Document:

Exhibit
10.24

 

 

Severance Plan Policy

 

1.              Purpose

 

Lantheus Medical Imaging,
Inc. has established this Severance Plan (hereafter, the “Plan”) as set forth
below for Lantheus Medical Imaging and any other participating company. This
document contains the official text of the Plan and also serves as the summary
plan description for the Plan.

 

This severance plan is
established for several purposes:

 

·                  First, it respects and
values Lantheus employees who are involuntarily terminated on a not - for-cause
basis by providing financial support to new employment.

·                  In addition, this plan
serves to enhance employee retention by reassuring all employees of company
sponsored support in the event of an involuntary, not-for-cause termination.

 

This plan supersedes all
prior statements, guidelines, policies and plans regarding severance benefits
that were in existence prior to the effective date.

 

This document, like all
plans, policies and/or practices of Lantheus, is not a contract of employment.
It is not intended to create, and should not be construed to create, any
contractual rights, either express or implied, between Lantheus and its
employees. The benefits, practices and procedures described in this document
may be changed, suspended, altered, modified or terminated at any time, with or
without prior notice.

 

The employment relationship
between any participating company and its employees is “at will.” This means
that employees have the right to quit their employment at any time, for any
reason, and the participating company reserves the right to terminate any
employee’s employment, with or without cause, at any time and for any reason.

 

2.              Scope

 

2.1            Eligibility

 

The benefits under this Plan
are limited to employees who are classified by a Participating Company as a
regular full-time or regular part -time employee, and who is not excluded under
paragraph 2.2 below. Employees who are (a) on leaves of absence with right of
reinstatement, and (b) receiving short tam disability benefits shall be
eligible for termination benefits if such employee receives written
notification of Surplus status upon return to work.

 

2.2            Exclusions to Eligibility

 

Unless Lantheus provides
otherwise in writing, any individual who is classified by a Participating
Company as a leased worker, independent contractor, intern, Term Employee, or
Temporary Employee shall not be eligible to participate participation in the
Plan.

 

3.              Policy
Statement

 

3.1            Definitions

 

3.1.1                “Annual Base Salary” shall mean, with respect to an employee’s
former job (the job at the time of Formal Notification), the employee’s current
annual rate of base cash

 

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ensuring that revisions to the document have been issued since the date of
printing.

 

1

 

compensation exclusive of
commission and incentive payments, bonuses or other performance awards, and
exclusive of any  overtime, differentials
and other allowances. “Annual Base Salary” for regular, part-time employees,
means the annual, full-time rate of base compensation, excluding items
referenced above, times a fraction which is the number of scheduled hours of
work per week divided by 40.

 

3.1.2                “Guidelines” shall mean any Lantheus Guidelines for Force
Reduction, as set forth in separate documents not a part of this Plan, as they
may be amended from time to time. Any such Guidelines provide flexible guidance
to managers in exercising management discretion in reductions in force,
including the exercise of the management decision to place employees in the
reduction in force status, and the management decision whether or not an
employee in the Force Group shall be placed in an ongoing position. Such
decisions are business decisions and are not subject to the terms of this Plan.

 

3.1.3                “Lantheus” shall mean Lantheus Medical Imaging, Inc. and any
other specifically identified participating companies.

 

3.1.4                “Management Team” shall mean those managers directly
responsible for resolving the employees in a particular Force Group, pursuant
to the Guidelines.

 

3.1.5                “Notification Date” is the date on which an employee is
notified by a Participating Company in writing that he or she is either (i)
Employee in Reduction in Status and subject to involuntary termination, or (ii)
a member of a Force Group implementing a Voluntary Termination Program.

 

3.1.6                “Participant” means an employee eligible to participate in the
Plan as described in 2.1 Eligibility.

 

3.1.7                “Participating Company” shall mean Lantheus and any other
company identified in Addendum I of the Plan, as such Addendum may be amended from time to time, with the approval of
the Vice President of Human Resources.

 

3.1.8                “Plan” refers to
this Severance Plan.

 

3.1.9                “Plan Administrator” means the Company or such other person or
committee appointed from time to time by the Company to administer the Plan.

 

3.1.10         “Term of Employment” shall mean the period of elapsed time
since the first date of employment with Lantheus, as determined by the
Participating Company.

 

3.1.11         Termination
Date” means a Participant’s last day of active employment with a
Participating Company.

 

3.1.12         “Release Agreement” shall mean the letter agreement (containing
a general release and waiver and encompassing the conditions described in the
Plan) that Employees are required to sign as a condition for receipt of
termination benefits under this Plan

 

3.2            Involuntary Termination of Employment

 

3.2.1                Involuntary
Termination

 

An employee will be eligible
for severance benefits under this Plan only if Lantheus, in its sole
discretion, determines that the employee’s employment is being terminated
involuntarily for any of the following reasons:

 

·                  Reduction in staff or
layoff.

·                  Position elimination.

·                  Facility closing.

·                  Closure of a business unit.

 

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ensuring that revisions to the document have been issued since the date of
printing.

 

2

 

·                  Organization restructuring.

·                  Such other circumstances as
the Company deems appropriate for the payment of severance benefits.

 

3.2.2                Termination Not Eligible for Benefits

 

Unless Lantheus provides
otherwise in writing, an employee will not be eligible for severance benefits
if the Lantheus, in its sole discretion, determines that the employee’s
employment is terminated for any of the following reasons:

 

·                  An Employee terminated “for
cause”. For purposes of this Plan, “for cause termination” includes but is not
limited to: commission of acts of willful misconduct or activity deemed
detrimental to the interests of the company, purposeful or repeated violation
of company policy, acts involving dishonesty, insubordination, theft,
disorderly conduct, discriminatory or harassing conduct including sexual
harassment, unauthorized disclosure of company confidential information, the
entry of a plea of nolo contendre to, or the conviction of, a crime, failure to
perform one’s job duties when fully capable and when given reasonable
opportunities to do so (excludes where the failure results from incapacity due
to disability or inability), refusal to accept a transfer to a position for
which the employee is qualified by reason of knowledge, training, and
experience at a new work location that is less than 50 miles from the employee’s
residence and at the same compensation and comparable benefits.

·                  An involuntarily terminated
employee is excluded when he/she is in a position that has been outsourced and,
within two weeks of the date of termination of employment from Lantheus, are
offered employment, with comparable compensation and benefits, with the entity
or agent or affiliate thereof that has been contracted to provide outsourced
services to the company;

·                  An involuntarily terminated
employee is excluded when he/she rejects continued employment with an acquirer
of all or part of the company’s business assets provided the employee is
offered comparable employment by the acquirer of such assets within a 50 mile
radius;

·                  An employee voluntarily
terminates employment (resigns) or voluntarily retires from employment; and

·                  An employee is excluded when
he/she voluntarily terminates employment prior to a scheduled termination date.

 

3.3            Involuntary Termination Benefits

 

3.3.1                Severance
Pay

 

The duration of Severance
Pay to which each eligible employee shall be eligible shall be calculated based
on the table below. Years of service will be based on adjusted years of service
as defined by the Company.

 

Lantheus has the sole
discretion to determine the column to be assigned to each position level in the
table below. The titles and descriptors used in the column headings are for
illustrative purposes only.

 

This documnet is Lantheus
Medical Imaging confidential and proprietary information. Individuals printing
a copy of a Lantheus Medical Imaging procedural document are responsible for
ensuring that revisions to the document have been issued since the date of
printing.

 

3

 

	
   

  	
   

  	
  Position level

  
	
  Years of service

  	
   

  	
  All non exempt

  	
   

  	
  Exempt Individual

  Contributor/ & Sales

  	
   

  	
  Professional, Assoc

  Dir, Manager & Sales

  Mgt

  	
   

  	
  Directors, Sr.

  Director & MDs

  	
   

  	
  Vice Presidents

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  <1 yr

  	
   

  	
  2
  weeks

  	
   

  	
  3
  weeks

  	
   

  	
  3
  weeks

  	
   

  	
  4
  weeks

  	
   

  	
  4
  weeks

  
	
  >1 yr but < 2 yrs

  	
   

  	
  3

  	
   

  	
  4

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  8

  
	
  >2 yrs but < 3 yrs

  	
   

  	
  4

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  
	
  >3 yrs but < 4 yrs

  	
   

  	
  5

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  	
  8

  
	
  >4 yrs but < 5 yrs

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  	
  9

  	
   

  	
  8

  
	
  >5 yrs but < 6 yrs

  	
   

  	
  7

  	
   

  	
  8

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  18

  
	
  >6 yrs but < 7 yrs

  	
   

  	
  8

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  20

  
	
  >7 yrs but < 8 yrs

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  13

  	
   

  	
  22

  
	
  >8 yrs but < 9 yrs

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  13

  	
   

  	
  15

  	
   

  	
  24

  
	
  >9 yrs but <10 yrs

  	
   

  	
  11

  	
   

  	
  13

  	
   

  	
  15

  	
   

  	
  17

  	
   

  	
  26

  
	
  >10yrs but < 12 yrs

  	
   

  	
  13

  	
   

  	
  15

  	
   

  	
  17

  	
   

  	
  19

  	
   

  	
  26

  
	
  >12 yrs but < 14 yrs

  	
   

  	
  15

  	
   

  	
  17

  	
   

  	
  19

  	
   

  	
  21

  	
   

  	
  26

  
	
  >14 yrs but < 16 yrs

  	
   

  	
  17

  	
   

  	
  19

  	
   

  	
  21

  	
   

  	
  23

  	
   

  	
  26

  
	
  >16 yrs but < 18 yrs

  	
   

  	
  19

  	
   

  	
  21

  	
   

  	
  23

  	
   

  	
  25

  	
   

  	
  26

  
	
  >18 yrs but < 20 yrs

  	
   

  	
  21

  	
   

  	
  23

  	
   

  	
  25

  	
   

  	
  26

  	
   

  	
  26

  
	
  >20 yrs but < 25 yrs

  	
   

  	
  22

  	
   

  	
  24

  	
   

  	
  26

  	
   

  	
  26

  	
   

  	
  26

  
	
  >25 yrs but < 30 yrs

  	
   

  	
  23

  	
   

  	
  25

  	
   

  	
  26

  	
   

  	
  26

  	
   

  	
  26

  
	
  >30 yrs but < 35 yrs

  	
   

  	
  24

  	
   

  	
  26

  	
   

  	
  26

  	
   

  	
  26

  	
   

  	
  26

  
	
  >35

  	
   

  	
  26

  	
   

  	
  26

  	
   

  	
  26

  	
   

  	
  26

  	
   

  	
  26

  

 

Severance Pay shall be
calculated by dividing the employee’s Annual Base Salary by 52 to achieve a
weekly rate and multiplying the weekly rate times the total number of weeks of
Severance Pay for which the employee is eligible based on his or her Annualized
Base Salary or rate.

 

3.3.2                Method and Timing of Termination Benefit Payments

 

The payments for Severance
Pay, less applicable withholding for income and employment taxes, shall be paid
as salary continuance. That is, payments will be made in accordance with the
regular pay cycle for active employees after the employee’s signed valid
Release Agreement is received by the appropriate Lantheus personnel and becomes
effective. The employee will be expected to arrange to receive payment via a
direct deposit.

 

3.3.3                Health Care Coverage

 

Employees will be eligible
to elect continuation of health care benefits under COBRA. To the extent that
COBRA coverage is subsidized by the American Recovery and Reinvestment Act
(ARRA), the COBRA rate charged to employees electing coverage will be reduced
by Lantheus.

 

3.4            Conditions for Receipt of Termination Benefits

 

3.4.1                General
Release

 

In consideration for and as
a pre-condition of receiving severance benefits under this Plan, an employee
must sign a General Release Agreement, which will include such provisions as
severance offered and terms of relating to severance offered, 2) non

 

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a copy of a Lantheus Medical Imaging procedural document are responsible for
ensuring that revisions to the document have been issued since the date of
printing.

 

4

 

disparagement, 3
confidentiality, and 4) non competition. The non competition clause will
specify companies prohibited from employment under this agreement. The General
Release Agreement must be validly executed by an employee and it must not be
revoked by the employee at any time as a condition of receiving termination
benefits. As a condition of receiving termination benefits pursuant to this
Plan, all prior agreements executed by a Lantheus employee and those included
in the Release Agreement, regarding proprietary information, covenants not to compete,
non-solicitation of customers and/or employees, and other terms as specified in
the General Release Agreement shall remain in full force and legal effect.

 

3.4.2                Offset by Other Awards and Obligations

 

To the extent permitted by
applicable Federal law, any termination benefits under Part V may be reduced by
the amount of any outstanding monetary debts owed by the employee to a Lantheus
or any of its subsidiaries and affiliates. Such debts will be treated as
satisfied to the extent of the withheld payments.

 

3.5            Right to Terminate Benefits

 

Notwithstanding anything in
this Plan to the contrary, in the event that Lantheus in its discretion
determines that:

 

·                  an employee is
reemployed by Lantheus or any of its subsidiaries, affiliates, or successors
before the completion of the scheduled payment of severance pay, OR

·                  Lantheus determines that an
employee has breached any of the terms and conditions set forth in any
agreement executed by the employee as a condition to receiving benefits under
this Plan, including, but not limited to, the separation agreement and general
release,

 

then Lantheus shall have the
right to terminate the benefits payable under this Plan at any time.

 

3.6            Administration and General Rules

 

3.6.1                Administration of the Plan

 

The Plan Administrator shall
have sole authority and discretion to administer and construe the terms of this
Plan, subject to applicable requirements of law. Without limiting the
generality of the foregoing, the Plan Administrator shall have complete
discretionary authority to carry out the following powers and duties:

 

1.               To make and enforce such
rules and regulations as it deems necessary or proper for the efficient
administration of the Plan;

2.               To interpret the Plan, its
interpretation thereof to be final and conclusive on all persons claiming
benefits under the Plan;

3.               To decide all questions,
including without limitation, issues of fact, concerning the Plan, including
the eligibility of any person to participate in, and receive benefits under,
the Plan; and

4.               To appoint such agents,
counsel, accountants, consultants and other persons as may be required to
assist in administering the Plan.

 

3.6.2                Effect on Other Benefit Plans, Programs and Policies

 

Except with respect to
severance plans, programs and policies as discussed below in this paragraph B,
nothing in this Plan shall alter or enhance the benefits available under the
terms of any other plans, programs or policies which apply to terminated
employees, and terminated employees will be entitled to all rights and benefits
of such other plans, programs and policies if the conditions therein are
satisfied. This Plan supersedes all other severance pay plans, guidelines,
programs, or policies covering benefits to be received upon termination of
Lantheus employees resulting from force

 

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Medical Imaging confidential and proprietary information. Individuals printing
a copy of a Lantheus Medical Imaging procedural document are responsible for
ensuring that revisions to the document have been issued since the date of
printing.

 

5

 

reductions. If an employee
becomes entitled to any payment under any severance benefit plan, program or
policy not described in the preceding sentence, as well as to a benefit under
this Plan by reason of the same employment termination, the total benefits
under this Plan shall be reduced by the amount of the severance payment
received under such other plan, program or policy.

 

3.6.3                Claims and Appeals Regarding Guideline Application and Termination
Benefits

 

All claims by persons who
believe that the Plan has not been properly administered or that they did not
receive a Plan benefit to which they were entitled shall be referred to their
Human Resources Business Partner or the Vice President, Human Resources,
Lantheus Medical Imaging for review and coordination of response. Claims
regarding any termination benefit must be submitted in writing.

 

A denial of any claim
regarding a Plan benefit shall be issued in writing within not more than ninety
days after receipt of the written claim. The written response will include the
specific reasons for the denial, specific references to pertinent Plan
provisions on which the denial is based, a description of any additional
material or information necessary to perfect the claim and why such material or
information is necessary, and an explanation of the appeal procedure

 

Within sixty days of
receiving a denial of any claim regarding a Plan benefit, the claimant may
submit a written appeal for review of the denial. The Vice President, Human
Resources, Lantheus Medical Imaging, shall appoint a Review Committee which
shall be the named fiduciary that will afford a full review of the denial of
any claim regarding a Plan benefit. The Review Committee shall consist of three
or more persons and may be appointed as a standing committee or as needed on an
ad hoc basis. On receipt of a written appeal regarding a Plan benefit, the
Review Committee shall:

 

·                  make a full
review of such decision within sixty days of receipt of the written appeal or
within 120 days, provided the claimant is notified of the delay and the reasons
for requiring an additional sixty days, and

·                  notify the
claimant in writing of the decision on review, specifying the reasons for the
decision and providing specific references to pertinent Plan provisions

 

Any person whose claim
regarding a Plan benefit is denied shall have such further rights as are
provided in Section 503 of ERISA and the regulations hereunder, and Lantheus’
Vice President Human Resources or a designee of the Vice President, Human
Resources.

 

Lantheus Medical Imaging and
the Review Committee shall retain such right, authority and discretion as is
provided in or not expressly limited by Section 503 and the regulations there
under.

 

3.6.4                Funding of
Plan Benefits

 

All benefits under this Plan
are unfunded benefits and shall be paid out of the general assets of the
Participating Company from which the employee is terminated and charged to the
employee’s department as an expense unless the payments or charges are properly
allocated to another appropriate company or department.

 

3.6.5                Assignment
and Waiver of Benefits

 

Benefits provided under this
Plan shall not be subject to assignment or alienation except as expressly
provided for in this Plan. Involuntary termination benefits under Part V of
this Plan shall be deemed irrevocably waived and forfeited in the event a
Participant otherwise eligible to receive such benefits accepts an offer for
extended employment after the Participant has signed a Waiver Letter.

 

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ensuring that revisions to the document have been issued since the date of
printing.

 

6

 

3.6.6                Effect of Death

 

No benefits shall be paid
under the Plan with respect to employees who die prior to the date of
termination. For eligible employees entitled to receive any payment under this
Plan who die after signing their Waiver Letter, any unpaid amounts owing under
this Plan at the time of death shall be paid to the employee’s properly
identified heirs or estate.

 

3.6.7                Effect on Employment Rights

 

Nothing in this Plan shall
be construed as giving to any officer, agent or employee of a Participating
Company any right, express or implied, to be employed by Lantheus, nor shall
this Plan be construed as a contract for, or as providing any right to claim,
any pension or other benefit allowance after any termination for the service of
Lantheus, except as set forth herein. Employment at Lantheus remains “at will”
which means that employees may terminate their employment at any time, with or
without cause, and the Lantheus reserve the right to do the same. Except as
otherwise provided herein, this Plan shall have no effect upon the Lantheus
Retirement Saving Plan nor upon any other employee benefit plan maintained in
whole or in part by Lantheus. No officer, agent or employee of Lantheus shall,
because of this Plan, become entitled to any offer of relocation, lateral
transfer, downgrade with pay protection, or any other tam, benefit or
entitlement of employment at any time, whether or not such individual is
covered by this Plan, unless such provision is specifically set forth herein.

 

3.6.8                Amendment and Termination

 

Any decision to amend or
terminate this Plan, in whole or in part, including decisions as to the nature
and timing of such amendments or termination, shall constitute business
decisions by Lantheus Medical Imaging, Inc. as the Plan sponsor and not as a
Plan fiduciary. As such, these decisions shall be made in the sole discretion
of Lantheus on the basis of business considerations. Lantheus has delegated
this authority to its Vice President, Human Resources, who may further
delegate, and by virtue of this Plan document has further delegated, such
authority.

 

·                  This Plan may be amended or
terminated without prior notice in whole or in part at any time, such amendment
or termination shall occur only by and with the approval of the Vice President,
Human Resources, Lantheus Medical Imaging.

·                  With the written approval of
the Vice President, Human Resources, Lantheus Medical Imaging, may request an
amendment of any or all provisions of this Plan with respect to the employees
of Lantheus; provided, however, that such amendment must be in writing, and
such writing shall be incorporated into this Plan.

·                  Amendments in or termination
of the Plan shall not affect the rights of any employee, without the employee’s
consent, to any Plan benefit to which the employee may have become irrevocably
entitled under the Plan prior to the date such amendment or termination is
adopted

 

3.6.9                Right to Withhold Taxes

 

Lantheus shall withhold such
amounts from payments under this Plan as it determines necessary to fulfill any
federal, state, or local wage or compensation withholding requirements.

 

3.6.10         Governing
Laws and Time Limit for Beginning Legal Actions

 

The provisions of the Plan
shall be construed, administered and enforced according to applicable federal
law and, where appropriate, the laws of the Commonwealth of Massachusetts
without reference to its conflict of laws rules and without regard to any

 

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a copy of a Lantheus Medical Imaging procedural document are responsible for
ensuring that revisions to the document have been issued since the date of
printing.

 

7

 

rule of any jurisdiction
that would result in the application of the law of another jurisdiction.

 

The parties expressly
consent that any action or proceeding relating to this Plan or any release or
other agreement entered into with respect to this Plan will only be brought in
the federal or state courts, as appropriate, located in the Commonwealth of
Massachusetts and that any such action or proceeding be heard without jury, and
the parties expressly waive the right to bring any such action in any other
jurisdiction and have such action heard before a jury.

 

No action relating to this
Plan or any release or other agreement entered into with respect to this Plan
may be brought later than the second anniversary of earlier of termination of
employment or other event giving rise to the claim.

 

3.7            Effective Date

 

As amended and restated in
this document, this Plan is effective as of February 24, 2009. With respect to
subsidiaries acquired or organized by Lantheus, Inc, after February 24, 2009,
the Plan shall be effective only as of the date, if any, that participation by
such subsidiary is approved by the VP Human Resources, Lantheus Medical
Imaging.

 

3.8            STATEMENT OF ERISA RIGHTS

 

As a participant in this
Plan you are entitled to certain rights and protections under the Employee
Retirement Income Security Act of 1974 (ERISA). ERISA provides that all plan
participants shall be entitled to:

 

3.8.1                Receive Information about Your Plan and Benefits

 

Examine, without charge, at
the plan administrator’s office and at other specified locations all documents
governing the plan and a copy of the latest annual report (Form 5500 Series)
required to be filed by the plan with the U.S. Department of Labor and
available at the Public Disclosure Room of the Employee Benefits Security
Administration.

 

Obtain, upon written request
to the plan administrator, copies of documents governing the operation of the
plan and copies of the latest annual report (Form 5500 Series), if any
required, and updated summary plan description. The administrator may make a
reasonable charge for the copies.

 

3.8.2                Prudent
Actions by Plan Fiduciaries

 

In addition to creating
rights for plan participants ERISA imposes duties upon the people who are
responsible for the operation of the employee benefit plan. The people who
operate your plan, called “fiduciaries” of the plan, have a duty to do so
prudently and in the interest of you and other plan participants and
beneficiaries. No one, including your employer, or any other person, may fire
you or otherwise discriminate against you in any way to prevent you from
obtaining a welfare benefit or exercising your rights under ERISA.

 

3.8.3                Enforce
Your Rights

 

If your claim for a
severance benefit is denied or ignored, in whole or in part, you have a right
to know why this was done, to obtain copies of documents relating to the
decision without charge, and to appeal any denial, all within certain time
schedules. Under ERISA, there are steps you can take to enforce the above
rights. For instance, if you request a copy of plan documents or the latest
annual report from the plan and do not receive them within 30 days, you may
file suit in a Federal court. In such a case, the court may require the plan
administrator to provide the materials and pay you up to $110 a day until you
receive the materials, unless the materials were not sent because

 

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ensuring that revisions to the document have been issued since the date of printing.

 

8

 

of reasons beyond the
control of the administrator. If you have a claim for benefits which is denied
or ignored, in whole or in part, you may file suit in a state or Federal court.
If it should happen that plan fiduciaries misuse the plan’s money, or if you
are discriminated against for asserting your rights, you may seek assistance
from the U.S. Department of Labor, or you may file suit in a Federal court. The
court will decide who should pay court costs and legal fees. If you are
successful the court may order the person you have sued to pay these costs and
fees. If you lose, the court may order you to pay these costs and fees, for
example, if it finds your claim is frivolous.

 

3.8.4                Assistance with Your Questions

 

If you have any questions
about your plan, you should contact the plan administrator. If you have any
questions about this statement or about your rights under ERISA, or if you need
assistance in obtaining documents from the plan administrator, you should
contact the nearest office of the Employee Benefits Security Administration,
U.S. Department of Labor, listed in your telephone directory or the Division of
Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S.
Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You
may also obtain certain publications about your rights and responsibilities
under ERISA by calling the publications hotline of the Employee Benefits
Security Administration.

 

4.            ADDITIONAL INFORMATION

 

	
  Plan Sponsor:

  	
  Lantheus Medical Imaging

  
	
   

  	
  Bldg. 200-1 

  331 Treble Cove Rd.

  N. Billerica, MA 01862

  
	
   

  	
   

  
	
  Employer Identification
  Number

  	
  51-0396366

  
	
  (EIN):

  	
   

  
	
   

  	
   

  
	
  Plan Name:

  	
  Lantheus Medical Imaging
  Severance Plan

  
	
   

  	
   

  
	
  Type of Plan:

  	
  Welfare benefit plan -
  severance pay

  
	
   

  	
   

  
	
  Plan Year:

  	
  Calendar year

  
	
   

  	
   

  
	
  Plan Number:

  	
  601

  
	
   

  	
   

  
	
  Plan Administrator:

  	
  Lantheus Medical Imaging

  
	
   

  	
  Bldg. 200-1

  
	
   

  	
  331 Treble Cove Rd.

  
	
   

  	
  N. Billerica, MA 01862

  
	
   

  	
  Attention: Vice President,
  Human Resources

  
	
   

  	
   

  
	
  Agent for Service of Legal

  	
   

  
	
  Process:

  	
  Plan Administrator

  
	
   

  	
   

  
	
  This policy is February
  24, 2009.

  	
   

  

 

5.              ADDENDUM I

 

Participating
Companies

 

Lantheus Medical Imaging,
Inc.

 

This documnet is Lantheus
Medical Imaging confidential and proprietary information. Individuals printing
a copy of a Lantheus Medical Imaging procedural document are responsible for
ensuring that revisions to the document have been issued since the date of
printing.

 

9Exhibit 10.29

 

MULTIFAMILY NOTE

 

	
  US $29,578,000

  	
  as of September 17, 2010

  

 

FOR VALUE RECEIVED, the undersigned (“Borrower”)
jointly and severally (if more than one) promises to pay to the order of AMERISPHERE MULTIFAMILY FINANCE, L.L.C., a Nebraska limited
liability company, the principal sum of Twenty-Nine Million Five Hundred
Seventy-Eight Thousand and No/100ths Dollars (US $29,578,000), with
interest accruing at the Interest Rate on the unpaid principal balance from the
Disbursement Date until fully paid.

 

1.                                      Defined Terms.  In addition to defined terms found elsewhere
in this Note, as used in this Note, the following definitions shall apply:

 

Amortization
Period:  360
months.

 

Business Day:   Any day other than a Saturday, Sunday or any
other day on which Lender is not open for business.

 

Debt Service Amounts:  Amounts payable under this Note, the Security
Instrument or any other Loan Document.

 

Default Rate:  A rate equal to the lesser of 4
percentage points above the Interest Rate or the maximum interest rate which
may be collected from Borrower under applicable law.

 

Disbursement Date:  The date of disbursement of Loan
proceeds hereunder.

 

First Payment Date:   The first day of November, 2010.

 

Indebtedness:  The
principal of, interest on, or any other amounts due at any time under, this
Note, the Security Instrument or any other Loan Document, including prepayment
premiums, late charges, default interest, and advances to protect the security
of the Security Instrument under Section 12 of the Security Instrument.

 

Interest Rate:  The annual rate of four and
twenty-three hundredths percent (4.23%).

 

Lender:  The
holder of this Note.

 

Loan:  The
loan evidenced by this Note.

 

Loan Term:  84 months.

 

Maturity Date:   The first day of October, 2017, or any earlier
date on which the unpaid principal balance of this Note becomes due and payable
by acceleration or otherwise.

 

	
  Multifamily Non-Recourse Fixed Rate Note – Multistate

  	
  Form 4100

  	
   

  
	
   

  	
   

  	
   

  
	
  Fannie Mae

  	
  08-09

  	
  © 1997-2009 Fannie Mae

  

 

1

 

Property Jurisdiction:  The jurisdiction in which the Land
is located.

 

Security Instrument:  A multifamily mortgage, deed to
secure debt or deed of trust dated as of the date of this Note.

 

Yield Maintenance Period Term or
Prepayment Premium Period Term:  60 months.

 

Yield Maintenance Period End Date
or Prepayment Premium Period End Date:  The last day of September, 2015.

 

Event of Default, Key Principal and other capitalized
terms used but not defined in this Note shall have the meanings given to such
terms in the Security Instrument.

 

2.                                      Address for Payment.  All payments due under this Note shall be
payable at One Pacific Place, Suite 130, 1125 South 103rd Street, Omaha, Nebraska 68124, or
such other place as may be designated by written notice to Borrower from or on
behalf of Lender.

 

3.                                      Payment of Principal and Interest.  Principal and interest shall be paid as
follows:

 

(a)                                  Short Month Interest.  If disbursement of principal is made by
Lender to Borrower on any day other than the first day of the month, interest
for the period beginning on the Disbursement Date and ending on and including
the last day of the month in which such disbursement is made shall be payable
simultaneously with the execution of this Note.

 

(b)                                 Interest Computation.  Interest under this Note shall be computed on
the basis of (check one only):

 

o                                    30/360.  A 360-day year consisting of twelve 30-day
months.

 

x                                  Actual/360.  A 360-day year.  The amount of each monthly payment made by
Borrower pursuant to Paragraph 3(c) below that is allocated to interest
will be based on the actual number of calendar days during such month and shall
be calculated by multiplying the unpaid principal balance of this Note by the
per annum Interest Rate, dividing the product by 360 and multiplying the
quotient by the actual number of days elapsed during the month.  Borrower understands that the amount
allocated to interest for each month will vary depending on the actual number
of calendar days during such month.

 

(c)                                  Monthly Installments.  Consecutive monthly installments of principal
and interest, each in the amount of One Hundred Forty-Five Thousand One Hundred
Fifty-Nine and 87/100ths Dollars (US $145,159.87), shall be payable on the
First Payment Date and on the first day of every month thereafter, until the
entire unpaid principal balance evidenced by this Note is fully paid.  Any remaining principal and interest shall be
due and payable on the Maturity Date.  The unpaid principal balance shall continue
to bear interest after the Maturity Date at the Default Rate set forth in this
Note until and including the date on which it is paid in full.

 

2

 

(d)           Payments Before Due Date.  Any regularly scheduled monthly installment
of principal and interest that is received by Lender before the date it is due
shall be deemed to have been received on the due date solely for the purpose of
calculating interest due.

 

(e)           Accrued Interest.  Any accrued interest remaining past due for
30 days or more shall be added to and become part of the unpaid principal
balance and shall bear interest at the rate or rates specified in this
Note.  Any reference herein to “accrued
interest” shall refer to accrued interest which has not become part of the
unpaid principal balance.  Any amount
added to principal pursuant to the Loan Documents shall bear interest at the
applicable rate or rates specified in this Note and shall be payable with such
interest upon demand by Lender and absent such demand, as provided in this Note
for the payment of principal and interest.

 

4.             Application of Payments. 
If at any time Lender receives, from Borrower or
otherwise, any amount applicable to the Indebtedness which is less than all
amounts due and payable at such time, Lender may apply that payment to amounts
then due and payable in any manner and in any order determined by Lender, in
Lender’s discretion.  Borrower agrees
that neither Lender’s acceptance of a payment from Borrower in an amount that
is less than all amounts then due and payable nor Lender’s application of such
payment shall constitute or be deemed to constitute either a waiver of the
unpaid amounts or an accord and satisfaction.

 

5.             Security.  The Indebtedness is secured, among other things, by the Security Instrument, and reference is
made to the Security Instrument for other rights of Lender concerning the
collateral for the Indebtedness.

 

6.             Acceleration.  If an Event of Default has occurred and is continuing, the entire unpaid
principal balance, any accrued interest, the prepayment premium payable under
Paragraph 10, if any, and all other amounts payable under this Note and any
other Loan Document shall at once become due and payable, at the option of
Lender, without any prior notice to Borrower. 
Lender may exercise this option to accelerate regardless of any prior
forbearance.

 

7.             Late Charge.  If any monthly installment due hereunder is not received by Lender on or
before the 10th day of each month or if any other amount
payable under this Note or under the Security Instrument or any other Loan
Document is not received by Lender within 10 days after the date such amount is
due, counting from and including the date such amount is due, Borrower shall
pay to Lender, immediately and without demand by Lender, a late charge equal to
5 percent of such monthly installment or other amount due.  Borrower acknowledges that its failure to
make timely payments will cause Lender to incur additional expenses in
servicing and processing the Loan and that it is extremely difficult and impractical
to determine those additional expenses. 
Borrower agrees that the late charge payable pursuant to this Paragraph
represents a fair and reasonable estimate, taking into account all
circumstances existing on the date of this Note, of the additional expenses
Lender will incur by reason of such late payment.  The late charge is payable in addition to,
and not in lieu of, any interest payable at the Default Rate pursuant to
Paragraph 8.

 

8.             Default Rate.  So long as any monthly installment or any other payment due under this Note
remains past due for 30 days or more, interest under this Note shall accrue on
the unpaid principal balance from the earlier of the due date of the first
unpaid monthly installment or other payment due, as applicable, at the Default
Rate.  If the unpaid principal balance
and all accrued interest are not paid in

 

3

 

full on the Maturity Date, the unpaid principal balance
and all accrued interest shall bear interest from the Maturity Date at the
Default Rate.  Borrower also acknowledges
that its failure to make timely payments will cause Lender to incur additional
expenses in servicing and processing the Loan, that, during the time that any
monthly installment or payment under this Note is delinquent for more than 30
days, Lender will incur additional costs and expenses arising from its loss of
the use of the money due and from the adverse  impact
on Lender’s ability to meet its other obligations and to take advantage of
other investment opportunities, and that it is extremely difficult and
impractical to determine those additional costs and expenses.  Borrower also acknowledges that, during the
time that any monthly installment or other payment due under this Note is
delinquent for more than 30 days, Lender’s risk of nonpayment of this Note will
be materially increased and Lender is entitled to be compensated for such
increased risk.  Borrower agrees that the
increase in the rate of interest payable under this Note to the Default Rate
represents a fair and reasonable estimate, taking into account all
circumstances existing on the date of this Note, of the additional costs and
expenses Lender will incur by reason of the Borrower’s delinquent payment and
the additional compensation Lender is entitled to receive for the increased
risks of nonpayment associated with a delinquent loan.

 

9.                                      Limits on Personal Liability.

 

(a)                                  Except as otherwise provided in this Paragraph 9, Borrower shall have no
personal liability under this Note, the Security Instrument or any other Loan
Document for the repayment of the Indebtedness or for the performance of any
other obligations of Borrower under the Loan Documents, and Lender’s only
recourse for the satisfaction of the Indebtedness and the performance of such obligations
shall be Lender’s exercise of its rights and remedies with respect to the
Mortgaged Property (as such term is defined in the Security Instrument) and any
other collateral held by Lender as security for the Indebtedness. This
limitation on Borrower’s liability shall not limit or impair Lender’s
enforcement of its rights against any guarantor of the Indebtedness or any
guarantor of any obligations of Borrower.

 

(b)                                 Borrower shall be personally liable to Lender for the repayment of a
portion of the Indebtedness equal to any loss or damage suffered by Lender as a
result of:

 

(1)           failure
of Borrower to pay to Lender upon demand after an Event of Default, all Rents
to which Lender is entitled under Section 3(a) of the Security
Instrument and the amount of all security deposits collected by Borrower from
tenants then in residence;

 

(2)           failure
of Borrower to apply all insurance proceeds and condemnation proceeds as
required by the Security Instrument;

 

(3)           failure
of Borrower to comply with Section 14(d) or (e) of the Security
Instrument relating to the delivery of books and records, statements, schedules
and reports;

 

(4)           fraud
or written material misrepresentation by Borrower, Key Principal or any
officer, director, partner, member or employee of Borrower in connection with
the application for or creation of the Indebtedness or any request for any
action or consent by Lender;

 

(5)           failure
to apply Rents, first, to the payment of reasonable operating expenses (other
than Property management fees that are not currently payable pursuant to the
terms of an

 

4

 

Assignment of Management Agreement or any other agreement
with Lender executed in connection with the Loan) and then to Debt Service Amounts, except that Borrower
will not be personally liable (i) to the extent that Borrower lacks the
legal right to direct the disbursement of such sums because of a bankruptcy,
receivership or similar judicial proceeding, or (ii) with respect to Rents
that are distributed in any calendar year if Borrower has paid all operating
expenses and Debt Service Amounts for that calendar year; or

 

(6)                                  failure by Borrower to comply with the provisions of Section 17(a) of
the Security Instrument.

 

(c)                                  Borrower shall become personally liable to Lender for the repayment of all
of the Indebtedness upon the occurrence of any of the following Events of
Default:

 

(1)                                  Borrower’s acquisition of any property or operation of any business not
permitted by Section 33 of the Security Instrument;

 

(2)                                  a Transfer that is an Event of Default under Section 21 of the
Security Instrument; or

 

(3)                                  the occurrence of a Bankruptcy Event (but only if the Bankruptcy Event
occurs with the consent, encouragement or active participation of Borrower, Key
Principal or any Borrower Affiliate).

 

(d)                                 To the extent that Borrower has personal liability under this Paragraph 9,
Lender may exercise its rights against Borrower personally without regard to
whether Lender has exercised any rights against the Mortgaged Property or any
other security, or pursued any rights against any guarantor, or pursued any
other rights available to Lender under this Note, the Security Instrument, any
other Loan Document or applicable law. For purposes of this Paragraph 9, the
term “Mortgaged Property” shall
not include any funds that (1) have been applied by Borrower as required
or permitted by the Security Instrument prior to the occurrence of an Event of
Default, or (2) Borrower was unable to apply as required or permitted by
the Security Instrument because of a bankruptcy, receivership, or similar
judicial proceeding.

 

10.                               Voluntary and Involuntary Prepayments.

 

(a)                                  A prepayment premium shall be payable in connection with any prepayment
made under this Note as provided below:

 

(1)                                  Borrower may voluntarily prepay all (but not less than all) of the unpaid
principal balance of this Note only on the last calendar day of a calendar
month (the “Last Day of the Month”) and only if Borrower has complied with all
of the following:

 

(i)                                     Borrower must give Lender at least 30 days (if given via U.S. Postal
Service) or 20 days (if given via facsimile, email or overnight courier), but
not more than 60 days, prior written notice of Borrower’s intention to make a
prepayment (the “Prepayment Notice”). 
The Prepayment Notice shall be given in writing (via facsimile, email,
U.S. Postal Service or

 

5

 

overnight courier) and addressed to Lender.  The Prepayment Notice shall include, at a
minimum, the Business Day upon which Borrower intends to make the prepayment
(the “Intended Prepayment Date”).

 

(ii)                                  Borrower acknowledges that the Lender is not required to accept any
voluntary prepayment of this Note on any day other than the Last Day of the
Month even (A) if Borrower has given a Prepayment Notice with an Intended
Prepayment Date other than the Last Day of the Month or (B) if the Last
Day of the Month is not a Business Day. 
Therefore, even if Lender accepts a voluntary prepayment on any day
other than the Last Day of the Month, for all purposes (including the accrual
of interest and the calculation of the prepayment premium), any prepayment
received by Lender on any day other than the Last Day of the Month shall be
deemed to have been received by Lender on the Last Day of the Month and any
prepayment calculation will include interest to and including the Last Day of
the Month in which such prepayment occurs. 
If the Last Day of the Month is not a Business Day, then the Borrower
must make the payment on the Business Day immediately preceding the Last Day of
the Month.

 

(iii)                               Any prepayment shall be made by paying (A) the amount of principal
being prepaid, (B) all accrued interest (calculated to the Last Day of the
Month), (C) all other sums due Lender at the time of such prepayment, and
(D) the prepayment premium calculated pursuant to Schedule A.

 

(iv)                              If, for any reason, Borrower fails to prepay this Note (A) within five
(5) Business Days after the Intended Prepayment Date or (B) if the
prepayment occurs in a month other than the month stated in the original
Prepayment Notice, then Lender shall have the right, but not the obligation, to
recalculate the prepayment premium based upon the date that Borrower actually
prepays this Note and to make such calculation as described in Schedule A
attached hereto.  For purposes of such
recalculation, such new prepayment date shall be deemed the “Intended
Prepayment Date.”

 

(2)                                  Upon Lender’s exercise of any right of acceleration under this Note,
Borrower shall pay to Lender, in addition to the entire unpaid principal
balance of this Note outstanding at the time of the acceleration, (i) all
accrued interest and all other sums due Lender under this Note and the other
Loan Documents, and (ii) the prepayment premium calculated pursuant to
Schedule A.

 

(3)                                  Any application by Lender of any collateral or other security to the
repayment of any portion of the unpaid principal balance of this Note prior to
the Maturity Date and in the absence of acceleration shall be deemed to be a
partial prepayment by Borrower, requiring the payment to Lender by Borrower of
a prepayment premium.

 

6

 

(b)           Notwithstanding
the provisions of Paragraph 10(a), no prepayment premium shall be payable (1) with
respect to any prepayment occurring as a result of the application of any
insurance proceeds or condemnation award under the Security Instrument, or (2) as
provided in subparagraph (c) of Schedule A.

 

(c)           Schedule
A is hereby incorporated by reference into this Note.

 

(d)           Any
required prepayment of less than the entire unpaid principal balance of this
Note shall not extend or postpone the due date of any subsequent monthly
installments or change the amount of such installments, unless Lender agrees
otherwise in writing.

 

(e)           Borrower
recognizes that any prepayment of the unpaid principal balance of this Note,
whether voluntary or involuntary or resulting from a default by Borrower, will
result in Lender’s incurring loss, including reinvestment loss, additional
expense and frustration or impairment of Lender’s ability to meet its
commitments to third parties.  Borrower
agrees to pay to Lender upon demand damages for the detriment caused by any
prepayment, and agrees that it is extremely difficult and impractical to ascertain
the extent of such damages.  Borrower
therefore acknowledges and agrees that the formula for calculating prepayment
premiums set forth on Schedule A represents a reasonable estimate of the
damages Lender will incur because of a prepayment.

 

(f)            Borrower
further acknowledges that the prepayment premium provisions of this Note are a
material part of the consideration for the loan evidenced by this Note, and
acknowledges that the terms of this Note are in other respects more favorable
to Borrower as a result of the Borrower’s voluntary agreement to the prepayment
premium provisions.

 

11.          Costs and Expenses.  Borrower shall pay on demand all expenses and costs, including fees and
out-of-pocket expenses of attorneys and expert witnesses and costs of
investigation, incurred by Lender as a result of any default under this Note or
in connection with efforts to collect any amount due under this Note, or to
enforce the provisions of any of the other Loan Documents, including those
incurred in post-judgment collection efforts and in any bankruptcy proceeding
(including any action for relief from the automatic stay of any bankruptcy
proceeding) or judicial or non-judicial foreclosure proceeding.

 

12.          Forbearance.  Any forbearance by Lender in exercising any
right or remedy under this Note, the Security Instrument, or any other Loan
Document or otherwise afforded by applicable law, shall not be a waiver of or
preclude the exercise of that or any other right or remedy.  The acceptance by Lender of any payment after
the due date of such payment, or in an amount which is less than the required
payment, shall not be a waiver of Lender’s right to require prompt payment when
due of all other payments or to exercise any right or remedy with respect to
any failure to make prompt payment. 
Enforcement by Lender of any security for Borrower’s obligations under
this Note shall not constitute an election by Lender of remedies so as to
preclude the exercise of any other right or remedy available to Lender.

 

13.          Waivers.  Presentment, demand, notice of dishonor, protest, notice of acceleration,
notice of intent to demand or accelerate payment or maturity, presentment for
payment, notice of nonpayment, grace, and diligence in collecting the
Indebtedness are waived by Borrower, Key Principal, and all endorsers and
guarantors of this Note and all other third party obligors.

 

7

 

14.          Loan Charges.  Borrower agrees to pay an effective rate of
interest equal to the sum of the Interest Rate provided for in this Note and
any additional rate of interest resulting from any other charges of interest or
in the nature of interest paid or to be paid in connection with the loan
evidenced by this Note and any other fees or amounts to be paid by Borrower
pursuant to any of the other Loan Documents. 
Neither this Note nor any of the other Loan Documents shall be construed
to create a contract for the use, forbearance or detention of money requiring
payment of interest at a rate greater than the maximum interest rate permitted
to be charged under applicable law.  If
any applicable law limiting the amount of interest or other charges permitted
to be collected from Borrower in connection with the Loan is interpreted so
that any interest or other charge provided for in any Loan Document, whether
considered separately or together with other charges provided for in any other
Loan Document, violates  that law, and Borrower
is entitled to the benefit of that law, that interest or charge is hereby
reduced to the extent necessary to eliminate that violation.  The amounts, if any, previously paid to
Lender in excess of the permitted amounts shall be applied by Lender to reduce
the unpaid principal balance of this Note. 
For the purpose of determining whether any applicable law limiting the
amount of interest or other charges permitted to be collected from Borrower has
been violated, all Indebtedness that constitutes interest, as well as all other
charges made in connection with the Indebtedness that constitute interest,
shall be deemed to be allocated and spread ratably over the stated term of the
Note.  Unless otherwise required by
applicable law, such allocation and spreading shall be effected in such a
manner that the rate of interest so computed is uniform throughout the stated
term of the Note.

 

15.          Commercial Purpose.  Borrower represents that the Indebtedness is being incurred by Borrower
solely for the purpose of carrying on a business or commercial enterprise, and
not for personal, family or household purposes.

 

16.          Counting of Days.  Except where otherwise specifically provided, any reference in this Note to
a period of “days” means calendar days, not Business Days.

 

17.          Governing Law.  This Note shall be governed by the law of the jurisdiction in which the
Land is located.

 

18.          Captions.  The captions of the paragraphs of
this Note are for convenience only and shall be disregarded in construing this
Note.

 

19.          Notices.  All notices, demands and other communications
required or permitted to be given by Lender to Borrower pursuant to this Note
shall be given in accordance with Section 31 of the Security Instrument.

 

20.          Consent to Jurisdiction and Venue.  Borrower
and Key Principal each agrees that any controversy arising under or in relation
to this Note shall be litigated exclusively in the Property Jurisdiction.  The
state and federal courts and authorities with jurisdiction in the Property
Jurisdiction shall have exclusive jurisdiction over all controversies which
shall arise under or in relation to this Note. 
Borrower and Key Principal each irrevocably consents to service,
jurisdiction, and venue of such courts for any such litigation and waives any
other venue to which it might be entitled by virtue of domicile, habitual
residence or otherwise.

 

8

 

21.          WAIVER OF TRIAL BY JURY. 
BORROWER, KEY PRINCIPAL AND LENDER EACH (A) AGREES NOT TO ELECT A
TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE
RELATIONSHIP BETWEEN THE PARTIES AS LENDER, KEY PRINCIPAL AND BORROWER THAT IS
TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH
RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE
FUTURE.  THIS WAIVER OF RIGHT TO TRIAL BY
JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE
BENEFIT OF COMPETENT LEGAL COUNSEL.

 

9

 

ATTACHED SCHEDULES.  The following Schedules are attached to this
Note:

 

	
  x

  	
  Schedule A

  	
  Prepayment Premium (required)

  
	
   

  	
   

  	
   

  
	
  x

  	
  Schedule B

  	
  Modifications to Multifamily Note

  

 

[REST OF PAGE INTENTIONALLY LEFT BLANK]

 

10

 

IN WITNESS WHEREOF, Borrower has signed and delivered this Note or has caused this Note to be
signed and delivered by its duly authorized representative.

 

	
  BORROWER

  
	
   

  	
   

  
	
   

  	
  7900 HAMPTON BLVD, LLC

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Hampton Peak, LLC

  
	
   

  	
   

  	
  a Colorado limited liability company

  
	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Luke Simpson

  
	
   

  	
   

  	
  Name:

  	
  Luke Simpson

  
	
   

  	
   

  	
  Title:

  	
  Manager

  

 

11

 

ACKNOWLEDGMENT AND AGREEMENT OF
KEY PRINCIPAL TO

PERSONAL LIABILITY FOR EXCEPTIONS
TO NON-RECOURSE LIABILITY

 

Key Principal, who has an economic interest in Borrower
or who will otherwise obtain a material financial benefit from the Loan, hereby
absolutely, unconditionally and irrevocably agrees to pay to Lender, or its
assigns, on demand, all amounts for which Borrower is personally liable under
Paragraph 9 of the Multifamily Note to which this Acknowledgment is attached
(the “Note”). 
The obligations of Key Principal shall survive any foreclosure
proceeding, any foreclosure sale, any delivery of any deed in lieu of
foreclosure, and any release of record of the Security Instrument.  Lender may pursue its remedies against Key
Principal without first exhausting its remedies against the Borrower or the
Mortgaged Property. All capitalized terms used but not defined in this
Acknowledgment shall have the meanings given to such terms in the Security
Instrument.  As used in this
Acknowledgment, the term “Key Principal” (each if more than one) shall mean
only those individuals or entities that execute this Acknowledgment.

 

The obligations of Key Principal shall be performed
without demand by Lender and shall be unconditional irrespective of the
genuineness, validity, or enforceability of the Note, or any other Loan
Document, and without regard to any other circumstance which might otherwise
constitute a legal or equitable discharge of a surety or a guarantor.  Key Principal hereby waives the benefit of
all principles or provisions of law, which are or might be in conflict with the
terms of this Acknowledgment, and agrees that Key Principal’s obligations shall
not be affected by any circumstances which might otherwise constitute a legal
or equitable discharge of a surety or a guarantor.  Key Principal hereby waives the benefits of
any right of discharge and all other rights under any and all statutes or other
laws relating to guarantors or sureties, to the fullest extent permitted by
law, diligence in collecting the Indebtedness, presentment, demand for payment,
protest, all notices with respect to the Note including this Acknowledgment,
which may be required by statute, rule of law or otherwise to preserve Lender’s
rights against Key Principal under this Acknowledgment, including notice of
acceptance, notice of any amendment of the Loan Documents, notice of the
occurrence of any default or Event of Default, notice of intent to accelerate,
notice of acceleration, notice of dishonor, notice of foreclosure, notice of
protest, notice of the incurring by Borrower of any obligation or indebtedness
and all rights to require Lender to (a) proceed against Borrower, (b) proceed
against any general partner of Borrower, (c) proceed against or exhaust any
collateral held by Lender to secure the repayment of the Indebtedness, or (d)
if Borrower is a partnership, pursue any other remedy it may have against
Borrower, or any general partner of Borrower.

 

At any time without notice to Key Principal, and without
affecting the liability of Key Principal hereunder, (a) the time for payment of
the principal of or interest on the Indebtedness may be extended or the
Indebtedness may be renewed in whole or in part; (b) the time for Borrower’s
performance of or compliance with any covenant or agreement contained in the
Note, or any other Loan Document, whether presently existing or hereinafter
entered into, may be extended or such performance or compliance may be waived;
(c) the maturity of the Indebtedness may be accelerated as provided in the Note
or any other Loan Document; (d) the Note or any other Loan Document may be
modified or amended by Lender and Borrower in any respect, including an
increase in the principal amount; and (e) any security for the Indebtedness may
be modified, exchanged, surrendered or otherwise dealt with or additional
security may be pledged or mortgaged for the Indebtedness.

 

12

 

Key Principal acknowledges that Key Principal has
received a copy of the Note and all other Loan Documents.  Neither this Acknowledgment nor any of its
provisions may be waived, modified, amended, discharged, or terminated except
by an agreement in writing signed by the party against which the enforcement of
the waiver, modification, amendment, discharge, or termination is sought, and
then only to the extent set forth in that agreement.  Key Principal agrees to notify Lender (in the
manner for giving notices provided in Section 31 of the Security Instrument) of
any change of Key Principal’s address within 10 Business Days after such change
of address occurs.  Any notices to Key
Principal shall be given in the manner provided in Section 31 of the Security
Instrument.  Key Principal agrees to be
bound by Paragraphs 20 and 21 of the Note.

 

THIS ACKNOWLEDGMENT IS AN
INSTRUMENT SEPARATE FROM, AND NOT A PART OF, THE NOTE.  BY SIGNING THIS ACKNOWLEDGMENT, KEY PRINCIPAL
DOES NOT INTEND TO BECOME AN ACCOMMODATION PARTY TO, OR AN ENDORSER OF, THE
NOTE.

 

IN WITNESS WHEREOF, Key Principal has signed and delivered this Acknowledgment or has caused
this Acknowledgment to be signed and delivered by its duly authorized
representative.

 

	
   

  	
  KEY PRINCIPAL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Don Simpson

  
	
   

  	
  Name: Don Simpson

  
	
   

  	
  Address:

  	
  c/o Grand Peaks Properties, LLC

  
	
   

  	
   

  	
  4582 South Ulster Street Parkway

  
	
   

  	
   

  	
  Suite 1200

  
	
   

  	
   

  	
  Denver, Colorado 80237

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Luke Simpson

  
	
   

  	
  Name: Luke Simpson

  
	
   

  	
  Address:

  	
  c/o Grand Peaks Properties, LLC

  
	
   

  	
   

  	
  4582 South Ulster Street Parkway

  
	
   

  	
   

  	
  Suite 1200

  
	
   

  	
   

  	
  Denver, Colorado 80237

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Nick Simpson

  
	
   

  	
  Name: Nick Simpson

  
	
   

  	
  Address:

  	
  c/o Grand Peaks Properties, LLC

  
	
   

  	
   

  	
  4582 South Ulster Street Parkway

  
	
   

  	
   

  	
  Suite 1200

  
	
   

  	
   

  	
  Denver, Colorado 80237

  

 

13

 

SCHEDULE A

 

PREPAYMENT PREMIUM

 

Any prepayment premium payable under Paragraph 10 of this
Note shall be computed as follows:

 

(a)                                  If the prepayment is made at any time after the date of this Note and
before the Yield Maintenance Period End Date, the prepayment premium shall be
the greater of:

 

(i)                                     1% of the amount of principal being prepaid; or

 

(ii)                                  The product obtained by multiplying:

 

                                                (A)          the amount of principal
being prepaid,

 

by

 

(B)                                the difference obtained by subtracting from the Interest Rate on this Note
the Yield Rate (as defined below), on the twenty-fifth Business Day preceding
(x) the Intended Prepayment Date, or (y) the date Lender accelerates the Loan
or otherwise accepts a prepayment pursuant to Paragraph 10(a)(3) of this Note,

 

by

 

(C)                                the present value factor calculated using the following formula:

 

	
   

  	
  1 - (1 + r)-n/12

  	
   

  
	
   

  	
  r

  	
   

  

 

[r =          Yield
Rate

 

 n =                            the number of months remaining between (1) either of the following:
(x) in the case of a voluntary prepayment, the Last Day of the Month
during which the prepayment is made, or (y) in any other case, the date on
which Lender accelerates the unpaid principal balance of this Note and
(2) the Yield Maintenance Period End Date.

 

A-1

 

For purposes of this clause (ii), the “Yield Rate” means the yield calculated by interpolating the
yields for the immediately shorter and longer term U.S. “Treasury constant
maturities” (as reported in the Federal Reserve Statistical Release H.15
Selected Interest Rates (the “Fed Release”)
under the heading “U.S. government securities”) closest to the remaining term
of the Yield Maintenance Period Term, as follows (rounded to three decimal
places):

 

 

a =                               the yield for the longer U.S. Treasury constant maturity

b =                               the yield for the shorter U.S. Treasury constant maturity

x =                                the term of the longer U.S. Treasury constant maturity

y =                                the term of the shorter U.S. Treasury constant maturity

z =                                 “n” (as defined in the present value factor calculation above) divided by
12.

 

Notwithstanding any provision to the contrary, if “z” equals a term reported under the U.S. “Treasury constant
maturities” subheading in the Fed Release, the yield for such term shall be
used, and interpolation shall not be necessary. 
If publication of the Fed Release is discontinued by the Federal Reserve
Board, Lender shall determine the Yield Rate from another source selected by
Lender.  Any determination of the Yield
Rate by Lender will be binding absent manifest error.]

 

(b)                                 If the prepayment is made on or after the Yield Maintenance Period End Date
but before the last calendar day of the 4th month prior to the month in which
the Maturity Date occurs, the prepayment premium shall be 1% of the amount of
principal being prepaid.

 

(c)                                  Notwithstanding the provisions of Paragraph 10(a) of this Note, no
prepayment premium shall be payable with respect to any prepayment made on or
after the last calendar day of the 4th month prior to the month in which the
Maturity Date occurs.

 

 

	
   

  	
  LS

  
	
   

  	
  Borrower Initials

  

 

A-2

 

SCHEDULE B

 

MODIFICATIONS TO MULTIFAMILY NOTE

 

The
following modifications are made to the text of the Note that precedes this
Schedule:

 

1.             In
the first sentence of Section 7, after the phrase “If any monthly installment
due hereunder” the phrase “(other than the balloon payment due on the Maturity
Date)” is hereby inserted.

 

2.             All capitalized terms used in this Schedule not
specifically defined herein shall have the meanings set forth in the text of
the Note that precedes this Schedule.

 

 

	
   

  	
  LS

  
	
   

  	
  Borrower’s Initials

  

 

B-1

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