Document:

Employment Agreement with Stephan J. Deluca, dated April 10, 2006

 Exhibit 10.8 
 EMPLOYMENT AGREEMENT 
 between 
 DayStar Technologies, Inc. 
 and 
 Stephan J. DeLuca 
 EMPLOYMENT AGREEMENT (“Agreement”), executed as of
April 10, 2006 (“Commencement Date”) between Stephan J. DeLuca (“Executive”), having an address of 6 Standish Terrace, Syracuse, NY 13224 and DayStar Technologies, Inc., a Delaware corporation (the “Company”),
having its principal office at 13 Corporate Drive, Halfmoon, NY 12065. 
 WHEREAS, the Company desires to obtain the services of Executive as
its Chief Operating Officer, and to enter into an employment agreement embodying the terms of such relationship; and 
 WHEREAS, Executive is
willing to accept such employment by the Company upon the terms and conditions as hereinafter set forth; and 
 WHEREAS, the Company and
Executive desire to enter into this Agreement in order to reflect the terms and conditions of Executive’s employment by the Company, 
 NOW, THEREFORE, in consideration of the agreements and covenants contained herein, the Executive and the Company hereby agree as follows: 
 ARTICLE I Employment and Term 
 Section 1.01 Position; Responsibilities. 
 (a) The Company hereby employs Executive as its upon the terms and conditions hereinafter set forth. 
 (b) Executive shall at all time hold the position of either Chief Operating Officer, as determined by the Board of Directors of the Company (the
“Board”) or its designee, and perform the duties, responsibilities and authorities customarily associated with such positions or such other senior management level duties as determined by the Board or its designee, so long as such other
duties are consistent with the Executive’s skills and there is no reduction in Executive’s base pay and bonus target amount. Executive shall report directly and solely to the Board or Chief Executive Officer. 
 Section 1.02 Performance of Duties/Other Commitments and Activities. 
 (a) Executive shall at all time endeavor to perform duly and faithfully all of his duties hereunder to the best of his abilities. 
 (b) Executive shall, subject to the direction and supervision of the Board of Directors or its designee, devote his full business time, best
efforts and business judgment, skill and knowledge to the advancement of the Company’s interests and to the discharge of his duties and responsibilities hereunder; provided, however, that nothing herein shall be construed as preventing
Executive from engaging in any of 

 
the activities described in clauses (i), (ii), (iii) and/or (iv) below so long as such activities do not violate any other agreements between
Executive and the Company: 
 (i) investing his assets in such form or manner as shall not require any material services on his part in the
operations or affairs of the companies or the other entities in which such investments are made; 
 (ii) serving on the board of directors of
any company; provided that he obtains the prior written approval of a majority of the Board of Directors and shall not be required to render any material services with respect to the operations or affairs of any such company; 
 (iii) engaging in religious, charitable, educational or other community or nonprofit activities which do not impair his ability to fulfill his duties and
responsibilities under this Agreement; or 
 (iv) serving in such capacities as may be reasonably necessary for Executive to maintain his
active professional licensing as a member of any professional organization that reasonably relates to his employment with and the business of the Company, so long as such activities do not impair his ability to fulfill his duties and
responsibilities under this Agreement. 
 (c) Executive’s base of operations under this Agreement shall be the Company’s offices
which shall be located in the Albany metropolitan area, which includes Halfmoon, NY. 
 Section 1.03 Term. Executive’s term
of employment under this Agreement (the “Term”) shall commence on the Commencement Date and shall expire on the third anniversary of the Commencement Date; provided, however, that the Term shall be automatically extended for additional one
(1) year periods on the third anniversary of the Commencement Date, and annually thereafter unless the Executive or the Company has received a written Notice of Non-Renewal delivered no later than ninety (90) days prior to the anniversary
date, pursuant to Section 6.01 below. In the event Executive’s employment under this Agreement is terminated during the Term, or upon Executive’s receipt of written Notice of Non-Renewal pursuant to this paragraph, and prior to, or in
the absence of, a Change of Control by the Company other than for Cause or by Executive for Good Reason, then the provisions of paragraph of 3.09 (c) below shall apply. 
 Section 1.04 Representations and Warranty of Executive. Executive hereby represents and warrants to the Company that he is not aware of any
presently existing fact, circumstance or event (including, but without limitation, any health condition or legal constraint) which would preclude or restrict him from providing to the Company the services contemplated by this Agreement, or which
would give rise to any breach of any term or provision hereof, or which could otherwise result in the termination of his employment hereunder for Cause or Good Reason (as such terms are defined in Article 3). Any and all agreements between Executive
and any prior employer as well as any agreements to which Executive is a party containing any restriction upon Executive’s ability to use or disclose confidential information or engages in any business activity are listed in Appendix
“A” and shall be promptly made available to the Company upon request. 
 Section 1.05 Representations and Warranty of
Company. The Company hereby represents and warrants to Executive that it has received all authorizations and has taken all actions, necessary or appropriate for the due execution, delivery and performance of this Agreement. 
 ARTICLE II Compensation 
 Section 2.01 General. The Company shall compensate Executive for all of his services under this Agreement, as set forth herein. 
 Section 2.02 Basic Compensation. Executive’s initial salary (“Base Salary”) when annualized shall be at the rate of $200,000 and shall be payable in bi-weekly or other installments in
accordance with the Company’s normal payment schedule for senior management (but not less frequently than monthly). 

 
The Executive’s performance and compensation shall be subject to annual review on each July 1st following the Commencement Date thereafter. 
 Section 2.03 Incentive Compensation. Executive shall be eligible to participate in an annual Management Incentive Program for senior management of the Company currently offered or as subsequently modified by the Board from time
to time in its discretion (“Management Incentive Program”). The Executive and the Company agree that Executive’s performance goals pursuant to the Management Incentive Program shall consist of the Company’s annual performance
goals and other specific performance goals for the Executive, as determined by the Board in its discretion. The target incentive compensation payment (the “Incentive Payment”) for meeting all such goals shall be a percentage of the Base
Salary, as deemed appropriate by the Board. If such goals are met, and the Company is otherwise, unable or elects not to make the Management Incentive Program award, though the Executive has otherwise met the target objectives, such award shall
nevertheless accrue as an Incentive Payment to the Executive. 
 Section 2.04 Other Benefits. 
 (a) During the Term, Executive shall be entitled to participate in all employee benefit plans, including retirement programs, if any, group health care
plans, and all fringe benefit plans, of the Company. Such plans shall at all times be comparable to those made available to the senior-most management of the Company. 
 (b) In addition, the Company shall provide Executive with the following benefits during the Term: (i) Reimbursement for travel (including overnight accommodations as reasonably deemed necessary by Executive);
(ii) Company paid cell phone and home office communication equipment (fax, internet access, etc.) (without any requirement to maintain records of specific use); and (iii) Reimbursement for reasonable out-of-pocket home office expenses.

 (c) During the Term, Executive shall be entitled to 15 days per year of paid vacation in accordance with the Company’s Vacation
Policy and calculations as set forth in the Company Employee Handbook. After four (4) years of service Executive shall be entitled to an additional 5 days of paid vacation in each calendar year. With respect to all unused vacation time, unless
otherwise approved by the Board of Directors and the Compensation Committee of such Board, Executive shall carry over unused vacation time for periods prior to calendar year in accordance with the Company’s Employee Handbook or supplemental
written policies, as determined from time to time. 
 (d) Executive shall also be entitled to such paid holidays and paid sick leave as shall
be authorized by the Company for its senior-most officers pursuant to its written policies, as determined from time to time. 
 (e) Temporary
Living and commuting Costs. Prior to relocation to the Capital District, Company shall reimburse Executive for reasonable expenses associated with commuting to and from Executive’s home in Syracuse, NY and reasonable lodging while staying in
the Capital District Area. Executive shall make a good faith effort to relocate Executive’s family on or before June 30, 2006. Executive shall receive a monthly reimbursement of two thousand ($2,000) dollars from Executive’s date of
employment through June 30, 2006 to supplement Executive’s temporary living and transportation expenses to and from Syracuse, NY. 
 Section 2.05 Expense Reimbursements. The Company shall reimburse Executive for all proper expenses incurred by him in the performance of his duties hereunder in accordance with the policies and procedures of the Company as in
effect from time to time. 
 Section 2.06 Excise Tax. Notwithstanding any other provision of this Agreement, if the aggregate
present value of the “parachute payments” to the Executive, determined under Section 280G(b) of the Internal Revenue Code of 1986, as amended (the “Code”) would be, but for this Section 2.06, at least three times the
“base amount” determined under such Section 280G, then the parachute payments otherwise 

 
payable under this Agreement (and any other amount payable hereunder or any other severance plan, program, policy or obligation of the Company) shall be
reduced so that the aggregate present value of the parachute payments to the Executive determined under Section 280G, does not exceed 2.99 times the base amount. In no event, however, shall any benefit provided hereunder be reduced to the
extent such benefit is specifically excluded from treatment under Section 280G of the Code as a “parachute payment” or as an “excess parachute payment”. Any decisions regarding the requirement or implementation of such
reductions shall be made by the tax counsel and accounting firm retained by the Company [at the time this Agreement is entered into]. 
 Section 2.07 Withholding. The Base Salary and all other payments to Executive for his services to the Company shall be subject to all withholding and deductions required by federal, state or other law (including those authorized
by Executive but not otherwise required by law), including but not limited to state, federal and local income taxes, unemployment tax, Medicare and FICA, together with such deductions as Executive may from time to time specifically authorize under
any employee benefit program which may be adopted by the Company for the benefit of its senior executives or Executive. 
 ARTICLE III
Termination of Employment 
 Section 3.01 Right to Terminate. Executive’s employment hereunder shall be terminable by
either party with or without Cause or Good Reason and any such termination shall not constitute a breach of this Agreement, provided the notice or payment in lieu of notice set forth in subsection 3.02 is provided. 
 Section 3.02 Notice. Executive shall give the Company at least sixty (60) days’ advance written notice prior to any termination by
Executive other than for Good Reason. The Company shall give Executive either at least thirty (30) days’ advance written notice prior to any termination of Executive by the Company without Cause or thirty (30) days of pay in lieu or
such notice. 
 Section 3.03 Termination for Good Reason. The Executive may terminate employment for Good Reason or without Good
Reason. “Good Reason” means: 
 (i) the assignment to the Executive of any duties or any other action by the Company
that results in a material diminution in the Executive’s position or authority, duty, titles, or responsibilities, that is not permitted under Section 1.01(b) of this Agreement (or in any respect, whether or not permitted under
Section 1.02(b) of this Agreement, following a Change of Control) that is not remedied by the Company within sixty (60) days after receipt of written notice thereof from the Executive; 
 (ii) any material failure (any failure, whether or not material, following a Change of Control, as defined below) by the Company to comply
with any provision of Section 2 of this Agreement that is not remedied by the Company within sixty (60) days after receipt of written notice thereof from the Executive; 
 (iii) any relocation of the Executive’s principal business location to a location other than the Halfmoon, New York area (within
fifty (50) miles of Halfmoon, NY); or 
 (iv) a failure of the Company to use its best efforts to maintain
directors’ and officers’ liability insurance coverage for Executive. 
 Section 3.04 Procedure for Termination for Good
Reason. A termination of employment by the Executive for Good Reason shall be effectuated by giving the Company written notice (“Notice of Termination for Good Reason”) of the termination, setting forth in reasonable detail the
specific conduct of the Company that constitutes Good Reason and the specific provision(s) of this Agreement on which the Executive relies. A termination of employment by the Executive for Good Reason shall be effective on the sixtieth
(60th) day following the date when the Notice of Termination for Good Reason is given, unless the act or
admission that constitutes the Good Reason is cured prior to the expiration of said period and the 

 
Executive is given written notice thereof, the notice sets forth a later date or the Company accepts the Executive’s termination for Good Reason on an
earlier date. 
 Section 3.05 Termination for Cause. The Company shall have the right to terminate Executive’s employment
hereunder for Cause. For purposes hereof, “Cause” shall be defined as the Board’s good faith determination that the Executive has: (i) been convicted of or entered a plea of nolo contendere with respect to a criminal offense
constituting a felony; (ii) committed one or more acts or omissions constituting fraud, embezzlement or breach of a fiduciary duty to the Company; (iii) committed one or more acts constituting gross negligence or willful misconduct;
(iv) habitually abused alcohol or any controlled substance or reported to work under the influence of alcohol or any controlled substance (other than a controlled substance which Employee is properly taking under a current prescription),
(v) engaged in harassment of any employee or customer of the Company in violation of Company policy; (vii) committed a material violation of any Company policy; (viii) been insubordinate or dishonest; (ix) engaged in self-dealing
or in any act constituting a conflict of interest; (ix) exposed the Company to criminal liability through negligence or wrongdoing of any kind; (x) disclosed the Company’s confidential information in violation of his obligations under
this Agreement; or (xi) failed, after written warning from the Board specifying in reasonable detail the breach(es) complained of, to substantially perform his duties under this Agreement (excluding, however, any failure to meet any performance
targets or to raise capital) 
 Notwithstanding the foregoing in the event of a Change of Control, a termination by the Company of the
Executive for any reason during the twelve (12) month period immediately following the Change of Control, other than an intentional and malicious act or omission resulting in material adverse consequences to the Company, shall be deemed to be a
termination without Cause for all purposes of this Agreement. 
 Section 3.06 Procedure for Termination for Cause. A termination
of the Executive’s employment for Cause shall be effected in accordance with the following procedures. The Company shall give the Executive written notice (“Notice of Termination for Cause”) of its intention to terminate the
Executive’s employment for Cause, setting forth in reasonable detail the specific conduct of the Executive that it considers to constitute Cause and the specific provision(s) of this Agreement on which it relies and stating the date, time and
place of the Special Board Meeting. The “Special Board Meeting” means a meeting of the Board called and held specifically for the purpose of considering the Executive’s termination for Cause that takes place not less than thirty
(30) and not more than sixty (60) days after the Executive receives the Notice of Termination for Cause. The Executive shall be given an opportunity, together with counsel, to be heard at the Special Board Meeting. The Executive’s
termination for Cause shall be effective when and if a resolution is duly adopted at the Special Board Meeting, stating that, in the good faith opinion of the Board, the Executive is guilty of the conduct described in the Notice of Termination for
Cause, such conduct constitutes Cause under this Agreement and in the case of a termination for Cause as defined in subsection 3.05, such conduct has not ceased or been cured between the date the Executive received the Notice of Termination for
Cause and the date of the meeting. 

 Section 3.07 Death. In the event that the Executive dies while employed under this Agreement,
the Company’s obligations to Executive under this Agreement shall immediately cease. All benefits accrued to the date of death, including vested securities, health and disability benefits shall inure to the benefit of Executive’s heirs and
assigns. 
 Section 3.08 Disability. In the event that the Board determines in its sole discretion that Executive has been
disabled from substantially performing his duties for any one hundred and twenty (120) days within any twelve (12) month period while employed under this Agreement, the Company may terminate Executive’s employment for Cause.

 Section 3.09 Severance Package. 
 (a) Change of Control Severance Package. In the event Executive’s employment under this Agreement is terminated during the Term, after a Change of Control (as defined below) and prior to the thirty
(30) day period immediately following the first anniversary of the Change of Control, by the Company other than for Cause or by Executive for Good Reason, then: 
 (i) As and for a change of control severance package (“Change of Control Severance Package”) Executive shall receive two hundred
fifty percent (250%) of the aggregate of (x) Executive’s annual Base Salary for the year in which such termination occurs, and (y) the maximum amount of any Incentive Payment payable to Executive for the year in which such
termination occurs under the Management Incentive Program applicable to Executive. Such amount shall be paid either in a single lump sum payment or ratably in accordance with the Company’s normal salary payment schedule for senior management
(but not less frequently than monthly) over eighteen (18) months, at the sole discretion of the Executive. During such 18 month period, the Company shall also provide to Executive under COBRA all Company-paid medical insurance benefits
available to other senior executives of the Company, all costs of which shall be paid by the Company; and 
 (ii) All unvested
warrants, options or restricted stock then held by Executive, if any, shall vest automatically on the of the termination of Executive’s employment. Executive shall in all events be paid all accrued but unpaid Base Salary, earned but unpaid
Incentive Compensation for any prior years, reimbursable expenses and other accrued benefits, if any, through the date of termination. 
 (b) Definition of Change in Control. 
 “Change in Control” shall mean the occurrence of any of the following
events: (A) any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation or which contemplates that all or substantially all of the business and/or assets of the Company shall be controlled by
another corporation, in either case where the continuing, surviving or other corporation both (i) is not directly or indirectly owned by holders of at least 50% of the combined voting power of the Company’s securities outstanding
immediately prior to such consolidation or merger and (ii) does not have a board of directors approved by or consisting of more than one-half of the Company’s Board members as the Board was constituted immediately prior to the transaction,
(B) a recapitalization (including an exchange of Company equity securities by the holders thereof), in either case, in which any “Person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act) becomes the beneficial
owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities having the right
to vote in the election of directors and the Company does not have a board of directors approved by or consisting of more than one-half of the Company’s Board members as the Board was constituted immediately prior to the transaction;
(C) any sale, lease, exchange or transfer (in one transaction or in a series of related transactions) of all or substantially all of the assets of the Company and its subsidiaries; D) approval by the shareholders of the Company of any plan or
proposal for the liquidation or dissolution of the Company, unless such plan or proposal is abandoned within 60 days following such approval; or (E) any “Person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange
Act) shall become the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange 

 
Act) of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities having the right
to vote in the election of directors. 
 (c) Regular Severance Package. 
 Subject to the conditions set forth in subsection 3.09(d), in the event Executive’s employment under this Agreement is terminated during the Term,
or upon Executive’s receipt of written Notice of Non-Renewal pursuant to paragraph 1.03, above, and prior to or in the absence of a Change of Control (as defined above) by the Company, by Executive for Good Reason or other than for Cause, then:

 (i) as and for a severance package (“Regular Severance Package”), Executive shall receive one hundred percent
(100%) of the aggregate of (x) Executive’s annual Base Salary for the year in which such termination occurs, and (y) the amount of any Incentive Payment paid to Executive for the prior year under the Management Incentive Program
applicable to Executive. Such amount shall be paid either in a single lump sum payment or ratably in accordance with the Company’s normal salary payment schedule for senior management (but not less frequently than monthly) over eighteen
(18) months, at the sole discretion of the Company. During such 18 month period, the Company shall also provide to Executive under COBRA all Company-paid medical insurance benefits available to other senior executives of the Company, all costs
of which shall be paid by the Company; and 
 (ii) All unvested warrants, options or restricted stock then held by Executive,
if any, that would vest in the twelve (12) month period immediately following the cessation of Executive’s employment shall vest automatically on the date three (3) months following the termination of Executive’s employment. All
other unvested Options or restricted stock shall immediately be forfeited (subject, however, to any contrary determination of the Board in its sole discretion). 
 (d) Conditions for Regular Severance Package. 
 Executive shall receive the payments, benefits and
vesting of unvested warrants, options or restricted stock described in subsection 3.09(c), if and only if (i) Executive duly executes, returns to the Company (and does not revoke if a revocation period is included in the sole discretion of the
Company) a termination agreement (“Termination Agreement”) satisfactory to the Company in its sole discretion, which shall include a general release of any and all claims arising our of Executive’s employment or cessation of
employment against the Company and any other persons or entities designated by the Company, other than for payments and benefits set forth in this section 3 and, in the Company’ s sole discretion, provisions requiring the Executive not to
disparage the Company, not use or disclose information deemed confidential by the Company, to reasonably cooperate with the Company in transitioning business matters and handling claims and litigation ; and (ii) Executive complies with his
obligations under this Agreement and the Termination Agreement. 
 Section 3.10 Accrued Payments. In the event Executive’s
employment under this Agreement is terminated during the Term, by the Company other than for Cause or by Executive for Good Reason, Executive shall in all events be paid all accrued but unpaid Base Salary, earned but unpaid Incentive Compensation
for any prior year, reimbursable expenses and other accrued benefits, if any, through the date of termination. 
 Section 3.11 No
Additional Payment or Reduction Due to Mitigation. The parties agree that the foregoing shall be Executive’s sole and exclusive entitlement under this Agreement by reason of termination by Executive for Good Reason or by the Company other
than for Cause. Such payments shall not be reduced or limited by amounts Executive might earn or be able to earn from other employment or ventures. 
 Section 3.12 Rights on Termination for Cause or Without Good Reason. No Regular Severance Package or Change of Control Severance Package shall be due or owing to Executive in the event that the Company shall duly terminate
Executive’s employment for Cause or in the event that 

 
Executive shall terminate his employment with the Company for reasons other than Good Reason; provided, however, that Executive shall in all events be paid
all accrued but unpaid Base Salary, earned but unpaid Incentive Compensation for any prior year, reimbursable expenses and other accrued benefits, if any, through the date of termination. In addition, in the event that the Company shall terminate
Executive’s employment for Cause or in the event that Executive shall terminate his employment with the Company for reasons other than Good Reason, then all unvested Options or restricted stock then held by Executive, if any, shall
automatically be forfeited (subject, however, to any contrary determination of the Board in its sole discretion). The parties agree that the foregoing shall be Executive’s sole and exclusive entitlement under this Agreement by reason of
termination by Executive for other than Good Reason or by the Company for Cause. Such payments shall not be reduced or limited by amounts Executive might earn or be able to earn from other employment or ventures. 
 ARTICLE IV Confidential Information; 
 Inducing Company Employees; Non-Competition 
 Section 4.01 Confidential Information. Except in the course of his
employment with the Company, or as he may be required pursuant to any law or court order or similar process, Executive shall not at any time, either during or after the termination of his employment hereunder, directly or indirectly disclose or use
any secret, proprietary or confidential information or data of the Company or any of its subsidiaries or affiliates without the written consent of the Company; provided, however, that after the expiration of eighteen (18) months from such
termination of employment, the Company’s sole remedy shall be to seek and procure appropriate equitable remedies. In the event of any dispute between Executive and the Company or between Executive or the Company and others, Executive shall
cooperate with the Company as to redaction or other protective measures with respect to any unnecessary public disclosure of any such confidential information or proprietary data. 
 Section 4.02 Noncompetition, Nonsolicitation, etc. 
 (a) During Executive’s employment with the Company and for the periods set forth below after the termination of his employment with Company for any reason whatsoever, Executive shall not, directly or indirectly,
without the Company’s prior written consent, and at the Company’s sole and absolute discretion: 
 (i) for a period
of eighteen (18) months after such termination, on his own behalf or in the service or on behalf of others, solicit, encourage, recruit or attempt to persuade any person to terminate such person’s employment with the Company, whether or
not such person is a full-time employee or whether or not such employment is pursuant to a written agreement or is at-will. 
 (ii) for a period of eighteen (18) months after such termination, employ or establish a business relationship with, or encourage or assist any person or entity to employ or establish a business relationship with, any individual who was
employed by the Company during the preceding twelve (12) month period; or 
 (iii) for a period of eighteen
(18) months after such termination, direct or do any act or thing which may interfere with or adversely affect the relationship (contractual or otherwise) of the Company with any person or entity that is a Customer, Prospective Customer, vendor
or contractor of the Company, or otherwise induce or attempt to induce any such person or entity to cease doing business, reduce or otherwise limit its business with the Company. 
 (iv) for a period of eighteen (18) months from such termination, solicit business from any Customer or Prospective Customer, or do
business with any Customer or Prospective Customer of the Company. 
 (v) for a period of eighteen (18) months after such
termination, directly or indirectly, engage in or be associated with (as a principal, agent, consultant, partner, director, officer, employee, 

 
stockholder, investor or otherwise) any person or entity that directly or indirectly, engages in or plans to engage in, the design, development, invention,
implementation, application, manufacture, production, marketing, sale or license of any product or service in direct competition with the Company’s products or services. For purposes of this Agreement, “Company’s products or
services” shall be defined as CIGS-based PV products manufactured by a continuous process and/or on a flexible media. Executive is prohibited from engaging in or being associated with (as described above) any person or entity that engages in or
plans to engage in the activities described in this subsection (v) worldwide, including near-space and space markets. Notwithstanding the foregoing, this restriction shall not prevent Executive from owning up to five percent (5.0%) of the
outstanding voting stock of any publicly-traded company. 
 (b) For purposes of subparagraph (a) above, (i) “Customer”
shall mean those persons or entities for whom or which the Company performed services or to whom or which the Company sold or licensed its products, during the twelve months preceding the cessation of Executive’s employment, and
(ii) “Prospective Customer” shall mean persons or entities whose business was solicited by the Company during the twelve months preceding the cessation of Executive’s employment. 
 (c) Executive acknowledges and agrees that (i) the Company does business and/or plans to conduct business worldwide, including near-space and space
markets, (ii) the Confidential Information that Executive learns of, obtains, or that is disclosed to him during the course of his employment, is capable of being used anywhere in the world to compete against the Company in the markets in which
it does business and/or plans to conduct business; (iii) the covenants set forth in Sections 4.01, 4.02 and 4.03 of this Agreement are reasonable and necessary in order to protect the legitimate interests of the Company and Executive is
receiving adequate consideration hereunder; (iv) the Company will not have any adequate remedy at law if Executive violates the terms hereof or fails to perform any of my obligations under Sections 4.01, 4.02 and 4.03 of this Agreement; and
(v) the Company shall have the right, in addition to any other rights either may have under applicable law, to obtain from any court of competent jurisdiction preliminary and permanent injunctive relief to restrain any breach or threatened
breach of, or otherwise to specifically enforce any such covenant or any other obligations of Executive under Sections 4.01, 4.02 and 4.03 of this Agreement, as well as to obtain damages and an equitable accounting of all earnings, profits and other
benefits arising from such violation, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. 
 (d) If the period of time or scope of any restriction set forth in this Agreement should be adjudged unreasonable in any proceeding, then the period of time shall be reduced by such number of months or the scope of
the restriction shall be modified, or both, by a court of competent jurisdiction so that such restrictions may be enforceable for such time and in the manner to the fullest extent adjudged to be reasonable. If Executive violates any of the
restrictions contained in subparagraph (a) above, then the restrictive period shall not run in Executive’s favor from the time of the commencement of any such violation until such time as such violation shall be cured by Executive.

 Section 4.03 Returning Company Documents and Property. 
 Executive agrees that, at the time of leaving the employ of the Company, or earlier upon request, he shall deliver to the Company (and will not keep in
his possession or control or deliver to anyone else) any and all records, data, notes, reports, information, proposals, lists, correspondence, emails, specifications, drawings, blueprints, sketches, materials, other documents (including but not
limited to on computer discs or drives) of any aforementioned items either developed by Executive pursuant to his employment with the Company or otherwise relating to the business of the Company, retaining neither copies nor excerpts thereof.
Executive also agrees that, at the time of leaving the employ of the Company, or earlier upon request, he shall deliver to the Company all Company property in his possession, including cell phones, computers, computer discs, drives and other
equipment. 
 ARTICLE V Arbitration. 
 Section 5.01 Arbitration. In order to obtain the many benefits of arbitration over court proceedings, including speed of resolution, lower costs and fees and more flexible rules of evidence, all disputes
(except those relating to unemployment compensation or workers compensation, and except as 

 
provided in Section 5.04(b) below) arising out of Executive’s employment or concerning the interpretation or application of this Agreement or its
subject matter (including without limitation those relating to workplace discrimination and/or harassment on any basis, whatsoever, including but not limited to age, race, sex, religion, national origin, disability or perceived disability, as well
as any claimed violation of any federal, state or local law, regulation or ordinance, such as Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Americans with Disabilities Act and their state and local counterparts, if
any, including but not limited to any claims of retaliation thereunder) shall be resolved exclusively by binding arbitration at a location in reasonable proximity to Executive’s last place of employment with the Company, pursuant to the
National Rules for the Resolution of Employment Disputes of the American Arbitration Association. The parties expressly waive their rights to have any such claim resolved by jury trial. The Company shall bear the cost of the Arbitrator’s fee.
The Company shall initially bear its filing fees, as well as Executive’s filing fees in excess of $75.00 upon Executive’s written request to the Company’s Board. The decision, in the Arbitrator’s discretion, may award all or some
of Executive’s or the Company’s attorney’s fees and costs, including filing fees, in addition to any such awards required by law. Arbitration must be demanded within three hundred (300) days of the time when the demanding party
knows or should know of the events giving rise to the claim. The decision of the Arbitrator shall be in writing and set forth the findings and conclusions upon which the decision is based. Notwithstanding the foregoing, the requirement to arbitrate
does not apply to the filing of a claim with a federal, state or local administrative agency. The decision of the Arbitrator shall be final and binding and may be enforced under the terms of the Federal Arbitration Act (9 U.S.C. Section 1 et
seq.), but may in addition be set aside or modified by a reviewing court in the event of a material error of law. Judgment upon the award may be entered, confirmed and enforced in any federal or state court of competent jurisdiction. 
 Section 5.02 Equitable Remedies. Executive agrees that it would be impossible or inadequate to measure and calculate the Company’s
damages from any breach of the covenants set forth in Section 4 of this Agreement. Accordingly, Executive agrees that if he breaches or threatens to breach any of such covenants, the Company will have available, in addition to any other right
or remedy available, the right to obtain injunctive and equitable relief of any type from a court of competent jurisdiction, including but not limited to restraining such breach or threatened breach and to specific performance of any such provision
of this Agreement. Executive further agrees that no bond or other security shall be required in obtaining such equitable relief and Executive hereby consents to the issuance of such injunction and to the ordering of specific performance. 

ARTICLE VI Miscellaneous 
 Section 6.01 Notices. All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, to the Secretary of the Company at the Company’s principal executive office, and if to
Executive, to his address on the books of the Company (or to such other address as the Company or Executive may give to the other for purposes of notice hereunder). Copies of all notices given to Executive shall be sent to such person as Executive
may designate by written notice to the Company. All notices, requests or other communications required or permitted by this Agreement shall be made in writing either (a) by personal delivery to the party entitled thereto, (b) by mailing
via certified mail, postage prepaid, return receipt requested, in the United States mails to the last known address of the party entitled thereto, (c) by reputable overnight courier service, or (d) by facsimile with confirmation of
receipt. The notice, request or other communication shall be deemed to be received upon actual receipt by the party entitled thereto; provided, however, that if a notice, request or other communication is not received during regular business hours,
it shall be deemed to be received on the next succeeding business day of the Company. 
 Section 6.02 Assignment and Succession.
The Company may assign this Agreement in connection with any sale or merger (whether a sale or merger of stock or assets or otherwise) of the Company or the business of the Company. Executive expressly consents to the assignment of the Agreement,
including, but not limited to the restrictions which apply subsequent to the termination of Executive’s employment, to any new owner of the Company’s business or purchaser of the Company. 

 
Executive’s rights and obligations hereunder are personal and may not be assigned, provided, however, in the event of the Executive’s death or
permanent disability, the Executive’s representative may exercise any unexercised Options, and any benefits accrued to the date of death or permanent disability, if any, to the extent permitted by the relevant Option plan agreement or this
Agreement. This Agreement shall inure to the benefit of and be enforceable by Executive’s heirs, beneficiaries and/or legal representatives. 
 Section 6.03 Headings. The Article, Section, paragraph and subparagraph headings in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. 
 Section 6.04 Invalidity. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the
validity, legality or enforceability of the remaining provisions hereof shall not in any way be affected or impaired 
 Section 6.05
Waivers. No omission or delay by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege, preclude any
further exercise thereof~ or the exercise of any other right, power or privilege. 
 Section 6.06 Counterparts. This Agreement
may be executed in multiple counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 Section 6.07 Entire Agreement. Except as otherwise provided or referred to herein, this Agreement contains the entire understanding of the parties and supersedes all prior agreements and understandings
relating to the subject matter hereof. Without in any way limiting the extent of this Section 6.07, the terms and conditions of this Agreement specifically replace and supersede the Prior Agreement in its entirety. This Agreement may not be
amended, except by a written instrument hereafter signed by each of the parties hereto. 
 Section 6.08 Interpretation. The
parties hereto acknowledge and agree that each party and its or his counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its drafting. Accordingly, (a) the rules of construction to the effect that
any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement, and (b) the terms and provisions of this Agreement shall be construed fairly as to all parties hereto and not in favor of or
against any party regardless of which party was generally responsible for the preparation of this Agreement. Except where the context requires otherwise, all references herein to Sections, paragraphs and clauses shall be deemed to be reference to
Sections, paragraphs and clauses of this Agreement. The words “include”, “including” and “includes” shall be deemed in each case to be followed by the phrase “without limitation.” The words “hereof’,
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 Section 6.09 Governing Law. This Agreement and the performance hereof shall be construed and governed in accordance with the internal laws of
the State of New York without reference to principles of conflict of laws. Any court action instituted by Executive or on his behalf relating in any way to this Agreement or his employment with the Company shall be filed exclusively in federal or
state court in the County of Albany, New York and he consents to the jurisdiction and venue of these courts in any action instituted by the Company against him. 
 Section 6.10 Indemnification. In addition to any additional benefits provided under applicable state law to Executive as a director and officer of the Company, Executive shall be entitled to the benefits
of: (a) those provisions of the Restated Articles of Incorporation and By-Laws of the Company, as amended, which provide for indemnification of directors and officers of the Company (and no such provision shall be amended in any way to limit or
reduce the extent of indemnification available to Executive as a director or officer of the Company), and (b) any Indemnification Agreement between the Company and Executive. The rights of Executive under such indemnification obligations shall
survive the termination of this Agreement and be applicable for so long as Executive may be subject to any claim, 

 
demand, liability, cost or expense, which the indemnification obligations referred to in this Section are intended to protect and indemnify him against.

 The Company shall, at no cost to Executive, use its best efforts to at all times include Executive, during the term of Executive’s
employment hereunder and for so long thereafter as Executive may be subject to any such claim, as an insured under any directors’ and officers’ liability insurance policy maintained by the Company, which policy shall provide such coverage
in such amounts as the Board shall deem appropriate for coverage of all directors and officers of the Company. 
 Section 6.11
Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable by an arbitrator or court of competent jurisdiction, such invalidity or unenforceability
shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application in any other
jurisdiction. 
 Section 6.12 Executive Acknowledgement. Executive acknowledges and agrees (i) that he has had the
opportunity to consult with independent counsel of his own choice concerning this Agreement and has been advised to do so by the Company, and (ii) that he has read and understands the Agreement, is fully aware of its legal effect, and has
entered into it freely based on his own judgment. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by its duly
authorized officer and the Executive has signed this Agreement as of the day and year first above written. 
  

									
	DayStar Technologies, Inc.	 		 	Executive: Stephan J. DeLuca
					
	By:	 	/s/ John R. Tuttle	 		 	By:	 	/s/ Stephan J. DeLuca
	Name:	 	John R. Tuttle, Ph.D.	 		 	Name:	 	Stephan J. DeLuca
	Title:	 	Chief Executive Officer	 		 	Title:	 	Chief Operating Officer
			
	Date: April 4, 2006	 		 	Date: April 4, 2006Change of Control Severance Agreement

 Exhibit 10(a) 
 CHANGE OF CONTROL SEVERANCE AGREEMENT 
 THIS AGREEMENT (“Agreement”) is made on this
14th day of February, 2006 (the “Effective Date”) between WD-40 COMPANY (hereinafter the “Company”) and GARRY O. RIDGE (hereinafter the “Executive”). 
 RECITALS: 
 Whereas, the Company has determined that the Executive is among that
group of key managers whose services and participation in management may be critical in any period of transition, such as at the time of any change in control of the Company or in the face of any proposed corporate reorganization or acquisition,
friendly or hostile, affecting the Company. Accordingly, the board of directors of the Company (the “Board”) has determined that it is appropriate and in the best interests of the Company and its stockholders that provisions be made to
encourage the Executive’s continued attention and undistracted dedication to the Executive’s duties in the potentially disturbing circumstances of a possible change in control of the Company, by providing the Executive with some degree of
personal financial security under such circumstances. 
 NOW THEREFORE, the parties agree as follows: 
 1. Change in Control: For purposes of this Agreement, Change in Control shall mean: 
 (a) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the “Exchange 

  

 1 

 
Act”)) (a “Person”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either
(i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the
election of directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company (excluding an acquisition
by virtue of the exercise of a conversion privilege), (B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (C) any acquisition by any
corporation pursuant to a reorganization, merger or consolidation, if, following such reorganization, merger or consolidation, the conditions described in subclauses (i), (ii) and (iii) of subparagraph (c) of this sentence are
satisfied; or 
 (b) if individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a
vote of at least two-thirds of the directors then constituting the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of either an actual or threatened election contest subject to Rule 14a-11 of Regulation 14A promulgated under the Exchange Act or other actual or threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board; or 
  

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 (c) approval by the stockholders of the Company of a reorganization, merger or
consolidation, unless following such reorganization, merger or consolidation (i) more than 60% of, respectively, the then-outstanding shares of common stock of the corporation resulting from such reorganization, merger or consolidation and the
combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and
entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such reorganization, merger, or consolidation in substantially the same proportions as
their ownership, immediately prior to such reorganization, merger or consolidation, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be (for purposes of determining whether such percentage test is
satisfied, there shall be excluded from the number of shares and voting securities of the resulting corporation owned by the Company’s stockholders, but not from the total number of outstanding shares and voting securities of the resulting
corporation, any shares or voting securities received by any such stockholder in respect of any consideration other than shares or voting securities of the Company); (ii) no Person (excluding the Company, any employee benefit plan (or related
trust) of the Company, any qualified employee benefit plan of such corporation resulting from such reorganization, merger or consolidation and any Person beneficially owning, immediately prior to such reorganization, merger or consolidation,
directly or indirectly, 20% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of 

  

 3 

 
common stock of the corporation resulting from such reorganization, merger or consolidation or the combined voting power of the then-outstanding voting
securities of such corporation entitled to vote generally in the election of directors; and (iii) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger or consolidation were
members of the Incumbent Board at the time of the execution of the initial agreement providing for such reorganization, merger or consolidation; or 
 (d) (i) approval by the stockholders of the Company of a complete liquidation or dissolution of the Company or (ii) the first to occur of (A) the sale or other disposition (in one transaction or a
series of related transactions) of all or substantially all of the assets of the Company, or (B) the approval by the stockholders of the Company of any such sale or disposition, other than, in each case, any such sale or disposition to a
corporation, with respect to which immediately thereafter, (1) more than 60% of, respectively, the then-outstanding shares of common stock of such corporation and the combined voting power of the then-outstanding voting securities of such
corporation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities immediately prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities, as the case may be (for purposes of determining whether such percentage test is satisfied, there shall be excluded from the number of shares and voting securities of the transferee
corporation owned by the Company’s stockholders, but not from the total number of 

  

 4 

 
outstanding shares and voting securities of the transferee corporation, any shares or voting securities received by any such stockholder in respect of any
consideration other than shares or voting securities of the Company); (2) no Person (excluding the Company, any employee benefit plan (or related trust) of the Company, any qualified employee benefit plan of such transferee corporation and any
Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, 20% or more of the Outstanding Company Common Stock or Outstanding Company Voting Securities, as the case may be) beneficially owns, directly or
indirectly, 30% or more of, respectively, the then-outstanding shares of common stock of such transferee corporation and the combined voting power of the then-outstanding voting securities of such transferee corporation entitled to vote generally in
the election of directors; and (3) at least a majority of the members of the board of directors of such transferee corporation were members of the Incumbent Board at the time of the execution of the initial agreement or action of the board
providing for such sale or other disposition of assets of the Company. 
 2. Termination Following a Change in Control: 
 (a) The Executive shall be entitled to the compensation provided for in Paragraph 3 if all of the following conditions are satisfied:

 (i) there is a Change in Control of the Company while the Executive is still an employee of the Company; 
 (ii) the Executive’s employment with the Company is terminated within two years after the Change in Control; and 
 (iii) the Executive’s termination of employment is not a result of (A) the Executive’s death; (B) the Executive’s
Disability (as defined in subparagraph 2(b) below); (C) the 

  

 5 

 
Executive’s Retirement (as defined in subparagraph 2(c) below); (D) the Executive’s termination by the Company for Cause (as defined in
subparagraph 2(d) below); or (E) the Executive’s decision to terminate employment other than for Good Reason (as defined in subparagraph 2(e) below). Notwithstanding the foregoing, if a Change of Control occurs and if the Executive’s
employment with the Company is terminated prior to the date on which the Change of Control occurs, and if it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken
steps reasonably calculated to effect a Change of Control or (ii) otherwise arose in connection with or in anticipation of a Change of Control, then the Executive shall be entitled to the compensation provided for in Paragraph 3. 
 (b) If, as a result of the Executive’s incapacity due to physical or mental illness, the Executive shall have been unable, with or
without a reasonable accommodation, to perform the Executive’s duties with the Company on a full time basis for six months and if, within 30 days after a Notice of Termination (as defined in subparagraph 2(f)) is thereafter given by the
Company, the Executive shall not have returned to the full time performance of the Executive’s duties, the Company may terminate the Executive’s employment for “Disability”. 
 (c) The term “Retirement” as used in this Agreement shall mean termination by the Company or the Executive of the
Executive’s employment under circumstances whereby the Executive is otherwise entitled to receive benefits payable under the presently existing Supplemental Retirement Benefit Plan entered into between the Company and the Executive or such
other nonqualified retirement benefit plan providing substantially similar benefits. 
  

 6 

 (d) The Company may terminate the Executive’s employment for Cause before or after a
Change in Control. For purposes of this Agreement only, “Cause” shall mean: (i) the Executive’s commission of acts subject to prosecution as a felony involving moral turpitude; (ii) the Executive’s material breach of
fiduciary duty as an executive officer of the Company which has resulted, or is likely to result, in material economic damage to the Company; or (iii) the Executive’s willful gross misconduct or willful gross neglect of duties (other than
any such neglect resulting from the Executive’s incapacity due to physical or mental illness or any such neglect after the issuance of a Notice of Termination by the Executive for Good Reason, as such terms are defined in subparagraphs
(e) and (f) below and as they may apply under this Paragraph 2); provided that no act or failure to act by the Executive will constitute “Cause” under clause (ii) if the Executive believed in good faith that such act or
failure to act was in the best interest of the Company. 
 Any termination of the Executive’s employment by the Company
for Cause shall be authorized by a vote of at least a majority of the independent members of the Board (as they may be determined by the Board from time to time) within 12 months of a majority of such independent members of the Board having actual
knowledge of the event or circumstances providing a basis for such termination. In the case of clauses (i) and (ii) of the second sentence of this subparagraph (d), the Executive shall be given notice by the Board specifying in detail the
particular act or failure to act on which the Board is relying in proposing to terminate the Executive for Cause and offering the Executive an opportunity, on a date at least 14 days after receipt of such notice, to have a hearing, with counsel,
before a majority of the independent members of the Board, including each of the members of the Board who authorized the 

  

 7 

 
termination for Cause. The Executive shall not be terminated for Cause if, within 30 days after the date of the Executive’s hearing before the Board (or
if the Executive waives a hearing, within 30 days after receiving notice of the proposed termination), the Executive has corrected the particular act or failure to act specified in the notice given under clause (ii) of the second sentence of
this subparagraph (d), and by so correcting such act or failure to act the Executive has reduced the economic damage the act or failure to act has allegedly caused the Company to a level which is no longer material or has eliminated the probability
that such act or failure to act is likely to result in material economic damage to the Company. No termination for Cause shall take effect until the expiration of the correction period described in the preceding sentence and the determination by a
majority of the independent members of the Board that the Executive has failed to correct the act or failure to act in accordance with the terms of the preceding sentence. Other than as specified herein, the decision of a majority of the independent
members of the Board of Directors with respect to any determination of the grounds for termination of the Executive’s employment for Cause shall be binding absent evidence of bad faith or manifest injustice. 
 (e) The Executive may terminate the Executive’s employment for Good Reason at any time following a Change in Control. For purposes of
this Agreement, “Good Reason” shall mean, after any Change in Control and without the Executive’s express written consent, any of the following: 
 (i) a significant diminution in the Executive’s duties and responsibilities, or the assignment to the Executive by the Company of
duties inconsistent with the Executive’s position, duties, responsibilities or status with the Company immediately prior to a Change in 

  

 8 

 
Control of the Company, or any removal of the Executive from or any failure to re-elect the Executive to any of such positions, except in connection with the
termination of employment for Disability, Retirement or Cause or as a result of the Executive’s death or by the Executive other than for Good Reason; 
 (ii) a reduction by the Company in the Executive’s annual rate of base salary as in effect immediately prior to a Change of Control or the Company’s failure to increase (within 12 months of the
Executive’s last adjustment in annual rate of base salary) the Executive’s annual rate of base salary after a Change in Control of the Company in an amount which at least equals, on a percentage basis, the average percentage increase in
the annual rate of base salary most recently or then currently being effected for all other executive officers of the Company; 
 (iii) (A) any failure by the Company to continue in effect any benefit plan or arrangement (including, without limitation, medical, dental, and other established benefit plans (“Welfare Benefit Plans”), group life insurance
and retirement plans) in which the Executive is participating at the time of a Change in Control of the Company (all hereinafter referred to as “Benefit Plans”) unless the Executive receives benefits through another plan or arrangement
providing the Executive with benefits, when considered in the aggregate, that are no less favorable than the benefits under all Benefit Plans available to the Executive at the time of a Change in Control, or (B) the taking of any action by the
Company which would adversely affect the Executive’s participation in or materially reduce the Executive’s benefits under the Benefit Plans or otherwise deprive the Executive of any material fringe benefit or perquisite of office 

  

 9 

 
enjoyed by the Executive at the time of a Change in Control of the Company considered in the aggregate with all benefits so provided to the Executive;

 (iv) (A) any failure by the Company to continue in effect any incentive plan or arrangement (including, without
limitation, the Company’s incentive bonus and contingent bonus arrangements and credits and the right to receive performance awards and similar long and short-term incentive compensation benefits) in which the Executive is participating at the
time of a Change in Control of the Company (hereinafter referred to as “Incentive Plans”), (B) the taking of any action by the Company which would adversely affect the Executive’s participation in any such Incentive Plan or
reduce the Executive’s benefits under any such Incentive Plan, unless in the case of either subclause (A) or (B) above, there is substituted a comparable plan or program that is economically equivalent, in terms of the benefit offered
to the Executive, to the Incentive Plan being altered, reduced, affected or ended, or (C) any failure by the Company with respect to any fiscal year to make an award to the Executive pursuant to each such Incentive Plan or such substituted
comparable plan or program in accordance with its terms or otherwise in a manner consistent with awards or benefits provided to other executive officers of the Company; 
 (v) (A) any failure by the Company to continue in effect any plan or arrangement to receive securities of the Company (including,
without limitation, the Company’s stock option plans and other equity incentive plans as authorized by the Board for the senior executive officers) in which the Executive is participating at the time of a Change in Control of the Company
(hereinafter referred to as “Securities Plans”), or the taking of any action by the Company which would adversely affect the Executive’s participation in or materially reduce the 

  

 10 

 
Executive’s benefits under any such Securities Plan or (B) any failure by the Company in any fiscal year to grant stock options, stock appreciation
rights or securities awards to the Executive pursuant to such Securities Plans or otherwise in a manner consistent with awards or grants provided to other executive officers of the Company; and provided further that the material terms and conditions
of such stock options, stock appreciation rights, and securities awards granted to the Executive after the Change in Control (including, but not limited to, the exercise price, vesting schedule, period and methods of exercise, expiration date,
forfeiture provisions and other restrictions) are substantially similar to the material terms and conditions of the stock options, stock appreciation rights, and securities awards granted to the Executive under the Securities Plans immediately prior
to the Change in Control of the Company; 
 (vi) a relocation of the Company’s principal executive offices to a location
more than 100 miles outside of San Diego, California, or the Executive’s relocation more than 100 miles from the location at which the Executive performed the Executive’s duties prior to a Change in Control of the Company, except for
required travel by the Executive on the Company’s business to an extent substantially consistent with the Executive’s business travel obligations at the time of a Change in Control of the Company; 
 (vii) any failure by the Company to provide the Executive with the number of annual paid vacation days to which the Executive is entitled
for the year in which a Change in Control of the Company occurs; 
 (viii) any material breach by the Company of any provision
of this Agreement; 
  

 11 

 (ix) any failure by the Company to obtain the assumption of this Agreement by any
successor or assign of the Company; 
 (x) the Company or its successor no longer is required to have its common stock
registered pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended; or 
 (xi) any
purported termination of the Executive’s employment by the Company pursuant to subparagraphs 2(b), 2(c) or 2(d) which is not effected pursuant to a Notice of Termination satisfying the requirements of subparagraph 2(f) below (and, if
applicable, subparagraph 2(d) above), and for purposes of this Agreement, no such purported termination shall be effective. 
 For purposes of this subparagraph (e), an isolated, immaterial, and inadvertent action not taken in bad faith by the Company in violation of clauses (i) - (v), (vii) or (xi) of this subparagraph that is remedied by the Company
promptly after receipt of notice thereof given by the Executive shall not be considered Good Reason for the Executive’s termination of employment with the Company. In the event the Executive terminates the Executive’s employment for Good
Reason hereunder, then notwithstanding that the Executive may also be considered retired for purposes of Benefit Plans (other than the Supplemental Retirement Benefit Plan or other non-qualified plan providing similar benefits), Incentive Plans or
Securities Plans, the Executive shall be deemed to have terminated employment for Good Reason for purposes of this Agreement. 
 (f) Any termination of the Executive’s employment by the Company pursuant to subparagraphs 2(b), 2(c) or 2(d), or by the Executive pursuant to subparagraph 2(e) above, 

  

 12 

 
shall be communicated by a Notice of Termination to the other party hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a
written notice which shall indicate those specific termination provisions in this Agreement relied upon and which sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s
employment under the provision so indicated. For purposes of this Agreement, no such purported termination by the Company shall be effective without such Notice of Termination. 
 (g) “Date of Termination” shall mean (i) if the Executive’s employment is terminated by the Company for Disability, 30
days after Notice of Termination is given to the Executive (provided that the Executive shall not have returned to the performance of the Executive’s duties on a full time basis during such 30 day period), (ii) if the Executive’s
employment is terminated by the Executive for Good Reason, the date specified in the Notice of Termination, and (iii) if the Executive’s employment is terminated by the Company for any other reason, the date on which a Notice of
Termination is given; provided, however, that if within 30 days after any Notice of Termination is given to the Executive by the Company, the Executive notifies the Company that a dispute exists concerning the termination, the Date of Termination
shall be a date no earlier than the date on which the Notice of Termination is given, but otherwise, if the termination is to be effective, as of the date so determined, whether by mutual written agreement of the parties or upon final judgment,
order or decree of a court of competent jurisdiction. 
  

 13 

 3. Severance Compensation Upon Termination of Employment Following a Change in Control:

 (a) If, pursuant to subparagraph 2(a), the Executive is entitled to the compensation provided for in this Paragraph 3,
then, subject to the provisions of Paragraph 7 below, the Company shall pay to the Executive in a lump sum cash payment, the following: 
 (i) the Change in Control Severance Amount as defined in subparagraph 3(b) below within five days following, but not earlier than, the sixth month anniversary of the Date of Termination; plus 
 (ii) the Executive’s earned but unpaid base annual salary through the period ending on the Date of Termination within the time
required by law for the payment of wages upon termination of employment; plus 
 (iii) interest, if any, on the amounts
payable pursuant to clauses (i) and (ii) above calculated from the Date of Termination until paid (including interest calculated for the six month period from the Date of Termination to the date of payment pursuant to clause (i) or
from the Date of Termination to the date of payment pursuant to clause (ii) if not paid when due) at a rate equal to the prime rate as published in the Wall Street Journal on the Date of Termination plus three percentage points, compounded
annually. 
 (b) “Change in Control Severance Amount” shall mean an amount equal to the sum of (i) two times
the greater of (A) the Executive’s base annual salary in effect as of the Date of Termination or (B) the average of the Executive’s base annual salary paid for the five fiscal years ending prior to the Date of Termination, plus
(ii) two times the greater of (A) the annual cash bonus awarded by the Board to the Executive with respect to the Company’s most 

  

 14 

 
recent fiscal year ending prior to the Date of Termination or (B) the average of the annual cash bonus amounts awarded by the Board to the Executive
with respect to the Company’s most recent five fiscal years ending prior to the Date of Termination. 
 (c) If, pursuant
to subparagraph 2(a), the Executive is entitled to the compensation provided in this Paragraph 3, then the Executive will be entitled to continued participation in all Welfare Benefit Plans (as defined in subparagraph 2(e)(iii) above) in which the
Executive was participating on the Date of Termination, such continued participation to be at Company cost and otherwise on the same basis as Company employees generally, until the earlier of (i) the date, or dates, the Executive receives
equivalent coverage and benefits under the plans and programs of a subsequent employer (such coverages and benefits to be determined on a coverage-by-coverage or benefit-by-benefit basis) or (ii) two years from the Date of Termination; provided
(A) if the Executive is precluded from continuing participation in any Welfare Benefit Plan as provided in this sentence, the Executive shall be paid, in a lump sum cash payment, within 30 days following the date it is determined the Executive
is unable to participate in any Welfare Benefit Plan, the after-tax economic equivalent of the benefits provided under the plan or program in which the Executive is unable to participate for the period specified in this sentence, and (B) the
economic equivalent of any benefit foregone shall be deemed to be the lowest cost that would be incurred by the Executive in obtaining such benefit (including family or dependent coverage, if applicable) on an individual basis. The Executive shall
be eligible for group health plan continuation coverage under and in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, when the Executive ceases to be eligible for continued participation in the Company’s
group health plan under this subparagraph (c). 
  

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 4. Company Right to Terminate Employment With or Without Cause; No Obligation of Executive to Mitigate
Damages; No Effect On Other Contractual Rights: 
 (a) Notwithstanding anything to the contrary herein, the Executive
shall serve the Company at the pleasure of the Board and the Board may terminate the Executive’s employment at any time, with our without Cause subject to the Executive’s right to payment of the severance compensation provided for herein,
if applicable. The Executive hereby acknowledges that this agreement does not guarantee continued employment with the Company for any period of time and upon termination of the Executive’s employment, the Executive shall have no claim for
compensation or other benefits pursuant to this agreement except as specifically set forth herein following a Change of Control. 
 (b) The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be
reduced by any compensation earned by the Executive as the result of employment by another employer after the Date of Termination or otherwise. 
 (c) The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive’s existing rights, or rights which would accrue
solely as a result of the passage of time, under any Benefit Plan, Incentive Plan or Securities Plan, or other contract, plan or agreement with or of the Company. 
  

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 5. Options, Securities Awards, And Incentive Awards: 
 (a) In the event of a Change in Control of the Company, then notwithstanding the terms and conditions of any Securities Plan or other
plan, agreement or arrangement, (i) if any Securities Plan will not be continued as to the securities of the Company or as to substantially equivalent publicly traded securities of the Company or any successor entity, or (ii) if the
Executive’s employment is terminated and the Executive is entitled to the compensation provided for in Paragraph 3, then the Company agrees to accelerate, vest, and make immediately exercisable in full all unexercisable installments of all
options to acquire securities of the Company, to vest all unvested awards of securities of the Company and to waive any resale or other restrictions or rights of repurchase applicable to securities underlying such options or applicable to awards of
securities of the Company in each case, which are held by the Executive on the date of such Change in Control, including without limitation any options or securities obtained by the Executive pursuant to any Securities Plan or securities obtained by
the Executive pursuant to any discontinued Incentive Plan (as defined in subparagraph 2(e)) to the extent that the Executive may not otherwise be able to realize the expected benefits thereof upon continued employment by the Company or a publicly
traded successor entity. 
 (b) If the provisions of subparagraph (a) of this Paragraph 5 are applicable with respect to
any Securities Plan within six (6) months following a Change in Control, any options or securities obtained by the Executive pursuant to the discontinued Securities Plan or securities obtained by the Executive pursuant to any Incentive Plan as
described in subparagraph (a) shall have a limited right of surrender allowing the Executive to surrender such options or securities within the 30 day period following the date on which the provisions of subparagraph 

  

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(a) first become applicable and to receive a cash payment in exchange for the surrender of such options or securities. The amount of such payment shall be
equal to the sum of (i) the product of the number of securities obtained by the Executive pursuant to such Securities Plan or Incentive Plan multiplied by the greater of (x) the fair market value of the securities of the Company on the
date prior to the Change in Control or (y) the per share price paid to shareholders in connection with such Change in Control (alternatively, the “Securities Price”) and (ii) the product of (a) the number of securities
covered by options multiplied by (b) the positive amount, if any, equal to the Securities Price minus the exercise price. Notwithstanding the foregoing, if any such payment would result in liability under Section 16 of the Exchange Act,
the right of surrender shall commence upon the earliest date it can be exercised by the Executive without liability and continue for thirty days thereafter. 
 6. Termination: This Agreement shall continue in effect for a period of two (2) years and shall automatically renew for successive two (2) year periods from the earlier of (a) the next scheduled
termination date, unless the Board provides the Executive with a notice of non-renewal at least 6 months before the next scheduled termination date, or (b) the effective date of a Change of Control. 
 7. Adjustment Related to Application of Excise Tax: If the Executive is entitled to receive the compensation provided for in Paragraph 3 and any
payment received or to be received by the Executive is or will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), the adjustment set forth in
subparagraph (a) shall be made to the payments provided for in Paragraph 3 above. 
  

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 (a) If the present value of all benefits and payments to the Executive included in the
determination of “parachute payments” pursuant to Section 280G(b)(2) of the Code received by or to be received by the Executive (the “Parachute Payments”) is equal to or exceeds 3 times the “base amount” with
respect to the Executive as determined pursuant to Section 280G(b)(3) of the Code (the “Base Amount”), then the amount payable to the Executive pursuant to Paragraph 3 above shall be reduced so that the present value of the Parachute
Payments is equal to 3 times the Base Amount minus the sum of One Hundred Dollars ($100.00.) 
 (b) It is the intention of the
parties to this Agreement that the compensation payable to the Executive pursuant to this Agreement contingent upon a Change of Control of the Company will not result in any “excess parachute payment” to the Executive as determined under
Section 280G(b) of the Code or application of the Excise Tax to any such excess parachute payment. The provisions of this Paragraph 7 shall be applied so as to carry out the parties’ intention with respect to such tax treatment. Each party
agrees to take such action as may be necessary or appropriate to carry out the provisions of this Paragraph 7 and to cooperate with the other as to all required determinations, including the payment or return of any payment determined to be due to
the Executive or to the Company, respectively. The Company shall pay all costs of accounting to assure compliance with the intent of this Paragraph 7. 
 8. Successors: The Company will require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company, by agreement in form and substance satisfactory to the Executive, expressly, absolutely and unconditionally to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to

  

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perform it if no such succession or assignment had taken place. Any failure of the Company to obtain such agreement prior to the effectiveness of any such
succession or assignment shall be a material breach of this Agreement and shall entitle the Executive to terminate the Executive’s employment for Good Reason and receive the compensation provided for in Paragraph 3 above. As used in this
Agreement, “Company” shall mean the Company as hereinbefore defined and any successor or assign to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Paragraph 2 or which otherwise
becomes bound by all the terms and provisions of this Agreement by operation of law. 
 9. Survivorship: The respective rights and
obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations and to the extent that any performance is required following termination of this
Agreement. 
 10. Notices: Any notice, request, demand or other communication required or permitted hereunder shall be deemed to be
properly given when personally served in writing, when deposited in the United States mail, postage prepaid, or when communicated to a public telegraph company for transmittal, addressed to the Company at its head office location or the Executive at
the Executive’s last known address. Either party may change its address by written notice in accordance with this paragraph. 
 11.
Benefit of Agreement: This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the
Executive should die while any amounts are still payable to the Executive hereunder, all such amounts, unless otherwise 

  

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provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee or other designee or, if there be no
such designee, to the Executive’s estate. 
 12. Applicable Law: Except to the extent governed by the laws of the United States,
this Agreement is to be governed by and construed under the laws of the State of California. 
 13. Captions and Paragraph Headings:
Captions and paragraph headings used herein are for convenience only and are not a part of this Agreement and shall not be used in the interpretation of this Agreement. 
 14. Invalid Provisions: Should any provision of this Agreement for any reason be declared invalid, void or unenforceable by a court of competent jurisdiction, the validity and binding effect of any remaining
portion shall not be affected, and the remaining portions of this Agreement shall remain in full force and effect as if this Agreement had been executed with said provision eliminated. 
 15. Entire Agreement: This Agreement contains the entire agreement of the parties. It supersedes any and all other agreements, either oral or in
writing, between the parties hereto with respect to the matters covered herein and specifically, the Employment Agreement between the Company and the Executive dated August 2, 1999, as amended on May 20, 2002 is terminated as of the
Effective Date of this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not
embodied herein, and that no other agreement, statement, or promise relating to the matters covered herein and not contained in this Agreement shall be valid or binding. This Agreement may not be 

  

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modified or amended by oral agreement, but only by any agreement in writing signed by the Company and the Executive. 
 16. Attorney’s Fees: If any action, including arbitration, is brought to enforce this Agreement or to determine the relative rights and
obligations of either of the parties and a ruling is obtained in favor of either party, regardless of which party institutes the action, the prevailing party will be entitled to reasonable attorney’s fees. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 
  

									
	 “COMPANY”
  
 WD-40 COMPANY
	 		 	 “EXECUTIVE”

					
	 By
	 	 /s/ NEAL E. SCHMALE
	 		 		 	 /s/ GARRY O. RIDGE

		 	 NEAL E. SCHMALE, Chairman
	 		 		 	 GARRY O. RIDGE, Executive

					
	 By
	 	 /s/ MARIA M. MITCHELL
	 		 		 	
		 	 MARIA M. MITCHELL, Secretary
	 		 		 	

  

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