Document:

Exhibit 10.2

    
      

    

    Exhibit
      10.2

     

    
      
        

        RESTRICTED
          STOCK AWARD

        PURSUANT
          TO THE THERAGENICS CORPORATION

        2006
          STOCK INCENTIVE PLAN

         

                      
           THIS AGREEMENT (sometimes referred to as 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 a Stock Award consisting the Restricted Shares (the
          “Restricted Stock Grant”). Underlined and capitalized terms in items A through D
          below shall have the meanings there ascribed to them.

        

        
          	 	
                  A.

                	
                  Grant
                    Date:
                     February
                    13, 2007.

                

        

        

        
          	 	
                  B.

                	
                  Plan
                    (under which Restricted Stock Grant is granted):
                    Theragenics Corporation 2006 Stock Incentive
                    Plan.

                

        

        

        
          	 	
                  C.

                	
                  Restricted
                    Shares:
                    ______________ shares of the Company’s common stock (“Common Stock”),
                    subject to adjustment as provided in the attached Terms and
                    Conditions.

                

        

        

        
          	 	
                  D.

                	
                  Vesting
                    Schedule:
                    The Restricted Shares shall vest in accordance with Exhibit
                    1
                    hereto. The Restricted Shares which have become vested pursuant
                    to the
                    Vesting Schedule are herein referred to as the “Vested Restricted Shares.”
                    

                

        

        

        

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

        

        

        RECIPIENT                                     
THERAGENICS
          CORPORATION

        

                                                  
By:
          _______________________________________       

         

        __________________________________________

        [Signature]                                                                                                              
          Title:
          ______________________________________       

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        TERMS
          AND CONDITIONS TO THE

        RESTRICTED
          STOCK AGREEMENT

        PURSUANT
          TO THE THERAGENICS CORPORATION

        2006
          STOCK INCENTIVE PLAN

        

        1.    
          Restricted
          Shares Held by the Share Custodian.
          The
          Recipient hereby authorizes and directs the Company to deliver any share
          certificate issued by the Company to evidence Restricted Shares to the
          Secretary
          of the Company or such other officer of the Company as may be designated
          by the
          Committee (the “Share Custodian”) to be held by the Share Custodian until the
          Restricted Shares become Vested Restricted Shares in accordance with the
          Vesting
          Schedule. When the Restricted Shares become Vested Restricted Shares, the
          Share
          Custodian shall deliver the Restricted Shares to the Recipient. In the
          event
          that the Recipient forfeits any of the Restricted Shares, and the number
          of
          Vested Restricted Shares includes a fraction of a share, the Share Custodian
          shall not be required to deliver the fractional share, and the Company
          may pay
          the Recipient the amount determined by the Company to be the estimated
          fair
          market value therefor. The Recipient hereby irrevocably appoints the Share
          Custodian and any successor thereto, as the true and lawful attorney-in-fact
          of
          the Recipient with full power and authority to execute any stock transfer
          power
          or other instrument necessary to transfer the Restricted Shares to the
          Company
          in accordance with this Award, in the name, place, and stead of the Recipient.
          The term of such appointment shall commence on the date of the Restricted
          Stock
          Grant and shall continue until the Restricted Shares are delivered to the
          Recipient as provided above. In the event the number of shares of Common
          Stock
          is increased or reduced by a change in the par value, split-up, stock split,
          reverse stock split, reclassification, merger, reorganization, consolidation,
          or
          otherwise, the Recipient agrees that any certificate representing shares
          of
          Common Stock or other securities of the Company issued as a result of any
          of the
          foregoing shall be delivered to the Share Custodian and shall be subject
          to all
          of the provisions of this Award as if initially granted thereunder. To
          effect
          the provisions of this Section, the Recipient shall complete an irrevocable
          stock power in favor of the Share Custodian in the form attached hereto
          as
Exhibit
          2.

        

        2.    
          Rights
          of a Shareholder.
          During
          the period that the Share Custodian holds the shares of Common Stock subject
          to
          Section 1, the Recipient shall be entitled to all rights applicable to
          shares of
          Common Stock not so held, except as otherwise provided in this award, including
          the right to receive dividends paid on Common Stock notwithstanding that
          all or
          some of the Restricted Shares may not be Vested Restricted Shares.

        

        3.    
          Withholding.
          To the
          extent required by law, the Company shall have the right to require the
          Recipient to remit to the Company an amount sufficient to satisfy any federal,
          state and local withholding tax requirement, if any, upon the earlier of
          the
          vesting of the Restricted Shares or the effective date of an election pursuant
          to Section 83(b) of the Internal Revenue Code with respect to such Restricted
          Shares. The Recipient must pay the withholding tax (i) in cash; (ii) by
          certified check; or (iii) by tendering shares of Common Stock which have
          been
          owned by the Recipient for at least six (6) months prior to the date of
          exercise
          having a Fair Market Value equal to the withholding obligation. 

         

        
          
            
            

          

          
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        4.    
          Restrictions
          on Transfer of Restricted Shares.
          Except
          for the transfer of any Restricted Shares 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 unvested Restricted Shares. Any such disposition not made in
          accordance with this Award shall be deemed null and void. Any permitted
          transferee under this Section shall be bound by the terms of this
          Award.

        

        5.  Additional
          Restrictions on Transfer.
          Certificates evidencing the Restricted Shares shall have noted conspicuously
          on
          the certificate a legend required under applicable securities laws or otherwise
          determined by the Company to be appropriate, such as:

        

        Transfer
          is restricted

        

        The
          securities evidenced by this certificate are subject to restrictions on
          transfer
          and forfeiture provisions which also apply to the transferee as set forth
          in a
          restricted stock agreement dated February 13, 2007, a copy of which is
          available
          from the Company.

        
 

                       
          6.     Change
          in Capitalization.

        

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

        

        (b) In
          the
          event of a merger, consolidation, extraordinary dividend, sale of substantially
          all of the Company’s assets or other material change in the capital structure of
          the Company, or a tender offer for shares of Common Stock, or a Change
          in
          Control, that in each case is not an “Equity Restructuring,” the Committee shall
          take such action to make such adjustments with respect to the unvested
          Restricted Shares or the terms of this Award as the Committee, in its sole
          discretion, determines in good faith is necessary or appropriate, including,
          without limitation, adjusting the number and class of securities subject
          to the
          unvested portion of the Award, substituting cash or other securities, or
          other
          property to replace the unvested portion of the Award, or removing of
          restrictions on unvested Restricted Shares. All determinations and adjustments
          made by the Committee pursuant to this Section 6(b) 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.

        

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

         

        
          
            
            

          

          
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        7.  Governing
          Laws.
          This
          Award shall be construed, administered and enforced according to the laws
          of the
          State of Georgia; provided, however, no Restricted Shares 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.

        

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

        

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

        

        10.   
          Severability.
          In the
          event that any one or more of the provisions or portion thereof contained
          in
          this Award shall for any reason be held to be invalid, illegal, or unenforceable
          in any respect, the same shall not invalidate or otherwise affect any other
          provisions of this Award, and this Award shall be construed as if the invalid,
          illegal or unenforceable provision or portion thereof had never been contained
          herein.

        

        11.   
          Entire
          Agreement.
          Subject
          to the terms and conditions of the Plan, this Award expresses the entire
          understanding and agreement of the parties with respect to the subject
          matter.

        

        12.   
          Specific
          Performance.
          In the
          event of any actual or threatened default in, or breach of, any of the
          terms,
          conditions and provisions of this Award, the party or parties who are thereby
          aggrieved shall have the right to specific performance and injunction in
          addition to any and all other rights and remedies at law or in equity,
          and all
          such rights and remedies shall be cumulative.

        

        13.   
          No
          Right to Continued Retention.
          Neither
          the establishment of the Plan nor the award of Restricted Shares hereunder
          shall
          be construed as giving Recipient the right to continued employment with
          the
          Company or an Affiliate.

        

        14.   
          Headings
          and Capitalized Terms.
          Paragraph headings used herein are for convenience of reference only and
          shall
          not be considered in construing this Award. Capitalized
          terms used, but not defined, in this Award shall be given the meaning ascribed
          to them in the Plan.

         

        
          
            
            

          

          
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        15.   
          Definitions.
          As used
          in these Terms and Conditions and this Award:

        

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

        

        “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

         

        
          
            
            

          

          
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        (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 sixty percent (60%)
          of,
          respectively, the then outstanding shares of common stock and the combined
          voting power of the then outstanding voting securities entitled to vote
          generally in the election of directors, as the case may be, of the corporation
          resulting from such Business Combination (including, without limitation,
          a
          corporation that as a result of such transaction owns the Company or all
          or
          substantially all of the Company’s assets either directly or through one or more
          subsidiaries) in substantially the same proportions as their ownership,
          immediately prior to such Business Combination of the Outstanding Company
          Voting
          Securities, (ii) no Person (excluding any employee benefit plan (or related
          trust) of the Company or such corporation resulting from such Business
          Combination) beneficially owns, directly or indirectly, thirty-five percent
          (35%) or more of, respectively, the then outstanding shares of common stock
          of
          the corporation resulting from such Business Combination or the combined
          voting
          power of the then outstanding voting securities of such corporation except
          to
          the extent that such ownership existed prior to the Business Combination
          and
          (iii) at least a majority of the members of the board of directors of the
          corporation resulting from such Business Combination were members of the
          Incumbent Board at the time of the execution of the initial agreement,
          or of the
          action of the Board, providing for such Business Combination; or

        

        (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. 

        

        

        
          
            
            

          

          
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        EXHIBIT
          1

        

        

        VESTING
          SCHEDULE

        

        
          	
                  A.

                	
                  One-fourth
                    of the Restricted Shares shall become Vested Restricted Shares
                    on each
                    anniversary of the Grant Date; provided the Recipient is continuously
                    an
                    employee
                    or director of the Company or an Affiliate from the Grant Date
                    through
                    the applicable
                    vesting date.

                

        

        

        
          	
                  B.

                	
                  Notwithstanding
                    Section A above, all of the Restricted Shares shall become Vested
                    Restricted Shares upon the earlier of the following events:
                    

                

        

         

        
          	
                	1.	
                  the
                    date of the occurrence of a Change in Control;
                    or

                

        

         

        
          	 	
                  2.

                	
                  the
                    date of the Recipient’s retirement (i.e., voluntary resignation) upon or
                    after reaching age 65.

                

        

         

        
          	
                  C.

                	
                  Notwithstanding
                    Sections A and B above, upon the earliest of the following
                    events:

                

        

         

        
          	 	
                  1.

                	
                  the
                    date of the Recipient’s death;

                

        

         

        
          	 	
                  2.

                	
                  the
                    date of the Recipient’s Disability;
                    or

                

        

         

        
          	 	
                  3.

                	
                  the
                    date the Company terminates the Recipient’s employment or service without
                    Cause;

                

        

         

        the
          Restricted Shares shall become Vested Restricted Shares in the same proportion
          that the number of full days elapsed between the Grant Date and the date
          the Recipient ceases to be an employee or director of the Company or an
          Affiliate bears to the total number of days in the vesting period. 

         

        
          	
                  D.

                	
                  Notwithstanding
                    any other provision of this Vesting Schedule, Restricted Shares
                    which have
                    not become Vested Restricted Shares as of the date the Recipient
                    ceases to
                    be an employee or director of the Company or an Affiliate shall
                    be
                    forfeited.

                

        

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        EXHIBIT
          2

        

        

        IRREVOCABLE
          STOCK POWER

        

        

        The
          undersigned hereby assigns and transfers to Theragenics Corporation (the
          “Company”), ________ shares of the Common Stock of the Company registered in the
          name of the undersigned on the stock transfer records of the Company and
          represented by Stock Certificate No. ____________________ of the Company;
          and
          the undersigned does hereby irrevocably constitute and appoint
          ________________________________, his attorney-in-fact, to transfer the
          aforesaid shares on the books of the Company, with full power of substitution;
          and the undersigned does hereby ratify and confirm all that said
          attorney-in-fact lawfully shall do by virtue hereof.

        

        

        Date:
          _______________________________________                                                                   
Signed:
          ___________________________________

         

                                                                                                                                                                                 Print
          Name: ________________________________      

        

        

        IN
          THE
          PRESENCE OF:

        

        

        ____________________________________________

        (Print
          Name)

        

        

        
          ____________________________________________

        

        (Signature)Exhibit 10.3

    
      

    

    Exhibit
      10.3

     

    

      THERAGENICS
        CORPORATION 

      2007
        LONG-TERM 

      CASH
        INCENTIVE PLAN

      

      SECTION
        I. INTRODUCTION

      

      1.1 Purpose.
        The
        purpose of the Theragenics Corporation 2007 Long-Term Cash Incentive Plan
        (the
“Plan”) set forth below is to provide cash incentive compensation to certain
        employees of Theragenics Corporation (the “Company”) and its affiliates to
        stimulate their efforts to attain certain cumulative revenue and earnings
        per
        share goals of the Company over the period beginning on January 1, 2007 and
        ending on December
        31, 2009. 

      

      1.2 Effective
        Date.
        This
        Plan is effective as of February 13, 2007 (the “Effective Date”), the date it
        was approved by the Board of Directors of the Company (the “Board”).

      

      SECTION
        II. ELIGIBILITY AND ADMINISTRATION

      

      2.1 Eligibility.
        The
        Board shall determine, in its sole discretion, the employees of the Company
        or
        its Affiliates eligible to participate in the Plan (the “Participants”). As of
        the Effective Date, the Participants are set forth in Exhibit
        A.
        The
        Board may designate additional Participants during the Performance Period.
        Once
        a person becomes a Participant in the Plan, the Participant shall remain
        a
        Participant until any Cash Incentive Award payable hereunder has been paid
        out
        or forfeited.

      

      2.2 Administration.
        The
        Plan shall be administered by the Compensation Committee of the Board (the
        “Committee”). 

      

      SECTION
        III. DEFINITIONS

       

                     
        3.1“Affiliate”
        means:

      

      (a) Any
        Subsidiary or Parent,

      

      (b) An
        entity
        that directly or through one or more intermediaries controls, is controlled
        by,
        or is under common control with the Company, as determined by the Company,
        or

      

      (c) Any
        entity in which the Company has such a significant interest that the Company
        determines it should be deemed an “Affiliate,” as determined in the sole
        discretion of the Company.

      

      3.2 “Cash
        Incentive Award”
means
        an award of either or both a cumulative revenue cash award pursuant to Section
        4.1 hereof and a cumulative earnings per share cash award pursuant to Section
        4.2 hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

      

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

       

             
        (a) the
        acquisition by any individual, entity or group (within the meaning of Section
        13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
        “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of
        Rule 13d-3 promulgated under the Exchange Act) of voting securities of the
        corporation where such acquisition causes such person to own thirty-five
        percent
        (35%) or more of the combined voting power of the then outstanding voting
        securities of the Company entitled to vote generally in the election of
        directors (the “Outstanding Company Voting Securities”); provided, however, that
        for purposes of this Subsection (a), 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 (c) below; and provided, further,
        that
        if any Person’s beneficial ownership of the Outstanding Company Voting
        Securities reaches or exceeds thirty-five percent (35%) as a result of a
        transaction described in clause (i) or (ii) above, and such Person subsequently
        acquires beneficial ownership of additional voting securities of the Company,
        such subsequent acquisition shall be treated as an acquisition that causes
        such
        Person to own thirty-five percent (35%) or more of the Outstanding Company
        Voting Securities; or

      

      (b) individuals
        who as of the date hereof, constitute the Board of Directors (the “Incumbent
        Board”) cease for any reason to constitute at least a majority of the Board of
        Directors; provided, however, that any individual becoming a director subsequent
        to the date hereof whose election, or nomination for election by the Company’s
        shareholders, was approved by a vote of at least two-thirds of the directors
        then comprising the Incumbent Board shall be considered as though such
        individual were a member of the Incumbent Board, but excluding, for this
        purpose, any such individual whose initial assumption of office occurs as
        a
        result of an actual or threatened election contest with respect to the election
        or removal of directors or other actual or threatened solicitation of proxies
        or
        consents by or on behalf of a Person other than the Board of Directors;
        or

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (c) the
        approval by the shareholders of the Company of a reorganization, merger or
        consolidation or sale or other disposition of all or substantially all of
        the
        assets of the Company (“Business Combination”) or, if consummation of such
        Business Combination is subject, at the time of such approval by shareholders,
        to the consent of any government or governmental agency, the obtaining of
        such
        consent (either explicitly or implicitly by consummation); excluding, however,
        such a Business Combination pursuant to which (i) all or substantially all
        of
        the individuals and entities who were the beneficial owners of the Outstanding
        Company Voting Securities immediately prior to such Business Combination
        beneficially own, directly or indirectly, more than sixty percent (60%) of,
        respectively, the then outstanding shares of common stock and the combined
        voting power of the then outstanding voting securities entitled to vote
        generally in the election of directors, as the case may be, of the corporation
        resulting from such Business Combination (including, without limitation,
        a
        corporation that as a result of such transaction owns the Company or all
        or
        substantially all of the Company’s assets either directly or through one or more
        subsidiaries) in substantially the same proportions as their ownership,
        immediately prior to such Business Combination of the Outstanding Company
        Voting
        Securities, (ii) no Person (excluding any employee benefit plan (or related
        trust) of the Company or such corporation resulting from such Business
        Combination) beneficially owns, directly or indirectly, thirty-five percent
        (35%) or more of, respectively, the then outstanding shares of common stock
        of
        the corporation resulting from such Business Combination or the combined
        voting
        power of the then outstanding voting securities of such corporation except
        to
        the extent that such ownership existed prior to the Business Combination
        and
        (iii) at least a majority of the members of the board of directors of the
        corporation resulting from such Business Combination were members of the
        Incumbent Board at the time of the execution of the initial agreement, or
        of the
        action of the Board, providing for such Business Combination; or

      

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

      

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

      

      3.5 “Disability”
shall
        have the meaning set forth in the employment agreement then in effect between
        the Participant and the Company or, if there is none, Disability shall mean
        the
        inability of the Participant 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.

      

      3.6 “Parent”
means
        any corporation (other than the Company) in an unbroken chain of corporations
        ending with the Company if each of the corporations other than the Company
        owns
        stock possessing 50% or more of the total combined voting power of all classes
        of stock in one of the other corporations in such chain. A Parent shall include
        any entity other than a corporation to the extent permissible under Section
        424(f) or regulations and rulings thereunder.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      3.7 “Performance
        Period”
shall
        mean the three-consecutive-year period beginning January 1, 2007 and
        ending on December 31, 2009.

      

      3.8 “Subsidiary”
means
        any corporation (other than the Company) in an unbroken chain of corporations
        beginning with the Company if each of the corporations other than the last
        corporation in the unbroken chain owns stock possessing 50% or more of the
        total
        combined voting power of all classes of stock in one of the other corporations
        in the chain. A “Subsidiary” shall include any entity other than a corporation
        to the extent permissible under Section 424(f) or regulations or rulings
        thereunder. 

      

      IV.
        CASH INCENTIVE AWARD

      

      4.1 Amount
        of Cumulative Revenue Cash Award.
        The
        cumulative revenue cash award payable at the end of the Performance Period
        shall
        be determined based upon the performance level of the Company over the
        Performance Period according to the following schedule:

      

      

      
        	
                Performance
                  Level

                of
                  the Company

              	
                Cumulative

                Revenue

              	
                Award

                Amount

              
	
                Maximum
                  Performance

                Level

              	
                (Revenue
                  level

                associated
                  with

                maximum)*

              	
                1xTarget

              
	
                Target
                  Performance

                Level

              	
                (Revenue
                  level

                associated
                  with

                target)*

              	
                .5xTarget

              
	
                Threshold
                  Performance

                Level

              	
                (Revenue
                  level

                associated
                  with

                threshold)*

              	
                .25xTarget

              

      

       

      

        For
          purposes of the above schedule, “Cumulative Revenue” means the Company’s
          cumulative revenue for the Performance Period determined from the Company’s
          audited financial statements. No cumulative revenue cash award is payable
          if the
          Cumulative Revenue is less than the Threshold Level.

        

               
*
          Cash award payable will be determined by linear interpolation for Cumulative
          Revenue between (revenue level associated with target) and (revenue level
          associated with maximum) or between (revenue level associated with threshold)
          and (revenue level associated with target).

      

      

      4.2 Amount
        of Cumulative Earnings Per Share Award.
        The
        cumulative earnings per share award payable at the end of the Performance
        Period
        shall be determined based upon the performance level of the Company over
        the
        Performance Period according to the following schedule:

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      

      
        	
                Performance
                  Level 

                of
                  the Company

              	
                Cumulative

                Earnings
                  Per Share

              	
                Award

                Amount

              
	
                Maximum
                  Performance

                Level

              	
                (EPS
                  level

                associated
                  with

                maximum)**

              	
                1xTarget

              
	
                Target
                  Performance

                Level

              	
                (EPS
                  level

                associated
                  with

                target)**

              	
                .5xTarget

              
	
                Threshold
                  Performance

                Level

              	
                (EPS
                  level

                associated
                  with

                threshold)**

              	
                .25xTarget

              

      

      

      

        For
          purposes of the above schedule, “Cumulative Earnings Per Share” means the
          Company’s earnings per share determined on a fully diluted basis for the
          Performance Period and determined from the Company’s audited financial
          statements. No cumulative earnings per share award is payable if the Cumulative
          Earnings Per Share is less than the Threshold Level.

        

        **
          Cash
          award payable 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 threshold) and (EPS
          level
          associated with target).

         

      

      4.3 Determination
        of “Target.”
        For
        purposes of calculating the award amount under Sections 4.1 and 4.2, “Target”
shall be determined by the Board for each Participant; provided that, in
        the
        case of the employees who are Participants as of the Effective Date, the
        Targets
        are set forth on Exhibit
        A.
        

      

      4.4 Additional
        Participants.
        If
        employees other than those listed on Exhibit
        A
        hereto
        become Participants in the Plan, the Board will determine whether any form
        of
        proration will apply to determine his or her Cash Incentive Award.

       

      4.5 Payment
        of Cash Incentive Award.
        The
        Committee shall certify the cumulative revenue and earnings per share results
        before any Cash Incentive Award is paid. Except as provided in Section 5.1,
        the
        Cash Incentive Award will be earned and accrued and payable if the Participant
        is an employee of the Company or an Affiliate on the last day of the Performance
        Period, regardless of whether the Participant ceases to be an employee of
        the
        Company or an Affiliate before the payment date for any reason whatsoever,
        including without limitation, a termination by the Company for Cause or
        resignation by the Participant. Except as provided in Section 5.2, any Cash
        Incentive Award earned by a Participant over the Performance Period shall
        be
        paid in cash following the close of the final year of the Performance Period
        but
        in no event after the 15th
        day of
        the third month following the end of the Company’s first taxable year following
        the end of the Performance Period; provided, however, if audited financial
        statements are not available by such date, payment will be made as soon as
        administratively practicable following the availability of audited financial
        statements.

      

      V.
        TERMINATION OF EMPLOYMENT

      
        5.1 Termination
        of Employment.
        If the
        Company or an Affiliate terminates the Participant’s employment for Cause or the
        Participant resigns his employment with the Company or an Affiliate before
        the
        last day of the Performance Period, the Participant shall not receive the
        Cash
        Incentive Award. If, before the last day of the Performance Period, the Company
        or an Affiliate terminates the Participant’s employment without Cause, or the
        Participant dies while employed by the Company or an Affiliate or suffers
        a
        Disability while employed by the Company or an Affiliate, the amount of the
        Cash
        Incentive Award to which the Participant is entitled shall be prorated in
        the
        same proportion that the number of days elapsed from the beginning of the
        Performance Period through the date the Participant ceases to be an employee
        of
        the Company or an Affiliate bears to the total number of days in the Performance
        Period. Notwithstanding the foregoing sentence, if, before the last day of
        the
        Performance Period, the Participant retires (i.e., voluntarily resigns) on
        or
        after reaching age 65, the Participant shall be entitled to the full value
        of
        the Cash Incentive Award determined as if the Participant had remained employed
        for the duration of the Performance Period.

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

         

         

               
          5.2 Change
          in Control.
          If a
          Change in Control occurs during the Performance Period while the Participant
          is
          an employee of the Company or an Affiliate, the Participant shall be paid
          on the
          date of the Change in Control the full value of the Cash Incentive Award
          determined as if the Company had performed at the Target Performance Level
          for
          the duration of the Performance Period and the Participant had remained
          employed
          for the duration of the Performance Period.

      

      

      VI.
        MISCELLANEOUS

       

             
        6.1 Taxes.
        The
        Company shall withhold the amount of taxes, which in the determination of
        the
        Company are required to be withheld under federal, state and local laws and
        all
        other applicable payroll withholding with respect to any amount payable under
        the Plan.

       

                     
        6.2 No
        Right to Continued Employment.
        Neither
        the establishment of the Plan, nor the participation in the Plan or any payment
        thereunder shall be deemed to constitute an express or implied contract of
        employment of any Participant for any period of time or in any way abridge
        the
        rights of the Company or an Affiliate to determine the terms and conditions
        of
        employment or to terminate the employment of any Participant with or without
        Cause at any time.

       

                     
        6.3 Choice
        of Law.
        The
        laws of the State of Delaware shall govern the Plan, to the extent not preempted
        by federal law, without reference to the principles of conflict of
        laws.

      

      

       

                          THERAGENICS
        CORPORATION

       

       

                          By: 
        /s/
        Francis J.
        Tarallo                                

       

       

                          Title: 
        Chief
        Financial
        Officer                          

       

       

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      

       

      

        
          	
                  Participants

                	 	
                  Target

                
	 	 	 
	
                  M.
                    Christine Jacobs

                	 	
                  $
                    175,000

                
	 	 	 
	
                  Francis
                    J. Tarallo

                	 	
                  $  
                    85,000

                
	 	 	 
	
                  Bruce
                    W. Smith

                	 	
                  $  
                    75,000

                
	 	 	 
	
                  Patrick
                    J. Ferguson

                	 	
                  $  
                    75,000

                
	 	 	 
	
                  Michael
                    O’Bannon

                	 	
                  $  
                    40,000

                

        

      

       

      
7

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