Document:

Exhibit
10.22

 

 

Employee Bonus Plan - 2009

 

1.
Introduction

 

This document describes
the 2009 Lantheus Medical Imaging Employee Bonus Plan and sets forth the
methodology for setting goals and measuring performance that will earn a bonus
when achieved.

 

Lantheus Medical Imaging
believes in a “Pay for Performance” approach to employee compensation. That is,
the Company will provide employees with an annual incentive bonus when
prescribed performance goals are achieved. In addition, this approach also
allows for higher levels of rewards when higher levels of performance are
achieved and less for less than desired results for both company and individual
performance. However, the entire bonus pool will be capped at 100% of the
aggregate target bonus of the eligible employees under this plan.

 

2.
Eligibility

 

All active ‘employees’ of
Lantheus Medical Imaging, excluding Vice Presidents and above who are members
of the Executive Leadership Team, are eligible to participate provided they are
employed during the plan year including at time of the bonus payment. Bonus for
part time employees working 25 hours or more per week and will be prorated
based on hours worked.   Any new
employees hired during the year prior to October 1, will be eligible to
participate on a prorated basis, based on length of employment during the plan
year. Temporary employees and interns are excluded from participation.

 

3.
Target Bonus %

 

Each position has a target bonus % which is established based
on a competitive assessment of the Company’s cash
compensation practices and internal leveling guidelines.  Generally, the higher an employee’s position
level, the higher their target bonus.

 

The target bonus % for
each position remains relatively unchanged from 2008.  Any changes to bonus targets % will be
confirmed prior to September 1, 2009

 

If you have any questions
on the bonus target for your position, please see your manager.

 

1

 

4.
EBITDA Goal Attainment Required for Bonus Pool Funding

 

The 2009 EBITDA goal of $106 million net of the bonus pool must be
achieved for the bonus pool to be funded. Once the bonus pool is funded, bonus
will be paid from this pool based on bonus criteria described in this Plan.

 

The Compensation
Committee of the Board of Directors may, at its sole discretion, elect to
partially fund the bonus pool if EBITDA achieved at year end is at least 90% of
the EBITDA target.

 

5. Departmental
Performance Factor

 

All Departments will
establish Departmental Bonus Goals at the beginning of the performance review
period and will communicate these goals to all departmental staff as soon as
possible.

 

Departmental Bonus Goals
are those developed by the respective Department Head and submitted to the CEO
and VP, Human Resources in the beginning of the performance review period.
Department Bonus Goals should be aligned with the goals of the Department Head
and/or Company.

 

Department Bonus Goals
may be modified during the year based on significant changes in the
business.  Mid-year changes to the
Department Bonus Goals require the advanced approval of the ELT members and the
VP, HUMAN RESOURCES.

 

Bonus credit will be
given up to 100% based on goal achievement.

 

6.
Individual Performance Factor (IPF)

 

As before, annual
individual performance reviews will be conducted no later than a target date to
be established in January 2010. The annual performance review will include an
overall individual performance review rating. 
Ratings include Exceeds Expectations, Meets Expectations, Does Not Meet
Expectations and Unacceptable.

 

For purposes of the bonus
calculation, each employee is also assigned an Individual Performance Factor”
(IPF) expressed as a percentage. The IPF enables the manager to further
distinguish performance levels within each rating and appropriately facilitate
bonus and merit calculations. Following year end and during compensation
planning, two levels of management will assign each employee an IPF within the
parameters below:

 

	
  Exceeds Expectations:

  	
   

  	
  IPF Range of 110% to
  125%

  
	
  Meets Expectations:

  	
   

  	
  IPF Range of 90% to
  109%

  
	
  Does not meet
  Expectations:

  	
   

  	
  IPF Range of up to 89%

  
	
  Unacceptable:

  	
   

  	
  IPF of 0%

  

 

2

 

7. Bonus
Calculation and Examples

 

New in
2009: The bonus is calculated by
multiplying the target bonus x EBITDA attainment x the Department Performance
Factor x the Individual Performance Factor (see examples below).

 

Example
A

 

	
  Position:

  	
   

  	
  Manufacturing Tech II

  
	
  Target Bonus %:

  	
   

  	
  4%

  
	
  Compensation:

  	
   

  	
  $25.00/hr ($52,000
  annualized)

  
	
  EBITDA Attainment:

  	
   

  	
  Meets 2009 revised goal of
  $106M

  
	
  Department Performance
  Factor:

  	
   

  	
  100%

  
	
  Individual Overall
  Performance:

  	
   

  	
  Exceeded Expectations

  
	
  Individual Performance
  Factor:

  	
   

  	
  120%

  

 

	
  Annualized Salary 

  as of 12/31/09

  	
   

  	
  Target Bonus % 

  for your position

  	
   

  	
  Target Bonus 

  Amount

  	
   

  	
  EBITDA 

  Attainment of 

  $106M

  	
   

  	
  Department 

  Performance 

  Factor

  	
   

  	
  Individual 

  Performance 

  Factor 

  (IPF)

  	
   

  	
  2009 Bonus 

  Award

  	
   

  
	
  $52,000

  	
  x

  	
  4.0%

  	
  =

  	
  $2,080

  	
  x

  	
  100.0%

  	
  x

  	
  100.0%

  	
  x

  	
  120.0%

  	
  =

  	
  $2,496

  	
   

  

 

Example B

 

	
  Same as above with the following changes:

  	
   

  	
   

  
	
  EBITDA Attainment:

  	
   

  	
  Between 99% and 90% of goal - payout, if any, is at
  discretion of Board of Directors (example uses 50%)

  
	
  Department Performance Factor:

  	
   

  	
  98%

  
	
  Individual Overall Performance:

  	
   

  	
  Met Expectations

  
	
  Individual Performance Factor:

  	
   

  	
  95%

  

 

	
  Annualized Salary 

  as of 12/31/09

  	
   

  	
  Target Bonus % 

  for your position

  	
   

  	
  Target Bonus

  Amount

  	
   

  	
  Discretionary

  Assessment of

  the BOD for

  EBITDA Below

  $106M

  	
   

  	
  Department 

  Performance 

  Factor

  	
   

  	
  Individual 

  Performance 

  Factor 

  (IPF)

  	
   

  	
  2009 Bonus 

  Award

  	
   

  
	
  $52,000

  	
  x

  	
  4.0%

  	
  =

  	
  $2,080

  	
  x

  	
  50.0%

  	
  x

  	
  98.0%

  	
  x

  	
  95.0%

  	
  =

  	
  $968

  	
   

  

 

Example C

 

	
  Same as above with the following changes:

  	
   

  	
   

  
	
  EBITDA Attainment:

  	
   

  	
  Below 90% of goal - no payout is earned

  
	
  Department Performance Factor:

  	
   

  	
  90%

  
	
  Individual Overall Performance:

  	
   

  	
  Does Not Meet Expectations

  
	
  Individual Performance Factor:

  	
   

  	
  50%

  

 

3

 

	
  Annualized Salary 

  as of 12/31/09

  	
   

  	
  Target Bonus % 

  for your position

  	
   

  	
  Target Bonus 

  Amount

  	
   

  	
  EBITDA 

  Attainment 

  Below $96M

  	
   

  	
  Department 

  Performance 

  Factor

  	
   

  	
  Individual 

  Performance 

  Factor 

  (IPF)

  	
   

  	
  2009 Bonus 

  Award

  	
   

  
	
  $52,000

  	
  x

  	
  4.0%

  	
  =

  	
  $2,080

  	
  x

  	
  0.0%

  	
  x

  	
  90.0%

  	
  x

  	
  50.0%

  	
  =

  	
  $0

  	
   

  

 

4

 

8.
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.

  
	
   

  	
   

  	
   

  
	
  Poor
  Performance/ Employee on a Performance Improvement Plans

  	
   

  	
  An employee who is on a
  performance improvement plan at year end is not eligible for bonus
  unless the employee is able to meet all the requirements of the performance
  improvement plan within 60 days of the end of the calendar year. If an
  employee has been on a performance improvement plan during the year and has
  subsequently met all requirements of the plan within the calendar year, he or
  she will be eligible for an adjusted employee bonus, if otherwise earned.

  
	
   

  	
   

  	
   

  
	
  Termination 

  	
   

  	
  If a participant’s
  employment is terminated for any reason or no reason by the participant or
  the Company prior to March 15, 2010, 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.

  

 

5

 

	
  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 CEO and/or
  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 CEO and/or the Compensation Committee of the
  Board of Directors. The VP, Human Resources is responsible for administration
  of this Plan.

  

 

6

 

 

Departmental Performance Goals - 2009

 

Department
                                                                                         
Department Head

 

	
  Department Goals

  	
   

  	
  Weight

  of goal

  	
   

  	
  Goal

  Met?

  Yes/no

  	
   

  
	
  1.

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  2.

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  3.

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  4.

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  5.

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  6.

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
  (100

  	
  )%

  	
   

  	
   

  

 

Departmental Goal achievement level           %

(At year end, total the weight of all goals that were
achieved. Max of 100%)

 

 

	
   

  	
   

  	
   

  
	
  Department Head’s Signature

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ELT Member’s Signature

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  VP, Human Resources 

  	
   

  	
  Date

  

 

7

 

This information should
be posted and/or otherwise available to all employees once finalized. A copy
should also be provided to Human Resources.

 

8Exhibit
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:

  	
   

  	
   

  	
   

  

 

2

 

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.

  

 

3

 

	
  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.

  

 

4

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