Document:

cbk-current folio-misc 8-K Exhibit 10-1

		
			Exhibit 10.1
		

		
			 
		

		
			CHRISTOPHER & BANKS CORPORATION
NON-EMPLOYEE DIRECTOR DEFERRED STOCK PLAN
Amended and Restated December 8, 2014
		

		
			 
		

		
			1. Purpose. The Christopher & Banks Corporation Non-Employee Director Deferred Stock Plan (the “Plan”) was originally adopted October 15, 2008. The Plan is amended and restated effective December 8, 2014 in order to update the Plan to reflect the adoption of the Company’s 2013 Equity Incentive Plan.    The purpose of the Plan is to provide an opportunity for non-employee members of the Board of Directors (the “Board”) of Christopher & Banks Corporation (the “Company”) to voluntarily defer receipt of shares of common stock granted by the Company in connection with their performance of services as a director. This will be accomplished by allowing each participating director to elect voluntarily to forego receipt of shares of common stock, par value $0.01 per share of the Company (“Common Stock”) in return for the right to receive shares of Common Stock at a later date (such right being referred to as a “Stock Unit”) pursuant to elections, if any, made by such director under this Plan.
		

		
			 
		

		
			2. Relation to Stock Incentive Plans. All Stock Units credited and shares of Common Stock issued pursuant to this amended and restated Plan are subject to any applicable terms, conditions and restrictions of the 2013 Directors’ Equity Incentive Plan, as amended from time to time (the “Equity Plan”), including, but not limited to, limitations on the number of shares of Common Stock available for issuance under this amended and restated Plan, and any adjustments to prevent the dilution or enlargement of the rights of participating directors.
		

		
			 
		

		
			3. Eligibility. Each individual who is a member of the Board (a “Director”) and who is not also an officer or employee of the Company or its subsidiaries is eligible to participate in this Plan (an “Eligible Director”).
		

		
			 
		

		
			4. Administration. This Plan shall be administered by the Governance and Nominating Committee of the Board, or its successor (the “Committee”). All questions of interpretation of this Plan shall be determined by the Committee, unless the Board makes such determination. Each determination, interpretation or other action that the Committee (or the Board, as applicable) makes or takes pursuant to the provisions of this Plan shall be conclusive and binding for all purposes and on all persons. Neither the Board, the Committee nor any member thereof shall be liable for any action or determination made in good faith with respect to this Plan.
		

		
			 
		

		
			5. Deferred Stock Election. Unless otherwise prohibited by the Committee or the Board (in its or their sole discretion), an Eligible Director may elect to defer receipt of shares of Common Stock granted to such Director in connection with his or her services as a Director in return for an equal number of Stock Units that represent the Company’s promise to issue such Common Stock at a later date, subject to the following:
		

		
			 
		

		
			5.1. Manner of Making Deferral Elections. A written election to defer receipt of Common Stock (a “Deferral Election”) shall be made on forms approved by the Committee or the Board and shall conform to such other procedural and substantive rules as the Committee or the Board shall make consistent with the terms of this Plan and the Equity Plan. Deferral Elections must be made at such time as the Committee shall determine, which in all events shall be no later than the applicable deadlines described below.
		

		
			 
		

		
			(a) In General. A Deferral Election pertaining to shares of Common Stock may be made by timely delivering an election no later than December 31 of the calendar year immediately preceding the calendar year in which the Director commences the performance of services to which the shares relate. Notwithstanding the foregoing, an individual who first becomes an Eligible Director during a calendar year (and has not previously been eligible to participate in this Plan or any similar plan that must be aggregated with this Plan for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)) shall have 30 days after initial eligibility to make a Deferral Election, which shall apply only to shares of Common Stock granted with respect to services as a Director that are to be provided following the filing of such Deferral Election. The Committee or the Board, in its discretion, may provide for an earlier filing deadline with respect to Deferral Elections.
		

		
			 
		

		
			(b) Common Stock Subject to Forfeiture. Notwithstanding the foregoing, if the Committee so authorizes, a Deferral Election pertaining to shares of Common Stock granted subject to a time-based 
		

		 

		

			1

		

 

		forfeiture condition requiring the Eligible Director’s continued services for a period of at least twelve (12) months from the date of grant may be made by timely delivering an election no later than thirty (30) days after the grant date, and at least twelve (12) months in advance of the earliest date at which the forfeiture condition could lapse. In all events, the forfeiture condition must create a “substantial risk of forfeiture” (as that term is defined in Treasury regulations issued under Section 409A of the Code).
		

		
			 
		

		
			5.2. Effect of Election. Once a Deferral Election is made and accepted by the Committee, such election shall be irrevocable, except to the extent that the Committee or the Board, in its sole discretion, allows such election to be cancelled or modified prior to the applicable deadlines described in Section 5.1(a) and (b) above. Deferral Elections are effective only with respect to the shares of Common Stock specified in the election, and such election shall not continue in effect for additional shares of Common Stock that may be granted in the future. The Eligible Director must affirmatively make a new Deferral Election in order to defer receipt of any shares of Common Stock granted at a later date.
		

		
			 
		

		
			5.3. Deferrals Credited to Deferred Stock Account. An account shall be established for each Eligible Director who makes a Deferral Election (a “Deferred Stock Account”). As of the date on which the shares of Common Stock would have been granted absent a Deferral Election, the Eligible Director’s Deferred Stock Account shall be credited with a number of Stock Units equal to the number of shares of Common Stock subject to the Eligible Director’s Deferral Election. Notwithstanding the foregoing, if shares of Common Stock are first issued, and then an Eligible Director subsequently makes a timely Deferral Election in accordance with Section 5.1(b) above (i.e., in the case of a share issued subject to a vesting schedule greater than twelve (12) months measured from the date of grant), then, as of the date on which the deferral election is made, the shares shall be cancelled, and the Eligible Director’s Deferred Stock Account shall be credited with the number of Stock Units equal to the number of shares of Common Stock subject to the Deferral Election. All Stock Units credited to the Eligible Director’s Deferred Stock Account shall remain subject to any forfeiture conditions applicable to the shares of Common Stock deferred.
		

		
			 
		

		
			5.4. Dividend Equivalent Payments. Subject to any applicable terms, conditions and restrictions required by the Equity Plan:
		

		
			 
		

		
			(a) Each time a cash dividend is paid on shares of Common Stock, the Eligible Director shall receive a cash payment equal to the amount of the dividend that would have been payable on the number of shares of Common Stock equal to the number of Stock Units credited to the Eligible Director’s Deferred Stock Account on the dividend record date. Such cash payment shall be made on the same dividend payment date as is set for shares of Common Stock.
		

		
			 
		

		
			(b) Each time a dividend is paid on shares of Common Stock in property other than cash, the Eligible Director shall receive a credit of Stock Units to his or her Deferred Stock Account equal to either the number of shares of Common Stock (if a dividend is paid in shares of Common Stock) or that number of shares of Common Stock (rounded up to the nearest whole share) having a Fair Market Value on the dividend payment date (if a dividend is paid in property other than Common Stock) equal to the amount of the dividend that would have been payable on the number of shares of Common Stock equal to the number of Stock Units credited to the Eligible Director’s Deferred Stock Account on the dividend record date. For purposes of converting dollar amounts into shares of Common Stock, “Fair Market Value” shall mean the per share closing price of the Common Stock on the New York Stock Exchange as reported in the consolidated transaction reporting system on the determination date or, if such Exchange is not open for trading on such date, on the most recent preceding date when such Exchange is open for trading.
		

		
			 
		

		
			6. Receipt of Shares.
		

		
			 
		

		
			6.1. Time of Receipt. At the time of making the Deferral Election, each Eligible Director shall also specify in writing the time and manner of issuance of the shares of Common Stock subject to the Deferral Election. The Eligible Director may elect to receive the deferred shares of Common Stock as soon as practicable after the following: (i) his/her Separation from Service (as that term is defined in Section 6.4) with the Company; or (ii) on any date certain specified by the Director. Notwithstanding the foregoing, if the Eligible Director incurs a Separation 
		

		 

		

			2

		

 

		from Service prior to the date certain specified in his or her Deferral Election, issuance of the entire balance of the Director’s Deferred Stock Account shall commence upon Separation from Service.
		

		
			 
		

		
			6.2. Manner of Receipt. At the time of making the Deferral Election, each Eligible Director shall also specify whether the shares of Common Stock deferred pursuant to the Deferral Election shall be issued in a lump sum pursuant to Section 6.2(a), or in installments pursuant to Section 6.2(b).
		

		
			 
		

		
			(a) Lump Sum. Unless an Eligible Director elects to receive issuance of his or her shares of Common Stock in installments as described in Section 6.2(b), shares of Common Stock shall be issued within 60 days following the earlier of: (i) the Eligible Director’s Separation from Service or (ii) such earlier date certain specified by the Director pursuant to Section 6.1. All obligations under the Plan shall be made in shares of Common Stock, with one share of Common Stock issued for each vested Stock Unit, and any vested fractional Stock Unit shall be rounded up to the nearest whole share.
		

		
			 
		

		
			(b) Installments. An Eligible Director may elect to have his or her shares of Common Stock issued in consecutive annual installments commencing within 60 days following the earlier of: (i) the Eligible Director’s Separation from Service or (ii) such earlier date certain specified by the Director pursuant to Section 6.1 (the “Distribution Event”). Remaining installments shall be made within 60 days of each consecutive annual anniversary of the applicable Distribution Event. All obligations under the Plan shall be made in shares of Common Stock, with one share of Common Stock issued for each vested Stock Unit, and any fractional vested Stock Unit shall be rounded up to the nearest whole share. The amount of each installment shall be computed as the number of shares Common Stock issuable, multiplied by a fraction, the numerator of which is one and the denominator of which is the total number of installments elected (not to exceed three) minus the number of installments previously made. Installments made prior to the final installment shall be rounded up to the nearest whole number of shares, and the final installment shall be for the whole number of remaining shares of Common Stock in the Director’s Deferred Stock Account.
		

		
			 
		

		
			6.3. Change of Control. Notwithstanding the foregoing, in the event of a Eligible Director’s Separation from Service within six months following a Change of Control, the entire balance of the Director’s Deferred Stock Account shall be issued in a lump sum (notwithstanding any prior election to the contrary) to the Eligible Director, in whole shares of Common Stock (and any fractional Stock Unit shall be rounded up to the nearest whole share). “Change of Control” means the occurrence of a “change in the ownership of the Company,” “change in effective control of the Company,” and/or a “change in the ownership of a substantial portion of the Company’s assets” as defined under Treasury Regulation § 1.409A-3(i)(5).
		

		
			 
		

		
			6.4. Separation from Service. For purposes of this Section 6, a “Separation from Service” shall mean a complete severance of a Director’s relationship as a director of the Company and all affiliates, if any, and as an independent contractor of the Company and all affiliates, if any, for any reason. A Director may have a Separation from Service upon resignation as a director even if the Director then becomes an officer or employee. Separation from Service shall be construed to have a meaning consistent with the term “separation from service” as used and defined in Section 409A of the Code. If an Eligible Director is a “specified employee” (as that term is defined under Section 409A of the Code), any shares of Common Stock that become issuable upon the Director’s Separation from Service shall be issued on the first day of the seventh month following such Separation from Service.
		

		
			 
		

		
			6.5. Beneficiary Designation. Each Eligible Director who elects to participate in this Plan may file with the Committee a notice in writing, on a form provided by the Committee, designating one or more beneficiaries to whom the distribution shall be made in the event of the Director’s death prior to receiving the entire distribution of the balance in the Eligible Director’s Deferred Stock Account. If no beneficiary designation is made, or in the event that a beneficiary designated predeceases the Eligible Director, the distribution shall be made to the Director’s estate.
		

		

		

		 

		

			3

		

 

		
		

		
			7. Limitations.
		

		
			 
		

		
			7.1. Service as a Director. Nothing in this Plan will interfere with or limit in any way the right of the Company’s Board or its stockholders to remove an Eligible Director from the Board. Neither this Plan nor any action taken pursuant to it will constitute or be evidence of any agreement or understanding, express or implied, that the Company’s Board or its stockholders have retained or will retain an Eligible Director for any period of time or at any particular rate of compensation.
		

		
			 
		

		
			7.2. Nonexclusivity of the Plan. Nothing contained in this Plan is intended to effect, modify or rescind any of the Company’s existing compensation plans or programs (including, but not limited to, the Equity Plan) or to create any limitations on the Board’s power or authority to modify or adopt compensation arrangements as the Board may from time to time deem necessary or desirable.
		

		
			 
		

		
			8. Plan Amendment, Modification and Termination. The Board may suspend or terminate this Plan at any time. The Board may amend this Plan from time to time in such respects as the Board may deem advisable in order that this Plan will conform to any change in applicable laws or regulations or in any other respect that the Board may deem to be in the Company’s best interests. If there is a termination of the Plan with respect to all participants, the Board shall have the right, in its sole discretion, and notwithstanding any elections made by the participant, to amend the Plan to immediately issue all shares of Common Stock in a lump sum following such Plan termination, to the extent permissible under Section 409A of the Code.
		

		
			 
		

		
			9. Effective Date and Duration of the Plan. This Plan shall become effective as of the date the Board approves this Plan and will continue until the earlier to occur of (i) the termination of the Plan by the Board or (ii) the termination of the Equity Plan in accordance with its terms.
		

		
			 
		

		
			10. Participants Are General Creditors of the Company. The Eligible Directors and beneficiaries thereof shall be general, unsecured creditors of the Company with respect to any obligations owed to them pursuant to this Plan and shall not have any preferred interest by way of trust, escrow, lien or otherwise in any specific assets of the Company. Any monies or other assets set aside to meet its obligations hereunder (there being no obligation to do so), the same shall be regarded as a part of the general assets of the Company subject to the claims of its general creditors, and neither any Eligible Director nor any beneficiary thereof shall have a legal, beneficial or security interest therein.
		

		
			 
		

		
			11. Rights as Stockholder. An Eligible Director shall have no rights as a holder of shares of Common Stock with respect to any Stock Units until the date the Eligible Director becomes the holder of record of shares of Common Stock that relate to such Stock Units.
		

		
			 
		

		
			12. Miscellaneous.
		

		
			 
		

		
			12.1. Securities Law and Other Restrictions. Notwithstanding any other provision of this Plan or any Deferral Election delivered pursuant to this Plan, the Company will not be required to issue any shares of Common Stock under this Plan and an Eligible Director may not sell, assign, transfer or otherwise dispose of shares of Common Stock issued pursuant to this Plan, unless (a) there is in effect with respect to such shares a registration statement under the Securities Act of 1933, as amended (the “Securities Act”) and any applicable state securities laws or an exemption from such registration under the Securities Act and applicable state securities laws and (b) there has been obtained any other consent, approval or permit from any other regulatory body that the Committee, in its sole discretion, deems necessary or advisable. The Company may condition such issuance, sale or transfer upon the receipt of any representations or agreements from the parties involved, and the placement of any legends on certificates representing shares of Common Stock, as may be deemed necessary or advisable by the Company, in order to comply with such securities laws or other restrictions.
		

		
			 
		

		
			12.2. Governing Law. The Plan and all rights hereunder shall be subject to and interpreted in accordance with (i) the laws of the State of Delaware, without reference to the principles of conflicts of laws, and (ii) to applicable Federal securities laws.
		

		
			 
		

		 

		

			4EX-10.12

 Exhibit 10.12 

CREDIT AGREEMENT 
 THIS CREDIT
AGREEMENT (this “Agreement”) is entered into as of September 5, 2014, by and between ASTRO-MED, INC., a Rhode Island corporation (“Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”). 

RECITALS 
 Borrower has
requested that Bank extend or continue credit to Borrower as described below, and Bank has agreed to provide such credit to Borrower on the terms and conditions contained herein. 

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Bank and Borrower hereby agree as
follows: 
 ARTICLE I 

CREDIT TERMS 
 SECTION 1.1.
LINE OF CREDIT. 
 (a) Line of Credit. Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to
Borrower from time to time up to and including August 30, 2017, not to exceed at any time the aggregate principal amount of Ten Million Dollars ($10,000,000.00) (“Line of Credit”), the proceeds of which shall be used for ongoing
working capital requirements, general corporate purposes, Permitted Acquisitions (as defined herein) and costs and expenses associated with the transactions contemplated by the Agreement. Borrower’s obligation to repay advances under the Line
of Credit shall be evidenced by a revolving line of credit note dated as of September 5, 2014 (“Line of Credit Note”), all terms of which are incorporated herein by this reference. 

(b) Limitation on Borrowings. The maximum aggregate outstanding borrowings under the Line of Credit at any one time shall be limited to
$10,000,000.00, unless and until Borrower requests by notice to Bank that Bank increase the maximum of the loan evidenced by that Line of Credit Note in an amount up to $15,000,000.00 which requests the Bank approves in its sole discretion by notice
to Borrower. Notice shall be given in accordance with the provisions of this Agreement. 
 (c) Letter of Credit Subfeature. As a
subfeature under the Line of Credit, Bank agrees from time to time during the term thereof to issue or cause an affiliate to issue commercial letters of credit for the account of Borrower (each, a “Letter of Credit” and collectively,
“Letters of Credit”); provided however, that the aggregate undrawn amount of all outstanding Letters of Credit shall not at any time exceed One Million Dollars ($1,000,000.00). The form and substance of each Letter of Credit shall be
subject to approval by Bank, in its sole discretion. Each Letter of Credit shall be issued for a term not to exceed three hundred sixty-five (365) days, as designated by Borrower; provided however, that no Letter of Credit shall have an
expiration date subsequent to the maturity date of the Line of Credit. The undrawn amount of all Letters of Credit shall be reserved under the Line of Credit and shall not be available for borrowings thereunder. Each Letter of Credit shall be
subject to the additional terms and conditions of the Letter of Credit agreements, applications and any related documents required by Bank in connection with the issuance thereof. Each drawing paid under a Letter of Credit shall be deemed an advance
under the Line of Credit and shall be repaid by Borrower in 

  
 -1- 

 
accordance with the terms and conditions of this Agreement applicable to such advances; provided however, that if advances under the Line of Credit are not available, for any reason, at the time
any drawing is paid, then Borrower shall immediately pay to Bank the full amount drawn, together with interest thereon from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the rate of interest applicable to
advances under the Line of Credit. In such event Borrower agrees that Bank, in its sole discretion, may debit any account maintained by Borrower with Bank for the amount of any such drawing. 

(d) Borrowing and Repayment. Borrower may from time to time during the term of the Line of Credit borrow, partially or wholly repay its
outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided however, that the total outstanding borrowings under the Line of Credit shall not at any time
exceed the maximum principal amount available thereunder, as set forth above. 
 SECTION 1.2. INTEREST/FEES. 

(a) Interest. The outstanding principal balance of each credit subject hereto shall bear interest, and the amount of each drawing paid
under any Letter of Credit shall bear interest from the date such drawing is paid to the date such amount is fully repaid by Borrower, at the rate of interest set forth in each promissory note or other instrument or document executed in connection
therewith. 
 (b) Computation and Payment. Interest shall be computed on the basis of a 360-day year, actual days elapsed. Interest
shall be payable at the times and place set forth in each promissory note or other instrument or document required hereby. 
 (c) Letter
of Credit Fees. Borrower shall pay to Bank fees upon the issuance of each Letter of Credit, upon the payment or negotiation of each drawing under any Letter of Credit and upon the occurrence of any other activity with respect to any Letter of
Credit (including without limitation, the transfer, amendment or cancellation of any Letter of Credit) determined in accordance with Bank’s standard fees and charges then in effect for such activity. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Borrower makes the following representations and warranties to Bank, which representations and warranties shall survive the execution of this
Agreement and shall continue in full force and effect until the full and final payment, and satisfaction and discharge, of all obligations of Borrower to Bank subject to this Agreement. 

SECTION 2.1. LEGAL STATUS. Borrower is a corporation, duly organized and existing and in good standing under the laws of Rhode Island, and is
qualified or licensed to do business (and is in good standing as a foreign corporation, if applicable) in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed could have a
material adverse effect on Borrower. 
 SECTION 2.2. AUTHORIZATION AND VALIDITY. This Agreement and each promissory note, contract,
instrument and other document required hereby or at any time hereafter delivered to Bank in connection herewith (collectively, the “Loan Documents”) have been duly authorized, and upon their execution and delivery in accordance with the
provisions hereof will constitute legal, valid and binding agreements and obligations of Borrower or the party which executes the same, enforceable in accordance with their respective terms. 

  
 -2- 

 SECTION 2.3. NO VIOLATION. The execution, delivery and performance by Borrower of each of the
Loan Documents do not violate any provision of any law or regulation, or contravene any provision of the Articles of Incorporation or By-Laws of Borrower, or result in any breach of or default under any contract, obligation, indenture or other
instrument to which Borrower is a party or by which Borrower may be bound. 
 SECTION 2.4. LITIGATION. There are no pending, or to the best
of Borrower’s knowledge threatened, actions, claims, investigations, suits or proceedings by or before any governmental authority, arbitrator, court or administrative agency which could reasonably be expected to have a material adverse effect
on the financial condition or operation of Borrower other than those disclosed by Borrower to Bank in writing prior to the date hereof. 

SECTION 2.5. CORRECTNESS OF FINANCIAL STATEMENT. The annual financial statement of Borrower dated January 31, 2014, and all interim
financial statements delivered to Bank since said date, true copies of which have been delivered by Borrower to Bank prior to the date hereof, (a) are complete and correct and present fairly the financial condition of Borrower as of each such
date, (b) disclose all liabilities of Borrower that are required to be reflected or reserved against under generally accepted accounting principles, whether liquidated or unliquidated, fixed or contingent, and (c) have been prepared in
accordance with generally accepted accounting principles consistently applied. Since the dates of such financial statements there has been no material adverse change in the financial condition of Borrower, nor has Borrower mortgaged, pledged,
granted a security interest in or otherwise encumbered any of its assets or properties except in favor of Bank or as otherwise disclosed by Borrower to Bank in writing prior to the date hereof. 

SECTION 2.6. INCOME TAX RETURNS. Borrower has no knowledge of any pending assessments or adjustments of its income tax payable with respect to
any year. 
 SECTION 2.7. NO SUBORDINATION. There is no agreement, indenture, contract or instrument to which Borrower is a party or by
which Borrower may be bound that requires the subordination in right of payment of any of Borrower’s obligations subject to this Agreement to any other obligation of Borrower. 

SECTION 2.8. PERMITS, FRANCHISES. Borrower possesses, and will hereafter possess, all permits, consents, approvals, franchises and licenses
required and rights to all trademarks, trade names, patents, and fictitious names, if any, necessary to enable it to conduct the business in which it is now engaged in compliance with applicable law. 

SECTION 2.9. ERISA. Borrower is in compliance in all material respects with all applicable provisions of the Employee Retirement Income
Security Act of 1974, as amended or recodified from time to time (“ERISA”); Borrower has not violated any provision of any defined employee pension benefit plan (as defined in ERISA) maintained or contributed to by Borrower (each, a
“Plan”); no Reportable Event as defined in ERISA has occurred and is continuing with respect to any Plan initiated by Borrower; Borrower has met its minimum funding requirements under ERISA with respect to each Plan; and each Plan will be
able to fulfill its benefit obligations as they come due in accordance with the Plan documents and under generally accepted accounting principles. 

  
 -3- 

 SECTION 2.10. OTHER OBLIGATIONS. Borrower is not in default on any obligation for borrowed money,
any purchase money obligation or any other material lease, commitment, contract, instrument or obligation. 
 SECTION 2.11. ENVIRONMENTAL
MATTERS. Except as disclosed by Borrower to Bank in writing prior to the date hereof, Borrower is in compliance in all material respects with all applicable federal or state environmental, hazardous waste, health and safety statutes, and any rules
or regulations adopted pursuant thereto, which govern or affect any of Borrower’s operations and/or properties, including without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Superfund
Amendments and Reauthorization Act of 1986, the Federal Resource Conservation and Recovery Act of 1976, and the Federal Toxic Substances Control Act, as any of the same may be amended, modified or supplemented from time to time. None of the
operations of Borrower is the subject of any federal or state investigation evaluating whether any remedial action involving a material expenditure is needed to respond to a release of any toxic or hazardous waste or substance into the environment.
Borrower has no material contingent liability in connection with any release of any toxic or hazardous waste or substance into the environment. 

ARTICLE III 
 CONDITIONS

 SECTION 3.1. CONDITIONS OF INITIAL EXTENSION OF CREDIT. The obligation of Bank to extend any credit contemplated by this Agreement is
subject to the fulfillment to Bank’s satisfaction of all of the following conditions: 
 (a) Approval of Bank Counsel. All legal
matters incidental to the extension of credit by Bank shall be satisfactory to Bank’s counsel. 
 (b) Documentation. Bank shall
have received, in form and substance satisfactory to Bank, each of the following, duly executed: 
  

	 	(i)	This Agreement and each promissory note or other instrument or document required hereby. 

  

	 	(ii)	Certificate of Incumbency. 

  

	 	(iii)	Corporate Resolution: Borrowing. 

  

	 	(iv)	Such other documents as Bank may require under any other Section of this Agreement. 

 (c)
Financial Condition. There shall have been no material adverse change, as determined by Bank, in the financial condition or business of Borrower or any guarantor hereunder, if any, nor any material decline, as determined by Bank, in the
market value of any collateral required hereunder or a substantial or material portion of the assets of Borrower or any such guarantor, if any. 

(d) Insurance. Borrower shall have delivered to Bank evidence of insurance coverage, in form, substance, amounts, covering risks and
issued by companies satisfactory to Bank, and where required by Bank, with lender loss payable endorsements in favor of Bank. 

  
 -4- 

 SECTION 3.2. CONDITIONS OF EACH EXTENSION OF CREDIT. The obligation of Bank to make each
extension of credit requested by Borrower hereunder shall be subject to the fulfillment to Bank’s satisfaction of each of the following conditions: 

(a) Compliance. The representations and warranties contained herein and in each of the other Loan Documents shall be true on and as of
the date of the signing of this Agreement and on the date of each extension of credit by Bank pursuant hereto, with the same effect as though such representations and warranties had been made on and as of each such date, and on each such date, no
Event of Default as defined herein, and no condition, event or act which with the giving of notice or the passage of time or both would constitute such an Event of Default, shall have occurred and be continuing or shall exist. 

(b) Documentation. Bank shall have received all additional documents which may be required in connection with such extension of credit.

 SECTION 3.3. CONDITIONS OF INITIAL LETTER OF CREDIT. Prior to the issuance of the first Letter of Credit hereunder, Bank shall have
received any letter of credit documentation required by Bank completed and duly executed by Borrower. 
 ARTICLE IV 

AFFIRMATIVE COVENANTS 

Borrower covenants that so long as Bank remains committed to extend credit to Borrower pursuant hereto, or any liabilities (whether direct or
contingent, liquidated or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower subject hereto, Borrower shall, unless Bank otherwise consents in writing: 

SECTION 4.1. PUNCTUAL PAYMENTS. Punctually pay all principal, interest, fees or other liabilities due under any of the Loan Documents at the
times and place and in the manner specified therein, and immediately upon demand by Bank, the amount by which the outstanding principal balance of any credit subject hereto at any time exceeds any limitation on borrowings applicable thereto. 

SECTION 4.2. ACCOUNTING RECORDS. Maintain adequate books and records in accordance with generally accepted accounting principles consistently
applied, and permit any representative of Bank, at any reasonable time upon reasonable prior notice, to inspect, audit and examine such books and records, to make copies of the same, and to inspect the properties of Borrower. All costs associated
with such reviews shall be for Borrower’s account; provided, however, that absent the occurrence and continuance of an Event of Default, Borrower shall only be obligated to pay Bank’s costs for one review per fiscal year. 

SECTION 4.3. FINANCIAL STATEMENTS. Provide to Bank all of the following, in form and detail satisfactory to Bank: 

(a) not later than 90 days after and as of the end of each fiscal year, audited consolidated financial statements of Borrower, reported on by a
registered independent public accounting firm, to include a balance sheet, income statement and statement of cash flows as well as 10Q and 10K reports as available; 

(b) not later than 45 days after and as of the end of each fiscal quarter, a financial statement of Borrower, prepared by Borrower, to include
a balance sheet, income statement and statement of cash flows; 

  
 -5- 

 (c) contemporaneously with each annual and quarterly financial statement of Borrower required
hereby, a certificate of the chief financial officer of Borrower that said financial statements are accurate, that Borrower is in compliance with all financial covenants in this Agreement (as evidenced by detailed calculations attached to such
certificate), and that there exists no Event of Default nor any condition, act or event which with the giving of notice or the passage of time or both would constitute an Event of Default; 

(d) not later than 45 days after and as of the end of each fiscal year, a budget for the following fiscal year of Borrower, to include a
balance sheet, income statement and statement of cash flows. 
 (e) from time to time such other information as Bank may reasonably request.

 SECTION 4.4. COMPLIANCE. Preserve and maintain all licenses, permits, governmental approvals, rights, privileges and franchises necessary
for the conduct of its business; and comply with the provisions of all documents pursuant to which Borrower is organized and/or which govern Borrower’s continued existence and with the requirements of all laws, rules, regulations and orders of
any governmental authority applicable to Borrower and/or its business. 
 SECTION 4.5. INSURANCE. Maintain and keep in force, for each
business in which Borrower is engaged, insurance of the types and in amounts customarily carried in similar lines of business, including but not limited to fire, extended coverage, public liability, flood, and, if required, seismic property damage
and workers’ compensation, with all such insurance carried with companies and in amounts satisfactory to Bank, and deliver to Bank from time to time at Bank’s request schedules setting forth all insurance then in effect, together with a
lender’s loss payee endorsement for all such insurance naming Bank as a lender loss payee. 
 SECTION 4.6. FACILITIES. Keep all
properties useful or necessary to Borrower’s business in good repair and condition, and from time to time make necessary repairs, renewals and replacements thereto so that such properties shall be fully and efficiently preserved and maintained.

 SECTION 4.7. TAXES AND OTHER LIABILITIES. Pay and discharge when due any and all indebtedness, obligations, assessments and taxes, both
real or personal, including without limitation federal and state income taxes and state and local property taxes and assessments, except (a) such as Borrower may in good faith contest or as to which a bona fide dispute may arise, and
(b) for which Borrower has made provision, to Bank’s reasonable satisfaction, for eventual payment thereof in the event Borrower is obligated to make such payment. 

SECTION 4.8. LITIGATION. Promptly give notice in writing to Bank of any litigation pending or, if known to Borrower, threatened against
Borrower. 
 SECTION 4.9. FINANCIAL CONDITION. Maintain Borrower’s financial condition as follows using generally accepted accounting
principles (“U.S. GAAP”) consistently applied and used consistently with prior practices (except to the extent modified by the definitions herein): 

(a) Total Funded Debt to Adjusted EBITDA not greater than 3.0 to 1.0 as of each fiscal quarter end, determined on a rolling 4-quarter basis, with “Total Funded Debt” defined as the sum of all obligations for borrowed money (including subordinated debt) plus all capital lease obligations (as determined by U.S. GAAP), and with
“Adjusted EBITDA” defined as net profit before tax plus interest expense (net of capitalized interest expense), depreciation expense, amortization expense, and non-cash stock-based compensation. 

  
 -6- 

 (b) Fixed Charge Coverage Ratio not less than 1.25 to 1.0 as of each fiscal quarter end,
determined on a rolling 4-quarter basis, with “Fixed Charge Coverage Ratio” defined as the aggregate of Adjusted EBITDA as defined above, minus share repurchases, dividends, cash taxes and capital expenditures divided by the aggregate of
the scheduled principal repayments and capital lease obligations for such period plus cash interest expense. Dividends and share repurchases will be excluded from this calculation, provided there is a minimum consolidated balance of cash and
marketable securities net of indebtedness and on deposit free of any lien in accounts domiciled in the U.S. of at least $7,500,000.00. 

SECTION 4.10. NOTICE TO BANK. Promptly (but in no event more than five (5) days after the occurrence of each such event or matter) give
written notice to Bank in reasonable detail of: (a) the occurrence of any Event of Default, or any condition, event or act which with the giving of notice or the passage of time or both would constitute an Event of Default; (b) any change
in the name or the organizational structure of Borrower; (c) the occurrence and nature of any Reportable Event or Prohibited Transaction, each as defined in ERISA, or any funding deficiency with respect to any Plan; or (d) any termination
or cancellation of any insurance policy which Borrower is required to maintain, or any uninsured or partially uninsured loss through liability or property damage, or through fire, theft or any other cause affecting Borrower. 

ARTICLE V 
 NEGATIVE
COVENANTS 
 Borrower further covenants that so long as Bank remains committed to extend credit to Borrower pursuant hereto, or any
liabilities (whether direct or contingent, liquidated or unliquidated) of Borrower to Bank under any of the Loan Documents remain outstanding, and until payment in full of all obligations of Borrower subject hereto, Borrower will not without
Bank’s prior written consent: 
 SECTION 5.1. USE OF FUNDS. Use any of the proceeds of any credit extended hereunder except for the
purposes stated in Article I hereof. 
 SECTION 5.2. OTHER INDEBTEDNESS. Create, incur, assume or permit to exist any indebtedness or
liabilities resulting from borrowings, loans or advances, whether secured or unsecured, matured or unmatured, liquidated or unliquidated, joint or several, except (a) the liabilities of Borrower to Bank; (b) any other liabilities of
Borrower existing as of, and disclosed to Bank in writing prior to, the date hereof, (c) additional purchase money indebtedness (including capitalized leases) for the acquisition of fixed assets, provided that such additional purchase money
indebtedness does not exceed $2,000,000.00 per annum, and (d) additional unsecured indebtedness which does not exceed $5,000,000.00 at any time outstanding. 

SECTION 5.3. MERGER, CONSOLIDATION, TRANSFER OF ASSETS. Merge into or consolidate with any other entity; make any substantial change in the
nature of Borrower’s business as conducted as of the date hereof; acquire all or substantially all of the assets of any other entity, except for a Permitted Acquisition (as defined below); nor sell, lease, transfer or otherwise dispose of all
or a substantial or material portion of Borrower’s assets except in the ordinary course of its business, “Permitted Acquisition” is defined as any acquisition by Borrower of all or substantially all of the operating assets of any
person, entity or business line 

  
 -7- 

 
of any person or entity so long as all of the following conditions are satisfied: (a) the acquisition is consummated in compliance with applicable law, (b) the acquisition is within the
same or similar line of business as Borrower, (c) the acquired company generated Adjusted EBITDA (excluding non-recurring charges incurred by the business, person or entity to be acquired) in excess of $1.00 in the trailing six month period,
(d) there exists no Event of Default, nor any act, condition or event which with the giving of notice or the passage of time or both would constitute an Event of Default, and no such Event of Default or potential Event of Default results after
giving effect to the acquisition, (e) has notified the Bank prior to closing the transaction, (f) Borrower is in compliance with all covenants for the previous four fiscal quarters, (g) for transactions in excess of $5,000,000.00,
prior to closing, Borrower demonstrates pro forma compliance with all covenants for the following four fiscal quarters, and (h) for transactions in excess of $10,000,000.00, Borrower receives Bank’s written approval prior to closing and
demonstrates pro forma compliance for the following four fiscal quarters. 
 SECTION 5.4. GUARANTIES. Guarantee or become liable in any way
as surety, endorser (other than as endorser of negotiable instruments for deposit or collection in the ordinary course of business), accommodation endorser or otherwise for, nor pledge or hypothecate any assets of Borrower as security for, any
liabilities or obligations of any other person or entity, except any of the foregoing in favor of Bank. 
 SECTION 5.5. LOANS, ADVANCES,
INVESTMENTS. Make any loans or advances to or investments in any person or entity not included in Borrower’s consolidated financial statements, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof. 

SECTION 5.6. PLEDGE OF ASSETS. Mortgage, pledge, grant or permit to exist a security interest in, or lien upon, all or any portion of
Borrower’s assets now owned or hereafter acquired, except (a) security Interests or liens in favor of Bank; (b) security interests or liens existing as of, and disclosed to Bank in writing prior to, the date hereof, (c) commit to
not mortgage, pledge, grant or permit to and exist a security interest in, or lien upon, all or any portion of Borrower’s assets now owned or hereafter acquired to any other institution, (d) liens to secure purchase money indebtedness
permitted under Section 5.2 hereof, (e) liens for taxes not yet due or which are being contested in good faith by appropriate proceedings and for which adequate reserves have been established, and (f) statutory liens such as
carriers’, warehousemen’s, mechanics’, materialmen’s or similar liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith by appropriate
proceedings. 
 ARTICLE VI 

EVENTS OF DEFAULT 
 SECTION
6.1. The occurrence of any of the following shall constitute an “Event of Default” under this Agreement: 
 (a) Borrower shall fall
to pay when due any principal, interest, fees or other amounts payable under any of the Loan Documents. 
 (b) Any financial statement or
certificate furnished to Bank in connection with, or any representation or warranty made by Borrower or any other party under this Agreement or any other Loan Document shall prove to be incorrect, false or misleading in any material respect when
furnished or made. 

  
 -8- 

 (c) Any default in the performance of or compliance with any obligation, agreement or other
provision contained herein or in any other Loan Document (other than those specifically described as an “Event of Default” in this section 6.1), and with respect to any such default that by its nature can be cured, such default shall
continue for a period of twenty (20) days from its occurrence. 
 (d) Any default in the payment or performance of any obligation, or
any defined event of default, under the terms of any contract, instrument or document (other than any of the Loan Documents) pursuant to which Borrower, any guarantor hereunder or any general partner or joint venturer in Borrower if a partnership or
joint venture (with each such guarantor, general partner and/or joint venturer referred to herein as a “Third Party Obligor”) has incurred any debt or other liability to any person or entity, including Bank. 

(e) Borrower or any Third Party Obligor shall become insolvent, or shall suffer or consent to or apply for the appointment of a receiver,
trustee, custodian or liquidator of itself or any of its property, or shall generally fail to pay its debts as they become due, or shall make a general assignment for the benefit of creditors; Borrower or any Third Party Obligor shall file a
voluntary petition in bankruptcy, or seeking reorganization, in order to effect a plan or other arrangement with creditors or any other relief under the Bankruptcy Reform Act, Title 11 of the United States Code, as amended or recodified from time to
time (“Bankruptcy Code”), or under any state or federal law granting relief to debtors, whether now or hereafter in effect; or Borrower or any Third Party Obligor shall file an answer admitting the jurisdiction of the court and the
material allegations of any involuntary petition; or Borrower or any Third Party Obligor shall be adjudicated a bankrupt, or an order for relief shall be entered against Borrower or any Third Party Obligor by any court of competent jurisdiction
under the Bankruptcy Code or any other applicable state or federal law relating to bankruptcy, reorganization or other relief for debtors. 

(f) The filing of a notice of judgment lien against Borrower or any Third Party Obligor; or the recording of any abstract of judgment against
Borrower or any Third Party Obligor in any county in which Borrower or such Third Party Obligor has an interest in real property; or the service of a notice of levy and/or of a writ of attachment or execution, or other like process, against the
assets of Borrower or any Third Party Obligor; or the entry of a judgment against Borrower or any Third Party Obligor; or any involuntary petition or proceeding pursuant to the Bankruptcy Code or any other applicable state or federal law relating to
bankruptcy, reorganization or other relief for debtors is filed or commenced against Borrower or any Third Party Obligor. 
 (g) The
dissolution or liquidation of Borrower or any Third Party Obligor if a corporation, partnership, joint venture or other type of entity; or Borrower or any such Third Party Obligor, or any of its directors, stockholders or members, shall take action
seeking to effect the dissolution or liquidation of Borrower or such Third Party Obligor. 
 (h) Any change in control of Borrower or any
entity or combination of entitles that directly or indirectly control Borrower, with “control” defined as ownership of an aggregate of fifty percent (50%) or more of the common stock, members’ equity or other ownership interest
(other than a limited partnership interest). 

  
 -9- 

 SECTION 6.2. REMEDIES. Upon the occurrence of any Event of Default: (a) all indebtedness of
Borrower under each of the Loan Documents, any term thereof to the contrary notwithstanding, shall at Bank’s option and without notice become immediately due and payable without presentment, demand, protest or notice of dishonor, all of which
are hereby expressly waived by Borrower; (b) the obligation, if any, of Bank to extend any further credit under any of the Loan Documents shall immediately cease and terminate; and (c) Bank shall have all rights, powers and remedies
available under each of the Loan Documents, or accorded by law, including without limitation the right to resort to any or all security for any credit subject hereto and to exercise any or all of the rights of a beneficiary or secured party pursuant
to applicable law. All rights, powers and remedies of Bank may be exercised at any time by Bank and from time to time after the occurrence of an Event of Default, are cumulative and not exclusive, and shall be in addition to any other rights, powers
or remedies provided by law or equity. 
 ARTICLE VII 

MISCELLANEOUS 
 SECTION
7.1. NO WAIVER. No delay, failure or discontinuance of Bank in exercising any right, power or remedy under any of the Loan Documents shall affect or operate as a waiver of such right, power or remedy; nor shall any single or partial exercise of any
such right, power or remedy preclude, waive or otherwise affect any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver, permit, consent or approval of any kind by Bank of any breach of or default under
any of the Loan Documents must be in writing and shall be effective only to the extent set forth in such writing. 
 SECTION 7.2. NOTICES.
All notices, requests and demands which any party is required or may desire to give to any other party under any provision of this Agreement must be in writing delivered to each party at the following address: 

 

			
	 BORROWER:
	  	 ASTRO-MED, INC.
 600 East Greenwich Avenue

West Warwick, Rhode Island 02893
 Attn: Chief Financial
Officer

		
	 BANK:
	  	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 MAC
J9216-202
 101 Federal Street, 20th Floor

Boston, Massachusetts 02110

 or to such other address as any party may designate by written notice to all other parties. Each such notice, request and
demand shall be deemed given or made as follows: (a) if sent by hand delivery, upon delivery; (b) if sent by mail, upon the earlier of the date of receipt or three (3) days after deposit in the U.S. mail, first class and postage
prepaid; and (c) if sent by telecopy, upon receipt. 
 SECTION 7.3. COSTS, EXPENSES AND ATTORNEYS’ FEES. Borrower shall pay to
Bank immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable outside attorneys’ fees, expended or incurred by Bank in connection with (a) the negotiation and preparation of this
Agreement and the other Loan Documents, Bank’s continued administration hereof and thereof, and the preparation of any amendments and waivers hereto and thereto, (b) the enforcement of Bank’s rights and/or the collection of any
amounts which become due to Bank under any of the Loan Documents, and 

  
 -10- 

 
(c) the prosecution or defense of any action in any way related to any of the Loan Documents, including without limitation, any action for declaratory relief, whether incurred at the trial or
appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank
or any other person) relating to Borrower or any other person or entity. 
 SECTION 7.4. SUCCESSORS, ASSIGNMENT. This Agreement shall be
binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives, successors and assigns of the parties; provided however, that Borrower may not assign or transfer its interests or rights hereunder without
Bank’s prior written consent. Bank reserves the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, Bank’s rights and benefits under each of the Loan Documents. In connection
therewith, Bank may disclose to such participants and assignees all documents and information which Bank now has or may hereafter acquire relating to any credit subject hereto, Borrower or its business, any guarantor hereunder or the business of
such guarantor, if any, or any collateral required hereunder. 
 SECTION 7.5. ENTIRE AGREEMENT; AMENDMENT. This Agreement and the other Loan
Documents constitute the entire agreement between Borrower and Bank with respect to each credit subject hereto and supersede all prior negotiations, communications, discussions and correspondence concerning the subject matter hereof. This Agreement
may be amended or modified only in writing signed by each party hereto. 
 SECTION 7.6. NO THIRD PARTY BENEFICIARIES. This Agreement is made
and entered into for the sole protection and benefit of the parties hereto and their respective permitted successors and assigns, and no other person or entity shall be a third party beneficiary of, or have any direct or indirect cause of action or
claim in connection with, this Agreement or any other of the Loan Documents to which it is not a party. 
 SECTION 7.7. TIME. Time is of the
essence of each and every provision of this Agreement and each other of the Loan Documents. 
 SECTION 7.8. SEVERABILITY OF PROVISIONS. If
any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or any remaining
provisions of this Agreement. 
 SECTION 7.9. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when
executed and delivered shall be deemed to be an original, and all of which when taken together shall constitute one and the same Agreement. 

SECTION 7.10. GOVERNING LAW. This Agreement shall be governed by and construed, in accordance with the laws of the Commonwealth of
Massachusetts. 
 SECTION 7.11. RIGHT OF SETOFF; DEPOSIT ACCOUNTS. Upon the occurrence and during the continuation of, an Event of
Default, (a) Borrower hereby authorizes Bank, at any time and from time to time, without notice, which is hereby expressly waived by Borrower, and whether or not Bank shall have declared any credit subject hereto to be due and payable in
accordance with the terms hereof, to set off against, and to appropriate and apply to the payment of, Borrower’s obligations and liabilities under the Loan Documents (whether matured or unmatured, fixed or contingent, liquidated or
unliquidated), any and all amounts owing by Bank to Borrower (whether payable in U.S. dollars or any other currency, whether matured 

  
 -11- 

 
or unmatured, and in the case of deposits, whether general or special (except payroll, trust and escrow accounts), time or demand and however evidenced), and (b) pending any such action, to
the extent necessary, to hold such amounts as collateral to secure such obligations and liabilities and to return as unpaid for insufficient funds any and all checks and other items drawn against any deposits so held as Bank, in its sole discretion,
may elect. Bank may exercise this remedy regardless of the adequacy of any collateral for the obligations of Borrower to Bank and whether or not the Bank is otherwise fully secured. Borrower hereby grants to Bank a security interest in all deposits
and accounts maintained with Bank to secure the payment of all obligations and liabilities of Borrower to Bank under the Loan Documents. 

SECTION 7.12. ARBITRATION. 
 (a)
Arbitration. The parties hereto agree, upon demand by any party, to submit to binding arbitration all claims, disputes and controversies between or among them (and their respective employees, officers, directors, attorneys, and other agents),
whether in tort, contract or otherwise in any way arising out of or relating to (i) any credit subject hereto, or any of the Loan Documents, and their negotiation, execution, collateralization, administration, repayment, modification,
extension, substitution, formation, inducement, enforcement, default or termination; or (ii) requests for additional credit. In the event of a court ordered arbitration, the party requesting arbitration shall be responsible for timely filing
the demand for arbitration and paying the appropriate filing fee within 30 days of the abatement order or the time specified by the court. Failure to timely file the demand for arbitration as ordered by the court will result in that party’s
right to demand arbitration being automatically terminated. 
 (b) Governing Rules. Any arbitration proceeding will (i) proceed
in a location in Massachusetts selected by the American Arbitration Association (“AAA”); (ii) be governed by the Federal Arbitration Act (Title 9 of the United States Code), notwithstanding any conflicting choice of law provision in
any of the documents between the parties; and (iii) be conducted by the AAA, or such other administrator as the parties shall mutually agree upon, in accordance with the AAA’s commercial dispute resolution procedures, unless the claim or
counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs in which case the arbitration shall be conducted in accordance with the AAA’s optional procedures for large, complex commercial disputes (the
commercial dispute resolution procedures or the optional procedures for large, complex commercial disputes to be referred to herein, as applicable, as the “Rules”). If there is any inconsistency between the terms hereof and the Rules, the
terms and procedures set forth herein shall control. Any party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other party in compelling arbitration of any
dispute. Nothing contained herein shall be deemed to be a waiver by any party that is a bank of the protections afforded to it under 12 U.S.C. §91 or any similar applicable state law. 

(c) No Waiver of Provisional Remedies, Self-Help and Foreclosure. The arbitration requirement does not limit the right of any party to
(i) foreclose against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as
replevin, injunctive relief, attachment or the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any party to submit any dispute to
arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph. 

  
 -12- 

 (d) Arbitrator Qualifications and Powers. Any arbitration proceeding in which the amount
in controversy is $5,000,000.00 or less will be decided by a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any dispute in which the amount in controversy exceeds $5,000,000.00
shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators must actively participate in all hearings and deliberations. The arbitrator will be a neutral attorney licensed in the Commonwealth of
Massachusetts or a neutral retired judge of the state or federal judiciary of Massachusetts, in either case with a minimum of ten years experience in the substantive law applicable to the subject matter of the dispute to be arbitrated. The
arbitrator will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the
arbitrator’s discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all disputes in accordance with the substantive law of
Massachusetts and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award
recovery of all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil Procedure, the Massachusetts Rules of Civil Procedure or
other applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not
constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief. 

(e) Discovery. In any arbitration proceeding, discovery will be permitted in accordance with the Rules. All discovery shall be
expressly limited to matters directly relevant to the dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for an extension of the discovery periods, or any discovery disputes, will be subject to
final determination by the arbitrator upon a showing that the request for discovery is essential for the party’s presentation and that no alternative means for obtaining information is available. 

(f) Class Proceedings and Consolidations. No party hereto shall be entitled to join or consolidate disputes by or against others in any
arbitration, except parties who have executed any Loan Document, or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration in the interest of the general public or in a private attorney
general capacity. 
 (g) Payment Of Arbitration Costs And Fees. The arbitrator shall award all costs and expenses of the arbitration
proceeding. 
 (h) Miscellaneous. To the maximum extent practicable, the AAA, the arbitrators and the parties shall take all action
required to conclude any arbitration proceeding within 180 days of the filing of the dispute with the AAA. No arbitrator or other party to an arbitration proceeding may disclose the existence, content or results thereof, except for disclosures of
information by a party required in the ordinary course of its business or by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a dispute, the arbitration provision most directly
related to the Loan Documents or the subject matter of the dispute shall control. This arbitration provision shall survive termination, amendment or expiration of any of the Loan Documents or any relationship between the parties. 

  
 -13- 

 (i) Small Claims Court. Notwithstanding anything herein to the contrary, each party
retains the right to pursue in Small Claims Court any dispute within that court’s jurisdiction. Further, this arbitration provision shall apply only to disputes in which either party seeks to recover an amount of money (excluding
attorneys’ fees and costs) that exceeds the jurisdictional limit of the Small Claims Court. 
 IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as a sealed instrument as of the day and year first written above. 
  

									
	ASTRO-MED, INC.	 		 	 WELLS FARGO BANK,
 NATIONAL
ASSOCIATION

					
	By:	 	/S/ GREGORY A. WOODS	 		 	By:	 	/s/ DAVID M. CRANE
		 	GREGORY A. WOODS,	 		 		 	DAVID M. CRANE,
		 	PRESIDENT AND CHIEF EXECUTIVE OFFICER	 		 		 	SENIOR VICE PRESIDENT

  

			
		
	By:	 	/s/ JOSEPH P. O’CONNELL
		 	JOSEPH P. O’CONNELL,
		 	SENIOR VICE PRESIDENT,
		 	 TREASURER AND CHIEF
 FINANCIAL
OFFICER

  
 -14-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}]]