Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT  
 (As amended and restated as of December 31, 2008) 
 AGREEMENT initially made as of the 19th day of October 2006, by and between Barnes Group Inc., a Delaware corporation (the “Company”),
and Gregory F. Milzcik (the “Executive”), as amended and restated as of December 31, 2008. 
 WHEREAS, the Company
desires to retain the services and employment of the Executive as the President and Chief Executive Officer of the Company and the Executive is willing to render such services in such positions, on the terms and conditions set forth herein.

 NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
 1. Employment Term. Subject to the terms and provisions of this Agreement, the Company hereby agrees to employ the Executive and the Executive
hereby agrees to be employed by the Company for the period commencing on October 19, 2006 (the “Commencement Date”) and ending on October 19, 2011, unless extended as provided below or terminated sooner as provided in
Section 6 hereof (the “Employment Term”); provided, however, that on October 19, 2009 and on each October 19 thereafter, the Employment Term shall be automatically extended for an additional one (1) year
period so long as neither the Company nor the Executive has provided the other party with not less than ninety (90) days prior written notice that the Employment Term shall not be so extended. Notwithstanding the foregoing, in no event shall
the Employment Term extend beyond October 19 of the calendar year in which the Executive attains age 65. 
 2. Position and
Duties. During the Employment Term the Executive shall be employed and shall serve as the President and Chief Executive Officer of the Company and shall have complete responsibility for the day-to-day management and operations of the Company and
such duties as are specified for such position in the Company’s By-Laws and such other duties consistent with the position of chief executive officer of a publicly-held company as are reasonably assigned to him by the Board of Directors of the
Company (the “Board”). The Executive shall report solely and directly to the Board and shall perform such other duties, services and responsibilities as may from time to time be requested by the Board. As of the Commencement Date and
thereafter during the Employment Term, all other officers of the Company and any of its subsidiaries shall report to the Executive or to one of his designees, except that (i) the leader of the 

 
Company’s Internal Audit Department shall report directly to the Audit Committee of the Board, (ii) the Secretary of the Company shall, upon
request of the Chairman of the Board, report directly to the Chairman, and (iii) any other Company officer required under applicable rules of the Securities and Exchange Commission or the New York Stock Exchange to report to another person or
body shall report to such person or body. The Executive shall devote his full business time, attention and skill to the performance of his duties, services and responsibilities hereunder, and shall use his best efforts to promote the interests of
the Company; provided, however, that the Executive may (a) serve on the board of directors of not more than two corporations with the prior written approval of the Corporate Governance Committee of the Board (the
“Governance Committee”), it being understood that such approval shall be at the Governance Committee’s sole discretion, (b) serve on civic or charitable boards or committees, with the prior written approval of the
Governance Committee, which approval shall not be unreasonably withheld, (c) deliver lectures, fulfill speaking engagements or teach at educational institutions, and (d) manage his and his family’s private investments,
so long as such activities do not, individually or in the aggregate, materially interfere with the performance of Executive’s duties hereunder. 
 During the Employment Term, the Company shall (i) use its reasonable best efforts to cause the Executive to serve as a member of the Board, and (ii) appoint the Executive to serve as a member
of the boards of directors of the Company’s subsidiaries on which the Executive desires to serve (each a “Subsidiary Board”). 
 3. Location. The Executive shall perform his duties hereunder primarily at the Company’s executive office in Bristol, Connecticut, and shall perform duties at such other locations as are reasonably designated by the Board.
During the Employment Term, the Executive shall maintain his principal residence within 50 miles of Bristol, Connecticut. 
 4.
Compensation and Benefits. 
 4.1 Base Salary. In consideration of the performance of all of the Executive’s obligations
during the Employment Term (including any services as an officer, director, employee, member of the Board or Subsidiary Board or any committee thereof, or otherwise), the Company shall during the Employment Term pay the Executive a base salary (the
“Salary”) at an annual rate of $800,000. Commencing not later than March 1, 2009, the Compensation and Management Development Committee of the Board (the “Compensation Committee”) shall annually review the Executive’s
Salary and may increase (but not decrease) such Salary, at its sole discretion. Any increased Salary shall then constitute the “Salary” for purposes of this Agreement. The 

  

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Salary shall be payable in equal installments on the first working day of each month (or at such other times at, or in such other installments, in which the
Company shall pay base salary to its other executive officers). 
 4.2 Annual Bonus. For each full calendar year during the Employment
Term the Executive shall be eligible to receive an annual bonus pursuant to the Company’s Performance-Linked Bonus Plan for Selected Executive Officers or a successor plan thereto (the “Bonus Plan”). For 2007, the Executive shall have
the opportunity under the Bonus Plan to receive an annual bonus equal to: 
  

	 	(i)	75% of Salary upon the attainment of the applicable performance goals established by the Compensation Committee as the target level: 

  

	 	(ii)	a maximum annual bonus of 225% of Salary upon the attainment of the applicable performance goals established by the Compensation Committee as the maximum level;

  

	 	(iii)	18.75% of Salary upon the attainment of the applicable performance goals established by the Compensation Committee as the threshold level; 

  

	 	(iv)	$0, if the attainment of the applicable performance goals is at a level below that established by the Compensation Committee as the threshold level. 

 For years during the Employment Term after 2007, while the Compensation Committee shall have the discretion to change the structure and payment terms of the
Executive’s awards under the Bonus Plan at threshold, target and maximum levels of performance, the Executive’s annual bonus opportunity for each calendar performance year, upon achieving target level performance for such year, shall not
be less than 75% of his Salary as in effect on July 1 of such year (or such earlier date as may be required to assure that the amount payable can qualify as other performance-based compensation under Section 162(m) of the Internal Revenue
Code of 1986, as amended (the “Code”)). 
 The amount of any bonus actually payable to the Executive under the Bonus Plan with
respect to any given year shall be determined by the Compensation Committee based upon its assessment of the level at which the performance goals established for that year have been attained, with such adjustments to actual performance results as
the 

  

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Compensation Committee may deem appropriate to achieve the objectives of the Bonus Plan. Upon attainment of performance goals in any year between the
threshold and the target levels, or between the target and the maximum levels, established for such year by the Compensation Committee, the amount payable as an annual bonus shall be determined using mathematical interpolation between the
percentages of Salary that would have been payable for such year at threshold and target, or target and maximum, as applicable. 
 4.3
Long-Term Incentive Compensation. During the Employment Term, the Executive shall be eligible to receive awards under the long-term incentive compensation plans, programs or arrangements maintained by the Company at such level and subject to
such conditions as the Compensation Committee may determine from time to time in a manner consistent with the Company’s generally applicable compensation practices for its executive officers and giving due consideration to the Executive’s
position and contribution to the Company. 
 4.4 Commencement Options. The Company granted the Executive on the Commencement Date
options (the “Commencement Option”) to acquire 247,525 shares of Company Stock. Except as expressly otherwise set forth in this amended and restated Agreement, all of the original terms applicable to the Commencement Options shall remain
in full force and effect. 
 4.5 Commencement Stock Grant. The Company granted the Executive on the Commencement Date 24,741
restricted stock units in relation to a corresponding number of shares of Company Stock (the “Commencement Units”). Except as expressly otherwise set forth in this amended and restated Agreement, all of the original terms applicable to the
Commencement Units shall remain in full force and effect. 
 4.6 Other Benefits. During the Employment Term, the Executive (and his
dependents, if eligible thereunder) shall participate in all existing and future employee benefit plans, programs and policies (other than severance plans) generally available to executive officers of the Company, including, but not limited to, the
following: 
 (a) Life Insurance. Pursuant to the Executive’s participation in the Company’s Senior Executive
Enhanced Life Insurance Program (the “SEELIP”), the Company shall pay all premiums for a life insurance policy on the life of the Executive. The insurance policy shall be owned by the Executive and shall have a death benefit equal to four
(4) times the Salary. The Company shall 

  

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fully gross up the Executive for any income tax attributable to the premiums paid by the Company in accordance with the SEELIP (but the effective rate of tax
for this purpose shall not exceed 45%); such gross-up payment to be paid by the Company to the Executive no later than March 15 of the calendar year immediately following the calendar year in which any such SEELIP premium is paid by the
Company. 
 (b) Financial Planning. The Company shall reimburse the Executive in an amount up to $5,000 for financial
planning assistance and related services for each calendar year during the Employment Term, upon presentation of documentation reasonably acceptable to the Company, and, in each case, fully grossed-up for taxes (but the effective rate of tax for
this purpose shall not exceed 45%); provided, however, that, in accordance with Treas. Reg. § 1.409A-3(i)(iv), the amount reimbursable hereunder in respect of one calendar year shall not affect the amount reimbursable in respect of any other
calendar year. For purposes of the preceding sentence, “related services” means investment planning, estate planning, retirement planning, tax advice, tax return preparation, insurance planning and financial counseling services.

 (c) Leased Automobile, Club Membership. During the Employment Term, the Company shall either (i) provide
the Executive with (A) the use of a leased car with a monthly leasing cost to the Company not to exceed $1,131 per month, (B) reimbursement for other expenses associated with the use of such leased car, in either case, in
accordance with the Company’s automobile policy as from time to time in effect, and (C) reimbursement (not grossed-up for taxes) in accordance with Company policy as in effect from time to time for membership in one (1) club, or
(ii) provide a monthly cash allowance of $25,000 in lieu of providing the benefits described in subclauses (A), (B) and (C) of subclause (i) of this Section 4.6(c). 
 (d) Vacation. For each full calendar year during the Employment Term, the Executive shall be entitled to four (4) weeks of
paid vacation (or such greater amount as shall be provided to executives in accordance with the vacation policy of the Company as in effect from time to time during the Employment Term). 
 (e) Additional Conditions in Respect to Reimbursements. For the avoidance of doubt, the Executive’s entitlement to be
reimbursed for any expense as provided in this Section 4.6 is subject to the Executive’s continued employment with the Company on the date such expense is incurred. Unless such 

  

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requirement shall be waived by the Company, with the consent of the Compensation Committee, any and all documentation required for the reimbursement of any
expense incurred in accordance with this Section 4.6 must be provided to the Company on or before February 15 of the calendar year following the year in which such expenses were incurred, provided that, with respect to expenses incurred
after 2007, documentation of expenses incurred prior to September 30 shall be required to be submitted by December 31 of the calendar year in which incurred. Any expense for which any required documentation is not timely received (or
waived) by the Company shall not be reimbursed hereunder. The Company shall make all reimbursements of the Executive’s financial planning, leased automobile and club membership expenses for which appropriate documentation has been received (or
waived) and all payments of any tax gross-up in respect of any reimbursable financial planning expenses within 90 days of the submission of the requisite documentation, but in all events on or before March 15 of the year following the year in
which the related expense was incurred. The amount of expenses eligible for reimbursement, or in-kind benefits provided, during the Executive’s taxable year pursuant to any provision above of this Section 4.6 may not affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, within the meaning of Treasury Regulation 1.409A-3(i)(iv). 
 Notwithstanding anything else contained in this Agreement to the contrary, the Company may, at any time or from time to time, amend or terminate any of its employee benefit plans, programs or policies, in which event such amendments and
terminations may be applied to the Executive in the same manner as to other Company executive officers, except that the Executive’s vacation benefit may not be reduced below the level described in Section 4.6(d). 
 4.7 Reimbursement of Legal Fees. Upon presentation of documentation reasonably acceptable to the Company, the Company shall reimburse the
Executive for reasonable legal fees and expenses incurred in connection with (i) any good faith action brought by the Executive to enforce his rights under this Agreement (or to respond to any action commenced by the Company) but only
those fees and expenses attributable to claims with respect to which there was a substantial likelihood that the Executive would prevail on the merits, and (ii) the negotiation and documentation of this Agreement and any other agreement
referenced herein. Unless such requirement shall be waived by the Company, with the consent of the Compensation Committee, any and all documentation required for the reimbursement in accordance with this Section 4.7 of any legal fees incurred
must be provided to the Company on or before March 15 of the calendar year following the year in which such expenses were incurred. Any expense for which any required documentation is not timely received (or waived) by the Company shall not be
reimbursed hereunder. The Company shall make all required 

  

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reimbursements of the Executive’s legal fees under this Section 4.7 for which appropriate documentation has been received (or waived) within 90
days of receipt of the required documentation, but in no event later than the end of the calendar year following the year in which such expenses were incurred. No expenses incurred more than ten (10) years after the date of the Executive’s
termination of employment with the Company shall be subject to reimbursement under this Section 4.7. The amount of any expenses for legal fees incurred by the Executive in any given calendar year shall not affect the Executive’s right to
be reimbursed for any expenses for legal fees incurred by the Executive in any other calendar year. In no event may the Executive’s right to have his legal fees reimbursed pursuant to this Section 4.7 be exchanged for any other benefit.

 4.8 Expenses. The Company shall reimburse the Executive for all reasonable expenses incurred by the Executive in connection with
the performance of his duties, services and responsibilities under this Agreement in accordance with the Company’s expense reimbursement policy then in effect. 
 4.9 Stock Ownership Guidelines. The Executive understands that compliance by the Company’s executive officers with the stock ownership guidelines it has established is of significant importance to the
Company and the Executive agrees to comply with such guidelines as in effect from time to time, within the time frame established thereunder. The Executive further understands and acknowledges that the Commencement Options and Commencement Units,
the commitment to make 2007 long-term incentive grants and the continued opportunity for the Executive to receive further long-term incentive grants are made or provided by the Company in reliance on the Executive’s commitment to comply with
such share ownership guidelines. 
 4.10 Recovery of Amounts Related to Restatement The Executive agrees and acknowledges that,
notwithstanding anything else contained in this Agreement or in any compensatory plan, agreement, program, policy or arrangement, the Executive shall be responsible for reimbursing the Company for some or all of any amounts paid or received (or to
be paid or received) in respect of any annual incentive compensation or any long-term incentive compensation awarded to the Executive after the Commencement Date, whether awarded before or after termination of employment, if (I) payment of such
compensation was contingent, in whole or in part, upon the achievement of one or more specified financial targets, and (ii) the Company implements a Mandatory Restatement (as hereinafter defined). For the avoidance of doubt, this
Section 4.10 shall not relate to the gain recognized on any stock option, the compensation received in respect of any restricted stock or restricted stock unit grant, or any other variety of equity-based compensation, whether made on, before or
after the Commencement Date, that has a vesting schedule based on the passage of time and the continued performance of services, and not on the achievement of any performance objectives. Similarly, this 

  

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Section 4.10 shall not apply to any award that has or had alternative vesting criteria unrelated to the performance objective affected by the Mandatory
Restatement (an “Alternative Vesting Award”) that have otherwise been satisfied at the time of the Mandatory Restatement. 
 The
amount which the Executive shall be obligated to reimburse the Company shall be the amount, if any, by which the compensation paid or received (or to be paid or received) exceeds the amount that would have been paid or received based on the
financial results reported in the restated financial statements, in each case as determined in good faith by the Compensation Committee, as constituted at the time of the relevant action; provided, however, that (i) no repayment will be payable
in respect of an Alternative Vesting Award where the alternative vesting criteria have not yet been, but can still be, satisfied and the Compensation Committee has determined in good faith that the likelihood that such criteria will be satisfied is
not immaterial; provided that the amount that would otherwise have been repaid to the Company in respect of any portion of such Alternative Vesting Award that does not become vested based on such alternative vesting criteria shall be due and payable
promptly after the opportunity to satisfy the alternative vesting criteria has expired; (ii) the amount that the Executive shall be required to reimburse the Company from previously received compensation shall be reduced by the Net Tax Cost (as
hereinafter defined) to the Executive of such compensation and (iii) to the extent that the price of the Company’s common stock is or was a component of the performance objectives upon which the compensation was payable, the value of the
stock taken into account for purposes of re-determining the level of achievement based on the restated financial results will be determined by reducing the reported stock prices during each accounting year affected by the Mandatory Restatement by an
amount per share equal to the product of (A) the average weekly earnings per share multiples at which the Company’s common stock traded for the 52 week period for such accounting year multiplied by (B) the amount by which earnings per
share for such accounting year was reduced as a result of the Mandatory Restatement. If the Executive concludes that the amount to be repaid to the Company in accordance with subclause (iii) of the immediately preceding sentence is excessive
and inequitable, he may petition the Compensation Committee to review that determination. If the Compensation Committee agrees with the Executive’s conclusion, it shall, in its sole discretion, specify an amount to be repaid to the Company that
it concludes is equitable and appropriate under the circumstances. If the Compensation Committee does not agree that the formula produces a result that is excessive and inequitable, no adjustment shall be made in the amount to be repaid to the
Company. The determinations, conclusions and other actions of the Compensation Committee in accordance with the two immediately preceding sentences shall be final, binding and conclusive on the Company and the Executive, and all persons claiming an
interest through either such party. 
 A “Mandatory Restatement” shall mean a restatement of the Company’s financial
statements for 2006 or any year thereafter which, in the good faith opinion of the 

  

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Company’s Independent Registered Public Accounting Firm, is required to be implemented pursuant to generally accepted accounting principles, but
excluding any restatement which is required with respect to a particular year as a consequence of a change in generally accepted accounting rules effective after the publication of the financial statements for such year. Notwithstanding the
immediately preceding sentence, a Mandatory Restatement shall not include any restatement that (i) occurs more than three years following the date that the Employment Term ends pursuant to Section 5 hereof or (ii) in the good faith
judgment of the Audit Committee of the Board (the “Audit Committee”), (A) is required due to a change in the manner in which the Company’s auditors interpret the application of generally accepted accounting principles (as opposed
to a change in a prior accounting conclusion due to a change in the facts upon which such conclusion was based), or (B) is otherwise required due to events, facts or changes in law or practice that the Audit Committee concludes were beyond the
control and responsibility of the Executive and that occurred regardless of the Executive’s diligent and thorough performance of his duties and responsibilities. In addition, in determining the amounts, if any, that the Executive shall be
required to reimburse the Company pursuant to this Section 4.10 (or that would be payable to the Executive in respect of any then in progress awards), all effects, whether positive or negative, of any change in the manner of reporting any
transaction or class of transactions that the Audit Committee shall specifically agree to exclude for this purpose shall be disregarded. 
 “Net Tax Cost” shall mean the net amount of any federal, foreign, state or local income and employment taxes paid by the Executive in respect of the compensation received that is subject to reimbursement, after taking into account
any and all available deductions, credits or other offsets allowable to the Executive (including, without limitation, any deduction permitted under the claim of right doctrine), and regardless of whether the Executive would be required to amend any
prior income or other tax returns. The Executive agrees that, to the extent permitted under applicable law, the Company may seek reimbursement of such amounts from the Executive and may recapture such amounts by retaining the compensation or other
amounts that would otherwise be due or payable to the Executive. 
 5. Termination. The Executive’s employment with the Company
and the Employment Term shall terminate upon the expiration of the Employment Term, as specified in Section 1 hereof, or upon the earlier occurrence of any of the following events of termination: 
 (a) By the Company (other than for Cause), immediately upon delivery of written notice to the Executive. 
  

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 (b) By the Company for Cause upon thirty (30) days prior written notice (the
“Cause Notice”) to the Executive. The Company may not terminate the Executive’s employment for Cause unless such written notice is delivered to the Executive within ninety (90) days of the Board having actual knowledge of the
action or omission constituting Cause (it being understood that knowledge by the Executive or any officer who reports to the Executive shall not constitute knowledge by the Board). Notwithstanding the foregoing, following receipt of such notice the
Company may place the Executive on an administrative leave pending completion of the process established under this Section 5(b). During the term of such leave, the Executive shall be entitled to receive all compensation and benefits due under
this Agreement pending completion of the process described herein, and the consequences of placing the Executive on such leave shall not constitute a breach of this Agreement or Good Reason for the Executive to terminate his employment hereunder.
“Cause” shall mean (i) the willful and continued failure by the Executive to substantially perform the Executive’s duties with the Company (other than any such failure resulting from the Executive’s incapacity due to
physical or mental illness) after a written demand for substantial performance is delivered to the Executive by the Board, which demand specifically identifies the manner in which the Board believes that the Executive has not substantially performed
the Executive’s duties, (ii) the willful engaging by the Executive in conduct which is demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise, (iii) the Executive’s
conviction for the commission of (A) a felony or (B) any other crime involving moral turpitude, (iv) a willful and material breach by the Executive of any provision of this Agreement which is not cured within
twenty (20) days of receipt of written notice thereof from the Board which specifies the nature of such breach, (v) a violation by the Executive of any policy of the Company that is generally applicable to all employees or all
officers of the Company including, but not limited to, policies concerning insider trading or sexual harassment, or the Company’s code of conduct, that the Executive knows or reasonably should know could reasonably be expected to result in a
material adverse effect on the Company or material damage to its business reputation; and (vi) the Executive’s failure to cooperate, if requested by the Board, with any investigation or inquiry into his or the Company’s
business practices, whether internal or external, including, but not limited to, the Executive’s refusal, after a written request by the Company’s internal or external legal counsel, to be deposed or to provide testimony at any trial or
inquiry, which is not cured within twenty (20) days of written notice from the Board which specifies such failure. For purposes of clauses (i), (ii) and (iv) of this definition, no act, or failure to act, on the Executive’s part
shall be deemed “willful” unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the Executive’s act, or failure to act, was in the best interest of the Company. The Executive shall
have the right to appear before the Board, with his counsel present 

  

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if he so elects, prior to any final determination by the Board to terminate his employment for Cause. The Executive may request a meeting with the Board by
submitting a written request to the Board within ten (10) days of receipt of the Cause Notice. Such meeting with the Board shall be fixed and shall occur on a date selected by the Board (such date being not less than five (5) nor more than
twenty (20) days after the Board receives the Executive’s written request). Such meeting shall take place at the executive offices of the Company and the Executive shall have the right to address the Board for such period of time as
established by the Board, but in no event less than thirty (30) minutes. For all purposes of this Agreement, if the Executive’s employment is terminated for Cause, the effective date of such termination shall be the date of delivery of the
Cause Notice. 
 (c) By the Executive for Good Reason upon thirty (30) days prior written notice to the Board. The
Executive may not terminate his employment for Good Reason by reason of any event or action unless such written notice is delivered within ninety (90) days of the Executive having actual knowledge of such event or action. “Good
Reason” shall mean the occurrence of any of the following, unless specifically approved by the Executive in writing prior to the event or action: (i) a materially adverse change in the Executive’s title, position, duties,
responsibilities or reporting relationships, (ii) a reduction in the Salary or failure to pay compensation or benefits, (iii) a change in location of the Company’s executive offices to a location which is more than fifty
(50) miles away from both the location of the Company’s current executive offices and the Executive’s residence, (iv) the assignment to the Executive of duties materially inconsistent with the Executive’s status as
Chief Executive Officer of the Company, (v) if the Company purports to terminate the Executive under Section 5(b) hereof, the Company’s failure to provide the Executive (A) thirty (30) days prior written notice of
its intention to terminate his employment for Cause in accordance with Section 5(b) hereof or (B) the opportunity to appear before the Board in accordance with Section 5(b) hereof, (vi) the Company notifies the Executive of
its intention not to extend the Employment Term pursuant to Section 1 hereof, (vii) at any time during the Employment Term, the Company does not nominate the Executive for re-election to the Board or fails to use its reasonable best
efforts to cause the Executive to be re-elected to the Board, in either case, in accordance with Section 2 hereof, and/or (viii) any other material breach of this Agreement by the Company. The Company shall be afforded twenty
(20) days following receipt of written notice from the Executive of his intention to terminate his employment for Good Reason in which to cure any of the foregoing actions or events. 
  

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 (d) By reason of the Disability of the Executive. The Executive shall be considered to be
disabled (i) after he has been unable fully to perform the substantial portion of his duties hereunder, with reasonable accommodation as required by law, by reason of physical or mental illness for 180 days during any 360 day period or
(ii) if in the written medical opinion of a medical doctor mutually acceptable to the Executive and the Company, the Executive has a condition that makes it reasonably likely that the Executive will be unable to perform the substantial portion
of his duties hereunder for a period of at least 180 days (either such circumstance shall hereafter be called a “Disability”). In the event that the Executive and the Company cannot agree upon a medical doctor to provide an opinion of the
kind contemplated in the immediately preceding sentence, each shall appoint a medical doctor of its or his choice and those two medical doctors shall then appoint a third medical doctor to make the determination. 
 (e) By reason of the death of the Executive (“Death”). 
 In the event of termination of the Employment Term, for whatever reason other than Death, (i) the Executive shall cooperate with the Company and be reasonably available to the Company with respect to
continuing and/or future matters arising out of the Executive’s employment or any other relationship with the Company (but not to unreasonably interfere with any employment or other business services or activities then being conducted by the
Executive), whether such matters are business-related, legal or otherwise and (ii) the Executive shall resign immediately from his membership on the Board and each Subsidiary Board. 
 6. Termination Payments. The following termination payments and benefits shall be provided to the Executive in lieu of any benefits provided in
the Company’s Executive Separation Pay Plan and such payments and benefits shall be paid or provided in accordance with the terms of the applicable Company plan, program or policy. Subject to Sections 9 and 14 hereof, the following payments
upon termination shall constitute the exclusive payments and benefits due the Executive upon termination of Executive’s employment, but shall have no effect on (i) any benefits which may be due the Executive under any plan, program
or policy of the Company which provides benefits after termination of employment, other than any severance pay or salary continuation plan, which shall be inapplicable (the “Accrued Benefits”), and/or (ii) the Executive’s
entitlement to reimbursements under Section 4.7 and 4.8 hereof. 
 6.1 Termination for Cause or other than Good Reason. Upon
termination of the Executive’s employment and the Employment Term by the Company 

  

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for Cause or by the Executive other than for Good Reason, the Company shall pay the Executive the Salary earned and unpaid as of the date of termination and
provide the Executive the Accrued Benefits. 
 6.2 Termination without Cause or for Good Reason. If the Executive’s employment
and the Employment Term are terminated by the Company without Cause (except by reason of the Executive’s Death or Disability) or by the Executive for Good Reason, the Company shall 
  

	 	(i)	pay the Executive the Salary earned and unpaid as of the date of termination and provide the Executive the Accrued Benefits, 

  

	 	(ii)	if at the Executive’s date of termination, the annual bonuses, if any, payable for services rendered in the Company’s last completed fiscal year have not yet been paid,
pay the Executive the annual bonus amount that would be payable to him for such prior fiscal year, on the same terms and conditions (including, without limitation, the satisfaction of any applicable performance objectives, but excluding any
requirement of continued employment) as would have applied had he continued in the Company’s employment until the date of payment; 

  

	 	(iii)	pay the Executive a bonus amount for the calendar year in which his termination of employment occurs equal to the annual bonus that would have been payable to him for such year had
his employment continued, but pro-rated to reflect Executive’s actual period of employment during such calendar year. The amount of such bonus shall be determined on the same terms and conditions (including, without limitation, the satisfaction
of any applicable performance objectives, but excluding any requirement of continued employment) as would have applied had he continued in the Company’s employment until the date of payment. Executive agrees and acknowledges that, in
determining the amount of such bonus, the Compensation Committee shall have all of the rights afforded to it pursuant to the applicable bonus plan (including the right to exercise negative discretion in determining such amount) and may treat
Executive less favorably than the Company’s other executive officers participating in such plan; 

  

	 	(iv)	pay the Executive an aggregate amount equal to two times his Salary at the date of termination; 

  

	 	(v)	pay the Executive in December of each of the first and second calendar years beginning after the date of his termination of employment, an amount equal to his target bonus amount in
effect for the year of termination, 

  

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	 	(vi)	during the Severance Period (as defined below), continue to provide the Executive coverage under those Company-sponsored welfare benefit plans (other than severance plans) in which
he participated immediately prior to such termination, but only to the extent such continued coverage can be provided pursuant to the terms and conditions of any such plan and without adverse tax consequences to the Executive, the Company or any
other participant in such plans and subject to the Executive’s continued payment of any premiums or other amounts for such benefits that he was paying for participation in any such plan immediately prior to such termination,

  

	 	(vii)	provide that any outstanding option to purchase Company Stock held by the Executive as of the date of termination and granted to him on or after the Commencement Date (including,
but not limited to, the Commencement Option) shall continue to vest in accordance with its regular vesting schedule through the expiration of the Severance Period and shall remain exercisable for one year following the expiration of the Severance
Period (or, if less, for the remaining term of such option), after which all such outstanding options shall expire and 

  

	 	(viii)	provide that any unvested restricted stock unit or performance share or performance unit award (including, but not limited to, the Commencement Units) outstanding at the date of
Executive’s termination and granted on or after the Commencement Date, shall vest as of the date of such termination, to the extent such awards would have become vested in accordance with their regular vesting schedule had the Executive’s
employment continued through the expiration of the Severance Period, and, in the case of any performance shares or performance units that are not Post January 1, 2009 Awards (as defined below), assuming that the applicable performance goal had
been achieved at target; provided, however, that, an unvested Post January 1, 2009 Award shall only vest in accordance with the foregoing provisions of this sentence if and when such award would otherwise have vested in accordance with the
performance goals applicable thereto. For purposes of clause (viii) of the preceding sentence, a “Post January 1, 2009 Award” shall mean an award intended to qualify as “performance-based compensation” within the
meaning of Section 162(m) of the Code with a performance period beginning after January 1, 2009. 

 For purposes of
this Section 6.2, the “Severance Period” shall mean the period commencing on the date of termination and ending on the day before the second 

  

 14 

 
anniversary of such termination date. Except as otherwise expressly provided in subclause (v) above, in the immediately following sentence with respect
to any award referenced in subclause (vii) or (viii) or in Section 6.5, all payments to be made or benefits provided under this Section 6.2 shall be made and benefits provided when such payments or other benefits would have been
made or provided if the Executive’s employment had not terminated (e.g., so that the Executive shall be paid the amounts payable in respect of Salary in equal installments on the first working day of each month following the date of the
Executive’s termination of employment and the annual bonus amount related to the year in which the Executive’s employment terminates shall be paid at the same time as annual bonuses are payable to other executives of the Company (and in no
event later than March 15 of the year following the year of the Executive’s termination)); provided, however, that any payment due under clause (iv) of the immediately preceding paragraph of this Section 6.2 during the six month
period following the date of termination shall be paid on the date which is six months and one day following the date of termination. With respect to any award referenced in subclause (vii) or (viii) of the preceding paragraph, the timing
of payment in respect of such awards shall be determined in accordance with the terms of the applicable award agreements. Each monthly payment to made under this Section 6.2 corresponding to the Executive’s Salary, each payment in respect
of the Executive’s annual bonus and each other payment or provision of taxable benefits pursuant to Section 6.2(iii) hereof (including, without limitation, SEELIP premium payments and any related income tax gross-ups) shall be treated as a
right to a series of separate payments in accordance with the provisions of Treas. Reg. §§1.409A-2(b)(2)(iii) and (iv). Notwithstanding anything else contained in this Section 6.2 or elsewhere in this Agreement to the contrary, the
term “termination of employment” or any similar phrase or terms shall be interpreted to mean a “separation from service with the employer” within the meaning of Treas. Reg. Section 1.409A-1(h)(1), where the
“employer” means the Company and all corporations and trades or businesses with which the Company would be considered a single employer under Section 414(b) or Section 414(c) of the Code (as determined in accordance with the
first sentence of Treasury Regulation Section 1.409A-1(h)(3)). 
 6.3 Termination upon Death or Disability. If the
Executive’s employment and the Employment Term are terminated by reason of the Executive’s Death or Disability, the Company shall (i) pay the Executive the Salary earned and unpaid as of the date of termination and provide the
Executive the Accrued Benefits and (ii) provide the Executive or his beneficiary, as applicable, the compensation and benefits made available generally to executive officers of the Company in the event of death or disability under the
terms and conditions of the Company’s applicable plans, policies, programs or arrangements applicable to executive officers. 
 6.4
Change of Control. Upon the occurrence of a Change of Control (as defined below), all outstanding stock options, and upon the occurrence of a “Change 

  

 15 

 
in Control Event” with respect to Executive within the meaning set forth in Treasury Reg. §1.409A-3(i)(5) on or after the date on which a Change of
Control (as defined below) occurs, all outstanding restricted stock unit and performance share or performance unit awards then held by the Executive that were granted on or after the Commencement Date (including, but not limited to, the Commencement
Options and the Commencement Units) that are not then vested shall immediately become vested and, in the case of performance share or performance units, assuming that the applicable performance objectives were achieved at the target level of
performance. The Executive’s rights and entitlements upon a Change of Control shall be governed exclusively pursuant to the terms of this Agreement (and any prior agreements concerning his rights under a Change of Control, or any similar event,
shall be of no further force and effect). Without limiting the generality of the foregoing, the Executive’s rights and entitlements with respect to any equity-based grants awarded prior to the Commencement Date shall be determined in accordance
with the terms of the plan under which such award was granted and, if applicable, the agreements between the Executive and the Company governing the terms and conditions of such award. In the event that, within two years following a Change of
Control that also is a “Change in Control Event” with respect to the Executive within the meaning set forth in Treasury Reg. §1.409A-3(i)(5), the Executive is terminated by the Company (or its successor) without Cause, or terminates
his employment for Good Reason, the Executive shall receive the severance benefits and other termination benefits described in Section 6.2, but modified or supplemented as follows: 
  

	 	(i)	the amounts payable in lieu of Salary and annual bonus under subclause (iv) and (v) of Section 6.2 shall be paid in a single lump sum payment on the first day of the
seventh month following the Executive’s termination; 

  

	 	(ii)	the amount payable in respect of annual bonus under such subclause (v) of Section 6.2 shall be equal to the greater of (A) the annual bonus that would have
been payable to him for the year of termination at the target level of performance, and (B) the average of the last three bonuses paid to the Executive by the Company (such greater amount hereafter called the “Applicable Bonus
Amount”), and shall be paid on the first day of the seventh month following the Executive’s termination; and 

  

	 	(iii)	the Executive shall also be paid an amount equal to the product of (A) the Applicable Bonus Amount, and (B) a fraction, the numerator of which is the number
of days during such year elapsed prior to and including the Executive’s date of termination and the denominator of which is 365, such payment to be made to the Executive within 10 days following the Executive’s termination.

  

 16 

 For the avoidance of doubt, no severance benefits shall be payable to the Executive under this Section 6.4 to the
extent that, following a Change of Control, his employment is terminated by reason of his death or his Disability. 
 For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred if any event set forth in any one of the following paragraphs shall have occurred: (i)”any person” (as
defined herein) is or becomes the beneficial owner (within the meaning of Rule 13d-3 as promulgated under the Securities Exchange Act of 1934, as amended (a “Beneficial Owner”), directly or indirectly, of securities of the Company (not
including in the securities beneficially owned by such person any securities acquired directly from the Company or its affiliates) representing 25% or more of the combined voting power of the Company’s then outstanding securities, but excluding
any person who becomes such a Beneficial Owner in connection with a transaction described in clause (a) of paragraph (iii) below; (ii) the following individuals cease for any reason to constitute a majority of the number of
directors then serving: individuals who, on the Commencement Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not
limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least
two-thirds ( 2/3) of the directors then still in office who either were directors on the date hereof or whose appointment,
election or nomination for election was previously so approved or recommended; or (iii) there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other
than (a) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, at least
60% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (b) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially Owned by such person any securities
acquired directly from the Company or its affiliates) representing 25% or more of the combined voting power of the Company’s then outstanding securities; or (iv) the shareholders of the Company approve a plan of complete liquidation
or dissolution of the Company or (v) there is consummated an 

  

 17 

 
agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the
Company of all or substantially all of the Company’s assets to an entity, at least 60% of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions as their
ownership of the Company immediately prior to such sale. For purposes hereof, “person” shall have the meaning given in Section 3(a)(9) of the Securities Exchange Act of 1934, as modified amended from time to time and used in Sections
13(d) and 14(d) thereof, except that such term shall not include (i) any member of the Barnes family (by blood or marriage) or any entity for the benefit of, or controlled by, a member of the Barnes family (by blood or marriage), (ii) the
Company or any of its subsidiaries, (iii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, (iv) an underwriter temporarily holding securities pursuant to an offering of
such securities, or (v) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company. Notwithstanding the foregoing, no payment or other
distribution shall be made upon a Change in Control with respect to any payment or benefit provided hereunder which constitutes “deferred compensation” for purposes of Section 409A of the Code and which is not otherwise grandfathered
or exempt from the imposition of penalty tax thereunder, unless the event that constitutes a Change in Control also is a “Change in Control Event” with respect to Executive within the meaning set forth in Treasury Reg.
§1.409A-3(i)(5). 
 6.5 Compliance with Section 409A. Notwithstanding anything contained in this Agreement, any payment to
be made to the Executive in accordance with this Section 6 may be delayed or deferred by the Company in order to comply with all applicable laws, regulations and rules (including, without limitation, rules of any stock exchange on which the
Company’s shares are listed), so long as such action would not subject such payment to an additional tax pursuant to the provisions of Section 409A of the Code and such delay or deferral is administered in accordance with Treas. Reg.
§ 1.409A-2(b)(7)(ii). Without limiting the generality of the foregoing sentence, any payments due under this Section 6 within six months following the date of the Executive’s termination of employment that are treated as deferred
compensation subject to Section 409A of the Code or any successor or similar tax law or regulation, shall, if and solely to the extent necessary to cause the Executive not to be subject to the additional tax thereunder, be made six months and
one day following such termination (or, if earlier, within ten (10) business days following the date of the Executive’s death). If (i) any payment or provision of taxable benefits pursuant to Section 6.2(vi) hereof is delayed for
six months following Executive’s separation from service in order to avoid the penalty tax under Section 409A of the Code as provided in the immediately preceding sentence and (ii) the Executive pays to an insurance carrier or, if
applicable, to the Company, the applicable premiums that the Company would otherwise have paid during that six month period, Executive shall be reimbursed by the Company for any such 

  

 18 

 
premium payments that he has made during such six-month period, such reimbursement to be made on the date which is six months and one day following the
Executive’s separation from service with the Company. The amount of premiums eligible for reimbursement during a taxable year of the Executive may not affect the premiums eligible for reimbursement in any other taxable year. Any amount or
benefit deferred shall bear interest for the period of the deferral at the applicable federal rate determined in accordance with Section 1274 of the Code, and such interest shall be paid with and as part of the deferred payment on the six month
and one day anniversary of the date of the Executive’s termination of employment. For the avoidance of doubt, this Section 6.5 shall not apply to any amounts which were earned and vested as of December 31, 2004 and not treated as
subject to Section 409A of the Code by reason of the grandfathering provisions thereof and Treas. Reg. §1-409A-6 promulgated thereunder. Nothing in this Section 6.5 or in any other provision of this Agreement is intended to amend,
revoke or limit in any way (a) the written consents the Executive gave in 2006, 2007 and 2008 to certain Code Section 409A-related amendments of his “Non-Grandfathered Compensation Arrangements” as defined in the award agreements
issued to the Executive in those years under the Company’s Stock and Incentive Award Plan, or (b) the Executive’s agreement to the provisions of such award agreements relating to the use of an alternative method for identifying the
“specified employees” who are subject to the six month delay required by Section 409A(a)(2)(B)(i) of the Code and to the use of a December 31 “specified employee identification date” and January 1 “specified
employee effective date” for identifying the “specified employees” who are subject to that six month delay. Any payments that may be made and benefits that may be provided pursuant to this Agreement are intended to qualify for an
exclusion from Section 409A of the Code (including without limitation the exclusion for certain welfare benefits under Treasury Regulation section 1.409A-1(a)(5), the exclusion for short-term deferrals under Treasury Regulation section
1.409A-1(b)(4), and the exclusions for separation pay plans under Treasury Regulation section 1.409A-1(b)(9)), and/or are intended to meet the requirements of Section 409A(a)(2), (3) and (4) of the Code, so that none of the payments
that may be made and benefits that may be provided pursuant to this Agreement will be includible in the Executive’s federal gross income pursuant to Section 409A(a)(1)(A) of the Code. This Agreement shall be administered, interpreted and
construed to carry out such intentions, and any provision of this Agreement that cannot be so administered, interpreted and construed shall to that extent be disregarded. However, any provision of this Agreement to the contrary notwithstanding, the
Company does not represent, warrant or guarantee that the payments and benefits that may be paid or provided pursuant to this Agreement will not be includible in the Executive’s federal gross income pursuant to Section 409A(a)(1)(A) of the
Code, nor does the Company make any other representation, warranty or guaranty to the Executive as to the tax consequences of this Agreement. 
  

 19 

 6.6 No Mitigation or Offset. Upon termination of the Executive’s employment hereunder, he
shall have no mitigation obligation hereunder; it being expressly agreed that if the Executive receives any income, payment or other benefit from a third party after any such termination, such income, payment or benefit shall not be set off against
any payments or benefits to be made or provided to the Executive by the Company pursuant to this Section 6. 
 6.7 No Impact on Prior
Grants. Nothing in this Section 6 shall be construed to accelerate the vesting of, extend the term of or otherwise modify any option or other equity-based or long-term incentive award granted to the Executive prior to the Commencement Date.
The terms and conditions of any such awards shall be governed by the terms of the agreements pertaining thereto and the underlying plan documents. 
 7. Excise Tax Limitation. 
 (a) Notwithstanding anything contained in this Agreement to the contrary, to the
extent that any payment or distribution of any type to or for the benefit of the Executive by the Company, any affiliate of the Company, any person who acquires ownership or effective control of the Company or ownership of a substantial portion of
the Company’s assets (within the meaning of Section 280G of the Code, and the regulations thereunder), or any affiliate of such person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise (the “Total Payments”) is or will be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then the Total Payments shall be reduced (but not below zero) if and to the extent that a
reduction in the Total Payments would result in the Executive retaining a larger amount, on an after-tax basis (taking into account Executive’s applicable federal, state and local income taxes and the Excise Tax), than if the Executive received
the entire amount of such Total Payments. The Company shall reduce or eliminate the Total Payments by first reducing or eliminating compensation or benefits that are treated as being entirely subject to the Excise Tax, starting with the portion
thereof which is to be paid the farthest in time from the Determination (as hereinafter defined) and otherwise prioritizing the reduction or elimination of compensation or benefits based upon which elements of such compensation or benefits confer
the least after-tax benefit on the Executive or his dependents (as applicable), taking into account the provisions of Treas. Reg. §1.280G-1. The Company shall make such determination after consultation with the Executive (or his financial and
tax advisors if he so elects); provided, however, that the Company’s determination shall be final and binding. 
  

 20 

 (b) The determination of whether the Total Payments shall be reduced as provided in
Section 7(a) and the amount of such reduction shall be made at the Company’s expense by an accounting firm selected by the Company from among the four (4) largest accounting firms in the United States (the “Accounting
Firm”). The Accounting Firm shall provide its determination (the “Determination”), together with detailed supporting calculations and documentation, to the Company and the Executive within ten (10) days of the Termination Date.
Absent manifest error, such Determination shall be binding, final and conclusive upon the Company and the Executive. 
 8. Executive
Covenants. 
 (a) Unauthorized Disclosure. The Executive agrees and understands that in the Executive’s
position with the Company, the Executive has been and will be exposed to and receive information relating to the business affairs of the Company, including but not limited to technical information, business and marketing plans, strategies, customer
information, other information concerning the Company’s products, promotions, development, financing, expansion plans, business policies and practices, and other forms of information considered by the Company to be confidential and in the
nature of trade secrets. The Executive agrees that during the Employment Term and thereafter, the Executive shall keep such information confidential and not disclose such information, either directly or indirectly, to any third person or entity
without the prior written consent of the Company (unless such information is otherwise in the public domain through no fault of the Executive); provided, however, that nothing in this Section 8(a) shall prevent the Executive, with
or without the Company’s consent, from (i) providing truthful testimony or otherwise cooperating in good faith with any investigation related to the business activities and practices of the Company and its officers and agents being
conducted by a duly authorized agency of the federal or any state or local government or any duly appointed agent of the Board or any committee thereof or (ii) disclosing documents or information (A) in the performance of his
duties hereunder to persons having commercial relationships or dealings with the Company, so long as such disclosure is made by the Executive (or at his direction) in the good faith belief that it is in the best interests of the Company and such
disclosure is not contrary to any direction of the Board or any committee thereof or internal or external legal counsel to the Company and (B) in connection with any judicial or administrative investigation, inquiry or proceeding, provided that
the Executive is compelled to do so by court order or subpoena and notifies the Company as soon as practicable after the receipt of such court order or subpoena (it being understood and agreed that no such order or subpoena shall be required in
connection with an inquiry or proceeding that is described in subclause (i) above). This confidentiality covenant 

  

 21 

 
has no temporal, geographical or territorial restriction. Upon termination of the Employment Term, the Executive shall promptly supply to the Company all
property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data or any other tangible product or document in the actual or constructive possession
of the Executive at the end of the Employment Term. 
 (b) Non-competition. By and in consideration of the
Company’s entering into this Agreement and the Salary, other compensation and benefits to be provided by the Company hereunder (including, but not limited to, the Commencement Option and the Commencement Units), and further in consideration of
the Executive’s exposure to the proprietary information of the Company, the Executive agrees that the Executive shall not, during the Employment Term and for a period of two (2) years thereafter (the “Restriction Period”),
directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any manner, including but not limited to, holding the position of shareholder,
director, officer, consultant, independent contractor, employee, partner, or investor, with any Competing Enterprise. For purposes of this paragraph, the term “Competing Enterprise” shall mean any person, corporation, partnership or other
entity engaged in a business which is in direct competition with any material or significant business of the Company or any of its affiliates at the relevant time (or, during the Restriction Period, at the date of termination of employment);
provided that, the direct or indirect parent of any entity that is in direct competition with the Company shall be considered to be in direct competition with the Company, but that nothing herein shall preclude the Executive from providing
services to an entity affiliated with, but not directly or indirectly controlling or controlled by an entity that is in direct competition with the Company so long as the Executive does not, directly or indirectly, provide any services, advice or
other assistance to such competing entity. For the avoidance of doubt, the Company and the Executive agree that as of the Commencement Date, the material or significant businesses of the Company are: 
  

	 	(1)	Barnes Distribution, an international, full-service distributor of C class maintenance, repair, operating and production supplies; 

  

	 	(2)	Associated Spring, an international manufacturer of precision mechanical and nitrogen gas products, fine blanking products and a global supplier of retaining rings, reed valves,
shock discs and injection-molded plastic components and assemblies; and 

  

 22 

	 	(3)	Barnes Aerospace, an international manufacturer and repairer of highly engineered original equipment structural aircraft engine and industrial gas turbines components.

 Following termination of the Employment Term, upon request, the Executive shall notify the Company of the Executive’s
then current employment status. Notwithstanding the foregoing, this Section 8(b) shall not preclude the Executive from owning, solely as a passive investor, up to 2% of any class of equity securities of any Competing Entity which is publicly
traded on an established securities market. 
 (c) Non-solicitation of Customers. The Executive agrees that during the
Restriction Period, he shall not intentionally or knowingly, directly or indirectly, (i) interfere with the Company’s or any of its affiliates’ relationship with, or endeavor to entice away from the Company or any of its
affiliates, any individual, person, firm, corporation or other business entity who at any time during the Employment Term was a customer of the Company or any of its affiliates or otherwise had a material business relationship with the Company or
any of its affiliates, or (ii) discourage, or attempt to discourage, any individual, person, firm, corporation or business entity from doing business with the Company or any of its affiliates. 
 (d) Non-solicitation of Employees. The Executive agrees that during the period commencing on the date his employment terminates for
whatever reason other than Death, and ending on the third anniversary thereof, he shall not intentionally or knowingly, directly or indirectly, (i) interfere with the Company’s or any of its affiliates’ relationships with, or
endeavor to entice away from the Company or any of its affiliates, (ii) solicit for employment, or (iii) hire any person who is an employee (or, within the immediately preceding 90 days, was an employee) of the Company
or any of its affiliates and who was an employee of the Company or any of its affiliates at the date of the Executive’s termination of employment (or during the 90-day period immediately prior thereto). 
 (e) Non-disparagement. The Executive agrees that the Executive shall not disparage the Company or its affiliates, or its or their
current or former officers, directors, and key employees in any way; further, the Executive shall not make or solicit any comments, statements, or the like to the media or to others that would be considered derogatory or detrimental to the good name
or business reputation of any of the aforementioned entities or individuals; provided, that this Section 8(e) shall not prohibit statements which the Executive 

  

 23 

 
is required to make under oath or which are otherwise required by law, provided that such statements are truthful and made in a professional manner. The
Company agrees that neither it, nor any of its authorized representatives, shall disparage the Executive in any way, and that neither the Company nor any of its authorized representatives shall make or solicit any comments, statements, or the like
to the media or to others that would be considered derogatory or detrimental to the good name or business reputation of the Executive; provided, that this Section 8(e) does not prohibit statements which (i) the Company or any of its
officers, directors, employees, affiliates or advisors are required to make under oath or are otherwise required by law, (ii) are required to comply with the rules of the New York Stock Exchange or any other similar exchange or automated
trading system on which any of the Company’s securities are listed, or (iii) are, in the opinion of counsel for the Company, necessary to comply with the Company’s disclosure obligations to its stockholders, provided that in any case
such statements are truthful and made in a professional manner; and, provided further, that the limitations applicable to the Company under this Section 8(e) shall not apply in the event the Executive has been terminated for Cause or
circumstances existed such that the Company could have terminated the Executive for Cause 
 (f) Remedies. The
Executive agrees that (i) any breach of the terms of this Section 8 would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law; (ii) in the event of said breach or any
threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Executive and/or any and all persons and/or entities acting for and/ or
with the Executive, without having to prove damages, and to all costs and expenses, including reasonable attorneys’ fees and costs, in addition to any other remedies to which the Company may be entitled at law or in equity and
(iii) notwithstanding any other terms in this Agreement or applicable stock plans, in the event of said breach, all (A) vested and unvested stock options, and (B) restricted shares or restricted stock units which have not yet been
earned, in each case were granted to the Executive after the Commencement Date, shall immediately expire and shall no longer be exercisable after such breach. The terms of this paragraph shall not prevent the Company from pursuing any other
available remedies for any breach or threatened breach hereof, including but not limited to the recovery of damages from the Executive. The Executive and the Company further agree that the provisions of this Section 8 are reasonable and the
Company would not have entered into this Agreement but for their inclusion herein. Should a court or arbitrator determine that any provision of the covenant not to compete is unreasonable, either in period of time, geographical area, or otherwise,
the parties hereto agree that the covenant should be interpreted and enforced to the maximum extent which such court or arbitrator deems reasonable. 
  

 24 

 (g) Survival; Breach Not a Defense. The provisions of this Section 8 shall
survive any termination of the Employment Term, and the existence of any claim or cause of action by the Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the
Company of the covenants and agreements of this Section 8. 
 9. Indemnification and Insurance. During the Employment Term and at
all times thereafter, the Company shall cause the Executive to be covered and named as an insured under any policy or contract of insurance obtained by it to insure its officers and directors against personal liability for acts or omissions in
connection with service as an officer or director of the Company or service in other capacities at the request of the Company. The coverage provided to the Executive pursuant to this Section 9 shall be of the same scope and on the same terms
and conditions as the coverage provided to other officers or directors of the Company. The Executive shall be entitled to indemnification for liabilities and expenses to the fullest extent permitted under Delaware law to the extent consistent with
the Company’s Articles of Incorporation and By-Laws. 
 10. Non-Waiver of Rights. The failure to enforce at any time the
provisions of this Agreement or to require at any time performance by the other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part
hereof, or the right of either party to enforce each and every provision in accordance with its terms. 
 11. Notices. All notices
required or permitted under this Agreement shall be in writing and shall be deemed effective upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party at
the address shown below, or at such other address or addresses as either party shall designate to the other in accordance with this Section 11. 
  

 25 

 If to the Company: 
 Barnes Group, Inc. 
 123 Main Street 
 Bristol, Connecticut 
 ATTN: Senior Vice
President, General Counsel and Secretary 
 If to the Employee: 
 Gregory F. Milzcik 
 4 Atwater Terrace

 Farmington, CT 06032 
 12.
Binding Effect/Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, estates, successors (including, without limitation, by way of
merger) and permitted assigns. Notwithstanding the provisions of the immediately preceding sentence, the Executive shall not assign all or any portion of this Agreement without the prior written consent of the Company. 
 13. Agreement to Arbitrate; Injunctive Relief. THE PARTIES HERETO AGREE THAT ANY CLAIM, DEMAND, DISPUTE, ACTION OR CAUSE OF ACTION ARISING UNDER
OR RELATING TO THIS AGREEMENT, WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE (COLLECTIVELY, THE “PARTIES’ DISPUTES”), SHALL BE DECIDED BY A SINGLE ARBITRATOR PURSUANT TO AN ARBITRATION UNDER THE NATIONAL RULES FOR THE
RESOLUTION OF EMPLOYMENT DISPUTES OF THE AMERICAN ARBITRATION ASSOCIATION (“AAA RULES”) AS MODIFIED HEREBY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT INCLUDING THIS SECTION
WITH THE AMERICAN ARBITRATION ASSOCIATION (THE “AAA”) AS WRITTEN EVIDENCE OF THE AGREEMENT OF THE PARTIES TO SO ARBITRATE. THE PARTIES HERETO ACKNOWLEDGE THAT THEY HAVE HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS
SECTION, THAT THEY FULLY UNDERSTAND ITS TERMS, CONTENT AND EFFECT, AND THAT THEY VOLUNTARILY AND KNOWINGLY AGREE TO THE TERMS OF THIS SECTION AND AGREE TO ARBITRATE ALL PARTIES’ DISPUTES. Any arbitration pursuant to this Agreement shall take
place in Hartford, Connecticut (or in such other location as the parties shall mutually agree in writing) before a single arbitrator having no less than ten years experience in employment matters 

  

 26 

 
appointed in accordance with the AAA Rules or, if the parties to the arbitration agree, a single retired judge. Notice of any demand for arbitration shall be
provided in writing to the other party pursuant to Section 11 hereof and to the AAA (the “Arbitration Notice”). For the purposes of this Agreement, an arbitration shall be deemed to have been commenced at such time as the
Arbitration Notice has been delivered to all the other parties pursuant to the provisions of Section 11. The parties shall be entitled to discovery in conjunction with such arbitration (with the scope of discovery to be co-extensive with
discovery rights applicable to an equivalent civil action in state court). Any award rendered by the arbitrators (or, if applicable, retired judge) shall be final and binding and may be enforced in the courts of the state in which the arbitration
takes place. Each party shall pay half of the fees and expenses of the arbitrator. 
 14. Withholding. All payments and benefits
hereunder shall be reduced, as necessary, by the amount of all applicable income, employment, excise or other taxes required to be withheld by the Company pursuant to federal, state or local law. 
 15. Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and plans, written or oral between them as to such subject matter, including, but not limited to, the Company’s Executive Severance Pay Plan and the Severance Agreement (except to the extent otherwise expressly
provided in Section 6.4 hereof). 
 16. Severability. If any provision of this Agreement, or any application thereof to any
circumstances, is invalid, in whole or in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications of this Agreement. 
 17. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Connecticut, without
reference to the principles of conflict of laws. 
 18. Modifications and Waivers. No provision of this Agreement may be modified,
altered or amended except by an instrument in writing executed by the parties hereto. No waiver by either party hereto of any breach by the other party hereto of any provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions at the time or at any prior or subsequent time. 
  

 27 

 19. Headings. The headings contained herein are solely for the purposes of reference, are not part
of this Agreement and shall not in any way affect the meaning or interpretation of this Agreement. 
 20. Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
 21. Executive Representation. The Executive represents and warrants to the Company that he is not subject to any agreement, written or oral, any law, regulation or similar enactment, or any decree, order or
similar action by any tribunal or government authority, which could, in any way, restrict his ability to negotiate, enter into or fully perform his obligations hereunder. 
  

 28 

 IN WITNESS WHEREOF, the Company has caused this amended and restated Agreement to be executed by
authority of its Board of Directors, and the Executive has hereunto set his hand, as of December 31, 2008. 
  

			
	BARNES GROUP INC.
		
	By:	 	 /s/ Gary G. Benanav

	Name:	 	Gary G. Benanav
	Title:	 	Chairman, Compensation and Management Development Committee of the Board of Directors
	
	EXECUTIVE
		
	By:	 	 /s/ Gregory F. Milzcik

		 	Gregory F. Milzcik

  

 29Eleventh Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 ELEVENTH AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 This Eleventh Amendment to Amended and Restated Credit Agreement (this “Amendment”) dated as of December 15, 2008 (the
“Effective Date”), is by and among PENN VIRGINIA CORPORATION, a Virginia corporation (the “Borrower”), the Lenders (as defined in the Credit Agreement referred to below) party hereto, and JPMORGAN CHASE BANK, N.A.
(successor by merger to Bank One, N.A. (Main Office Chicago)) (the “Administrative Agent”). 
 R E C I T A L S: 

WHEREAS, the Borrower, each Lender then a party thereto, the Administrative Agent, the other agents party thereto, and the LC Issuer have heretofore
entered into that certain Amended and Restated Credit Agreement dated as of December 4, 2003, as amended by that certain Consent and First Amendment to Amended and Restated Credit Agreement dated as of December 29, 2004, and as
amended by that certain Second Amendment to Amended and Restated Credit Agreement dated as of December 15, 2005, and as amended by that certain Third Amendment to Amended and Restated Credit Agreement dated as of April 14, 2006,
and as amended by that certain Fourth Amendment to Amended and Restated Credit Agreement dated as of August 25, 2006, and as amended by that certain Fifth Amendment to Amended and Restated Credit Agreement dated as of
November 1, 2006, and as amended by that certain Sixth Amendment to Amended and Restated Credit Agreement dated as of April 13, 2007, and as amended by that certain Seventh Amendment to Amended and Restated Credit Agreement dated
as of June 12, 2007, and as amended by that certain Waiver and Eighth Amendment to Amended and Restated Credit Agreement dated as of August 1, 2007, and as amended by that certain Waiver and Ninth Amendment to Amended and
Restated Credit Agreement dated as of October 5, 2007, and as amended by that certain Waiver and Tenth Amendment dated as of November 26, 2007, and as otherwise amended, supplemented or modified from time to time prior to the
Effective Date (the “Credit Agreement”), pursuant to which the Lenders have agreed to make revolving credit loans to, and participate in letters of credit issued for, the benefit of the Borrower under the terms and provisions stated
therein; and 
 WHEREAS, in anticipation of a potential sale, transfer and conveyance by the Borrower or its Restricted Subsidiaries of all
or a portion of its or their right, title and interest in and to certain Oil and Gas Properties described in Exhibit A attached hereto (such Oil and Gas Properties, the “Mingo Properties”; and such sale, transfer and conveyance of
the Mingo Properties, the “Mingo Disposition”), the Borrower has omitted the Mingo Properties from its Reserve Report in connection with the regularly scheduled Fall 2008 redetermination of the Borrowing Base; 
 WHEREAS, the Borrower, the Administrative Agent and each Lender have determined that, in connection with the regularly scheduled Fall 2008
redetermination of the Borrowing Base, the Borrowing Base should be reaffirmed at $479,000,000 (which, for the avoidance of doubt, is based on an evaluation of a Reserve Report that excludes the Mingo Properties); and 

 WHEREAS, the Borrower has requested that the Lenders make certain other modifications to the Credit
Agreement as more particularly set forth below; and 
 WHEREAS, subject to the terms and conditions of this Amendment and the Credit
Agreement, each of the Lenders party hereto, the Administrative Agent and the LC Issuer have entered into this Amendment in order to effectuate the amendments and modifications to the Credit Agreement set forth herein; 
 NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Definitions. Capitalized terms used in this Amendment, to
the extent not otherwise defined herein, shall have the same meaning as in the Credit Agreement. 
 Section 2. Amendments to Credit
Agreement. The Credit Agreement is hereby amended as follows: 
 (a) Each of the following definitions is hereby inserted
in its alphabetically appropriate place in Section 1.1 of the Credit Agreement: 
 “ “Defaulting
Lender” means any Lender that has, as determined by the Administrative Agent, (a) failed to fund any portion of its Loans or participations in Facility LCs within three Business Days of the date required to be funded by it hereunder,
(b) notified the Borrower, the Administrative Agent, the LC Issuer or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not
intend to comply with its funding obligations under this Agreement or under any other agreement in which it commits to extend credit, (c) failed, within three Business Days after request by the Administrative Agent, to confirm that it will
comply with the terms of this Agreement relating to its obligations to fund prospective Loans and participations in then outstanding Facility LCs, (d) otherwise failed to pay over to the Administrative Agent or any other Lender any other amount
required to be paid by it hereunder within three Business Days of the date when due, unless the subject of a good faith dispute, or (e) (i) become or is insolvent or has a parent company that has become or is insolvent or (ii) become
the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such
proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or
indicating its consent to, approval of or acquiescence in any such proceeding or appointment.”; 
  

 Page 2 

 “ “Reference Eurodollar Rate” means, as of any day, a rate of
interest per annum equal to the quotient of (a) the Eurodollar Base Rate for a one-month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day), divided by (b) one minus the Reserve
Requirement (expressed as a decimal) applicable to such Interest Period; provided that for the avoidance of doubt, the Reference Eurodollar Rate for any day shall be based on the rate appearing on the Reuters BBA Libor Rates Page 3750 (or on any
successor substitute page of such page) at approximately 11:00 a.m. London time on such day.”; and 
 “
“Secured Obligations” means, collectively, all Obligations and all liabilities and obligations of the Borrower or any of its Restricted Subsidiaries arising under any Lender Party Rate Management Transaction now or hereafter
existing between or among the Borrower or any Restricted Subsidiary and any Lender or any Affiliate of any Lender, as applicable.”. 
 (b) The definition of “Alternate Base Rate” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “ “Alternate Base Rate” means, for any day, a rate of
interest per annum equal to the highest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate in effect on such day plus  1/2% and (iii) the Reference Eurodollar Rate plus 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Reference Eurodollar
Rate, as applicable, shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Reference Eurodollar Rate, respectively.”. 
 (c) The definitions of “Collateral Documents” and “Guarantor” in Section 1.1 of the Credit Agreement are hereby
amended by inserting “Secured” immediately preceding each instance of “Obligation” or “Obligations” therein. 
 (d) The definition of “Eurodollar Base Rate” in Section 1.1 of the Credit Agreement is hereby amended by deleting “the applicable British Bankers’ Association LIBOR rate for deposits in U.S.
Dollars as reported by any generally recognized financial information service” and inserting in its place “the rate appearing on the Reuters BBA Libor Rates Page 3750 (or on any successor substitute page of such page)”. 
 (e) The definition of “Loan Documents” in Section 1.1 of the Credit Agreement is hereby amended by deleting “any
documents evidencing a Lender Party Rate Management Transaction,” and inserting immediately preceding the period “provided that “Loan Documents” shall not include any agreements or documents evidencing a Lender Party Rate
Management Transaction”. 
  

 Page 3 

 (f) Section 2.19 of the Credit Agreement is hereby amended by inserting the
following Section 2.19.13: 
 “Section 2.19.13 Defaulting Lenders. Notwithstanding any provision of this Agreement to the
contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (i) if any LC Obligations exist at the time a Lender is a Defaulting Lender, the Borrower shall within one Business Day following notice by the Administrative Agent cash collateralize such Defaulting Lender’s LC
Obligations in accordance with the procedures set forth in Section 2.19.11 for so long as such LC Obligations are outstanding; and 
 (ii) the LC Issuer shall not be required to issue or Modify any Letter of Credit unless it is satisfied that cash collateral will be provided by the Borrower in accordance with Section 2.19.11.”.

 (g) Article 2 of the Credit Agreement is hereby amended by inserting the following new Section 2.22: 
 “Section 2.22 Replacement of Lenders. If any Lender requested compensation under Section 3.1 or 3.2 or if
the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.5, or if any Lender becomes a Defaulting Lender, then the Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Article XII), all of its
interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that (i) the Borrower shall have received the
prior written consent of the Administrative Agent (and if a Commitment is being assigned, the LC Issuer), which consent shall not be unreasonably withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participation in Reimbursement Obligations, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 3.1 or 3.2, or payments required to be made pursuant to
Section 3.5, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.”. 
  

 Page 4 

 (h) Each of Section 5.21, Section 5.28, Section 6.1.9, clause (vi) of
Section 6.2.2, clause (i) of Section 6.2.3, Section 8.3 and the preliminary clause and clauses (a) and (d) of Section 8.4 of the Credit Agreement are hereby amended by inserting the word “Secured”
immediately preceding each instance of “Obligation” or “Obligations” therein. 
 (i) Subclause (x) of
Section 6.2.2 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “(x)
[Intentionally Omitted]; and”. 
 (j) The Credit Agreement is hereby amended by deleting the existing Pricing Schedule
attached to the Credit Agreement and inserting in its place as the new Pricing Schedule to the Credit Agreement the text contained in Annex 1 attached to this Amendment. 
 Section 3. Reaffirmation of the Borrowing Base. 
 (a) The Borrowing Base shall be
reaffirmed at $479,000,000 from and after the Effective Date until the Borrowing Base shall be otherwise redetermined in accordance with the Credit Agreement (as amended hereby); and for the avoidance of doubt, the Lenders, the Administrative Agent
and the Borrower acknowledge and agree that the reaffirmed Borrowing Base has been determined based upon a Reserve Report that excludes the Mingo Properties. 
 (b) Both the Borrower, on the one hand, and the Administrative Agent and the Lenders, on the other hand, agree that the redetermination of
the Borrowing Base pursuant to clause (a) of this Section 3 constitutes the regularly scheduled Borrowing Base redetermination for Fall 2008 (and shall not constitute a special redetermination of the Borrowing Base pursuant to
Section 2.21(v) of the Credit Agreement (as amended hereby)). 
 Section 4. Conditions Precedent. The effectiveness of this
Amendment is subject to the satisfaction of each of the following conditions precedent: 
 (a) Executed Amendment. The
Administrative Agent shall have received a counterpart of this Amendment duly executed by the Borrower, the Administrative Agent, the LC Issuer and Lenders constituting at least the Required Lenders. 
 (b) Other Conditions. The Borrower shall have confirmed and acknowledged to the Administrative Agent, the LC Issuer and the
Lenders, and by its execution and delivery of this Amendment the Borrower does hereby confirm and acknowledge to the Administrative Agent and the Lenders, that (i) the execution, delivery and performance of this Amendment has been duly
authorized by all requisite corporate action on the part of the Borrower; (ii) the Credit Agreement and each other Loan Document to which it is a party constitute valid and legally binding agreements enforceable against the Borrower in
accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws relating to or affecting the enforcement of creditors’ rights
generally and by general 

  

 Page 5 

 
principles of equity; (iii) the representations and warranties made by the Borrower or any other Loan Party contained in the Credit Agreement and in the
other Loan Documents are true and correct in all material respects on and as of the date hereof as though made as of the date hereof or, to the extent any such representation or warranty is stated to relate solely to an earlier date, such
representation or warranty shall have been true and correct on and as of such earlier date; and (iv) no Default or Unmatured Default exists under the Credit Agreement or any of the other Loan Documents. 
 Section 5. Additional Condition to Mingo Disposition. If, after giving pro forma effect to the Mingo Disposition, the Borrower and its
Restricted Subsidiaries would no longer be in compliance with Section 6.1.9(i) of the Credit Agreement, then the Borrower agrees that it shall, or shall cause one or more of its Restricted Subsidiaries to, execute and deliver, as a condition to
the delivery by the Administrative Agent of releases of any Collateral Documents covering the Mingo Properties, Mortgages in form and substance satisfactory to the Administrative Agent covering additional Oil and Gas Properties having sufficient
value such that the Borrower and its Restricted Subsidiaries shall remain in compliance with Section 6.1.9(i) of the Credit Agreement after consummation of the Mingo Disposition (the “Replacement Properties”). 
 Section 6. Ratification of Credit Agreement. Except as expressly amended, modified or waived by this Amendment, the terms and provisions of
the Credit Agreement and the other Loan Documents are ratified and confirmed in all respects and shall continue in full force and effect. 
 Section 7. Expenses. The Borrower agrees to pay on demand all expenses set forth in Section 9.6 of the Credit Agreement. 
 Section 8. Miscellaneous. (a) On and after the effectiveness of this Amendment, each reference in each Loan Document to “this Agreement”, “this Note”, “this Mortgage”, “this
Guaranty”, “this Pledge Agreement”, “hereunder”, “hereof” or words of like import, referring to such Loan Document, and each reference in each other Loan Document to “the Credit Agreement”, “the
Notes”, “the Mortgages”, “the Guaranty”, “the Pledge Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, the Notes, the Mortgage, the Guaranty, the
Pledge Agreement or any of them, shall mean and be a reference to such Loan Document, the Credit Agreement, the Notes, the Mortgage, the Guaranty, the Pledge Agreement or any of them, as amended or otherwise modified by this Amendment; (b) the
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any default of the Borrower or any right, power or remedy of the Administrative Agent or the Lenders under any of the Loan Documents, nor constitute a waiver of
any provision of any of the Loan Documents; (c) this Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement; and (d) delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this
Amendment. 
  

 Page 6 

 Section 9. Severability. Any provisions of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provisions so held to be invalid or unenforceable. 
 Section 10. Applicable Law; Entire Agreement. THIS AMENDMENT AND EACH OTHER LOAN DOCUMENT DELIVERED PURSUANT HERETO (OTHER THAN THOSE
CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS (WITHOUT REGARD TO PRINCIPLES OF THE CONFLICTS OF LAW), BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

 Section 11. Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the Agents, the LC
Issuer, the Lenders and the Borrower and their respective successors and assigns. 
 Section 12. Counterparts. This Amendment may
be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. 
 Section 13. Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the
interpretation of this Amendment. 
 Section 14. NO ORAL AGREEMENTS. THIS AMENDMENT AND ALL OTHER INSTRUMENTS, DOCUMENTS AND
AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES WITH RESPECT TO THE MATTERS HEREIN CONTAINED, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 [Signature pages follow] 
  

 Page 7 

 EXECUTED as of the day and year first above written. 
  

			
	BORROWER:
	
	 PENN VIRGINIA CORPORATION,
 as
Borrower

		
	By:	 	 /s/ Frank A. Pici

	Name:	 	Frank A. Pici
	Title:	 	Executive Vice President and Chief Financial Officer
	
	ADMINISTRATIVE AGENT AND LENDERS
	
	 JPMORGAN CHASE BANK, N.A. (successor by
 merger to Bank One, N.A. (Main Office
 Chicago)), as Administrative Agent
 and as a Lender

		
	By:	 	 /s/ Jo Linda Papadakis

	Name:	 	Jo Linda Papadakis
	Title:	 	Vice President
	
	 WACHOVIA BANK, NATIONAL
 ASSOCIATION, as a Lender

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Don J. McKinnerney

	Name:	 	Don J. McKinnerney
	Title:	 	Authorized Signatory

  

 S - 1 

			
	BNP PARIBAS, as a Lender
		
	By:	 	 /s/ Betsy Jocher

	Name:	 	Betsy Jocher
	Title:	 	Director
		
	and	 	
		
	By:	 	 /s/ Edward Pak

	Name:	 	Edward Pak
	Title:	 	Vice President
	
	 BANK OF AMERICA, N.A., successor by merger
 to Fleet National Bank, as a Lender

		
	By:	 	 /s/ Adam H. Fey

	Name:	 	Adam H. Fey
	Title:	 	Vice President
	
	 COMERICA BANK,
 as a
Lender

		
	By:	 	 /s/ Peter L. Sefzik

	Name:	 	Peter L. Sefzik
	Title:	 	Senior Vice President
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as a
Lender

		
	By:	 	 /s/ Holly L. Kay

	Name:	 	Holly L. Kay
	Title:	 	Assistant Vice President

  

 S - 2 

			
	FORTIS CAPITAL CORP.,
	as a Lender
		
	By:	 	 /s/ Deirdre Sanborn

	Name:	 	Deirdre Sanborn
	Title:	 	Director
		
	and	 	
		
	By:	 	 /s/ Darrell Holley

	Name:	 	Darrell Holley
	Title:	 	Managing Director
	
	 MIZUHO CORPORATE BANK, LTD.,
 as a
Lender

		
	By:	 	 /s/ Raymond Ventura

	Name:	 	Raymond Ventura
	Title:	 	Deputy General Manager
	
	 WELLS FARGO BANK, N.A.,
 as a Lender

		
	By:	 	 /s/ Thomas E. Stelmar, Jr.

	Name:	 	Thomas E. Stelmar, Jr.
	Title:	 	AVP / Portfolio Manager
	
	 CAPITAL ONE N.A.,
 as a
Lender

		
	By:	 	 /s/ Nancy G. Moragas

	Name:	 	Nancy G. Moragas
	Title:	 	Sr. Vice President

  

 S - 3 

 ACKNOWLEDGMENT BY GUARANTORS 
 Each of the undersigned Guarantors hereby (i) consents to the terms and conditions of that certain Eleventh Amendment to the Credit Agreement dated
as of December 15, 2008 (the “Eleventh Amendment”), (ii) acknowledges and agrees that its consent is not required for the effectiveness of the Eleventh Amendment, (iii) ratifies and acknowledges its respective
Obligations under each Loan Document to which it is a party, and (iv) represents and warrants that (a) no Default or Unmatured Default has occurred and is continuing, (b) it is in full compliance with all covenants and agreements
pertaining to it in the Loan Documents, and (c) it has reviewed a copy of the Eleventh Amendment. 
  

			
	PENN VIRGINIA HOLDING CORP.,
	a Delaware corporation
	
	 PENN VIRGINIA OIL & GAS
 CORPORATION, a Virginia corporation

	
	 PENN VIRGINIA OIL & GAS GP LLC, 
 a Delaware limited liability company

	
	 PENN VIRGINIA OIL & GAS LP LLC, 
 a Delaware limited liability company

	
	 PENN VIRGINIA MC CORPORATION,
 a
Delaware corporation

	
	 PENN VIRGINIA MC ENERGY L.L.C.,
 a
Delaware limited liability company

	
	 PENN VIRGINIA MC OPERATING
 COMPANY L.L.C., a Delaware limited liability
 company

	
	 PENN VIRGINIA OIL & GAS, L.P.,
 a Texas limited partnership

		
		 	 By Penn Virginia Oil & Gas GP LLC,
 a Delaware
limited liability company, as its general partner

		
	By:	 	 /s/ Frank A. Pici

	Name:	 	Frank A. Pici
	Title:	 	Vice President and Chief Financial Officer

  

 S - 4 

 Annex 1 
 PRICING SCHEDULE 
  

													
	 APPLICABLE MARGIN
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 
	 Eurodollar Rate
	  	1.00	%	 	1.25	%	 	1.50	%	 	1.75	%
	 Floating Rate
	  	0.25	%	 	0.50	%	 	0.75	%	 	1.00	%
					
	 APPLICABLE FEE RATE
	  	LEVEL I
STATUS	 	 	LEVEL II
STATUS	 	 	LEVEL III
STATUS	 	 	LEVEL IV
STATUS	 
	 Commitment Fee
	  	0.25	%	 	0.30	%	 	0.375	%	 	0.375	%

 For the purposes of this Pricing Schedule, the following terms have the following meanings, subject to the final
paragraph of this Pricing Schedule: 
 “Borrowing Base Usage” means, as of any date, the percentage of the Borrowing Base then in effect
represented by the sum of (i) the aggregate principal amount of all Loans then outstanding under the Agreement, plus (ii) the aggregate face amount of all Facility LCs then outstanding under the Agreement. 
 “Level I Status” exists at any date if the Borrowing Base Usage as of such date is less than 50%. 
 “Level II Status” exists at any date if the Borrowing Base Usage as of such date is less than 75% but equal to or more than 50%. 
 “Level III Status” exists at any date if the Borrowing Base Usage as of such date is less than 90% but equal to or more than 75%. 
 “Level IV Status” exists at any date if the Borrower has not qualified for Level I Status, Level II Status or Level III Status as of such date.

 “Status” means either Level I Status, Level II Status, Level III Status or Level IV Status. 
 The Applicable Margin and Applicable Fee Rate shall be determined in accordance with the foregoing table. 
  

 Annex 1 

 Exhibit A 
  

							
	 Cabot
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 Well ID

	 12/1/1945
	  	 RALEIGH
	  	6,632.00	  	Poca A & F
	 1/1/1948
	  	 McDOWELL
	  	47,032.00	  	Poca M
	 9/14/1950
	  	 McDOWELL
	  	5,866.00	  	Poca D
	 12/1/1967
	  	 McDOWELL & WYOMING
	  	11,921.00	  	Poca B & C
	 1/1/1970
	  	 WYOMING
	  	17,131.00	  	Poca E
	 9/14/1950
	  	 MCDOWELL
	  	9,154.00	  	Poca J
	 2/1/1979
	  		  	318.00	  	
		
	 Chesapeake
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 
	 3/1/1944
	  	 PIKE, MARTIN & FLOYD
	  	38,221.00	  	
		
	 Equitable
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 
	 12/15/1941
	  	 PIKE (FORD MOTOR)
	  	24,667.14	  	
	 5/3/1985
	  	 PIKE (ROUGE STEEL)
	  	8,040.00	  	
	 6/1/1995
	  	 MINGO (CHATTEROY)
	  	1,929.96	  	
	 7/15/1996
	  	 McDOWELL (CBM Lease)
	  	15,379.43	  	
	 1/1/1998
	  	 MINGO & LOGAN (CARNEGIE)
	  	38,753.36	  	
		
	 PVOG
	  	
				
	 9/23/2002
	  	 BOONE, FAYETTE, KANAWHA & RALEIGH
	  	28,919.00	  	
		
	 Dominion
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 
	 9/1/1970
	  	 MER., McD., WYO
	  	103,420.00	  	Poca I
	 10/1/1978
	  	 McDOWELL
	  	1,483.52	  	
	 3/26/1992
	  	 MERCER
	  	549.95	  	
		
	 C.E. Richtner
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 
	 7/25/1990
	  	 Mc Dowell
	  	229.00	  	
		
	 Phoenix/Tuscany
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 
	 3/1/1991
	  	 Mc Dowell
	  	19,483.04	  	

  

 Exhibit A 

							
		
	 KV Oil & Gas (now Linn Holdings, Inc.)
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 
	 9/1/1991
	  	 Fayette
	  	2,547.00	  	
	 11/1/1995
	  	 Mingo
	  	240.00	  	
		
	 J.W. Kinzer (Alert Oil & Gas)
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 
	 10/1/1972
	  	 Pike
	  	80.00	  	
		
	 Eastern American Energy
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 
	 8/1/1978
	  	 Martin, Johnson, Lawrence
	  	2,529.00	  	
		
	 Interstate Natural Gas
	  	
				
	 Lease Date
	  	 Counties
	  	Acreage +/-	  	 
	 2/2/1999
	  	 Martin, KY
	  	107.39	  	
		  	NorthStar Energy	  		  	
	 11/14/1996
	  	 Boone & Kanawha, WV
	  	3,600.00	  	
		  	Cabot	  		  	
	 5/6/1960
	  	 Boone & Logan, WV
	  	13,826.78	  	
		  	Equitable	  		  	
	 4/5/1956
	  	 Kanawha, WV
	  	3,086.00	  	
		  	Equitable	  		  	
	 1/18/1956
	  	 Fayette, Kanawha & Raleigh, WV
	  	8,406.00	  	
		  	TOTAL LEASE ACRES	  	413,551.57	  	

  

 Exhibit A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00150-of-00352.parquet"}]]