Document:

Exhibit 10.4 - Q2 2012 10-Q

EXHIBIT 10.4
First Amendment to the 
Boston Scientific Corporation
U.S. Severance Plan For Exempt Employees
Boston Scientific Corporation has established the Boston Scientific Corporation U.S. Severance Plan For Exempt Employees ("Plan"), effective as of January 1, 2012.  The Plan applies to eligible Exempt Employees who are hired or rehired by the Company on or after January 1, 2012.  Pursuant to Section H of the Plan, the Plan is hereby amended as follows:
1.  Effective August 1, 2012, Section E.4 of the Plan is amended in its entirety to read as follows:

“4.    Effect of Layoff on Annual Performance Incentive Plan Payment
Generally, Employees are not entitled to a bonus payment under the Company's Annual PIP for a calendar year if they terminate employment with the Company and Affiliates before the payment date for that bonus (which occurs by March 15th of the following year).  If you terminate employment due to a Layoff during a calendar year, you are not entitled to any bonus under the Annual PIP for that calendar year, except that if your Termination Date occurs on or after October 1 of a calendar year and you were employed in a PIP Eligible Position for at least 9 months in the calendar year, you will be entitled to a prorated bonus for that calendar year.  Notwithstanding the preceding sentence, if you receive Notice of Layoff prior to January 1, 2014, you will be entitled to a prorated bonus for that calendar year if your Termination Date occurs on or after July 1 of that calendar year and you were employed in a PIP Eligible Position for at least 6 months in the calendar year. The prorated bonus will be calculated by multiplying the amount of the bonus you would have received for the calendar year had you remained employed by the Company until the bonus payment date (or, if less, the target bonus) times a fraction, the denominator of which is the number of days in the calendar year, and the numerator of which is the number of days in which you were an Employee in a PIP Eligible Position during the calendar year.  The prorated bonus will be paid to you on the same day that bonuses for the calendar year are paid under the Annual PIP to active Employees.” 

IN WITNESS WHEREOF, Boston Scientific Corporation has caused this amendment to be executed in its name and on its behalf effective as of the dates set forth herein by an officer or a duly authorized delegate.

BOSTON SCIENTIFIC CORPORATION
        
By:    ___________________________

Title:    

 Date:Exhibit 10.5 - Q2 2012 10-Q

EXHIBIT 10.5
First Amendment to the 
Boston Scientific Corporation
Severance Pay and Layoff Notification Plan As Amended and Restated
(Bridge Plan)
Boston Scientific Corporation has established the Boston Scientific Corporation Severance Pay and Layoff Notification Plan ("Plan"), effective as of January 1, 2012.  The Plan (which will also be known as the Bridge Plan) applies to eligible Employees who were hired or rehired by the Company prior to January 1, 2012 and receive Notice after December 31, 2011 and before January 1, 2014 (except as provided in Schedule B of the Plan).  Pursuant to Section H of the Plan, the Plan is hereby amended as follows:
1.  Effective August 1, 2012, Section E.4 of the Plan is amended in its entirety to read as follows:

 “4.    Effect of Layoff on Annual Performance Incentive Plan Payment
Generally, Employees are not entitled to a bonus payment under the Company's Annual PIP for a calendar year if they terminate employment with the Company and Affiliates before the payment date for that bonus (which occurs by March 15th of the following year).  If you terminate employment due to a Layoff during a calendar year, you are not entitled to any bonus under the Annual PIP for that calendar year, except that if your Termination Date occurs on or after October 1 of a calendar year and you were employed in a PIP Eligible Position for at least 9 months in the calendar year, you will be entitled to a prorated bonus for that calendar year.  Notwithstanding the preceding sentence, if you receive Notice of Layoff prior to January 1, 2014, you will be entitled to a prorated bonus for that calendar year if your Termination Date occurs on or after July 1 of that calendar year and you were employed in a PIP Eligible Position for at least 6 months in the calendar year. The prorated bonus will be calculated by multiplying the amount of the bonus you would have received for the calendar year had you remained employed by the Company until the bonus payment date (or, if less, the target bonus) times a fraction, the denominator of which is the number of days in the calendar year, and the numerator of which is the number of days in which you were an Employee in a PIP Eligible Position during the calendar year.  The prorated bonus will be paid to you on the same day that bonuses for the calendar year are paid under the Annual PIP to active Employees.” 
IN WITNESS WHEREOF, Boston Scientific Corporation has caused this amendment to be executed in its name and on its behalf effective as of the dates set forth herein by an officer or a duly authorized delegate.
BOSTON SCIENTIFIC CORPORATION
By:    ___________________________
Title:    ___________________________
Date:    ___________________________Exhibit 10.1

LANDAUER

 

June 19, 2012

Peter Cempellin

## ####### ##

#####, ## #####

 

Dear Pete:

 

I am privileged and happy to extend this offer
of employment to join the management team at Landauer, Inc. as the President Radiation Measurement reporting to me. Your start
date is projected to be July 23, 2012 predicated on the successful completion of the background check. The following is a summary
of the terms and conditions of this offer:

 

	▪	Annual Cash Compensation. Your annual base salary equivalent will be $300,000, effective as of your start date. You will have the opportunity to earn annual bonuses under the Company’s Incentive Compensation Plan for Executive Officers, with a target incentive bonus opportunity of not less than 40% of base salary. Beginning on your start date, we will prorate the annual bonus target amount of $120,000 through the end of the Fiscal 2012 year (9/30/2012) and pay you that amount with annual bonus checks in December of 2012.
	 	 	 
	▪	Restricted Stock Signing Bonus. The following signing restricted stock grant of the Company’s common stock will be made to you upon your commencement of employment: $175,000 of restricted stock value that will vest 50% at the end of year two of employment and 50% at the end of year three of employment.
	 	 	 
	▪	Cash Signing Bonus. A bonus of $100,000 will be paid to you on the first payroll following your commencement of employment. 100% of the signing bonus must be repaid to the Company if you resign within the first year of employment.
	 	 	 
	▪	Long-Term Incentive Opportunity. You will be granted an annual long-term incentive opportunity with target of not less than $150,000 over a three-year performance period, based on the attainment of performance goals and or continued service, as determined by the Company’s Board of Directors. Your first grant will be for the FY 2013 year and is generally granted at the December Compensation Committee Meeting.
	 	 	 
	▪	Benefits. You will be eligible to participate in the Company’s employee benefit programs, as offered to new employees currently and subject to any future modifications, including the 401(k) program with a 50% match on the first six percent of your contributions and an annual discretionary profit sharing component targeted at two percent of salary when the company achieves its financial goals.
	 	 	 
	▪	Vacation. Accrual at a rate of 4 weeks annually.

 

 

 

Landauer, Inc. 2 Science Road
Glenwood, Illinois 60425-1586 Telephone: (708) 755-7000 Facsimile: (708) 755-7011

 

     

     

    

Peter Cempellin

June 19, 2012

Page two

 

	▪	Non-Qualified Executive Excess Plan. Participation in the Non-Qualified Excess Plan at a rate of 7.5% annually. Contributions are prorated for employment during the first fiscal year and will be made upon Board of Directors approval after the end of the fiscal year for active employee participants.
	 	 	 
	▪	Relocation. The following are all components of your relocation package.
	 	○	Physical move- you may select your own moving company and we will establish a direct bill relationship to cover the physical packing and moving of your personal belongings from ##### to the Chicago area.
	 	○	Costs related to the sale of home – these costs include items such as brokerage commissions, title transfer, deed, legal fees, and transfer taxes or stamps.  These costs will be grossed up for income tax purposes (federal, state, social security, and Medicare) at a mutually agreed upon rate. To be covered, the sale of the home must be completed prior to December 31, 2013.
	 	○	Costs related to purchase of new home – these include items such as appraisal fees, credit reports, processing fees, settlement closing fees, title fees, title insurance, survey fees and recording fees.  These costs will be grossed up for income tax purposes at a mutually agreed rate. To be covered, the purchase of the home must be completed prior to December 31, 2013.
	 	○	Landauer will cover your temporary living/transition housing expenses for a period of up to six months not to exceed $25,000 (until you are able to find a more permanent residence and move the required possessions to the Chicago area.) Such expenses would include hotel / living quarters, airfare, meals and rental car.  Wherever possible such arrangements will be handled on a direct bill basis.
	 	 	 
	▪	General Severance. You will be eligible for 12 months of salary continuation in the event your employment is terminated by the company without Cause.

 

Pete, this offer is contingent on:

	▪	Satisfactorily completing a Company provided pre-employment physical, drug test and background check;
	▪	Agreeing to and returning a signed copy of the Non-Competition and Confidentiality Agreement;
	▪	Reading and understanding the enclosed Code of Business Conduct and Ethics, Harassment Policy, and Insider Trading Policy and returning the signed acknowledgement forms also included.  Signed forms may be returned via PDF file (email), faxed to ###-###-####, or mailed to ##### ##### (######@############.com) or my attention.

 

I have enclosed the Pre-Employment background
check form that you need to complete and return to me. The Human Resource office will also coordinate the drug test and physical
exam with you, so they will need to discuss schedules with you.

 

 

 

 

 

 

 

 

Landauer, Inc. 2 Science Road
Glenwood, Illinois 60425-1586 Telephone: (708) 755-7000 Facsimile: (708) 755-7011

     

     

    

Peter Cempellin

June 19, 2012

Page three

 

 

The management team and I are very excited
about you joining the Company and helping us realize our ambitious goals for the future. If you accept this offer, please return
a signed copy of the letter to me as soon as possible but no later than June 29, 2012. If there are questions, please do not hesitate
to call me at ###-###-#### during the day.

 

 

Sincerely,

 

	/s/ William E. Saxelby	 
	
        William E. Saxelby

        President
	 

 

 

 

 

Enclosures

 

 

 

 

 

 

 

	Accepted:	 	
        /s/ Peter Cempellin
	 	Date:	 	June 20, 2012	 
	 	 	Peter Cempellin	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Landauer, Inc. 2 Science Road
Glenwood, Illinois 60425-1586 Telephone: (708) 755-7000 Facsimile: (708) 755-7011

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