ORTHOVITA INC
FORM OF PERFORMANCE SHARE AWARD AGREEMENT
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.2 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">ORTHOVITA, INC. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">FORM OF PERFORMANCE SHARE AWARD AGREEMENT </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2007 OMNIBUS EQUITY COMPENSATION PLAN </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">This
PERFORMANCE SHARE AWARD AGREEMENT, dated as of September&nbsp;17, 2008 (the &#147;<B>Grant Date</B>&#148;), is delivered by Orthovita, Inc. (the &#147;Company&#148;) to [EMPLOYEE NAME] (the &#147;<B>Grantee</B>&#148;), an employee of the Company.
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>RECITALS </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The
Orthovita, Inc. 2007 Omnibus Equity Compensation Plan (as amended and restated, the &#147;<B>Plan</B>&#148;) provides for the grant of stock-based awards that are payable in shares of common stock of the Company. In accordance with the Plan, the
Company has decided to make a performance share award grant to promote the best interests of the Company and its shareholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">NOW,
THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Grant of
Performance Share Award</U>. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to the Grantee a performance share award (the &#147;<B>Award</B>&#148;) payable in shares of common stock of the
Company (&#147;<B>Performance Shares</B>&#148;). The Performance Shares shall become earned according to Paragraph 2 below and shall vest in accordance with Paragraph 3 below. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Criteria for Earning Performance Shares</U>. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">(a) The number of Performance Shares payable to Grantee hereunder shall be based
on the Company&#146;s achievement of cumulative revenue amounts from U.S. sales of CORTOSS<FONT FACE="Times New Roman" SIZE="1"><SUP>&reg;</SUP></FONT> Bone Augmentation Material (including ALIQUOT<FONT FACE="Times New Roman"
SIZE="1"><SUP>&reg;</SUP></FONT> and other delivery systems sold in conjunction with CORTOSS) for the 12-month period commencing with the first calendar month immediately following the date on which the Company receives 510(k) clearance for the use
of CORTOSS in vertebral augmentation (the &#147;<B>Clearance Goal</B>&#148;), as set forth in Section&nbsp;2(b) below. The target revenue amount shall be $*** for such period (the &#147;<B>Revenue Target</B>&#148;). If the Company achieves less than
$*** in CORTOSS revenues for such period, no Performance Shares shall be earned and this Award shall automatically terminate. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">(b) Provided that the Clearance Goal has been satisfied on or before ***, the Grantee shall earn, effective as of the Issuance Date, the number of Performance Shares set forth below (the &#147;<B>Earned Performance Shares</B>&#148;), if the
Grantee remains continuously employed by the Company from the Grant Date through the Earning Date: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="5" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8px; padding-right:8px"><FONT FACE="Times New Roman" SIZE="2"><B>Potential Award Payout in Number of Performance Shares</B></FONT></TD></TR>
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<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Threshold</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$***&nbsp;(85%&lt;100%&nbsp;of&nbsp;the&nbsp;Revenue</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Target)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Target</B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$***&nbsp;(100%&nbsp;&lt;130%&nbsp;of&nbsp;the</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2">Revenue&nbsp;Target)</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Maximum</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$*** or more (130% of the</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Revenue Target or
more)</FONT></P></TD></TR>
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<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><FONT FACE="Times New Roman" SIZE="2">[# of shares]</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">[# of shares]</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><FONT FACE="Times New Roman" SIZE="2">[# of shares]</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">*** CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND WILL BE FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST UNDER 17 C.F.R. SECTIONS 200.80(B)(4) AND 230.406. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(c) The Performance Shares shall be earned as of the last day of the 12-month period
described in Section&nbsp;2(a) (the &#147;<B>Earning Date</B>&#148;). Within sixty (60)&nbsp;days after the Earning Date, the Compensation Committee (the &#147;<B>Committee</B>&#148;) of the Company&#146;s Board of Directors (the
&#147;<B>Board</B>&#148;) shall certify the performance results for the CORTOSS revenue goal specified above in Section&nbsp;2 and determine the number of Earned Performance Shares, if any, to be paid hereunder based on the Company&#146;s
achievement of the revenue goal and the satisfaction of all other terms of this Agreement. The Company shall issue to Grantee stock certificates evidencing the Earned Performance Shares as of the date on which the Committee makes such determination.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Vesting of Earned Performance Shares</U>. The Earned Performance Shares shall vest on the following dates, provided
the Grantee remains continuously employed by the Company from the Grant Date through the applicable vesting date: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Vesting Date</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Number of Performance Shares Vesting</B></FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">One year anniversary of the Earning Date</FONT></P></TD>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">50% of Earned Performance Shares</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Second year anniversary of the Earning Date</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">50% of Earned Performance Shares</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <U>Termination</U>. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) The Award and any unvested Earned Performance Shares shall automatically terminate and be forfeited upon the happening of the first
of the following events unless terminated at an earlier date pursuant to the provisions of this Agreement or the Plan: The Grantee&#146;s termination of employment with the Company, including, without limitation, resignation, disability (as defined
in the Plan), death or termination with or without cause. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) The Award shall automatically terminate if the Clearance Goal
has not been achieved by <B>***</B>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <U>Company Obligations Subject to Applicable Law</U>. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) The obligation of the Company to deliver Earned Performance Shares hereunder shall be subject to all applicable laws, rules, and
regulations and such approvals by governmental agencies as may be deemed appropriate by the Committee, including such actions as Company counsel shall deem necessary or appropriate to comply with relevant securities laws and regulations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <U>Designation as Qualified Performance-Based Compensation</U>. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(a) This Award is designated &#147;qualified performance-based compensation&#148; under Section&nbsp;162(m) of the Internal Revenue Code
of 1986, as amended (the &#147;<B>Code</B>&#148;). </FONT></P> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">*** CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND WILL BE FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST UNDER 17 C.F.R. SECTIONS 200.80(B)(4) AND
230.406. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">(b) The Grantee understands that the Grantee is responsible for the income tax
consequences of the Award and any Earned Performance Shares. The Grantee will consult with his or her tax adviser regarding the tax consequences of the Award and any Earned Performance Shares. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Change of Control</U>. In the event of a Change of Control (as defined in the Plan) occurring on or after the Earning Date, unless
the Board or Compensation Committee determines otherwise, all outstanding Earned Performance Shares shall vest as of the date of the Change of Control or at such other time as the Board or Compensation Committee determines, subject to U.S. Treasury
regulations and rulings under Section&nbsp;162(m) of the Internal Revenue Code regarding &#147;qualified performance-based compensation.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">8. <U>Grant Subject to Plan Provisions</U>. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. The
grant of the Award and any Earned Performance Shares are subject to the provisions of the Plan and to interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the
provisions of the Plan, including, but not limited to, provisions pertaining to (i)&nbsp;rights and obligations with respect to withholding taxes, (ii)&nbsp;the registration, qualification or listing of the Earned Performance Shares,
(iii)&nbsp;capital or other changes of the Company and (iv)&nbsp;other requirements of applicable law. The Committee shall have the authority to interpret and construe the Award pursuant to the terms of the Plan, and its decisions shall be
conclusive as to any questions arising hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <U>No Employment Rights</U>. The grant of the Award shall not confer
upon the Grantee any right to continue in the employ of the Company and shall not interfere in any way with the right of the Company to terminate the Grantee&#146;s employment at any time. The right of the Company to terminate at will the
Grantee&#146;s employment at any time for any reason is specifically reserved. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. <U>No Shareholder Rights</U>. The
Grantee shall have none of the rights and privileges of a shareholder with respect to the Performance Shares subject to the Award, unless and until the Performance Shares have been issued as Earned Performance Shares pursuant to Section&nbsp;2
above. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11. <U>Assignment and Transfers</U>. The rights and interests of the Grantee under this Agreement may not be sold,
assigned, encumbered or otherwise transferred except, in the event of the death of the Grantee, by will or by the laws of descent and distribution. In the event of any attempt by the Grantee to alienate, assign, pledge, hypothecate, or otherwise
dispose of the Award or any Performance Shares or any right hereunder, except as provided for in this Agreement, or in the event of the levy or any attachment, execution or similar process upon the rights or interests hereby conferred, the Company
may terminate the Award and/or invalidate the Performance Shares by notice to the Grantee, and the Award, the relevant Performance Shares and all rights hereunder shall thereupon become null and void. The rights and protections of the Company
hereunder shall extend to any successors or assigns of the Company and to the Company&#146;s parents, subsidiaries, and affiliates. This Agreement may be assigned by the Company without the Grantee&#146;s consent. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12. <U>Applicable Law</U>. The validity, construction, interpretation and effect of this instrument shall be governed by and determined
in accordance with the laws of the Commonwealth of Pennsylvania without regard to principles of conflict of laws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">13.
<U>Notice</U>. Any notice to the Company provided for in this instrument shall be addressed to the Company in care of the Chief Financial Officer at 77 Great Valley Parkway, Malvern, PA 19355, and any notice to the Grantee shall be addressed to such
Grantee at the current address shown on the payroll of the Company, or to such other address as the Grantee may designate to the Company in writing. Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope
addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the Company has caused its duly authorized officers to execute and attest this
Agreement, and the Grantee has executed this Agreement, effective as of the Grant Date. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2">Attest:</FONT></P></TD>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="2"><B>ORTHOVITA, INC.</B></FONT></P></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
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</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I hereby accept the Award described in this Agreement, and I agree to be bound by the terms of the Plan and this
Agreement. I hereby further agree that all the decisions and determinations of the Board or Committee shall be final and binding. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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