), deferred
compensation in the form of [_________] [(_________________)] Units pursuant to the terms of

 

 

this Agreement and the 2003 Plan. The Executive’s right to receive the shares of Common Stock
underlying the Units shall be subject to forfeiture as provided in Section 4 of this Agreement.

     3. Vesting.

          (a) Subject to paragraph (b) and Section 4 below, the Units shall vest in cumulative
installments as follows:

     (i) One-third (1/3) of the Units shall vest on the first anniversary of the Grant
Date;

     (ii) One-third (1/3)
of the Units shall vest on the second anniversary of the
Grant Date; and

     (iii) One-third (1/3)
of the Units shall vest on the third anniversary of the
Grant Date;

          (b) One hundred percent (100%) of the then outstanding Units shall vest in the event that:

     (i) Executive incurs a Termination of Service (as defined below) (1) by the
Company without “Cause” (as defined in Section 4.3 of the Employment Agreement), (2)
by the Executive for “Good Reason” (as defined in Section 4.4 of the Employment
Agreement), (3) by reason of a “Disability Termination” (as defined in Section 4.2
of the Employment Agreement), (4) by reason of the Executive’s death, (5) as a
result of the Employment Agreement (or the Executive’s successor employment
agreement with the Company, if any) not being amended, renewed or replaced by a new
employment agreement upon the expiration of such agreement on December 31, 2011 or
the Extended Expiration Date (as defined below), as applicable; or

     (ii) a “Change in Control” (as defined in the Employment Agreement) that occurs
prior to the Executive’s Termination of Service.

          (c) For purposes of this Agreement, (1) “Termination of Service” shall mean the time
when the Executive ceases to provide services to the Company and its Related Corporations and
Affiliates as an employee or Associate for any reason with or without cause, including, but not by
way of limitation, a termination by resignation, discharge, death, or disability. A Termination of
Service shall not include a termination where the Executive is simultaneously reemployed by, or
remains employed by, or continues to provide services to, the Company and/or one or more of its
Related Corporations and Affiliates or a successor entity thereto; and (2) “Extended Expiration
Date” shall mean, in the event that the Executive and the Company enter into (including by way
of an automatic extension) a new, amended or renewed employment agreement on or prior to December
31, 2011, the last day of the term of such new, amended or renewed employment agreement.

     4. Forfeiture of Units. Immediately upon a Termination of Service for any reason
other than the Executive’s death or Disability, the Executive shall forfeit any and all Units which
have

2

 

not vested or do not vest on or prior to such termination, and the Executive’s rights in any
such Units which are not so vested shall terminate, lapse and expire (including the Executive’s
right to receive the shares underlying such Units).

     5. Dividend Equivalents. Executive shall be entitled to receive, with respect to all
outstanding vested Units (as such Units may be adjusted under Section 8), dividend equivalent
amounts equal to the regular quarterly cash dividend payable to holders of Common Stock (to the
extent regular quarterly cash dividends are paid) as if Executive were an actual shareholder with
respect to the number of shares of Common Stock equal to his outstanding vested Units. Such
dividend equivalent amounts shall be aggregated on a quarterly basis while the Units are
outstanding and paid to Executive within thirty (30) days following the first business day that
occurs immediately following the 6-month period after the date of Executive’s “separation from
service” from the Company (within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue
Code of 1986, as amended (the “Code”) and its corresponding regulations) (a “Separation
from Service”). For the avoidance of doubt, such dividend equivalent amounts shall only be
paid with respect to Units that are vested as of the applicable dividend payment date, and
Executive shall not be entitled to receive any dividend equivalent amounts with respect to Units
that are not vested as of such dividend payment date. The dividend equivalents and any amounts
that may become payable in respect thereof shall be treated separately from the Units and the
rights arising in connection therewith for purposes of the designation of time and form of payments
required by Code Section 409A.

     6. Payment of Units.

          (a) The shares of Common Stock underlying Units which are then vested under Section 3(a) or
3(b) (the “Unit Shares”) shall be paid out to Executive within thirty (30) days following
the first business day that occurs immediately following the 6-month period after the date of
Executive’s Separation from Service.

          (b) All payments of Unit Shares shall be made by the Company in the form of whole shares of
Common Stock, and any fractional share shall be distributed in cash in an amount equal to the value
of such fractional share determined based on the Fair Market Value (as defined in the 2003 Plan) as
of the date immediately prior to such distribution.

          (c) Any Unit Shares delivered shall be deposited in an account designated by Executive and
maintained at a brokerage house selected by Executive. Any such Unit Shares shall be duly
authorized, fully paid and non-assessable shares, listed with NASDAQ or the principal United States
securities exchange on which the Common Stock is admitted to trading and, so long as the Company is
required to file reports under Section 13 or 15(d) of the Securities Exchange Act of 1934,
registered on a Form S-8 registration statement maintained by the Company, if registration is
requested by Executive.

          (d) Except as otherwise provided in this Agreement, Executive shall not be deemed to be a
holder of any Common Stock pursuant to a Unit until the date of the issuance of a certificate to
him for such shares and, except as otherwise provided in this Agreement, Executive shall not have
any rights to dividends or any other rights of a shareholder with respect to the

3

 

shares of Common Stock covered by a Unit until such shares of Common Stock have been issued to him,
which issuance shall not be unreasonably delayed.

          (e) The Company shall be entitled to withhold in cash, shares or deduction from other
compensation payable to the Executive any sums required by federal, state or local tax law to be
withheld with respect to the grant, vesting, distribution or payment of the Units or the Unit
Shares. In satisfaction of the foregoing requirement with respect to the grant, vesting,
distribution or payment of the Units or Unit Shares, to the extent permitted by Section 409A of the
Code, including Treas. Reg. Section 1.409A-3(j)(4)(vi), the Company shall withhold shares of Common
Stock otherwise issuable upon payment of the Units having a Fair Market Value equal to the sums
required to be withheld. Subject to the following sentence, the number of shares of Common Stock
which shall be so withheld in order to satisfy the Executive’s federal, state and local withholding
tax liabilities with respect to the grant, vesting, distribution or payment of the Units or Unit
Shares shall be limited to the number of shares which have a Fair Market Value on the date of
withholding equal to the aggregate amount of such liabilities based on the minimum statutory
withholding rates for federal, state and local tax purposes that are applicable to such
supplemental taxable income. In the event that the number of shares of Common Stock having a Fair
Market Value equal to the sums required to be withheld is not a whole number of shares, the number
of shares so withheld shall be rounded up to the nearest whole share.

          (f) Executive’s right to receive payment of any amounts under this Agreement shall be an
unfunded entitlement and shall be an unsecured claim against the general assets of the Company.

          (g) After payment in accordance with this Section 6, the Unit Shares may not be sold,
transferred or otherwise disposed of by Executive for a period of five days after receipt of such
shares by Executive, except that no such restrictions shall apply in the case of a Change in
Control or in the event that Unit Shares are sold or withheld in order to satisfy any obligations
Executive may have with respect to any applicable tax withholding requirements on vesting or
receipt of Unit Shares (including, without limitation, pursuant to Section 6(e) above).

     7. Representations. The Company represents and warrants that this Agreement has been
authorized by all necessary action of the Company, has been approved by the Board and is a valid
and binding agreement of the Company enforceable against it in accordance with its terms and that
the Unit Shares will be issued pursuant to and in accordance with the 2003 Plan, will be listed
with NASDAQ or the principal United States securities exchange on which the Common Stock is
admitted to trading, and will be validly issued, fully paid and non-assessable shares. The Company
further represents and warrants that the grant of Units under this Agreement has been approved by
the Company’s Compensation Committee, that the 2003 Plan has and will have sufficient shares
available to effect the distribution of the Unit Shares, and that the Company will file a Hart
Scott Rodino application with respect to Executive on a timely basis, if necessary, in connection
with the acquisition of Unit Shares by Executive under this Agreement.

     8. Changes in the Common Stock and Adjustment of Units.

4

 

          (a) In the event the outstanding shares of the Common Stock shall be changed into an increased
number of shares, through a share dividend or a split-up of shares, or into a decreased number of
shares, through a combination of shares, then immediately after the record date for such change,
the number of Units then subject to this Agreement shall be proportionately increased, in case of
such share dividend or split-up of shares, or proportionately decreased, in case of such
combination of shares. In the event the Company shall issue any of its shares of stock or other
securities or property (other than Common Stock which is covered by the preceding sentence), in a
reclassification of the Common Stock (including without limitation any such reclassification in
connection with a consolidation or merger in which the Company is the continuing entity), the kind
and number of Units subject to this Agreement immediately prior thereto shall be adjusted so that
the Executive shall be entitled to receive the same kind and number of shares or other securities
or property which the Executive would have owned or have been entitled to receive after the
happening of any of the events described above, had he owned the shares of the Common Stock
represented by the Units under this Agreement immediately prior to the happening of such event or
any record date with respect thereto, which adjustment shall become effective immediately after the
effective date of such event retroactive to the record date, if any, for such event.

          (b) In the event the Company shall distribute to all holders of the Common Stock evidences of
its indebtedness or assets (including leveraged recapitalizations with special cash distributions,
but excluding regular quarterly cash dividends), then in each case the number of Units thereafter
subject to this Agreement shall be determined by multiplying the number of Units theretofore
subject to this Agreement by a fraction, (i) the numerator of which shall be the then current
market price per share of Common Stock (as determined in paragraph (c) below) on the record date
for such distribution, and (ii) the denominator of which shall be the then current market price per
share of the Common Stock less the then fair value (as mutually determined in good faith by the
Board and the Executive) of the portion of the assets or evidences of indebtedness so distributed
applicable to a share of Common Stock. Such adjustment shall be made whenever any such
distribution is made, and shall become effective on the date of distribution retroactive to the
record date for the determination of shareholders entitled to receive such distribution.

          (c) For the purpose of any computation under paragraph (b) of this Section 8, the current
market price per share of the Common Stock at any date shall be deemed to be the average of the
daily Stock Prices (as defined herein) for 15 consecutive Trading Days (as defined herein)
commencing 20 Trading Days before the date of such computation. “Stock Price” for each
Trading Day shall be the “Fair Market Value” of the Common Stock (as defined in the 2003 Plan, as
in effect on the date of this Agreement) for such Trading Day. “Trading Day” shall be each
Monday, Tuesday, Wednesday, Thursday and Friday, other than any day on which the Common Stock is
not traded on the exchange or in the market which is the principal United States market for the
Common Stock.

          (d) For the purpose of this Section 8, the term “Common Stock” shall mean (i) the
class of Company securities designated as the Common Stock at the date of this Agreement, or (ii)
any other class of equity interest resulting from successive changes or reclassifications of such
shares consisting solely of changes in par value, or from par value to no par value, or from

5

 

no par value to par value. In the event that at any time, as a result of an adjustment made
pursuant to the second sentence of Section 8(a) above, the Executive shall become entitled to Units
representing any shares other than the Common Stock, thereafter the number of such other shares
represented by a Unit shall be subject to adjustment from time to time in a manner and on the terms
as nearly equivalent as practicable to the provisions with respect to the shares contained in this
Section 8, and the provisions of this Agreement with respect to the shares of Common Stock
represented by the Units shall apply on like terms to any such other shares.

          (e) In case of any Change in Control, consolidation of the Company, or merger of the Company
with another corporation as a result of which Common Stock is converted or modified, or in case of
any sale or conveyance to another corporation of the property, assets and business of the Company
as an entirety or substantially as an entirety, the Company shall modify the Units so as to provide
the Executive with Units reflecting the kind and amount of shares and other securities and property
(or cash, as applicable) that he would have owned or have been entitled to receive immediately
after the happening of such Change in Control, consolidation, merger, sale or conveyance had his
Units immediately prior to such action actually been shares and, if applicable, other securities of
the Company represented by those Units. The provisions of this Section 8(e) shall similarly apply
to successive consolidations, mergers, sales or conveyances.

          (f) If the Company distributes rights or warrants to all holders of its Common Stock entitling
them to purchase shares of Common Stock at a price per share less than the current market price per
share on the record date for the distribution, the Company shall distribute to Executive equivalent
amounts of such rights or warrants as if Executive were an actual shareholder with respect to the
number of shares of Common Stock equal to his outstanding Units. Such rights or warrants shall be
exercisable at the same time, on the same terms and for the same price as the rights or warrants
distributed to holders of the Common Stock; provided, however, that if such rights or warrants are
deemed to be deferred compensation subject to the requirements of Section 409A of the Code, such
rights or warrants shall be distributed to Executive in a manner that complies with such
requirements.

          (g) In case any event shall occur as to which the provisions of this Section 8 are not
applicable but the failure to make any adjustment would not fairly protect the rights represented
by the Units in accordance with the essential intent and principles of this Section 8 then, in each
such case, the Company shall make an adjustment, if any, on a basis consistent with the essential
intent and principles established in this Section 8, necessary to preserve, without dilution, the
rights represented by the Units. The Company will promptly notify the Executive of any such
proposed adjustment.

          (h) Notwithstanding anything to the contrary contained herein, the provisions of Section 8
shall not apply to, and no adjustment is required to be made in respect of, any of the following:
(i) the issuance of shares of Common Stock upon the exercise of any other rights, options or
warrants that entitle the holder to subscribe for or purchase such shares (it being understood that
the sole adjustment pursuant to this Section 8 in respect of the issuance of shares of Common Stock
upon exercise of rights, options or warrants shall be made at the time of the issuance by the
Company of such rights, options or warrants, or a change in the terms thereof);

6

 

(ii) the issuance of shares of Common Stock to the Company’s employees, directors or consultants
pursuant to bona fide benefit plans adopted by the Company’s Board; (iii) the issuance of shares of
Common Stock in a bona fide public offering pursuant to a firm commitment offering; (iv) the
issuance of shares of Common Stock pursuant to any dividend reinvestment or similar plan adopted by
the Company’s Board to the extent that the applicable discount from the current market price for
shares issued under such plan does not exceed 5%; and (v) the issuance of shares of Common Stock in
any arm’s length transaction, directly or indirectly, to any party.

          (i) Notwithstanding anything in this Agreement to the contrary, in the event of a spin-off by
the Company to its shareholders, Executive’s participation in such spin-off with respect to the
Units and the adjustment of the Units shall be determined in an appropriate and equitable manner,
and it is the intention of the parties hereto that, to the extent practicable, such adjustment
shall include an equity interest in the spin-off entity.

          (j) In the event the parties hereto cannot agree upon an appropriate and equitable adjustment
to the Units, the services of an independent investment banker mutually acceptable to Executive and
the Company shall (at the sole expense of the Company) be retained to determine an appropriate and
equitable adjustment, and such determination shall be binding upon the parties.

          (k) Each additional Unit which results from adjustments made pursuant to this Section 8 or the
2003 Plan shall be subject to the same terms and conditions regarding vesting and forfeiture as the
underlying Unit to which such additional Unit relates.

          (l) Notwithstanding the foregoing, no adjustment shall be made and no action shall be taken
under this Section 8 to the extent that such adjustment or action shall cause the Units to fail to
comply with Section 409A of the Code or the Treasury Regulations thereunder (to the extent
applicable to the Units).

     9. No Right to Employment. Nothing in this Agreement shall confer upon Executive the
right to remain in employ of the Company or any subsidiary of the Company.

     10. Nontransferability. This Agreement shall not be assignable or transferable by
the Company (other than to successors of the Company) and this Agreement and the Units shall not be
assignable or transferable by the Executive otherwise than by will or by the laws of descent and
distribution, and the Units may be paid out during the lifetime of the Executive only to him. More
particularly, but without limiting the generality of the foregoing, the Units may not be assigned,
transferred (except as provided in the preceding sentence), pledged, or hypothecated in any way
(whether by operation of law or otherwise), and shall not be subject to execution, attachment or
similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of
the Units contrary to the provisions of this Agreement, and any levy of any attachment or similar
process upon the Units, shall be null and void and without effect.

     11. Arbitration, Legal Fees and Expenses. If any contest or dispute shall arise
between the Company and Executive regarding any provision of this Agreement, the Company shall

7

 

reimburse Executive for all legal fees and expenses reasonably incurred by Executive during his
lifetime in connection with such contest or dispute, pursuant to the provisions of Section 8.1 of
the Employment Agreement. The application of this Section 11 (and Section 8.1 of the Employment
Agreement) shall survive the termination of the Employment Agreement. The foregoing limitation
shall not preclude the Executive’s estate or heirs from recovering reasonable legal fees (and
related expenses) in accordance with the provisions hereof in the event that Executive’s estate or
heirs initiate or continue any dispute or controversy arising under or in connection with this
Agreement after Executive’s death; provided, however, that such reasonable legal fees (and related
expenses) are incurred within the six (6)-year period following the date of Executive’s death.
Such reimbursement shall be made within ninety (90) days following the resolution of such contest
or dispute (whether or not appealed), but not later than the end of the calendar year following the
year in which the contest or dispute is resolved, to the extent the Company receives reasonable
written evidence of such fees and expenses. The amount of any payment or reimbursement of such
fees or expenses in one year shall not affect the amount of payments or reimbursements that are
eligible for payment or reimbursement in any subsequent year, and the Executive’s right to such
payment or reimbursement of any such fees or expenses shall not be subject to liquidation or
exchange for any other benefit. Any dispute or controversy arising under or in connection with
this Agreement shall be settled exclusively by arbitration in Princeton, New Jersey in accordance
with the Commercial Arbitration Rules of the American Arbitration Association then in effect.
Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

     12. Entire Agreement. This Agreement and the Employment Agreement contain all the
understandings between the parties hereto pertaining to the matters referred to herein, and
supersede all undertakings and agreements, whether oral or in writing, previously entered into by
them with respect thereto. The Executive represents that, in executing this Agreement, he does not
rely and has not relied upon any representation or statement not set forth herein made by the
Company with regard to the subject matter, basis or effect of this Agreement or otherwise.

     13. Amendment or Modification; Waiver. No provision of this Agreement may be
amended, modified or waived unless such amendment or modification is agreed to in writing, signed
by the Executive and by a duly authorized officer of the Company, and such waiver is set forth in
writing and signed by the party to be charged. No waiver by any party hereto of any breach by
another party hereto of any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of a similar or dissimilar condition or provision at the same time,
any prior time or any subsequent time.

     14. Notices. Any notice to be given hereunder shall be in writing and shall be
deemed given when delivered personally, sent by courier or telecopy or registered or certified
mail, postage prepaid, return receipt requested, addressed to the party concerned at the address
indicated below or to such other address as such party may subsequently give notice of hereunder in
writing:

To the Executive:

8

 

Stuart M. Essig

311 Enterprise Drive

Plainsboro, NJ 08536

Facsimile: 609-275-9006

To the Company:

Integra LifeSciences Holdings Corporation

311 Enterprise Drive

Plainsboro, NJ 08536

Attention: Chairman

Facsimile: 609-275-9006

(with a copy to the Company’s General Counsel)

     Any notice delivered personally or by courier under this Section 14 shall be deemed given on
the date delivered and any notice sent by telecopy or registered or certified mail, postage
prepaid, return receipt requested, shall be deemed given on the date telecopied or mailed.

     15. Severability. If any provision of this Agreement or the application of any such
provision to any party or circumstances shall be determined by any court of competent jurisdiction
to be invalid and unenforceable to any extent, the remainder of this Agreement or the application
of such provision to such person or circumstances, other than those to which it is so determined to
be invalid and unenforceable, shall not be affected thereby, and each provision hereof shall be
validated and shall be enforced to the fullest extent permitted by law.

     16. Noncontravention. The Company represents that the Company is not prevented from
entering into, or performing, this Agreement by the terms of any law, order, rule or regulation,
its certificate of incorporation or by-laws, or any agreement to which it is a party.

     17. Survivorship. The respective rights and obligations of the parties hereunder
shall survive any termination of this Agreement or Executive’s employment to the extent necessary
for the intended preservation of such rights and obligations.

     18. Successors. This Agreement shall inure to the benefit of and be binding upon
each successor of the Company, and upon the Executive’s beneficiaries, legal representatives or
estate, as the case may be.

     19. Construction. Except as would be in conflict with any specific provision herein,
this Agreement is made under and subject to the provisions of the 2003 Plan as in effect on the
Grant Date and, except as would conflict with the provisions of this Agreement, all of the
provisions of the 2003 Plan as in effect on the Grant Date are hereby incorporated herein as
provisions of this Agreement. In the event of any such conflict, the terms of this Agreement shall
govern.

     20. Governing Law. This agreement will be governed by and construed in accordance
with the laws of the State of Delaware, without regard to its conflicts of laws principles.

9

 

     21. Headings. All descriptive headings of sections and paragraphs in this Agreement
are for convenience of reference only, and they form no part of this Agreement and shall not affect
its interpretation.

     22. Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same
instrument.

     23. Section 409A of the Code. This Agreement is intended to comply with the
requirements of Section 409A of the Code, and shall in all respects be administered and interpreted
in accordance with Section 409A. Notwithstanding anything in the Agreement to the contrary,
payment may only be made under the Agreement upon an event and in a manner permitted by Section
409A of the Code. If a payment is not made by the designated payment date under the Agreement, the
payment shall be made by December 31 of the calendar year in which the designated date occurs. Any
payment to be made upon a termination of employment under this Agreement may only be made upon a
Separation from Service. To the extent that any provision of the Agreement would cause a conflict
with the requirements of Section 409A of the Code, or would cause the administration of the
Agreement to fail to satisfy the requirements of Section 409A, such provision shall be deemed null
and void to the extent permitted by applicable law.

[Signature page follows]

10

 

     IN WITNESS WHEREOF, the parties hereto have executed this Contract Stock / Restricted Units
Agreement as of the date first above written.

	 	 	 	 	 	 	 

	 	 	INTEGRA LIFESCIENCES HOLDINGS	 	 
	 	 	CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Stuart M. Essig	 	 

11

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