Document:

Exhibit 4.3

 

BOLT TECHNOLOGY CORPORATION

 

2012 STOCK INCENTIVE PLAN

 

1.           Purpose.
 The purpose of the Bolt Technology Corporation 2012 Stock Incentive Plan (the
“Plan”) is to recognize the contributions made by Employees and Directors of Bolt Technology Corporation (the
“Company”) or a Subsidiary and to provide such persons with an additional incentive to use maximum efforts for
the future success of the Company and any Subsidiary and to enhance the ability of the Company or a Subsidiary to attract, retain
and motivate individuals upon whom the Company’s sustained growth and financial success depend by providing such persons
with an opportunity to acquire or increase their proprietary interest in the Company through receipt of rights to acquire Common
Stock or receipt of awards of Restricted Stock or both.

 

The Plan is intended
to replace the Company’s stockholder-approved Amended and Restated 2006 Stock Option and Restricted Stock Plan that is currently
in effect (the “2006 Plan”), which will be automatically terminated and replaced by the Plan on the effective date
of the Plan. Any awards previously granted under the 2006 Plan will remain in effect pursuant to their terms.

 

2.           Definitions.
As used in the Plan, the following definitions shall apply to the capitalized terms indicated below:

 

“Award”
means any right granted under the Plan, including an Option or an award of Restricted Stock.

 

“Award Document”
means an Option Document or a Restricted Stock Award Agreement.

 

“Board”
or “Board of Directors” means the Board of Directors of the Company duly elected by the shareholders of
the Company.

 

“Change of Control”
means the earliest to occur of any of the following events: (i) the consummation of a sale or other disposition of all or substantially
all of the assets of the Company, other than to a Subsidiary; (ii) consummation of a merger, plan of reorganization, consolidation
or share exchange with any other entity, and immediately following such a transaction the holders of the voting securities of the
Company or such surviving entity immediately prior to such transaction hold securities representing fifty percent (50%) or less
of the combined voting power of the voting securities of the Company or such surviving entity immediately after such transaction;
(iii) any entity, person or group, within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, as amended,
other than the Company or any of its Subsidiaries or any employee benefit plan (or related trust) sponsored or maintained by the
Company or any of its Subsidiaries shall have become the beneficial owner of, or shall have obtained voting control over, more
than fifty percent (50%) of the outstanding Shares of the Company’s Common Stock, or (iv) the shareholders of the Company
approve a plan of complete liquidation or dissolution of the Company; provided, however, that as to any award under
the Plan that consists of deferred compensation subject to Section 409A of the Code, the definition of “Change of Control”
shall be deemed modified to the extent necessary to comply with Section 409A of the Code.

 

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

 

“Committee”
means the Board of Directors, or a committee of the Board of Directors appointed in accordance with Section 3 of the Plan, when
acting in connection with the administration of the Plan.

 

“Common Stock”
means the common stock, no par value, of the Company.

 

    	 

    	 

    

 

“Company”
means Bolt Technology Corporation, a Connecticut corporation.

 

“Continuous
Service” means that the Participant’s service with the Company or a Subsidiary, whether as an Employee or Director,
is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because
of a change in the capacity in which the Participant renders service to the Company or a Subsidiary as an Employee or Director
or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination
of the Participant’s Continuous Service. For example, a change in status from an Employee of the Company to a Director will
not constitute an interruption of Continuous Service. Notwithstanding the foregoing, a Participant’s Continuous Service shall
be deemed to have terminated with respect to all Incentive Stock Options granted to such Participant on such date as such Participant’s
Continuous Service as an Employee terminates. To the extent permitted by law and any leave of absence policy of the Company, the
Committee or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous
Service shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military
leave or any other personal leave; provided, however, a Participant’s Continuous Service shall not be deemed
to have been terminated because of an approved leave of absence from active service with the Company or a Subsidiary on account
of temporary illness, authorized vacation, or granted for reasons of professional advancement, education, health, or government
service, or during military leave for any period that is required by the Uniformed Services Employment and Reemployment Rights
Act of 1994, as amended (“USERRA”) (if the Participant returns to active service with the Company or a Subsidiary within
the period required by USSERA after termination of military leave), or during any period required to be treated as a leave of absence
by virtue of any applicable and binding statute (such as the Family and Medical Leave Act of 1993, as amended), personnel policy,
or employment agreement. Whether an authorized leave of absence constitutes termination of Continuous Service hereunder shall be
determined by the Committee.

 

“Director”
means each member of the Board of Directors of the Company.

 

“Disability”
means (i) in the case of a Participant who receives a Nonqualified Stock Option or an award of Restricted Stock and
whose employment arrangement with the Company or a Subsidiary is subject to the terms of an employment agreement between such Participant
and the Company or Subsidiary, which employment agreement includes a definition of “Disability,” the meaning set forth
in such agreement for “Disability” during the period that agreement remains in effect; and (ii) in all other cases,
the term “Disability” as used in this Plan or any Award Document shall have the meaning set forth in Section 22(e)(3)
of the Code; provided, however, that as to any award under the Plan that consists of deferred compensation subject
to Section 409A of the Code, the definition of “Disability” shall be deemed modified to the extent necessary to comply
with Section 409A of the Code.

 

“Employee”
means any person, including officers, employed by the Company or a Subsidiary. However, service solely as a Director, or payment
of a fee for such service, shall not cause a Director to be considered an “Employee” for purposes of the Plan.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Fair Market
Value” means, as of a particular date, the value of the Common Stock determined as follows: (i) if
the Common Stock is traded in a public market, then the Fair Market Value per share shall be, (A) if the Common Stock is listed
on a national securities exchange or included in the NASDAQ Stock Market, the last reported sale price thereof on the relevant
date (or if no Shares of Common Stock were traded on such date, the next preceding date on which the Common Stock was traded),
or (B) if the Common Stock is not so listed or included, the average of the last reported “bid” and “asked”
prices thereof on the relevant date (or if no Shares of Common Stock were traded on such date, the next preceding date on which
the Common Stock was traded) as reported on the OTC Bulletin Board, or the Fair Market Value per share as determined by any other
method adopted by the Committee from time to time as the Committee may deem appropriate or as may be required in order to comply
with applicable laws and regulations; and (ii) at any time at which the Common Stock is not traded in a public market, then the
Fair Market Value per share shall be determined by the Board, acting in good faith using a reasonable application of a reasonable
method taking into consideration the provisions of the Treasury Regulations promulgated under Section 409A of the Code, and such
determination shall be final and binding for all purposes of the Plan.

 

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“Incentive Stock
Option” or “ISO” means an Option that is intended to qualify as an “incentive stock option”
within the meaning of Section 422 of the Code.

 

“Non-Employee
Director” means a Director who either (i) is not a current Employee or officer of the Company or a Subsidiary and does
not receive compensation directly or indirectly from the Company or a Subsidiary for services rendered as a consultant or in any
capacity other than as a Director, or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3
promulgated under the Exchange Act.

 

“Nonqualified
Stock Option” means an Option that is not intended to qualify, or otherwise does not qualify, as an “incentive
stock option” within the meaning of Section 422 of the Code.

 

“Option”
means either an ISO or a Nonqualified Stock Option granted under the Plan.

 

“Option Document”
means the document described in Section 7A of the Plan that sets forth the terms and conditions of an Option grant. Each Option
Document shall be subject to the terms and conditions of the Plan.

 

“Optionee”
means a person to whom an Option has been granted under the Plan, which Option has not been exercised and has not expired or
terminated, or if applicable, such other person who holds an outstanding Option.

 

“Option Price”
means the price at which Shares may be purchased upon exercise of an Option determined in accordance with Section 6(b) of the Plan.

 

“Participant”
means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

 

“Restricted
Stock” means Shares awarded pursuant to Section 7 under the Plan, subject to any restrictions or conditions as are established
pursuant to the Plan.

 

“Restricted
Stock Award Agreement” means the agreement described in Section 7 of the Plan that sets forth the terms and conditions
of an award of Restricted Stock. Each Restricted Stock Award Agreement shall be subject to the terms and conditions of the Plan.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Shares”
means the shares of Common Stock of the Company that are the subject of Awards.

 

“Subsidiary”
means a corporation that is a subsidiary corporation with respect to the Company within the meaning of Section 424(f) of the
Code.

 

“Ten Percent
Shareholder” means an Employee who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of a Subsidiary.

 

3.           Administration
of the Plan. The Plan shall be administered by the Board; however, the Board may designate a committee composed of two
or more Non-Employee Directors to administer the Plan in its stead. Any such committee so designated by the Board to administer
the Plan shall be constituted as necessary to comply with the legal requirements, if any, relating to the administration of the
types of Awards granted under the Plan imposed by applicable corporate and securities laws, the Code and any stock exchange or
national market system upon which the Common Stock is then listed or traded. Notwithstanding anything to the contrary contained
in this Section 3, the Board shall constitute the Committee and administer the Plan with respect to Awards granted to Non-Employee
Directors.

 

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(a)          Meetings.
The Committee may hold meetings at such times and places as it may determine. Acts approved at a meeting by a majority of the members
of the Committee or acts approved in writing by the unanimous consent of the members of the Committee shall be the valid acts of
the Committee.

 

(b)          Powers
of Committee.  The Committee shall have the power, subject to the express provisions of the Plan:

 

(i)          To
determine from time to time which of the eligible persons under the Plan shall be granted Awards; when and how each Award shall
be granted; what type or combinations of types of Awards shall be granted; the provisions of each Award granted, which need not
be identical, including any terms of vesting of any Option granted and the price at which the Option shall be granted, and any
restrictions (including, without limitation, any risk of forfeiture) and the purchase price, if any, of any Restricted Stock awarded;
and, the number of Shares subject to the Award.

 

(ii)         To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration.
The Committee, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Document
in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.

 

(iii)        Generally,
to exercise such other powers and perform such acts as the Committee deems necessary or expedient to promote the best interests
of the Company and that are not in conflict with the provisions of the Plan or any Awards.

 

(iv)         The
Committee may delegate to officers or employees of the Company or a Subsidiary the authority, subject to such terms as the Committee
may determine, to perform administrative functions with respect to the Plan and Award Documents.

 

(c)          Exculpation.
No member of the Committee shall be personally liable for monetary damages for any action taken or any failure to take any action
in connection with the administration of the Plan or the granting of Awards under the Plan, provided that this Subsection 3(c)
shall not apply to: (i) any breach of such member’s duty of loyalty to the Company or its shareholders; (ii) acts or omissions
not in good faith or involving intentional misconduct or a knowing violation of law; (iii) acts or omissions that would result
in liability under the circumstances described in the exclusions contained in Section 33-636(b)(4) of the Connecticut Business
Corporation Act, as amended; and (iv) any transaction from which the member derived an improper personal benefit.

 

(d)          Indemnification.
Service on the Committee shall constitute service as a member of the Board of the Company. Each member of the Committee shall be
entitled without further action on such person’s part to indemnity from the Company to the fullest extent provided by applicable
law and the Company’s Certificate of Incorporation and/or Bylaws in connection with or arising out of any action, suit or
proceeding with respect to the administration of the Plan or the granting of Awards thereunder in which such person may be involved
by reason of such person’s being or having been a member of the Committee, whether or not such person continues to be a member
of the Committee at the time of the action, suit or proceeding.

 

(e)          Effect
of Committee Action. The Committee’s determinations under the Plan (including, without limitation, determinations of
the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Award
Documents evidencing same) shall be made in its discretion and need not be uniform and may be made by it selectively among persons
who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. All determinations
and interpretations made by the Committee shall be final, binding and conclusive on all persons, including without limitation,
all Participants and persons claiming rights from or through a Participant.

 

(f)          Repricing
Prohibited. Except to the extent permitted under Section 9 in connection with adjustments for changes in capitalization, the
Committee shall not, without shareholder approval, lower the exercise price of any outstanding Option, or at a time when the exercise
price of an Option exceeds the Fair Market Value of the underlying Shares of Common Stock, settle, cancel or exchange any outstanding
Option in consideration for the grant of a new Award with a lower exercise price or for a cash payment. 

 

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4.          Shares
Subject to Plan. Subject to adjustment as provided in Section 9, the number of Shares that may be issued pursuant
to Awards shall not exceed, in the aggregate, 750,000 Shares. The Shares shall be issued from authorized and unissued or reacquired
Common Stock, including Shares repurchased by the Company. If an Option shall for any reason expire or otherwise terminate without
having been exercised in full for any reason, or if all or any portion of the Shares of Restricted Stock subject to an award of
Restricted Stock shall be forfeited for any reason, the Shares for which the Option was not exercised or the Shares so forfeited
shall revert to, and may again become available for the grant of one or more Awards under the Plan. No Awards shall be granted
under the Plan after June 30, 2022; provided, however, that all Awards granted under the Plan prior to such
date shall remain in effect until: (i) in the case of Options, such Options have been exercised or terminated in accordance with
the Plan and the terms of such Options, or (ii) in the case of an award of Restricted Stock, the Shares subject to such Award are
no longer subject to any restrictions (including, without limitation, any risk of forfeiture) or have been returned to the Company
in accordance with the Plan and the terms of the applicable Restricted Stock Award Agreement.

 

		5.	Eligibility.

 

		(a)	Eligibility for Grant of Awards.

 

(i)         
 Grants to Employees. Nonqualified Stock Options and/or ISOs and/or Restricted Stock (or a combination thereof), may
be granted to Employees of the Company or its Subsidiaries, at the discretion of the Committee.

 

(ii)        
Grants to Directors. Each Non-Employee Director shall be eligible to receive grants of Nonqualified Stock Options and/or Restricted
Stock (or combination thereof) for up to a maximum of 3,000 Shares of Common Stock of the Company per annum while such Non-Employee
Director is serving as a Director of the Company, at the discretion of the Committee. No other grants shall be made to Non-Employee
Directors under the Plan.

 

(b)          Ten
Percent Shareholders. A Ten Percent Shareholder shall not be granted an ISO unless the exercise price of such Option is at
least 110% of the Fair Market Value of the Common Stock on the date of grant, and the Option is not exercisable after the expiration
of five (5) years from the date of grant.

 

(c)          Committee
to Determine. The Committee, in its sole discretion, shall determine all questions of eligibility to receive Awards under the
Plan.

 

6.          Option
Awards. Each Option granted under the Plan shall be a Nonqualified Stock Option, unless the Option specifically shall be
designated at the time of grant to be an ISO. If any Option designated as an ISO is determined for any reason not to qualify as
an incentive stock option within the meaning of Section 422 of the Code, such Option shall be treated as a Nonqualified Stock Option
for all purposes under the provisions of the Plan. Each Option granted pursuant to the Plan shall be evidenced by an Option Document
in such form as the Committee shall from time to time approve, which Option Document shall comply with and be subject to the following
terms and conditions and such other terms and conditions as the Committee shall from time to time require that are not inconsistent
with the terms of the Plan.

 

(a)          Number
of Option Shares. Each Option Document shall state the number of Shares to which it pertains. An Optionee may receive
more than one Option and the Options received may include Options that are intended to be ISOs and Options that are not intended
to be ISOs, but only on the terms, and subject to the conditions and restrictions, of the Plan.

 

(b)          Option
Price. Each Option Document shall state the Option Price applicable to the Option granted
therein. Subject to the provisions of Section 5(b) with respect to a Ten Percent Shareholder granted an ISO, the exercise
price of any Option, whether a Nonqualified Stock Option or an ISO, shall in no event ever be less than 100% of the Fair Market
Value of the Shares subject to the Option on the date the Option is granted as determined by the Committee in accordance with this
Section 6(b). Notwithstanding the foregoing, an Option may be granted with an exercise price lower than that set forth in the preceding
sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions
of Section 424(a) of the Code. 

 

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(c)          Exercise.
No Option shall be exercisable during the year ending on the first anniversary date of the granting of the Option. No Option shall
be deemed to have been exercised prior to the receipt by the Company of written notice of such exercise and of payment in full
of the Option price for the Shares to be purchased. Each such notice shall specify the number of Shares to be purchased and (unless
the Shares are covered by a then current registration statement or a notification under Regulation A under the Securities Act)
shall contain the Optionee’s acknowledgment in form and substance satisfactory to the Company that: (i) such Shares are being
purchased for investment and not for distribution or resale (other than a distribution or resale which, in the opinion of counsel
satisfactory to the Company, may be made without violating the registration provisions of the Securities Act); (ii) the Optionee
has been advised and understands that (A) the Shares have not been registered under the Securities Act and are “restricted
securities” within the meaning of Rule 144 under the Securities Act and are subject to restrictions on transfer, and (B)
the Company is under no obligation to register the Shares under the Securities Act or to take any action which would make available
to the Optionee any exemption from such registration; (iii) such Shares may not be transferred without compliance with all applicable
federal and state securities laws and any other restrictions contained in the Plan and the applicable Option Document; and (iv)
an appropriate legend referring to the foregoing restrictions on transfer and any other restrictions imposed under the Option Documents
may be endorsed on the certificates. Notwithstanding the foregoing, if the Company determines that issuance of Shares should be
delayed pending (1) registration under federal or state securities laws, (2) the receipt of an opinion of counsel satisfactory
to the Company that an appropriate exemption from such registration is available, (3) the listing or inclusion of the Shares on
any securities exchange or an automated quotation system, or (4) the consent or approval of any governmental regulatory body whose
consent or approval is necessary in connection with the issuance of such Shares, the Company may defer exercise of any Option granted
hereunder until any of the events described in this sentence has occurred.

 

(d)          Medium
of Payment. The purchase price of Common Stock acquired pursuant to the exercise of an Option shall be paid, to the
extent permitted by applicable law and as determined by the Committee in its sole discretion, by one or more of the following methods.
The Committee shall have authority to grant Options that do not entitle the Optionee to use all methods or that require prior written
consent of the Company to use certain of the methods. The methods of payment of the Option price are:

 

(i)          cash
or check payable in clearinghouse funds to the order of the Company;

 

(ii)         by
delivery to the Company of other Shares of Common Stock which, unless otherwise determined by the Committee, have been held for
more than six (6) months;

 

(iii)        by
a “net exercise” arrangement pursuant to which the Company will reduce the number of Shares issued upon exercise by
the largest whole number of the Shares with a Fair Market Value that does not exceed the Option price; provided, however,
that the Company shall accept cash or other payment from the Optionee to the extent of any remaining balance of the aggregate Option
price not so satisfied, provided further that the Shares will no longer be outstanding under an Option and will not
be exercisable thereafter to the extent so applied or withheld to satisfy tax withholding obligations pursuant to Section 11 below;
or

 

(iv)         any
other form of legal consideration that may be acceptable to the Committee.

 

(e)          Vesting.
The total number of Shares subject to an Option may vest and therefore become exercisable in periodic installments that may
or may not be equal. An Option may be subject to such other terms and conditions on the time or times when it may be exercised
(which may be based on the satisfaction of certain performance criteria) as the Committee may deem appropriate. The vesting provisions
of individual Options may vary.

 

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(f)          Termination
of Options.

 

(i)          No
Option shall be exercisable after the first to occur of the following:

 

(A)         Expiration
of the Option term specified in the Option Document, which expiration shall occur no later than (1) ten (10) years from the date
of grant, or (2) five (5) years from the date of grant of an ISO if the Optionee on the date of grant is a Ten Percent Shareholder;

 

(B)         Unless
otherwise set forth in the Option Document, expiration of three (3) months from the date the Optionee’s Continuous Service
terminates by reason of the Optionee’s retirement or Disability; provided however, that if the Optionee dies
within such three-month period, any unexercised Option, to the extent to which it was exercisable at the time of his death, shall
thereafter be exercisable for a period not exceeding fifteen (15) months from the date of his death;

 

(C)         Unless
otherwise set forth in the Option Document, expiration of fifteen (15) months from the date Optionee’s Continuous Service
terminates due to the Optionee’s death;

 

(D)         Unless
otherwise set forth in the Option Document or in (E) below with respect to Non-Employee Director Options, upon the termination
date of the Optionee’s Continuous Service in the event that the Optionee’s Continuous Service is terminated for any
reason other than death, Disability or retirement; or

 

(E)         Notwithstanding
(B) and (D) above, in the case of Options granted to Non-Employee Directors pursuant to Section 6 above, expiration of a period
of thirty (30) days from the date the Optionee’s Continuous Service terminates; provided however, that if the
Non-Employee Director dies within such thirty (30) days, any unexercised Option, to the extent to which it was exercisable at the
time of his death, shall thereafter be exercisable for a period not exceeding fifteen (15) months from the date of his death; or

 

(F)         The
date, if any, set by the Board of Directors or the Committee as an accelerated expiration date in the event of the liquidation
or dissolution of the Company or a Change of Control.

 

(ii)         Notwithstanding
the foregoing, if an Optionee’s employment terminates by death, Disability or retirement after the first anniversary date
of the granting of the Option and prior to an installment of his Option (other than the first installment) becoming exercisable
and if there are no conditions to the next succeeding installment becoming exercisable other than the passage of time, his Option
thereupon shall become exercisable with respect to a number of Shares (in addition to Shares covered by installments theretofore
matured) equal to a pro rata portion of the Shares for which it would become exercisable upon the maturity of the next succeeding
installment, such pro rata portion to be based upon the proportion which the number of full months in the period beginning with
the maturity date of the next preceding installment and ending with such termination of his employment bears to the total number
of full months in the period beginning with the maturity date of the next preceding installment and ending with the maturity date
of the next succeeding installment.

 

(iii)        Notwithstanding
the foregoing, the Committee may extend the period during which all or any portion of an Option may be exercised to a date no later
than the Option term specified in the Option Document pursuant to Subsection 6(f)(i)(A), provided that any change pursuant
to this Subsection 6(f)(iii) which would cause an ISO to become a Nonqualified Stock Option may be made only with the consent
of the Optionee.

 

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(g)          Transferability
of Options. Unless otherwise determined by the Committee with respect to a Nonqualified Stock Option, no Option granted
under the Plan may be transferred, except by will or by the laws of descent and distribution and shall be exercisable during the
lifetime of an Optionee only by the Optionee. Notwithstanding the foregoing, an Optionee may, by delivering written notice to the
Company in form satisfactory to the Company, designate a third party who, in the event of the Optionee’s death, shall thereafter
be entitled to exercise the Option.

 

(h)          Limitation
on ISO Grants. To the extent that the aggregate Fair Market Value of the Shares of Common Stock (determined at the time the
ISO is granted) with respect to which Incentive Stock Options are exercisable for the first time by an Optionee during any calendar
year under all incentive stock option plans of the Company or its Subsidiaries in which such Optionee has been granted ISOs exceeds
$100,000, the Options or portions thereof that exceed such limit (according to the order in which they were granted) shall be treated
as Nonqualified Stock Options, notwithstanding any contrary provision of the applicable Option Document.

 

(i)          Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Option shall contain such provisions
such that such Option will comply with the requirements of Section 409A of the Code. Such provisions, if any, shall be determined
by the Committee and shall be set forth in the Option Document evidencing such Option.

 

(j)          Other
Provisions. Subject to the provisions of the Plan, the Option Documents shall contain such other provisions including, without
limitation, additional restrictions upon the exercise of the Option or additional limitations upon the term of the Option, as the
Committee shall deem advisable.

 

(k)          Amendment.
Subject to the provisions of the Plan, the Committee shall have the right to amend Option Documents issued to an Optionee, subject
to the Optionee’s consent if such amendment is not favorable to the Optionee, except that the consent of the Optionee shall
not be required for any amendment made pursuant to Subsection 6(f)(i)(F) or Sections 8 and 9 of the Plan, as applicable.

 

7.           Restricted
Stock Awards. Each award of Restricted Stock pursuant to the Plan shall be evidenced by a Restricted Stock Award Agreement
in such form as the Committee shall from time to time approve, which Restricted Stock Award Agreement shall comply with and be
subject to the following terms and conditions and such other terms and conditions as the Committee shall from time to time require
that are not inconsistent with the terms of the Plan. A Participant shall have no rights with respect to the Shares of Restricted
Stock covered by a Restricted Stock Award Agreement until the Participant has executed and delivered to the Company the applicable
Restricted Stock Award Agreement and paid the full purchase price, if any, for said Shares to the Company in the manner set forth
in the Restricted Stock Award Agreement.

 

(a)          Number
of Shares of Restricted Stock. Each Restricted Stock Award Agreement shall state the number of Shares to which it pertains.
Participants may receive more than one award of Restricted Stock, but only on the terms, and subject to the conditions and restrictions,
of the Plan.

 

(b)          Purchase
Price. Restricted Stock may be awarded for such consideration as is determined by the Committee in its sole discretion,
including no consideration or such minimum consideration as may be required by applicable law.

 

(c)          Medium
of Payment. The purchase price, if any, payable to purchase Restricted Stock shall be paid by cash or check payable
in clearinghouse funds to the order of the Company, or any other form of legal consideration that may be acceptable to the Committee
in its sole discretion and permissible under applicable law.

 

(d)          Restrictions.
Each Restricted Stock Award Agreement shall state the terms and conditions, if any, pursuant to which the Participant shall
acquire a nonforfeitable right to the Shares awarded as Restricted Stock. Shares may become nonforfeitable immediately or in periodic
installments that may or may not be equal. An award of Restricted Stock may be subject to such other terms and conditions on the
time or times when the Shares under such award shall become nonforfeitable (which may be based on the satisfaction of certain performance
criteria), or such other restrictions (including, without limitation, limitations on the right to vote the Shares or the right
to receive dividends on the Shares), as the Committee may deem appropriate. Restrictions with respect to individual awards of Restricted
Stock may vary. Unless the Committee determines otherwise, certificates evidencing Shares of Restricted Stock shall (i) bear an
appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock and (ii) remain in the
possession of the Company until such time as all applicable restrictions lapse.

 

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(e)          Termination.
Unless otherwise provided in the Restricted Stock Award Agreement, any Shares under an award of Restricted Stock that remain subject
to a risk of forfeiture on the date a Participant’s Continuous Service terminates shall be forfeited and automatically transferred
to and reacquired by the Company at no cost to the Company, and neither the Participant nor his or her heirs, executors, administrators
or successors shall have any right or interest in such Restricted Stock or the award of Restricted Stock.

 

(f)          Transferability.
Shares of Restricted Stock shall not be sold, assigned, exchanged, transferred, pledged, hypothecated or otherwise disposed of
by the Participant except as expressly permitted by the terms and conditions of the Restricted Stock Award Agreement, as the Committee
shall determine in its discretion, so long as such Shares remain subject to the terms of the Restricted Stock Award Agreement.

 

(g)          Issuance
of Restricted Stock. Unless the Shares are covered by a then current registration statement or a notification under Regulation
A under the Securities Act, each Restricted Stock Award Agreement shall contain the Participant’s acknowledgment in form
and substance satisfactory to the Company that: (i) such Shares are being purchased for investment and not for distribution or
resale (other than a distribution or resale which, in the opinion of counsel satisfactory to the Company, may be made without violating
the registration provisions of the Securities Act); (ii) the Participant has been advised and understands that (A) the Shares have
not been registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the
Securities Act and are subject to restrictions on transfer, and (B) the Company is under no obligation to register the Shares under
the Securities Act or to take any action which would make available to the Participant any exemption from such registration; (iii)
such Shares may not be transferred without compliance with all applicable federal and state securities laws and any other restrictions
contained in the Plan and the applicable Restricted Stock Award Agreement; and (iv) an appropriate legend referring to the foregoing
restrictions on transfer and any other restrictions imposed under the Restricted Stock Award Agreement may be endorsed on the certificates.
Notwithstanding the foregoing, if the Company determines that issuance of Shares should be delayed pending (1) registration under
federal or state securities laws, (2) the receipt of an opinion of counsel satisfactory to the Company that an appropriate exemption
from such registration is available, (3) the listing or inclusion of the Shares on any securities exchange or an automated quotation
system, or (4) the consent or approval of any governmental regulatory body whose consent or approval is necessary in connection
with the issuance of such Shares, the Company may defer issuance of any Shares under an award of Restricted Stock granted hereunder
until any of the events described in this sentence has occurred.

 

(h)          Compliance
with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any award of Restricted Stock shall
contain such provisions such that such award will comply with the requirements of Section 409A of the Code. Such provisions, if
any, shall be determined by the Committee and shall be set forth in the Restricted Stock Award Agreement evidencing such award.

 

(i)          Other
Provisions. Subject to the provisions of the Plan, the Restricted Stock Award Agreement shall contain such other provisions
including, without limitation, additional terms and conditions with respect to when the Participant will obtain a nonforfeitable
right to the Shares, as the Committee shall deem advisable.

 

(j)          Amendment.
Subject to the provisions of the Plan, the Committee shall have the right to amend Restricted Stock Award Agreements issued to
a Participant, subject to the Participant’s consent if such amendment is not favorable to the Participant, except that the
consent of the Participant shall not be required for any amendment made pursuant to Sections 8 and 9 of the Plan, as
applicable.

 

    	- 9 -

    	 

    

 

8.           Change
of Control.

 

(a)          Options.
Unless otherwise provided in an applicable Option Document, immediately following the consummation of a Change of Control,
all outstanding Options shall terminate and cease to be outstanding, except to the extent assumed by a successor corporation (or
parent thereof) or otherwise expressly continued in full force and effect pursuant to the terms of any agreement governing a Change
of Control. If Options terminate and are not assumed in connection with a Change of Control, all holders of such Options shall
receive the same consideration that shareholders receive upon such Change of Control to the extent that such Options are vested
immediately prior to such Change of Control reduced by the Option price such Optionee would have had to pay upon the exercise of
their respective Options and any applicable withholding taxes. The Committee may provide for full or partial vesting of any outstanding
Option prior to a Change of Control in the applicable Option Document or by unilateral amendment to any such Option Document after
the grant of any such Option.

 

(b)          Restricted
Stock. The Committee shall have the discretion to provide in each Restricted Stock Award Agreement the terms and conditions
that relate to the lapse of any restrictions on the Shares of Restricted Stock subject thereto, including without limitation any
risk of forfeiture, in the event of a Change in Control, which terms and conditions may vary in each Restricted Stock Award Agreement.
The Committee may provide for lapse of restrictions on any Shares subject to an award of Restricted Stock prior to a Change of
Control in the applicable Restricted Stock Award Agreement or by unilateral amendment to any such Restricted Stock Award Agreement
after the grant of any such award.

 

9.           Adjustments
on Changes in Capitalization. The aggregate number of Shares and class of Shares as to which Awards may be granted hereunder,
the number and class or classes of Shares covered by each outstanding Award and the Option price or purchase price, as applicable,
thereof, shall be proportionately adjusted in the event of a stock dividend, stock split, recapitalization or other change in the
number or class of issued and outstanding equity securities of the Company resulting from a subdivision or consolidation of the
Common Stock and/or a recapitalization, reorganization or other capital adjustment (not including the issuance of Common Stock
on the conversion or exchange of other securities of the Company which are convertible into or exchangeable for Common Stock) affecting
the Common Stock which is effected without receipt of consideration by the Company. The Committee shall have authority to determine
the adjustments to be made under this Section, and any such determination by the Committee shall be final, binding and conclusive;
provided, however, that no adjustment shall be made which will cause an ISO to lose its status as such without the
consent of the Optionee, except in the case of any adjustment that may be deemed to have been made pursuant to a Change of Control
under Section 8.

 

10.         No
Commitment to Retain. The grant of an Award pursuant to the Plan shall not be construed to imply or to constitute evidence
of any agreement, express or implied, on the part of the Company or any Subsidiary to retain the Participant in the employ or service
of the Company or a Subsidiary and/or as a member of the Company’s Board or in any other capacity, or interfere in any way
with the right of the Company or a Subsidiary to terminate the services of a Participant.

 

11.         Withholding
of Taxes. Whenever the Company proposes or is required to deliver or transfer Shares in connection with the exercise of
an Option or an award of Restricted Stock, the Company shall have the right to: (a) require the recipient to remit or otherwise
make available to the Company an amount sufficient to satisfy any federal, state and/or local withholding tax requirements prior
to the delivery or transfer of any certificate or certificates for such Shares; or (b) take whatever other action it deems necessary
to protect its interests with respect to tax liabilities. The Company’s obligation to make any delivery or transfer of Shares
shall be conditioned on the Participant’s compliance, to the Company’s satisfaction, with any withholding requirement.
With the consent of the Committee, in its sole discretion, a Participant may satisfy any such withholding obligations by (i) authorizing
the Company to withhold sufficient Shares from the Shares otherwise issuable to the Participant as a result of the exercise of
the Option or the award of Restricted Stock, provided, however, that no Shares are withheld with a value exceeding
the minimum amount of tax required to be withheld by law; or (ii) delivering to the Company other owned and unencumbered Shares
of Common Stock.

 

12.         Shareholder
Rights. No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to any
Shares subject to an Award unless and until such Participant has satisfied all requirements (i) in the case of an Option, for exercise
of the Option pursuant to its terms and (ii) in the case of an award of Restricted Stock, for receipt of Shares subject to the
award of Restricted Stock (subject to any restrictions, including, without limitation, any risk of forfeiture) in accordance with
the terms of such award.

 

    	- 10 -

    	 

    

 

13.         Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is
required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s
securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable
law. In addition, the Committee may impose such other clawback, recovery or recoupment provisions in an Award Document as the Committee
determines necessary or appropriate, including but not limited to, a reacquisition right in respect of previously acquired shares
of Stock or other cash or property upon the occurrence of cause.

 

14.         Interpretation.
The Plan is intended to enable transactions under the Plan with respect to directors and officers (within the meaning of Section
16(a) under the Exchange Act) to satisfy the conditions of said Rule 16b-3 under the Exchange Act or its successors; to the extent
that any provision of the Plan would cause a conflict with such conditions or would cause the administration of the Plan as provided
in Section 3 to fail to satisfy the conditions of said Rule 16b-3, such provision shall be deemed null and void to the extent
permitted by applicable law. This Section shall not be applicable if no class of the Company’s equity securities is then
registered pursuant to Section 12 of the Exchange Act.

 

15.         Amendment
or Termination of the Plan.  The Board may amend, suspend or terminate the Plan, but no such amendment or termination shall
be made which would adversely affect any outstanding Awards without the written consent of the affected Participants. In addition,
to the extent necessary to comply with Section 422 of the Code, Section 16b-3 under the Exchange Act or any other applicable
law or regulation, including the requirements of any stock exchange or national market system upon which the Common Stock is then
listed, the Company shall obtain shareholder approval of any Plan amendment or termination.

 

16.         Term
of Plan and Effective Date; Termination of 2006 Plan.

 

(a)          Term
of Plan. Unless sooner terminated by the Board pursuant to Section 15, the Plan shall automatically terminate on September
24, 2022, the day before the tenth (10th) anniversary of the date the Original Plan was adopted by the Board; provided
however, that all applicable provisions with respect to Awards granted prior to such termination shall remain in effect
until (i) in the case of Options, all the outstanding Options have been exercised or expired in accordance with the Plan and the
terms of the Options and (ii) in the case of Shares of Restricted Stock, all Shares subject to awards of Restricted Stock are no
longer subject to any restrictions (including, without limitation, any risk of forfeiture) or have been returned to the Company
in accordance with the Plan and the terms of the applicable Restricted Stock Award Agreement.

 

(b)          Effective
Date. The Plan is effective as of September 25, 2012, the date on which the Plan was approved by the Board of Directors.
The Plan is conditioned on the approval of the shareholders of the Company within twelve (12) months after the date the Plan was
so adopted by the Board. No Awards shall be granted under the Plan until the Plan is duly approved by the shareholders of the Company.

 

(c)          2006
Plan. Upon approval of the Plan by the shareholders of the Company, the Plan shall supercede and replace in its entirety the
Bolt Technology Corporation Amended and Restated 2006 Stock Option and Restricted Stock Plan (the “2006 Plan”), which
shall thereupon be automatically deemed terminated and no new grants made thereunder; provided however, that notwithstanding the
foregoing, the 2006 Plan shall remain in effect with respect to Awards (as defined in the 2006 Plan) previously granted, as set
forth in Section 15(b) of the 2006 Plan.

 

17.         Choice
of Law. The law of the State of Connecticut shall apply to all matters relating to the construction, validity and interpretation
of the Plan and the Awards granted under the Plan, without regard to such state’s conflict of laws principles.

 

    	- 11 -

    	 

    

 

BOLT TECHNOLOGY CORPORATION

 

INCENTIVE STOCK OPTION AGREEMENT

 

AGREEMENT made as of
____________________, 20___, by and between Bolt Technology Corporation, a Connecticut corporation (the “Company”),
and _____________________ (the “Optionee”).

 

Pursuant to the Bolt
Technology Corporation 2012 Stock Incentive Plan (as it may be further amended from time to time, the “Plan”),
the Company desires to grant to the Optionee, and the Optionee desires to accept from the Company, an option to purchase shares
of the common stock of the Company, without par value (the “Common Stock”), upon the terms and conditions set
forth in this Agreement.

 

NOW, THEREFORE, the
Company and the Optionee agree as follows:

 

1.            Grant
of Option; Option Price. The Company hereby grants to the Optionee an option to purchase __________ shares of Common
Stock at a purchase price per share of $_____ (the “Option”). The purchase price is not less than the
fair market value of the Common Stock on the date of grant.

 

The Option is intended
to be treated as an option that is an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of
1986, as amended (the “Code”). Notwithstanding the intention of the Company and the Optionee that the Option
will be treated as an incentive stock option, such treatment will depend upon satisfaction of certain conditions set forth in the
Code and may not be available in all instances. The Optionee hereby acknowledges and understands that to the extent that the Option
does not qualify as an incentive stock option, the Option will be treated as a non-qualified stock option.

 

There are potential
tax consequences associated with the grant, vesting and exercise of this Option. It is the responsibility of the Optionee to seek
independent tax advice with regard to the tax treatment of the Option, the exercise thereof, the disposition of any Common Stock
acquired upon exercise of the Option and any other related matters.

 

2.            Entitlement
to Exercise Option; Term of Option. The Option shall not be exercisable during the year ending on the first anniversary date
of the date hereof and then only with respect to the vested portion of the Option. Subject to the preceding sentence and the terms
of this Agreement and the Plan, the Option shall only become exercisable in accordance with the following vesting schedule based
upon the number of full years of the Optionee’s Continuous Service (as defined in the Plan) following the date of grant:

 

	Vesting Date	Number of Shares Vesting
	 	 

 

Unless sooner terminated pursuant to the
terms of this Agreement, the Option will expire if and to the extent it is not exercised on or before _____________, 20___, such
date not to exceed or be extended beyond __________ [ten years from date of grant].

 

3.            Exercise
of Option; Medium of Payment. (a) Subject to the requirements of Section 2, the vested portion of the Option may be exercised
in whole at any time or in part from time to time during the term of the Option. To exercise the Option, the Optionee shall deliver
to the Chief Executive Officer of the Company: (i) a written notice specifying the number of shares of Common Stock to be purchased,
and (ii) payment in full of the exercise price, together with the amount, if any, deemed necessary by the Company to enable it
to satisfy any income tax withholding obligations with respect to the exercise of the Option or the sale of the shares of Common
Stock covered thereby.

 

    	 

    	 

    

 

(b)        The
medium of payment for exercising the Option may be one or a combination of the following: (i) cash or check payable in clearinghouse
funds to the order of the Company; (ii) by delivery to the Company of other shares of Common Stock which, unless otherwise determined
by the Committee (as defined in the Plan), have been held for more than six (6) months; (iii) by a “net exercise” arrangement
(as described in the Plan); or (iv) any other form of legal consideration that may be acceptable to the Committee. If the Company
determines that any federal, state, local or foreign tax or withholding payment is required relating to the exercise of the Option
or the sale of the shares of Common Stock covered thereby, then before the transfer of shares to the Optionee the Company shall
have the right to require such payments from the Optionee or withhold such amounts from other payments due to the Company by the
Optionee.

 

4.          Rights
as a Stockholder. No shares of Common Stock will be issued or delivered pursuant to an exercise of the Option until full payment
for such shares has been made. The Optionee shall not be deemed to be, or have any rights as, a stockholder with respect to any
shares covered by the Option until a stock certificate for such shares has been issued to the Optionee, or a book entry transaction
has been made registering such shares in the name of the Optionee. Except as otherwise provided herein, no adjustment shall be
made for dividends or distributions or other rights for which the record date is prior to the date on which such stock certificate
is issued or such book entry transaction is made.

 

5.          Nontransferability
of Option. The Option is not assignable or transferable except by will or by the applicable laws of descent and distribution.
The Option is exercisable during the Optionee’s lifetime only by the Optionee. Notwithstanding the foregoing, the Optionee
may, by delivering written notice to the Company in form satisfactory to the Company, designate a third party who, in the event
of the Optionee’s death, shall thereafter be entitled to exercise the Option.

 

6.          Termination
of Employment. (a) If the Optionee’s Continuous Service with the Company or any Subsidiary (as defined in the Plan) terminates
by reason of the Optionee’s retirement or Disability (as defined in the Plan), then, unless sooner terminated under the terms
hereof or pursuant to the Plan, the Option will terminate on the date three (3) months after the date of the Optionee’s termination
of Continuous Service; provided, however, that if the Optionee dies within such three-month period, any unexercised
Option, to the extent to which it was exercisable at the time of the Optionee’s death, shall thereafter be exercisable for
a period not exceeding fifteen (15) months from the date of the Optionee’s death. If the Optionee’s Continuous Service
with the Company terminates by reason of the Optionee’s death, then, unless sooner terminated under the terms hereof or pursuant
to the Plan, the Option will terminate on the date fifteen (15) months from the date of the Optionee’s death. If the Optionee’s
Continuous Service with the Company terminates for any reason other than death, Disability or retirement, the Option will terminate
on the termination date of the Optionee’s Continuous Service with the Company. 

 

(b)        Notwithstanding
the foregoing, if an Optionee’s employment terminates by death, Disability or retirement after the first anniversary date
of the date hereof and prior to an installment of the Option (other than the first installment) becoming exercisable and if there
are no conditions to the next succeeding installment becoming exercisable other than the passage of time, the Option shall become
exercisable with respect to the number of shares calculated pursuant to Section 6(f)(ii) of the Plan.

 

7.          Plan
Provisions Control. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference.
Notwithstanding anything to the contrary contained herein, the provisions of the Plan shall govern if and to the extent that there
are inconsistencies between the provisions of the Plan and the provisions of this Agreement. The Optionee acknowledges that the
Optionee has received a copy of the Plan prior to the execution of this Agreement.

 

8.          No
Rights Conferred. Nothing in this Agreement shall give the Optionee any right to continue in the employ or service of the Company
or any Subsidiary and/or as a member of the Company’s Board of Directors or in any other capacity, or interfere in any way
with the right of the Company or any Subsidiary to terminate the employment or services of the Optionee.

 

    	-2-

    	 

    

 

9.          Change
of Control; Adjustments. The provisions of Section 8 of the Plan shall govern upon the consummation of a Change of Control
(as defined in the Plan). All references to the number and class of shares covered by this Agreement, the exercise price per share
of the Option, and other terms in this Agreement may be appropriately adjusted, in the discretion of the Committee, in the event
of certain changes in capitalization, as set forth in Section 9 of the Plan.

 

10.         Securities
Law and Other Requirements. Exercise of the Option is subject to compliance with applicable securities and other laws, rules
and regulations, including without limitation as set forth in Section 6(c) of the Plan, and the Company may defer exercise of the
Option to ensure compliance with such laws, rules and regulations.

 

11.         Compliance
with Section 409A of the Code. The Optionee hereby consents (without further consideration) to any change to the Option or
this Agreement so the Optionee can avoid paying penalties under Section 409A of the Code, even if those changes affect the terms
and conditions of the Option and reduce its value or potential value.

 

12.         Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and permitted assigns. This Agreement may not be assigned or transferred in whole or in part
except as provided in the Plan.

 

13.         Interpretation
of this Agreement. All determinations and interpretations made by the Committee with regard to any questions arising under
the Plan or this Agreement shall be final, binding and conclusive as to all persons, including without limitation the Optionee
and any person claiming rights from or through the Optionee.

 

14.         Venue.
Each party to this Agreement hereby irrevocably (i) consents and submits to the exclusive jurisdiction of the state and federal
courts in Fairfield County, Connecticut in connection with any disputes arising out of this Agreement, and (ii) waives any objection
based on venue or inconvenient forum with respect to any action instituted therein arising under this Agreement or the transactions
contemplated hereby, and agrees that any dispute with respect to such matters shall be heard only in the courts described above.

 

15.         Governing
Law; Entire Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut,
without regard to such state’s conflict of laws principles. The Plan and this Agreement constitute the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior understandings and agreements, written or oral, of
the parties hereto with respect to the subject matter hereof. This Agreement may be amended by the Committee, subject to the Optionee’s
consent if such amendment is not favorable to the Optionee, except that the consent of the Optionee shall not be required for any
amendment made pursuant to Section 6(f)(i)(F), Section 8 or Section 9 of the Plan, or as set forth in Section 11 of this Agreement.

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first written above.

 

	 	BOLT TECHNOLOGY CORPORATION	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	OPTIONEE	 
	 	 	 
	 	 	 
	 	Name of Optionee	 

 

    	-3-

    	 

    

 

BOLT TECHNOLOGY CORPORATION

 

NONQUALIFIED STOCK OPTION AGREEMENT

 

AGREEMENT made as of
____________________, 20___, by and between Bolt Technology Corporation, a Connecticut corporation (the “Company”),
and _____________________ (the “Optionee”).

 

Pursuant to the Bolt
Technology Corporation 2012 Stock Incentive Plan (as it may be further amended from time to time, the “Plan”),
the Company desires to grant to the Optionee, and the Optionee desires to accept from the Company, an option to purchase shares
of the common stock of the Company, without par value (the “Common Stock”), upon the terms and conditions set
forth in this Agreement.

 

NOW, THEREFORE, the
Company and the Optionee agree as follows:

 

1.            Grant
of Option; Option Price. The Company hereby grants to the Optionee an option to purchase __________ shares of Common
Stock at a purchase price per share of $_____ (the “Option”). The Option is intended to be treated as
an option that is not an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended
(the “Code”). The purchase price is not less than the fair market value of the Common Stock on the date of grant.

 

There are potential
tax consequences associated with the grant, vesting and exercise of this Option. It is the responsibility of the Optionee to seek
independent tax advice with regard to the tax treatment of the Option, the exercise thereof, the disposition of any Common Stock
acquired upon exercise of the Option and any other related matters.

 

2.            Entitlement
to Exercise Option; Term of Option. The Option shall not be exercisable during the year ending on the first anniversary date
of the date hereof and then only with respect to the vested portion of the Option. Subject to the preceding sentence and the terms
of this Agreement and the Plan, the Option shall only become exercisable in accordance with the following vesting schedule based
upon the number of full years of the Optionee’s Continuous Service (as defined in the Plan) following the date of grant:

 

	Vesting Date	Number of Shares Vesting
	 	 

 

Unless sooner terminated pursuant to the
terms of this Agreement, the Option will expire if and to the extent it is not exercised on or before _____________, 20___, such
date not to exceed or be extended beyond __________ [ten years from date of grant].

 

3.            Exercise
of Option; Medium of Payment. (a) Subject to the requirements of Section 2, the vested portion of the Option may be exercised
in whole at any time or in part from time to time during the term of the Option. To exercise the Option, the Optionee shall deliver
to the Chief Executive Officer of the Company: (i) a written notice specifying the number of shares of Common Stock to be purchased,
and (ii) payment in full of the exercise price, together with the amount, if any, deemed necessary by the Company to enable it
to satisfy any income tax withholding obligations with respect to the exercise of the Option or the sale of the shares of Common
Stock covered thereby.

 

(b)          The
medium of payment for exercising the Option may be one or a combination of the following: (i) cash or check payable in clearinghouse
funds to the order of the Company; (ii) by delivery to the Company of other shares of Common Stock which, unless otherwise determined
by the Committee (as defined in the Plan), have been held for more than six (6) months; (iii) by a “net exercise” arrangement
(as described in the Plan); or (iv) any other form of legal consideration that may be acceptable to the Committee. If the Company
determines that any federal, state, local or foreign tax or withholding payment is required relating to the exercise of the Option
or the sale of the shares of Common Stock covered thereby, then before the transfer of shares to the Optionee the Company shall
have the right to require such payments from the Optionee or withhold such amounts from other payments due to the Company by the
Optionee.

 

    	 

    	 

    

 

4.          Rights
as a Stockholder. No shares of Common Stock will be issued or delivered pursuant to an exercise of the Option until full payment
for such shares has been made. The Optionee shall not be deemed to be, or have any rights as, a stockholder with respect to any
shares covered by the Option until a stock certificate for such shares has been issued to the Optionee, or a book entry transaction
has been made registering such shares in the name of the Optionee. Except as otherwise provided herein, no adjustment shall be
made for dividends or distributions or other rights for which the record date is prior to the date on which such stock certificate
is issued or such book entry transaction is made.

 

5.          Nontransferability
of Option. The Option is not assignable or transferable except by will or by the applicable laws of descent and distribution.
The Option is exercisable during the Optionee’s lifetime only by the Optionee. Notwithstanding the foregoing, the Optionee
may, by delivering written notice to the Company in form satisfactory to the Company, designate a third party who, in the event
of the Optionee’s death, shall thereafter be entitled to exercise the Option.

 

6.          Termination
of Employment. (a) If the Optionee’s Continuous Service with the Company or any Subsidiary (as defined in the Plan) terminates
by reason of the Optionee’s retirement or Disability (as defined in the Plan), then, unless sooner terminated under the terms
hereof or pursuant to the Plan, the Option will terminate on the date three (3) months after the date of the Optionee’s termination
of Continuous Service; provided, however, that if the Optionee dies within such three-month period, any unexercised
Option, to the extent to which it was exercisable at the time of the Optionee’s death, shall thereafter be exercisable for
a period not exceeding fifteen (15) months from the date of the Optionee’s death. If the Optionee’s Continuous Service
with the Company terminates by reason of the Optionee’s death, then, unless sooner terminated under the terms hereof or pursuant
to the Plan, the Option will terminate on the date fifteen (15) months from the date of the Optionee’s death. If the Optionee’s
Continuous Service with the Company terminates for any reason other than death, Disability or retirement, the Option will terminate
on the termination date of the Optionee’s Continuous Service with the Company. 

 

(b)        Notwithstanding
the foregoing, if an Optionee’s employment terminates by death, Disability or retirement after the first anniversary date
of the date hereof and prior to an installment of the Option (other than the first installment) becoming exercisable and if there
are no conditions to the next succeeding installment becoming exercisable other than the passage of time, the Option shall become
exercisable with respect to the number of shares calculated pursuant to Section 6(f)(ii) of the Plan.

 

7.          Plan
Provisions Control. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference.
Notwithstanding anything to the contrary contained herein, the provisions of the Plan shall govern if and to the extent that there
are inconsistencies between the provisions of the Plan and the provisions of this Agreement. The Optionee acknowledges that the
Optionee has received a copy of the Plan prior to the execution of this Agreement.

 

8.          No
Rights Conferred. Nothing in this Agreement shall give the Optionee any right to continue in the employ or service of the Company
or any Subsidiary and/or as a member of the Company’s Board of Directors or in any other capacity, or interfere in any way
with the right of the Company or any Subsidiary to terminate the employment or services of the Optionee.

 

9.          Change
of Control; Adjustments. The provisions of Section 8 of the Plan shall govern upon the consummation of a Change of Control
(as defined in the Plan). All references to the number and class of shares covered by this Agreement, the exercise price per share
of the Option, and other terms in this Agreement may be appropriately adjusted, in the discretion of the Committee, in the event
of certain changes in capitalization, as set forth in Section 9 of the Plan.

 

    	-2-

    	 

    

 

10.         Securities
Law and Other Requirements. Exercise of the Option is subject to compliance with applicable securities and other laws, rules
and regulations, including without limitation as set forth in Section 6(c) of the Plan, and the Company may defer exercise of the
Option to ensure compliance with such laws, rules and regulations.

 

11.         Compliance
with Section 409A of the Code. The Optionee hereby consents (without further consideration) to any change to the Option or
this Agreement so the Optionee can avoid paying penalties under Section 409A of the Code, even if those changes affect the terms
and conditions of the Option and reduce its value or potential value.

 

12.         Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and permitted assigns. This Agreement may not be assigned or transferred in whole or in part
except as provided in the Plan.

 

13.         Interpretation
of this Agreement. All determinations and interpretations made by the Committee with regard to any questions arising under
the Plan or this Agreement shall be final, binding and conclusive as to all persons, including without limitation the Optionee
and any person claiming rights from or through the Optionee.

 

14.         Venue.
Each party to this Agreement hereby irrevocably (i) consents and submits to the exclusive jurisdiction of the state and federal
courts in Fairfield County, Connecticut in connection with any disputes arising out of this Agreement, and (ii) waives any objection
based on venue or inconvenient forum with respect to any action instituted therein arising under this Agreement or the transactions
contemplated hereby, and agrees that any dispute with respect to such matters shall be heard only in the courts described above.

 

15.         Governing
Law; Entire Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut,
without regard to such state’s conflict of laws principles. The Plan and this Agreement constitute the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior understandings and agreements, written or oral, of
the parties hereto with respect to the subject matter hereof. This Agreement may be amended by the Committee, subject to the Optionee’s
consent if such amendment is not favorable to the Optionee, except that the consent of the Optionee shall not be required for any
amendment made pursuant to Section 6(f)(i)(F), Section 8 or Section 9 of the Plan, or as set forth in Section 11 of this Agreement.

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first written above.

 

	 	BOLT TECHNOLOGY CORPORATION	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	OPTIONEE	 
	 	 	 
	 	 	 
	 	Name of Optionee	 

 

    	-3-

    	 

    

 

BOLT TECHNOLOGY CORPORATION

 

NON-EMPLOYEE DIRECTOR NONQUALIFIED STOCK
OPTION AGREEMENT

 

AGREEMENT made as of
____________________, 20___, by and between Bolt Technology Corporation, a Connecticut corporation (the “Company”),
and _____________________ (the “Optionee”).

 

Pursuant to the Bolt
Technology Corporation 2012 Stock Incentive Plan (as it may be further amended from time to time, the “Plan”),
the Company desires to grant to the Optionee, and the Optionee desires to accept from the Company, an option to purchase shares
of the common stock of the Company, without par value (the “Common Stock”), upon the terms and conditions set
forth in this Agreement.

 

NOW, THEREFORE, the
Company and the Optionee agree as follows:

 

1.            Grant
of Option; Option Price. The Company hereby grants to the Optionee an option to purchase __________ shares of Common
Stock at a purchase price per share of $_____ (the “Option”). The Option is intended to be treated as
an option that is not an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended
(the “Code”). The purchase price is not less than the fair market value of the Common Stock on the date of grant.

 

There are potential
tax consequences associated with the grant, vesting and exercise of this Option. It is the responsibility of the Optionee to seek
independent tax advice with regard to the tax treatment of the Option, the exercise thereof, the disposition of any Common Stock
acquired upon exercise of the Option and any other related matters.

 

2.            Entitlement
to Exercise Option; Term of Option. The Option shall not be exercisable during the year ending on the first anniversary date
of the date hereof and then only with respect to the vested portion of the Option. Subject to the preceding sentence and the terms
of this Agreement and the Plan, the Option shall only become exercisable in accordance with the following vesting schedule based
upon the number of full years of the Optionee’s Continuous Service (as defined in the Plan) as a director of the Company
following the date of grant:

 

	Vesting Date	Number of Shares Vesting
	 	 

 

Unless sooner terminated pursuant to the
terms of this Agreement, the Option will expire if and to the extent it is not exercised on or before _____________, 20___, such
date not to exceed or be extended beyond __________ [ten years from date of grant].

 

3.            Exercise
of Option; Medium of Payment. (a) Subject to the requirements of Section 2, the vested portion of the Option may be exercised
in whole at any time or in part from time to time during the term of the Option. To exercise the Option, the Optionee shall deliver
to the Chief Executive Officer of the Company: (i) a written notice specifying the number of shares of Common Stock to be purchased,
and (ii) payment in full of the exercise price, together with the amount, if any, deemed necessary by the Company to enable it
to satisfy any income tax withholding obligations with respect to the exercise of the Option or the sale of the shares of Common
Stock covered thereby.

 

(b)          The
medium of payment for exercising the Option may be one or a combination of the following: (i) cash or check payable in clearinghouse
funds to the order of the Company; (ii) by delivery to the Company of other shares of Common Stock which, unless otherwise determined
by the Committee (as defined in the Plan), have been held for more than six (6) months; (iii) by a “net exercise” arrangement
(as described in the Plan); or (iv) any other form of legal consideration that may be acceptable to the Committee. If the Company
determines that any federal, state, local or foreign tax or withholding payment is required relating to the exercise of the Option
or the sale of the shares of Common Stock covered thereby, then before the transfer of shares to the Optionee the Company shall
have the right to require such payments from the Optionee or withhold such amounts from other payments due to the Company by the
Optionee.

 

    	 

    	 

    

 

4.          Rights
as a Stockholder. No shares of Common Stock will be issued or delivered pursuant to an exercise of the Option until full payment
for such shares has been made. The Optionee shall not be deemed to be, or have any rights as, a stockholder with respect to any
shares covered by the Option until a stock certificate for such shares has been issued to the Optionee, or a book entry transaction
has been made registering such shares in the name of the Optionee. Except as otherwise provided herein, no adjustment shall be
made for dividends or distributions or other rights for which the record date is prior to the date on which such stock certificate
is issued or such book entry transaction is made.

 

5.          Nontransferability
of Option. The Option is not assignable or transferable except by will or by the applicable laws of descent and distribution.
The Option is exercisable during the Optionee’s lifetime only by the Optionee. Notwithstanding the foregoing, the Optionee
may, by delivering written notice to the Company in form satisfactory to the Company, designate a third party who, in the event
of the Optionee’s death, shall thereafter be entitled to exercise the Option.

 

6.          Termination
of Service as Director. If the Optionee’s Continuous Service with the Company or any Subsidiary (as defined in the Plan)
terminates by reason other than death, then, unless sooner terminated under the terms hereof or pursuant to the Plan, the Option
will terminate on the date thirty (30) days after the date of the Optionee’s termination of Continuous Service; provided,
however, that if the Optionee dies within such thirty-day period, any unexercised Option, to the extent to which it was
exercisable at the time of the Optionee’s death, shall thereafter be exercisable for a period not exceeding fifteen (15)
months from the date of the Optionee’s death. If the Optionee’s Continuous Service with the Company terminates by reason
of the Optionee’s death, then, unless sooner terminated under the terms hereof or pursuant to the Plan, the Option will terminate
on the date fifteen (15) months from the date of the Optionee’s death.

 

7.          Plan
Provisions Control. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference.
Notwithstanding anything to the contrary contained herein, the provisions of the Plan shall govern if and to the extent that there
are inconsistencies between the provisions of the Plan and the provisions of this Agreement. The Optionee acknowledges that the
Optionee has received a copy of the Plan prior to the execution of this Agreement.

 

8.          No
Rights Conferred. Nothing in this Agreement shall give the Optionee any right to continue in the service of the Company or
any Subsidiary and/or as a member of the Company’s Board of Directors or in any other capacity, or interfere in any way with
the right of the Company or any Subsidiary to terminate the services of the Optionee.

 

9.          Change
of Control; Adjustments. The provisions of Section 8 of the Plan shall govern upon the consummation of a Change of Control
(as defined in the Plan). All references to the number and class of shares covered by this Agreement, the exercise price per share
of the Option, and other terms in this Agreement may be appropriately adjusted, in the discretion of the Committee, in the event
of certain changes in capitalization, as set forth in Section 9 of the Plan.

 

10.         Securities
Law and Other Requirements. Exercise of the Option is subject to compliance with applicable securities and other laws, rules
and regulations, including without limitation as set forth in Section 6(c) of the Plan, and the Company may defer exercise of the
Option to ensure compliance with such laws, rules and regulations.

 

11.         Compliance
with Section 409A of the Code. The Optionee hereby consents (without further consideration) to any change to the Option or
this Agreement so the Optionee can avoid paying penalties under Section 409A of the Code, even if those changes affect the terms
and conditions of the Option and reduce its value or potential value.

 

    	-2-

    	 

    

 

12.         Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and permitted assigns. This Agreement may not be assigned or transferred in whole or in part
except as provided in the Plan.

 

13.         Interpretation
of this Agreement. All determinations and interpretations made by the Committee with regard to any questions arising under
the Plan or this Agreement shall be final, binding and conclusive as to all persons, including without limitation the Optionee
and any person claiming rights from or through the Optionee.

 

14.         Venue.
Each party to this Agreement hereby irrevocably (i) consents and submits to the exclusive jurisdiction of the state and federal
courts in Fairfield County, Connecticut in connection with any disputes arising out of this Agreement, and (ii) waives any objection
based on venue or inconvenient forum with respect to any action instituted therein arising under this Agreement or the transactions
contemplated hereby, and agrees that any dispute with respect to such matters shall be heard only in the courts described above.

 

15.         Governing
Law; Entire Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut,
without regard to such state’s conflict of laws principles. The Plan and this Agreement constitute the entire agreement between
the parties with respect to the subject matter hereof and supersede all prior understandings and agreements, written or oral, of
the parties hereto with respect to the subject matter hereof. This Agreement may be amended by the Committee, subject to the Optionee’s
consent if such amendment is not favorable to the Optionee, except that the consent of the Optionee shall not be required for any
amendment made pursuant to Section 6(f)(i)(F), Section 8 or Section 9 of the Plan, or as set forth in Section 11 of this Agreement.

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first written above.

 

	 	BOLT TECHNOLOGY CORPORATION	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	OPTIONEE	 
	 	 	 
	 	 	 
	 	Name of Optionee	 

 

    	-3-

    	 

    

 

BOLT TECHNOLOGY CORPORATION

 

RESTRICTED STOCK AWARD AGREEMENT

 

THIS RESTRICTED STOCK
AWARD AGREEMENT (this “Agreement”) is entered into as of ____________________, 20___ (the “Effective
Date”), by and between Bolt Technology Corporation, a Connecticut corporation (the “Company”), and
_____________________ (the “Participant”).

 

WHEREAS, the Participant
is an employee of the Company or one of its subsidiaries or a director of the Company and in connection therewith has rendered
services for and on behalf of the Company and/or its subsidiaries; and

 

WHEREAS, in recognition
of the prior contributions made by the Participant and to provide the Participant with an additional incentive to use maximum efforts
for the future success of the Company and its subsidiaries, the Company desires to grant to the Participant, and the Participant
desires to accept from the Company, an award of the common stock, without par value, of the Company (the “Common Stock”)
pursuant to the Bolt Technology Corporation 2012 Stock Incentive Plan (as it may be further amended from time to time, the “Plan”),
subject to certain restrictions for the benefit of the Company, and upon such other terms and conditions, set forth in this Agreement.

 

NOW, THEREFORE, the
Company and the Participant agree as follows:

 

1.          Restricted
Stock Award. The Company hereby offers to issue to the Participant _________ shares of Common Stock (the “Shares”)
subject to the restrictions and on the terms and conditions set forth in this Agreement (the “Award”). Unless
this offer is earlier revoked in writing by the Company, the Participant shall have ten (10) days from the date of the delivery
of this Agreement to the Participant to accept the offer of the Company by executing and delivering to the Company two copies of
this Agreement, without condition or reservation of any kind whatsoever, and pay the full purchase price, if any, for said Shares
to the Company in the manner set forth in this Agreement.

 

2.          Purchase
Price. The purchase price to purchase the Shares is $__________. The purchase price shall be paid by cash or check payable
in clearinghouse funds to the order of the Company, or any other form of legal consideration that may be acceptable to the Committee
(as defined in the Plan) in its sole discretion and permissible under applicable law.

 

3.          Restriction
on the Shares.

 

(a)        Period
of Restriction. Except as otherwise set forth herein, all the Shares issued to the Participant pursuant to this Agreement shall
be subject to a period of restriction (the “Period of Restriction”) during which the Shares will be subject
to the restrictions on transfer set forth in Section 8 of this Agreement and the Participant’s rights in and to such Shares
shall be subject to the limitations and obligations set forth in this Section 3.

 

(b)        Lapse
of Period of Restriction. The Period of Restriction shall lapse as to a percentage of the Shares in accordance with the schedule
set forth below based upon the period of time of the Participant’s Continuous Service (as defined in the Plan) with the Company
or any Subsidiary (as defined in the Plan), calculated from the Effective Date:

 

    	 

    	 

    

 

	Period of Continuous Service
 (calculated from the Effective Date)	Incremental Percentage of Shares
 Not Subject to Restriction	Cumulative Percentage of Shares
 Not Subject to Restriction
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

During the period that the Shares are subject
to the Period of Restriction, such Shares are referred to herein as “Restricted Stock.”

 

(c)          Termination
of Continuous Service. Notwithstanding any other provision of this Agreement to the contrary, if the Participant’s Continuous
Service with the Company or any Subsidiary terminates for any reason (or no reason), including without limitation, the Participant’s
death or Disability (as defined in the Plan), any shares of Restricted Stock that are subject to the Period of Restriction on the
date of the Participant’s termination shall be immediately forfeited by the Participant and shall be automatically transferred
to and reacquired by the Company at no cost to the Company, and neither the Participant nor his or her heirs, executors, administrators
or successors shall have any right or interest in such Restricted Stock.

 

(d)          Issuance
of Restricted Stock. The Restricted Stock shall be represented by stock certificate(s) or book entry transaction, with such
legends, or notations, as applicable, referring to the terms, conditions and restrictions set forth in this Agreement and the Plan.
The Company may cause such Restricted Stock to be registered either in the name of the Participant or a nominee of the Company.
Upon request of the Company, the Participant shall deliver one or more executed stock powers as requested by the Company, duly
endorsed in blank for transfer of the shares of Restricted Stock, which shall be deposited with the Company during the Period of
Restriction. Restricted Stock shall be held by the Company in custody for the Participant, until such time as either (i) the Period
of Restriction with respect to all shares of such Restricted Stock lapses in accordance with Section 3(b) of this Agreement, in
which case the Company shall cause new stock certificate(s) evidencing the Shares to be issued without legend and delivered to
the Participant, or a book entry transaction made registering the Shares in the name of the Participant, or (ii) such Restricted
Stock is forfeited pursuant to Section 3(c) of this Agreement, in which case all shares of such Restricted Stock shall be transferred
to and reacquired by the Company in accordance with said Section 3(c).

 

(e)          Distributions.
All cash distributions on the Restricted Stock shall be paid directly to the Participant and shall not be held in escrow. Any new,
substituted or additional securities or other property issued in respect of Restricted Stock shall be held in escrow, together,
where applicable, with appropriate stock powers, assignments or other transfer documents which the Participant hereby agrees to
execute as a condition to receipt of such securities or other property. If the Restricted Stock in respect of which such securities
or other property was issued is forfeited to the Company pursuant to Section 3(c) of this Agreement, then such securities or other
property shall be immediately forfeited to the Company and automatically transferred to and reacquired by the Company at no cost
to the Company, to the same extent and in accordance with Section 3(c) of this Agreement as if such securities or other property
were Restricted Stock thereunder.

 

4.            Participant’s
Acknowledgement. The Participant acknowledges and agrees that: (x) unless the Shares are covered by a then current registration
statement or a notification under Regulation A under the Securities Act of 1933, as amended (the “Securities Act”),
(i) the Shares are being purchased for investment and not for distribution or resale (other than a distribution or resale which,
in the opinion of counsel satisfactory to the Company, may be made without violating the registration provisions of the Securities
Act); (ii) the Participant has been advised and understands that (A) the Shares have not been registered under the Securities Act
and are “restricted securities” within the meaning of Rule 144 under the Securities Act and are subject to restrictions
on transfer, and (B) the Company is under no obligation to register the Shares under the Securities Act or to take any action which
would make available to the Participant any exemption from such registration; (iii) such Shares may not be transferred without
compliance with all applicable federal and state securities laws and any other restrictions contained in the Plan and this Agreement;
and (iv) an appropriate legend referring to the foregoing restrictions on transfer and any other applicable restrictions under
this Agreement may be endorsed on any certificates representing the Shares; (y) notwithstanding the foregoing, if the Company determines
that issuance of Shares should be delayed pending (1) registration under federal or state securities laws, (2) the receipt of an
opinion of counsel satisfactory to the Company that an appropriate exemption from such registration is available, (3) the listing
or inclusion of the Shares on any securities exchange or an automated quotation system, or (4) the consent or approval of any governmental
regulatory body whose consent or approval is necessary in connection with the issuance of such Shares, the Company may defer issuance
of any Shares granted hereunder until any of the events described in this sentence has occurred; and (z) if at any time the Committee
shall determine that an additional agreement of the Participant is necessary or desirable as a condition of, or in connection with,
the delivery or purchase of the Shares hereunder, then the Award shall not be effective unless such agreement shall have been obtained
free of any conditions not acceptable to the Committee.

 

    	-2-

    	 

    

 

5.          Rights
as a Stockholder. Upon the Participant’s execution and delivery of this Agreement and payment of the full purchase price
for the Shares and until such time, if any, as the Restricted Stock is forfeited to the Company as set forth herein, the Participant
shall be the record owner of the Restricted Stock and, subject to the terms of this Agreement and the Plan, shall have all rights
of a stockholder with respect to the Restricted Stock, including the right to vote the shares of Restricted Stock and, subject
to the terms of Section 3 hereof, to receive dividends and distributions with respect to the Restricted Stock.

 

6.          Change
of Control. Notwithstanding Section 3 of this Agreement, if the Participant holds Restricted Stock at the time a Change
of Control (as defined in the Plan) occurs, the Period of Restriction with respect to such Restricted Stock shall automatically
lapse immediately prior to the consummation of such Change of Control; except that if the acquiring or successor entity (or parent
thereof) in a Change of Control transaction provides for the continuance or assumption of this Agreement or the substitution for
this Agreement of a new agreement of comparable value covering shares of a successor corporation (with appropriate adjustments
as to the number and kind of shares and the purchase price), then the Period of Restriction shall not lapse, and the Period of
Restriction shall continue in accordance with this Agreement.

 

7.          Withholding.
All deliveries and distributions under this Agreement shall be subject to withholding of all applicable taxes. The Participant
agrees to make appropriate arrangements with the Company for satisfaction of any applicable federal, state or local income tax,
withholding requirements or like requirements, including the payment to the Company upon the lapse of the Period of Restriction
with respect to shares of Restricted Stock (or such later date as may be applicable under Section 83 of the Internal Revenue
Code of 1986, as amended (the “Code”)), or other settlement in respect of, the Restricted Stock of all such taxes and
requirements. The Participant agrees that the Company shall be authorized to take such action as the Company may deem necessary
(including, without limitation, in accordance with applicable law, withholding amounts from any compensation or other amount owing
from the Company to the Participant) to satisfy all obligations for the payment of such taxes.

 

8.          Restrictions
on Transfer. The Participant shall not sell, transfer, pledge, hypothecate, assign, exchange or otherwise dispose of the Restricted
Stock. Any attempted sale, transfer, pledge, hypothecation, assignment, exchange or other disposition shall be null and void and
of no force or effect and the Company shall have the right to disregard the same on its books and records and to issue “stop
transfer” instructions to its transfer agent.

 

9.          Plan
Provisions Control. This Agreement is subject to the terms and conditions of the Plan, which are incorporated herein by reference.
Notwithstanding anything to the contrary contained herein, the provisions of the Plan shall govern if and to the extent there are
inconsistencies between the provisions of the Plan and the provisions of this Agreement. The Participant acknowledges that the
Participant has received a copy of the Plan prior to the execution of this Agreement.

 

    	-3-

    	 

    

 

10.         No
Rights Conferred. Nothing in this Agreement shall give the Participant any right to continue in the employ or service of the
Company or any Subsidiary and/or as a member of the Company’s Board of Directors or in any other capacity, or interfere in
any way with the right of the Company or any Subsidiary to terminate the employment or services of the Participant.

 

11.         Adjustments.
All references to the number and class of shares covered by this Agreement, the purchase price per share of the Shares, and other
terms in this Agreement may be appropriately adjusted, in the discretion of the Committee, in the event of certain changes in capitalization,
as set forth in Section 9 of the Plan.

 

12.         Compliance
with Section 409A of the Code. The Participant hereby consents (without further consideration) to
any change to this Agreement or the Award so the Participant can avoid paying penalties under Section 409A of the Code, even if
those changes affect the terms and conditions of this Agreement or the Award and reduce its value or potential value.

 

13.         Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and permitted assigns. This Agreement may not be assigned or transferred in whole or in part
by the Participant, nor may the Participant delegate any duty or obligation under this Agreement, and any attempt to so assign,
transfer or delegate shall be null and void and of no force or effect.

 

14.         Interpretation
of this Agreement. All determinations and interpretations made by the Committee with regard to any questions arising under
the Plan or this Agreement shall be final, binding and conclusive as to all persons, including without limitation the Participant
and any person claiming rights from or through the Participant.

 

15.         Venue.
Each party to this Agreement hereby irrevocably (i) consents and submits to the exclusive jurisdiction of the state and federal
courts in Fairfield County, Connecticut in connection with any disputes arising out of this Agreement,
and (ii) waives any objection based on venue or inconvenient forum with respect to any action instituted therein arising under
this Agreement or the transactions contemplated hereby, and agrees that any dispute with respect to such matters shall be heard
only in the courts described above.

 

16.         Governing
Law; Entire Agreement; Amendment. This Agreement shall be governed by and construed in accordance with the laws of the State
of Connecticut, without regard to such state’s conflict of laws principles. The Plan and this Agreement constitute the entire
agreement between the parties with respect to the subject matter hereof and supersede all prior understandings and agreements,
written or oral, of the parties hereto with respect to the subject matter hereof. This Agreement may be amended by the Committee,
subject to the Participant’s consent if such amendment is not favorable to the Participant, except that the consent of the
Participant shall not be required for any amendment made pursuant to Section 7(j), Section 8 or Section 9 of the Plan, or
as set forth in Section 12 of this Agreement.

 

17.         Tax
Elections. THE PARTICIPANT UNDERSTANDS THAT HE OR SHE (AND NOT THE COMPANY) SHALL BE RESPONSIBLE FOR THE PARTICIPANT’S
OWN TAX LIABILITY THAT MAY ARISE AS A RESULT OF THE ACQUISITION OF THE SHARES HEREUNDER. THE PARTICIPANT ACKNOWLEDGES AND AGREES
THAT HE OR SHE HAS CONSIDERED THE ADVISABILITY OF ALL TAX ELECTIONS IN CONNECTION WITH THE ISSUANCE OF THE SHARES, INCLUDING THE
MAKING OF AN ELECTION UNDER SECTION 83(b) OF THE CODE. THE PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT, IF THE PARTICIPANT
DETERMINES TO MAKE AN ELECTION UNDER SECTION 83(b) OF THE CODE, (i) THE PARTICIPANT (AND NOT THE COMPANY) IS SOLELY RESPONSIBLE
FOR PROPERLY AND TIMELY COMPLETING AND FILING ANY SUCH SECTION 83(b) ELECTION, AND (ii) THE PARTICIPANT AGREES TO TIMELY PROVIDE
A COPY OF THE ELECTION TO THE COMPANY AS REQUIRED UNDER THE CODE.

 

    	-4-

    	 

    

 

18.         Notices.
Any notice, demand or request required or permitted to be given under this Agreement shall be in writing and shall be deemed given
(i) when delivered personally, or (ii) three days after being deposited in the United States mail, by certified or registered mail,
postage prepaid, or (iii) the next business day after sent by nationally recognized overnight delivery service, and addressed,
if to the Company, at its principal place of business, Attention: Chief Financial Officer, and if to the Participant, at his or
her most recent address as shown in the employment or stock records of the Company.

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first written above.

 

	 	BOLT TECHNOLOGY CORPORATION	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	PARTICIPANT	 
	 	 	 
	 	 	 
	 	Name of Participant	 

 

    	-5-CONFIDENTIAL SEVERANCE AGREEMENT

 

This Confidential Severance Agreement (“Agreement”)
is made in the State of Arizona by and between Scott Mahoney (“Executive”) and American Standard Energy Corp. (“the
Company”).

 

WHEREAS, Executive and the Company are parties
to that certain employment agreement, dated April 15, 2010 (“the Employment Agreement”);

 

WHEREAS, Executive holds certain rights with
respect to grants of shares of the Company’s stock pursuant to that certain Founders Shares Vesting Agreement dated April 15,
2010 (“the Founders Shares Grant”), the vesting of which grants was accelerated by the Company’s Board of Directors
pursuant to that certain resolution of the Company’s Board of Directors dated February 13, 2012 (“the Founders
Shares Grant Acceleration”);

 

WHEREAS, the parties desire to terminate their
employment relationship under certain terms and conditions;

 

WHEREAS, the parties desire to amend the Employment
Agreement in certain respects, rescind the Founders Shares Grant Acceleration, and enter into certain other understandings and
agreements, under the terms and conditions set forth in this Agreement;

 

NOW THEREFORE, in consideration of the premises
and the mutual agreements, covenants, and provisions contained in this Agreement, the parties agree and declare as follows:

 

1.          Resignation
Of Employment.

 

a.           Executive
hereby resigns his employment with the Company and all of his positions as a director and/or officer
of the Company effective November 24, 2012 (“the Effective Date”). Executive will cooperate with the Company
in the winding up of his affairs for the Company, and in the orderly, efficient, and expedient transfer of his duties to such person
or persons as the Company may designate.

 

b.           Executive
will execute and deliver to the Company a letter of resignation substantially in the form attached hereto as Exhibit A. The
Company will disseminate to its employees a letter, memorandum, or other communication substantially in the form attached hereto
as Exhibit B. Further, the Company will notify counterparties and other key relationships of Executive’s resignation
with language similar to that contained in Exhibit B.

 

c.           Executive
will have the right to review in advance any press releases that the Company may issue relating to the terms of his resignation,
subject to the terms hereof. The Company will provide Executive with the text of any such press release either by hard copy or
by email. Executive will have the right to approve such text prior to publication; provided that he will not unreasonably withhold
such approval; and provided further that Executive may exercise such right of approval only within the 24-hour period after the
Company’s transmittal of such text.

 

    	 

    	 

    

 

2.          Amendment
Of Employment Agreement. The rights and benefits that Executive will receive under this Agreement supersede, replace, and are
in lieu of all rights or benefits to which Executive otherwise might be or have become entitled under Section 6 of the Employment
Agreement in connection with his separation from employment. Therefore, the parties hereby amend the Employment Agreement as follows:
Section 6 of the Employment Agreement is hereby deleted from the Employment Agreement in its entirety, and is of no force
or effect. The parties further agree that the remainder of the Employment Agreement, including without limitation the provisions
of Section 10 thereof, nevertheless continue in full force and effect.

 

3.          Rescission
Of Founders Shares Grant Acceleration. The rights and benefits that Executive will receive under this Agreement supersede,
replace, and are in lieu of all rights or benefits to which Executive otherwise might be or have become entitled by virtue of the
Founders Shares Grant Acceleration. Therefore, Executive agrees that the Company may rescind the Founders Shares Grant Acceleration,
and understands and acknowledges that the Company will do so.

 

4.          Consideration.
Subject to the other terms and conditions of this Agreement, the Company will provide Executive with the follow compensation:

 

a.           The
Company will pay Executive $10,555.56 (less applicable payroll tax and other withholding thereon as required by law) within five
(5) working days after the parties’ execution of this Agreement, representing Executive’s accrued but unused vacation
and Executive’s unpaid base salary for the period from November 15, 2012, through the Effective Date.

 

b.           The
Company will pay Executive $35,000.00 within five (5) working days after the parties’ execution of this Agreement, and $35,000.00
on March 15, 2013.

 

c.           The
Company will pay Catalyst Corporate Solutions, L.L.C., $5,000.00 per month for 12 months, commencing on December 1, 2012.
For such consideration, Executive agrees to be available to the Company, upon reasonable request, to provide financial and other
requested consulting services from the Effective Date through December 31, 2013.

 

d.           The
Company will continue Executive’s current group medical insurance coverage, under the same terms and conditions that currently
govern such coverage, from the Effective Date through December 31, 2013.

 

e.           The
Company will pay Executive $71,782.45 by December 31, 2012, representing the “Gross-Up Payment” due to Executive
under the Founders Shares Grant in connection with the vesting of the 2012 grant.

 

f.            The
Company will issue to Executive one hundred thousand (100,000) shares of unregistered common stock of the Company on November 24,
2012 (“the Shares”). Executive understands that the Shares will contain a legend indicating the Shares are unregistered.
The Company is under no obligation to file a registration statement to register such Shares. Executive understands that the ability
to sell any of the Shares will be limited and is responsible for seeking independent counsel regarding any sale or other disposition
of any of the Shares.

 

    	 

    	 

    

 

g.           The
payments to Executive and Catalyst Corporate Solutions, L.L.C., under subparagraphs 4(b), 4(c), 4(e), and 4(f), above, are
not intended to constitute any form of wages. The Company will report such payments to the Internal Revenue Service on IRS Form 1099.
The Company does not make any representation or warranty to Executive regarding the tax treatment or consequences of such payments.
Executive will be solely responsible for the payment of all taxes of whatever kind that may be due or payable in connection with
such payments, and will indemnify and hold the Employer harmless from all taxes, liens, actions, or claims on the part of the Internal
Revenue Service or any other tax authority in connection with such payments. This indemnity and hold harmless agreement will apply
as to the full amount of all such taxes, liens, actions, or claims, and all expenses incurred in connection therewith.

 

5.          Waiver,
Release, And Discharge Of Claims.

 

a.           Executive
waives, releases, and discharges all of his existing rights to any relief of any kind (known and unknown) from the Company, its
insurers, affiliated companies, divisions, directors, officers, shareholders, employees, agents, successors, and assigns (all of
whom are referred to here collectively as “the Employer”), including without limitation all claims that arise out of
or that relate to his employment or separation from employment with the Company, all claims that arise out of or that relate to
the Employment Agreement, all claims that arise out of or that relate to the Founders Shares Grant Acceleration, all claims that
arise out of or that relate to any of the statements or actions of the Employer, all claims that arise under the Civil Rights Act
of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family & Medical Leave Act, the
Fair Labor Standards Act, the National Labor Relations Act, the Arizona Civil Rights Act, the Arizona wage payment laws, or the
Arizona Employment Protection Act, all claims for relief or other benefits under any other federal, state, or local statute, ordinance,
regulation, rule of decision, or principle of common law, all claims that the Employer engaged in conduct prohibited on any basis
under any federal, state, or local statute, ordinance, regulation, rule of decision, or principle of common law, and all claims
for attorneys’ fees, liquidated damages, punitive damages, costs, and disbursements (all of which are referred to here collectively
as “Claims”).

 

b.           Executive
acknowledges and agrees that the waiver, release, and discharge in this Agreement is a general release of all Claims, known and
unknown. Executive acknowledges that he may later discover Claims, facts, or causes of action presently unknown, unsuspected, or
different from those that he now suspects or believes to be true. Executive expressly waives and assumes the risk that the facts
or law may be other than he believes them to be. Executive intends by the execution of this Agreement to fully, finally, and forever
release all known and unknown Claims, regardless of the discovery or existence of any additional or different facts or Claims at
any time after he signs this Agreement.

 

c.           Executive
will not file or be a party to any lawsuit against the Employer that seeks to recover under or that arises out of any Claim. If
Executive breaches this covenant, he will immediately repay the full consideration that he is receiving in exchange for this Agreement,
regardless of the outcome of the lawsuit.

 

    	 

    	 

    

 

6.          Post-Employment
Restrictions.

 

a.           Executive
will not disclose any of the terms of paragraph 4 of this Agreement (“Confidential Information”) to any person
or entity at any time, except as provided herein. Executive may disclose Confidential Information to his spouse, attorneys, accountants,
and/or tax planners, provided that any disclosure of Confidential Information by any such person will constitute a disclosure by
Executive. Executive also may give truthful testimony in response to direct questions asked pursuant to an enforceable court order
obtained after providing notice to the Company, which order pays due regard to the concerns for confidentiality expressed by the
parties herein.

 

b.           During
the “Restricted Period” defined in the Employment Agreement, Executive will not initiate or respond to any personal,
verbal, written, telephonic, electronic, or other communicative contact with the Company’s or its subsidiaries’ current
or past lenders, current or past shareholders, auditors, or any other contractual counterparties. Further, at no time (whether
during the “Restricted Period” or otherwise) shall Executive disparage the Company’s or its subsidiaries’,
officers, employees, consultants, or directors. Further, during the “Restricted Period” defined in the Employment Agreement,
Executive will not initiate any personal, verbal, written, telephonic, electronic, or other communicative contact with any person
who at the time of such contact is or was an employee of the Company; provided, however, that Executive may have contact with current
and future employees and contractors of the Company at the exclusive request of the Company in Executive’s role as a consultant
for the Company.

 

c.           Executive
will not recommend or suggest to any potential claimants or plaintiffs or their attorneys or agents that they initiate claims or
lawsuits against the Employer, nor will he voluntarily aid, assist, or cooperate with any such claims or lawsuits; provided, however,
that this paragraph will not prevent Executive from giving truthful testimony in response to direct questions asked pursuant to
a lawful subpoena during any future legal proceedings.

 

d.           This
paragraph will not be construed to alter any of Executive’s post-employment obligations under the Employment Agreement, including
without limitation the obligations of Section 10 thereof.

 

e.           Executive
acknowledges that violation of any of the provisions of this paragraph 6 will cause the Company irreparable harm, and that
Company shall be entitled to an injunction to prevent or cease such violations.

 

f.            Executive’s
entitlement to the consideration set forth in paragraph 4 of this Agreement is expressly conditioned upon his continuing compliance
with his obligations under this paragraph 6.

 

i.            If
the Company, in its sole discretion, determines that Executive is in violation of or has not satisfied any obligation imposed upon
him under this paragraph 6, the Company, in addition to any other rights or remedies that it may possess, and without any
prejudice thereto, may terminate its obligation to provide any consideration set forth in paragraph 4 that it has not then
already provided by submitting written notice to Executive of such termination.

 

    	 

    	 

    

 

ii.         Upon
the submission of any such notice, Executive also will remit to the Company an amount equivalent to the monetary compensation that
he and/or Catalyst Corporate Solutions, L.L.C., has then already received under paragraph 4, and will execute an assignment
to the Company of such of the Shares as he still owns and remit to the Company an amount equivalent to the fair market value of
such of the Shares that he then no longer owns.

 

7.          Time
To Consider Agreement. Executive acknowledges that he has had a reasonable period of time to decide whether to sign this Agreement.
Executive’s execution of this Agreement before the expiration of that period will constitute his representation and warranty
that he has decided that he does not need any additional time to decide whether to execute it.

 

8.          Legal
Representation. Executive acknowledges that he has been advised to consult with his own attorneys prior to executing this Agreement,
and that he has had a full opportunity and a reasonable time to do so before deciding whether to sign it.

 

9.          No
Admission Of Wrongdoing. This Agreement does not constitute an admission that any person or entity violated any local, state,
or federal ordinance, regulation, ruling, statute, rule of decision, or principle of common law, or that any person or entity engaged
in any improper or unlawful conduct or wrongdoing. The Company expressly denies that it violated any of Executive’s rights,
and denies that it is liable to Executive on any basis. Executive will not characterize this Agreement or the payment of any money
or other consideration in accord with this Agreement as an admission or indication that any person or entity engaged in any improper
or unlawful conduct or wrongdoing.

 

10.         Statements
By Employer. Executive acknowledges that in deciding whether to sign this Agreement, he has not relied upon any statements,
representations, or promises made by the Employer, other than the statements made in this Agreement.

 

11.         Authority.
Executive represents and warrants that he has the authority to enter into this Agreement, that he has not assigned any Claims to
any person or entity, and that he has not filed for personal bankruptcy between the accrual of any Claims and his execution of
this Agreement.

 

12.         Invalidity.
In the event that a court of competent jurisdiction determines that any provision of this Agreement is invalid, illegal, or unenforceable
in any respect, such a determination will not affect the validity, legality, or enforceability of the remaining provisions of this
Agreement, and the remaining provisions of this Agreement will continue to be valid and enforceable; provided, however, that if
such determination affects the validity or enforceability of the waiver, release, or discharge set forth in paragraph 5, above,
this Agreement will be null and void and of no force or effect, and Executive will remit to the Company the full amount of the
compensation that the Company paid to Executive under this Agreement.

 

    	 

    	 

    

 

13.         Third-Party
Beneficiaries. Nothing in this Agreement will be construed to give any rights or benefits in this Agreement to anyone other
than Executive and the Employer. All duties and responsibilities undertaken under this Agreement will be for the sole and exclusive
benefit of Executive and the Employer, and not for the benefit of any other party.

 

14.         No
Rule Of Strict Construction. Both parties have approved the language of this Agreement, and no rule of strict construction
will be applied against either party.

 

15.         Entire
Agreement. The parties intend for this Agreement and the Employment Agreement to define the full extent of their legally enforceable
undertakings. The parties do not intend that any representations or statements made in any other prior conversations, discussions,
negotiations, correspondence, or writings between them be legally enforceable, and this Agreement and the Employment Agreement
supersede all other agreements and understandings between them relating to the subject matter of this Agreement. The parties will
execute and deliver to each other any and all such further documents and instruments, and shall perform any and all such other
acts, as reasonably may be necessary or proper to carry out or effect the purposes of this Agreement.

 

16.         Modification
Or Waiver Of Agreement. No modification or waiver of this Agreement will be valid unless the modification or waiver is in writing
and signed by both of the parties. The failure of either party at any time to insist upon the strict performance of any provision
of this Agreement will not be construed as a waiver of the right to insist upon the strict performance of the same provision at
any future time.

 

17.         Headings.
The descriptive headings of the paragraphs and subparagraphs of this Agreement are intended for convenience only, and do not constitute
parts of this Agreement.

 

18.         Counterparts.
This Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original, but all of
which together will constitute one and the same instrument.

 

19.         Choice
Of Forum. The parties agree that the proper and exclusive forum for any action or arbitration arising out of or relating to
this Agreement or arising out of or relating to Executive’s employment by the Company will be Maricopa County, Arizona, and
that any such action or arbitration will be brought only in Maricopa County, Arizona. Executive consents to the exercise of personal
jurisdiction in any such action or arbitration by the courts or arbitrators of Maricopa County, Arizona.

 

20.         Governing
Law. This Agreement will be construed in accord with, and any dispute or controversy arising from any breach or asserted breach
of this Agreement will be governed by, the laws of the State of Arizona.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement on the dates indicated at their respective signatures below.

 

    	 

    	 

    

 

	 	DATED this 24th day of November, 2012.
	 	 	 
	 	 	/s/ Scott Mahoney
	 	 	Scott Mahoney
	 	 	 
	 	DATED this 24th day of November, 2012.
	 	 	 
	 	 	American Standard Energy Corp.
	 	 	 
	 	 	By:	/s/ Scott Feldhacker
	 	 	Its:	CEO

 

3185995.5

 

    	 

    	 

    

 

EXHIBIT A

 

November 24, 2012

 

Mr. Scott Feldhacker

Chief Executive Officer

American Standard Energy Corp.

4800 North Scottsdale Road, Suite 1400

Scottsdale, Arizona 85226

 

Dear Mr. Feldhacker:

 

I hereby resign my employment with American
Standard Energy Corp. (“the Company”), and all of my positions as a director and/or officer
of the Company, effective November 20, 2012.

 

	 	Very truly yours,
	 	 
	 	/s/ Scott Mahoney
	 	 
	 	Scott Mahoney

 

    	 

    	 

    

 

EXHIBIT B

 

Memorandum

 

	TO:	American Standard Energy Corp. Employees
	 	 
	FROM:	Scott Feldhacker, Chief Executive Officer
	 	 
	DATE:	November 26, 2012
	 	 
	REF:	Resignation of Scott Mahoney

 

Scott Mahoney provided notice to the Company of his intention
to resign his position as Chief Financial Officer. The resignation is effective immediately.

 

Scott has been an integral part of the American Standard team
and we wish him well in his future ventures.

 

Consistent with various contractual obligations between Scott
and the Company, any future contact with Scott should be arranged through either Richard or myself.

 

Please contact me if you have any additional questions.

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