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EdgarFiling

EXHIBIT 10.1

 

EXECUTION VERSION

 

 

HARVARD BIOSCIENCE, INC. 

EMPLOYMENT AGREEMENT 

 

This EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”)
is made as of the 2nd day of July, 2019, between Harvard Bioscience, Inc., a Delaware corporation (the “Company”),
and James Green (“Executive”).  For purposes of this Agreement the “Company” shall refer to the Company
and any of its predecessors.

 

WHEREAS, the Company desires to
employ Executive and Executive desires to be employed by the Company on the terms contained herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

1. Employment. The term of
this Agreement shall extend from July 8, 2019 (the “Commencement Date”) until two years from the Commencement Date;
provided, however, that the term of this Agreement shall automatically be extended for two additional years following the end of
the term then in effect unless, not less than 90 days prior to each such date, either party shall have given written notice to
the other that it does not wish to extend this Agreement; provided, further, that if a Change in Control occurs during the original
or extended term of this Agreement, the term of this Agreement shall, notwithstanding anything in this sentence to the contrary,
continue in effect for a period of not less than twelve (12) months beyond the month in which the Change in Control occurred. The
term of this Agreement shall be subject to termination as provided in Paragraph 7 and may be referred to herein as the “Period
of Employment.”

 

2. Position and Duties. During
the Period of Employment, Executive shall serve as the President and Chief Executive Officer of the Company, and shall have supervision
and control over and responsibility for the day-to-day business and affairs of those functions and operations of the Company and
shall have such powers and duties as may from time to time be prescribed by the Board of Directors (the “Board”) of
the Company, provided that such duties are consistent with Executive’s position or other positions that he may hold from
time to time.  Executive shall devote his full working time and efforts to the business and affairs of the Company. Executive
shall report directly and solely to the Board and its committees. Executive shall also continue his role as Chairman of the Board.
Notwithstanding the foregoing, Executive may serve on no more than two other boards of directors and provide limited transition
related consulting services to OSI Systems, Inc. for a period of no more than eight weeks following the date hereof (except as
may otherwise be approved by the Board), with the approval of the Board as long as such services do not materially interfere with
Executive’s performance of his duties to the Company as provided in this Agreement or otherwise breach any obligations of
Executive to the Company.

 

3. Compensation and Related
Matters. 

 

(a) Base Salary.
Executive’s initial base salary shall be $47,809.17 per month (which annualizes to five hundred seventy three thousand seven
hundred ten dollars ($573,710)). Executive’s base salary shall be redetermined each fiscal year during the term of this Agreement
by the Board or a Committee thereof, beginning with fiscal year 2020, but shall not be subject to decrease during fiscal 2019 or
2020, and any decrease thereafter shall be subject to applicable provisions of Section 7(e). The base salary in effect at any given
time is referred to herein as “Base Salary.” The Base Salary shall be payable in substantially equal installments on
a bi-weekly or more frequent basis.

 

(b) Incentive Compensation.
In addition to Base Salary, commencing with fiscal year 2020 and each fiscal year thereafter while this Agreement is in effect,
Executive shall be eligible to receive cash incentive compensation of up to a one hundred fifty percent (150%) of Executive’s
Base Salary upon meeting objectives as determined by the Board or a Committee thereof from time to time in their sole discretion,
after consultation with Executive, which objectives shall be set within a reasonable time after the commencement of each fiscal
year, provided further that a guaranteed portion of any Annual Bonus for 2019 is being satisfied with equity grant as provided
in Section 10 below. This annual bonus is referred to in this Agreement as the “Annual Bonus.” Any such Annual Bonus
that is earned shall be paid in accordance the Company’s policies and procedures regarding the payment of cash incentive
compensation, subject to Paragraph 8 below. The Executive shall also be eligible to participate in such other incentive compensation
plans as the Board or a Committee thereof shall determine from time to time for its senior executive officers, provided that with
respect to 2019 and the applicable portion of 2020, such long term incentive grants are covered by the long term incentive grant
described in Section 10.

 

     

     

    

 

(c) Expenses. Executive
shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him in performing services hereunder
during the Period of Employment, including without limitation (i) up to $1,000.00 per month for cost of an automobile and related
insurance, (ii) up to $5,000 per month for temporary living expenses, pending receipts submitted within the Executive’s first
year of employment and (iii) up to $25,000 reimbursement for moving expenses, pending receipts submitted within the Executive’s
first year of employment, in accordance with the policies and procedures then in effect for its senior executive officers, provided
that such reimbursement does not occur later than the end of the second calendar year after the calendar year in which such expense
was incurred.

 

(d) Other Benefits. During
the Period of Employment, Executive shall be entitled to continue to participate in or receive benefits under all of the Company’s
Employee Benefit Plans, or under plans or arrangements that provide no less favorable treatment to the Executive than the Employee
Benefit Plans provided to other, similarly situated, members of the Company’s senior management. As used herein, the
term “Employee Benefit Plans” includes, without limitation, each pension and retirement plan; supplemental pension,
retirement and deferred compensation plan; savings and profit-sharing plan; stock ownership plan; stock purchase plan; stock option
plan; life insurance plan; medical insurance plan; disability plan; and health and accident plan or arrangement established and
maintained by the Company on the date hereof or anytime hereafter. The Executive's participation in the Employee Benefit Plans
will be subject to the terms and conditions of each such Employee Benefit Plans, including eligibility and compliance requirements,
as well as any limitations imposed by applicable laws. To the extent that the scope or nature of benefits described in this section
is determined under the Company policies based on the seniority or tenure of an employee’s service, Executive shall be deemed
to have tenure with the Company equal to the actual time of Executive’s service with the Company. During the Period
of Employment, Executive shall be entitled to participate in or receive benefits under any Employee Benefit Plans which may, in
the future, be made available by the Company to its executives and key management employees, subject to and on a basis consistent
with the terms, conditions and overall administration of such Employee Benefit Plans. Any payments or benefits payable to
Executive under an Employee Benefit Plan referred to in this Subparagraph 3(d) in respect of any calendar year during which Executive
is employed by the Company for less than the whole of such year shall, unless otherwise provided in the applicable Employee Benefit
Plan, be prorated in accordance with the number of days in such calendar year during which he is so employed. Should any such
payments or benefits accrue on a fiscal (rather than calendar) year, then the proration shall be on the basis of a fiscal year
rather than calendar year.

 

(e) Vacations. Executive
shall be entitled to twenty (20) paid vacation days in each calendar year, which shall be accrued ratably during the calendar
year. Executive shall also be entitled to all paid holidays given by the Company to its executives.  Notwithstanding
anything herein to the contrary, Executive shall be paid any accrued and unused vacation upon separation of his service of employment
with the Company, if and as protected by applicable law.

 

(f)       Directors
and Officers Insurance and Indemnification. The Company shall also carry reasonable and customary D&O liability insurance
coverage for the benefit of its officers and directors, including Executive, during the term of this Agreement and for a customary
tail period following the termination of Executive’s employment or service as a member of the Board. Executive shall be entitled
to be indemnified by the Company to the fullest extent permitted by the applicable state law and consistent with Company’s
Second Amended and Restated Certificate of Incorporation, as amended.

 

4. Unauthorized Disclosure.

 

(a) Confidential Information.
Executive acknowledges that in the course of his employment with the Company (and, if applicable, its predecessors), he has been
allowed to become, and will continue to be allowed to become, acquainted with business affairs, information, trade secrets, and
other matters which are of a proprietary or confidential nature, including but not limited to the Company’s and its affiliates’
and predecessors’ operations, business opportunities, price and cost information, finance, customer information, business
plans, various sales techniques, manuals, letters, notebooks, procedures, reports, products, processes, services, and other confidential
information and knowledge concerning the Company and its affiliates’ and predecessors’ business (collectively the “Confidential
Information”). The Company agrees to provide on an ongoing basis such Confidential Information as the Company deems
necessary or desirable to aid Executive in the performance of his duties. Executive understands and acknowledges that such
Confidential Information is confidential, and he agrees not to disclose such Confidential Information to anyone outside the Company
except to the extent that (i) Executive deems such disclosure or use reasonably necessary or appropriate in connection with
performing his duties on behalf of the Company; (ii) Executive is required by order of a court of competent jurisdiction (by
subpoena or similar process) to disclose or discuss any Confidential Information, provided that in such case, Executive shall inform
the Company of such event within 24 hours of receiving notice of the court order, shall cooperate with the Company in attempting
to obtain a protective order or to otherwise restrict such disclosure, and shall only disclose Confidential Information to the
minimum extent necessary to comply with any such court order; (iii) such Confidential Information becomes generally known
to and available for use in any industry in which the Company does business (the “Industry”), other than as a result
of any action or inaction by Executive; or (iv) such information has been rightfully received by a member of the Industry
or has been published in a form generally available to the Industry prior to the date Executive proposes to disclose or use such
information. Executive further agrees that he will not during his employment with the Company and/or at any time thereafter
use such Confidential Information in competing, directly or indirectly, with the Company. At such time as Executive shall
cease to be employed by the Company, he will immediately turn over to the Company all Confidential Information, including papers,
documents, writings, electronically stored information, other property, and all copies of them provided to or created by him during
the course of his employment with the Company.

 

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(b) Heirs, successors, and
legal representatives. The foregoing provisions of this Paragraph 4 shall be binding upon Executive’s heirs,
successors, and legal representatives. The provisions of this Paragraph 4 shall survive the termination of this Agreement
for any reason.

 

(c) Defend Trade Secrets Act Whistleblower
Immunity.  Executive acknowledges and understand that Executive shall not be held criminally or civilly liable under any
Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State,
or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. Also, if Executive files a lawsuit for retaliation by an employer for reporting a suspected
violation of law, Executive may disclose the trade secret to Executive’s attorney and use the trade secret information in
the court proceeding, provided that Executive files any document containing the trade secret under seal and do not disclose the
trade secret, except pursuant to court order.

 

5. Covenant Not to Compete or
Solicit or Hire. In consideration for Executive’s employment by the Company under the terms provided in this Agreement,
and more particularly the terms set forth in Paragraph 10 as consideration for Paragraph 5(a), and as a means to aid in the performance
and enforcement of the terms of the provisions of Paragraph 4, Executive agrees that:

 

(a) during the term
of Executive’s employment with the Company and for a period of twelve (12) months thereafter, Executive will not, directly
or indirectly, as an owner, director, principal, agent, officer, employee, partner, consultant, servant, or otherwise, carry on,
operate, manage, control, or become involved in any manner with any business, operation, corporation, partnership, association,
agency, or other person or entity which is engaged in a business that produces or develops products that compete or may compete
directly with any products (i) which are produced or being developed by the Company or any affiliate of the Company or (ii) which
the Company or any affiliate of the Company has active plans to produce or develop as of the date of Executive’s termination
of employment with the Company, in any area or territory in which the Company or any affiliate of the Company conducts or has active
plans to conduct operations as of the date of the Executive’s termination of employment with the Company; provided, however,
that the foregoing shall not prohibit Executive from owning up to one percent (1%) of the outstanding stock of a publicly
held company engaged in the Industry. This Paragraph 5(a) shall not apply in the event that the Executive is terminated without
Cause; and

 

(b) during the term
of Executive’s employment with the Company and for a period of twelve (12) months thereafter, regardless of the reason
for termination of employment, Executive will not directly or indirectly solicit or induce any present or future employee of the
Company or any affiliate of the Company to accept employment with Executive or with any business, operation, corporation, partnership,
association, agency, or other person or entity with which Executive may be associated, and Executive will not hire or employ or
cause any business, operation, corporation, partnership, association, agency, or other person or entity with which Executive may
be associated to hire or employ any present or future employee of the Company.

 

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Should Executive violate any of the provisions
of this Paragraph, then in addition to all other rights and remedies available to the Company at law or in equity, the duration
of this covenant shall automatically be extended for the period of time from which Executive began such violation until he permanently
ceases such violation. Executive acknowledges and agrees that the terms and conditions of this Paragraph 5 are reasonable with
respect to its duration, geographic area and scope.

 

6.       Remedies.
Executive acknowledges that full compliance with the terms of this Agreement is necessary to protect the significant value of the
Confidential Information and the customer and business goodwill of the Company. Executive acknowledges that if he breaches this
Agreement, the Company will be irreparably harmed and money damages will not be an adequate remedy. As a result, Executive agrees
that, in the event Executive breaches or threatens to breach any of the terms or provisions of this Agreement, the Company shall
be entitled to a preliminary or permanent injunction, without posting a bond or other security, in order to prevent the continuation
of such harm. Executive acknowledges that nothing in this Agreement will prohibit the Company from also pursuing any other remedy
and all remedies are cumulative. The parties intend that the Company shall be entitled to a full one-year period of post-employment
conduct by the Executive that complies with this Agreement. Executive therefore agrees that the one-year restrictive period under
Sections 5(a) and (b) shall be respectively tolled for the same period that Executive engages in the prohibited conduct prior to
the Company’s discovery of such violation. If Executive breaches his or her fiduciary duty to the Company or unlawfully takes,
physically, or electronically, property belonging to the Company, the one year restrictive period set forth in Sections 5(a) and
(b) shall be extended to twenty-four (24) months.

 

7. Termination. Executive’s
employment hereunder may be terminated without any breach of this Agreement under the following circumstances:

 

(a) Death. Executive’s
employment hereunder shall terminate upon his death.

 

(b) Disability. If,
as a result of Executive’s incapacity due to physical or mental illness, Executive shall have been absent from his duties
hereunder on a full-time basis for one hundred eighty (180) calendar days in the aggregate in any twelve (12) month period,
the Company may terminate Executive’s employment hereunder.

 

(c) Termination by Company
For Cause. At any time during the Period of Employment, the Company may terminate Executive’s employment hereunder
for Cause if such termination is approved by not less than a majority of the Board at a meeting of the Board called and held for
such purpose. For purposes of this Agreement, “Cause” shall mean: (A) conduct by Executive constituting
an act of willful misconduct in connection with the performance of his duties, including, without limitation, misappropriation
of funds or property of the Company or any of its affiliates; (B) criminal or civil conviction of Executive, a plea of nolo
contendere by Executive or conduct by Executive that would reasonably be expected to result in injury to the reputation of the
Company if he were retained in his position with the Company, including, without limitation, conviction of a felony involving moral
turpitude; (C) continued, willful and deliberate non-performance by Executive of his duties hereunder (other than by reason
of Executive’s physical or mental illness, incapacity or disability); (D) a breach by Executive of any of the provisions
contained in Paragraphs 4 and 5 of this Agreement; or (E) a violation by Executive of the Company’s material employment
policies which has continued following written notice of such violation from the Board. If the Company determines that any alleged
Cause under subparts 7(c)(A), (D), and (E) is reasonably susceptible to being cured, the Company shall provide Executive with written
notice specifying the basis for the alleged Cause and Executive shall have thirty (30) days to cure such Cause.

 

(d) Termination Without Cause.
At any time during the Period of Employment, the Company may terminate Executive’s employment hereunder without Cause if
such termination is approved by a majority of the Board at a meeting of the Board called and held for such purpose. Any termination
by the Company of Executive’s employment under this Agreement which does not constitute a termination for Cause under Subparagraph
7(c) or result from the death or disability of the Executive under Subparagraphs 7(a) or (b) shall be deemed a termination
without Cause. If the Company provides notice to Executive under Paragraph 1 that it does not wish to extend the Period of
Employment, including a non-renewal at the end of the initial term or any renewal period, such action shall be deemed a termination
without Cause.

 

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(e) Termination by Executive.
At any time during the Period of Employment, Executive may terminate his employment hereunder for any reason, including but not
limited to Good Reason. If Executive provides notice to the Company under Paragraph 1 that he does not wish to extend
the Period of Employment, such action shall be deemed a voluntary termination by Executive and one without Good Reason. For
purposes of this Agreement, “Good Reason” shall mean that Executive has complied with the “Good Reason Process”
(hereinafter defined) following the occurrence of any of the following events: (A) a substantial diminution or other
substantial adverse change, not consented to by Executive (or caused by his disability as elsewhere provided herein), in the nature
or scope of Executive’s responsibilities, authorities, powers, functions, duties or reporting relationship; (B) any
removal, during the Period of Employment, from Executive of his title of President and Chief Executive Officer; (C) an involuntary
reduction in Executive’s Base Salary except for across-the-board reductions similarly affecting all or substantially all
executive officers; (D) a breach by the Company of any of its other material obligations under this Agreement and the failure
of the Company to cure such breach within thirty (30) days after written notice thereof by Executive; (E) the involuntary
relocation of the Company’s offices at which Executive is principally employed on the Commencement Date or the involuntary
relocation of the offices of Executive’s primary workgroup to a location more than 30 miles from such offices, or the requirement
by the Company that Executive be based anywhere other than the Executive’s principal work location on the Commencement Date
on an extended basis, except for required travel on the Company’s business; or (F) the failure of the Company to obtain
the agreement from any successor to the Company to assume and agree to perform this Agreement as required by Paragraph 12 (each
of which is hereinafter referred to as a “Good Reason event”). “Good Reason Process” shall mean that
(i) Executive reasonably determines in good faith that a “Good Reason” event has occurred; (ii) Executive
notifies the Company in writing of the occurrence of the Good Reason event by no later than sixty (60) days after the initial occurrence
of the event or condition constituting Good Reason; (iii) Executive cooperates in good faith with the Company’s efforts,
for a period not less than sixty (60) days following such notice, to modify Executive’s employment situation; and (iv) notwithstanding
such efforts, one or more of the Good Reason events continues to exist and has not been modified in a manner acceptable to Executive. If
the Company cures the Good Reason event during the sixty (60) day period, Good Reason shall be deemed not to have occurred.

 

(f) Notice of Termination.
Except for termination as specified in Subparagraph 7(a), any termination of Executive’s employment by the Company or any
such termination by Executive shall be communicated by written Notice of Termination to the other party hereto and shall be effective
on the Date of Termination (as defined below). For purposes of this Agreement, a “Notice of Termination” shall
mean a notice which shall indicate the specific termination provision in this Agreement relied upon.

 

(g) Date of Termination.
“Date of Termination” shall mean: (A) if Executive’s employment is terminated by his death, the date
of his death; (B) if Executive’s employment is terminated on account of disability under Subparagraph 7(b) or by the
Company for Cause under Subparagraph 7(c), the date on which Notice of Termination is given or such later date as the Company may
specify in the Notice of Termination; (C) if Executive’s employment is terminated by the Company under Subparagraph
7(d), sixty (60) days after the date on which a Notice of Termination is given or such later date as the Company may specify
in the Notice of Termination (or, if such termination occurs as a result of the Company providing notice to Executive under Paragraph 1
that it does not wish to extend the Period of Employment, the date of the expiration of the current term of this Agreement); and
(D) if Executive’s employment is terminated by Executive under Subparagraph 7(e), thirty (30) days after the date
on which a Notice of Termination is given or, if such termination is without Good Reason, such later date up to sixty (60) days
after the date on which such Notice of Termination is given as Executive may specify in the Notice of Termination (or, if such
termination occurs as a result of the Company providing notice to Executive under Paragraph 1 that it does not wish to extend
the Period of Employment, the date of the expiration of the current term of this Agreement).

 

(h) Separation from Service.
Notwithstanding anything herein to the contrary, to the extent necessary to comply with Section 409A of the Internal Revenue Code
of 1986, as amended (“Code”), no event shall constitute a “termination of employment” in this Agreement,
unless such event is also a “separation from service,” as that term is defined for purposes of Section 409A and Treasury
Regulation §1.409A-3(a)(1).

 

(i) Resignation of All Other Positions.
Upon termination of the Executive's employment hereunder for any reason, the Executive shall be deemed to have resigned from all
positions that the Executive holds as an officer or member of the board of directors (or a committee thereof) of the Company or
any of its affiliates.

 

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8. Compensation Upon Termination
or During Disability. 

 

(a) Death. If Executive’s
employment terminates by reason of his death, the Company shall, within sixty (60) days of death, pay in a lump sum to such
person as Executive shall designate in a notice filed with the Company or, if no such person is designated, to Executive’s
estate, Executive’s accrued and unpaid Base Salary to the date of his death, accrued and unused vacation, and if to the extent
required by law, any bonuses or other compensation actually earned for periods ended prior to the date of Executive’s death
(including any Annual Bonus for fiscal years ended prior to the date of death, if earned and not already paid) (collectively, the
“Accrued Obligations”). Upon the death of Executive, all unvested stock options and other stock-based equity awards
shall immediately vest in full and, if applicable, become exercisable, and Executive’s estate or other legal representatives
may exercise the awards in accordance with their terms.  Within ninety (90) days following the Date of Termination (but
in no event later than March 15 of the calendar year immediately after the calendar year in which the Date of Termination occurs),
the Company shall pay as provided above a cash lump sum equal to the value of COBRA premiums for a period of one (1) year
following the Date of Termination that may be used by the Executive’s spouse and dependents to pay for health insurance coverage
that is substantially similar to coverage they received prior to the Date of Termination.  In addition to the foregoing, any
payments to which Executive’s spouse, beneficiaries, or estate may be entitled under any employee benefit plan shall also
be paid in accordance with the terms of such plan or arrangement. The payments made under this section shall fully discharge
the Company’s obligations hereunder.

 

(b) Disability. During
any period that Executive fails to perform his duties hereunder as a result of incapacity due to physical or mental illness, Executive
shall continue to receive his Base Salary, until Executive’s employment is terminated due to disability in accordance with
Subparagraph 7(b) or until Executive terminates his employment in accordance with Subparagraph 7(e), whichever first occurs. Upon
the Date of Termination by reason of Executive’s disability, all unvested stock options and other stock-based equity awards
shall immediately vest and become exercisable.  If there is a dispute about whether Executive is disabled, the parties shall
use the procedure described in Paragraph 16, below, to resolve such dispute. If Executive’s employment is terminated due
to disability in accordance with Subparagraph 7(b), then the Company shall pay Executive all Accrued Obligations through the Date
of Termination in a lump-sum payment by no later than sixty (60) days after the Date of Termination. Within ninety (90) days
following the Date of Termination (but in no event later than March 15 of the calendar year immediately after the calendar year
in which the Date of Termination occurs), the Company shall pay to Executive a cash lump sum equal to the value of COBRA premiums
for a period of one (1) year following the Date of Termination that may be used by Executive to pay for health insurance coverage
that is substantially similar to the coverage Executive and his eligible dependents received prior to the Date of Termination. 
Upon termination due to death prior to the termination first to occur as specified in the preceding sentence, Subparagraph 8(a)
shall apply.

 

(c) Resignation other than
for Good Reason. If Executive voluntarily resigns from employment other than for Good Reason as provided in Subparagraph
7(e), then the Company shall pay Executive all Accrued Obligations through the Date of Termination in a lump-sum payment by no
later than sixty (60) days after the Date of Termination. Thereafter, the Company shall have no further obligations to Executive
except as otherwise expressly provided under this Agreement, provided any such termination shall not adversely affect or alter
Executive’s rights under any employee benefit plan of the Company in which Executive, at the Date of Termination, has a vested
interest, unless otherwise provided in such employee benefit plan or any agreement or other instrument attendant thereto.

 

(d) Termination by Executive
for Good Reason or by the Company without Cause. Subject to the terms of Paragraph 19(a), and subject to the terms of this
section, if the Executive’s employment is terminated for Good Reason as provided in Subparagraph 7(e) or without Cause as
provided in Subparagraph 7(d), then the Company shall pay Executive all Accrued Obligations through the Date of Termination in
a lump-sum payment by no later than sixty (60) days after the Date of Termination. In addition, subject to the Executive’s
execution of a general release of claims in the form attached hereto as Exhibit A within 21 days after the Date of Termination
and the expiration of the seven-day revocation period applicable thereto without the Executive revoking his acceptance of such
general release, commencing on the last day of the period for signing and revoking the general release of claims generally in the
form set forth in Exhibit A hereof (“Release”):

 

(i) the Company shall
pay Executive an amount equal to eighteen (18) months of the Executive’s Base Salary rate at the Date of Termination (the
“Severance Amount”). The Severance Amount shall be paid in cash in equal installments over the period of one year from
the date of commencement in accordance with the Company’s standard payroll procedures.  Notwithstanding the foregoing,
if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance
Amount shall immediately cease and the entire Severance Amount shall be forfeited and become repayable to the Company to the extent
paid. Furthermore, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 7(e), he shall
be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 7(f) within thirty
(30) days after he has complied with the Good Reason Process;

 

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(ii) on or before March 15
of the calendar year immediately after the calendar year in which the Date of Termination occurs, the Company shall (a) reasonably
determine what Annual Bonus the Executive would have received had he remained employed throughout the fiscal year in which the
Date of Termination occurs, and (b) if any such Annual Bonus would have been earned, then pay the Executive a pro rata portion
of such determined Annual Bonus by a lump-sum cash payment (where the pro rata amount is based on the number of days that Executive
was employed during the applicable fiscal year);

 

(iii) upon the Date of
Termination, except as may be provided in the award agreement applicable to any performance based equity awards, each unvested
stock-based grant and award held by Executive at the Date of Termination (including all stock options) that would vest within the
twelve (12) months following the Date of Termination shall accelerate and become fully vested or non-forfeitable, provided that
(A) with respect to the Initial RSU Grants (as defined in Section 10 hereof), such period shall be twenty four (24) months instead
of twelve (12), and (B) with respect to the Initial PRSU Grant (as defined in Section 10 hereof), (I) if the Date of Termination
occurs before the end of the applicable performance period, the target award amount shall be deemed the final amount of the award
and such target award amount shall accelerate and become fully vested and (II) if the Date of Termination occurs after the end
of the applicable performance period, the final award amount shall accelerate and become fully vested; and

 

(iv) in addition to any
other benefits to which Executive may be entitled in accordance with the Company’s then existing severance policies, within
ninety (90) days following the Date of Termination (but in no event later than March 15 of the calendar year immediately after
the calendar year in which the Date of Termination occurs), the Company shall pay a cash lump sum equal to the value of COBRA premiums
for a period of eighteen (18) months following the Date of Termination that may be used by Executive to pay for health insurance
coverage that is substantially similar to the coverage Executive and his eligible dependents received prior to the Date of Termination.

 

(e) Termination for Cause.
If Executive’s employment is terminated by the Company for Cause as provided in Subparagraph 7(c), then the Company shall
pay Executive all Accrued Obligations through the Date of Termination in a lump-sum payment by no later than sixty (60) days after
the Date of Termination.  Thereafter, the Company shall have no further obligations to Executive except as otherwise
expressly provided under this Agreement, provided any such termination shall not adversely affect or alter Executive’s rights
under any employee benefit plan of the Company in which Executive, at the Date of Termination, has a vested interest, unless otherwise
provided in such employee benefit plan or any agreement or other instrument attendant thereto. In addition, except for the
vested portion of the equity awards granted in accordance with Paragraph 10 hereof, all stock options held by Executive as of the
Date of Termination shall immediately terminate and be of no further force and effect, and all other stock-based grants and awards
shall be canceled or terminated in accordance with their terms.

 

Nothing contained in the foregoing Subparagraphs 8(a) through
8(e) shall be construed so as to affect Executive’s rights or the Company’s obligations relating to agreements or benefits
which are unrelated to termination of employment.

 

9. Change in Control Payment.
Subject to Section 10 as to the Initial RSU Grants and Initial PRSU Grants, the provisions of this Paragraph 9 set forth
certain terms of an agreement reached between Executive and the Company regarding Executive’s rights and obligations upon
the occurrence of a Change in Control of the Company. These provisions are intended to assure and encourage in advance Executive’s
continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any
such event.

 

    	 	7	 

     

    

 

(a) Change in Control. If
within three (3) months prior to, or twelve (12) months after, the occurrence of the first event constituting a Change in Control,
Executive’s employment is terminated by the Company without Cause as provided in Subparagraph 7(d) or Executive terminates
his employment for Good Reason as provided in Subparagraph 7(e), then, subject to the terms of Paragraph 19(a), and subject to
the Executive’s executing a general release of claims in the form attached hereto as Exhibit A within 21 days after
the Date of Termination and the expiration of the seven-day revocation period applicable thereto without the Executive revoking
his acceptance of such general release, commencing on the last day of the period for signing and revoking the general release of
claims in the form set forth in Exhibit A hereof:

 

(i) In lieu of any amounts
otherwise payable pursuant to Subparagraph 8(d)(i), the Company shall pay Executive a single lump sum in cash equal to twenty four
(24) months of the Executive’s Base Salary rate at the first event constituting a Change in Control;

 

(ii) Notwithstanding anything
to the contrary in any applicable option agreement or stock-based award agreement and in lieu of any acceleration of vesting that
would otherwise occur pursuant to Subparagraph 8(d)(iii), upon a Change in Control, all stock options and other stock-based awards
granted to Executive by the Company shall immediately accelerate and become exercisable or non-forfeitable as of the effective
date of such Change in Control. Executive shall also be entitled to any other rights and benefits with respect to stock-related
awards, to the extent and upon the terms provided in the employee stock option or incentive plan or any agreement or other instrument
attendant thereto pursuant to which such options or awards were granted; and

 

(iii) within ninety (90) days
following the Date of Termination, the Company shall pay a cash lump sum equal to the value of COBRA premiums for a period of two
(2) years following the Date of Termination that may be used by Executive to pay for health insurance coverage that is substantially
similar to the coverage Executive and his eligible dependents received prior to the Date of Termination.

 

(b) Definitions. For
purposes of this Paragraph 9, the following terms shall have the following meanings:

 

“Change in Control”
shall mean any of the following:

 

(a) a change in effective
control consistent with Regulation §1.409A-3(i)(5)(vi) such that any “person,” as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”) (other than the Company, any of its
subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of
the Company or any of its subsidiaries), together with all “affiliates” and “associates” (as such terms
are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is defined
in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing more than fifty (50) percent (50%) 
of the combined voting power of the Company’s then outstanding securities having the right to vote in an election of the
Company’s Board (“Voting Securities”) (other than as a result of an acquisition of securities directly from the
Company); or

 

(b) a change in effective
control consistent with Regulation §1.409A-3(i)(5)(vi) such that persons who, as of the Commencement Date, constitute the
Company’s Board (the “Incumbent Directors”) cease for any reason, including, without limitation, as a result
of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that
any person becoming a director of the Company subsequent to the Commencement Date shall be considered an Incumbent Director if
such person’s election was approved by or such person was nominated for election by a vote of at least a majority of the
Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual
or threatened election contest relating to the election of members of the Board or other actual or threatened solicitation of proxies
or consents by or on behalf of a person other than the Board, including by reason of agreement intended to avoid or settle any
such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or

 

(c) a change in ownership
consistent with Regulation §1.409A-3(i)(5)(v) and (vii) such that the stockholders of the Company shall approve (A) any
consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger,
would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act),
directly or indirectly, shares representing in the aggregate more than fifty percent (50%) of the voting shares of the Company
issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (B) any sale, exchange
or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all
or substantially all of the assets of the Company or (C) any plan or proposal for the liquidation or dissolution of the Company.

 

    	 	8	 

     

    

 

(c) Section 280G.

 

(i) Notwithstanding any other
provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided
or to be provided by the Company or its affiliates to the Executive or for the Executive's benefit pursuant to the terms of this
Agreement or otherwise ("Covered Payments") constitute parachute payments ("Parachute
Payments") within the meaning of Section 280G of the Code and would, but for this Paragraph 9(c) be subject to the
excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local
law or any interest or penalties with respect to such taxes (collectively, the "Excise Tax"),
then prior to making the Covered Payments, a calculation shall be made comparing (I) the Net Benefit (as defined below) to the
Executive of the Covered Payments after payment of the Excise Tax to (II) the Net Benefit to the Executive of the Covered Payments
if the Covered Payments are limited to the extent necessary to avoid being subject to the Excise Tax. In the event that the amount
calculated under (I) above is less than the amount under (II) above, then the Covered Payments shall be reduced to the minimum
extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax. "Net
Benefit" shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment
and excise taxes.

 

(ii) Any such reduction shall
be made in accordance with Section 409A of the Code and the following:

 

(I) the Covered Payments which
do not constitute nonqualified deferred compensation subject to Section 409A of the Code shall be reduced first; and

 

(II) all other Covered Payments
shall then be reduced as follows: (A) cash payments shall be reduced before non-cash payments; and (B) payments to be made on a
later payment date shall be reduced before payments to be made on an earlier payment date.

 

(iii) Unless the Company and
Executive otherwise agree in writing, any determination required under this Paragraph 9(c) shall be made in writing in good faith
by the accounting firm that was the Company’s independent auditor immediately before a Change in Control (such firm or other
party mutually agreed in writing by the Company and Executive, the “Accountants”), which shall provide detailed supporting
calculations to the Company and the Executive as requested by the Company or the Executive. For purposes of making the calculations
and determinations required by this Paragraph 9(c), the Accountants may rely on reasonable, good faith assumptions and approximations
concerning the application of Section 280G and Section 4999 of the Code. The Accountants' determinations shall be final and binding
on the Company and the Executive. The Company shall be responsible for all fees and expenses incurred by the Accountants in connection
with the calculations required by this Paragraph 9(c).

 

10. Equity Grant/Vesting.
In consideration of Executive’s execution of, and continued compliance with, Paragraph 5(a) this Agreement, subject to Executive’s
timely execution of standard agreements evidencing the equity grants in accordance with Company’s grant policies and procedures,
on the Commencement Date, the Company will grant Executive (I) an equity award consisting of 243,072 deferred stock awards of restricted
stock units which shall vest in full two years from the grant date, and such vesting shall, subject to the other terms and conditions
of this Agreement (including without limitation Section 8 hereof), also be contingent on continued employment by the Company on
the respective vesting date, (II) an equity award, which shall be issued in satisfaction of a guaranteed minimum portion of the
Annual Bonus for fiscal 2019, consisting of 202,875 deferred stock awards of restricted stock units which shall fully one year
from the grant date, and such vesting shall, subject to the other terms and conditions of this Agreement (including without limitation
Section 8 hereof), also be contingent on continued employment by the Company on such vesting date, and (III) long term incentive
equity awards which shall consist of (i) market condition deferred stock awards of restricted stock units with a target share amount
of 418,360 which shall be similar to the terms and conditions of the market condition grants made by the Company in May 2019 (as
modified in accordance with Section 8(d)(iii) hereof and this Section 10), with vesting linked to the achievement of a relative
total shareholder return, of the Company’s Common Stock from the grant date to the earlier of (a) the anniversary of the
grant date or (b) upon a change of control, and measured relative to the NASDAQ Biotechnology index and based on the 20-day trading
average price before such date (or for a change of control, the per share purchase price in such change of control), and (ii) 418,360
in deferred stock awards of restricted stock units which shall vest in four equal annual installments commencing with January 1,
2020 and continuing on the next three January 1sts thereafter, and provided further in all cases such vesting shall, subject to
the other terms and conditions of this Agreement (including without limitation Section 8 hereof), also be contingent on continued
employment by the Company on such vesting dates. The grants described in clauses (I), (II) and (III)(ii) above are referred to
herein as the “Initial RSU Grants,” and the grant described in clause (III)(i) above is referred to herein as
the “Initial PRSU Grant.” Notwithstanding anything to the contrary contained herein, or in any applicable option
agreement or stock-based award agreement and in lieu of any acceleration of vesting that would otherwise occur pursuant to Subparagraph
8(d)(iii), upon a Change in Control, regardless of any termination of the Executive or timing thereof, all of the Initial RSU Grants
shall immediately accelerate and vest as of the effective date of such Change in Control, and in accordance with the grant agreement
for the Initial PRSU Grant, the performance period will be measured through the date of such Change in Control and any final award
amount shall be deemed fully vested as of the date of such Change in Control.

 

    	 	9	 

     

    

 

11. Notice. For purposes
of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to
have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed
as follows:

 

if to the Executive:

 

At his home address as shown

in the Company’s personnel records;

 

if to the Company:

 

Harvard Bioscience, Inc.

84 October Hill Road

Holliston, MA 01746

Attention: Board of Directors of Harvard Bioscience,
Inc.

 

with a copy to:

 

Josef B. Volman

Burns & Levinson LLP

125 Summer Street

Boston, MA 02110

 

or to such other address as either party may have furnished
to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

 

12. Successor to Company.
The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same
extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain
an assumption of this Agreement at or prior to the effectiveness of any succession shall be a breach of this Agreement and shall
constitute Good Reason if the Executive elects to terminate employment.

 

13. Miscellaneous. No
provisions of this Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to
in writing and signed by Executive and such officer of the Company as may be specifically designated by the Board. No waiver
by either party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No
agreements or representations, oral or otherwise, express or implied, unless specifically referred to herein, with respect to the
subject matter hereof have been made by either party which are not set forth expressly in this Agreement. The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of the Commonwealth of Massachusetts (without regard
to principles of conflicts of laws).

 

    	 	10	 

     

    

 

14. Validity. The invalidity
or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect. The invalid portion of this Agreement, if any, shall
be modified by any court having jurisdiction to the extent necessary to render such portion enforceable.

 

15. Counterparts. This
Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

 

16. Arbitration; Other Disputes.
In the event of any dispute or controversy arising under or in connection with this Agreement, the parties shall first promptly
try in good faith to settle such dispute or controversy by mediation under the applicable rules of the American Arbitration Association
before resorting to arbitration. In the event such dispute or controversy remains unresolved in whole or in part for a period
of thirty (30) days after it arises, the parties will settle any remaining dispute or controversy exclusively by final, binding,
and confidential arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then
in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Notwithstanding
the above, the Company shall be entitled to seek a restraining order or injunction or other equitable relief without the need to
post a bond or provide other security in the Superior Court or business litigation session located in Suffolk County or at the
option of the Company, in the county where the Executive resides to prevent any continuation of any violation of Paragraph 4, 5,
24, 25 or 26 hereof. Furthermore, should a dispute occur concerning Executive’s mental or physical capacity as described
in Subparagraph 7(b), 7(c) or 8(b), a doctor selected by Executive and a doctor selected by the Company shall be entitled to examine
Executive. If the opinion of the Company’s doctor and Executive’s doctor conflict, the Company’s doctor
and Executive’s doctor shall together agree upon a third doctor, whose opinion shall be binding.

 

17. Third-Party Agreements and
Rights. Executive represents to the Company that Executive’s execution of this Agreement, Executive’s
employment with the Company and the performance of Executive’s proposed duties for the Company will not violate any obligations
Executive may have to any employer or other party, and Executive will not bring to the premises of the Company any copies or other
tangible embodiments of confidential information belonging to or obtained from any such previous employment or other party.

 

18. Litigation and Regulatory
Cooperation. During and after Executive’s employment, Executive shall reasonably cooperate with the Company in the
defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of
the Company which relate to events or occurrences that transpired while Executive was employed by the Company so long as such cooperation
does not and would not foreseeably adversely affect Executive or expose Executive to an increased probability of civil or criminal
litigation. Executive’s cooperation in connection with such claims or actions shall include, but not be limited to,
being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually
convenient times. During and after Executive’s employment, Executive also shall cooperate fully with the Company in
connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review
relates to events or occurrences that transpired while Executive was employed by the Company. The Company shall also provide
Executive with compensation on an hourly basis at a rate equivalent to the hourly rate of the Executive’s last annual Base
Salary calculated using a forty (40) hour week over fifty-two (52) weeks for requested litigation and regulatory cooperation
that occurs after his termination of employment, and reimburse Executive for all costs and expenses incurred in connection with
his performance under this Paragraph 18, including, but not limited to, reasonable attorneys’ fees and costs.

 

19. Section 409A of the Code.

 

(a) Anything in this Agreement
to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A
of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of
the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax
imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code,
such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months
and one day after the Executive’s separation from service, or (B) the Executive’s death. Each payment of severance
pay or other compensation under this Agreement is a separate payment for purposes of section 409A of the Code. To the extent necessary
to comply with Section 409A, if the time period for considering and executing the Release under this Agreement spans two calendar
years, then the severance or payment will not be made or commence until the later calendar year.

 

    	 	11	 

     

    

 

(b) The parties intend that
this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this
Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so
that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as
reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related
rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

(c) The determination of whether
and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation
Section 1.409A-1(h).

 

(d) The Company makes no representation
or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined
to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions
of, such Section. The parties agree to reasonably cooperate and work together to adopt amendments to this Agreement to the extent
necessary to comply with Section 409A of the Code with the intent to place Executive in the same or a substantially equivalent
economic position.

 

(e) Notwithstanding anything
herein to the contrary, if Section 409A of the Code is applicable, no event shall constitute a “termination of employment”
in this Agreement, unless such event is also a “separation from service,” as that term is defined for purposes of Section
409A of the Internal Revenue Code of 1986, as amended (“Code”), and Treasury Regulation §1.409A-3(a)(1).

 

20. Recoupment. Notwithstanding
anything herein to the contrary, Executive may be required to forfeit or repay any or all compensation received by Executive under
this Agreement pursuant to the terms of any compensation recovery, recoupment or claw-back policy that may be adopted by or applicable
to the Company with respect to or under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

 

21. Survival. Notwithstanding anything
to the contrary in this Agreement, the provisions of Sections 4, 5, 6, 8 and 9 of this Agreement, and any other Sections of this
Agreement that must survive the termination of employment or expiration of the Agreement in order to effectuate the intent of the
parties, shall survive termination of Executive’s employment or expiration of the Agreement.

 

22. Review. Executive understands
that he has the right to consult with counsel prior to signing this Agreement and has either availed herself of that right or knowingly,
willfully and freely decided not to do so. Executive acknowledges that this Agreement was provided to Executive before or with
the formal offer of employment and more than 10 business days before the commencement of Executive’s employment.

 

23. Binding Nature of Agreement.
This Agreement shall be binding upon the Executive and upon his heirs, administrators, representatives, executors, successors and
assigns, and shall inure to the benefit of the Executive and the Company and to their heirs, administrators, representatives, executors,
successors, and assigns.

 

    	 	12	 

     

    

 

24. Ownership of Inventions and Works
of Authorship. Executive acknowledges that all ideas, developments, processes, discoveries, inventions, improvements, suggestions,
derivations, modifications, methods, programs, concepts, works, reports, procedures, data, documentation, writings, and applications,
whether they are patentable or not, which are made, devised, conceived, reduced to practice, developed or perfected by Executive
alone or with any other person or persons during the term of Executive’s employment by the Company which relate to or arise
out of the actual and/or anticipated business activities of the Company and which were created using any Company resources of any
kind, including other employees or by virtue of having access to and/or using Confidential Information (“Inventions”)
will be the sole and exclusive property of the Company. Executive further acknowledges that all Inventions and original works of
authorship which are made by Executive (solely or jointly with others) within the scope of and during the period of his or her
employment with the Company and which are protectable by copyright are “works made for hire,” as that term is defined
in the United States Copyright Act (“Works”) and are solely and exclusively owned by the Company. Executive agrees
to disclose to the Company promptly and fully all Inventions and Works. For all Inventions, and to the extent that any Works are
not “works made for hire,” Executive hereby assigns and agrees to assign to the Company all Executive’s right,
title and interest in and to all Inventions and such Works and all associated goodwill. Executive understands and agrees that the
decision whether or not to commercialize or market any Invention is within the Company’s sole discretion and for the Company’s
sole benefit, and that no royalty will be due to Executive as a result of the Company’s efforts to commercialize or market
any such invention. Executive agrees to cooperate with and assist the Company, or its designee, in every proper way to secure the
Company’s rights in the Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating
thereto in any and all countries which the Company shall deem necessary in order to apply for and obtain such rights and in order
to assign and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title and interest in
and to such Inventions and related goodwill, and any copyrights, patents, mask work rights or other intellectual property rights
relating thereto. Executive agrees that Executive’s obligation to execute or cause to be executed, when it is in Executive’s
power to do so, any such instrument or papers shall continue after the termination of this Agreement. If the Company is unable
because of Executive’s mental or physical incapacity or for any other reason to secure Executive’s signature to apply
for or to pursue any application for any United States or foreign patents or copyright registrations covering Inventions or original
works of authorship assigned to the Company as above, then Executive hereby irrevocably designates and appoints the Company’s
duly authorized officers as Executive’s agent and attorney in fact, to act for and on Executive’s behalf and stead
to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of
letters patent or copyright registrations thereon with the same legal force and effect as if executed by Executive. Notwithstanding
the foregoing, any provision in this Agreement requiring Executive to assign or license, or to offer to assign or license, Executive’s
rights in any Development to the Company does not apply to an invention or work of authorship that Executive developed entirely
on Executive’s own time without using or referring to the Company’s resources, equipment, supplies, facilities, or
Confidential Information, except for those inventions or works of authorship that either: (a) at the time of creation, conception
or reduction to practice of the work or invention relate to the Company’s business, or to actual or demonstrably anticipated
research or development of the Company, or (b) result from any work performed by Executive for the Company; in which cases such
provisions do apply. Executive acknowledges that Executive bears the burden of proving that an invention or work of authorship
is so exempt from the assignment provisions of this Agreement. Executive agrees to promptly disclose to the Company, in confidence,
all inventions or works of authorship made solely by Executive or jointly with others at any time during the term of Executive’s
employment with the Company, for a review process under which the Company may determine such issues as may arise, including the
Company’s rights and Executive’s rights in such inventions or works of authorship.

 

25. Third-Party Agreements and Rights.
The Executive hereby confirms, that the Executive is not bound by the terms of any agreement with any previous employer or other
party which restricts in any way the Executive's use or disclosure of information or the Executive's engagement in any business.
The Executive represents to the Company that the Executive's execution of this Agreement, the Executive's employment with the Company
and the performance of the Executive's proposed duties for the Company will not violate any obligations the Executive may have
to any such previous employer or other party. In the Executive's work for the; Company, the Executive will not disclose or make
use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive
will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or
obtained from any such previous employment or third party.

 

26. Return of Company Property.
Upon termination of Executive’s employment with the Company or upon earlier demand by the Company, Executive agrees to immediately
return all Company property, including, but not limited to, any computer equipment, mobile phones, smartphones, iPhones, iPads
and similar electronic devices, office keys, credit and telephone cards, ID and access cards, and all original and duplicate copies
of your work product and of files, calendars, books, records, notes, notebooks, manuals, computer disks, diskettes, external drives,
thumb drives, memory cards and sticks, and any other digital, magnetic and other media materials Executive has in his or her possession
or control belonging to the Company, or containing Confidential Information.

 

    	 	13	 

     

    

 

[signatures on following page]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement effective on the date and year first above written.

 

	 	HARVARD BIOSCIENCE, INC.	 
	 	 	 	 
	 	By:	/s/ Thomas Loewald 	 
	 	 	Name: Thomas Loewald	 
	 	 	Title: Director	 
	 	 	 	 
	 	 	 	 
	 	EXECUTIVE	 
	 	 	/s/ James Green 	 
	 	 	James Green	 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

EXHIBIT A- FORM OF GENERAL RELEASE OF CLAIMS

 

This Release Agreement (the “Release Agreement”)
is entered into by _________________ (the “Executive”) in favor of Harvard Bioscience, Inc. (the “Company”).
This is the Release Agreement referenced in the Employment Agreement between the Executive and the Company dated _________________
(the “Employment Agreement”). The consideration for the Executive’s agreement to this Release Agreement
consists of certain termination benefits as set forth in the Employment Agreement and the terms of this Release Agreement.

 

The Executive agrees as follows:

 

Release. The Executive voluntarily
releases and forever discharges the Company and each of its subsidiaries, affiliates, predecessors, successors, assigns, and current
and former directors, officers, employees, representatives, attorneys, and agents (any and all of whom or which are hereinafter
referred to as “Company Parties”), from any and all charges, complaints, claims, liabilities, obligations, promises,
agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including
attorney’s fees and costs actually incurred), of any nature whatsoever, known or unknown (collectively, “Claims”)
that the Executive now has, owns or holds, or claims to have, own, or hold, or that he at any time had, owned, or held, or claimed
to have had, owned, or held against any Company Party or Parties. This general release of Claims includes, without implication
of limitation, the release of all Claims:

 

	•	 	relating to the Executive’s employment by and termination from employment with the Company; 

 

	•	 	of wrongful discharge; 

 

	•	 	of breach of contract; 

 

	•	 	of retaliation or discrimination under federal, state or local
        law (including, without limitation, Claims of age discrimination or retaliation under the Age Discrimination in Employment Act,
        Claims of disability discrimination or retaliation under the Americans with Disabilities Act, Claims of discrimination or retaliation
        under Title VII of the Civil Rights Act of 1964 and Claims of discrimination or retaliation under Mass. Gen. Laws ch. 151B);

 

	•	 	under the Massachusetts Weekly Payment of Wages Act, the Massachusetts
        Fair Employment Practice Act, and the Fair Labor Standards Act,

 

	•	 	under any other federal or state statute, to the fullest extent that Claims may be released;

 

	•	 	of defamation or other torts; 

 

	•	 	of violation of public policy;

 

	•	 	for salary, bonuses, vacation pay or any other compensation or benefits; and 

 

	•	 	for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees. 

 

1. Limitations on Release.

 

(a) Employment Agreement. Nothing
in this Release Agreement limits the Executive’s or the Company’s rights under the Employment Agreement.

 

(b) Benefit and Enforcement Rights.
Nothing in this Release Agreement is intended to release or waive the Executive’s right to COBRA, unemployment insurance
benefits or any accrued and vested retirement benefits, the right to seek enforcement of this Release Agreement or any rights referenced
in this Section of this Release Agreement.

 

(c) Indemnification. It is further
understood and agreed that the Executive’s rights to indemnification as provided in the Company’s certificate of incorporation,
bylaws, each as amended, or any indemnification agreement between the Company and the Executive (it being acknowledged and agreed
by the Executive that, as of the date of this Agreement, there are no amounts owing to the Executive pursuant to any such indemnification
rights), remain fully binding and in full effect subsequent to the execution of this Release Agreement.

 

     

     

    

 

(d) Exceptions. This Release Agreement
does not prohibit or restrict the Executive from communicating, providing relevant information to or otherwise cooperating with
the EEOC or any other governmental authority with responsibility for the administration of fair employment practices laws regarding
a possible violation of such laws or responding to any inquiry from such authority, including an inquiry about the existence of
this Release Agreement or its underlying facts; provided that such interaction with EEOC or any other governmental authority shall
not result in the Executive’s receipt of any monetary benefit or substantial equivalent thereof. This Release Agreement also
does not preclude the Executive from benefiting from classwide injunctive relief awarded in any fair employment practices case
brought by any governmental agency; provided that such relief does not result in the Executive’s receipt of any monetary
benefit or substantial equivalent thereof.

 

2. No Assignment. The Executive
represents that he has not assigned to any other person or entity any Claims against any Company Party.

 

3. No Disparagement. The Executive
shall not make any disparaging statements about the Company, members of the Board of Directors, any officer of the Company or any
other employee of the Company, and the Company (acting through its officers and directors) shall not make any disparaging statements
about Executive. The Executive shall direct his immediate family not to make any disparaging statements about any of the foregoing.
Any statement by a member of his immediate family shall be deemed to be a statement by the Executive for purposes of this paragraph.
The Executive shall be considered to represent that he has complied and shall continue to comply with the nondisparagement obligations
under this paragraph from the Date of Termination (as defined in the Employment Agreement); provided that this representation
shall have no effect if this Release Agreement does not become effective. Notwithstanding the foregoing, nothing in this paragraph
shall be construed to apply to any statements made in the course of testimony in a legal proceeding or in any required written
statements in any such proceeding.

 

4. Litigation and Regulatory Cooperation.
The Executive shall reasonably cooperate with the Company in the defense or prosecution of any claims or actions now in existence
or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired
while Executive was employed by the Company; provided, however, that such cooperation shall not materially and adversely affect
Executive or expose Executive to an increased probability of civil or criminal litigation. Executive’s cooperation in connection
with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery
or trial and to act as a witness on behalf of the Company at mutually convenient times. Executive also shall cooperate fully with
the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation
or review relates to events or occurrences that transpired while Executive was employed by the Company. The Company shall also
provide Executive with compensation on an hourly basis at a rate equivalent to the hourly rate of the Executive’s last annual
Base Salary (as defined in the Employment Agreement) calculated using a forty (40) hour week over fifty-two (52) weeks
for requested litigation and regulatory cooperation that occurs after his termination of employment, and reimburse Executive for
all costs and expenses incurred in connection with his performance under this Section 5, including, but not limited to, reasonable
attorneys’ fees and costs.

 

5. Reaffirmation of Post-Employment
Restrictive Covenants. The Executive reaffirms the restrictive covenants under the Employment Agreement to which he is subject,
including without limitation, the covenants restricting the disclosure and use of confidential information set forth in Section
4 of the Employment Agreement and covenants regarding non-competition, non-solicitation and non-hiring set forth in Section 5 of
the Employment Agreement.

 

6. Right to Consider and Revoke Release
Agreement. This Release Agreement shall be considered to have been offered to the Executive on the Termination Date as defined
in the Employment Agreement. The Executive acknowledges that he has been given the opportunity to consider this Release Agreement
for a period ending twenty-one (21) days after the Termination Date. In the event that the Executive has executed this Release
Agreement within less than twenty-one (21) days of the Termination Date, the Executive acknowledges that such decision was
entirely voluntary and that he had the opportunity to consider this Release Agreement until the end of the twenty-one (21) day
period. To accept this Release Agreement, the Executive shall deliver a signed Release Agreement to the Company’s Board of
Directors within such twenty-one (21) day period. The Executive acknowledges that for a period of seven (7) days from
the date when the Executive executes this Release Agreement (the “Revocation Period”), he shall retain
the right to revoke this Release Agreement by written notice that is received by the Board of Directors of the Company before the
end of the Revocation Period. This Release Agreement shall take effect only if it is executed by the Executive within the twenty-one
(21) day period as set forth above and if it is not revoked pursuant to the preceding sentence. If those conditions are satisfied,
this Release Agreement shall become effective and enforceable on the date immediately following the last day of the Revocation
Period (the “Effective Date”).

 

     

     

    

 

7. Consideration Owed. Executive
affirms and agrees that as of the date of this Release Agreement, you acknowledge that you will be or have been paid any and all
wages (including all base compensation and, if applicable, any and all overtime, commissions, and bonuses) to which you are or
were entitled as of the date of termination of employment, and that no other wages (including all base compensation and, if applicable,
any and all incentive compensation and bonuses) are due to Executive. Executive acknowledges that Executive is unaware of any facts
or circumstances indicating that Executive may have an outstanding claim for unpaid wages, improper deductions from pay, or any
violation of the Massachusetts Weekly Payment of Wages Act (M.G.L. c. 149, s. 148) or the Fair Labor Standards Act or any other
federal, state or local laws, rules, ordinances or regulations that are related to payment of wages.

 

8. Other Terms.

 

(a) Legal Representation; Review of
Release Agreement. The Executive acknowledges that he has been advised to discuss all aspects of this Release Agreement with
his attorney. The Executive represents that he has carefully read and fully understands all of the provisions of this Release Agreement
and that he is voluntarily entering into this Release Agreement.

 

(b) Binding Nature of Release Agreement.
This Release Agreement shall be binding upon the Executive and upon his heirs, administrators, representatives, executors, successors
and assigns, and shall inure to the benefit of the Executive and the Company and to their heirs, administrators, representatives,
executors, successors, and assigns.

 

(c) Modification of Release Agreement;
Waiver. This Release Agreement may be amended, revoked, changed, or modified only upon a written agreement executed by both
the Executive and the Company. No modification waiver of any provision of this Release Agreement will be valid unless it is in
writing and signed by the party against whom such waiver is charged. The failure of the Company to require the performance of any
term or obligation of this Release Agreement, or the waiver by the Company of any breach of this Release Agreement, shall not prevent
any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

(d) Severability. In the event
that at any future time it is determined by a court of competent jurisdiction that any covenant, clause, provision or term of this
Release Agreement is illegal, invalid or unenforceable, the remaining provisions and terms of this Release Agreement shall not
be affected thereby and the illegal, invalid or unenforceable term or provision shall be severed from the remainder of this Release
Agreement. In the event of such severance, the remaining covenants shall be binding and enforceable.

 

(e) Enforcement. Sections 4, 5
and 6 of this Release Agreement shall be subject to enforcement pursuant to the same procedures that apply to a breach of Paragraphs
4 or 5 of the Employment Agreement (as further detailed in Paragraph 16 of the Employment Agreement). Any other disputes concerning
this Release Agreement shall be subject to resolution pursuant to Section 16 of the Employment Agreement.

 

(f) Governing Law and Interpretation.
This Release Agreement shall be deemed to be made and entered into in the Commonwealth of Massachusetts, and shall in all respects
be interpreted, enforced and governed under the laws of Massachusetts, without giving effect to the conflict of laws provisions
of Massachusetts law. The language of all parts of this Release Agreement shall in all cases be construed as a whole, according
to its fair meaning, and not strictly for or against the Executive or the Company.

 

     

     

    

 

(h) Entire Agreement; Absence of Reliance.
This Release Agreement constitutes the entire agreement of the Executive concerning any subject matter of this Release Agreement
and supersedes all prior agreements between the Executive and the Company with respect to any related subject matter, except the
Employment Agreement. The Executive acknowledges that he is not relying on any promises or representations by the Company or its
agents, representatives or attorneys regarding any subject matter addressed in this Release Agreement, other than the provision
of the Employment Agreement pursuant to which Executive is to receive certain consideration in return for signing this Release
Agreement and allowing it to become effective.

 

So agreed by the Executive.

 

 

	 	 	 	 
	Executive  	 	DateEdgarFiling

EXHIBIT 10.2

 

SEPARATION AND RELEASE AGREEMENT

 

This Separation and Release Agreement (the “Release
Agreement”) is entered into by Jeffrey Duchemin (the “Executive”) and Harvard Bioscience,
Inc. (the “Company”) as of the date that the last party executing this Release Agreement executes the
same as noted on the signature page hereto. This is the Release Agreement referenced in the Agreement between the Executive and
the Company made as of August 26, 2013 (as amended or modified from time to time, the “Employment Agreement”).

 

The parties agree as follows:

 

1.                 
Separation and Consideration. In consideration for the Executive’s agreement to this Release Agreement, the
Company shall provide the termination benefits in accordance with a termination of the Executive’s employment as described
in Paragraph 8(d) of the Employment Agreement, and the terms of this Release Agreement, including, without limitation, the Severance
Amount and Accrued Obligations, each as defined in and calculated and paid in accordance with the Employment Agreement. The Parties
waive all provisions concerning advance notice periods regarding the termination of Executive’s employment as set forth in
the Employment Agreement. Further, the parties hereby agree that the Executive’s options that are or become vested in accordance
with their terms and the Employment Agreement, shall be respectively exercisable through and including January 10, 2021, being
eighteen (18) months from the Effective Date, and the Executive shall be entitled to monthly reimbursement of expenses pertaining
to out-placement services for up to six months from the Effective Date and up to an aggregate amount of $25,000. 

 

2.                 
 Release. Subject to Sections 1 and 3 hereof, the Executive voluntarily releases and forever discharges the Company
and each of its subsidiaries, affiliates, predecessors, successors, assigns, and current and former directors, officers, employees,
representatives, attorneys and agents (any and all of whom or which are hereinafter referred to as “Company
Parties”), from any and all charges, complaints, claims, liabilities, obligations,
promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses
(including attorney’s fees and costs actually incurred), of any nature whatsoever, known or unknown (collectively, “Claims”)
that the Executive now has, owns or holds, or claims to have, own, or hold, or that he at any time had, owned, or held, or claimed
to have had, owned, or held against any Company Party or Parties. This general release of Claims includes, without implication
of limitation, the release of all Claims: 

 

•       
relating to the Executive’s employment by and termination from employment with the Company;

 

•       of
wrongful discharge;

 

•       of
breach of contract;

 

•       of
retaliation or discrimination under federal, state or local law (including, without limitation, Claims of age discrimination or
retaliation under the Age Discrimination in Employment Act, Claims of disability discrimination or retaliation under the Americans
with Disabilities Act, Claims of discrimination or retaliation under Title VII of the Civil Rights Act of 1964 and Claims of discrimination
or retaliation under Mass. Gen. Laws ch. 151B);

 

     

     

    

 

•       
under the Massachusetts Weekly Payment of Wages Act, the Massachusetts Fair Employment Practice Act, and the Fair Labor Standards
Act;

 

•       
under any other federal or state statute, to the fullest extent that Claims may be released;

 

•       
of defamation or other torts;

 

•       
of violation of public policy;

 

•       
for salary, bonuses, vacation pay or any other compensation or benefits; and

 

•       
for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief
and attorney’s fees.

 

		3.	Limitations on Release. 

 

a.                  
Employment Agreement. Nothing in this Release Agreement limits the Executive’s or the Company’s rights
under the Employment Agreement.

 

b.                 
Benefit and Enforcement Rights. Nothing in this Release Agreement is intended to release or waive the Executive’s
right to COBRA, unemployment insurance benefits or any accrued and vested retirement benefits, the right to seek enforcement of
this Release Agreement or any rights referenced in this Section of this Release Agreement.

 

c.                  
Indemnification. It is further understood and agreed that the Executive’s rights to indemnification as provided
in the Company’s certificate of incorporation, bylaws, each as amended, or any indemnification agreement between the Company
and the Executive (it being acknowledged and agreed by the Executive that, as of the date of this Agreement, there are no amounts
owing to the Executive pursuant to any such indemnification rights), remain fully binding and in full effect subsequent to the
execution of this Release Agreement.

 

d.                 
Exceptions. This Release Agreement does not prohibit or restrict the Executive from communicating, providing relevant
information to or otherwise cooperating with the EEOC or any other governmental authority with responsibility for the administration
of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority,
including an inquiry about the existence of this Release Agreement or its underlying facts; provided that such interaction with
EEOC or any other governmental authority shall not result in the Executive’s receipt of any monetary benefit or substantial
equivalent thereof. This Release Agreement also does not preclude the Executive from benefiting from classwide injunctive relief
awarded in any fair employment practices case brought by any governmental agency; provided that such relief does not result in
the Executive’s receipt of any monetary benefit or substantial equivalent thereof.

 

    	 	2	 

     

    

 

4.                 
No Assignment. The Executive represents that he has not assigned to any other person or entity any Claims against
any Company Party. 

 

5.                 
No Disparagement. The Executive shall not make any disparaging statements about the Company, members of the Board
of Directors, any officer of the Company or any other employee of the Company, and the Company (acting through its officers and
directors) shall not make any disparaging statements about Executive. The Executive shall direct his immediate family not to make
any disparaging statements about any of the foregoing. Any statement by a member of his immediate family shall be deemed to be
a statement by the Executive for purposes of this paragraph. The Executive shall be considered to represent that he has complied
and shall continue to comply with the non-disparagement obligations under this Section 5 from the Effective Date; provided that
this representation shall have no effect if this Release Agreement does not become effective. Notwithstanding the foregoing, nothing
in this paragraph shall be construed to apply to any statements made in the course of testimony in a legal proceeding or in any
required written statements in any such proceeding. 

 

6.                 
Litigation and Regulatory Cooperation. The Executive shall reasonably cooperate with the Company in the defense or
prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company
which relate to events or occurrences that transpired while Executive was employed by the Company; provided, however, that such
cooperation shall not materially and adversely affect Executive or expose Executive to an increased probability of civil or criminal
litigation. Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being
available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient
times. Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state
or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Executive
was employed by the Company. The Company shall also provide Executive with compensation on an hourly basis at a rate equivalent
to the hourly rate of the Executive’s last annual Base Salary (as defined in the Employment Agreement) calculated using a
forty (40) hour week over fifty-two (52) weeks for requested litigation and regulatory cooperation that occurs after his termination
of employment, and reimburse Executive for all costs and expenses incurred in connection with his performance under this Section
6, including, but not limited to, reasonable attorneys’ fees and costs. 

 

7.                 
Reaffirmation of Post-Employment Restrictive Covenants. The Executive reaffirms the restrictive covenants under the
Employment Agreement which continue by their terms.

 

8.                 
Right to Consider and Revoke Release Agreement. This Release Agreement shall be considered to have been offered to
the Executive on the date that it has been executed by the Company and delivered to the Executive for countersignature (the “Delivery
Date”). The Executive acknowledges that he has been given the opportunity to consider this
Release Agreement for a period ending twenty-one (21) days after the Delivery Date. In the event that the Executive has executed
this Release Agreement within less than twenty-one (21) days of the Delivery Date, the Executive acknowledges that such decision
was entirely voluntary and that he had the opportunity to consider this Release Agreement until the end of the twenty-one (21)
day period. To accept this Release Agreement, the Executive shall deliver a signed Release Agreement to the Company’s Board
of Directors within such twenty-one (21) day period. The Executive acknowledges that for a period of seven (7) days from the date
when the Executive executes this Release Agreement (the “Revocation Period”),
he shall retain the right to revoke this Release Agreement by written notice that is received by the Board of Directors of the
Company before the end of the Revocation Period. This Release Agreement shall take effect only if it is executed by the Executive
within the twenty-one (21) day period as set forth above and if it is not revoked pursuant to the preceding sentence. If those
conditions are satisfied, this Release Agreement shall become effective and enforceable on the date immediately following the last
day of the Revocation Period (the “Effective Date”).

 

    	 	3	 

     

    

 

9.                 
Accrued Wages. The Executive affirms and agrees that as of the Effective Date, with his final paycheck paid in accordance
with Section 1(a) hereof, the Executive acknowledges that he will have been paid any and all wages (including all base compensation
and, if applicable, any and all overtime, commissions, and bonuses) to which he is or was entitled as of the date of termination
of employment, and that no other wages (including all base compensation and, if applicable, any and all incentive compensation
and bonuses) are due to the Executive. The Executive acknowledges that Executive is unaware of any facts or circumstances indicating
that Executive may have an outstanding claim for unpaid wages, improper deductions from pay, or any violation of the Massachusetts
Weekly Payment of Wages Act (M.G.L. c. 149, s. 148) or the Fair Labor Standards Act or any other federal, state or local laws,
rules, ordinances or regulations that are related to payment of wages. 

 

10.             
Other Terms. 

 

a.                  
Legal Representation; Review of Release Agreement. The Executive acknowledges that he has been advised to discuss
all aspects of this Release Agreement with his own attorney. The Executive represents that he has carefully read and fully understands
all of the provisions of this Release Agreement and that he is voluntarily entering into this Release Agreement.

 

b.                 
Binding Nature of Release Agreement. This Release Agreement shall be binding upon the Executive and upon his heirs,
administrators, representatives, executors, successors and assigns, and the Company and its successors and assigns. This Release
Agreement shall inure to the benefit of the Executive and the Company and to their heirs, administrators, representatives, executors,
successors, and assigns.

 

c.                  
Modification of Release Agreement; Waiver. This Release Agreement may be amended, revoked, changed, or modified only
upon a written agreement executed by the Executive and the Company. No modification waiver of any provision of this Release Agreement
will be valid unless it is in writing and signed by the party against whom such waiver is charged. The failure of one party to
require the performance of any term or obligation of this Release Agreement, or the waiver by one party of any breach of this Release
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

    	 	4	 

     

    

 

d.                 
Severability. In the event that at any future time it is determined by a court of competent jurisdiction that any
covenant, clause, provision or term of this Release Agreement is illegal, invalid or unenforceable, the remaining provisions and
terms of this Release Agreement shall not be affected thereby and the illegal, invalid or unenforceable term or provision shall
be severed from the remainder of this Release Agreement. In the event of such severance, the remaining covenants shall be binding
and enforceable.

 

e.                  
Enforcement. Sections 5, 6, and 7 of this Release Agreement shall be subject to enforcement pursuant to the same
procedures that apply to a breach of Paragraphs 4 or 5 of the Employment Agreement (as further detailed in Paragraph 16 of the
Employment Agreement). Any other disputes concerning this Release Agreement shall be subject to resolution pursuant to Paragraph
16 of the Employment Agreement.

 

f.                   
Governing Law and Interpretation. This Release Agreement shall be deemed to be made and entered into in the Commonwealth
of Massachusetts, and shall in all respects be interpreted, enforced and governed under the laws of Massachusetts, without giving
effect to the conflict of laws provisions of Massachusetts law. The language of all parts of this Release Agreement shall in all
cases be construed as a whole, according to its fair meaning, and not strictly for or against either the Executive or the Company.

 

g.                 
Entire Agreement; Absence of Reliance. This Release Agreement, together with the Employment Agreement, constitutes
the entire agreement of the Executive concerning any subject matter of this Release Agreement and supersedes all prior agreements
between the Executive and the Company with respect to any related subject matter. The Executive acknowledges that he is not relying
on any promises or representations by the Company or its agents, representatives or attorneys regarding any subject matter addressed
in this Release Agreement, other than the provisions of this Release Agreement and the Employment Agreement pursuant to which Executive
is to receive certain consideration in return for signing this Release Agreement and allowing it to become effective.

 

[Signatures on following page]

 

 

 

 

 

 

 

 

 

    	 	5	 

     

    

 

So agreed by the Executive.

 

	/s/ Jeffrey Duchemin	 	 	 
	Jeffrey Duchemin	 	Date: July 2, 2019	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	So agreed by the Company.	 	 	 
	 	 	 	 
	Harvard Bioscience, Inc.	 	 	 
	 	 	 	 
	/s/ James Green	 	 	 
	By:  James Green	 	Date: July 2, 2019	 
	Title:  Chairman

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