EXHIBIT 10.3
WAIVER AND AMENDMENT TO
EMPLOYMENT AGREEMENT
WHEREAS, Kensey Nash Corporation, a Delaware corporation (the “Company”) and Todd M. DeWitt (the “Executive”) entered into that certain Employment Agreement, entered into as of January 1, 2009 (the “Agreement”);
WHEREAS, the Company and Executive desire to amend the Agreement;
WHEREAS, the Agreement may be supplemented or modified in a written document signed by both the Company and the Executive pursuant to Paragraph 19 of the Agreement;
NOW, THEREFORE, in accordance with Paragraph 19 of the Agreement, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, both the Company and Executive agree as follows:
1. The Agreement is hereby amended, effective as of August 1, 2011, in the following respects:
a. Paragraph 3(g) of the Agreement shall be deleted in its entirety and replaced with the word “Reserved.”
b.Exhibit D to the Agreement,Excise Tax Gross-up Payment, shall be deleted in its entirety.
c.Exhibit E to the Agreement,General Release Agreement, shall be renamed as “Exhibit D to the Agreement,General Release Agreement.”
d. Each reference toExhibit E in the Agreement and the Exhibits thereto shall be amended to read “Exhibit D.”
2. The Executive hereby waives any and all rights under Paragraph 3(g) and Exhibit D to the Agreement, as such rights existed prior to the foregoing amendments.
IN WITNESS WHEREOF,the parties have caused this Amendment to be executed as of the18th day ofJuly, 2011.
/s/ Todd M. DeWitt | ||
Todd M. DeWitt | ||
KENSEY NASH CORPORATION: | ||
By: | /s/ Douglas G. Evans, P.E. | |
Douglas G. Evans, P.E. | ||
Title: | Chief Operating Officer |