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AMENDMENT TO EMPLOYMENT AGREEMENT

Employee Retention Agreement

AMENDMENT TO EMPLOYMENT AGREEMENT | Document Parties: Theragenics Corporation You are currently viewing:
This Employee Retention Agreement involves

Theragenics Corporation

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Title: AMENDMENT TO EMPLOYMENT AGREEMENT
Date: 3/13/2009
Industry: Biotechnology and Drugs     Sector: Healthcare

AMENDMENT TO EMPLOYMENT AGREEMENT, Parties: theragenics corporation
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Exhibit 10.13C

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT (this “Amendment”) is dated December 31, 2008, between Theragenics Corporation, a Delaware corporation (the “Company”), and Michael O’Bannon (the “Employee”).

 

INTRODUCTION

 

The Company and the Employee are parties to that certain Employment Agreement dated January 1, 2000, as amended (the “Employment Agreement”).  The parties hereto now desire to amend the Employment Agreement to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

 

NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, the parties hereby agree to amend the Employment Agreement as follows:

 

1.      By adding the following new Section 1(r):

 

“ ‘ Termination of employment ’ and similar terms refer solely to a ‘separation from service’ within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended and regulations issued thereunder.”

 

2.      By deleting the last two sentences of Section 4(e) and inserting in lieu thereof the following:

 

“Payments under this Section 4(e) shall be paid in substantially equal installments no less frequently than monthly over the one year from the date of termination, except that payments shall commence within sixty (60) days following termination of employment and the first payment shall include all payments accrued up to the date of payment.  Notwithstanding the foregoing, if the Employee is a ‘specified employee’ within the meaning of Code Section 409A, then to the extent the payment of severance hereunder would cause the Employee to incur tax under Code Section 409A, payment shall be delayed until six (6) months after the Employee’s termination of employment, at which time the Em


 
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