Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) dated as of January 1, 2014 between The ExOne Company, a Delaware Corporation (the
“Company”), and Rainer Hoechsmann (the “Executive”). 
 WHEREAS, the Executive serves as Managing Director
(Geschaftsfuher) of ExOne GmbH and ExOne Properties GmbH, which is a wholly owned subsidiary of the Company; 
 WHEREAS, concurrently with
the execution and delivery of this Agreement, the Executive is executing and delivering a Managing Director Contract dated as of the same date as this Employment Agreement (the “Managing Director Contract”), which amends and restates the
Managing Director Contract with Executive dated August 21, 2003 (the “Former Managing Director Contract”); 
 WHEREAS, the
Board of Directors of the Company (the “Board”) has asked Executive to serve as Chief Development Officer of the Company; 

WHEREAS, the Board recognizes that the Executive’s contribution to the growth and success of the Company and its subsidiaries has
been substantial and the Board desires to provide for the continued employment of the Executive and to make certain changes in the Executive’s employment arrangements with the Company and its subsidiaries which the Board has determined
will reinforce and encourage the continued attention and dedication to the Company of the Executive as a member of the Company’s management, in the best interests of the Company and its stockholders; and 

WHEREAS, the Executive is willing to commit himself to continue to serve the Company, on the terms and conditions herein provided. 

In order to effect the foregoing, the Company and the Executive wish to enter into the Managing Director Contract and this Agreement
on the terms and conditions set forth below. Accordingly, in consideration of the premises and the respective covenants and agreements of the parties herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

 ARTICLE 1 
 DEFINITIONS 

SECTION 1.01. Definitions. For purposes of this Agreement, the following terms have the meanings set forth below: 

“Affiliate” means (i) any entity that, directly or indirectly, is controlled by the Company,
(ii) any entity in which the Company has a significant equity interest, and (iii) an affiliate of the Company as defined in Rule 12b-2 promulgated under Section 12 of the Securities Exchange Act of 1934, as amended. 

“Managing Director Contract” means that certain Managing Director Contract dated as of the same date as this Agreement
between the Executive and ExOne GmbH, as may be amended or modified from time to time by the Executive and ExOne GmbH. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Securities Exchange Act of
1934, as amended and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d). 

“Restricted Territory” means the counties, towns, cities, states or other political subdivisions of any country
in which the Company or its Affiliates operates or does business. 

 ARTICLE 2 

EMPLOYMENT 
 SECTION
2.01. Employment. ExOne GmbH shall employ the Executive pursuant to the terms of the Managing Director Contract. The Managing Director Contract is incorporated by reference in its entirety into this Agreement. 

ARTICLE 3 
 POSITION AND DUTIES

 SECTION 3.01. Position and Duties. Executive shall have such responsibilities, powers and duties as set forth in the Managing
Director Contract or as otherwise may from time to time be prescribed by the Board of Directors of the Company; provided that such responsibilities, powers and duties are substantially consistent with those customarily assigned to individuals
serving in such positions at comparable companies or as may be reasonably required by the conduct of the business of the Company. 

ARTICLE 4 
 BASE SALARY AND
BENEFITS 
 SECTION 4.01. Compensation. Executive shall be compensated pursuant to the terms of the Managing Director Contract.

 SECTION 4.02. Long Term Incentive Plans. Executive shall be eligible to participate in any long term incentive compensation
plan maintained by the Company on the terms established from time to time by the Board or the Compensation Committee of the Board, as applicable. 

SECTION 4.03. Benefits. Executive shall be entitled to benefits as set forth in the Managing Director Contract. 

SECTION 4.04. Expenses. Executive shall be reimbursed for expenses as set forth in the Managing Director Contract. 

ARTICLE 5 
 TERM AND TERMINATION

 SECTION 5.01. Term. This Agreement will automatically terminate and be of no further force and effect on the termination of
the Managing Director Contract. The provisions contained in the Managing Director Contract relating to termination shall be incorporated by reference into this Agreement. 

ARTICLE 6 
 CONFIDENTIAL
INFORMATION 
 SECTION 6.01. Confidential Information and Trade Secrets. The Executive and the Company agree that
certain materials, including, but not limited to, information, data and other materials relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion credit and financial data, manufacturing
processes, financial methods, plans or the business and affairs of the Company and its Affiliates, constitute proprietary confidential information and trade secrets. Accordingly, the Executive will not at any time during or after the
Executive’s employment with the Company disclose or use for the Executive’s own benefit or purposes or the benefit or purposes of any Person, other than the Company and any of its Affiliates, any proprietary confidential
information or trade secrets. The foregoing obligations imposed by this Section 6.01 will not apply (i) in the course of the business of and for the benefit of the Company, (ii) if such information has become, through no

 
fault of the Executive, generally known to the public, or (iii) if the Executive is required by law to make disclosure (after giving the Company notice and an opportunity to
contest such requirement). The Executive agrees that upon termination of employment with the Company for any reason, the Executive will immediately return to the Company all memoranda, books, paper, plans, information, letters
and other data, and all copies thereof or therefrom, which in any way relate to the business of the Company and its Affiliates. The Executive further agrees that the Executive will not retain or use for the Executive’s account at any
time any trade names, trademark or other proprietary business designation used or owned in connection with the business of the Company or any of its Affiliates. 

ARTICLE 7 
 NONCOMPETITION 

SECTION 7.01. Noncompetition. (a) The Executive acknowledges and recognizes the highly competitive nature of the business
of the Company and its Affiliates and accordingly agrees that during the term of the Executive’s employment and for a period of two (2) years after the termination thereof pursuant to the Managing Director Contract: 

(i) the Executive will not directly or indirectly engage in any business which is in competition with any line of business conducted
by the Company or any of its Affiliates, including, but not limited to, where such engagement is as an officer, director, proprietor, employee, partner, investor (other than as a holder of less than 1% of the outstanding capital stock of a
publicly traded corporation), consultant, advisor, agent or sales representative, in any Restricted Territory; 
 (ii) the Executive will
not perform or solicit the performance of services for any customer or client of the Company or any of its Affiliates; 
 (iii)
the Executive will not directly or indirectly induce any employee of the Company or any of its Affiliates to (1) engage in any activity or conduct which is prohibited pursuant to this Section 7.01, or (2) terminate such
employee’s employment with the Company or any of its Affiliates. Moreover, the Executive will not directly or indirectly employ or offer employment (in connection with any business which is in competition with any line of business
conducted by the Company or any of its Affiliates) to any person who was employed by the Company or any of its Affiliates unless such person shall have ceased to be employed by the Company or any of its Affiliates for a
period of at least twelve (12) months; and 
 (iv) the Executive will not directly or indirectly assist others in engaging in any of
the activities which are prohibited under clauses (i)-(iii) of this Section 7.01(a) above. 
 (b) The covenant contained in
Section 7.01(a)(i) above is intended to be construed as a series of separate covenants, one for each county, town, city and state or other political subdivision of a Restricted Territory. Except for geographic coverage, each such separate
covenant shall be deemed identical in terms to the covenant contained in the preceding subsections. If, in any judicial proceeding, the court shall refuse to enforce any of the separate covenants (or any part thereof) deemed included in such
subsections, then such unenforceable covenant (or such part) shall be deemed to be eliminated from this Agreement for the purpose of those proceedings to the extent necessary to permit the remaining separate covenants (or portions thereof) to be
enforced. 
 (c) It is expressly understood and agreed that although the Executive and the Company consider the restrictions
contained in this Section 7.01 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction
against the Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be
enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the
enforceability of any of the other restrictions contained herein. 

 ARTICLE 8 

EQUITABLE RELIEF 
 SECTION
8.01. Equitable Relief. The Executive acknowledges that (a) the covenants contained in Sections 6.01 and 7.01 hereof are reasonable, (b) the Executive’s services are unique, and (c) a breach or threatened breach by
him of any of his covenants and agreements with the Company contained in Sections 6.01 or 7.01 hereof could cause irreparable harm to the Company for which it would have no adequate remedy at law. Accordingly, and in addition to
any remedies which the Company may have at law, in the event of an actual or threatened breach by the Executive of his covenants and agreements contained in Sections 6.01 or 7.01 hereof, the Company shall be entitled as a matter of
right to an injunction, without a requirement to post bond, out of any court of competent jurisdiction, restraining any violation or further violation of such promises by the Executive or the Executive’s employees, partners or agents. 

ARTICLE 9 
 INDEMNIFICATION 

SECTION 9.01. (a) Indemnification. The Company agrees that if the Executive is made a party, or is threatened to be made
a party, to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a director, officer or employee of the Company or is or was serving at the request of the
Company as a director, officer, member, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, the Executive shall be indemnified and held
harmless by the Company to the fullest extent permitted or authorized by applicable law and the Company’s certificate of incorporation or bylaws, against all cost, expense, liability and loss (including, without
limitation, attorney’s fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Executive in connection therewith, and such indemnification shall continue as to
the Executive even if he has ceased to be a director, member, employee or agent of the Company or other entity and shall inure to the benefit of the Executive’s heirs, executors and administrators. 

(b) D&O Insurance. The Company shall keep in place a directors’ and officers’ liability insurance policy (or
policies) providing comprehensive coverage to the Executive to the same extent that the Company provides such coverage for any other officer or director of the Company and, after this Agreement has terminated, the Executive shall
be entitled to such coverage to the same extent that the Company provides such coverage for any other current or former officer or director of the Company. 

ARTICLE 10 
 MISCELLANEOUS 

SECTION 10.01. Remedies. The Company will have all rights and remedies set forth in this Agreement, all rights and
remedies which the Company has been granted at any time under any other agreement or contract and all of the rights which the Company has under any law. The Company will be entitled to enforce such rights specifically,
without posting a bond or other security, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The failure of the Company to enforce at any time any provision of
this Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 
 SECTION
10.02. Consent to Amendments. The provisions of this Agreement may be amended or waived only by a written agreement executed and delivered by the Company and the Executive. No other course of dealing between the parties to this
Agreement or any delay in exercising any rights hereunder will operate as a waiver of any rights of any such parties. Notwithstanding the foregoing or any provisions of this Agreement to the contrary, the Company may at any time, with the
consent of the Executive, modify or amend any provision of this Agreement or take any other action, to the extent necessary or advisable to ensure that this Agreement complies with or is exempt from Section 409A of the Code and that any
payments or benefits under this Agreement are not subject to interest and penalties under Section 409A of the Code. 

 SECTION 10.03. Successors and Assigns. All covenants and agreements contained in this
Agreement by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not, provided that the Executive may not assign his rights or delegate
his obligations under this Agreement without the written consent of the Company.
 SECTION 10.04. Severability. Whenever
possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will
be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 
 SECTION
10.05. Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one party, but all of which counterparts taken together will constitute one and
the same agreement. 
 SECTION 10.06. Descriptive Headings. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. 
 SECTION 10.07. Notices. All notices, demands or other
communications to be given or delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally to the recipient, two (2) business days after the date when sent
to the recipient by reputable express courier service (charges prepaid) or four (4) business days after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands
and other communications will be sent to the Executive and to the Company at the addresses set forth below. 
  

			
	If to the Executive:	  	To the last address delivered to the Company by the Executive in the manner set forth herein.
		
	If to the Company:	  	 The ExOne Company
 127 Industry Boulevard

North Huntingdon, PA 15642
 Attn: Chief Legal
Officer

 or to such other address or to the attention of such other person as the recipient party has specified by prior written notice
to the sending party. 
 SECTION 10.08. Withholding. The Company may withhold from any amounts payable under this
Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

SECTION 10.09. No Third Party Beneficiary. This Agreement will not confer any rights or remedies upon any person other
than the Company, the Executive and their respective heirs, executors, successors and assigns. 
 SECTION 10.10. Entire
Agreement. This Agreement, the Managing Director Contract and any Employee/Independent Contractor Proprietary Information and Assignment of Inventions Agreement, if any, shall, collectively, constitute the entire agreement between the Company
and the Executive with respect to Executive’s employment with the Company and ExOne GmbH. 
 SECTION 10.11. Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Any reference to any federal, state, local or foreign
statute or law will be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The use of the word “including” in this Agreement means “including
without limitation” and is intended by the parties to be by way of example rather than limitation. 
 SECTION
10.12. Survival. Sections 6.01, 7.01, 8.01, 9.01 and Article 10 hereof will survive and continue in full force in accordance with their terms notwithstanding any termination of this Agreement, and the Agreement shall otherwise remain in
full force to the extent necessary to enforce any rights and obligations arising hereunder. 

 SECTION 10.14. GOVERNING LAW. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND
INTERPRETATION OF THIS AGREEMENT WILL BE GOVERNED BY THE INTERNAL LAW OF PENNSYLVANIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 

SECTION 10.15. Internal Revenue Code Section 409A. 

(a) If any benefit provided under this Agreement is subject to the provisions of Section 409A of the Code and the regulations issued
thereunder, the provisions of the Agreement shall be administered, interpreted and construed in a manner necessary to comply with Section 409A and the regulations issued thereunder (or disregarded to the extent such provision cannot be so
administered, interpreted, or construed.) 
 (b) For purposes of the Agreement, the Executive shall be considered to have experienced a
termination of employment only if the Executive has terminated employment with the Company and all of its controlled group members within the meaning of Section 409A of the Code. For purposes hereof, the determination of controlled
group members shall be made pursuant to the provisions of Section 414(b) and 414(c) of the Code; provided that the language “at least 50 percent” shall be used instead of “at least 80
percent” in each place it appears in Section 1563(a)(1),(2) and (3) of the Code and Treas. Reg. § 1.414(c)-2. Whether the Executive has terminated employment will be determined based on all of the facts and circumstances
and in accordance with the guidance issued under Section 409A of the Code. 
 (c) For purposes of Section 409A, each severance
benefit payment shall be treated as a separate payment. Each payment under this Agreement is intended to be excepted from Section 409A to the maximum extent provided under Section 409A as follows: (i) the Employee’s termination
date and within the applicable 2 1/2 month period specified in Treas. Reg. § 1.409A-1(b)(4) is intended to be excepted under the short-term deferral exception as specified in Treas.
Reg. § 1.409A-1(b)(4); (ii) post-termination medical benefits are intended to be excepted under the medical benefits exceptions as specified in Treas. Reg. § 1.409A-1(b)(9)(v)(B); and (iii) to the extent payments are made as
a result of an involuntary separation, each payment that is not otherwise excepted under the short-term deferral exception or medical benefits exception is intended to be excepted under the involuntary pay exception as specified in Treas. Reg.
§ 1.409A-1(b)(9)(iii). The Executive shall have no right to designate the date of any payment under this Agreement. 
 (d) With respect
to payments subject to Section 409A of the Code (and not excepted therefrom), if any, it is intended that each payment is paid on a permissible distribution event and at a specified time consistent with Section 409A of the Code. The
Company reserves the right to accelerate and/or defer any payment to the extent permitted and consistent with Section 409A. Notwithstanding any provision of this Agreement to the contrary, to the extent that a payment hereunder is
subject to Section 409A of the Code (and not excepted therefrom) and payable on account or a termination of employment, such payment shall be delayed for a period of six months after the date of termination (or, if earlier, the death of the
Executive ) if the Executive is a “specified employee” (as defined in Section 409A of the Code and determined in accordance with the procedures established by the Company). Any payment that would otherwise have
been due or owing during such 6-month period will be paid immediately following the end of the 6-month period in the month following the month containing the 6-month anniversary of the date of termination. 

[remainder of page intentionally left blank] 

 [Signature Page for Rainer Hoechsmann Employment Agreement] 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written. 

 

			
	The ExOne Company.
		
	By:	 	
	
	 /s/ S. Kent Rockwell

	Printed Name: S. Kent Rockwell
	Title: Chairman of the Company
	Dated:	 	December 23, 2013
	
	 /s/ Rainer Hoechsmann

	Rainer Hoechsmann
	Dated:	 	December 23, 2013EX-10.2

 Exhibit 10.2 

MANAGING DIRECTOR CONTRACT 

by and between 
 ExOne GmbH, Am Mittleren
Moos 41, 86167 Augsburg Represented by the shareholders’ meeting 
 - hereinafter referred to as the “Company” - 

and 
 Mr. Rainer Höchsmann,
Keltenstr. 2, 86863 Langenneufnach, Germany 
 - hereinafter referred to as the “Managing Director” - 

Preamble 
 Company and Managing Director have entered into
a managing directors agreement dated August 21st 2003 as amended from time to time. 
 Meanwhile,
the overall responsibilities of the Managing Director have increased and became more international. Accordingly, he has entered into a separate agreement providing for certain reporting obligations with ExOne Company in the United States. 

In the light of the foregoing, the Parties would like to restate the existing agreement referenced above and agree as follows: 

§ 1 Management and Representation 
  

	(1)	The Managing Director is entitled and required to represent the Company according to the law, the articles of incorporation, and any management rules jointly with the other managing directors and to manage the
Company’s businesses. Instructions issued by the shareholders’ meeting shall be followed as long as they do not contradict agreements contained in this Contract. 

 

	(2)	The Managing Director shall execute the duties incumbent upon him with the care of a prudent and diligent businessman while safeguarding the interests of the company. 

 

	(3)	The Managing Director shall in particular, but not limited to, be obliged to render additional services as managing director or in other functions, if so requested by Company, for affiliated companies of Company in the
meaning of §§ 15ff. AktG (in analogous application) hereinafter referred to as “Group Company”. 

 § 2 Individual Duties 
  

	(1)	The Managing Director shall be responsible for the management and supervision of the Company as a whole. 

  

	(2)	The Managing Director shall exercise the rights and obligations of the employer according to the provisions of labor and social laws. 

 

	(3)	The Managing Director shall safeguard the tax-related interests of the Company. He is required, within 3 months after expiration of a fiscal year and in consideration of business- and tax-related accounting rules to
generate the annual financial statement (balance sheet, profit and loss statement, as well as appendix). He is responsible for ensuring that accounting adheres to business- and tax-related guidelines and that cost accounting is tailored to the
Company. 

  

	(4)	The Managing Director is responsible for the timely and proper disclosure of the annual financial statement according to § 325 HGB (Commercial Code). He shall make use of size-related simplification according to
§§ 326 and 327 HGB unless the shareholders’ meeting has decided otherwise. 

  

	(5)	Unless a different shareholders’ resolution is passed, the Managing Director shall convene the shareholders’ meeting in a proper manner, run it, and conclude it in a proper manner as well as record the minutes
of the shareholders’ resolutions. 

  

	(6)	The Managing Director shall prepare a business report for the shareholders meeting. Upon request, he shall provide interim business reports and information in writing. 

 

	(7)	The Managing Director shall file the necessary entries into the Commercial Register. 

  

	(8)	The Managing Director may only approve the assignment of company shares and fractional company shareholding based on the articles of incorporation and the relevant shareholders’ resolutions. The same applies for
calling in any still outstanding capital contributions. 

  

	(9)	According to § 40 GmbHG (law on private limited liability companies), the Managing Director shall promptly submit, after every change in the persons constituting the shareholders or in the scope of their stake, a
list of the shareholders that is signed by him and that contains their last names, first names, status, place of residence, and initial contribution. 

§ 3 Transactions Requiring Approval / Advisory Board 
  

	(1)	The Managing Director shall require, for all transactions and measures that go beyond the usual operations of the Company’s business activities, the express consent of the shareholders’ meeting. This shall
include in particular: 

	 	a)	Granting of or termination of special power of attorneys (“Prokura” or “Generalhandlungsvollmachten”). 

 

	 	b)	Major changes in the organization of the company. 

  

	 	c)	The implementation of new or termination of existing businesses of the company. 

  

	 	d)	Entering into, change or termination of corporate contracts (“Unternehmensverträge”) such as, but not limited to, profit and loss pooling agreements etc. 

 

	 	e)	Acquiring or selling or imposing other obligations over subsidiaries of the company. 

  

	 	f)	Entering into, change or termination of long-term corporation agreements or initiation of undertakings which are not covered by the investment budget of the company. 

 

	 	g)	Acquiring, selling and/or imposing obligations of real-estate or alike. 

  

	 	h)	Entering into, change or termination of contracts with a duration of more than one year and/or an annual obligation of the company exceeding 100.000,00 EURO, except for production orders that are in the framework of an
approved production plan. 

  

	 	i)	Granting of guarantees, unless the bank guarantee is against a customer order. 

  

	 	j)	Entering into, change or termination of agreements between the company and the managing directors. 

  

	(2)	In case the Company or any Group Company has established an advisory board, the Managing Director shall comply with his duties vis-à-vis the advisory board, especially but not limited to the reporting
obligations, as set forth in the articles of incorporation or any other documentation of the respective Group Company. 

 § 4 Services

  

	(1)	The Managing Director shall apply all of his energy and all of his knowledge and experience toward the Company’s interests. The normal work period is at least 40 hours per week and complies with corporate
procedures. 

 § 5 Duties and Business Secrets 

 

	(1)	The Managing Director is required to maintain absolute confidentiality vis-à-vis third parties regarding all of the Company’s business matters. This requirement shall remain in place after expiration of the
employment contract. 

  

	(2)	Business- and operations-related documents of all types, including personal records regarding official matters, may not be used for business purposes and shall be carefully stored. Upon termination of the employment
contract, the aforementioned documents shall be returned to the Company. 

  

	(3)	Rights of retention may not be asserted by the Managing Director. The Managing Director may not file claims against the Company. 

§ 6 Innovations, Improvements, and Inventions 
  

	(1)	The Managing Director shall transfer innovations and improvements, which he develops during the period of this Contract in the Company’s area of activity, to the Company without special compensation for its sole
and unrestricted use. 

  

	(2)	In regard to service inventions, the Managing Director is required to promptly report them in writing to the Company (§5 Para (1), sentence. 1 ArbneErfG (law regarding employee inventions)). 

 

	(3)	The Company may claim, in a restricted or unrestricted manner, by means of a written statement, the protection-qualified service invention reported to it within an exclusion period of 4 months after receiving proper
notification. With the unrestricted claim and with receipt of the Company’s written statement, all rights to the service invention shall be transferred over to the Company all rights to the service invention are transferred over to the Company
(§ 7, Para. 1 ArbnErfG). 

  

	(4)	If the Managing Director leaves the Company, all rights to the Managing Director’s service inventions shall remain with the Company and without any claims to compensation. 

§ 7 Secondary Employment and Competition 
  

	(1)	Secondary employment, including the holding of honorary positions, requires the approval by the shareholders’ meeting. 

  

	(2)	The Managing Director shall not, for the duration of this Contract and two years after its termination, work in any way for a rival of the Company or a company affiliated with it or to hold a direct or indirect stake in
such an entity or to engage in transactions for his own interests or those of others in the Company’s area of activities in Germany. 

	(3)	The non-compete clause does not apply to holdings in companies in the form of securities that are traded on stock markets and are acquired for purposes of capital investment. 

 

	(4)	After termination of the Contract, the Company shall pay the Managing Director, if it does not expressly waive, by correspondingly applying the principle of § 75a HGB, the assertion of the non-compete clause,
compensation in the amount of 50 percent of the average fixed annual salary of the last three years per year for the duration of the non-compete clause. Compensation per year = fixed annual salary of the last 3 years : 6. For the avoidance of doubt
it is hereby clarified that any remuneration which the Managing Director is entitled to from non-compete obligations towards Group Companies should be taken into consideration for the calculation of the compensation as set forth above.

 §8 Managing Director’s Salary 
  

	(1)	The Managing Director shall receive a fixed annual salary of €222,720. The salary shall be paid in monthly installments on the last day of a given month. In addition a bonus of €2288 will be paid in Dec.

  

	(2)	No claims may be made regarding overtime, work on Sundays and holidays, or other extra work. 

 § 9
Expenses and Cost Reimbursement 
  

	(1)	If the Managing Director incurs any costs and expenses while conducting the proper activities of a managing director, they shall be reimbursed to him by the Company, to the extent that the Managing Director
substantiates their need in terms of business management and operations, or if said costs and expenses are obvious. 

  

	(2)	Travel expenses shall be reimbursed in each case at the maximum rates permissible by tax law. 

 § 10
Vacation 
 The Managing Director is entitled to 30 work days (Saturday is not a work day) of paid vacation per fiscal year. The Managing Director shall
arrange the time period of his vacation so that the needs of the Company’s management are taken into consideration. The vacation shall be coordinated with the other managing directors. 

§ 11 Duration and Termination 
  

	(1)	Employment as Managing Director pursuant to this Agreement shall begin on January 1, 2014. 

  

	(2)	The Contract shall be concluded for an indefinite period and may be terminated with 3 months prior notice, from the end of a quarter. 

	(3)	The Contract may be terminated without prior notice based on good cause. 

  

	(4)	Good cause exists for the Company especially when 

  

	 	a)	The Managing Director violates the non-compete clause; 

  

	 	b)	The Managing Director conducts business for the Company without the required approval or disregards written instructions issued by the shareholders’ meeting. 

 

	 	c)	The Managing Director intentionally prepares an incorrect annual financial statement. 

  

	 	d)	The Company is liquidated, or 

  

	 	e)	termination of the Agreement between Managing Director and ExOne Company in the United States as referenced in the Preamble above. 

  

	(5)	The termination shall be conveyed in writing. The Managing Director shall direct his termination notice to the shareholder with the highest equity investment. 

 

	(6)	The dismissal as Managing Director is permissible at any time. Dismissal shall be conveyed in writing. It applies at the same time as termination of the employment contract at the next permissible point in time.

  

	(7)	In the event of dismissal as well as termination, the managing director position shall end when the notification regarding the dismissal or termination is received. 

§ 12 Software 
 The Managing Director shall strictly
comply with the provisions of the copyright law, especially to not illegally duplicating original software obtained from the Company or to using illegally duplicated software. In addition, the Managing Director shall not use any third-party software
in the Company. If the Managing Director were to violate these requirements, he shall release the Company from any damages caused thereby. 
 §13
Address 
 The Managing Director shall, promptly and unbidden, notify the Company of any changes to his private address. Letters from the Company that do
not reach or are delayed in reaching the Managing Director because of violating this disclosure requirement shall be considered as received on the third business day after being sent by regular mail. 

§ 14 Pledging / Assignment 
 The Managing Director
may pledge or assign his remuneration claims to third parties only after receiving the prior written approval of the Company. The employee shall assume the costs incurred from garnishment, pledging, or assignment. 

 § 15 Contractual Penalty 

In the event of the culpable non-fulfillment or the contract-violating termination of the position as well as the early termination of the employment contract
by the Company culpably caused by the Managing Director, the Managing Director shall pay the Company a contractual penalty in the amount of double the gross monthly pay agreed upon in this Contract. This contractual penalty shall also be applied if
the Managing Director violates other major contractual provisions, especially the duty of disclosure (§13, Para. 3), the confidentiality requirement (§ 5.1) and the obligation to return property (§ 5.2). If the Managing Director does
not comply with the post-contractual non-compete clause, then the Company may – notwithstanding its other rights – demand a contractual penalty in the amount of €20,000 per each incident of non-compliance, or in the event of
[his] entering into an employment contract, for each month of such employment. The Company is entitled to assert claims for further damage. 
 § 16
Final Provisions 
  

	(1)	The contractual agreements of the parties exhaustively stem from this Contract. Changes to the Contract must be made in writing and require the express approval of the shareholders’ meeting. Waiving the “in
writing” requirement by verbal agreement is void. In particular, this Contract substitutes the managing director agreement between the Parties hereto dated August 21st 2003 as amended
from time to time as referenced in the Preamble. The Parties agree that all obligations arising out of or in connection with said agreement are hereby deemed finally and irrevocably fulfilled. 

 

	(2)	The non-validity of individual provisions shall not affect the legal validity of the Contract as a whole. Instead of the invalid clause, a provision shall be agreed upon that best corresponds to the parties’
economic intent. 

  

	(3)	All disputes arising from this Contract shall be resolved by ordinary legal procedures. 

  

			
	North Huntingdon, Pennsylvania December 23, 2013	  	Augsburg December 23, 2013
		
	ExOne GmbH	  	 /s/ Rainer Höchsmann

		  	Rainer Höchsmann

  

			
	By:	 	The ExOne Company, its sole shareholder
		
	By:	 	 /s/ S. Kent Rockwell

		
	Name:	 	 S. Kent Rockwell

		
	Title:	 	 Chairman of the Company

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