Document:

UNITED STATES

Exhibit 10.1

 

FIRST AMENDMENT TO THE SUBORDINATED SECURED PROMISSORY NOTE AGREEMENT

 

THIS FIRST AMENDMENT ("First Amendment") TO THE SUBORDINATED SECURED PROMISSORY NOTE ("Subordinated Note") is entered into February 6, 2006 ("Effective Date") by and between Blast Energy Services, Inc. (formerly known as Verdisys, Inc.), a California corporation ("Blast") and Berg McAfee LLC., a California Corporation ("BMC").

WHEREAS on July 15, 2005, Blast entered into a Subordinated Note in favor of BMC securing the loan for $800,000 to build the Blast Abrasive Fluid Jetting Rig #1 with a loan Maturity Date of September 15, 2006;

WHEREAS BMC has and now desires to extend such Maturity Date and Blast wishes to compensate BMC by paying additional interest over a longer period for said extension:

 

THEREFORE, in view of the good and valuable consideration stated below, Blast and BMC agree as follows:

1.  Maturity Date.  

1.1BMC and Blast agree that they mutually agree to extend the Maturity Date in the Subordinated Note from July 15, 2006 to March 31, 2007.

1.2All other terms and conditions remain unchanged.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

 

 

 
BERG McAFEE COMPANIES, LLC

 

  /s/ Eric A. McAfee       2/6/06

Eric A. McAfee, Managing Member    Date

 

 

BLAST ENERGY SERVICES, INC. 

        

  /s/ John O'Keefe  2/20/06
John O'Keefe, EVP & Co-CEO         DateUNITED STATES

_Exhibit 10.2

 

FIRST AMENDMENT TO THE SENIOR SECURED PROMISSORY NOTE AGREEMENT

 

THIS FIRST AMENDMENT ("First Amendment") TO THE SENIOR SECURED PROMISSORY NOTE ("Senior Note") is entered into February 6, 2006 ("Effective Date") by and between Blast Energy Services, Inc. (formerly known as Verdisys, Inc.), a California corporation ("Blast") in favor of Berg McAfee LLC., a California Corporation ("BMC").

WHEREAS on July 15, 2005, Blast entered into a Senior Note in favor of BMC securing the loan for $200,000 to build the Blast Abrasive Fluid Jetting Rig #1 with a loan Maturity Date of September 15, 2006;

WHEREAS BMC has and now desires to extend such Maturity Date and Blast wishes to compensate BMC by paying additional interest over a longer period for said extension:

 

THEREFORE, in view of the good and valuable consideration stated below, Blast and BMC agree as follows:

1.  Maturity Date.  

1.1BMC and Blast agree that they mutually agree to extend the Maturity Date in the Senior Note from July 15, 2006 to March 31, 2007.

1.2All other terms and conditions remain unchanged.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 

 

 

 
BERG McAFEE COMPANIES, LLC

 

  /s/ Eric A. McAfee       2/6/06

Eric A. McAfee, Managing Member    Date

 

 

BLAST ENERGY SERVICES, INC. 

        

  /s/ John O'Keefe  2/20/06
John O'Keefe, EVP & Co-CEO         DateExhibit 10.1

    
      

    

     

    

      EXHIBIT
        10.1

      

      FORM
        OF
        PERFORMANCE RESTRICTED STOCK RIGHTS AGREEMENT

      PURSUANT
        TO THE THERAGENICS CORPORATION

      2000
        STOCK INCENTIVE PLAN

      

      THIS
        AWARD is made as of the Grant Date, by Theragenics Corporation (the “Company”)
        to _________________ (the “Recipient”) subject to acceptance by the
        Recipient.

      

      Upon
        and
        subject to the Terms and Conditions attached hereto and incorporated herein
        by
        reference as part of this Agreement, the Company hereby awards as of the
        Grant
        Date to the Recipient, the Performance Restricted Stock Rights (the “Performance
        Restricted Stock Rights Grant”). 

      

      
        	 	
                A.

              	
                Grant
                  Date:
                  February __, 2006.

              

      

      

      
        	 	
                B.

              	
                Plan
                  (under which Performance Restricted Stock Rights Grant is
                  granted):
                  Theragenics Corporation 2000 Stock Incentive
                  Plan.

              

      

      

      
        	 	
                C.

              	
                Performance
                  Restricted Stock Rights:
                  ________ Performance Restricted Stock Rights. Each Performance
                  Restricted
                  Stock Right represents the Company’s unsecured obligation to issue a
                  minimum of 0.30 of one share of the Company’s common stock (“Common
                  Stock”) and a maximum of two shares of the Company’s Common Stock as
                  provided in Exhibit
                  1
                  hereto, subject to adjustment as provided in the attached Terms
                  and
                  Conditions.

              

      

      

      

      IN
        WITNESS WHEREOF, the Company and the Recipient have executed this Agreement
        as
        of the Grant Date set forth above.

      

      
        	
                RECIPIENT

              	
                THERAGENICS
                  CORPORATION

              
	 	 
	 	 
	 	
                By:
                  ________________________

              
	__________________________ 	 
	
                ______________

              	
                Title:
                  _______________________

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      TERMS
        AND CONDITIONS TO THE

      PERFORMANCE
        RESTRICTED STOCK RIGHTS AGREEMENT 

      PURSUANT
        TO THE THERAGENICS CORPORATION

      2000
        STOCK INCENTIVE PLAN

      

      1.    Adjustment
        to Number of Performance Restricted Stock Rights for Dividends.
        If the
        Company declares a dividend (other than a stock dividend) payable to
        shareholders of Common Stock and if the dividend is payable to shareholders
        of
        record before a share certificate for Common Stock has been issued hereunder,
        the number of Performance Restricted Stock Rights shall be increased by a
        number
        equal to the amount of the dividend per share, multiplied by the number of
        Performance Restricted Stock Rights (before adjustment), divided by the Fair
        Market Value per share of Common Stock as of the dividend declaration
        date.

      

      2.    Tax
        Withholding.

      

      (a)    The
        Recipient must deliver to the Company, within ten (10) days after written
        notification from the Company as to the amount of the tax withholding that
        is
        due, either (i) cash, or (ii) a certified check payable to the Company, in
        the
        amount of all tax withholding obligations imposed on the Company by reason
        of
        the earning of the shares of Common Stock issuable hereunder, except as provided
        in Section 2(b), or (iii) by tendering a number of whole shares of Common
        Stock
        which, when multiplied by the Fair Market Value of the Common Stock on the
        date
        the Common Stock is issuable to the Recipient, is sufficient to satisfy the
        minimum amount of the required tax withholding obligations imposed on the
        Company (the “Stock Tendering Election”); provided, however, the Committee may
        in its sole discretion, disapprove and give no effect to the Stock Tendering
        Election by giving written notice to the Recipient within ten (10) days after
        receipt of the Stock Tendering Election, in which event the Recipient must
        deliver, within ten (10) days after receiving such notice, the tax withholding
        in the manner provided in clause (i) or (ii). If the Recipient does not timely
        satisfy payment of the tax withholding obligation, the Recipient will forfeit
        the Performance Restricted Stock Rights and shares of Common Stock issuable
        hereunder.

       

      (b     In
        lieu
        of paying the tax withholding obligation as described in Section 2(a), Recipient
        may elect to have the actual number of shares of Common Stock issuable hereunder
        reduced by the number of whole shares of Common Stock which, when multiplied
        by
        the Fair Market Value of the Common Stock on the date the Common Stock is
        issuable to the Recipient, is sufficient to satisfy the minimum amount of
        the
        required tax obligations imposed on the Company by reason of the earning
        of the
        shares (the “Withholding Election”). Recipient may make a Withholding Election
        only if all of the following conditions are met:

       

      (i)    the
        Withholding Election must be made within ten (10) days after the Recipient
        receives written notification from the Company as to the amount of the tax
        withholding that is due (the “Tax Notice Date”), by executing and delivering to
        the Company a properly completed Notice of Withholding Election, in
        substantially the form of Exhibit
        2
        attached
        hereto; and

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      (ii)    any
        Withholding Election made will be irrevocable; however, the Committee may,
        in
        its sole discretion, disapprove and give no effect to any Withholding Election,
        by giving written notice to the Recipient no later than ten (10) days after
        the
        Company’s receipt of the Notice of Withholding Election, in which event the
        Recipient must deliver to the Company, within ten (10) days after receiving
        such
        notice, the amount of the tax withholding pursuant to Section 2(a).

      

      3.    Restrictions
        on Transfer of Performance Restricted Stock Rights.
        Except
        for the transfer by bequest
        or
        inheritance, the Recipient shall not have the right to make or permit to
        exist
        any transfer or hypothecation, whether outright or as security, with or without
        consideration, voluntary or involuntary, of all or any part of any right,
        title
        or interest in or to any Performance Restricted Stock Rights. Any such
        disposition not made in accordance with this Agreement shall be deemed null
        and
        void. Any permitted transferee under this Section shall be bound by the terms
        of
        this Agreement.

      

      4.    Change
        in Capitalization.

      

      (a)    The
        number and kind of Performance Restricted Stock Rights and the shares of
        Common
        Stock issuable pursuant thereto shall be proportionately adjusted for any
        increase or decrease in the number of issued shares of Common Stock resulting
        from a subdivision or combination of shares or the payment of a stock dividend
        in shares of Common Stock to holders of outstanding shares of Common Stock
        or if
        any other increase or decrease in the number of shares of Common Stock
        outstanding is effected without receipt of consideration by the Company.
        No
        fractional shares shall be issued in making such adjustment. 

      

      (b)    In
        the
        event of a merger, consolidation, extraordinary dividend, spin-off, 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 other reorganization of the Company, the Committee shall take such action
        to
        make such adjustments with respect to the Performance Restricted Stock Rights
        as
        it, 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 Agreement, substituting cash, other securities,
        or
        other property to replace the Performance Restricted Stock Rights, or removing
        of restrictions on the issuance of Common Stock pursuant to the Performance
        Restricted Stock Rights. 

      

      (c)    All
        determinations and adjustments made by the Committee pursuant to this Section
        will be final and binding on the Recipient. Any action taken by the Committee
        need not treat all recipients of awards under the Plan equally.

      

      (d)    The
        existence of the Plan and the Performance Restricted Stock Rights Grant shall
        not affect 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 part of its business or assets, or any other
        corporate act or proceeding.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      5.    Governing
        Laws.
        This
        Agreement shall be construed, administered and enforced according to the
        laws of
        the State of Georgia; provided, however, no shares of Common Stock shall
        be
        issued except, in the reasonable judgment of the Committee, in compliance
        with
        exemptions under applicable state securities laws of the state in which
        Recipient resides, and/or any other applicable securities laws.

      

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

      

      7.    Notice.
        Except
        as otherwise specified herein, all notices and other communications under
        this
        Agreement 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.

      

      8.    Severability.
        In the
        event that any one or more of the provisions or portion thereof contained
        in
        this Agreement 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 Agreement, and this Agreement shall be construed
        as
        if the invalid, illegal or unenforceable provision or portion thereof had
        never
        been contained herein.

      

      9.    Entire
        Agreement.
        Subject
        to the terms and conditions of the Plan, this Agreement expresses the entire
        understanding and agreement of the parties with respect to the subject matter.
        

      

      10.    Specific
        Performance.
        In the
        event of any actual or threatened default in, or breach of, any of the terms,
        conditions and provisions of this Agreement, 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.

      

      11.    No
        Right to Continued Retention.
        Neither
        the establishment of the Plan nor the award of Performance Restricted Stock
        Rights hereunder shall be construed as giving Recipient the right to continued
        service with the Company or an Affiliate.

      

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

      

      
        
          13.    Definitions.
            As used
            in these Terms and Conditions and this Agreement:

        

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      “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 means
        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.

      

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

      

      (1)    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

      

      (2)    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

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (3)    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 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

      

      (4)    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
        or director of the Company or an Affiliate. 

      

      “Disability”
shall
        have the meaning set forth in the employment agreement between the Recipient
        and
        the Company, or if there is none, then Disability means the inability of
        the
        Recipient to perform any of his duties for the Company and its Affiliates
        due to
        a physical, mental, or emotional impairment, as determined by an independent
        qualified physician (who may be engaged by the Company), for a ninety (90)
        consecutive day period or for an aggregate of one hundred eighty (180) days
        during any three hundred sixty-five (365) day period.

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        1 

      

      SCHEDULE
        OF SHARES OF COMMON STOCK TO BE ISSUED

      

      
        	 	
                A.

              	
                The
                  number of Shares of Common Stock to be issued to each Recipient
                  who
                  remains an employee of the Company or an Affiliate through
                  December 31, 2008 for each Performance Restricted Stock Right will be
                  equal to the sum of the number of shares to be issued determined
                  pursuant
                  to Paragraphs 1, 2, and 3 below: 

              

      

      

      1.

      

      
        	
                Cumulative
                  Revenues

              	
                Number
                  of Shares of Common Stock

                to
                  be issued for each of 

                twenty-five
                  percent (25%) of the

                Performance
                  Restricted Stock Units

              
	
                >
                  $[ revenue level associated with maximum]

              	
                2

              
	
                $[
                  revenue level associated with target]

              	
                *
                  1

              
	
                $[
                  revenue level associated with minimum]

              	
                *
                  0.30

              
	
                <
                  $[ revenue level associated with minimum]

              	
                0.30

              

      

      

      *
        Number
        of shares to be issued will be determined by linear interpolation for Cumulative
        Revenues between $[revenue
        level associated with target]
        and
        $[revenue
        level associated with maximum]
        or
        between $[revenue
        level associated with minimum]
        and
        $[revenue
        level associated with target].

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      2. 

      

      
        	
                Cumulative
                  Earnings

                Per
                  Share

              	
                Number
                  of Shares of Common Stock

                to
                  be issued for each of 

                twenty-five
                  percent (25%) of the

                Performance
                  Restricted Stock Units

              
	
                >
                  $[ EPS level associated with maximum]

              	
                2

              
	
                $[
                  EPS level associated with target]

              	
                **
                  1

              
	
                $[
                  EPS level associated with minimum]

              	
                **
                  0.30

              
	
                 

                <
                  $[EPS level associated with minimum] 

              	
                0.30

              

      

      

      
        	 	
                **
                  Number of shares to be issued will be determined by linear interpolation
                  for Cumulative Earnings Per Share between $[EPS
                  level associated with target]
                  and $[EPS
                  level associated with maximum] or
                  between $[EPS
                  level associated with minimum]
                  and $[EPS
                  level associated with target].

              

      

      

      
        	 	
                3.

              	
                In
                  addition, a minimum of 0.30, and a maximum of 2, shares of Common
                  Stock
                  will be issued to the Recipient for each of fifty percent (50%)
                  of the
                  Performance Restricted Stock Units, based solely on the discretion
                  of the
                  Committee taking into account such facts and circumstances as it
                  determines to be relevant in assessing the Recipient’s and/or the
                  Company’s performance.

              

      

      

      
        	
                B.

              	
                1.

              	
                “Cumulative
                  Revenue” means the consolidated gross revenue of the Company and its
                  subsidiaries for the period January 1, 2006 through December 31,
                  2008, as
                  determined from the Company’s audited financial
                  statements.

              

      

      

      
        	 	
                2.

              	
                “Cumulative
                  Earnings Per Share” means the sum of the annual consolidated earnings per
                  share of the Company and its subsidiaries for the three years in
                  the
                  period of January 1, 2006 through December 31, 2008, as determined
                  from
                  the Company’s audited financial
                  statements.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                C.

              	
                Except
                  if a Change in Control occurs before December 31, 2008, if the
                  Recipient
                  ceases to perform services before December 31, 2008 as an employee
                  of the
                  Company or an Affiliate due to the Recipient’s death, Disability,
                  retirement upon or after reaching age 65, or termination of employment
                  by
                  the Company or an Affiliate without Cause, a portion of the shares
                  of
                  Common Stock determined pursuant to the schedule in Item A will
                  be issued
                  to the Recipient. Such portion shall be equal to the number of
                  shares of
                  Common Stock determined pursuant to the schedule in Item A multiplied
                  by a
                  fraction, the numerator of which is the number of days of the Recipient’s
                  employment by the Company and its Affiliates from and including
                  January 1,
                  2006, through the date of death, disability, retirement upon or
                  after
                  reaching age 65 or termination of employment by the Company or
                  an
                  Affiliate without Cause, and the denominator of which is the number
                  of
                  days from and including January 1, 2006 through December 31,
                  2008 (provided
                  that in any such event, the Committee may, in its sole discretion
                  provide
                  by written resolution that a greater portion of the shares shall
                  be
                  issued). Fractional shares will be disregarded and will not be
                  issued.

              

      

       

      
        	
                D.

              	
                If
                  a Change in Control occurs before December 31, 2008, then neither
                  Item A
                  nor Item C will apply, and (1) if the Recipient remains an employee
                  of the Company or an Affiliate until the occurrence of the Change
                  in
                  Control, then one share of Common Stock will be issuable as of
                  the date of
                  the Change in Control for each Performance Restricted Stock Right
                  and the
                  Performance Restricted Stock Rights will terminate as of such date,
                  and
                  (2) in the case of a Recipient who before the date of the Change in
                  Control has ceased to perform services as an employee of the Company
                  or an
                  Affiliate due to the Recipient’s death, Disability, retirement upon or
                  after reaching age 65, or termination of employment by the Company
                  or an
                  Affiliate without Cause, then a fraction (determined in accordance
                  with
                  Item C above) of one share of Common Stock will be issuable as
                  of the date
                  of the Change in Control for each Performance Restricted Stock
                  Right and
                  the Performance Restricted Stock Rights will terminate as of such
                  date.

              

      

       

      
        	
                E.

              	
                All
                  Performance Restricted Stock Rights as to which the events have
                  not
                  occurred requiring shares of Common Stock to be issued as of the
                  Recipient’s cessation of services as an employee of the Company or an
                  Affiliate shall be forfeited. If the events have occurred requiring
                  shares
                  of Common Stock to be issued to a Recipient prior to the Recipient’s
                  cessation of services as an employee of the Company or an Affiliate,
                  the
                  shares of Common Stock shall be issued to the Recipient even if
                  the
                  Recipient’s employment terminates for any reason before the number of
                  shares of Common Stock to be issued has been determined.
                  

              

      

      

      
        	
                F.

              	
                If
                  a Recipient is entitled to shares of Common Stock pursuant to Item
                  A or C,
                  a share certificate shall be issued in 2009 as soon as reasonably
                  practicable after the Company determines the number of shares to
                  be
                  issued. 

              

      

      

      
        	
                G.

              	
                If
                  a Recipient is entitled to shares of Common Stock pursuant to Item
                  D, a
                  share certificate shall be issued as soon as reasonably practicable,
                  but
                  in no event later than ten (10) business days following the date
                  of the
                  Change in Control; provided, however, that in the case of a Recipient
                  described in Item D(2), if payment would fail to satisfy Section
                  409A(a)(1)(A) of the Code, the share certificate shall not be issued
                  until
                  the date specified in Item F.

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        2

      

      

      NOTICE
        OF WITHHOLDING ELECTION

      PURSUANT
        TO THERAGENICS CORPORATION

      2000
        STOCK INCENTIVE PLAN

      

      

      
        	
                TO:

              	
                Theragenics
                  Corporation

              
	
                Attention:
                  

              	Chief
                Financial Officer
	 	 
	
                FROM:

              	
                _________________

              
	 	 
	
                RE:

              	
                Withholding
                  Election

              

      

      

      This
        election relates to the Performance Restricted Stock Rights Grant 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 Performance Restricted Stock Rights
                  Grant.

              

      

       

      
        	 	
                [
                  ]

              	
                the
                  legal representative of the estate of the original recipient of
                  the
                  Performance Restricted Stock Rights
                  Grant.

              

      

       

      
        	 	
                [
                  ]

              	
                a
                  legatee of the original recipient of the Performance Restricted
                  Stock
                  Rights Grant.

              

      

       

      
        	 	
                [
                  ]

              	
                the
                  legal guardian of the original recipient of the Performance Restricted
                  Stock Rights Grant.

              

      

       

      (3)    The
        Performance Restricted Stock Rights Grant pursuant to which this election
        relates was issued with a Grant Date of February __, 2006 under the Theragenics
        Corporation 2000 Stock Incentive Plan (the “Plan”) in the name of _____________
        for a total of _____ shares of Common Stock. This election relates to ______
        shares of Common Stock issuable with respect to the Performance Restricted
        Stock
        Rights, provided that the numbers set forth above shall be deemed changed
        as
        appropriate to reflect stock splits and other adjustments contemplated by
        the
        applicable Plan provisions.

      

      (4)    I
        hereby
        elect to have certain of the shares 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.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      The
        fair
        market value of the shares to be withheld in addition to $_________ in cash
        to
        be tendered to the Company by the recipient of the Performance Restricted
        Stock
        Rights Grant shall be equal to the minimum statutory tax withholding requirement
        under federal, state and local law in connection with the exercise.

      

      (5)    This
        Withholding Election is made no later than ten (10) days after the Tax Notice
        Date and is otherwise timely made pursuant to the Plan.

      

      (6)    I
        further
        understand that, if this Withholding Election is not disapproved by the
        Committee, the Company shall withhold from the Common Stock a whole number
        of
        shares of Common Stock having the value specified in Paragraph 4
        above.

      

      (7)    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
        (Printed)

      

      ______________________________

      Street
        Address

      

      ______________________________

      City,
        State, Zip Code

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