Employment Agreement
First Amendment to Employment Agreement
Amendment to Employment Agreement (August 8, 2006)
Amendment to Employment Agreement (December 31, 2008)
 
 
 
EMPLOYMENT AGREEMENT OF M. CHRISTINE JACOBS
<TEXT>
 
<PRE>
                                  EXHIBIT 10.1
 
                              EMPLOYMENT AGREEMENT
 
         THIS AGREEMENT entered into as of April 13, 2000 (the "Effective Date")
by and between  THERAGENICS  CORPORATION,  a Delaware  corporation  (hereinafter
called the "Company") and M. CHRISTINE  JACOBS,  an individual  residing at 2460
Peachtree Road, N.W., Apartment 1804, Atlanta, Georgia 30305 (hereinafter called
the "Executive").
 
                              W I T N E S S E T H:
                               - - - - - - - - - -
 
         WHEREAS,  the  Company  and  the  Executive  desire  to  enter  into an
employment  agreement to establish the rights and  obligations  of the Executive
and the Company in such employment relationship;
 
         WHEREAS,  the  terms  of  this  Agreement  have  been  approved  by the
Compensation Committee and ratified by the Board of Directors of the Company;
 
         NOW,  THEREFORE,  and in  consideration  of the mutual covenants herein
contained, the Company and the Executive hereby mutually agree as follows:
 
1.  Employment and Duties.  The Company  hereby  employs the Executive,  and the
    ---------------------
Executive  hereby  accepts  employment  with  the  Company  upon the  terms  and
conditions  hereinafter set forth.  The Executive shall serve the Company as its
President and Chief  Executive  Officer.  In such capacity,  the Executive shall
have all powers,  duties,  and obligations as are normally  associated with such
position.  The Executive  shall further perform such other duties related to the
business of the Company as may from time to time be reasonably  requested of her
by the  Company's  Board of  Directors.  The  Executive  shall devote all of her
skills,  time,  and  attention  solely and  exclusively  to said position and in
furtherance of the business and interests of the Company except for:
 
                  (a) time spent in managing her  personal,  financial and legal
affairs and serving on corporate,  civic or charitable boards or committees,  in
each case  only if and to the  extent  not  substantially  interfering  with the
performance of her responsibilities to the Company, and;
 
                  (b)      periods of vacation to which she is entitled.
 
Executive  shall  promptly  notify the Company of her election or appointment to
any corporate,  civic or charitable boards or committees on or after the date of
this Agreement.
 
2. Term of  Employment.  The term of employment  (the "Term") shall begin on the
   -------------------
Effective Date and shall expire on the third  anniversary of the Effective Date,
subject,  however, to prior termination or to extension,  as herein provided. On
each  anniversary of the Effective  Date while this  Agreement is in force,  the
term of this Agreement shall  automatically  be extended so that the new term of
the Agreement  expires three years from such date,  unless either party notifies
the other  party in writing of an intent not to renew at least  ninety (90) days
prior to the applicable anniversary of the Effective Date.
 
3. Base Salary. Executive shall receive an initial annual base salary (the "Base
   -----------
Salary")  of  $300,000,  which shall be  reviewed  annually by the  Compensation
Committee  of  the  Board  (the  "Compensation  Committee")  and  which  may  be
<PAGE>
 
increased,  but not decreased, by the Company during the term of this Agreement.
(The  $300,000  rate of Base Salary has been  effective  since January 1, 1999.)
Upon  completion  of  its  annual  review  of  Executive's   Base  Salary,   the
Compensation Committee of the Board shall discuss its findings,  conclusions and
reasons for any action taken or not taken with the Executive.  In the event that
the Company  increases the  Executive's  initial Base Salary,  the amount of the
initial Base Salary,  together with any  increase(s),  shall be her Base Salary.
The Base Salary shall be payable in equal  installments,  in accordance with the
Company's regular payroll practices.
 
4. Bonus. For each fiscal year of the Company,  ending after the date hereof and
  ------
during  which she is employed by the Company on the last day of the fiscal year,
the  Executive  shall be eligible to receive an annual  bonus  ("Annual  Bonus")
under  the  bonus  plan  established  by  the  Compensation  Committee  for  the
Executive.  The actual amount of the Annual Bonus shall be  determined  based on
performance  goals  established in writing by the Compensation  Committee within
the first ninety (90) days of each fiscal year and the same shall be provided in
writing to the Executive promptly thereafter.
 
5. Fringe  Benefits.  The Company shall further  provide the Executive  with all
   -----------------
health  and life  insurance  coverages,  sick  leave  and  disability  programs,
tax-qualified  retirement  plans,  stock option plans,  paid  holidays,  expense
reimbursement  policies,  moving and relocation policies,  and such other fringe
benefits of  employment as the Company may provide from time to time to actively
employed  senior   executives  of  the  Company  who  are  similarly   situated.
Notwithstanding the preceding provisions of this Paragraph 5, during the term of
this  Agreement  (including  extensions  thereof) the Company  shall provide the
Executive as denoted below:
 
         (a) reimbursement for all reasonable expenses incurred by the Executive
         in  connection   with  the  conduct  of  the   Company's   business  on
         presentation of reasonable and  appropriate  receipts and in accordance
         with the Company's  regular  reimbursement  policy applicable to senior
         executives;
 
         (b)a minimum of four (4) weeks of paid vacation per year; and
 
         (c) perquisites with an annual value of up to $40,000,  as requested by
         Executive  and  approved  by the  Board or the  Compensation  Committee
         thereof,  provided that the Compensation Committee may not unreasonably
         withhold its consent of any perquisite up to the $40,000 limit; and
 
         (d)  an  individual  disability  insurance  policy,   provided  at  the
         Company's  expense  in  addition  to  the  long-term   disability  plan
         maintained by the Company  generally for its employees,  which provides
         long-term disability payments equal to such maximum insurable amount of
         the Executive's total average monthly  compensation as the Compensation
         Committee of the Board of Directors  determines  can be purchased at no
         more than reasonable cost to the Company.
 
6. Stock Options. Executive received a grant of stock options on August 26, 1999
   -------------
to purchase  180,000 shares of common stock of the Company,  which are incentive
stock options to the maximum  extent  permitted by the tax law,  pursuant to the
Company's  stock option plan.  Subject to the  requirements of Section 9 hereof,
the stock options  generally  vest at a rate of one-third of the total number of
shares for each year the  Executive  remains  employed by the Company  after the
Effective  Date  (defined in Section 2 hereof) and will be  evidenced by a stock
option agreement in the standard form used by the Company for executive officers
at the time of the grant.
<PAGE>
 
7. Retirement Benefit.   On or before  December  31, 1999 and each  December 31
   -------------------
thereafter,  the Company will pay an annual payment of $35,000, before any taxes
that may be payable by the  Executive  thereon,  to the Executive to be used and
invested by the Executive in her  discretion to the end of producing  retirement
income.  Payment  pursuant  to this  Section  7 shall be paid in cash as soon as
practicable  after the year for  which the  payment  is due,  unless  electively
deferred by the Executive pursuant to any deferral programs or arrangements that
the Company may make available to the Executive. Such amount will be in addition
to any employer  contribution made by the Company to a tax-qualified  retirement
plan on Executive's behalf.
 
8. Disability.  During any period that the Executive fails to perform her duties
  ------------
hereunder as a result of incapacity due to a Disability  ("Disability  Period"),
the  Executive  shall  continue  to receive  her Base Salary at the rate then in
effect for such period until her employment is terminated pursuant to Section 9;
provided,  however,  that payments of Base Salary made to the Executive pursuant
to this Section 8 shall be reduced by the sum of the amounts,  if any, that were
payable to the  Executive for such period under any  disability  benefit plan or
plans of the  Company or the  disability  policy  referred  to in  Section  5(d)
hereof.
 
9.     Termination of Employment.
      --------------------------
 
     (a)       Termination  of  Employment  by the Company.  The  Executive's
               -------------------------------------------
  employment  hereunder may be terminated by the Company without any
  breach of this Agreement under the following circumstances:
 
                  (i)      Without  Cause.  The Company may terminate  the
                           --------------
               Executive's  employment  hereunder without Cause.
 
                  (ii)     Cause.  The Company may terminate the Executive's
                           -----
               employment hereunder for Cause.
 
                  (iii)    Death or Disability. The Executive's employment
                           -------------------
 
               hereunder  shall   terminate  upon  her  death,   and  may  be
               terminated by the Company in the event of her Disability for a
               continuous period of at least  one-hundred  eighty (180) days.
               If Executive becomes subject to a Disability which is expected
               to last for a continuous period of at least one hundred eighty
               (180) days, the Company may appoint an acting Chief  Executive
               Officer of the Company  during such one hundred  eighty  (180)
               day period  without  any breach of this  Agreement;  provided,
               that  Executive  shall be entitled to continue  receiving Base
               Salary and  benefits  under  this  Agreement  during  such one
               hundred eighty (180) day period.
 
     (b)      Termination  of Employment by Executive.  The Executive may
              ---------------------------------------
   terminate her  employment at any time with or without Good Reason.
 
     (c)      Notice of Termination.  Any termination of the Executive's
   employment by the Company  hereunder,  or by the  Executive  other than
   termination  upon  the  Executive's  death,  shall be  communicated  by
   written Notice of Termination to the other party.
 
10.  Amounts Payable Upon Termination of Employment.
     ----------------------------------------------
 
     (a)  Termination  by  the  Company  Without  Cause  or by  the
Executive  for Good  Reason.  In the event  Executive's  employment  is
terminated  by the Company  without  Cause or by the Executive for Good
<PAGE>
 
Reason or as a result of the Term  expiring  as a result of the Company
giving a notice of nonrenewal  pursuant to Section 2 hereof,  Executive
shall be entitled to the following payments and benefits:
 
              (i)  payment of all  Accrued  Obligations  in a lump sum in cash
     as soon as  practicable but no later than ninety (90) days following the
     Date of Termination;
 
             (ii)  payment of an amount equal to two (2) times the
     sum of current  Base Salary plus Annual Bonus paid in the most
     recently  completed  fiscal  year,  except  in the  case  of a
     termination within one (1) year after a Change in Control,  in
     which  case the  amount  shall be equal to three (3) times the
     sum of average Base Salary plus  average  Annual Bonus paid in
     the most recently completed three (3) fiscal years;
 
            (iii) immediate  vesting of all outstanding  options,
     stock grants,  shares of restricted stock and any other equity
     incentive compensation; provided, that the stock options shall
     be exercisable only until the earlier to occur of (A) five (5)
     years from the date of the Executive's termination, or (B) the
     date the option would have otherwise  expired if the Executive
     had not terminated employment; and
 
             (iv)  disability  and  other  welfare  plan  benefits
     (other than continued group long-term disability coverage) for
     Executive  and   Executive's   family,   which  are  generally
     available to  executives  of the Company,  for a period of two
     (2) years from the Date of Termination at the same cost to the
     Executive as is charged to such  executives  from time to time
     for comparable coverage.
 
     (b)  Termination by Executive Other Than for Good Reason or by
the Company for Cause. In the event that the Executive's  employment is
terminated  by  Executive  other than for Good Reason or by the Company
for Cause,  the  Executive  shall be entitled  only to the payments and
benefits set forth below:
 
             (i)      as of the Date of  Termination,  any Base Salary  that is
     accrued  but unpaid, any vacation that is accrued but unused and any
     business expenses that are unreimbursed; and
 
            (ii) any other rights and benefits (if any)  provided
     under plans and programs of the Company  (excluding  any bonus
     program),  determined in accordance with the applicable  terms
     and provisions of such plans and programs.
 
     (c)    Disability.  If the Executive's employment is terminated due to
            ----------
Disability,  Executive shallbe entitled to the following payments and
benefits:
 
             (i) payment of all Accrued Obligations in a lump sum in cash as
     soon as practicable but no later than ninety (90) days following the Date
     of Termination;
 
             (ii) immediate  vesting of all stock options  granted
     to the  Executive  one (1)  year or more  prior to the Date of
     Termination  (measured  from the  date of  grant of each  such
     stock option) and immediate  vesting of a prorated  portion of
     all stock  options  granted to  Executive  within one (1) year
<PAGE>
 
     prior to the Date of  Termination  prorated in the  proportion
     that the number of days expired from the date of grant of such
     stock  options  to the  Date of  Termination  bears  to  three
     hundred  sixty-five  (365),  all of  which  options  shall  be
     exercisable  only  until the  earlier to occur of (A) five (5)
     years from the date of the Executive's termination, or (B) the
     date the option would have otherwise  expired if the Executive
     had not terminated employment, and
 
              (iii)  disability  and other  welfare  plan  benefits
     (other than continued group long-term disability coverage) for
     Executive  and   Executive's   family,   which  are  generally
     available to  executives  of the Company,  for a period of two
     (2) years from the Date of Termination at the same cost to the
     Executive as is charged to such  executives  from time to time
     for comparable coverage.
 
                  Notwithstanding  any other provision hereof, if Executive dies
         prior to the time that all payments  described  in this  Section  10(c)
         have been  completed,  such payments and benefits  shall be paid to the
         Executive's estate.
 
     (d)      Death. If the Executive's  employment is terminated by death,
              -----
the Executive's estate shall be entitled to the following payments and benefits:
 
              (i)      payment of all Accrued Obligations in a lump sum in cash
      as soon as practicable but no later than ninety (90) days following the
      Date of Termination; and
 
                           (ii) immediate  vesting of all stock options  granted
                  to the Executive one (1) year or more prior to the date of her
                  death  (measured  from the date of  grant of each  such  stock
                  option)  and  immediate  vesting of a prorated  portion of all
                  stock options  granted to Executive  within one (1) year prior
                  to the date of her death prorated in the  proportion  that the
                  number of days  expired  from the date of grant of such  stock
                  options  to the  date of her  death  bears  to  three  hundred
                  sixty-five  (365),  all of, which options shall be exercisable
                  only until the earlier to occur of (A) five (5) years from the
                  date of the  Executive's  death,  or (B) the date  the  option
                  would have otherwise expired if the Executive had not died.
 
                  (e)  No  Duty  to   Mitigate   Damages.   After  any  Date  of
         Termination,  the  Executive  shall  have no  obligation  to seek other
         employment,  but shall have the right to be otherwise employed, and any
         compensation  of any  type  whatsoever  received  by the  Executive  in
         connection  with such  employment  shall  not be offset by the  Company
         against any of the obligations of the Company under this Agreement.
 
                  (f) Set-off.  Notwithstanding  any other provision hereof, any
         item  paid or  payable  under  Section  10 of this  Agreement  shall be
         reduced  by any  amount  paid  or  payable  to the  Executive  and  the
         Executive's  family with  respect to the same type of payment  actually
         made  or to be made to her  under  any  severance  plan or  policy  now
         maintained or at any time in the future maintained by the Company.  For
         this purpose, any payment under this Agreement or any severance plan or
         policy  made over time  shall be  discounted  to  present  value at the
         Interest Rate before  reducing any payment under this  Agreement by any
         amount paid or payable to the Executive  under such  severance  plan or
         policy.
 
11.      Restrictive Covenants.  The Executive agrees that, during the term of
         ---------------------
this Agreement,  including any extension thereof, and for a period of two (2)
years thereafter, she shall not, directly or indirectly:
<PAGE>
 
                  (a) within the Area, on the Executive's own behalf,  or in the
         service  of or on  behalf of  others,  engage  in or  provide  services
         substantially  similar to those  services  she provides for the Company
         for a Competing  Business.  For  purposes of this  Section  11(a),  the
         Executive acknowledges that the Business of the Company is conducted in
         the Area;
 
                  (b) on  Executive's  own  behalf  or in the  service  of or on
         behalf of any other person or entity,  solicit or divert, or attempt to
         solicit or divert,  to a Competing  Business,  any person or entity who
         was an actual or actively sought  prospective client or customer of the
         Company,  with whom the Executive had material  contact during the last
         two (2)  years  of  employment  with  the  Company  or  about  whom the
         Executive acquired Confidential Information during the Executive's last
         two (2) years of employment with the Company,  or any representative of
         any such client or customer; and
 
                  (c) on the  Executive's  own behalf or in the service of or on
         behalf of others, solicit, divert or hire or attempt to solicit, divert
         or hire or assist  anyone else in  soliciting,  diverting or hiring any
         person who, at any time within the period  commencing one year prior to
         the Date of  Termination  and  ending  two (2) years  after the Date of
         Termination, was, is or shall be an employee of the Company (whether or
         not such  employment is full-time or is pursuant to a written  contract
         with the Company).
 
         12.      Ownership and Protection of Proprietary Information.
                  ---------------------------------------------------
 
                  (a)  Confidentiality.  All Confidential  Information and Trade
         Secrets and all physical  embodiments  thereof received or developed by
         the Executive while employed by the Company are confidential to and are
         and will remain the sole and exclusive property of the Company.  Except
         to the extent  necessary  to perform the duties  assigned to her by the
         Company,  the Executive  will hold such  Confidential  Information  and
         Trade  Secrets  in trust and  strictest  confidence,  and will not use,
         reproduce,   distribute,   disclose  or   otherwise   disseminate   the
         Confidential  Information and Trade Secrets or any physical embodiments
         thereof and may in no event take any action causing or fail to take the
         action necessary in order to prevent, any Confidential  Information and
         Trade  Secrets  disclosed to or developed by the  Executive to lose its
         character  or cease to qualify  as  Confidential  Information  or Trade
         Secrets.
 
                  (b) Return of Company  Property.  Upon request by the Company,
         and in any event upon  termination  of the  employment of the Executive
         with the Company for any reason,  as a prior condition to receiving any
         final  compensation  hereunder  (including  payments  under  Section 10
         hereof),  the  Executive  will  promptly  deliver  to the  Company  all
         property belonging to the Company,  including,  without limitation, all
         Confidential   Information  and  Trade  Secrets  (and  all  embodiments
         thereof) then in the Executive's custody, control or possession.
 
                  (c)  Survival.  The  covenants  of  confidentiality  set forth
         herein  will  apply on and  after the date  hereof to any  Confidential
         Information and Trade Secrets  disclosed by the Company or developed by
         the  Executive  prior  to or  after  the  date  hereof.  The  covenants
         restricting  the use of Confidential  Information  will continue and be
         maintained by the Executive for a period of two (2) years following the
         termination of this  Agreement.  The covenants  restricting  the use of
         Trade  Secrets  will  continue  and  be  maintained  by  the  Executive
         following termination of this Agreement for so long as permitted by the
         Georgia Trade Secrets Act of 1990, O.C.G.A. ss. 10-1-760, et seq.
<PAGE>
 
         13.      Certain Further Payments by the Company
 
                  (a) Tax Reimbursement Payment. In the event that any amount or
         benefit  paid or  distributed  to the  Executive  by the Company or any
         Affiliated  Company,  whether  pursuant to this  Agreement or otherwise
         (collectively,  the "Covered  Payments"),  is or becomes subject to the
         tax (the "Excise  Tax")  imposed  under Section 4999 of the Code or any
         similar tax that may hereafter be imposed, the Company shall pay to the
         Executive,  at the time  specified  in  Section  13(e)  below,  the Tax
         Reimbursement Payment (as defined below). The Tax Reimbursement Payment
         is defined as an amount,  which when added to the Covered  Payments and
         reduced by any  Excise Tax on the  Covered  Payments  and any  federal,
         state and local  income  tax and  Excise  Tax on the Tax  Reimbursement
         Payment  provided for by this Agreement (but without  reduction for any
         federal,  state or  local  income  or  employment  tax on such  Covered
         Payments),  shall be equal to the sum of (i) the amount of the  Covered
         Payments,  and (ii) an amount  equal to the  product of any  deductions
         disallowed for federal,  state or local income tax purposes  because of
         the  inclusion  of the Tax  Reimbursement  Payment  in the  Executive's
         adjusted  gross  income and the  highest  applicable  marginal  rate of
         federal, state or local income taxation, respectively, for the calendar
         year in which the Tax Reimbursement Payment is to be made.
 
                  (b) Determining  Excise Tax. For  purposes of  determining
                      -----------------------
         whether any of the Covered  Payments will be subject to the Excise Tax
         and the amount of such Excise Tax,
 
                           (i)  such  Covered   Payments   will  be  treated  as
                  "parachute payments" within the meaning of Section 280G of the
                  Code,  and all  "parachute  payments"  in  excess of the "base
                  amount"  (as defined  under  Section  280G(b)(3)  of the Code)
                  shall be treated as subject  to the Excise  Tax,  unless,  and
                  except to the extent  that,  in the  opinion of the  Company's
                  independent  certified public accountants,  which, in the case
                  of Covered  Payments  made  after the Change of Control  Date,
                  shall   be  the   Company's   independent   certified   public
                  accountants  appointed prior to the Change of Control Date, or
                  tax counsel selected by such accountants (the  "Accountants"),
                  such  Covered  Payments  (in  whole or in part)  either do not
                  constitute   "parachute   payments"  or  represent  reasonable
                  compensation  for  services   actually  rendered  (within  the
                  meaning  of Section  280G(b)(4)  of the Code) in excess of the
                  "base amount", or such "parachute  payments" are otherwise not
                  subject to such Excise Tax, and
 
                           (ii)  the  value  of  any  non-cash  benefits  or any
                  deferred  payment  or  benefit  shall  be  determined  by  the
                  Accountants in accordance  with the principles of Section 280G
                  of the Code.
 
                  (c)      Applicable  Tax Rates and  Deductions. For  purposes
                          -------------------------------------
          of determining  the amount of the Tax Reimbursement Payment, the
          Executive shall be deemed:
 
                           (i) to  pay  federal  income  taxes  at  the  highest
                  applicable  marginal rate of federal  income  taxation for the
                  calendar year in which the Tax Reimbursement  Payment is to be
                  made,
 
                           (ii) to pay any  applicable  state and  local  income
                  taxes at the highest applicable  marginal rate of taxation for
                  the calendar year in which the Tax Reimbursement Payment is to
<PAGE>
 
                  be made, net of the maximum  reduction in federal income taxes
                  which could be obtained  from the  deduction  of such state or
                  local taxes if paid in such year (determined without regard to
                  limitations  on  deductions  based  upon  the  amount  of  the
                  Executive's adjusted gross income), and
 
                           (iii)  to have  otherwise  allowable  deductions  for
                  federal, state and local income tax purposes at least equal to
                  those   disallowed   because  of  the  inclusion  of  the  Tax
                  Reimbursement   Payment  in  the  Executive's  adjusted  gross
                  income.
 
                  (d)  Subsequent  Events.  In the event  that the Excise Tax is
         subsequently  determined by the  Accountants to be less than the amount
         taken into  account  hereunder  in  calculating  the Tax  Reimbursement
         Payment  made,  the Executive  shall repay to the Company,  at the time
         that  the  amount  of  such  reduction  in the  Excise  Tax is  finally
         determined,  the portion of such prior Tax  Reimbursement  Payment that
         has been  paid to the  Executive  or to  federal,  state  or local  tax
         authorities on the Executive's behalf and that would not have been paid
         if such Excise Tax had been applied in initially  calculating  such Tax
         Reimbursement Payment, plus interest on the amount of such repayment at
         the rate provided in Section 1274(b)(2)(B) of the Code. Notwithstanding
         the  foregoing,  in the  event  any  portion  of the Tax  Reimbursement
         Payment to be refunded  to the  Company  has been paid to any  federal,
         state or local tax authority,  repayment  thereof shall not be required
         until an actual  refund or credit of such  portion has been made to the
         Executive,  and  interest  payable  to the  Company  shall  not  exceed
         interest  received or credited to the  Executive by such tax  authority
         for the period it held such  portion.  The  Executive  and the  Company
         shall  mutually  agree upon the course of action to be pursued (and the
         method of  allocating  the expenses  thereof) if the  Executive's  good
         faith claim for a refund or credit is denied.
 
                  In the event that the Excise  Tax is later  determined  by the
         Accountants  to exceed the amount taken into  account  hereunder at the
         time the Tax Reimbursement Payment is made (including,  but not limited
         to, by reason of any payment the existence or amount of which cannot be
         determined at the time of the Tax Reimbursement  Payment),  the Company
         shall make an additional Tax  Reimbursement  Payment in respect of such
         excess (which Tax  Reimbursement  Payment shall include any interest or
         penalty  payable  with  respect  to such  excess)  at the time that the
         amount of such excess is finally determined.
 
                  (e) Date of  Payment.  The  portion  of the Tax  Reimbursement
         Payment  attributable  to a  Covered  Payment  shall  be  paid  to  the
         Executive  within ten (10) business  days  following the payment of the
         Covered Payment.  If the amount of such Tax  Reimbursement  Payment (or
         portion thereof) cannot be finally  determined on or before the date on
         which  payment is due, the Company shall pay to the Executive an amount
         estimated in good faith by the  Accountants to be the minimum amount of
         such Tax Reimbursement  Payment and shall pay the remainder of such Tax
         Reimbursement  Payment (which Tax  Reimbursement  Payment shall include
         interest at the rate provided in Section  1274(b)(2)(B) of the Code) as
         soon as the amount  thereof  can be  determined,  but in no event later
         than forty-five (45) calendar days after payment of the related Covered
         Payment.   In  the  event  that  the  amount  of  the   estimated   Tax
         Reimbursement  Payment  exceeds the amount  subsequently  determined to
         have been due, such excess shall be repaid or refunded  pursuant to the
         provisions of Section 13(d) above.
 
         14.      Acknowledgement; Remedies.
                  -------------------------
<PAGE>
 
                  (a) Executive has carefully  considered  the nature and extent
         of the restrictions  upon her and the rights and remedies  conferred to
         the  Company  under  Sections 11 and 12 of this  Agreement,  and hereby
         acknowledges and agrees that the same are reasonable in time, necessary
         to protect the business,  interests and properties of the Company,  are
         designed to eliminate competition which would be unfair to the Company,
         do not stifle the inherent skill and experience of Executive, would not
         operate  as a bar to  Executive's  sole  means of  support,  are  fully
         required to protect the legitimate  interests of the Company and do not
         confer a benefit upon the Company  disproportionate to the detriment of
         Executive.
 
                  (b) In  the  event  of any  violation  of  the  provisions  of
         Sections 11 or 12 of this  Agreement by Executive,  the parties  hereby
         recognize and acknowledge that remedy at law will be inadequate and the
         Company may suffer irreparable injury. Accordingly,  Executive consents
         to  injunctive  and  other   appropriate   equitable  relief  upon  the
         institution of proceedings  therefor by the Company in order to protect
         the  Company's  rights  under such  Sections.  Such relief  shall be in
         addition  to any other  relief to which the  Company may be entitled at
         law or in equity. In addition, any breach of the covenants contained in
         Sections 11 or 12 hereof shall be treated the same as a termination  by
         the  Company  for Cause  and shall  entitle  the  Company  to cease the
         provision of any welfare plan benefits  being afforded to the Executive
         or her family after the termination of her employment with the Company,
         cease  any  payments  to be  made  to the  Executive  pursuant  to this
         Agreement in connection with such  termination  (other than accrued and
         unpaid Base Salary and  vacation)  or recover  from the  Executive  any
         payments made to the Executive  under this Agreement in respect of such
         termination (other than accrued Base Salary and vacation).  In no event
         shall such actions  preclude the Company from any  equitable  relief to
         which  it  may  otherwise  be  entitled  and  such  remedies  shall  be
         cumulative.
 
         15.  Non-exclusivity of Rights. Nothing in this Agreement shall prevent
or limit the  Executive's  continuing  or future  participation  in any benefit,
bonus,  incentive or other plan or program provided by the Company or any of its
Affiliated Companies and for which the Executive may qualify, nor shall anything
herein limit or otherwise  prejudice such rights as the Executive may have under
any other  agreements with the Company or any Affiliated  Companies,  including,
but not limited to stock option or restricted  stock  agreements.  Amounts which
are vested  benefits or which the  Executive  is  otherwise  entitled to receive
under any plan or  program  of the  Company or any  Affiliated  Companies  at or
subsequent to the Date of Termination  shall be payable in accordance  with such
plan or program.
 
         16. Full  Settlement.  Except as provided in Section 14, 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 the  Executive or others  whether
by reason of the  subsequent  employment of the  Executive or  otherwise.  In no
event  shall the  Executive  be  obligated  to seek other  employment  by way of
mitigation of the amounts  payable to the Executive  under any of the provisions
of this  Agreement.  In the event that the Executive  shall in good faith give a
Notice of Termination for Good Reason and it shall thereafter be determined that
Good Reason did not take place,  the employment of the Executive  shall,  unless
the Company and the Executive shall otherwise  mutually agree, be deemed to have
terminated,  at the date of giving  such  purported  Notice of  Termination,  by
<PAGE>
 
mutual consent of the Company and the Executive  and,  except as provided in the
last preceding  sentence,  the Executive shall be entitled to receive only those
payments and benefits which she would have been entitled to receive at such date
had she terminated her employment voluntarily at such date under this Agreement.
 
         17.      Definitions.
                  -----------
 
                  (a) "Accountants" shall have the meaning set forth in
         Section 13(b).
                            -----------
 
                  (b) "Accrued  Obligations" shall mean (i) the Executive's full
         Base  Salary  through  the Date of  Termination,  (ii) any  unpaid  but
         accrued Annual Bonus, (iii) the product of the Annual Bonus paid to the
         Executive  for the last full fiscal year of the Company and a fraction,
         the numerator of which is the number of days in the current fiscal year
         of the Company through the Date of Termination,  and the denominator of
         which  is  365,  (iv)  any  compensation  previously  deferred  by  the
         Executive (together with any accrued earnings thereon) and not yet paid
         by the Company and any accrued  vacation  pay for the current  year not
         yet paid by the  Company,  (v) any  amounts  or  benefits  owing to the
         Executive or to the Executive's beneficiaries under the then applicable
         employee  benefit plans or policies of the Company and (vi) any amounts
         owing to the Executive for  reimbursement of expenses properly incurred
         by the  Executive  prior  to the  Date of  Termination  and  which  are
         reimbursable in accordance with the reimbursement policy of the Company
         described in Section 5(a).
 
                  (c)      "Affiliated  Company"  shall mean any company
                            -------------------
         controlling,  controlled  by or under  common control with the Company.
 
                  (d)      "Annual Bonus" shall have the meaning set forth in
                            ------------
         Section 4.
                  (e)      "Area" shall mean the United States.
                            ----
 
                  (f)      "Base Salary" shall have the meaning set forth in
                            -----------
         Section 3.
                  (g)      "Board" shall mean the Board of Directors of the
                            -----
         Company.
                  (h)  "Business  of the Company"  shall mean any business  that
         involves  the  manufacture,  production,  sale,  marketing,  promotion,
         exploitation,  development or distribution of radiological devices used
         in the treatment of cancer or implantable devices used in the treatment
         of cancer.
 
                  (i)      "Cause" shall mean either:
                            -----
 
                           (i)      any act that  constitutes,  on the part of
                  the Executive,  fraud or dishonesty that directly results in
                  material injury to the Company or an act that constitutes a
                  felony;
 
                           (ii)  Executive's  conduct as the President and Chief
                  Executive Officer of the Company is grossly  inappropriate and
                  demonstrably likely to lead to material injury to the Company,
                  as determined by the Board reasonably and in good faith; or
 
                           (iii)    the Executive otherwise materially breaches
                  this Agreement;
 
                  provided,  however,  that in the case of Clause  (ii) or (iii)
         above,  such conduct shall not constitute  Cause unless the Board shall
<PAGE>
 
         have delivered to the Executive  notice setting forth with  specificity
         (A) the conduct deemed to qualify as Cause, (B) reasonable  action that
         would remedy such  objection,  and (C) a reasonable time (not less than
         thirty (30) days) within  which the  Executive  may take such  remedial
         action,  and the Executive shall not have taken such specified remedial
         action within such specified reasonable time.
 
                  (j)      A "Change of Control" means:
                              -----------------
 
                           (i) the  acquisition  by any  individual,  entity  or
                  group  (within the meaning of Section  13(d)(3) or 14(d)(2) of
                  the Securities Exchange Act of 1934, as amended (the "Exchange
                  Act"))  (a  "Person")  of  beneficial  ownership  (within  the
                  meaning of Rule 13d-3  promulgated  under the Exchange Act) of
                  voting  securities of the corporation  where such  acquisition
                  causes such person to own thirty-five percent (35%) or more of
                  the  combined  voting  power  of the then  outstanding  voting
                  securities  of the Company  entitled to vote  generally in the
                  election  of  directors  (the   "Outstanding   Company  Voting
                  Securities");  provided,  however,  that for  purposes of this
                  Subsection (i), the following acquisitions shall not be deemed
                  to result in a Change of Control: (A) any acquisition directly
                  from the Company,  (B) any acquisition by the Company, (C) any
                  acquisition  by any employee  benefit plan (or related  trust)
                  sponsored  or  maintained  by the  Company or any  corporation
                  controlled  by the  Company  or  (D)  any  acquisition  by any
                  corporation  pursuant  to a  transaction  that  complies  with
                  clauses  (A),  (B)  and (C) of  Subsection  (iii)  below;  and
                  provided,  further,  that if any Person's beneficial ownership
                  of  the  Outstanding  Company  Voting  Securities  reaches  or
                  exceeds thirty-five percent (35%) as a result of a transaction
                  described  in  clause  (A)  or  (B)  above,  and  such  Person
                  subsequently   acquires  beneficial  ownership  of  additional
                  voting securities of the Company, such subsequent  acquisition
                  shall be treated as an acquisition  that causes such Person to
                  own  thirty-five  percent  (35%)  or more  of the  Outstanding
                  Company Voting Securities; or
 
                           (ii)   individuals   who,  as  of  the  date  hereof,
                  constitute  the Board (the  "Incumbent  Board")  cease for any
                  reason  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 shareholders, was approved by a
                  vote of at least  two-thirds 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  consents  by or on  behalf of a
                  Person other than the Board;
 
                           (iii) the approval by the shareholders of the Company
                  of a reorganization,  merger or consolidation or sale or other
                  disposition of all or  substantially  all of the assets of the
                  Company  ("Business  Combination") or, if consummation of such
                  Business  Combination is subject, at the time of such approval
                  by   shareholders,   to  the  consent  of  any  government  or
                  governmental  agency,  the  obtaining of such consent  (either
                  explicitly or implicitly by consummation); excluding, however,
                  such a  Business  Combination  pursuant  to  which  (A) all or
                  substantially all of the individuals and entities who were the
                  beneficial owners of the Outstanding Company Voting Securities
                  immediately  prior to such Business  Combination  beneficially
                  own, directly or indirectly, more than sixty percent (60%) of,
                  respectively,  the then outstanding shares of common stock and
<PAGE>
 
                  the  combined  voting  power  of the then  outstanding  voting
                  securities  entitled  to vote  generally  in the  election  of
                  directors,  as the case may be, of the  corporation  resulting
                  from such Business Combination (including, without limitation,
                  a corporation  that 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)  in
                  substantially   the  same   proportions  as  their  ownership,
                  immediately   prior  to  such  Business   Combination  of  the
                  Outstanding   Company   Voting   Securities,   (B)  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,
                  thirty-five percent (35%) or more of,  respectively,  the then
                  outstanding   shares  of  common  stock  of  the   corporation
                  resulting  from  such  Business  Combination  or the  combined
                  voting power of the then outstanding voting securities of such
                  corporation  except to the extent that such ownership  existed
                  prior to the Business  Combination and (C) at least a majority
                  of the members of the board of  directors  of the  corporation
                  resulting from such Business  Combination  were members of the
                  Incumbent  Board at the time of the  execution  of the initial
                  agreement,  or of the action of the Board,  providing for such
                  Business Combination; or
 
                           (iv)     approval  by  the  shareholders  of  the
                  Company  of  a  complete  liquidation  or dissolution of the
                  Company.
 
                  Notwithstanding  the foregoing,  no Change of Control shall be
         deemed to have occurred for purposes of this Agreement by reason of any
         actions  or events in which the  Executive  participates  in a capacity
         other  than in her  capacity  as  Executive  (or as a  director  of the
         Company or a Subsidiary, where applicable).
 
                  (k)  "Change of Control  Date"  shall mean the date on which a
         Change of Control shall be deemed to have occurred.
 
                  (l)      "Code" shall mean the Internal Revenue Code of 1986,
                            ----
         as amended.
 
                  (m)      "Company Information" means Confidential Information
                           -------------------
         and Trade Secrets.
 
                  (n) "Competing Business" means any person, firm,  corporation,
         joint venture or other business entity which is engaged in the Business
         of the Company (or any aspect thereof) within the Area.
 
                  (o)  "Confidential  Information"  means  confidential data and
         confidential information relating to the business of the Company (which
         does not rise to the status of a trade  secret  under  applicable  law)
         which is or has  been  disclosed  to  Executive  or of which  Executive
         became aware as a  consequence  of or through her  employment  with the
         Company and which has value to the Company and is not  generally  known
         to  its   competitors  and  which  is  designated  by  the  Company  as
         confidential.  Confidential  Information  shall not include any data or
         information  that (i) has been  voluntarily  disclosed  to the  general
         public  by the  Company;  (ii) has  been  independently  developed  and
         disclosed to the general public by others;  or (iii)  otherwise  enters
         the public domain through lawful means.
 
                  (p)      "Date of Termination" shall mean
                            -------------------
<PAGE>
 
                           (i)  If the  Executive's  employment is terminated
                  by her death, the date of her death.
 
                           (ii) If the  Executive's  employment is terminated by
                  the Company as a result of  Disability  pursuant to  Paragraph
                  9(a)(i),  the date that is thirty  (30) days  after  Notice of
                  Termination is given;  provided,  the Executive shall not have
                  returned to the performance of her duties on a full-time basis
                  during such thirty (30) day period.
 
                           (iii) If the Executive  terminates her employment for
                  Good Reason  pursuant to Paragraph  9(b), the date that is ten
                  (10) days after Notice of Termination is given  (provided that
                  the Company does not cure the event which gives the  Executive
                  Good Reason during the ten (10) day period).
 
                           (iv) If the Executive terminates her employment other
                  than for Good  Reason,  the date that is two (2)  weeks  after
                  Notice  of  Termination  is  given;   provided,  in  the  sole
                  discretion  of the Company,  such date may be any earlier date
                  after Notice of Termination is given.
 
                           (v) If the  Executive's  employment  is terminated by
                  the Company without Cause pursuant to Section  9(a)(iii),  the
                  date that is two (2) weeks  after  Notice  of  Termination  is
                  given.
 
                           (vi) If the  Executive's  employment is terminated by
                  the Company for Cause pursuant to Paragraph 9(a)(ii), the date
                  on which the Notice of Termination is given.
 
                  (q)  "Disability"  shall mean physical or mental illness which
         would  entitle  the  Executive  to receive  full  long-term  disability
         benefits  under  the  Company's  long-term  disability  plan  on  terms
         substantially  similar to those of the long-term  disability plan as in
         effect on the date of this Agreement.
 
                  (r)      "Excise Tax" shall have the meaning as set forth in
                            ----------
         Section 13(a).
 
                  (s) "Good  Reason"  shall  mean the  occurrence  of one of the
         following events which occurs without the Executive's consent (provided
         the  Company  does not cure such  event on a  retroactive  basis to the
         extent  possible  within  ten (10) days  following  its  receipt of the
         Executive's Notice of Termination):
 
                           (i) The  Executive's  title,  position,  authority or
                  responsibilities  (including  reporting  responsibilities  and
                  authority) are changed in a materially adverse manner.
 
                           (ii) The  Executive's  base salary is reduced for any
                  reason other than in connection  with the  termination  of her
                  employment.
 
                           (iii) For any reason  other than in  connection  with
                  the  termination of the  Executive's  employment,  the Company
                  materially   reduces  any  fringe  benefit   provided  to  the
                  Executive  under  Section  5 below  the  level of such  fringe
                  benefit   provided   generally  to  other  actively   employed
                  similarly situated executives of the Company.  Notwithstanding
                  the foregoing,  if the Company agrees to fully  compensate the
                  Executive for any such material  reduction for a period ending
<PAGE>
 
                  on the earlier to occur of (A) the date such fringe benefit is
                  no  longer  provided  to  other  actively  employed  similarly
                  situated executives of the Company or (B) four (4) years, then
                  such event shall not constitute Good Reason.
 
                           (iv) A change of over  fifty (50) miles in either the
                  Executive's  principal place of employment or the headquarters
                  of the Company from its present location.
 
                           (v)      The Company otherwise materially breaches,
                  or is unable to perform its obligations
                  under this Agreement.
 
                           (vi)     The occurrence of a Change of Control.
 
                  Notwithstanding  the  foregoing,  the occurrence of one of the
         events in  Paragraphs  (i) through (vi) hereof shall not be  considered
         Good  Reason for the  Executive's  termination,  unless  the  Executive
         delivers a Notice of  Termination  pursuant to  Paragraph  9(c) hereof,
         within  sixty (60) days after the  Executive  has actual  notice of the
         occurrence of any of the events  listed in Paragraphs  (i) through (vi)
         hereof.
 
                  (t)  "Interest  Rate" shall mean the interest  rate payable on
         one-year  Treasury  Bills  in  effect  on the day that is  thirty  (30)
         business days (days other than  Saturday,  Sunday or legal  holidays in
         the City of New York) prior to the Date of Termination.
 
                  (u)  "Notice of  Termination"  shall mean a notice  that shall
         indicate the specific  termination  provision in this Agreement  relied
         upon,  and  shall  set  forth  in  reasonable   detail  the  facts  and
         circumstances  claimed  to  provide  a  basis  for  termination  of the
         Executive's employment under the provision so indicated.
 
                  (v)      "Subsidiary" shall mean any majority owned subsidiary
                            ----------
         of the Company.
 
 
                  (w)      "Tax Reimbursement Payment" shall have the meaning
                            -------------------------
         set forth in Section 13(a).
 
                  (x) "Trade Secrets" means information of the Company,  without
         regard  to  form,   including,   but  not  limited  to,   technical  or
         nontechnical data, formulas, patterns, compilations, programs, devices,
         methods,  techniques,  drawings,  processes,  financial data, financial
         plans,  product  or  service  plans  or lists of  actual  or  potential
         customers or suppliers  which is not commonly  known by or available to
         the public and which information (i) derives economic value,  actual or
         potential,  from not being  generally  known to, and not being  readily
         ascertainable by proper means by, other persons who can obtain economic
         value from its  disclosure  or use;  and (ii) is the subject of efforts
         that are reasonable under the circumstances to maintain its secrecy.
 
         18. Assignment and Survivorship of Benefits. The rights and obligations
of the Company under this Agreement  shall inure to the benefit of, and shall be
binding upon, the successors and assigns of the Company. If the Company shall at
any time be merged or  consolidated  into,  or with,  any other  company,  or if
substantially  all of the  assets of the  Company  are  transferred  to  another
company,  then the provisions of this Agreement  shall be binding upon and inure
to the benefit of the company  resulting from such merger or consolidation or to
which such assets have been  transferred,  and this provision shall apply in the
event of any subsequent merger, consolidation, or transfer.
<PAGE>
 
         19.  Notices.  Any notice given to either party to this Agreement shall
be in writing,  and shall be deemed to have been given when delivered personally
or sent by certified  mail,  postage  prepaid,  return receipt  requested,  duly
addressed  to the party  concerned,  at the address  indicated  below or to such
changed address as such party may subsequently give notice of:
 
                  If to the Company:
 
                                    Theragenics Corporation
                                    5203 Bristol Industrial Way
                                    Buford, Georgia  30518
                                    Attn: Chief Financial Officer
 
                  with a copy to:
 
                                    Powell, Goldstein, Frazer & Murphy LLP
                                    Sixteenth Floor
                                    191 Peachtree Street, N.E.
                                    Atlanta, Georgia  30303
                                    Attn:  Richard Miller, Esq.
 
 
                  If to the Executive:
 
                                    M. Christine Jacobs
                                    2460 Peachtree Road, N.W.
                                    Apartment 1804
                                    Atlanta, Georgia 30305
 
                  with a copy to:
 
                                    Lightmas & Delk
                                    Suite 1150
                                    The Peachtree
                                    1355 Peachtree Street, N.E.
                                    Atlanta, Georgia 30309
                                    Attn:  Frank Lightmas, Esq.
 
         20.      Indemnification.  The Executive  shall be indemnified by the
                  ---------------
Company,  to the extent  provided in the case of officers under the Company's
Certificate of Incorporation or Bylaws.
 
         21. Taxes. Anything in this Agreement to the contrary  notwithstanding,
all payments required to be made hereunder by the Company to the Executive shall
be subject to withholding  of such amounts  relating to taxes as the Company may
reasonably  determine that it should withhold  pursuant to any applicable law or
regulations.  In lieu of withholding such amounts, in whole or in part, however,
the Company may, in its sole  discretion,  accept other provision for payment of
taxes,  provided that it is satisfied that all requirements of the law affecting
its responsibilities to withhold such taxes have been satisfied.
 
         22.  Enforcement  of  Rights.  All legal and other  fees and  expenses,
including,  without  limitation,  any  arbitration  expenses,  incurred  by  the
<PAGE>
 
Executive in  connection  with seeking to obtain or enforce any right or benefit
provided for in this  Agreement,  or in  otherwise  pursuing any right or claim,
shall be paid by the Company,  to the extent permitted by law, provided that the
Executive is  successful  in whole or in part as to such claims as the result of
litigation, arbitration, or settlement.
 
         In the event  that the  Company  refuses or  otherwise  fails to make a
payment when due and it is ultimately  decided that the Executive is entitled to
such payment,  such payment shall be increased to reflect an interest equivalent
for the  period  of delay,  compounded  annually,  equal to four (4)  percentage
points  over the  Interest  Rate in effect as of the date the  payment was first
due.
 
         23. Governing Law/Captions/Severance. This Agreement shall be construed
in  accordance  with,  and  pursuant  to, the laws of the State of Georgia.  The
captions of this Agreement shall not be part of the provisions hereof, and shall
have no force or effect. The invalidity or  unenforceability of any provision of
this  Agreement  shall not affect the  validity or  enforceability  of any other
provision of this Agreement.  Except as otherwise  specifically provided in this
paragraph,  the failure of either  party to insist in any instance on the strict
performance  of any  provision  of  this  Agreement  or to  exercise  any  right
hereunder  shall not constitute a waiver of such provision or right in any other
instance.
 
         24. Entire  Agreement/Amendment.  This  instrument  contains the entire
agreement of the parties relating to the subject matter hereof,  and the parties
have made no agreement,  representations,  or warranties relating to the subject
matter of this  Agreement  that are not set forth herein.  This Agreement may be
amended at any time by written  agreement of both  parties,  but it shall not be
amended  by  oral  agreement.  This  Agreement  terminates  any  and  all  prior
Agreements relating to the terms of Executive's  employment  including,  but not
limited  to, the  agreement  between the parties  hereto  dated  August 1, 1996,
notwithstanding  any  provisions  therein which would purport to apply after the
term of that agreement.
 
                  [Remainder of Page Intentionally Left Blank]
 
<PAGE>
 
 
 
 
         IN WITNESSETH WHEREOF,  the parties have executed this Agreement on the
date first above written.
 
                                     THERAGENICS CORPORATION
 
                                     By: /s/ Bruce W. Smith
                                     ----------------------
 
ATTEST:                              Title: Executive Vice President, Secretary,
                                     ------------------------------------
/s/ Ronald A. Warren                 Treasurer and Chief Financial Officer
---------------------                -------------------------------------
 
Title: Assistant Secretary
 
         [CORPORATE SEAL]
 
                                     EXECUTIVE:
 
 
                                     /s/ M. Christine Jacobs
                                     -----------------------
                                     M. CHRISTINE JACOBS

 

 

 

EX-99.A4 3 cj08.htm EXHIBIT 10.1

Exhibit 10.1

 

FIRST AMENDMENT TO EXECUTIVE

EMPLOYMENT AGREEMENT

 

 

        This Amendment is made as of this 8th day of July 2003, between THERAGENICS CORPORATION, a Delaware Corporation (the “Company”) and M. CHRISTINE JACOBS (the “Executive”).

 

 

 

INTRODUCTION

        The Company and the Executive are parties to that certain executive employment agreement dated April 13, 2000 (hereinafter referred to as the “Executive Employment Agreement”). The parties now desire to amend the Executive Employment Agreement to provide as follows:

 

        NOW THEREFORE, the parties amend the Executive Employment Agreement as follows:

 

1.  By substituting the following for Section17 (h):

   

   (h)        “Business of the Company” means any business that involves the manufacture, production, sale, marketing, promotion, exploitation, development and distribution of palladium-103 or temporary or permanently implantable devices for use in the treatment of cancer, restenosis or macular degeneration.

 

         Except as specifically amended hereby, the Executive Employment Agreement shall remain in full force and effect as prior to this Amendment. 

 

 

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, the Company and the Executive have each executed and delivered this Amendment as of the date first shown above.

 

  THE COMPANY

   

  THERAGENICS CORPORATION

   

  By:     /s/    M. Christine Jacobs          

   

  Title:  CEO, President                           

 

ATTEST:

 

 

 

/s/      Tracy M. Culver                                           

 

 

 

Title:  General Counsel & Corporate Secretary  

 

              [CORPORATE SEAL]

 

  EXECUTIVE

   

  By:    /s/    James A. MacLennan       

   

  Title:  Chief Financial Officer  

 

 

EX-10.3 2 ex10-3.htm EXHIBIT 10.3

 

--------------------------------------------------------------------------------

 

 

Exhibit 10.3

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT (this “Amendment”) is dated August 8, 2006, between THERAGENICS CORPORATION, a Delaware corporation (the “Company”), and M. CHRISTINE JACOBS, an individual resident of Georgia (the “Executive”).

 

INTRODUCTION

 

The Company and the Executive entered into that certain Employment Agreement dated April 13, 2000 (the “Employment Agreement”). The parties hereto now desire to amend the Employment Agreement to delete the provision providing for perquisites up to $40,000 annually and agree that such deletion shall not allow the Executive to resign for “Good Reason.”

 

NOW, THEREFORE, and in consideration of the Executive’s continued employment with the Company, the Company and the Executive hereby mutually agree that, effective immediately following the payment made to the Executive pursuant to Section 5(c) in March 2006, the Employment Agreement is amended as follows:

 

1. By deleting in its entirety the existing content of Section 5(c) and replacing therefor the term “[Reserved.]”

 

2. By adding the following language immediately before the period at the end of the first sentence of Section 17(s)(iii):

 

“; provided, however, that the amendment to this Agreement to delete the $40,000 benefit in Section 5(c) shall not be deemed to constitute ‘Good Reason’.”

 

Except as specifically amended hereby, the Employment Agreement shall remain in full force and effect as prior to this Amendment.

 

IN WITNESS WHEREOF, the Company and the Executive have each executed and delivered this Amendment as of the date first shown above.

 

 THE COMPANY:    THE EXECUTIVE:

     

 THERAGENICS CORPORATION   /s/ M. Christine Jacobs 

    M. Christine Jacobs

     

 By: /s/ Francis J. Tarallo    

     

 Title: Chief Financial Officer and Treasurer    

 

 

 

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EX-10.11C 2 ex10-11c.htm EXHIBIT 10.11C


Exhibit 10.11C

AMENDMENT TO EMPLOYMENT AGREEMENT


THIS AMENDMENT (the “Amendment”) is dated December 31, 2008, between THERAGENICS CORPORATION, a Delaware corporation (the “Company”) and M. CHRISTINE JACOBS, an individual resident of Georgia (the “Executive”).


INTRODUCTION:


The Company and the Executive entered into that certain employment agreement dated April 13, 2000, as amended (the “Employment Agreement”).  The parties hereto now desire to amend the Employment Agreement to comply with Section 409A of the Internal Revenue Code.


NOW, THEREFORE, and in consideration of the Executive’s continued employment with the Company, the Company and the Executive hereby mutually agree that the Employment Agreement is amended as follows:


1.     By adding the following to the end of Section 9(c):


(i)           If the Company wishes to terminate the Executive’s employment as a result of a Disability, the Company must provide the written Notice of Termination at least thirty (30) days in advance of the Date of Termination.


(ii)            If the Executive wishes to terminate her employment for Good Reason, the Executive must give written Notice of Termination at least ten (10) days before the Date of Termination; provided, however, that if the Company cures the event within such ten (10) day period, the Executive may not resign for Good Reason.


(iii)           If the Executive wishes to terminate her employment without Good Reason, the Executive must give written Notice of Termination at least two (2) weeks before the Date of Termination; provided, in the sole discretion of the Company, the Company may waive such notice.


(iv)           If the Company wishes to terminate the Executive’s employment without Cause, the Company must give the Executive written Notice of Termination at least two (2) weeks before the Date of Termination.


(v)           If the Company wishes to terminate the Executive’s employment for Cause, the Company may terminate the Executive’s employment as soon as the Notice of Termination is given.”


2.             By deleting the existing language of Section 10(a)(i), 10(c)(i) and 10(d)(i) and inserting in lieu thereof the following language:


payment of all Accrued Obligations;”


3.             By adding the following to the end of Section 10(a)(ii) before the semicolon:


, which sum shall be payable in one lump sum in cash as soon as practicable but no later than ninety (90) days following the Date of Termination, provided, however, that if the Executive is a ‘specified employee’ within the meaning of Code Section 409A, then to the extent required to avoid a tax under Code Section 409(A), payment shall be delayed until six (6) months after the Date of Termination, and provided further, that any payment made after the Date of Termination will be increased by interest at the applicable federal rate under Code Section 1274(d) from the Date of Termination until the date of payment”.

 




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4.             By deleting the existing language of Sections 10(a)(iv) and 10(c)(iii) and adding in lieu thereof the following language:

 

two (2) times the annual amount that the Company most recently paid to Executive to allow Executive to purchase supplemental long-term disability insurance and the related tax gross-up thereon paid by the Company, payable at the same time as the payment in Section 10(a)(ii) (with interest as provided in Section 10(a)(ii)), and continued group health (including dental) plan coverage (other than under a flexible spending arrangement) for Executive (and Executive’s spouse and eligible dependents to the extent they were covered before the Date of Termination) which is generally available to executive officers of the Company, for a period of two (2) years from the Date of Termination at the same cost to the Executive as is charged to other executive officers of the Company from time to time for comparable coverage; provided, however, that the Company may require the Executive to make an election pursuant to COBRA to continue such group health plan coverage, and provided that if any group health plan is a self-insured health plan subject to Section 105(h) of the Internal Revenue Code or the plan is an insured plan and the insurer does not consent to continuing coverage after the COBRA continuation coverage period, the Company will in lieu of such coverage in the case of a self-insured plan or in lieu of such coverage after the COBRA continuation period in the case of an insured plan, pay Executive a dollar amount equal to the excess of the COBRA premium over the premium that would be paid by an actively employed executive officer for the same group health plan coverage, plus a tax gross-up equal to seventy five percent (75%) of such dollar amount, and in such event, such amount will be paid on a monthly basis as and when COBRA premiums are or would be due, except that if the Executive is a ‘specified employee’ within the meaning of Code Section 409A, to the extent required to avoid a tax under Code Section 409A, all payments will be delayed until six (6) months following the Date of Termination.”

 

5.             By adding the following to the end of the last sentence of Section 13(d), the end of the first sentence of section 13(e), and the end of the second sentence of Section 13(e):


provided, however, that payment will be made no later than the end of the next year following the year in which Executive remits the related taxes.”


6.             By deleting the existing language of Section 17(b) therefrom and inserting in lieu thereof the following:


“ ‘Accrued Obligations’ shall mean:


(i)            the Executive’s full Base Salary through the Date of Termination, which shall be payable in accordance with the Company’s ordinary payroll practices,


(ii)           any unpaid but accrued Annual Bonus, which shall be paid in accordance with the timing requirements of the applicable bonus plan or the Company’s normal timing for paying bonuses,


(iii)           the product of the Annual Bonus paid to the Executive for the last full fiscal year of the Company and a fraction, the numerator of which is the number of days in the current fiscal year of the Company through the Date of Termination, and the dominator of which is 365, which shall be payable as soon as practicable but no later than ninety (90) days following the Date of Termination, provided, however, that if the Executive is a ‘specified employee’ within the meaning of Code Section 409A, then to the extent required to avoid a tax under Code Section 409A, payment shall be delayed until six (6) months after the Date of Termination, except in the event of death, and provided further that the payment will be increased by interest at the applicable federal rate under Code Section 1274(d) from the Date of Termination to the date of payment,


(iv)           any compensation previously deferred by the Executive (together with accrued earnings thereon) and not yet paid by the Company, payable at the time and in accordance with the provisions of the applicable plan or agreement,

 




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(v)           any accrued vacation pay for the current year not yet paid by the Company, payable as soon as practicable but no later than ninety (90) days following the Date of Termination, provided, however, that if the Executive is a ‘specified employee’ within the meaning of Code Section 409A, then to the extent required to avoid a tax under Code Section 409A, payment shall be delayed until six (6) months after the Date of Termination, except in the event of death, and provided further that the payment will be increased by interest at the applicable federal rate under Code Section 1274(d) from the Date of Termination to the date of payment,


(vi)           any amounts or benefits owing to the Executive or to the Executive’s beneficiaries under the then applicable employee benefit plans or policies of the Company, payable in accordance with the terms of such plans or policies, and


(vii)          any amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive prior to the Date of Termination and which are reimbursable in accordance with the reimbursement policy of the Company described in Section 5(a), payable in accordance with the Company’s policy.”


7.             By deleting the existing language of Section 17(p) and inserting in lieu thereof the following:


“ ‘Date of Termination’ shall mean the date of the Executive’s ‘separation from service’ within the meaning of Code Section 409A.”


8.             By adding the following new Section 17(y):


“ ‘Code’ means the Internal Revenue Code of 1986, as amended.”

 

9.             By adding the following new Section 17(z):

 

“ ‘Termination of employment’ and similar terms shall refer solely to a ‘separation from service’ within the meaning of Code Section 409A.”


Except as specifically amended hereby, the Employment Agreement shall remain in full force and effect as prior to this Amendment.


IN WITNESS WHEREOF, the parties have caused this Amendment as of the day and year first above written.

 

 

 

THERAGENICS CORPORATION:

 

 

 

By: /s/ Bruce W. Smith

 

 

 

Print Name: Bruce W. Smith

 

 

 

Title: Secretary

 

 

 

 

 

M. CHRISTINE JACOBS:

 

 

 

/s/ M. Christine Jacobs

 

 

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