Document:

Ex10.57 D. Welch Employment Agt

Exhibit 10.57

EMPLOYMENT AGREEMENT

THIS AGREEMENT is made and entered into as of the 9th day of January, 2014, by and between Arrhythmia Research Technology, Inc. (“ART”), with its principal place of business located in Fitchburg, Massachusetts, and Derek T. Welch (“Employee”), who resides in Lunenburg, Massachusetts.  ART and Employee are collectively referred to herein as the “Parties.”

WHEREAS, ART desires to retain the services of Employee as Corporate Controller, Principal Financial Officer and Accounting Officer for ART and its subsidiary, Micron Products, Inc. (“Micron”) (collectively referred to herein as “the Companies”), and Employee desires to be employed by ART in such capacity, all upon the terms and subject to the conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the recitals and the mutual covenants and undertakings herein, each party agrees as follows:

1.    Employment and Duties.  ART hereby agrees to employ Employee, and Employee hereby accepts employment, as Corporate Controller, Principal Financial Officer and Accounting Officer of the Companies, upon the terms and conditions hereinafter set forth, both Parties expressly revoking any and all prior employment agreements between them.  In his capacity as Corporate Controller, Principal Financial Officer and Accounting Officer, Employee, to the best of his abilities, shall be responsible for performing the duties commensurate with his position.  Employee shall report to ART’s President and Chief Executive Officer (the “CEO”), and Employee agrees to perform such duties as the CEO may assign to him.

Employee hereby represents and warrants that he is not now subject to any agreement which is or would be inconsistent or in conflict with his obligations hereunder.

2.    Exclusive Services.  Employee agrees that he will, during the employment term, devote his entire working time, attention and best efforts to the performance of the duties as aforesaid and to the business and interests of the Companies, and he shall perform such duties as may be assigned to him ably, faithfully and diligently.  Employee shall not at any time or in any manner, either directly or indirectly, be involved in any other occupation while he is employed by ART unless agreed to specifically by ART’s CEO.  

3.    Term of Employment.  The period of Employee’s employment under this Agreement shall commence as of January 1, 2014, and terminate on December 31, 2014, unless earlier terminated pursuant to the terms hereof.  

4.    Compensation.

(a)  Salary.  As compensation for the services to be rendered by Employee under this Agreement, ART agrees to pay, and Employee agrees to accept, a base salary at the annualized rate of $140,000.00, payable in accordance with the Company’s regular payroll practices, subject to withholding and other applicable taxes.  
                            

X-2

Exhibit 10.57

 

(b)  Bonus.  Employee shall be eligible to receive a discretionary performance bonus during the term of this Agreement.  The specific goals criteria for earning such bonus will be mutually agreed upon by the Parties as soon as possible after the Parties’ execution of this Agreement.

All of Employee’s compensation is subject to deductions for regular payroll taxes and withholding, as required by State and Federal law, as well as other deductions that Employee authorizes.

(c)  Fringe Benefits.  Employee also shall be entitled to the following benefits in 
each year of this Agreement:

(i)  Employee shall be eligible to participate in the Company’s various benefit plans (including health, dental, life, disability and retirement) on the same basis as the Company’s other employees; and

(ii)  Employee shall be eligible to receive the Company’s various paid time off benefits (including paid vacations and holidays) on the same basis as the Company’s other employees.

5.    Confidentiality.  Employee is aware that the Companies develop and utilize, and that he has had and will continue to have, access to valuable technical and nontechnical trade secrets and confidential information including, but not limited to, knowledge, information and materials about the Companies’ trade secrets, mailing lists, methods of operation, advertiser lists, advertisers, customer lists, customers or clients, products, services, know-how, business plans and confidential information about financial, marketing, pricing, compensation and other proprietary matters relating to the Companies which are not in the public domain (“Confidential Information”), all of which constitutes a valuable part of the assets of the Companies which the Companies seeks to protect.

Accordingly, Employee shall not at any time during or after the termination of his employment by the Companies for any reason, reveal, disclose or make known to any person (other than as may be required by law or in the performance of his duties), or use for his own or another’s account or benefit, any such Confidential Information, whether or not developed, devised or otherwise created in whole or in part by the efforts of Employee.

Employee represents and warrants that he has not revealed, disclosed or made known to any person (other than as may be required by law or in the performance of his duties), or used for his own or another’s account or benefit, any such Confidential Information, whether or not developed, devised or otherwise created in whole or in part by the efforts of Employee.

Upon cessation of Employee’s employment, no documents, records or other matter or information belonging to the Companies, whether prepared by Employee or otherwise, and relating in any way to the business of the Companies, shall be taken or kept by Employee without the written consent of the Companies.

2
{Practice Areas/LABOR/23832/00001/A2468292.DOC}

Exhibit 10.57

6.    Non-Competition.  Employee acknowledges that, in the course of his employment by ART, he will have access to the Companies’ Confidential Information; and he will be intimately and directly involved in developing and maintaining the Companies’ goodwill and serving the Companies’ customers and prospective customers.  Accordingly, Employee agrees that during his employment by ART and for a period of one (1) year after such employment has ceased for any reason, Employee shall not, without the prior written consent of ART:
     (a)  directly or indirectly engage in, assist or have an interest in (whether as proprietor, partner, investor, stockholder, officer, director of any type of principal), or enter the employment of or act as an agent for or advisor or consultant to, any person, firm, partnership, association, corporation, business organization, entity or enterprise which is, or is about to become, directly or indirectly engaged in any business which is directly or indirectly competitive with any of the Companies; provided that Employee may own less than five percent (5%) of the outstanding equity securities of a corporation that is engaged in such a competitive business if the equity securities of such corporation are publicly traded and registered under the Securities Exchange Act of 1934; and
(b)  directly or indirectly solicit or accept any business substantially similar to that done by any of the Companies from any person, company, firm or organization, or any affiliate of the foregoing, which is or was a customer or active prospect of any of the Companies during the two (2) year period prior to the end of Employee’s employment at ART, for or on account of any individual, business enterprise, firm, partnership, association or corporation other than the Companies; or

(c)  directly or indirectly solicit the employment of, entice away, or in any other manner persuade or attempt to persuade any person employed by any of the Companies to leave such employment.

7.    Innovations.

(a)  Employee hereby assigns, transfers and conveys to ART and its successors and assigns the entire right, title, and interest in any and all inventions, processes, procedures, systems, discoveries, designs, configurations, technology, works of authorship, trade secrets and improvements (whether or not they are made, conceived or reduced to practice during working hours or using any of the Companies’ data or facilities) (collectively, “Innovations”) which Employee makes, authors, conceives, reduces to practice or otherwise acquires during any period of his/her employment by ART (either solely or jointly with others), and which are related to the Companies’ present or planned business, the Companies’ services or products, and any and all patents, copyrights, trademarks, trade names and applications therefor, in the United States and elsewhere, relating thereto.  The Innovations shall be the sole property of ART and shall at all times be held by Employee in a fiduciary capacity for the sole benefit of ART.
(b)  All such Innovations that consist of works of authorship capable of protection under copyright laws shall be prepared by Employee as works made for hire, with the understanding that ART shall own all of the exclusive rights to such works of authorship under the United States copyright law and all international copyright conventions and foreign laws.  The foregoing notwithstanding, to the extent that any such Innovations is not deemed a work 

3
{Practice Areas/LABOR/23832/00001/A2468292.DOC}

Exhibit 10.57

made for hire, Employee hereby assigns to ART the entire right, title, and interest in such Innovations and any and all patents, copyrights, trademarks, trade names and applications therefor, in the United States and elsewhere, relating thereto.
(c)  Employee shall maintain adequate and current written records of all such Innovations, which shall be available to and remain the sole property of ART at all times.  Employee shall promptly disclose to ART the details of any and all such Innovations and shall provide ART with all information relative thereto.  Employee, without further compensation, shall fully cooperate with and assist ART in obtaining and enforcing for its own benefit patents and copyright registrations on and in respect of such Innovations in all countries in all ways that ART may request, to secure and enjoy the full benefits and advantages of such Innovations, including executing any and all documents that ART deems necessary to obtain, maintain, and/or enforce its rights in such Innovations and providing any testimony required to obtain, maintain, and/or enforce such Innovations.  Employee agrees, for himself, and his heirs, legal representatives and assigns, without further compensation, to execute further assignments and other lawful documents as ART may reasonably request to effectuate fully this assignment. Employee understands that his obligations under this section shall continue after the termination of his employment by ART.    

8.    Injunctive Relief.  Employee acknowledges that the restrictions contained in paragraphs 5, 6 and 7 above, in view of the nature of the business in which the Companies are engaged, are reasonable and necessary to protect the legitimate interests of the Companies.  Employee understands that the remedies at law for his violation of any of the covenants or provisions of paragraphs 5, 6 or 7 may be inadequate, that such violations may cause irreparable injury within a short period of time, and that the Companies shall be entitled to seek preliminary injunctive relief and other injunctive relief against such violation.  Such injunctive relief shall be in addition to, and in no way in limitation of, any and all other remedies the Companies shall have in law and equity for the enforcement of those covenants and provisions.  

9.    Termination for Cause. This Agreement may be terminated by ART for cause.  No compensation shall be paid or other benefits furnished to Employee after termination for cause.  Such a termination shall be effective immediately upon written notice being issued to Employee.  “Cause” means  (i) willful and deliberate misconduct by Employee, such as being under the influence of drugs or alcohol on the job, dishonesty, misappropriation of assets, insubordination or refusal to follow reasonable directives and other misconduct of comparable magnitude and kind; (ii) willful neglect of duty or other material breach of this Agreement by Employee; (iii) commission of any act of fraud involving ART, involvement in any material conflict of interest or self-dealing involving ART, or conviction of a felony or any offenses involving moral turpitude or any criminal offense involving ART; (iv) any act or omission by Employee which has a material adverse effect on the business activities, financial condition, affairs or reputation of ART; (v) violation of any of ART’s policies or (vi) Employee’s unsatisfactory job performance as determined in good faith by ART’s CEO.

10.    Termination Other Than for Cause.

(a)  Death or Disability.  If Employee dies or becomes totally disabled during the term of this Agreement, Employee’s employment and salary shall terminate at the end of the 

4
{Practice Areas/LABOR/23832/00001/A2468292.DOC}

Exhibit 10.57

month during which death or total disability occurs, and no other compensation or benefits shall be paid to Employee.  For the purposes of this Agreement, Employee shall be deemed to be “totally disabled” if he has been unable to perform his duties by reason of medical condition for 90 days in any 365-day period, all as determined in good faith by the CEO.

(b)  Resignation.  Notwithstanding any other provision of this Agreement, Employee shall have the right to terminate this Agreement, without cause, upon thirty (30) days’ written notice to the CEO.  Upon such notice of termination, no further compensation or benefits, other than payment for the 30 day notice period, shall be paid to Employee.

11.    Mediation/Arbitration of Disputes.   In the event of a dispute between the Parties, Employee and ART agree to work cooperatively to resolve the dispute amicably at appropriate, mutually determined management levels.  In the event that a resolution at such management levels does not occur, either party may submit the dispute to mediation.  Both Parties shall agree on one mediator and participate in said mediation in good faith.  If the matter has not been resolved pursuant to mediation within sixty (60) days of the commencement of such procedure, which may be extended by mutual agreement of the Parties, the dispute shall be settled by final and binding arbitration in Worcester, Massachusetts in accordance with the rules then prevailing of the American Arbitration Association.  Judgment upon the award rendered by the arbitrators may be entered in any court of competent jurisdiction, and each party shall bear his or its own costs, including attorneys’ fees.  Notwithstanding the foregoing, any dispute relating Employee’s obligations pursuant to Paragraphs 5, 6, and 7 above shall not be subject to the mediation/arbitration provisions set forth in this Paragraph 11.

12.    Agreement Binding Upon Successors.  This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors, assigns, personal representatives, heirs, legatees and beneficiaries, provided, however, that Employee may not delegate his duties and obligations hereunder to any other person, and further provided that no assignment of this Agreement by ART shall relieve ART of any of its obligations under the terms of this Agreement.

13.    Waiver of Breach.  The waiver of either party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by either ART or Employee.  The failure to enforce any provision(s) of this Agreement shall not be construed as a waiver of such provision(s).

14.    Severability.  It is the desire and intent of the Parties that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.  Each provision of this Agreement or part thereof shall be severable.  If for any reason any provision or part thereof of this Agreement is finally determined to be invalid and contrary to, or in conflict with any existing or future law or regulation of a court or agency having valid jurisdiction, such determination shall not impair the operation or affect the remaining provisions of this Agreement, and such remaining provisions will continue to be given full force and effect and bind each party.

15.    Notices.  Any notices or other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if 

5
{Practice Areas/LABOR/23832/00001/A2468292.DOC}

Exhibit 10.57

delivered personally, or sent by registered or certified mail, return receipt requested, postage prepaid, to the address listed below for the Parties, or to such other address as any party may hereafter direct in writing to the other party.

To ART:                            To Employee:
Salvatore Emma, Jr.
President & Chief Executive Officer                Derek T. Welch
     Arrhythmia Research Technology, Inc.            405 New West Townsend Rd        25 Sawyer Passway                        Lunenburg, MA  01462
Fitchburg, MA 01420                            
                    
16.    Entire Agreement; Amendment.  This Agreement contains the entire agreement of the Parties and supersedes any and all prior agreements between the Parties.  It may not be changed orally but only by an agreement in writing signed by both Parties hereto.

17.    Governing Law.  This Agreement is made in, and shall be governed by, the laws of the Commonwealth of Massachusetts without reference to its conflict of laws provisions.

IN WITNESS WHEREOF, the Parties hereto, individually or by their duly authorized representatives, have executed and delivered this Agreement to be effective as of the day and year first above written.

ARRHYTHMIA RESEARCH 
TECHNOLOGY, INC.

_____________________            By:____________________________
Witness                                    E.P. Marinos
       Chairman of the Board         

                    
EMPLOYEE

______________________            ____________________________
Witness                                                            Derek T. Welch

6
{Practice Areas/LABOR/23832/00001/A2468292.DOC}EX-10.62 2014_PSU_OGA_FINAL

Exhibit 10.62

2014 Performance Share Unit Agreement

To:        <participant name>                    Date:    March 3, 2014
        
Subject:        The Andersons, Inc.
2014 Performance Share Unit - Grant Agreement

You have been selected to receive a grant of Performance Share Units subject to the terms and conditions of the 2005 Long Term Performance Compensation Plan (the “Plan”).  Set forth below is an Agreement between you and the Company providing for your rights and benefits under the Plan, which includes the specific provisions of your grant. To participate in the Plan, you must enter into the Agreement, which you can do on-line. Please read the Agreement carefully before accepting.  You may also wish to review the Plan summary document posted on NetBenefits.  When you are satisfied that you understand the terms and conditions of the grant, please accept this Agreement on-line via NetBenefits by Monday, March 31, 2014.

THIS AGREEMENT, effective March 1, 2014 is made by and between The Andersons, Inc. (the “Company”), an Ohio corporation, and <participant name> (“Participant”).

WHEREAS, Participant is a valuable and trusted contributor to the Company’s success and the Company considers it desirable and in its best interest to better align the interests of Participant with shareholder interests by granting  the Participant to  a right to receive common shares of the Company through a grant of Performance Share Units (the “PSUs”); and

WHEREAS, the program for issuance of the Shares is provided in The Andersons, Inc. 2005 Long-Term Performance Compensation Plan (the “Plan”) which has been approved by the Board of Directors of the Company (the “Board”), and was ratified  by the Company’s shareholders.

NOW, THEREFORE, subject to the provisions set forth herein and the terms and conditions of the Plan, the terms of which are hereby incorporated by reference, and in consideration of the agreements of Participant herein provided, the parties agree as follows:

		
	1.
	Grant:  Subject to the terms and conditions of the Plan and this Agreement, The Andersons, Inc. (the “Company”) hereby grants to Participant <shares granted> PSUs at Target performance pursuant to paragraph three (3) of this Agreement.  Each PSU shall be equivalent to one Common Share of the Company.  By accepting the Agreement, Participant declares having read this Agreement and agrees to be bound by all the terms and conditions contained herein.

		
	2.
	Performance Period:  The Performance Period for the PSUs granted shall be the three (3) year period beginning January 1, 2014 and ending December 31, 2016.

		
	3.
	Performance Parameters and Vesting of PSUs:  PSUs shall vest at the conclusion of the Performance Period (January 1, 2017) in accordance with the following Performance Parameters based on the Company’s three (3) year cumulative fully diluted Earnings Per Share (“EPS”) computed under Generally Accepted Accounting Principles (GAAP) during the Performance Period.  The Compensation & Leadership Development Committee (the “Committee”) of the Board of Directors reserves the right to adjust the EPS presented in the annual report for extraordinary transactions which impact EPS to ensure the pay for performance relationship.  The Committee shall certify the level of cumulative EPS achievement prior to conversion of PSUs to Common Shares for issuance to the Participant.  No PSUs will be considered vested and earned for payment if the Company's cumulative EPS during the Performance Period is less than $9.41.  Participant must be actively employed by the Company as of the end of the Performance Period to be eligible to vest in and receive any payment of your PSUs except as noted in paragraph seven (7) below.  

	
			
	Achievement Levels (% of units vested)
	Performance Parameters

	3-Year Cumulative EPS

	From
	To

	Maximum (200%)
	$11.47 and above

	180%
	$11.34
	$11.46

	160%
	$11.21
	$11.33

	140%
	$11.08
	$11.20

	120%
	$10.95
	$11.07

	Target (100%)
	$10.82
	$10.94

	80%
	$10.47
	$10.81

	60%
	$10.12
	$10.46

	40%
	$9.76
	$10.11

	Threshold (20%)
	$9.41
	$9.75

	0%
	below $9.41

		
	*
	At Target cumulative EPS 100% of target long-term compensation allocated to PSUs is achieved, which is equal to 100% of the PSUs granted to you under this Agreement.  The “% vested” at the Maximum achievement level is 200% of target long-term compensation, which is equal to 200% of the PSUs granted to you under this Agreement. 

		
	4.
	Rights as a Shareholder:  Participant shall have no rights as a shareholder with respect to the Common Shares subject to the PSUs granted to Participant during the Performance Period including the right to receive dividends or to vote the Common Shares subject to the PSUs. 

		
	5.
	Equivalent Dividends:  If any dividends are paid with respect to Commons Shares of the Company during the Performance Period, additional PSUs will be granted to Participant as of the last day of the Performance Period.  The amount of additional PSUs will be computed based on the cumulative per share dividend rate actually paid on Common Shares during the Performance Period and the share price on the last day of the Performance Period.  Additional PSUs granted to Participant, if any, shall be subject to the terms and conditions of the Plan and this Agreement and will vest in accordance with the Performance Parameters defined in this Agreement.

		
	6.
	Payment of Earned PSUs:  Vested PSUs rounded to the nearest whole unit shall be delivered to Participant in the form of Common Shares no later than 75 days following the conclusion of the Performance Period.  PSUs which do not vest as of the last day of the Performance Period will be forfeited.  In that regard, Participant agrees to comply with (or provide adequate assurance as to future compliance with) all applicable securities laws.  In addition, Participant has until 15 days prior to the date of issuance to make an election for payment in cash or a sufficient number of vested PSUs (converted to Common Shares) for all federal, state or local taxes of any kind required to be withheld with respect to the vesting of PSUs.  If no election is made, vested PSUs will be withheld.  Vested PSUs are subject to tax withholding based on the market value of the equivalent number of Common Shares on the date of vesting (i.e., closing price on the business day prior to the date of vesting) at required withholding tax rates.  Participant must satisfy all tax withholding requirements as a condition precedent to the issuance of the Common Shares resulting from the vesting of PSUs.

		
	7.
	

		
	8.
	Termination and Forfeiture of PSUs:  Participant’s right to receive unvested PSUs shall terminate in whole and forfeit upon termination of employment with the Company or its subsidiaries for any reason, except in the event of your Death, Permanent Disability, Retirement, or Termination without Cause as a result of a Sale of Participant’s Business Unit.  If Participant’s termination from the Company meets one of the listed exceptions, then Participant’s unvested PSUs shall be adjusted by the number of months of service (rounded to the nearest whole month) from the Grant Date to the last date of employment as a percentage of the Performance Period for such PSUs to determine the proportionate number of unvested PSUs for potential conversion to Common Shares and issuance to the Participant subject to the Performance Parameters, Performance Period, and all other applicable provisions of this Agreement and the Plan.  In the event of a “change of control” of The Andersons, Inc. as defined by the Plan document, all unvested PSUs shall be deemed earned at the maximum performance (i.e. 200% vested) as of the date of the change of control event and all shares shall be issued and released as soon as practicable thereafter.

		
	9.
	Section 409A: It is the intention of the Company that the PSUs and any resulting Common Shares shall not constitute “nonqualified deferred compensation” as defined under Section 409A of the Code.  If the Company determines after the 

Grant Date that an amendment to this Agreement is necessary to ensure the foregoing, it may make such an amendment, effective as of the Grant Date or any later date, without the consent of the Participant.

		
	10.
	Retroactive Adjustments:  The Company reserves the right to make retroactive adjustment of cash or equity-based compensation paid where the payments were based on the achievement of financial results that were subsequently the subject of a financial restatement pursuant to plans or policies that may be in effect from time to time. The Company intends to adopt a general compensation recovery, or "clawback" policy covering the Plan to comply with SEC rules under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  By accepting this agreement, Participant hereby agrees to be bound by any such policy to the degree Participant holds a position deemed to be covered by the policy.

		
	11.
	Other Acknowledgments: Participant acknowledges that the Compensation Committee may adopt and/or change from time to time such rules and regulations as it deems proper to administer the Plan.

		
	12.
	Binding Effect: This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date indicated below.

    

THE ANDERSONS, INC.

By:    /s/ Arthur D. DePompei                    March 3, 2014        
Arthur D. DePompei                    Date
Vice President, Human Resources
The Andersons, Inc.

PARTICIPANT

By:    <Electronic Signature>                    <Acceptance Date>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}]]