LANTHEUS MEDICAL IMAGING, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers - Insurance News | InsuranceNewsNet

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August 29, 2013 Newswires
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LANTHEUS MEDICAL IMAGING, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers

Edgar Online, Inc.
 Item 5.02                      Departure of Directors or Certain Officers; 

Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 23, 2013, the registrant, Lantheus Medical Imaging, Inc. (the "Company"), entered into substantially similar Employment Agreements with each of William Dawes, Vice President of Manufacturing and Operations, and Nigel Williams, Vice President of Global Quality. Pursuant to these agreements, Mr. Dawes receives $275,000 and Mr. Williams receives $282,000 in annual base salary, each are eligible to receive an annual bonus calculated as a percentage of his base salary based upon the achievement of certain performance targets, and each is also eligible to participate in our health, life and disability insurance, and retirement and fringe employee benefit plans. If either Mr. Dawes or Mr. Williams is terminated for cause or he resigns other than for good reason, then he is entitled to receive his base salary through the date of termination. If either Mr. Dawes or Mr. Williams is terminated other than for cause or he resigns for good reason, then he is entitled to any accrued and earned, but unpaid, base salary or annual bonus through the date of termination, a pro rata portion of his target annual bonus for the year in which termination occurs payable over a 12-month period, and continued payment of his base salary for twelve months after the date of termination, as well as group medical and dental coverage for twelve months after termination. If the termination without cause or resignation for good reason occurs after a change of control, Mr. Dawes and Mr. Williams will be also entitled to receive the full target annual bonus for the year in which termination occurs payable over a 12-month period. The agreements also contain usual and customary provisions relating to competition, confidentiality, intellectual property and similar provisions. The terms and conditions of Mr. Dawes' and Mr. Williams' employment with the Company will be governed by the respective employment agreements entered into with each party.

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