Exhibit
10.23


 





 


2009 Executive Leadership Team Incentive Bonus Plan


 


1. Purpose


 


The purpose of this plan is
to incentivize and reward the Executive Leadership Team (ELT) when certain
performance objectives are achieved.


 


2.
Eligibility


 


Vice Presidents, who are
members of the Executive Leadership Team, are eligible to participate provided
they are employed during the plan year and are actively employed in good
standing at time of pay out. Any new VPs to the ELT will be eligible to
participate on a prorated basis, based on length of employment during the plan
year.


 


3. Target
Bonus Payout


 


ELT members have a target
bonus payout of up to 30% of base salary based on achievement of the Bonus
Targets. Additional bonus may be earned based on the Supplemental Discretionary
Bonus opportunity as described in section 8 below:


 


4.
Performance Targets


 


The Plan includes the
overall 2009 EBITDA goal as well as individual performance targets weighted as
follows:


 


	
   

  	
   

  	
  Weighting

  	
   

  
	
  EBITDA

  	
   

  	
  50

  	
  %

  
	
  ELT’s Assigned Goals (department goal)

  	
   

  	
  30

  	
  %

  
	
  Individual Contribution

  	
   

  	
  20

  	
  %

  
	
   

  	
   

  	
  100

  	
  %

  



 


5. Minimum EBITDA Performance for
2009


The EBITDA target is $110
million.


 


·                  If EBITDA is met or exceeded, all
participants will be eligible to earn up to their full bonus pay out target of
30% based on achievement of other bonus targets.


 


·                  If EBITDA is not achieved, but is achieved at
least at a level equal to 90% of the EBITDA target, the Compensation Committee
of the Board of Directors may elect to provide a percentage of the bonus target
that will be calculated against achievement of other bonus targets.


 


·                  If EBITDA is not achieved to at least 90% of
the EBITDA target, then no bonus will be paid for any goal reached.


 

















 


6. ELT’s
Assigned goals (department goal)


 


The ELT is responsible for
ensuring delivery on the Company’s 2009 corporate goals. Each ELT member is
also assigned goals for his/her unit/department to support these objectives.
The goals are to be documented and approved by the CEO as soon as possible
following the start of the year on the attached form.


 


7.
Individual Contribution


 


At the end of the year, the
CEO will assess of how he/she performed as well as how he/she individually
contributed to managing unplanned events during the year.


 


8.
Supplemental Discretionary Bonus


 


Should the EBITDA target be
achieved above $110 million, 4.548% of incremental EBITDA in excess of $110
million will be pooled for discretionary distribution (pool capped at
$500,000). The discretionary bonus pool will be distributed based on the CEO’s
recommendation and approval from the Compensation Committee of the Board of
Directors. The maximum total bonus for any ELT member is 60% of base salary.
Recommendations will consider teamwork, leadership and overall individual
performance among other factors.


 


9. Timing
of Incentive Awards


 


Plan participants will
receive earned award payments by March 15, 2010. Participants must be employed
at time of pay out to be eligible to receive earned bonus.


 


10. Example
of the Calculation


 


·                  ELT member earns a base salary of $250,000 on
12/31/2009


·                  All of the ELT member’s 2009 goals are
achieved


·                  $110M EBITDA goal is not exceeded thus not
triggering the Supplemental Discretionary Bonus


 


	
  Target

  Bonus %

  	
   

  	
  2008
  Goal Areas

  	
   

  	
  Performance

  Attainment

  	
   

  	
  Weighted

  	
   

  	
  Result

  	
   

  
	
   

  	
  x

  	
  EBITDA
  Attainment

  	
   

  	
  100%

  	
  x

  	
  50%

  	
  =

  	
  15%

  	
   

  
	
  30%

  	
  x

  	
  ELT’s
  Assigned Goals (Dept)

  	
   

  	
  100%

  	
  x

  	
  30%

  	
  =

  	
  12%

  	
   

  
	
   

  	
  x

  	
  Individual
  Contribution

  	
   

  	
  100%

  	
  x

  	
  20%

  	
  =

  	
  3%

  	
   

  
	
  Total Basic Bonus as % of Prorated Salary:

  	
   

  	
  30%

  	
   

  
	
  2008 Salary:

  	
   

  	
  $250,000

  	
   

  
	
  Basic Bonus:

  	
   

  	
  $75,000

  	
   

  
	
  Supplemental Discretionary Bonus for EBITDA Above >$110:

  	
   

  	
   

  	
   

  



 


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11.
Administrative Guidelines


 


	
  Timing of
  Payments

  	
   

  	
  2009 bonus payments (if
  earned) will be made as soon as practicable, but no later than March 15 2010.

  
	
   

  	
   

  	
   

  
	
  Eligible
  Earnings 

  	
   

  	
  Bonus awards are
  calculated using base salaries effective December 31, 2009.

  
	
   

  	
   

  	
   

  
	
  New Hires
  

  	
   

  	
  New hires are eligible for
  a prorated 2009 bonus if the employee is hired between January 1 and December
  31, 2009, and is employed on December 31, 2009. If hired on or after October
  1, 2009, the employee is not eligible for an award under the 2009 Plan year.

  
	
   

  	
   

  	
   

  
	
  Status
  Change 

  	
   

  	
  If a participant’s
  employment status changes from full-time to part-time (or vice versa) on or
  before December 31, 2009, the bonus calculation will be prorated based on the
  number of days worked in each status during the Plan year.

  
	
   

  	
   

  	
   

  
	
  Termination
  

  	
   

  	
  If a participant’s
  employment is terminated for any reason or no reason by the participant or
  the Company prior to March 15, 2009, no bonus award or prorated award will be
  due to the participant.

  
	
   

  	
   

  	
   

  
	
  Leave of
  Absence 

  	
   

  	
  If a participant is on an
  approved leave of absence (LOA) during 2009, the first 90 days of the leave
  will be counted as eligible time toward the bonus calculation. If the LOA
  extends beyond 90 days during the Plan year, the bonus calculation may be
  prorated to exclude the amount of time on LOA that is in excess of 90
  days.  

   

  For example, if the
  participant worked through April 30, 2009 (120 days), started an approved leave
  of absence on May 1 and returned to work on November 1, 2009 (LOA of 184
  days), and then worked through the balance of the year (61 days), the
  proration factor to be applied in the 2009 bonus calculation would be 74%
  (i.e., total of 181 days worked plus first 90 days of LOA equals 271 days,
  divided by 365).

  
	
   

  	
   

  	
   

  
	
  Effect on
  Employment

  	
   

  	
  An employee’s eligibility
  and/or participation in this Plan is not intended to and does not confer any
  right with respect to continued employment with the Company or any of its
  subsidiaries. Nothing contained herein shall be construed as interfering with
  or restricting the right of the Company or any of its subsidiaries, or of the
  participant, to terminate employment with Lantheus at any time, with or
  without cause.

  



 


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  Adjustments
  for Extraordinary and/or Unforeseen Events 

  	
   

  	
  Lantheus reserves the
  right to adjust the established performance goals and/or actual results to
  reflect the impact of extraordinary and/or unforeseen events (e.g., major
  business transactions, accounting changes, etc.). In the same manner, goal
  attainment may be assessed for situations not otherwise reflected in the
  accounting calculations that negatively or positively impact the overall
  profitability of the Corporation. Such adjustments are at the discretion of
  the Compensation Committee of the Board of Directors. It is intended that
  adjustments will be made only for extraordinary and/or unforeseen events.

  
	
   

  	
   

  	
   

  
	
  Plan
  Changes 

  	
   

  	
  The Company retains the
  right to make adjustments to the Plan at any time as deemed necessary and/or
  appropriate, subject to approval (as applicable) by the Compensation
  Committee of the Board of Directors. The VP, Human Resources is responsible
  for administration of this Plan.

  



 


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