Document:

exv10w20

Exhibit 10.20

Mirion Technologies

Summary of Executive Bonus Program

A. Introduction

The Executive Bonus Program (the “Program”) of Mirion Technologies (the “Mirion”) is described in
this Program description as well as an accompanying “Bonus Statement.” The Bonus Statement is
specific to each individual participant of the Program and sets forth the key parameters of how the
Program applies to that individual. For purposes of the Program, some terms are defined herein or
in the Bonus Statement.

Each year, the Program shall cover the time period representing Mirion’s fiscal year (the “Plan
Year”) or such other period as shall be specified by the Board of Directors of Mirion Technologies,
Inc. (the “Board”) (provided that the Board may delegate authority under this Program to its
Compensation Committee or another committee of the Board, in which case all references herein to
the Board shall include such committee).

Mirion currently operates in multiple countries across three continents. So as to have a unified
Program that applies similarly to all participants regardless of their geographical location, this
Program makes references to “local laws” in several places. It is the express intent that the
Program be in compliance with local laws and, where there is a conflict, local law shall prevail
with regard to the specific conflict and the remainder of this Program shall continue to be
implemented in accordance with the intentions set forth herein.

B. Purpose

The purpose of the Program is to provide an incentive to participating executives for superior
operating and financial performance in order to enhance the financial alignment between management
and the shareholders.

C. Preliminary Contingencies

	•	 	All bonuses paid pursuant to the Program are contingent upon approval by Mirion’s Board of
Directors.
	 
	•	 	Any such bonuses will be paid only after the completion of the audit of Company’s financial
statements for the Plan Year (estimated to be 30-45 days following the close of the prior
fiscal year) and the requisite approval of the bonuses by the Board (estimated to be no later
than 60 days following the close of the prior fiscal year). Subject to local laws, bonuses
for a Plan Year ending June 30 would be paid no later than September 15 in jurisdictions where
local laws impose penalties for payment beyond this date, and otherwise no later than
September 30.
	 
	•	 	To be eligible to receive a bonus under the Program, an employee must be an Eligible
Employee (as defined below), be a current employee of a Mirion Technologies company both as of
the conclusion of the Plan Year and as of the date at which the bonus is actually
paid, subject to any requirements under local law or employment contract.

D. Eligibility

The CEO, in his sole and absolute discretion, shall designate an employee as eligible to
participate in the Program, subject to confirmation by the Board. Where required by local law,
employees who are designated to participate shall only be eligible if they accept participation in
the Program, including amending any written employment contract as may be required. An employee
designated for the Program who has accepted participation in the Program shall be referred to as an
“Eligible Employee.”

The Eligible Employee’s “Annual Base Salary” is defined for purposes of the Program as twelve times
the gross monthly base pay paid to the Eligible Employee during the Plan Year; provided that where
an Eligible Employee’s

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gross monthly base pay changes over the course of the Plan Year, then the Annual Base Salary shall
be the cumulative gross monthly base pay actually paid to the Eligible Employee for the Plan Year.
Notwithstanding anything to the contrary, Annual Base Salary shall not include any bonus
(contractual or otherwise), commissions, reimbursements, or any other type of incentive pay that
are paid to the Eligible Employee. If an employee becomes an Eligible Employee during the course
of the Plan Year, unless specifically provided otherwise in writing, the Annual Base Salary shall
be reduced to be a prorated amount based on the length of participation during that Plan Year
(e.g., if an Eligible Employee participates for one-half of the Plan Year, then that Eligible
Employee’s Annual Base Salary for purposes of this Program shall be deemed to be one-half the
annualized amount). If an Eligible Employee is absent from work during the Plan Year due to a paid
leave of absence, such as medical disability, the bonus payout shall not be reduced by the Eligible
Employee’s time away from work for that reason.

E. Administration and Plan Interpretation

For each Plan Year, each Eligible Employee will receive a written document (their “Bonus
Statement”) that identifies the following with respect to the Eligible Employee for that Plan Year:

	 	•	 	Business Unit,
	 
	 	•	 	Target Bonus Percentage,
	 
	 	•	 	Eligible Bonus Percentage,
	 
	 	•	 	Personal Business Objectives, and/or Financial Business Objectives.

The Bonus Statement, along with this Program, constitute the entire Executive Bonus Program for the
Eligible Employee. Each Eligible Employee (but not including the CEO) must sign the Bonus
Statement for it to be effective. All bonus payments will be subject to all applicable withholding
or social taxes, as applicable for the relevant country in which the employee works.

The CEO is responsible for: proposing the Personal Business Objectives set forth in the Bonus
Statement, subject to confirmation by the Board; and, for reviewing and determining (subject to
confirmation by the Board) whether an Eligible Employee has achieved the designated objectives for
purposes of earning a bonus under the Program; provided however that the Board reserves the
discretion to reduce pay-out for any individual executive if the CEO or the Board has flagged his
or her performance as materially deficient.

This Program may be amended, modified, or discontinued upon reasonable notice, subject to
requirements of local law. No modifications to the terms of this Program for an Eligible Employee
will be effective unless specifically stated in writing that the terms of the Program are being
modified and such statement is signed by both the CEO and the Eligible Employee, subject to any
requirements of local law. In jurisdictions where the Eligible Employee’s employment is “at-will,”
participation in the Program does not alter or change the Eligible Employee’s status as an at-will
employee and in no way confers any right to future employment with any particular company within
the Mirion Technologies group.

F. Incentive Opportunity

Actual bonus compensation will be based on the following, as set forth herein and in the Bonus
Statement:

	 	•	 	the financial performance of the Eligible Employee’s Business Unit for the calculation
of the Eligible Bonus Percentage using metrics determined by the Board (e.g., Adjusted
EBITDA, Net Income, Earnings Per Share);
	 
	 	•	 	the Eligible Employee’s achievement of specified Personal Business Objectives, and/or
the Eligible Employee’s commitment to future growth, as specified in the Financial Business
Objectives.

The Target Bonus Percentage will be determined by the Board.

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(1) Calculation of Eligible Bonus Percentage

The size of the Eligible Employee’s Eligible Bonus Percentage will be determined by the Eligible
Employee’s Business Unit financial performance using metrics determined for each Plan Year by
the Board (e.g., Adjusted EBITDA), and such metrics may include modifiers to Eligible Bonus
Percentage (e.g., a Working Capital Modifier).

(2) Calculation of Potential Bonus Pool and Determination of Actual Bonus
Compensation

The resulting Eligible Employee’s Eligible Bonus Percentage is then multiplied by the Eligible
Employee’s Annual Base Salary (as defined above) to arrive at the Potential Bonus Pool.

From the Potential Bonus Pool, the Eligible Employee’s actual bonus compensation will be
determined as follows:

	 	a.	 	One half (50%) of the Eligible Employee’s Potential Bonus Pool will be paid
without additional contingencies.
	 
	 	b.	 	Where an Eligible Employee has both Personal Business Objectives and Financial
Business Objectives, then:
	 
	 	 	 	One quarter (25%) of the Eligible Employee’s Potential Bonus Pool will be paid subject
to the Eligible Employee’s attainment of the Personal Business Objectives. Each
Personal Business Objective will be assigned a weighting that corresponds to the share
of this component of the pool that is contingent upon its achievement; provided,
however, that where no weighting is assigned, each Personal Business Objective shall
have equal weighting.
	 
	 	 	 	One quarter (25%) of the Eligible Employee’s Potential Bonus Pool will be paid subject
to attainment of the Financial Business Objectives reflected for the next fiscal year
after the Plan Year. Each Financial Business Objective will be assigned a weighting
that corresponds to the share of this component of the pool that is contingent upon
its achievement; provided, however, that where no weighting is assigned, each
Financial Business Objective shall have equal weighting.
	 
	 	c.	 	Where an Eligible Employee has only Personal Business Objectives, then:
	 
	 	 	 	One half (50%) of the Eligible Employee’s Potential Bonus Pool will be paid subject to
the Eligible Employee’s attainment of the Personal Business Objectives. Each Personal
Business Objective will be assigned a weighting that corresponds to the share of this
component of the pool that is contingent upon its achievement; provided, however, that
where no weighting is assigned, each Personal Business Objective shall have equal
weighting.

G. Additional Terms for Currency Fluctuations

To the extent Personal Business Objectives, Financial Business Objectives, or other bonus
parameters set forth in the Bonus Statement contain fixed monetary amounts or metrics that pertain
to balance sheet items, such fixed monetary amounts or balance sheet items shall be adjusted to
neutralize foreign exchange currency movements during the Plan Year. The method and calculation of
such adjustment shall be determined and applied by the CFO and subject to approval by the Board.

* * *

3exv10w1

Exhibit 10.1

PURCHASE AGREEMENT

March 15, 2010

Invus, L.P.

c/o The Invus Group, LLC

750 Lexington Avenue (30th Floor)

New York, New York 10022

Lexicon Pharmaceuticals, Inc.

8800 Technology Forest Place

The Woodlands, Texas 77381

Attn: President and Chief Executive Officer

Ladies and Gentlemen:

     Reference is made to (a) the Stockholders’ Agreement, dated as of June 17, 2007 (as amended,
supplemented or otherwise modified, the “Stockholders’ Agreement”), by and between Invus,
L.P. (the “Investor”) and Lexicon Pharmaceuticals, Inc. (the “Company”), (b) the
Supplement to Transaction Agreements, dated as of March 15, 2010 (the “Supplement”),
amending and/or supplementing the Stockholders’ Agreement, the Securities Purchase Agreement, dated
as of June 17, 2007, by and between the Investor and the Company (as amended, supplemented or
otherwise modified, the “Securities Purchase Agreement”) and the Registration Rights
Agreement, dated as of June 17, 2007, by and between the Investor and the Company, and (c) that
certain Underwriting Agreement being entered into by the Company with the representatives of the
underwriters concurrently with this Purchase Agreement (the “Underwriting Agreement”)
providing for the issuance by the Company to the underwriters of 87,717,391 shares of Company
Common Stock (the “Firm Shares”), without giving effect to any exercise of the
underwriters’ over-allotment option, for sale in a public offering at a price to the public of
$1.15 per share (the “Price to Public”). Capitalized terms used but not otherwise defined
herein shall have the meanings ascribed to them in the Stockholders’ Agreement.

     Pursuant to Section 4.02 of the Stockholders’ Agreement and Section 5 of the Supplement, on
the terms and subject to the conditions set forth herein, the Investor hereby agrees to purchase
from the Company the number of shares specified below (collectively, the “Invus Shares”) of
Company Common Stock at a price per share equal to the Price to Public, for the total purchase
price specified below:

	 	 	 	 	 
	Number of shares to be purchased by the Investor:  
	59,296,749 shares of Company Common Stock
	 
	Total Purchase Price:
	$ 68,191,261.35

     The Company hereby represents and warrants to and agrees with the Investor to all the same
representations and warranties contained in Section 1 and the covenants contained in

 

 

Section 6 (other than the last paragraph thereof) of the Underwriting Agreement mutatis mutandis to
the same extent as if such representations and warranties and covenants were set forth herein for
the benefit of the Investor instead of the underwriters party to the Underwriting Agreement (except
that references to the Underwriting Agreement therein shall be references to this Agreement and
references to the Shares thereunder shall be references to the Invus Shares). The obligation of the
Investor to purchase the Invus Shares from the Company, and of the Company to sell the Invus Shares
to the Investor, will be subject to (i) the satisfaction of the conditions set forth in Section 5
of the Underwriting Agreement (other than clauses (i) and (j) thereunder) and the concurrent
closing of the sale of the Firm Shares under the terms set forth in the Underwriting Agreement,
(ii) the delivery to the Investor of opinions of counsel to the Company by the same counsel as set
forth in Sections 5(c), (d) and (e) of the Underwriting Agreement in the form and substance
acceptable to the Investor and (iii) the delivery to the Investor of the officer’s certificate
contemplated by Section 5(b) of the Underwriting Agreement, and such obligations shall terminate in
the event the Underwriting Agreement is terminated. The Company shall use its best efforts to
cause the Invus Shares to be listed on the NASDAQ Global Market.

     The Investor hereby represents and warrants to the Company that the Investor (i) is acquiring
the Invus Shares for its own account solely for the purpose of investment and not with a view to,
or for resale in connection with, any distribution of such Invus Shares or any interest therein,
(ii) is an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the
Securities Act, a sophisticated investor and, by virtue of its business or financial experience, is
capable of evaluating the merits and risks of the investment in the Invus Shares and (iii) has been
provided an opportunity to ask questions of and receive answers from representatives of the Company
concerning the terms and conditions of this Agreement and the purchase of the Invus Shares
contemplated hereby.

     The closing of the sale of the Invus Shares shall take place concurrently with the closing of
the sale of the Firm Shares under the Underwriting Agreement, (i) with payment for the Invus Shares
to be made to the Company by wire transfer of immediately available funds on the closing date and
(ii) with delivery of the Invus Shares registered, as applicable, in the name of the Investor or
its respective designees and free and clear of all liens (other than those under applicable law,
the Stockholders Agreement and the “lock-up” agreement entered into between the Investor and the
underwriters party to the Underwriting Agreement), with any transfer or stamp taxes duly paid, to
the Investor.

     This Agreement shall be deemed to satisfy the Company’s obligations under the Stockholders’
Agreement with respect to the delivery of a Notice of Issuance with respect to the Firm Shares and
shall constitute the Investor’s notice of exercise pursuant to Section 5(a)(i) of the Supplement.

 

 

     This Agreement shall automatically terminate upon any termination of the Underwriting
Agreement. The provisions of Sections 9.03 and 9.04 and Article X of the Securities Purchase
Agreement are incorporated herein by reference and shall apply to this Agreement mutatis mutandis.

[Signature Page Follows]

 

 

	 	 	 	 	 	 	 
	 	 	Sincerely,	 	 
	 
	 	 	 	 	 	 
	 	 	INVUS, L.P.,	 	 
	 	 	a Bermuda limited partnership	 	 
	 
	 	 	 	 	 	 
	 	 	By: Invus Advisors, L.L.C., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Raymond Debbane
 

Raymond Debbane
	 	 
	 

	 	Title:
	 	President	 	 

	 	 	 	 	 
	Accepted and agreed to:	 	 
	 
	 	 	 	 
	LEXICON PHARMACEUTICALS, INC.,	 	 
	a Delaware corporation	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Arthur T. Sands
 

Arthur T. Sands, M.D., Ph.D.
	 	 
	Title:

	 	President and Chief Executive Officer	 	 

[Signature Page to Purchase Agreement]

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