Document:

Date:

 

Exhibit 10.6

Date:February 19, 2008

To:Kevin Simzer

     

From:  Bill Conner

Re:       Retention Bonus

 

I am very pleased to inform you that you have been granted a retention bonus equal to USD $75,000 (the "Retention Bonus"), payable as follows:

 

"One-seventh (1/7th) of the Retention Bonus shall vest and become payable at the end of each fiscal quarter of the Company over the seven (7) calendar quarters commencing on January 1, 2008, provided that you continue to be actively employed throughout the applicable quarter and up to and including the applicable payment date in respect of such quarter.

"Payments of the vested portion of the Retention Bonus will be made on the first pay date following the end of the quarter for which a portion of the Retention Bonus has vested.

"Any unpaid portion of the Retention Bonus which remains outstanding shall vest and become payable within 60 days of the earliest of one of the following events: (i) your death, (ii) your becoming disabled, (iii) termination of your employment by the Company without Cause(1)  or (iv) the occurrence of an "Acquisition Event" (as defined in the Company's 2006 Stock Incentive Plan). You understand and agree that if you resign from your employment for any reason, you will forfeit any portion of the Retention Bonus that has not previously been paid. For sake of clarity, a termination by you for "Good Reason" or "Constructive Discharge" will not entitle you to payment of any remaining unpaid Retention Bonus amounts regardless of any provision to the contrary in your employment agreement

Thank you for your personal efforts and commitment which have played a key role in enabling Entrust to achieve our performance in 2007 and we look forward to continued success in 2008 and thereafter.  

Best personal regards, 

/s/ Bill

 

 

Bill Conner

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

(1) For this purpose "Cause" shall mean the following (unless you have an employment agreement in which case the definition of "Cause" (if applicable)  from such employment agreement will apply): (i) willful misconduct or gross negligence in carrying out your assigned duties, (ii) any act of misappropriation, embezzlement, intentional fraud, or similar conduct involving the Company, (iii) conviction or a plea of the equivalent to a felony, (iv) failure to comply with all material applicable laws and regulations in performing your duties and responsibilities for the Company and (v) abuse of alcohol or of any controlled substance.ex10-1.htm

    
      

    

    Exhibit
10.1

    

    THERAGENICS
CORPORATION

    INCENTIVE
STOCK OPTION AWARD

    

    

    THIS
AWARD is made as of the Grant Date, by THERAGENICS CORPORATION (the “Company”)
to NAME (the
“Optionee”), subject to acceptance by the Optionee.

    

    Upon and
subject to the Terms and Conditions attached hereto and incorporated herein by
reference, the Company hereby awards as of the Grant Date to Optionee an
incentive stock option (the “Option”), as described below, to purchase the
Option Shares.

    

     

    
      	
               

            	
              A.

            	Grant Date: February 19,
    2008.
	
               

            	 	 
	
               

            	
              B.

            	Type of
      Option:  Incentive Stock Option.
	 	 	 
	 	C.	Plan (under which
      Option is granted):  Theragenics Corporation 2006 Stock
      Incentive Plan.
	 	 	 
	 	D.	Option
      Shares:  All or any part of NUMBER shares of the
      Company’s $.01 par value common stock (the “Common Stock”).
	 	 	 
	 	E.	Exercise
      Price:  $3.79
      per share, which is 100% of the fair market value of the Common
      Stock on the Grant Date or 110% of the fair market value if Optionee is an
      Over 10% Owner.
	 	 	 
	 	F.	Option
      Period:   Subject to the attached terms and conditions, the
      Option may be exercised during the Option Period which
  

    

    
      	 	 	commences on the
      Grant Date and ends no later than at the close of business on the tenth
      (10th) anniversary of the Grant Date or fifth (5th) anniversary of the
      Grant Date if Optionee is an Over 10% Owner, provided that the Option may
      be exercised as to no more than the vested Option Shares, determined
      pursuant to the Vesting Schedule.  Note that other restrictions
      to exercising the Option, as described in the attached Terms and
      Conditions, may apply.

    

    
      	 	 	 
	 	G. 	Vesting
      Schedule:  The Option shall become vested in accordance with the
      following vesting schedule:
	 	 	 

    

     

           

       

      
        	
                Years of
      Service 

              	
                Number of
      Option

              	
                Percentage of
      Option

              
	
                After Grant
      Date 

              	
                Shares
      Vested 

              	
                Shares
      Vested

              
	 	 	 
	
                1

              	
                X
      shares 

              	
                25%

              
	
                2

              	
                X
      shares 

              	
                50%

              
	
                3

              	
                X
      shares 

              	
                75%

              
	
                4

              	
                X
      shares 

              	
                100%

              
	 	 	 

      

       

    

    The
Optionee shall receive a year of service as of each anniversary of the Grant
Date; provided that, the Optionee has not had a Termination of Employment before
such anniversary.

    

    Any
portion of the Option Shares that have not become vested in accordance with the
foregoing schedule shall become vested on the first to occur of the following:
(1) the date of the Optionee’s Termination of Employment due to death or
Disability; (2) the date of the Optionee’s retirement (i.e., voluntary
resignation) upon or after age 65; or (3) the date of a Change in
Control.  Notwithstanding the foregoing, any Option Shares that have
not become vested as of the date of the Optionee’s Termination of Employment
shall be forfeited.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
 

    IN
WITNESS WHEREOF, the Company has executed and sealed this Award as of the Grant
Date set forth above.

    

     

    

    

     

    
      	 	THERAGENICS
      CORPORATION	 	 

    

     

    
      	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	Accepted:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	NAME	 	 

    

     

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    TERMS
AND CONDITIONS

    TO
THE

    THERAGENICS
CORPORATION 1995 STOCK INCENTIVE PLAN

    INCENTIVE
STOCK OPTION AWARD

    

    

    1.           Exercise of
Option.  Subject to the provisions provided herein or in the
Award made pursuant to the Theragenics 2006 Stock Incentive Plan:

     

                 
(a)           The Option
may be exercised with respect to all or any portion of the vested Option Shares
at any time during the Option Period by the delivery to the Company, at its
principal place of business, of (i) a written notice of exercise in
substantially the form attached hereto as Exhibit 1, which shall be actually
delivered to and reviewed by the Company prior to the date upon which Optionee
desires to exercise of all or any portion of the Option and (ii) payment to the
Company of the Exercise Price multiplied by the number of shares being purchased
(the “Purchase Price”) in the manner provided in Subsection (b).  Upon
acceptance of such notice and receipt of payment in full of the Purchase Price
and withholding liability, the Company shall cause to be issued a certificate
representing the Option Shares purchased.

     

                                 
(b)           The
Purchase Price shall be paid in full upon the exercise of an Option and no
Option Shares shall be issued or delivered until full payment therefor has been
made.  Payment of the Purchase Price for all Option Shares purchased
pursuant to the exercise of an Option shall be made in cash, certified check,
or, alternatively, as follows:

     

                                                 
(i)           by delivery
to the Company of a number of shares of Common Stock which have been owned by
the Optionee for at least six months prior to the date of the Option’s exercise,
having a Fair Market Value, as determined under the Plan, on the date of
exercise either equal to the Purchase Price or in combination with cash to equal
the Purchase Price; or

     

                                                 
(ii)           by receipt
of the Purchase Price in cash from a broker, dealer or other “creditor” as
defined by Regulation T issued by the Board of Governors of the Federal Reserve
System following delivery by the Optionee to the Committee (defined in the Plan)
of instructions in a form acceptable to the Committee regarding delivery to such
broker, dealer or other creditor of that number of Option Shares with respect to
which the Option is exercised.

    

    2.           Exercise
Price.  The exercise price for each Option Share shall be $3.79, subject to adjustment
as set forth in Section 7 below (the “Exercise Price”).

    

    3.           Withholding.  This
tax withholding section will apply only if all or a portion of the Option is not
or ceases to be an “Incentive Stock Option” under Section 422 of the Internal
Revenue Code when it is exercised.  Otherwise, it does not
apply.  The Optionee must satisfy his federal, state and local, if
any, withholding taxes imposed by reason of the exercise of the Option either by
paying to the Company the full amount of the withholding obligation (i) in cash,
(ii) by electing, irrevocably and in writing in substantially the form attached
hereto as Exhibit 2 (a “Withholding Election”), to have the actual number of
shares of Common Stock issuable upon exercise reduced by the smallest number of
whole shares of Common Stock which, when multiplied by the fair market value of
the Common Stock as of the date the Option is exercised, is sufficient to
satisfy the amount of withholding tax; or (iii) by any combination of the
above.  Optionee may make a Withholding Election only if the following
conditions are met:

     

                                 
(a)           the
Withholding Election is made by executing and delivering to the Company a
properly completed Notice of Withholding Election in substantially the form of
Exhibit 2 attached hereto;

     

                                 
(b)           the
Withholding Election is delivered to the Company sufficiently in advance of the
date on which the amount of tax required to be withheld is determined (the “Tax
Date”) as the Committee under the Plan (the “Committee”) determines is necessary
or appropriate to satisfy the conditions of the exemptions provided under Rule
16b-3 promulgated under the Securities Exchange Act of 1934 (the “1934
Act”);

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

     

                                 
(c)           any
Withholding Election is irrevocably given in a manner that satisfies the
requirements of the exemption provided under Rule 16b-3 promulgated under the
1934 Act; and

     

                                 
(d)           if the
Optionee is considered by the Committee not to be subject to Section 16 of the
1934 Act, the Withholding Election is made no later than the Tax
Date.

    

    Notwithstanding
anything to the contrary herein, the Committee may in its sole discretion
disapprove and give no effect to any Withholding Election.

    

    4.           Term and Termination of
Option.  The Option shall terminate on the earliest of (i) the
last day of the Option Period, (ii) as of the time of the Optionee’s Termination
of Employment by Optionee without the Company’s written consent, unless such
Termination of Employment is due to the death or Disability or retirement (i.e.,
voluntary resignation) upon or after reaching age 65, (iii) one year following
the date of the Optionee’s Termination of Employment by Optionee with the
Company’s written consent or due to retirement (i.e., voluntary resignation)
upon or after reaching age 65, (iv) one year following the date of the
Optionee’s Termination of Employment by the Company or a Subsidiary, unless such
Termination of Employment is due to Cause, (v) one year following the date of
the Optionee’s Termination of Employment with the Company or a Subsidiary due to
the Optionee’s death or Disability, (vi) as of the time of the Optionee’s
Termination of Employment by the Company or a Subsidiary for Cause, or (vii) as
of the time any provision of Section 9 hereof applies.  Upon the
expiration of the Option Period, this Option and all unexercised rights granted
to Optionee hereunder shall terminate, and thereafter be null and
void.

    

    5.           Rights as
Shareholder.  Until the stock certificates reflecting the
Option Shares accruing to the Optionee upon exercise of the Option are issued to
the Optionee, the Optionee shall have no rights as a shareholder with respect to
such Option Shares.  The Company shall make no adjustment for any
dividends or distribu­tions or other rights on or with respect to Option
Shares for which the record date is prior to the issuance of that stock
certificate, except as the Plan or this Award otherwise provides.

    

    6.           Restriction on Transfer of
Option.  The Option evidenced hereby is nontransferable other
than by will or the laws of descent and distribution, and, shall be exercisable
during the lifetime of the Optionee only by the Optionee (or in the event of his
Disability, by his legal representative) and after his death, only by the legal
representative of the Optionee’s estate.

    

    7.           Changes in Capitalization;
Merger; Reorganization.

     

                                 
(a)             The
number of Option Shares and the Exercise Price shall be proportionately adjusted
for nonreciprocal transactions between the Company and the holders of capital
stock of the Company that causes the per share value of the shares of Common
Stock underlying the Option to change, such as a stock dividend, stock split,
spinoff, rights offering, or recapitalization through a large, nonrecurring cash
dividend (each, an “Equity Restructuring”).

     

                                 
(b)             In
the event of a merger, consolidation, extraordinary dividend, sale of
substantially all of the Company’s assets or other material change in the
capital structure of the Company, or a tender offer for shares of Common Stock,
or a Change in Control, that in each case is not an “Equity Restructuring,” the
Committee shall take such action to make such adjustments in the Option or the
terms of this Award as the Committee, in its sole discretion, determines in good
faith is necessary or appropriate, including, without limitation, adjusting the
number and class of securities subject to the Option, with a corresponding
adjustment in the Exercise Price, substituting a new option to replace the
Option, accelerating the termination of the Option Period or terminating the
Option in consideration of a cash payment to the Optionee in an amount equal to
the excess of the then Fair Market Value of the Option Shares over the aggregate
Exercise Price of the Option Shares. Any determination made by the Committee
pursuant to this Section 7(b) will be final and binding on the
Optionee.  Any action taken by the Committee need not treat all
Optionees equally.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

                                  (c)   The
existence of the Plan and this Award shall not affect in any way the right or
power of the Company to make or authorize any adjustment, reclassification,
reorganization or other change in its capital or business structure, any merger
or consolidation of the Company, any issue of debt or equity securities having
preferences or priorities as to the Common Stock or the rights thereof, the
dissolution or liquidation of the Company, any sale or transfer of all or any
part of its business or assets, or any other corporate act or
proceeding.

    

    8.           Special Limitation on
Exercise.  Any exercise of the Option is subject to the
condition that if at any time the Committee, in its discretion, shall determine
that the listing, registration or qualification of the shares covered by the
Option upon any securities exchange or under any state or federal law is
necessary or desirable as a condition of or in connection with the delivery of
shares thereunder, the delivery of any or all shares pursuant to the Option may
be withheld unless and until such listing, registration or qualification shall
have been effected.  The Optionee shall deliver to the Company, prior
to the exercise of the Option, such information, representations and warranties
as the Company may reasonably request in order for the Company to be able to
satisfy itself that the Option Shares being acquired are in accordance with the
terms of an applicable exemption from the securities registration requirements
of applicable federal and state securities laws.

    

    9.           Termination of
Option.  In the event the Optionee breaches any provision of an
agreement with the Company or a Subsidiary, which provision relates to a
requirement that the Optionee not disclose confidential information or trade
secrets or that the Optionee refrain from competing with the Company or a
Subsidiary or soliciting its employees or customers, this Option shall be
immediately terminated.  In addition, the Option shall be immediately
terminated if Optionee, during the term of employment with the Company or a
Subsidiary, or for a period of one year thereafter, directly or
indirectly:

     

                                 
(a)           on
Optionee’s own behalf or on behalf of any other person or entity, solicits,
contacts, calls upon, communicates with, or attempts to communicate with any
person or entity who was a customer of the Company, or a customer of any entity
to whom the Company sells products or provides services, at any time within two
(2) years preceding the applicable time, or any representative of any such
customer, with the intent or purpose of selling or providing of any product or
service competitive with any product or service sold or under development by the
Company during the period of two (2) years preceding the applicable time and
which is still being offered by or is still under the development by the
Company;

     

                                 
(b)           employs or
attempts to employ or assist anyone else in employing in any business
organization of whatever form engaged, either directly or indirectly, in any
business enterprise which is the same as, or substantially the same as the
Business of the Company, any person who, at any time within two (2) years
preceding the applicable time, 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); or

     

                                 
(c)           provides
services to any business organization of whatever form engaged, either directly
or indirectly, in any business enterprise which is the same as, or substantially
the same as, the Business of the Company.

    

    10.         Legend on Stock
Certificates.  Certificates evidencing the Option Shares, to
the extent appropriate at the time, shall have noted conspicuously on the
certificates a legend intended to give all persons full notice of the existence
of the conditions, restrictions, rights and obligations set forth in this Award
and in the Plan.

    

    11.         Governing
Laws.  This Award shall be construed, administered and enforced
according to the laws of the State of Georgia; provided, however, no option may
be exercised except, in the reasonable judgment of the Board of Directors, in
compliance with exemptions under applicable state securities laws of the state
in which the Optionee resides, and/or any other applicable securities
laws.

    

    12.         Successors.  This
Award shall be binding upon and inure to the benefit of the heirs, legal
representatives, successors and permitted assigns of the
parties.

    
      
         

      

      
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13.        Notice.  Except
as otherwise specified herein, all notices and other communications under this
Award shall be in writing and shall be deemed to have been given if personally
delivered or if sent by registered or certified United States mail, return
receipt requested, postage prepaid, addressed to the proposed recipient at the
last known address of the recipient.  Any party may designate any
other address to which notices shall be sent by giving notice of the address to
the other parties in the same manner as provided herein.

    

    14.         Severability.  In
the event that any one or more of the provisions or portion thereof contained in
this Award shall for any reason be held to be invalid, illegal or unenforceable
in any respect, the same shall not invalidate or otherwise affect any other
provisions of this Award, and this Award shall be construed as if the invalid,
illegal or unenforceable provision or portion thereof had never been contained
herein.

    

    15.         Entire
Agreement.  Subject to the terms and conditions of the Plan,
this Award expresses the entire understanding and agreement of the
parties.  This Award may be executed in two or more counterparts, each
of which shall be deemed an original but all of which shall constitute one and
the same instrument.

    

    16.         Violation.  Any
transfer, pledge, sale, assignment, or hypothecation of the Option or any
portion thereof shall be a violation of the terms of this Award and shall be
void and without effect.

    

    17.         Headings and Capitalized
Terms.  Paragraph headings used herein are for convenience of
reference only and shall not be considered in construing this
Award.  Capitalized terms used, but not defined, in this Award shall
be given the meaning ascribed to them in the Plan.

    

    18.         Specific
Performance.  In the event of any actual or threatened default
in, or breach of, any of the terms, conditions and provisions of this Award, the
party or parties who are thereby aggrieved shall have the right to specific
performance and injunction in addition to any and all other rights and remedies
at law or in equity, and all such rights and remedies shall be
cumulative.

    

    19.         Right to Continued
Employment.  Neither the establishment of the Plan nor the
award of Option Shares hereunder shall be construed as giving the Optionee the
right to continued employment.

    

    20.         Definitions:

     

                 
“Business of the
Company” means any business that involves the manufacture, production,
sale, marketing, promotion, exploitation, development and distribution of wound
closure medical devices (including but not limited to sutures, cassettes, and
glues), cardiac pacing cables, brachytherapy needles, brachytherapy seed
spacers, brachytherapy sleeves, palladium-103, temporary or permanently
implantable devices for use in the treatment of cancer, restenosis or macular
degeneration, the manufacture, sale, and distribution of vascular access
devices, or other medical products manufactured or sold by the Company or any of
its Affiliates, but only to the extent that such devices and products are the
same as or similar to a product manufactured, produced, sold, marketed,
promoted, exploited, developed or distributed by the Company or any of its
Affiliates at any time during the period of the Recipient’s employment with the
Company or an Affiliate, or is in an active state of development by the Company
or any of its Affiliates as evidenced by establishment of a design history file
at any time during the period of the Recipient’s employment by the Company or an
Affiliate.

     

                 
“Cause” shall
have the meaning set forth in the employment agreement then in effect between
the Recipient and the Company or, if there is none, then Cause shall mean the
occurrence of any of the following events: (i) willful and continued
failure (other than such failure resulting from his incapacity during physical
or mental illness) by the Recipient to substantially perform his duties with the
Company or an Affiliate; (ii) conduct by the Recipient that amounts to willful
misconduct or gross negligence; (iii) any act by the Recipient of fraud,
misappropriation, dishonesty, embezzlement or similar conduct against the
Company or an Affiliate; (iv) commission by the Recipient of a felony or
any other crime involving dishonesty; or (v) illegal use by the Recipient
of alcohol or drugs.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    “Change in Control”
means any one of the following events which occurs following the Grant
Date:

    

    (a)           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 (1), the following acquisitions shall not be
deemed to result in a Change in Control:  (i) any acquisition directly
from the Company, (ii) any acquisition by the Company, (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company or
(iv) any acquisition by any corporation pursuant to a transaction that
complies with clauses (i), (ii) and (iii) of Subsection (3) 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 (i) or (ii) 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

    

    (b)           individuals
who as of the date hereof, constitute the Board of Directors (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board of
Directors; 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 of Directors;
or

    

    (c)           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 (i) 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 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, (ii) 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
(iii) 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

    
      
         

      

      
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    (d)           approval
by the shareholders of the Company of a complete liquidation or dissolution of
the Company.

    

    Notwithstanding
the foregoing, no Change in Control shall be deemed to have occurred for
purposes of this Agreement by reason of any actions or events in which the
Recipient participates in a capacity other than in his capacity as an employee
of the Company or an Affiliate.

    

    

    
      
         

      

      
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    EXHIBIT
1

    

    NOTICE
OF EXERCISE OF

    STOCK
OPTION TO PURCHASE

    COMMON
STOCK OF

    THERAGENICS
CORPORATION

    

    

    

    Date: _______________________                                          

    

    Theragenics
Corporation

    Attn:  Chief
Financial Officer

    5302
Bristol Industrial Way

    Buford,
Georgia 30518

    

    Re:  Exercise
of Incentive Stock Option

    

    Gentlemen:

    

    Subject
to acceptance hereof in writing by Theragenics Corporation (the “Company”)
pursuant to the provisions of the Theragenics Corporation 2006 Stock Incentive
Plan, I hereby give prior notice of my election to exercise options granted to
me to purchase ________ shares of the common stock of the Company (the “Common
Stock”) under the Incentive Stock Option Award (the “Award”) pursuant to the
Theragenics Corporation 2006 Stock Incentive Plan dated as of February 19,
2008.  The purchase shall take place as of ______________ (the
“Exercise Date”).

    

     

    
      	 	On or before the
      Exercise Date, I will pay the applicable purchase price as
    follows:	 

    

     

    
      	
               
      

            	
              [
      ]

            	
              by
      delivery of cash or a certified check for $____________  for the
      full purchase price payable to the order of Theragenics
      Corporation.

            

    

    

    
      	
               
      

            	
              [
      ]

            	
              by
      delivery of a certified check for $ ____________  payable to the
      order of Theragenics Corporation representing a portion of the purchase
      price with the balance to consist of shares of Common Stock that I have
      owned for at least six months and that are represented by a stock
      certificate I will surrender to the Company with my
      endorsement.  If the number of shares of Common Stock
      represented by such stock certificate exceed the number to be applied
      against the purchase price, I understand that a new stock certificate will
      be issued to me reflecting the excess number of
  shares.

            

    

    

    
      	
               
      

            	
              [
      ]

            	
              by
      delivery of a stock certificate representing shares of Common Stock that I
      have owned for at least six months which I will surrender to the Company
      with my endorsement as payment of the purchase price.  If the
      number of shares of Common Stock represented by such certificate exceed
      the number to be applied against the purchase price, I understand that a
      new certificate will be issued to me reflecting the excess number of
      shares.

            

    

    

    
      	
               
      

            	
              [
      ]

            	
              by
      delivery of the purchase price by  ________________ , a broker,
      dealer or other “creditor” as defined by Regulation T issued by the Board
      of Governors of the Federal Reserve System.  I hereby authorize
      the Company to issue a stock certificate in number of shares indicated
      above in the name of said broker, dealer or other creditor or its nominee
      pursuant to instructions received by the Company and to deliver said stock
      certificate directly to that broker, dealer or other creditor (or to such
      other party specified in the instructions received by the Company from the
      broker, dealer or other creditor) upon receipt of the purchase
      price.

            

    

    

    The
required federal, state and local income tax withholding obligations, if any, on
the exercise of the Award shall also be paid in cash or by certified check on or
before the Exercise Date, or will be satisfied in the manner provided in the
Withholding Election previously tendered or (if I am no longer a Section 16(b)
reporting person) to be tendered to the Company no later than the indicated date
of purchase.

     

    As soon as the stock certificate is registered in my name, please deliver
it to me at the above address.

     

    
      
        
          Exhibit 1
– Page  1 of 3

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    If the Common Stock being
acquired is not registered for issuance to and resale by the Optionee pursuant
to an effective registration statement on Form S-8 (or successor form) filed
under the Securities Act of 1933, as amended (the “1933 Act”), I hereby
represent, warrant, covenant, and agree with the Company as
follows:

    

    The
shares of the Common Stock being acquired by me will be acquired for my own
account without the participation of any other person, with the intent of
holding the Common Stock for investment and without the intent of participating,
directly or indirectly, in a distribution of the Common Stock and not with a
view to, or for resale in connection with, any distribution of the Common Stock,
nor am I aware of the existence of any distribution of the Common
Stock;

    

    I am not
acquiring the Common Stock based upon any representation, oral or written, by
any person with respect to the future value of, or income from, the Common Stock
but rather upon an independent examination and judgment as to the prospects of
the Company;

    

    The
Common Stock was not offered to me by means of publicly disseminated
advertisements or sales literature, nor am I aware of any offers made to other
persons by such means;

    

    I am able
to bear the economic risks of the investment in the Common Stock, including the
risk of a complete loss of my investment therein;

    

    I
understand and agree that the Common Stock will be issued and sold to me without
registration under any state law relating to the registration of securities for
sale, and will be issued and sold in reliance on the exemptions from
registration under the 1933 Act, provided by Sections 3(b) and/or 4(2) thereof
and the rules and regulations promulgated thereunder;

    

    The
Common Stock cannot be offered for sale, sold or transferred by me other than
pursuant to: (A) an effective registration under the 1933 Act or in a
transaction otherwise in compliance with the 1933 Act; and (B) evidence
satisfactory to the Company of compliance with the applicable securities laws of
other jurisdictions.  The Company shall be entitled to rely upon an
opinion of counsel satisfactory to it with respect to compliance with the above
laws;

    

    The
Company will be under no obligation to register the Common Stock or to comply
with any exemption available for sale of the Common Stock without registration
or filing, and the information or conditions necessary to permit routine sales
of securities of the Company under Rule 144 under the 1933 Act are not now
available and no assurance has been given that it or they will become
available.  The Company is under no obligation to act in any manner so
as to make Rule 144 available with respect to the Common Stock;

    

    I have
and have had complete access to and the opportunity to review and make copies of
all material documents related to the business of the Company, including, but
not limited to, contracts, financial statements, tax returns, leases, deeds and
other books and records.  I have examined such of these documents as I
wished and am familiar with the business and affairs of the
Company.  I realize that the purchase of the Common Stock is a
speculative investment and that any possible profit therefrom is
uncertain;

    

    I have
had the opportunity to ask questions of and receive answers from the Company and
any person acting on its behalf and to obtain all material information
reasonably available with respect to the Company and its affairs.  I
have received all information and data with respect to the Company which I have
requested and which I have deemed relevant in connection with the evaluation of
the merits and risks of my investment in the Company;

    
      
        
          Exhibit 1
– Page  2 of 3

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    I have
such knowledge and experience in financial and business matters that I am
capable of evaluating the merits and risks of the purchase of the Common Stock
hereunder and I am able to bear the economic risk of such purchase;
and

    

    The
agreements, representations, warranties and covenants made by me herein extend
to and apply to all of the Common Stock of the Company issued to me pursuant to
this Award.  Acceptance by me of the certificate representing such
Common Stock shall constitute a confirmation by me that all such agreements,
representa­tions, warranties and covenants made herein shall be true and
correct at that time.

    

    I
understand that the certificates representing the shares being purchased by me
in accordance with this notice shall bear a legend referring to the foregoing
covenants, representations and warranties and restrictions on transfer, and I
agree that a legend to that effect may be placed on any certificate which may be
issued to me as a substitute for the certificates being acquired by me in
accordance with this notice.

    

    Very
truly yours,

    

    

     

    
      	
               

            	NAME	 	 
	 	 	 	 
	 	AGREED TO AND
      ACCEPTED:                  
      	 	 
	 	 	 	 
	 	THERAGENICS
      CORPORATION	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:                                                                          
      	 	 
	 	 	 	 
	 	Title:                                                            
       	 	 
	 	 	 	 
	 	Number of
      Shares	 	 
	 	Exercised:                                                   
       	 	 
	 	 	 	 
	 	Number of
      Shares	 	 
	 	Remaining:                                                 
       	Date:                                                          
      	 
	 	 	 	 

    

     

    

    
      
        
          Exhibit 1
– Page  3 of 3

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
2

    

    NOTICE
OF WITHHOLDING ELECTION

    THERAGENICS
CORPORATION

    2006
STOCK INCENTIVE PLAN

    

     

    
      	 	
              TO: 

            	Stock Plan
      Administrator	 	 
	 	 	 	 	 
	 	FROM: 	NAME	 	 
	 	 	 	 	 
	 	RE: 	Withholding
      Election	 	 
	 	 	 	 	 

    

     

    Tax
withholding only applies if all or any portion of your Option is not, or ceases
to be, an incentive stock option entitled to special tax benefits under the
federal tax law.  You should file this form only if you wish to have
the required tax withholding satisfied by reducing the number of shares you will
receive upon issuance of your stock option.  If you tender cash to the
company to satisfy the required tax withholding, do not file this
form.

    

     

    
      	 	The election relates
      to the Option identified in Paragraph 3 below.  I hereby certify
      that:	 

    

    

    
      	
               
      

            	
              (1)

            	
              My
      correct name and social security number and my current address are set
      forth at the end of this document.

            

    

    

    
      	
               
      

            	
              (2)

            	
              I
      am (check one, whichever is
applicable).

            

    

     

    

     

    
      	 	[  ] 	the original
      recipient of the Option.	 
	 	 	 	 
	 	[  ]	the legal
      representative of the estate of the original recipient of the
      Option.	 
	 	 	 	 
	 	[  ] 	a legatee of the
      original recipient of the Option.	 
	 	 	 	 
	 	[  ]	the legal guardian
      of the original recipient of the Option.	 

    

    
    

    
       

      
        	
                 
      

              	
                (3)

              	
                
                  The
      Option pursuant to which this election relates was issued under the
      Theragenics Corporation 2006 Stock Incentive Plan (the “Plan”) in the name
      of NAME for the
      purchase of a total of _____________ shares of the common stock of the
      Company.  This election relates to __________________ shares
      of  the common stock of the Company issuable upon exercise of
      the Option (the “Common Stock”), provided that the numbers set forth above
      shall be deemed changed as appropriate to reflect the applicable Plan
      provisions.

                

              

      

       

    

    
      	
               
      

            	
              (4)

            	
              In
      connection with any exercise of the Option with respect to the Common
      Stock, I hereby elect to have certain of the shares issuable pursuant to
      the exercise withheld by the Company for the purpose of having the value
      of the shares applied to pay federal, state and local, if any, taxes
      arising from the exercise.

            

    

    

    
      	
               
      

            	
              (5)

            	
              The
      shares to be withheld shall have, as of the Tax Date applicable to the
      exercise, a fair market value equal to the minimum statutory tax
      withholding requirement under federal, state and local law in connection
      with the exercise.

            

    

    

    
      	
               
      

            	
              (6)

            	
              This
      Withholding Election is made no later than the Tax Date and is otherwise
      timely made pursuant to the
plan.

            

    

    
      
        
          Exhibit 2
– Page 1 of 2

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    
    

    
       

      
        	
                 
      

              	
                (7)

              	
                
                  I
      understand that this Withholding Election may not be revised, amended or
      revoked by me (except in a manner that satisfies the requirements of the
      exemption provided under rule 16b-3 promulgated under the Securities and
      Exchange Act of 1934).

                

              

      

       

    

    
      	
               
      

            	
              (8)

            	
              I
      further understand that the Company shall withhold from the Common Stock a
      whole number of shares of Common Stock having the value specified in
      Paragraph 4 above.

            

    

    

    
      	
               
      

            	
              (9)

            	
              The
      plan has been made available to me by the Company, I have read and
      understand the Plan and I have no reason to believe that any of the
      conditions therein to the making of this Withholding Election have not
      been met.  Capitalized terms used in this Notice of Withholding
      Election without definition shall have the meanings given to them in the
      Plan.

            

    

    

    

     

    
      	Dated:                                                       
       	 	 	 
	  	Signature	 	 
	 	 	 	 
	 	 	 	 
	 	NAME	 	 
	 	Name
    (Printed)	 	 
	 	 	 	 
	 	 	 	 
	 	Street
    Address	 	 
	 	 	 	 
	 	 	 	 
	 	City, State, Zip
      Code	 	 

    

     

     

    
 

    
      
        
          Exhibit 2
– Page  2 of 2

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