Document:

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SEQUA CORPORATION

	
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN I

	 
	
FIRST AMENDMENT

	 
	
            THIS FIRST AMENDMENT is made by Sequa Corporation (the "Company") to the Sequa Corporation Supplemental Executive Retirement Plan I, effective as of January 1, 1990 (the "Plan").

	 
	
W I T N E S S E T H:

	 
	
            WHEREAS, the Company maintains the Plan; and

	 
	
            WHEREAS, the Company has adopted a voluntary retirement incentive program, known as the Sequa Corporation Corporate Headquarters Voluntary Retirement Incentive Program for Employees (the "Program"), which contemplates that certain active employees of the Company employed in its New York, New York and Hackensack, New Jersey facilities may elect, between December 15, 2001 and January 31, 2002, to retire effective January 31, 2002; and

	 
	
            WHEREAS, the Company desires to amend the Plan to modify the payment provisions of the Plan to reflect the applicable provisions of the Program; and

	 
	
            WHEREAS, the Company may amend the Plan pursuant to Section 7.1 thereof;

	 
	
            NOW, THEREFORE, effective as of December 15, 2001, the Company hereby amends the Plan by adding a new Section 4.7 at the end of Article IV as set forth below.  It is intended that the Plan, as amended from time to time, qualify as an unfunded plan, for the purposes of the Internal Revenue Code of 1986, as amended, and for the purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1).

	 

 

	 	
4.7
	
Corporate Headquarters Voluntary Retirement Incentive Program for Employees.

	 
	 	
Notwithstanding anything in this Article IV to the contrary, a Participant who satisfies each of the criteria set forth in this Section 4.7 may elect to receive the Actuarial Equivalent of his vested Accrued Benefit in either (1) one lump sum in cash as soon as administratively feasible following the Participant's retirement, or (2) in five annual installments commencing February 1, 2003 and payable to the Participant or, after the death of the Participant, to the beneficiary selected by the Participant under the Sequa Retirement Plan.  Such election shall be subject to the approval of the Plan Administrator and, at the discretion of the Plan Administrator, to the consent of the Participant's Spouse, where applicable, and shall be made prior to the year in which the Participant separates from service with the Company and all members of its affiliated group.  A Participant satisfies this Section 4.7 if:

	 
	 	
(a)
	
The Participant was an employee of the Company who, as of January 31, 2002, actively worked as a corporate headquarters employee for the Company at its New York, New York or Hackensack, New Jersey facilities;

	 
	 	
(b)
	
The Participant was an active participant in the Sequa Retirement Plan as of January 31, 2002;

	 
	 	
(c)
	
The Participant had, as of January 31, 2002, attained the age of sixty (60);

	 
	 	
(d)
	
The Participant had, as of January 31, 2002, completed at least five (5) Years of Vesting Service, as defined in the Sequa Retirement Plan;

	 
	 	
(e)
	
The Participant notified the Company of his intention to retire pursuant to the Sequa Corporation Corporate Headquarters Voluntary Retirement Incentive Program for Employees (the "Program"), a copy of which (with respect to employees who qualify as Highly Compensated Employees) is annexed here to as Exhibit 1, between December 15, 2001 and January 31, 2002, and in fact retired effective January 31, 2002 pursuant to the Program;

	 	
(f)
	
The Participant executed and submitted to the Company a waiver and release agreement in the form required under the Program on or after January 31, 2002 but on or before February 7, 2002, and did not revoke such agreement within the time permitted under the Program; and

	 
	 	
(g)
	
The Participant submitted to the Company all necessary forms to commence benefit payments hereunder, including, without limitation, spousal consent and designation of beneficiary.

 

	 
	
            IN WITNESS WHEREOF, this First Amendment to the Sequa Corporation Supplemental Executive Retirement Plan I is hereby executed on this 21st day of March, 2002.

	 
	 
	 
	 	
SEQUA CORPORATION

	 
	 
	 
	 
	 	
By: _________________________

	 	 
	 	 	
Jesse Battino

	 	 	
Vice President Human ResourcesNormal Template

	
SEQUA CORPORATION

	
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN II

	 
	
FIRST AMENDMENT

	 
	
            THIS FIRST AMENDMENT is made by Sequa Corporation (the "Company") to the Sequa Corporation Supplemental Executive Retirement Plan II, As Amended and Restated Effective January 1, 2000 (the "Plan").

	 
	
W I T N E S S E T H:

	 
	
            WHEREAS, the Company maintains the Plan; and

	 
	
            WHEREAS, the Company has adopted a voluntary retirement incentive program, known as the Sequa Corporation Corporate Headquarters Voluntary Retirement Incentive Program for Employees (the "Program"), which contemplates that certain active employees of the Company employed in its New York, New York and Hackensack, New Jersey facilities may elect, between December 15, 2001 and January 31, 2002, to retire effective January 31, 2002; and

	 
	
            WHEREAS, employees retiring under the Program who are participants in the Plan may (among other things) elect payment of any accrued benefit under the Plan, subject to the terms of the Plan and with the consent of the administrator of the Plan, in one lump sum or in five annual installments; and

	 
	
            WHEREAS, the Company desires to amend the Plan to modify the payment provisions of the Plan to reflect the applicable provisions of the Program; and

	 
	
            WHEREAS, the Company may amend the Plan pursuant to Section 7.1 thereof;

	 
	
            NOW, THEREFORE, effective as of December 15, 2001, the Company hereby amends the Plan by adding a new Section 4.7 at the end of Article IV as set forth below.  It is intended that the Plan, as amended from time to time, qualify as an unfunded plan, for the purposes of the Internal Revenue Code of 1986, as amended, and for the purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1).

	 

 

	
 

 
	
4.7
	
Corporate Headquarters Voluntary Retirement Incentive

Program for Employees.

	
	
Notwithstanding anything in this Article IV to the contrary, a Participant who satisfies each of the criteria set forth in this Section 4.7 may elect to receive the Actuarial Equivalent of his vested Accrued Benefit in either (1) one lump sum in cash as soon as administratively feasible following the Participant's retirement, or (2) in five annual installments commencing February 1, 2003 and payable to the Participant or, after the death of the Participant, to his Beneficiary.  Such election shall be subject to the approval of the Administrative Committee of the Plan and to the consent of the Participant's Spouse in accordance with Section 4.3(b), where applicable, and shall be made prior to the year in which the Participant separates from service from all members of the Affiliated Group.  A Participant satisfies this Section 4.7 if:

	 
	 	
(a)
	
The Participant was an employee of the Company who, as of January 31, 2002, actively worked as a corporate headquarters employee for the Company at its New York, New York or Hackensack, New Jersey facilities;

	 
	 	
(b)
	
The Participant was an active participant in the Sequa Retirement Plan as of January 31, 2002;

	 
	 	
(c)
	
The Participant had, as of January 31, 2002, attained the age of sixty (60);

	 
	 	
(d)
	
The Participant had, as of January 31, 2002, completed at least five (5) Years of Vesting Service, as defined in the Sequa Retirement Plan;

	 
	 	
(e)
	
The Participant notified the Company of his intention to retire pursuant to the Sequa Corporation Corporate Headquarters Voluntary Retirement Incentive Program for Employees (the "Program"), a copy of which (with respect to employees who qualify as "highly compensated employees," within the meaning of Section 414(q) of the Code) is annexed here to as Exhibit 1, between December 15, 2001 and January 31, 2002, and in fact retired effective January 31, 2002 pursuant to the Program;

 

	 	
(f) 
	
The Participant executed and submitted to the Company a waiver and release agreement in the form required under the Program on or after January 31, 2002 but on or before February 7, 2002, and did not revoke such agreement within the time permitted under the Program; and

	 	
(g)
	
The Participant submitted to the Company all necessary forms to commence benefit payments hereunder, including, without limitation, spousal consent and designation of Beneficiary.

 

	 	
IN WITNESS WHEREOF, this First Amendment to the Sequa Corporation Supplemental Executive Retirement Plan II, As Amended and Restated Effective January 1, 2000, is hereby executed on this 21st day of March, 2002.

	 	 
	 	 
	 	 
	 	
SEQUA CORPORATION

	 	 
	 	 
	 	 
	 	 
	 	
By: _________________________

	 	
Jesse Battino

Vice President Human ResourcesSEVERANCE AND RELEASE AGREEMENT

                                                SEVERANCE
AND RELEASE AGREEMENT

           
This Severance and Release Agreement (“Agreement”) is
made by and between HAIG S. BAGERDJIAN (“Executive”)
and SYNCOR INTERNATIONAL CORPORATION
(“Syncor”).

           
WHEREAS, Executive has been employed as an Executive Vice President
of Syncor and President and Chief Executive Officer of Syncor
Overseas Ltd. (“Overseas”); and

           
WHEREAS, Syncor and Executive agree to the termination of
Executive’s employment in return for certain benefits as
described in Paragraph 2 of this Agreement, which benefits are also
provided by Syncor for and in consideration of the other covenants
of Executive contained in this Agreement.

           
NOW THEREFORE, the parties agree as follows:

           
1.           
Employment Status and Termination of Employment.

           
           
(a)           
Active Employment Period.  From the date of this
Agreement until January 31, 2002 (the “Active Employment
Period”), Executive will continue to serve as an Executive
Vice President of Syncor and as the President and Chief Executive
Officer of Overseas, and will continue to be a member of the boards
of directors of any subsidiaries of Syncor of which he is a member
as of the date of this Agreement and will also continue to be an
officer of any other subsidiaries of Syncor as to which he is an
officer as of the date of this Agreement.  During the Active
Employment Period, Executive will report to Robert G. Funari and
have the following responsibilities:

                       
           
(i)           
He will work to close those transactions that have been approved by
Syncor’s officers and its board of directors and will not
initiate any new transactions.

                       
           
(ii)           
He will participate in the design and implementation of the
communications strategy regarding the change in his role—both
internal and external.

                       
           
(iii)           
He will assist any designated executives of Overseas in gaining an
in-depth understanding of the current status of Overseas’
business.

                       
           
(iv)           
He will assist Monty Fu and Robert G. Funari in developing
strategic alternatives for Syncor, including acting as an advisor
in discussions with respect to any business combinations or
strategic alliances.

Executive will be provided with
the same e-mail and voice mail access which he now enjoys and, to
the extent necessary to him to perform the duties specified in this
Paragraph 1(a), an office, secretarial services and other support
services as appropriate.  Effective January 31, 2002,
Executive will relinquish his title of President and Chief
Executive Officer of Overseas, and will resign from the boards of
directors of any subsidiaries of Syncor of which he is then a
member, and will also resign as an officer of any other
subsidiaries of Syncor as to which he is then an
officer.

           
           
(b)           
Inactive Employment Period.  Effective February 1,
2002, Executive will continue to be employed by Syncor as Executive
Vice President through the earlier of January 31, 2004 or the 30th
day after Executive tenders notice of termination of his employment
(the period being referred to hereinafter as the “Inactive
Employment Period,” and the date on which the Inactive
Employment Period ends being referred to hereinafter as the
“Employment Termination Date”), on the following
basis: 

                       
           
(i)           
He will remain available to consult with Monty Fu and Robert G.
Funari or their designees at Syncor’s offices during business
hours upon reasonable advance notice.  Any travel he is asked
to undertake will be by business class.

                       
           
(ii)           
He will not be required to consult for more than 20 hours in any
calendar month on a non-cumulative basis.

                       
           
(iii)           
He will be entitled to render services to others in an employment
or consulting capacity for additional compensation.

                       
           
(iv)           
He will be provided with the same e-mail and voice mail access
which he now enjoys and, to the extent he is called upon to
consult, an office, secretarial services and other support services
as appropriate.

           
2.           
Benefits Subject to Executive’s Continued Fulfillment of
His Obligations Under This Agreement.  Syncor will provide
Executive with the following benefits, in lieu of any benefits that
may be available under any other program, plan, or agreement with
Syncor providing severance or other post-employment commitments or
arrangements, except as otherwise provided in Paragraphs 4, 5 or
18:

           
           
(a)           
Base Pay Continuation.  Syncor agrees to continue to
pay Executive his base annual salary of $275,000 from the date of
this Agreement through the Employment Termination Date.  The
base pay continuation will be paid in regular payroll installments
beginning on the first regular pay date after the date of this
Agreement.  These payments are subject to withholding and
other deductions as required by law or otherwise. 
Notwithstanding the foregoing, on or after January 31, 2002, upon
30 days’ written notice to Syncor, Executive may elect to
terminate his employment with Syncor and receive at the Employment
Termination Date, in lieu of the base pay continuation described in
this Paragraph 2(a), a lump-sum payment representing
Executive’s base salary ($275,000) for the remaining months
from and after giving such notice to and including the month of
January 2004.  This lump-sum payment will be subject to
withholding and other deductions as required by law or
otherwise. 

           
           
(b)           
Additional Payments.  Syncor agrees to pay Executive a
total additional amount of $1,000,000 in quarterly installments of
$125,000 on the last day of each calendar quarter, beginning March
31, 2002 and ending December 31, 2003.  These payments are
subject to withholding and other deductions as required by law or
otherwise.  Notwithstanding the foregoing,

                       
           
(i)
           
If Executive elects to terminate his employment in accordance with
Paragraph 2(a); or

                       
           
(ii)           
At Syncor’s election at any time prior to the termination of
the Executive’s employment,

Executive will receive, in lieu
of the remaining additional payments described in this Paragraph
2(b), a lump-sum payment representing the sum of the remaining
additional payments.  Any such lump-sum payment will be
subject to withholding and other deductions as required by law or
otherwise.

           
           
(c)           
Stock Options. 

                       
           
(i)           
On June 16, 1998, Executive was granted options to purchase 50,000
shares of Syncor common stock under the Syncor International
Corporation 1990 Master Stock Incentive Plan, as amended and
restated as of June 18, 1997 (the “1990 Master
Plan”).  As of August 1, 2001, Syncor will deem as
satisfied the performance goals set forth in Executive’s
option grant such that Executive will be vested in said options as
of that date. 

                       
           
(ii)           
If, at the Employment Termination Date, Executive is not already
fully vested in the options to purchase 57,936 shares of Syncor
common stock granted to him on June 20, 2000 under the Syncor
International Corporation Executive Long Term Performance Equity
Plan (“Long-Term Plan”), in accordance with the terms
of Executive’s option grant, he will at that time become
fully vested in said options as if the stock price targets
specified in connection with said option grant had been
met. 

                       
           
(iii)           
Subject to the foregoing, Executive shall be entitled to continued
vesting of the options previously granted to him under the 1990
Master Plan and the 2000 Master Stock Incentive Plan in accordance
with their respective terms.

           
           
(d)           
Vacation.  On the first regular pay date following the
date of this Agreement, Syncor will pay Executive his accrued but
unused vacation time as of December 31, 2001, in the form of (i) a
lump-sum payment in the gross amount of $41,600 and (ii) a lump-sum
payment of $51,149, equal to the value of 385 hours of additional
vacation time which Executive would have accrued but for the
320-hour limit in Syncor’s vacation policy.  Said
payments will be subject to withholding and other deductions as
required by law.  Executive will continue to accrue vacation
time for the period after December 31, 2001, based on his
employment during such period.  Upon the Employment
Termination Date, Executive will be paid for all accrued but unused
vacation time.

           
           
(e)           
Outplacement Counseling and Services.  Syncor will pay
all reasonable fees associated with Executive’s enrollment in
an outplacement counseling program of Executive’s choice for
the time period of February 1, 2002, through January 31,
2004. 

           
           
(f)           
Attorneys/Advisors Fees.  Syncor will pay all
reasonable attorneys fees and advisors fees incurred by Executive
in connection with the negotiation of this Agreement, not to exceed
$35,000.

           
           
(g)           
Long-Term Care Insurance Premiums.  In the event
Executive, on termination of his employment, elects to continue
long-term care insurance coverage under the Syncor International
Corporation Executive Benefit Plan for Officers (which includes
health, life, and long term care provisions) (the “Executive
Benefit Plan”), Syncor will pay all remaining premiums due
for such long term care insurance coverage.

In the event of Executive’s
death during the Active Employment Period or the Inactive
Employment Period, his Beneficiary will be entitled to the payments
and other benefits that Executive would have received if he had
been employed throughout the Active Employment and the Inactive
Employment Period (other than continuation as a participant in
employee benefit plans to the extent dependent upon continued
employment).  For purposes of the preceding sentence, the
Executive’s “Beneficiary” is, collectively, the
person or persons or other entity or entities designated by him in
writing to the Vice President, Human Resources and Communications,
of Syncor to receive such payments and other benefits in the event
of Executive’s death.  If Executive designates more than
one person or entity as Beneficiary, such payments and other
benefits will be paid in equal shares to such persons or entities
whom Executive has designated as Beneficiary who survive him or are
in existence at the time of his death, unless he otherwise
indicates in the instrument designating the Beneficiary. 
Executive may revoke his designation of a Beneficiary, and may
designate a new Beneficiary, at any time.  If Executive fails
to designate a Beneficiary, of if no designated Beneficiary is in
existence at the time of Executive’s death, the Beneficiary
will be the Executive’s estate.

           
3.           
“Executive’s Continued Fulfillment of His
Obligations Under This Agreement.” As used in Paragraph 2
of this Agreement, the term “Executive’s continued
fulfillment of his obligations under this Agreement” will
mean his substantial compliance with all material terms of this
Agreement, and Executive will not be considered to have failed to
fulfill his obligations under this Agreement unless he has been
determined by a final order of a court of competent jurisdiction to
have materially breached a material obligation under this Agreement
while Syncor has materially complied with all of its obligations
under this Agreement.  If Syncor has a good faith and
reasonable belief that Executive has materially breached a material
obligation under this Agreement, Syncor will provide forty-five
days (45) written notice to Executive explaining in detail the
material breach.  At any time during the forty-five (45)-day
period following his receipt of that notice, Executive will have an
opportunity to cure such material breach. 

           
4.           
Participation in Other Benefit Plans and Programs.  For
so long as Executive remains employed by Syncor, and in addition to
his existing rights under benefit plans and programs described in
Paragraph 2, Executive will be entitled to continue to participate
in the following benefit plans and programs sponsored by Syncor, in
accordance with their respective terms, to-wit: the Syncor
International Corporation Deferred Compensation Plan, the Executive
Benefit Plan, the Syncor International Corporation Employees’
Savings and Stock Ownership Plan, the Long-Term Plan and the Syncor
International Corporation 2001 Officer Incentive Plan (the
“Incentive Plan”); provided, however, that:

           
           
(a)           
Executive’s benefits, if any, under the Incentive Plan will
be determined on a basis consistent with the benefits, if any, of
other officers of Syncor participating in the Incentive
Plan;

           
           
(b)
           
Executive will not be eligible to participate in the Long-Term Plan
after January 31, 2002 (except as provided in Paragraph 2(c)(ii) of
this Agreement); and

           
           
(c)
           
Any acceleration of vesting or payment of benefits under any plan
described in Paragraph 2 or this Paragraph 4 which occurs prior to
the later of the termination of this Agreement or the expiration of
any stock options or other rights or benefits and which applies to
officers generally who participate in such plan, whether on account
of an “event” or a “change in control” (as
they may be defined in such plan) or for any other reason, will
also apply to Executive.

In the event Executive’s
employment with Syncor terminates for any reason, Syncor will, upon
reasonable notice from Executive, assist Executive in the
acquisition of a portable medical insurance policy covering him and
his eligible dependents, with Executive as the policyholder and
with the premiums thereunder to be paid by Executive.

           
5.           
Indemnification.  Syncor will indemnify Executive if
Executive was or is a party or is threatened to be made a party to
any threatened, pending or completed action, suit or proceeding
based on acts or omissions that occurred on or before the
Employment Termination Date, whether civil, criminal,
administrative, or investigative, and whether formal or informal,
by reason of the fact that Executive is or was a director, officer,
advisory director, executive or agent of Syncor, against expenses,
including attorneys fees, judgments, penalties, fines and amounts
paid in settlement actually and reasonably incurred by Executive in
connection with such action, suit or proceeding, to the fullest
extent and in the manner permitted by law, provided that Executive
acted in good faith and in a manner Executive reasonably believed
to be in or not opposed to the best interests of Syncor and, with
respect to a criminal action or proceeding, provided that Executive
had no reasonable cause to believe that his conduct was
unlawful. 

           
6.           
Further Assistance.  At Syncor’s reasonable
request, Executive agrees to provide Syncor with cooperation in any
lawsuits arising out of events during Executive’s employment
at Syncor, provided such assistance does not unreasonably and
materially interfere with Executive’s duties or
responsibilities under any subsequent employment.  Upon
reasonable notice from Syncor, Executive agrees to participate in
discovery and trial preparation, and to assist Syncor’s legal
counsel as and where needed, including attendance at depositions
and trials (“Litigation Assistance”).  Executive
will use reasonable efforts to timely respond to Syncor’s
requests for Litigation Assistance and to provide such Litigation
Assistance.  Upon termination of any lawsuit in which
Executive provides services, Executive will, at Syncor’s
request, deliver to Syncor all materials related to the
lawsuit.  It is understood that Executive’s Litigation
Assistance will be rendered only because of his knowledge of the
facts underlying any such lawsuits and he will not be required to
render assistance of a legal nature because he is an
attorney.  Syncor will use its best efforts to schedule any
appearances by Executive so as to minimize any inconvenience to
him.  To the extent that he renders Litigation Assistance, he
will be compensated for his time at a reasonable rate on a per diem
basis.  In addition, Executive will be reimbursed for
reasonable out-of-pocket expenses associated with Executive’s
assistance, including travel, lodging, meals, telephone, and
similar expenses in accordance with Syncor’s usual
policies.  This compensation is not related to or conditioned
on the nature or content of Executive’s testimony, if any,
nor on the outcome of any lawsuit.  Rather, it is intended
solely to provide Executive with reasonable compensation for his
time and actual expenses incurred in rendering Litigation
Assistance.

           
7.           
Waiver and Release. 

           
           
(a)           
In exchange for the payments described above, Executive hereby
waives, releases, gives up, and promises never to make any claims
of any kind (whether Executive knows of them now or not) that
Executive may have against Syncor, its related entities, parent
companies, and subsidiaries (collectively referred to as the
“Companies”), or any officer, director, agent,
executive, owner or other representative of the Companies as a
result of facts now in existence, relating to the
following:         
                       

                       
           
(i)           
any claims for further compensation or benefits as an employee from
the Companies except as set forth in this Agreement or the other
agreements or plans specifically referred to herein;

                       
           
(ii)           
any claims arising out of Executive’s employment or
termination of employment with Syncor;

                       
           
(iii)           
any claims under the federal Age Discrimination in Employment Act;
the federal Civil Rights Act of 1964; 42 U.S.C. § 1981; the
federal Family and Medical Leave Act; the federal Equal Pay Act;
the federal Fair Labor Standards Act; the federal Older Workers
Benefit Protection Act; the federal Americans With Disabilities
Act; the federal Worker Adjustment and Retraining Notification Act;
or California Government Code § 12920, California Government
Code § 12940, California Labor Code § 2856, or California
Labor Code § 970;

                       
           
(iv)           
any claims under any contract, agreement (except this Agreement or
the other agreements or plans specifically referred to herein),
promise or Syncor policy relating to Executive’s employment
by Syncor;

                       
           
(v)           
any claim for violation of any other public policy; and

                       
           
(vi)           
any claim for attorney fees relating to the foregoing. Executive
accepts the payments described above in Paragraph 2 in full
satisfaction of all such claims. Executive’s above waiver and
release also does not include “future claims or rights”
within the meaning of that phrase under the federal Older Workers
Benefit Protection Act.

           
           
(b)           
Syncor, on behalf of itself and any of the Companies, hereby
waives, releases, gives up, and promises never to make any claims
of any kind (whether it knows of them now or not) that it may have
against Executive as a result of facts now in existence, relating
to the following:

                       
           
(i)        
Executive’s employment relationship or termination of
employment with Syncor;

                       
           
(ii)           
any claims under any contract, agreement (except this Agreement or
the other agreements or plans specifically referred to herein),
promise or Syncor policy relating to Executive’s employment
by Syncor;

                       
           
(iii)           
any claim for violation of any other public policy; and

                       
           
(iv)           
any claim for attorney fees relating to the foregoing.

The provisions of this Paragraph
7(b) will not apply to claims by any of the Companies against
Syncor (1) which do not, as to all of the Companies in the
aggregate, exceed $250,000; (2) which relate to or arise out of
Executive’s duties as the President and Chief Executive
Officer of Overseas (other than where Executive has acted in good
faith in what he reasonably believed to be in the best interests of
the Companies); and (3) as to which, as of the date of this
Agreement, the Companies have no knowledge nor should they have
such knowledge.

           
           
(c)           
Syncor and Executive each agrees that it or he, as the case may be,
has been fully advised of the contents of §1542 of the
California Civil Code (“§1542”), and said section
and the benefits thereof are expressly waived as to any claims,
known or unknown, which exist up to and including the date of this
Agreement.  Section 1542 reads as follows:

           
           
           
§1542.  (General  release  -  claim 
extinguished.) A general

            
           
release does not extend to claims which the creditor does not
know

            
           
or suspect to exist in  his favor at the time of 
executing the release,

            
           
which if known to him must have materially affected his
settlement

            
           
with the debtor.

Syncor and Executive each
represents that it or he, as the case may be, understands and
acknowledges the significance and the consequences of its or his
release, as well as the specific waiver of §1542.

           
8.           
Confidential Information. 

           
           
(a)           
Executive has been employed by Syncor in a position of great trust
and responsibility that gives him access to sensitive information
of a confidential nature, about the executives, officers and
consultants of the Companies (collectively referred to as the
“Management”), as well as access to confidential or
proprietary information about the Companies.  For the purposes
of this Agreement, the term “Confidential Information”
will include, without limitation, sensitive information of a
confidential or any nonpublic information relating to the
Management or Companies and with regard to the Companies, nonpublic
financial information, information concerning compensation or
benefit programs, internal projections, budgets, financial plans,
marketing and advertising strategies or plans, promotional
materials, vendor and product information, cost and price
information, the identity and lists of actual or potential
customers, vendors, executives, suppliers and distributors, sources
of supply for capital equipment, test results or market studies
concerning competitors and competitive products and any other
matters not specifically mentioned above which would constitute a
trade secret.  Executive acknowledges that the Confidential
Information derives independent economic value from not being
readily known to or ascertainable by proper means by others who can
obtain economic value from its disclosure or use and that
reasonable efforts have been made to maintain the secrecy of such
Confidential Information.

           
           
(b)           
Executive agrees to keep such Confidential Information confidential
at all times during and for a period of thirty-six (36) months from
the date of this Agreement, and agrees further that he will neither
disclose, furnish, disseminate, make available nor use any
Confidential Information, for his own or a third party’s
benefit nor disclose or communicate such information to any third
party, person or entity, either before or during such period. 
Executive’s obligations under this Paragraph 8 will not apply
to any part of the Confidential Information that was or became
generally available to the public other than as a result of
disclosure by Executive.  Further, Executive’s
obligations under this Paragraph 8 will not apply to the disclosure
of Confidential Information where such disclosure is required by
law and Executive is subject to civil or criminal sanctions or
penalties for failing to disclose information, provided Executive
gives Syncor prompt notice of any such situation and endeavors, and
cooperates fully (to the extent consistent with his legal or
ethical obligations) with Syncor’s efforts, to prevent such
disclosures, keep such disclosures to a minimum, and secure
protective orders or similar arrangements with respect to such
Confidential Information.

           
           
(c)           
Executive will return to Syncor, prior to February 1, 2002, all
materials including, without limitation, all Confidential
Information, reports, files, memoranda, and records, keys, access
cards, security passes or badges, computer files or disks and all
other physical or personal property which Executive received,
prepared or helped to prepare, in connection with Executive’s
employment, together with copies in whatever form; provided,
however, that he may retain possession of the Dell computer and
cell phone until the termination of his
employment. 

           
9.           
Non-Solicitation.  While employed by Syncor, Executive
will not directly or indirectly recruit or solicit for employment
any person who was employed by Syncor at any time.  In
addition, during the six-month period following the Active
Employment Period, Executive will not directly or indirectly
recruit or solicit for employment any person who was employed by
Syncor at any time during the one-month period prior to the date of
this Agreement; provided, however, that, so long as Executive is no
longer employed by Syncor, Executive may recruit and solicit any
employee of Syncor who was involuntarily terminated by
Syncor.

           
10.           
Prohibition Against Disparagement.  The Companies will
not disparage, defame or denigrate the reputation of, or cause or
encourage any other person to so disparage, defame or denigrate the
reputation of, Executive; and Executive will not disparage, defame
or denigrate the reputation of, or cause or encourage any other
person to so disparage, defame or denigrate the reputation of, the
Companies or any of their officers.  This Paragraph 10 will
not, however, prevent a party from truthfully testifying as
required by compulsion of law.

           
11.           
Enforcement.  Because Executive’s services are
unique and because Executive has access to Confidential Information
and work product, the parties hereto agree that Syncor would be
damaged irreparably in the event any of the provisions of
Paragraphs 6, 7, 8, or 9 hereof were not performed in accordance
with their specific terms or were otherwise breached and that money
damages would be an inadequate remedy for any such non-performance
or breach.  Therefore, Syncor or its successors or assigns
will be entitled, in addition to other rights and remedies existing
in their favor, to an injunction or injunctions to prevent any
breach or threatened breach of any of such provisions and to
enforce such provisions specifically (without posting a bond or
other security).  Similarly, Syncor or its successors or
assigns and Executive will be entitled, in addition to other rights
and remedies existing in their favor, to an injunction or
injunctions to prevent any breach or threatened breach by the other
of any of the provisions of Paragraphs 5, 7, and 10 and to enforce
such provisions specifically (without posting a bond or other
security).  Notwithstanding anything else in this Agreement to
the contrary, absent a determination by a final judgment of a court
of competent jurisdiction (which judgment is no longer subject to
appeal or, if appealed, the judgment has been confirmed) that
Executive has breached this Agreement and quantification of damages
therefor, Syncor shall have no right to withhold any payments
hereunder or offset any such damages against amounts otherwise
payable to Executive hereunder.

           
12.           
Costs of Enforcement.  If Syncor complies with this
Agreement but Executive violates Executive’s commitments in
Paragraphs 6, 7, 8, or 9 of this Agreement, it is agreed that
Syncor may seek judicial enforcement of its rights under Paragraphs
6, 7, 8, or 9, and it is agreed that Syncor will be entitled to
recover from Executive any costs it incurs (including reasonable
attorney fees) in obtaining judicial enforcement, provided that
such cost recoveries will not exceed the net amounts paid to
Executive under Paragraph 2 of this Agreement.  If Executive
complies with this Agreement but Syncor violates its commitments in
Paragraphs 1, 2, 3, 4, 5, 6, or 7 of this Agreement, it is agreed
that Executive may seek judicial enforcement of its rights under
Paragraphs 1, 2, 3, 4, 5, 6, or 7 and Executive will be entitled to
recover from Syncor any costs it incurs (including reasonable
attorney fees) in obtaining judicial enforcement.

           
13.           
Period for Review and Consultation.  Executive has been
advised by Syncor to consult with an attorney regarding this
Agreement before signing it.  Executive has been given
twenty-two (22) days after the date on which Executive received
this Agreement to decide whether to sign it.  By signing this
Agreement Executive acknowledges that Executive has read this
Agreement, understands all of its provisions, and knowingly and
voluntarily agrees to all of its terms and provisions.

           
14.           
Revocation Period.  Once Executive has signed this
Agreement, Executive may still revoke it at any time during the
eight (8)-day period after Executive received this Agreement, by
delivering written notice of revocation to Syncor within this eight
(8)-day period.  This Agreement will not become effective or
enforceable until this revocation period has expired without
Executive having revoked this Agreement.  Once this revocation
period expires, if Executive has not revoked this Agreement it will
be a binding, non-revocable agreement between Executive and
Syncor.

           
15.           
Notices.  Any notices or other communications required
or permitted under this Agreement will be given in writing and
either (i) delivered in person, (ii) transmitted by facsimile, or
(iii) mailed by certified or registered mail, postage prepaid, as
set forth below (or to such other address or facsimile number as
either party will have last designated by notice to the other
party).  Each such notice or other communication will be
effective (a) if given by facsimile, when transmitted to the number
specified in or pursuant to this Paragraph 15 with evidence of such
transmission by the transmitting equipment, (ii) if given by mail,
two (2) days after such notice or communication is deposited in the
United States mails, first class postage prepaid, addressed as set
forth in or pursuant to this Paragraph 15, or (iii) if given by
other means, when actually delivered at such address.

	
          

	
If to Syncor, addressed
to:

		
  

		
Sheila H. Coop

		
Senior Vice President, Human
Resources

		
     and
Communications

		
Syncor International
Corporation

		
6464 Canoga Avenue

		
Woodland Hills, CA 
91367-2407

		
Facsimile No.: (818)
737-4898

		
  

		
If to Executive, addressed
to:

		
  

		
Haig S. Bagerdjian,
Esq.

		
14410 Mulholland Drive

		
Bel Air, CA 
90077

		
Facsimile No.: (310)
472-0730

		
With a copy addressed
to:

		
  

		
Heller Ehrman White &
McAuliffe LLP

		
601 South Figueroa Street, 40th
Floor

		
Los Angeles, CA 
90017-5758

		
Attention:  Neal H.
Brockmeyer, Esq.

		
Facsimile No.: (213)
614-1868

           
16.           
Severability.  The provisions of this Agreement are
severable.  If any part of it is found to be unenforceable,
all other provisions will remain fully valid and
enforceable.

           
17.           
Choice of Laws.  This Agreement will be governed by the
substantive laws of the State of California as applied to contracts
entered into and to be performed entirely within such state by
residents thereof.

           
18.           
Entire Agreement.

           
           
(a)           
This Agreement is the complete understanding between Syncor and
Executive on the matters to which the parties agree in it, and
Executive is not relying on any statement other than the provisions
of this Agreement.  No other promises or agreements will be
binding unless in a writing signed by the parties to this
Agreement.  Except to the extent set forth below or elsewhere
in this Agreement, any and all prior agreements, written or oral,
if any, between Syncor and Executive are cancelled by this
Agreement.

           
           
(b)           
Notwithstanding Paragraph 18(a), the Benefits Agreement between
Syncor and Executive, dated December 18, 1989, will remain in full
force and effect in accordance with its terms throughout the period
which ends upon the later of the termination of this Agreement or
the expiration of any stock options or other rights or benefits
described in Paragraph 2 hereof.

           
           
(c)           
Notwithstanding Paragraph 18(a), the Severance Agreement between
Syncor and Executive, dated August 24, 2001 (the “Severance
Agreement”), will remain in full force and effect in
accordance with its terms, except that (A) in the event
Executive’s employment is terminated following a Change in
Control, (i) by Syncor other than for Cause or (ii) by Executive
for Good Reason, Executive only will be entitled to Severance
Payments to the extent set forth in Paragraphs 6.1(A), 6.1(B) and
6.1(C) [calculated without taking into account the additional
payment under Paragraph 2(b) of this Agreement] of the Severance
Agreement, and (B) Paragraphs 5 and 6.1 will have no application
after January 30, 2004.  The payment under said Paragraph
6.1(A) will be offset by any payments which had been made to
Executive under Paragraph 2(a) of this Agreement and will be in
lieu of any remaining payments due under said Paragraph 2(a). 
Executive will be entitled to the payments under Paragraph 2(b) of
this Agreement in addition to any Severance Payments under the
Severance Agreement.  For purposes of the first sentence of
this Paragraph 18(c), the terms “Change in Control,”
“Severance Payments,” “Cause” and
“Good Reason” have the meanings set forth in Paragraph
15 of the Severance Agreement, provided that any termination by
Executive of his employment after any Change in Control shall be
deemed to be for Good Reason.

           
           
(d)           
Notwithstanding Paragraph 18(a), the Indemnitee Agreement between
Syncor and Executive, dated June 20, 1996 (the “Indemnitee
Agreement”), will remain in full force and effect in
accordance with its terms.  Any conflict between the
Indemnitee Agreement and Paragraph 5 of this Agreement will be
resolved so as to provide Executive with the more favorable
indemnification as between the two agreements.  In addition,
Executive will be provided indemnification under Syncor’s
charter and bylaws and applicable law, and coverage under director
and officer liability insurance, no less favorable than other
present and former officers of Syncor.

           
19.           
Counterparts.  This Agreement may be executed in
counterparts and each counterpart will be deemed an original and,
when taken together with other signed counterparts, will constitute
one agreement.

           
20.           
Headings.  Captions and Paragraph headings are used
herein for convenience only, are no part of this Agreement and will
not be used in interpreting or construing this
Agreement.

           
           
Dated this 31st day of January,
2002.

  

	
                                                      

	
SYNCOR INTERNATIONAL
CORPORATION

  

		
By:  /s/ Sheila
Coop

		
Its:  Sr. Vice
President,

        Human Resources &
Communications

		
		
  

		
HAIG S. BAGERDJIAN

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