Document:

EXHIBIT 10.2

BIOMIMETIC THERAPEUTICS, INC.

AMENDMENT

TO 2001 LONG-TERM STOCK INCENTIVE PLAN

This amendment (the “Amendment”) to the BioMimetic Therapeutics, Inc. 2001 Long-Term Stock Incentive Plan (the “Stock Incentive Plan”) is effective as of March 27, 2008. Terms not otherwise defined in this Amendment shall have the meanings ascribed to them in the Stock Incentive Plan.

A new Section 9 is hereby added to the Stock Incentive Plan as follows:

SECTION 9

CHANGE IN CONTROL – ACCELERATED VESTING

9.1 Accelerated Vesting. Upon a Change in Control, the vesting of all outstanding Incentive Stock Option awards that the Company has granted to any employee who later becomes a Qualified Employee shall be accelerated and exercisable immediately upon the Acceleration Date based on the tenure of the employee at the time of the Change in Control as follows:

 

	
                         
 	
                        Employee’s Tenure (years)
 	
                         
 	
                        Vesting of all ISO awards
 
	
                         
 	
      ≥ 3
 	
       
 	
                        100%
 
	
                         
 	
                        ≥2 and <3
 	
                         
 	
                        75%
 
	
                         
 	
                        ≥1 and <2
 	
                         
 	
                        50%
 
	
                         
 	
                        < 1 year
 	
                         
 	
                        25%
 

9.2 Qualified Employee. An employee shall be a “Qualified Employee” if such employee is employed by the Company as a full or part-time employee immediately prior to the Change in Control, and provided that the successor entity takes any one of the following actions following the Change in Control:

(i) terminates the employee’s employment or services without cause within one year of the Change in Control;

(ii) requires that the employee relocate his or her principal place of employment to a location more than 50 miles from the employee’s principal place of employment prior to the Change in Control;

(iii) reduces the employee’s base salary; or

(iv) makes a material reduction in the employee’s job title, duties, responsibilities, requirements or reporting relationship that is inconsistent with the employee’s position with the Company and the employee’s prior title, duties, responsibilities, requirements or reporting relationship; whereby the “Acceleration Date” shall be the earliest date upon which any of the events set forth in items (i) - (iv) becomes effective.

 

 

9.3 Change in Control. A “Change in Control” shall be deemed to have occurred if:

(i) a tender offer shall be made and consummated for the ownership of more than fifty percent (50%) of the outstanding voting securities of the Company,

(ii) the Company shall be merged or consolidated with another corporation or entity and as a result of such merger or consolidation less than fifty percent (50%) of the outstanding voting securities of the surviving or resulting corporation or entity shall be owned in the aggregate by the former shareholders of the Company, as the same shall have existed immediately prior to such merger or consolidation,

(iii) the Company shall sell all or substantially all of its assets to another corporation or entity which is not a wholly-owned subsidiary, or

(iv) a person, within the meaning of Section 3(a)(9) or of Section 13 (d)(3) (as in effect on the date hereof) of the Securities and Exchange Act of 1934 (“Exchange Act”), shall acquire more than fifty percent (50%) of the outstanding voting securities of the Company (whether directly, indirectly, beneficially, or of record).EXHIBIT 10.3

EMPLOYMENT AGREEMENT EXTENSION

This Employment Agreement Extension is entered into and made effective as of February 1, 2008 by and between BioMimetic Therapeutics, Inc., a Delaware corporation (the “Company”), and Charles E. Hart (the “Executive”). 

WHEREAS, the Company and the Executive entered into an Employment Agreement (the “Agreement”), dated as of December 8, 2003 and which is set to expire on January 31, 2008; and

WHEREAS, the Company and the Executive wish to extend the Term of the Agreement and amend the compensation provisions thereunder.

NOW THEREFORE, the Company and the Executive hereby consent and agree as follows:   

1. All terms used, but not otherwise defined herein, shall have the meanings assigned to them in the Agreement. 

2. Pursuant to Section 2 of the Agreement, the Term is extended for an additional three (3) years, and shall expire on January 31, 2011. 

3. Sections 4 of the Agreement is hereby amended as restated below:

(a) Base Salary. The Company shall pay the Executive an annual base salary of $235,000 (the “Base Salary”).”   Base Salary shall be payable according to the customary payroll practices of the Company but in no event less frequently than twice each month. The Base Salary shall be reviewed each fiscal year and shall be subject to increase according to the policies and practices adopted by the Company from time to time.

(b) Incentive Compensation Award. The Executive shall also be eligible to receive up to thirty percent (30%) of his Base Salary as a discretionary annual cash bonus award. The payment of such bonus shall be based on the performance and satisfaction of specific milestones mutually agreed upon by the Chief Executive Officer and the Executive at the beginning of each fiscal year, and shall be further based upon the Executive’s performance as evaluated by the Chief Executive Officer. 

(c) Additional Benefits. The Executive will be entitled to participate in all employee benefit plans or programs and receive all benefits and perquisites for which any salaried employees are eligible under any existing or future plan or program established by the Company or its affiliates and available to similarly situated employees of the Company, including participation in stock option plans. The Executive may participate to the extent permissible under the terms and

 

 

 

provisions of such plans or programs in accordance with program provisions. These may include group hospitalization, health, dental care, life or other insurance, sick leave plans, travel or accidental insurance and disability insurance. Nothing in this Agreement will preclude the Company or Company affiliates from amending or terminating any of the plans or programs applicable to salaried employees or senior executives as long as the total value of all benefits is not materially decreased.

The Executive will be entitled to 28 days per year as paid time off (including vacation and sick days). In addition, the Company has nine paid holidays annually. 

The Company will provide Executive with sufficient equipment, supplies and resources to accomplish his duties and will purchase and/or reimburse Executive for the cost of maintaining current profession memberships, the latter not to exceed $1,000 annually.

4. Except for the extension of the Term and the amendment to Sections 4(a) and (b) of the Agreement as provided above, the terms and conditions of the Agreement remain applicable in their entirety.

IN WITNESS WHEREOF, the Company has caused its duly authorized officer and representative to execute and the Executive has personally set his hand hereto as of the date set forth below. 

 

	
                        BioMimetic Therapeutics, Inc.
 	
                         
 	
                        Charles E. Hart
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By: 
 	
                        /s/ Samuel Lynch
 	
                         
 	
                        /s/ Charles E. Hart
 
	
                         
 	
                        Samuel Lynch
 President and CEO
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Date: April 1, 2008  
 	
                         
 	
                        Date: March 31, 2008G-III Leather Fashions, Inc.

512 Seventh Avenue

New York, New York 10018

May 7, 2008

Sammy Aaron

Andrew Reid

Lee Lipton

c/o G-III Apparel Group, Ltd.

512 Seventh Avenue

New York, NY  10018

Re: Stock Purchase Agreement

Dear Sammy, Andrew and Lee:

Reference is made to the Stock Purchase Agreement (the “SPA”), dated July 11, 2005, as amended January 30, 2007 (the “Amendment”), by and among the Marvin Richards Shareholders, the CK Members and the Fabio Selling Members (collectively, the “Sellers”), Sammy Aaron, as Sellers’ Representative, G-III Leather Fashions, Inc. and G-III Apparel Group, Ltd. All capitalized terms not otherwise defined herein shall have the meanings given to them in the SPA.

This letter agreement, when executed by each of you, shall constitute our agreement that, effective February 1, 2008, the Amendment shall be of no further force and effect and that the SPA, and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, without giving effect to the Amendment.

This letter agreement may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement. Any signature delivered by a party by facsimile transmission, or in “PDF” format circulated by electronic means, shall be deemed to be an original signature hereto.

 

 

Sammy Aaron
Andrew Reid
Lee Lipton
May 7, 2008
Page 2

 

If the foregoing accurately sets forth our agreement, please execute this letter and return it to the undersigned.

 

	
                         
 	
                         
 	
                         
 	
                        Very truly yours,
 
	
                          
 	
                         
 	
                         
 	
                        
 G-III LEATHER FASHIONS, INC.
 
	
                         
 	
                         
 	
                          
 	
                         
 	
      By: 
 	
                        
 /s/ Wayne Miller
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Name: Wayne Miller
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
  Title: Chief Operating Officer
 

 

	
                          
 	
                         
 	
                         
 	
                        
 G-III APPAREL GROUP, LTD.
 
	
                         
 	
                         
 	
                          
 	
                         
 	
      By: 
 	
      
 /s/ Wayne Miller
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Name: Wayne Miller
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
  Title: Chief Operating Officer
 

 

	
                        Accepted and agreed to:
 	
                         
 	
                         
 	
                         
 
	
                        
 /s/ Sammy Aaron
 	
                         
 	
                         
 	
                          
 
	
                        SAMMY AARON
 	
                         
 	
                         
 	
                         
 

 

	
                        
 /s/ Andrew Reid
 	
                         
 	
                         
 	
                          
 
	
                        ANDREW REID
 	
                         
 	
                         
 	
                         
 

 

	
                        
 /s/ Lee Lipton
 	
                         
 	
                         
 	
                          
 
	
                        LEE LIPTON
 	
                         
 	
                         
 	
                         
 

 

	
                        
 /s/ Sammy Aaron
 	
                         
 	
                         
 	
                          
 
	
                        SAMMY AARON, as Sellers’ Representative

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