Document:

exv10w1

Exhibit 10.1

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

     THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”), made as of this 14th day of
January, 2010, is entered into by EDAC Technologies Corporation, a Wisconsin corporation with its
principal place of business in Farmington, Connecticut (the “Company”), and Dominick Pagano,
residing at 10 Sasqua Trail, Weston, Connecticut 06883 (the “Executive”).

RECITALS

     The Company and the Executive are parties to an Amended and Restated Employment Agreement
dated as of February 12, 2007 (the “Employment Agreement”);

     The Company and the Executive each desire to amend and restate the Employment Agreement on the
terms and conditions set forth below.

AGREEMENTS

     In consideration of the mutual covenants and promises contained in this Agreement, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties to this Agreement, the parties agree as follows:

     1. Term of Employment. The Company hereby agrees to employ the Executive, and the
Executive hereby accepts employment with the Company, upon the terms set forth in this Agreement,
for the period commencing on the first day of the Company’s 2010 fiscal year (the “Commencement
Date”) and ending on the last day of the Company’s 2012 fiscal year (such initial employment
period, and as it may be extended pursuant to the next sentence, the “Employment Period”), unless
sooner terminated in accordance with the provisions of Section 4. The term of the Executive’s
Employment Period will automatically be extended for successive periods of 12 months (equal to the
next fiscal year period) unless the Company elects to not extend the Agreement by providing notice
to the Executive at least 90 days prior to the end of then current term of this Agreement.

     2. Title; Capacity. The Executive shall serve as the President and Chief Executive
Officer of the Company or in such other reasonably comparable position as the Company or its Board
of Directors (the “Board”) may determine from time to time. The Executive shall be based at the
Company’s facilities in Farmington, Connecticut, or such place or places as the Board shall
determine. The Executive shall be subject to the supervision of, and shall have such authority as
is delegated to the Executive by, the Board. As the President and Chief Executive Officer, the
Executive shall be responsible for the ongoing management and oversight of the business and affairs
of the Company and perform those duties normally associated with the offices of President and Chief
Executive Officer.

     The Executive hereby accepts such employment and agrees to undertake the duties and
responsibilities inherent in such position and such other duties and responsibilities as the Board
shall from time to time reasonably assign to the Executive. It is understood and acknowledged

 

 

that the Executive will be employed on a full time basis, and he will devote his business
time, effort, skill and attention to adequately perform his duties while employed by the Company
during the Employment Period. The Executive agrees to abide by the rules, regulations,
instructions, personnel practices and policies of the Company and any changes therein which may be
adopted from time to time by the Company. Notwithstanding the foregoing, the parties recognize and
agree that the Executive may engage in passive personal investments and charitable or public
service activities and serve on boards of directors of corporations to the extent that such
activities do not conflict with the business and affairs of the Company or interfere with the
Executive’s performance of his duties and obligations hereunder.

     3. Compensation and Benefits.

          3.1 Salary. The Company shall pay the Executive, in periodic installments in
accordance with the Company’s customary payroll practices, an annual base salary (the “Base
Salary”) of $360,000 for calendar year 2010. Such salary shall be subject to annual review by the
Board and/or the Compensation Committee of the Board (the “Compensation Committee”), and is subject
to adjustment thereafter as determined by the Board and/or the Compensation Committee.

          3.2 Bonus; Fringe Benefits. The Executive shall be eligible to receive an annual
bonus or bonuses (the “Annual Bonus”) based upon the Executive’s performance and computed in
accordance with the Company’s Management Incentive Bonus Plan (or successor or replacement plan),
including performance goals established by the Board or the Compensation Committee in consultation
with the Executive. The target Annual Bonus for the Executive in any calendar year shall be at
least 50% of the Executive’s Base Salary for that calendar year. The Executive shall also be
entitled to participate in all other benefit programs that the Company establishes and makes
available to its employees, if any, to the extent that Executive’s position, tenure, salary, age,
health and/or other qualifications, if any, make him eligible to participate. The Executive shall
be eligible to participate in any short-term or long-term incentive programs as may be approved by
the Board from time to time; provided, however, that the Executive agrees that the Board may modify
or discontinue such short-term or long-term incentive programs at any time in the Board’s sole and
absolute discretion. The Executive shall be entitled to five weeks paid vacation per calendar
year, to be taken at such times during such calendar year as may be approved by the Board. Any
vacation days that have not been used by the Executive by the end of the calendar year to which
such days relate shall be forfeited by the Executive and the Executive shall not have the right to
carry over to subsequent calendar years any unused vacation time.

          3.3 Reimbursement of Expenses. The Company shall reimburse the Executive for all
reasonable travel, entertainment and other expenses incurred or paid by the Executive in connection
with, or related to, the performance of his duties, responsibilities or services under this
Agreement, in accordance with policies and procedures, and subject to limitations, adopted by the
Company from time to time.

          3.4 Withholding. All salary, bonus and other compensation payable to the Executive
shall be subject to applicable withholding taxes.

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          3.5 Directors’ and Officers’ Insurance. The Executive will be covered as an insured
under the Company’s policies of directors’ and officers’ liability insurance in such a manner as to
provide the Executive with the same rights and benefits thereunder as are accorded to the Company’s
other executive officers and directors.

     4. Termination of Employment Period. The employment of the Executive by the Company
pursuant to this Agreement shall terminate upon the occurrence of any of the following:

          4.1 At the election of the Company, for Cause (as defined below), immediately upon written
notice by the Company to the Executive, which notice shall identify the Cause upon which the
termination is based. For the purposes of this Section 4.1, “Cause” shall mean (a) a good faith
finding by the Company that (i) the Executive has failed to perform in any material respect his
assigned duties for the Company (other than any such failure resulting from incapacity due to
physical or mental illness) and, if capable of being remedied, (A) has failed to take appropriate
action to remedy such failure within 10 business days following written notice from the Company to
the Executive notifying him of such failure, and (B) has failed to remedy such failure within 30
days following such written notice, or (ii) the Executive has engaged in fraud, gross negligence or
gross misconduct, which in each case is materially and demonstrably injurious to the Company, or
(b) the conviction of the Executive of, or the entry of a pleading of guilty or nolo contendere by
the Executive to, any crime involving moral turpitude or any felony;

          4.2 At the election of the Executive, for Good Reason (as defined below), immediately upon
written notice by the Executive to the Company, which notice shall identify the Good Reason upon
which the termination is based. For the purposes of this Section 4.2, “Good Reason” for
termination shall mean (i) a material reduction in the Executive’s authority or duties, or a
reduction in the Executive’s compensation, in each such case without the prior written consent of
the Executive, (ii) a material breach by the Company of the terms of this Agreement, which breach,
if capable of being remedied, (A) the Company has not taken appropriate action to remedy within 10
business days following written notice from the Executive to the Company notifying it of such
breach, and (B) is not remedied by the Company within 30 days following such written notice, (iii)
the relocation of the Executive’s place of work more than 30 miles from the Company’s current
facilities in Farmington, Connecticut, or (iv) a Change of Control (as defined below) of the
Company.

     For purposes of this Section 4.2, “Change of Control” shall mean: (i) the acquisition by an
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) (a “Person”) of beneficial ownership of any
capital stock of the Company if, after such acquisition, such Person beneficially owns (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) 40% or more of the then-outstanding
shares of common stock of the Company or the combined voting power of the then-outstanding
securities of the Company entitled to vote generally in the election of directors; (ii) such time
as the Continuing Directors (as defined below) do not constitute two-thirds of the Board (or, if
applicable, the Board of Directors of a successor corporation to the Company), where the term
“Continuing Director” means at any date a member of the Board (A) who was a member of the Board on
the date of the execution of this Agreement or (B) who was

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nominated or elected subsequent to such date by at least two-thirds of the directors who were
Continuing Directors at the time of such nomination or election or whose election to the Board was
recommended or endorsed by at least two-thirds of the directors who were Continuing Directors at
the time of such nomination or election; provided, however, that there shall be excluded from this
clause (B) any individual whose initial assumption of office occurred as a result of an actual or
threatened election contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents, by or on behalf of a person other than the Board;
or (iii) the consummation of a merger, consolidation, reorganization, recapitalization or statutory
share exchange involving the Company or a sale or other disposition of all or substantially all of
the assets of the Company, unless the owners of the capital stock of the Company before such
transaction continue to own more than 50% of the capital stock of the acquiring or succeeding
entity in substantially the same proportions immediately following such a transaction.

          4.3 Upon the death or disability of the Executive. As used in this Agreement, the term
“disability” shall mean the inability of the Executive, due to a physical or mental disability, for
a period of 90 days, whether or not consecutive, during any 360-day period to perform the services
contemplated under this Agreement, with or without reasonable accommodation as that term is defined
under state or federal law. A determination of disability shall be made by a physician
satisfactory to both the Executive and the Company, provided that if the Executive
and the Company do not agree on a physician, the Executive and the Company shall each select a
physician and these two together shall select a third physician, whose determination as to
disability shall be binding on all parties;

     5. Effect of Termination.

          5.1 At-Will Employment. If an Employment Period terminates pursuant to this
Agreement, and the Company decides to continue to employ the Executive following such termination,
and the Executive decides to continue to be employed by the Company, then the Executive shall
continue his employment on an at-will basis following the termination of the Employment Period.
Such at-will employment relationship may be terminated by either party at any time and shall not be
governed by the terms of this Agreement.

          5.2 Payment Upon Termination.

          (a) In the event the Executive’s employment is terminated pursuant to Section 4.1 or
Section 4.3, the Company shall pay to the Executive the compensation, bonus and benefits otherwise
payable to him under Section 3 through the last day of his actual employment by the Company.

          (b) In the event the Executive’s employment is terminated by the Company without Cause, or by
the Company if it elects not to extend the then current term of the Agreement, or by the Executive
pursuant to Section 4.2:

          (i) the Company shall pay to the Executive all accrued amounts owing to him but not yet paid
as of the date of termination;

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          (ii) the Company shall pay to the Executive an amount equal to the Severance Benefits (as
defined below) for a period of time equal to the longer of (x) 24 months from the date of
termination and (y) the period of time remaining in the then current Employment Period (assuming no
such termination had occurred, prorated for any partial year) (such longer period, the “Severance
Payment Period”);

          (iii) the Company shall continue to provide to the Executive for the Severance Payment Period
the other benefits owed to him under Section 3.2 (including health and dental insurance) (to the
extent such benefits can be provided to non-employees, or to the extent such benefits cannot be
provided to non-employees, the cash equivalent thereof);

          (iv) all then outstanding stock options held by the Executive that were granted to him but not
yet vested shall become fully vested as of the date of termination.

          “Severance Benefits” shall mean an amount equal to (i) the Executive’s Base Salary for the
year in which such termination occurs and (ii) the greater of (A) the Target Bonus in effect for
the year in which such termination occurs and (B) the actual bonus earned by the Executive in the
year immediately preceding such termination.

          The amounts payable by the Company pursuant to Section 5.2(b)(i) shall be paid upon
termination. The amounts payable by the Company pursuant to Section 5.2(b)(ii) shall be paid, with
respect to his Base Salary, in annualized monthly installments over the Severance Period and, with
respect to his bonus amount, at the time when the Company customarily pays such amounts, for each
year (or prorated year) during the Severance Payment Period.

          The payment to the Executive of all amounts payable under this Section: (i) shall be
contingent upon the execution by the Executive of a release which shall release the Company of and
from any and all claims and liabilities Executive has or may have against the Company arising out
of any matter, cause or event relating to his employment (A) occurring prior to the Executive’s
termination date, and (B) excluding any slander, libel or comparable claim which may be asserted by
the Executive against the Company and (ii) shall, with respect to the matters covered in such
release, constitute the sole remedy of the Executive in the event of a termination of the
Executive’s employment in the circumstances set forth in this Section 5.2(b).

          (c) Notwithstanding any provision in this Agreement to the contrary, any payment otherwise
required to be made hereunder to the Executive at any date as a result of the termination of
Executive’s employment that is subject to Section 409A of the Code shall be delayed for such period
of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the
“Delay Period”); provided, however, that any payment that is due to the Executive’s involuntary
termination of employment or the Executive’s termination of employment due to Good Reason, as
defined in Treasury Regulations Section 1.409A-1(n)(2)(ii), may be paid to the extent permitted
under Treasury Regulations Section 1.409A-1(b)(9)(iii). On the first business day following the
expiration of the Delay Period, the Executive shall be paid, in a single cash lump sum, an amount
equal to the aggregate amount of all payments delayed pursuant to the preceding sentence and any
remaining payments not so delayed shall continue to be paid pursuant to the payment schedule set
forth herein.

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          (d) Notwithstanding any other provision of this Agreement, in the event that any payment or
benefit received or to be received by the Executive (i) is deemed to be in connection with a Change
of Control (whether payable pursuant to the terms of this Agreement or any other plan, arrangement
or agreement with the Company, its successors, any person whose actions result in a Change of
Control or any corporation (“Affiliates”) affiliated (or which, as a result of the completion of
the transactions causing a Change of Control will become affiliated) with the Company within the
meaning of Section 1504 of the Internal Revenue Code of 1986, as amended (the “Code”) (collectively
with the payments and benefits pursuant to this Agreement if deemed to be paid pursuant to a Change
of Control, “Total Payments”)) and (ii) is determined by the Company’s independent certified
accounting firm (the “Tax Advisor”) that such amount exceeds 2.99 times the base amount (as such
term is defined under Section 280G(b)(3) of the Code) and that an excise tax is payable by
Executive under Section 4999 of the Code, then the amount of payments to the Executive shall be
reduced so that the payments do not exceed the limits then set forth in Section 280G of the Code.

          5.3 Survival. The provisions of Sections 5.2(b), (c) and (d), 6 and 7 shall survive
the termination of this Agreement.

     6. Non-Competition and Non-Solicitation.

          6.1 Restricted Activities. While the Executive is employed by the Company and, if the
Executive is terminated for Cause pursuant to Section 4.1 for an additional period of one year
after the termination of such employment, the Executive will not directly or indirectly:

          (a) Engage in any business or enterprise (whether as owner, partner, officer, director,
employee, consultant, investor, lender or otherwise, except as the holder of not more than 1% of
the outstanding stock of a publicly-held company) that is competitive with the Company’s business
as conducted as of the termination date, including but not limited to any business or enterprise
that develops, manufactures, markets, or sells any product or service that competes with any
product or service developed, manufactured, marketed, sold or provided, or planned to be developed,
manufactured, marketed, sold or provided, by the Company or any of its subsidiaries while the
Executive was employed by the Company; or

          (b) Either alone or in association with others (i) solicit, or permit any organization
directly or indirectly controlled by the Executive to solicit, any employee of the Company to leave
the employ of the Company, or (ii) solicit for employment, hire or engage as an independent
contractor, or permit any organization directly or indirectly controlled by the Executive to
solicit for employment, hire or engage as an independent contractor, any person who was employed by
the Company at any time during the twelve-month period preceding the date of termination of the
Executive’s employment with the Company.

          6.2 Interpretation. If any restriction set forth in Section 6.1 is found by any court
of competent jurisdiction to be unenforceable because it extends for too long a period of time or
over too great a range of activities or in too broad a geographic area, it shall be interpreted to
extend only over the maximum period of time, range of activities or geographic area as to which it
may be enforceable.

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          6.3 Equitable Remedies. The restrictions contained in this Section 6 are necessary
for the protection of the business and goodwill of the Company and are considered by the Executive
to be reasonable for such purpose. The Executive agrees that any breach of this Section 6 may
cause the Company substantial and irrevocable damage which may be difficult to measure. Therefore,
in the event of any such breach or threatened breach, the Executive agrees that the Company, in
addition to such other remedies which may be available, shall be entitled to seek an injunction
from a court restraining such a breach or threatened breach and the right to specific performance
of the provisions of this Section 6.

          6.4 Acknowledgement. The parties agree that the Company’s supplier, customer, vendor
and employee contacts and relations are established and maintained at great expense and, by virtue
of the Executive’s employment with the Company, the Executive will have unique and extensive
exposure to and personal contact with the Company’s suppliers, customers, vendors and employees and
that he may be able to establish a unique relationship with those individuals and entities that may
enable him, both during and after employment, to unfairly compete with the Company. Further, the
parties agree that the terms and conditions of the restrictive covenants set forth in this
Agreement are reasonable for the protection of the Company’s business, trade secrets and
confidential information and to prevent damage or loss to the Company as a result of action taken
by the Executive, and that the consideration provided for herein is sufficient to fully and
adequately compensate the Executive for agreeing to such restrictions.

     7. Proprietary Information and Developments.

          7.1 Proprietary Information.

          (a) The Executive agrees that all information, whether or not in writing, of a private, secret
or confidential nature concerning the Company’s business, business relationships or financial
affairs (collectively, “Proprietary Information”) is and shall be the exclusive property of the
Company. By way of illustration, but not limitation, Proprietary Information may include
inventions, products, processes, methods, techniques, formulas, compositions, compounds, projects,
developments, plans, research data, clinical data, financial data, personnel data, computer
programs, customer and supplier lists, and contacts at or knowledge of customers or prospective
customers of the Company. Therefore, the Executive agrees that during the Employment Period, and
for a period ending on the earlier of (a) two years after the termination of his employment with
the Company or (b) the date on which the Proprietary Information becomes publicly known through no
fault of the Executive, the Executive will not disclose any Proprietary Information to any person
or entity other than employees of the Company or use the same for any purposes (other than in the
performance of his duties as an employee of the Company) without written approval by the Chief
Executive Officer or Chairman of the Company.

          (b) The Executive agrees that all files, letters, memoranda, reports, records, data, sketches,
drawings, laboratory notebooks, program listings, or other written, photographic, or other tangible
material containing Proprietary Information, whether created by the Executive or others, which
shall come into his custody or possession, shall be and are the exclusive property of the Company
to be used by the Executive only in the performance of his duties for

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the Company. All such materials or copies thereof and all tangible property of the Company in
the custody or possession of the Executive shall be delivered to the Company, upon the earlier of
(i) a request by the Company or (ii) termination of his employment. After such delivery, the
Executive shall not retain any such materials or copies thereof or any such tangible property.

          (c) The Executive agrees that his obligation not to disclose or to use information and
materials of the types set forth in paragraphs (a) and (b) above, and his obligation to return
materials and tangible property, set forth in paragraph (b) above, also extends to such types of
information, materials and tangible property of customers of the Company or suppliers to the
Company or other third parties who may have disclosed or entrusted the same to the Company or to
the Executive.

          7.2 Developments.

          (a) The Executive will make full and prompt disclosure to the Company of all inventions,
improvements, discoveries, methods, developments, software, and works of authorship, whether
patentable or not, which are created, made, conceived or reduced to practice by him or under his
direction or jointly with others during his employment by the Company, whether or not during normal
working hours or on the premises of the Company (all of which are collectively referred to in this
Agreement as “Developments”).

          (b) The Executive agrees to assign and does hereby assign to the Company (or any person or
entity designated by the Company) all his right, title and interest in and to all Developments and
all related patents, patent applications, copyrights and copyright applications. However, this
paragraph (b) shall not apply to Developments which do not relate to the present or planned
business or research and development of the Company or, if not so related, which are made and
conceived by the Executive not during normal working hours, not on the Company’s premises and not
using the Company’s tools, devices, equipment or Proprietary Information. The Executive
understands that, to the extent this Agreement shall be construed in accordance with the laws of
any state which precludes a requirement in an employee agreement to assign certain classes of
inventions made by an employee, this paragraph (b) shall be interpreted not to apply to any
invention which a court rules and/or the Company agrees falls within such classes. The Executive
also hereby waives all claims to moral rights in any Developments.

          (c) The Executive agrees to reasonably cooperate fully with the Company, both during and after
his employment with the Company, with respect to the procurement, maintenance and enforcement of
copyrights, patents and other intellectual property rights (both in the United States and foreign
countries) relating to Developments. The Executive shall sign all papers, including, without
limitation, copyright applications, patent applications, declarations, oaths, formal assignments,
assignments of priority rights, and powers of attorney, which the Company may deem necessary or
desirable in order to protect its rights and interests in any Development.

          7.3 United States Government Obligations. The Executive acknowledges that the Company
from time to time may have agreements with other parties or with the United States Government, or
agencies thereof, which impose obligations or restrictions on the Company regarding inventions made
during the course of work under such agreements or regarding the

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confidential nature of such work. The Executive agrees to be bound by all such obligations
and restrictions which are made known to the Executive in writing and to take all appropriate
action necessary to discharge the obligations of the Company under such agreements.

          7.4 Equitable Remedies. The restrictions contained in this Section 7 are necessary
for the protection of the business and goodwill of the Company and are considered by the Executive
to be reasonable for such purpose. The Executive agrees that any breach of this Section 7 may
cause the Company substantial and irrevocable damage which may be difficult to measure. Therefore,
in the event of any such breach or threatened breach, the Executive agrees that the Company, in
addition to such other remedies which may be available, shall be entitled to seek an injunction
from a court restraining such a breach or threatened breach and the right to specific performance
of the provisions of this Section 7.

     8. Other Agreements. The Executive represents that his performance of all the terms
of this Agreement and the performance of his duties as an employee of the Company do not and will
not breach any agreement with any prior employer or other party to which the Executive is a party
(including without limitation any nondisclosure or non-competition agreement). Any agreement
(other than an agreement with the Company) to which the Executive is a party relating to
nondisclosure, non-competition or non-solicitation of employees or customers is listed on
Schedule A attached hereto.

     9. Miscellaneous.

          9.1 Notices. Any notices delivered under this Agreement shall be deemed duly
delivered four business days after it is sent by registered or certified mail, return receipt
requested, postage prepaid, or one business day after it is sent for next-business day delivery via
a reputable nationwide overnight courier service, in each case to the address of the recipient set
forth in the introductory paragraph hereto. Either party may change the address to which notices
are to be delivered by giving notice of such change to the other party in the manner set forth in
this Section 9.1.

          9.2 Pronouns. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular forms of
nouns and pronouns shall include the plural, and vice versa.

          9.3 Entire Agreement. This Agreement constitutes the entire agreement between the
parties and supersedes all prior agreements and understandings, whether written or oral, relating
to the subject matter of this Agreement; provided, however, that this Agreement shall not supersede
any agreements relating to non-competition, non-solicitation, and/or proprietary information and
development to the extent they are more favorable to the Company.

          9.4 Amendment. This Agreement may be amended or modified only by a written instrument
executed by both the Company and the Executive.

          9.5 Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Connecticut (without reference to the conflicts of laws provisions
thereof). Any action, suit or other legal proceeding arising under or relating to any provision of
this Agreement shall be commenced only in a court of the State of Connecticut (or,

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if appropriate, a federal court located within Connecticut), and the Company and the Executive
each consents to the jurisdiction of such a court. The Company and the Executive each hereby
irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding
arising under or relating to any provision of this Agreement.

          9.6 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of both parties and their respective successors and assigns, including, without limitation,
any corporation with which, or into which, the Company may be merged, or by which the Company may
be acquired, or which may succeed to the Company’s assets or business, provided, however, that the
obligations of the Executive are personal and shall not be assigned by him.

          9.7 Waivers. No delay or omission by the Company in exercising any right under this
Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the
Company on any one occasion shall be effective only in that instance and shall not be construed as
a bar or waiver of any right on any other occasion.

          9.8 Captions. The captions of the sections of this Agreement are for convenience of
reference only and in no way define, limit or affect the scope or substance of any section of this
Agreement.

          9.9 Severability. In case any provision of this Agreement shall be invalid, illegal
or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions
shall in no way be affected or impaired thereby.

          9.10 Release. The Executive and the Company are parties to a Mutual Release dated as
of August 13, 2002. Such Mutual Release remains in all respects in full force and effect and is
not, in any manner, superseded by this Agreement.

     THE EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND
AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT.

[THE NEXT PAGE IS THE SIGNATURE PAGE]

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set
forth above.

	 	 	 	 	 
	 	
EDAC Technologies Corporation

 	 
	 	 	 	 
	 	By:  	/s/ Daniel C. Tracy
 	 
	 	 	Name:  	Daniel C. Tracy 	 
	 	 	Title:  Chairman  	 
	 
	 	

Executive

 	 
	 	 	 	 
	 	/s/ Dominick Pagano
 	 
	 	Dominick Pagano 	 
	 	 	 

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Schedule A

     The Executive is a party to non-disclosure, non-competition and/or non-solicitation agreements
with Dapco Industries, Inc. and/or Dapco Technologies, LLC.Exhibit 4.4

Exhibit 4.4

Investor Agreement

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	 	•	 	To purchase Notes with minimum denominations of $25 through the Site, each such Note
associated with, and dependent on, a specific Member Loan; and

	 	•	 	To instruct LendingClub to apply the proceeds from the sale of each Note you purchase
to the funding of a specific Member Loan you have designated on the Site.

The purchase price for any Notes you purchase through the Site will equal 100% of the
principal amount of the Notes that you decide to purchase. The Notes shall be issued pursuant to an
indenture (the “Indenture”) between LendingClub and a trustee.

You must commit to purchase a Note through the Site to fund a Member Loan prior to the
origination of that Member Loan. At the time you commit to purchase a Note you must have sufficient
funds in your account with LendingClub to complete the purchase, and you will not have access to
those funds after you make a purchase commitment unless and until LendingClub has notified you that
the Member Loan will not be funded. Once you make a funding commitment, it is irrevocable
regardless of whether the full amount of the Borrower Members loan request is funded. If the Member
Loan does not close, then Lending Club will inform you and release you from your purchase
commitment.

 

 

 

2. Issuance. Each time you purchase a Note, it will be issued immediately following the
closing of the Member Loan that you have designated LendingClub to fund with the proceeds of your
Note. Member Loans generally close at the end of their 14-day posting period unless (1) the
Borrower Member declines the Member Loan prior to closing, in which case LendingClub will release
you from your purchase commitment; (2) lender commitments for the entire amount of the Borrower
Members loan request have been received earlier, in which case the Member Loan will close earlier;
or (3) the loan request is canceled by LendingClub for reasons relating to the operation and
integrity of the Site, for example if there is attempted fraud or the Borrower Member fails to
verify information upon request by LendingClub.

3. Terms of the Notes. The Notes shall have the terms and conditions described in the
Prospectus, the Indenture and the Note, which are exhibits to the Registration Statement of which
the Prospectus forms a part and which are available for you to review on the Site. The interest
rate, maturity and other terms of the corresponding Member Loans will be described in the Borrower
Members loan requests on the Site, Borrower Agreements, Loan Agreements, and the corresponding
Non-negotiable Promissory Notes. You understand and acknowledge that we may in our sole discretion,
at any time and from time to time, amend or waive any term of a Member Loan, and we may in our sole
discretion cancel any Member Loan that is more than 120 days delinquent.

4. Limited Repurchase Obligation for Identity Fraud. If the Member Loan you have designated
for the proceeds of your purchase of a Note was obtained as a result of identity theft or fraud on
the part of the purported Borrower Member, we will (a) notify you as soon as reasonably practicable
upon our becoming aware of such a situation; and (b) repurchase your Note by crediting your account
on LendingClub for the full principal amount of your Note. We may, in our reasonable discretion,
require proof of the identity theft, such as a copy of the police report filed by the person whose
identity was wrongfully used to obtain the fraudulently-induced Member Loan, before we credit your
account and repurchase your Note. You agree that you will have no rights with respect to any such
Notes except the crediting of the purchase price to your LendingClub account.

5. Your Covenants and Acknowledgements. You agree that you have no right to, and shall not,
make any attempt, directly or through any third party, to collect from the Borrower Members on your
Notes or the corresponding Member Loans. YOU UNDERSTAND AND ACKNOWLEDGE THAT BORROWER MEMBERS MAY
DEFAULT ON THEIR PAYMENT OBLIGATIONS UNDER THE MEMBER LOANS AND THAT SUCH DEFAULTS WILL REDUCE THE
AMOUNTS, IF ANY, YOU MAY RECEIVE UNDER THE TERMS OF ANY NOTES YOU HOLD ASSOCIATED WITH SUCH MEMBER
LOANS. You and LendingClub agree that the Notes are intended to be indebtedness of LendingClub for
U.S. federal income tax purposes. You agree that you will not take any position inconsistent with
such treatment of the Notes for tax, accounting, or other purposes, unless required by law. You
further acknowledge that the Notes will be subject to the original issue discount rules of the
Internal Revenue Code of 1986, as amended, as described in the Prospectus. You acknowledge that you
are prepared to bear the risk of loss of your entire purchase price for any Notes you purchase.

 

 

 

6. Your Financial Suitability Acknowledgments, Representations, Warranties, and Covenants. You
represent and warrant that you satisfy the minimum financial suitability standards applicable to
the state in which you reside; and you covenant that you will abide by the maximum investment
limits, each as set forth below or as may be set forth in the Prospectus or any prospectus
supplement on the Site. You agree to provide any additional documentation reasonably requested by
us, as may be required by the securities administrators or regulators of any state, to confirm that
you meet such minimum financial suitability standards and have satisfied any maximum investment
limits. You understand and acknowledge that: (i) except as set forth in (ii) or (iii), you have an
annual gross income of at least $70,000 and a net worth (exclusive of home, home furnishings and
automobile) of at least $70,000; or (b) have a net worth of at least $250,000 (determined with the
same exclusions); (ii) if you reside in California, you (a) have an annual gross income of at least
$85,000 and a net worth of at least $85,000 (exclusive of home, home furnishings and automobile);
(b) have a net worth of at least $200,000 (determined with the same exclusions); or (c) can invest
no more than $2,500 in Notes if you do not meet either of the tests set forth in (a) or (b); or
(iii) if you reside in Kentucky, you are an “Accredited Investor” as determined pursuant to Rule
501(a) of Regulation D under the Securities Act of 1933, as described here (iv) regardless
of your state of residence, you agree that you will not purchase Notes in an amount in excess of
10% of your net worth, determined exclusive of the value of your home, home furnishings and
automobile. You understand that the Notes will not be listed on any securities exchange, that there
may be no, or only a limited, trading platform for the Notes, that any trading of Notes must be
conducted in accordance with federal and applicable state securities laws and that Note purchasers
should be prepared to hold the Notes they purchase until the Notes mature.

7. LendingClubs Representations and Warranties. LendingClub represents and warrants to you, as
of the date of this Agreement and as of any date that you commit to purchase Notes, that: (a) it is
duly organized and is validly existing as a corporation in good standing under the laws of Delaware
and has corporate power to enter into and perform its obligations under this Agreement; (b) this
Agreement has been duly authorized, executed and delivered by LendingClub; (c) the Indenture has
been duly authorized by LendingClub and qualified under the Trust Indenture Act of 1939 and
constitutes a valid and binding agreement of LendingClub, enforceable against LendingClub in
accordance with its terms, except as the enforcement thereof may be limited by applicable
bankruptcy, insolvency or similar laws; (d) the Notes have been duly authorized and, following
payment of the purchase price by you and electronic execution, authentication and delivery to you,
will constitute valid and binding obligations of LendingClub enforceable against LendingClub in
accordance with their terms, except as the enforcement thereof may be limited by applicable
bankruptcy, insolvency or similar laws; (e) it has complied in all material respects with
applicable federal, state and local laws in connection with the offer and sale of the Notes; and
(f) LendingClub has made commercially reasonable efforts to verify the identity of the Borrower
Members obligated on the Member Loans that correspond to the Notes.

 

 

 

PAYMENT ON THE NOTES, IF ANY, DEPENDS ENTIRELY ON THE RECEIPT OF PAYMENTS BY LENDINGCLUB IN RESPECT
OF THE CORRESPONDING MEMBER LOAN. LENDINGCLUB DOES NOT WARRANT OR GUARANTEE IN ANY MANNER THAT YOU
WILL RECEIVE ALL OR ANY PORTION OF THE PRINCIPAL OR INTEREST YOU EXPECT TO RECEIVE ON ANY NOTE OR
REALIZE ANY PARTICULAR OR EXPECTED RATE OF RETURN. THE AMOUNT YOU RECEIVE ON YOUR NOTE, IF ANY, IS
SPECIFICALLY RESTRICTED TO PAYMENTS MADE BY US EQUAL TO THE PAYMENTS MADE BY THE BORROWER MEMBER
UNDER A MEMBER LOAN TO WHICH YOU COMMITTED NET OF OUR ONE (1) PERCENT SERVICE CHARGE ON ALL
BORROWER PAYMENTS. LENDINGCLUB DOES NOT MAKE ANY REPRESENTATIONS AS TO A BORROWER MEMBER’S ABILITY
TO PAY AND DOES NOT ACT AS A GUARANTOR OF ANY CORRESPONDING MEMBER LOAN PAYMENT OR PAYMENTS BY ANY
BORROWER MEMBER.

8. Your Representations and Warranties. You represent and warrant to LendingClub, as of the
date of this Agreement and as of any date that you commit to purchase Notes, that: (a) you have the
power to enter into and perform your obligations under this Agreement; (b) this Agreement has been
duly authorized, executed and delivered by you; (c) you have received the Prospectus, the
Indenture, and the form of the Note; (d) in connection with this Agreement, you have complied in
all material respects with applicable federal, state and local laws; and (e) you have made your
decisions in connection with your consideration of any loan requests on the Site in compliance with
the Equal Credit Opportunity Act, 15 U.S.C. 1601 et seq., and its implementing Regulation B, 12
C.F.R. 202 et seq., as such may be amended from time to time, and any applicable state or local
laws, regulations, rules or ordinances concerning credit discrimination.

9. No Advisory Relationship. You acknowledge and agree that the purchase and sale of the Notes
pursuant to this Agreement is an arms-length transaction between you and LendingClub. In connection
with the purchase and sale of the Notes, LendingClub is not acting as your agent or fiduciary.
LendingClub assumes no advisory or fiduciary responsibility in your favor in connection with the
purchase and sale of the Notes. LendingClub has not provided you with any legal, accounting,
regulatory or tax advice with respect to the Notes. You have consulted your own legal, accounting,
regulatory and tax advisors to the extent you have deemed appropriate.

10. Limitations on Damages. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR
ANY LOST PROFITS OR SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE
POSSIBILITY OF SUCH DAMAGES. FURTHERMORE, NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY TO THE
OTHER REGARDING THE EFFECT THAT THIS AGREEMENT MAY HAVE UPON THE FOREIGN, FEDERAL, STATE OR LOCAL
TAX LIABILITY OF THE OTHER.

11. Further Assurances. The parties agree to execute and deliver such further documents and
information as may be reasonably required in order to effectuate the purposes of this Agreement.

 

 

 

12. Entire Agreement. Except as otherwise expressly provided herein, this Agreement represents
the entire agreement between you and LendingClub regarding the subject matter hereof and supersedes
all prior or contemporaneous communications, promises and proposals, whether oral, written or
electronic, between us.

13. Consent to Electronic Transactions and Disclosures. Because LendingClub operates only on
the Internet, it is necessary for you to consent to transact business with us online and
electronically. As part of doing business with us, therefore, we also need you to consent to our
giving you certain disclosures electronically, either via the Site or to the email address you
provide to us. By entering into this Agreement, you consent to receive electronically all
documents, communications, notices, contracts, and agreements arising from or relating in any way
to your or our rights, obligations or services under this Agreement (each, a Disclosure). The
decision to do business with us electronically is yours. This document informs you of your rights
concerning Disclosures.

Electronic Communications. Any Disclosures will be provided to you electronically through
lendingclub.com either on our web site or via electronic mail to the verified email address you
provided. If you require paper copies of such Disclosures, you may write to us at the mailing
address provided below and a paper copy will be sent to you.

Scope of Consent. Your consent to receive Disclosures and transact business electronically,
and our agreement to do so, applies to any transactions to which such Disclosures relate.

Consenting to Do Business Electronically. Before you decide to do business electronically with
us, you should consider whether you have the required hardware and software capabilities described
below.

Hardware and Software Requirements. In order to access and retain Disclosures electronically,
you must satisfy the following computer hardware and software requirements: access to the Internet;
an email account and related software capable of receiving email through the Internet; a web
browser which is SSL-compliant and supports secure sessions, such as Internet Explorer 5.0 or above
and Netscape Navigator 6.0 or above, or the equivalent software; and hardware capable of running
this software.

Withdrawing Consent. You may withdraw your consent to receive Disclosures electronically by
contacting us at the address below. If you have already purchased one or more loans, all previously
agreed to terms and conditions will remain in effect, and we will send Disclosures to your verified
home address provided during registration.

How to Contact Us regarding Electronic Disclosures. You can contact us via email at
compliance@lendingclub.com or by calling Member Support at 866-754-4094. You may also reach us in
writing to us at the following address: LendingClub Corporation, 440 North Wolfe Road, Sunnyvale,
CA 94085, Attention: Compliance.

 

 

 

You will keep us informed of any change in your email or home mailing address so that you can
continue to receive all Disclosures in a timely fashion. If your registered email address changes,
you must notify us of the change by sending an email to support@Lendingclub.com or calling
866-754-4094. You also agree to update your registered residence address and telephone number on
the web site if they change.

You will print a copy of this Agreement for your records and You agree and acknowledge that
you can access, receive and retain all Disclosures electronically sent via email or posted on the
Site.

14. Notices. All notices, requests, demands, required disclosures and other communications
from Lending Club to you will be transmitted to you only by e-mail to the e-mail address you have
registered on the Site or will be posted on the Site, and shall be deemed to have been duly given
and effective upon transmission or posting. All notices, required disclosures and other
communications from Wells Fargo Bank, National Association, the trustee under the Indenture for the
Notes (the Trustee) to you will be transmitted to you only by e-mail to the e-mail address you have
registered on the Site. If your registered e-mail address changes, you must notify LendingClub
promptly. You also agree to promptly update your registered residence/mailing address on the Site
if you change your residence. You shall send all notices or other communications required to be
given hereunder to LendingClub via email at compliance@LendingClub.com or by writing to:
LendingClub Corporation, 440 North Wolfe Road, Sunnyvale, CA 94085, Attention: Compliance. You may
call LendingClub at 866-754-4094, but calling may not satisfy your obligation to provide notice
hereunder or otherwise preserve your rights.

15. Miscellaneous. The terms of this Agreement shall survive until the maturity of the Notes
purchased by you. The parties acknowledge that there are no third party beneficiaries to this
Agreement. You may not assign, transfer, sublicense or otherwise delegate your rights or
responsibilities under this Agreement to any person without LendingClub’s prior written consent.
Any such assignment, transfer, sublicense or delegation in violation of this section shall be null
and void. This Agreement shall be governed by the laws of the State of New York without regard to
any principle of conflict of laws that would require or permit the application of the laws of any
other jurisdiction. Any waiver of a breach of any provision of this Agreement will not be a waiver
of any subsequent breach. Failure or delay by either party to enforce any term or condition of this
Agreement will not constitute a waiver of such term or condition. If at any time subsequent to the
date hereof, any of the provisions of this Agreement shall be held by any court of competent
jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect,
but the illegality and unenforceability of such provision shall have no effect upon and shall not
impair the enforceability of any other provisions of this Agreement. The headings in this Agreement
are for reference purposes only and shall not affect the interpretation of this Agreement in any
way.

 

 

 

16. Arbitration.

a. Either party to this Agreement may, at its sole election, require that the sole and
exclusive forum and remedy for resolution of a Claim be final and binding arbitration pursuant to
this section 16 (the “Arbitration Provision”), unless you opt out as provided in section 16(b)
below. As used in this Arbitration Provision, “Claim” shall include any past, present, or future
claim, dispute, or controversy involving you (or persons claiming through or connected with you),
on the one hand, and LendingClub (or persons claiming through or connected with LendingClub), on
the other hand, relating to or arising out of this Agreement, any Note, the Site, and/or the
activities or relationships that involve, lead to, or result from any of the foregoing, including
(except to the extent provided otherwise in the last sentence of section 16(f) below) the validity
or enforceability of this Arbitration Provision, any part thereof, or the entire Agreement. Claims
are subject to arbitration regardless of whether they arise from contract; tort (intentional or
otherwise); a constitution, statute, common law, or principles of equity; or otherwise. Claims
include matters arising as initial claims, counter-claims, cross-claims, third-party claims, or
otherwise. The scope of this Arbitration Provision is to be given the broadest possible
interpretation that is enforceable.

b. You may opt out of this Arbitration Provision for all purposes by sending an arbitration
opt out notice to LendingClub Corporation, 440 N Wolfe Road, Sunnyvale, California 94085,
Attention: Loan Processing Department, that is received at the specified address within 30 days of
the date of your electronic acceptance of the terms of this Agreement. The opt out notice must
clearly state that you are rejecting arbitration; identify the Agreement to which it applies by
date; provide your name, address, and social security number; and be signed by you. You may send
the opt out notice in any manner you see fit as long as it is received at the specified address
within the specified time. No other methods can be used to opt out of this Arbitration Provision.
If the opt out notice is sent on your behalf by a third party, such third party must include
evidence of his or her authority to submit the opt out notice on your behalf.

c. The party initiating arbitration shall do so with the American Arbitration Association (the
“AAA”) or JAMS. The arbitration shall be conducted according to, and the location of the
arbitration shall be determined in accordance with, the rules and policies of the administrator
selected, except to the extent the rules conflict with this Arbitration Provision or any
countervailing law. In the case of a conflict between the rules and policies of the administrator
and this Arbitration Provision, this Arbitration Provision shall control, subject to countervailing
law, unless all parties to the arbitration consent to have the rules and policies of the
administrator apply.

d. If we elect arbitration, we shall pay all the administrators filing costs and
administrative fees (other than hearing fees). lf you elect arbitration, filing costs and
administrative fees (other than hearing fees) shall be paid in accordance with the rules of the
administrator selected, or in accordance with countervailing law if contrary to the administrators
rules. We shall pay the administrators hearing fees for one full day of arbitration hearings. Fees
for hearings that exceed one day will be paid by the party requesting the hearing, unless the
administrators rules or applicable law require otherwise, or you request that we pay them and we
agree to do so. Each party shall bear the expense of its own attorneys fees, except as otherwise
provided by law. If a statute gives you the right to recover any of these fees, these statutory
rights shall apply in the arbitration notwithstanding anything to the contrary herein.

 

 

 

e. Within 30 days of a final award by the arbitrator, any party may appeal the award for
reconsideration by a three-arbitrator panel selected according to the rules of the arbitrator
administrator. In the event of such an appeal, any opposing party may cross-appeal within 30 days
after notice of the appeal. The panel will reconsider de novo all aspects of the initial award that
are appealed. Costs and conduct of any appeal shall be governed by this Arbitration Provision and
the administrators rules, in the same way as the initial arbitration proceeding. Any award by the
individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final
and binding, except for any appeal right under the Federal Arbitration Act (FAA), and may be
entered as a judgment in any court of competent jurisdiction.

f. We agree not to invoke our right to arbitrate an individual Claim you may bring in Small
Claims Court or an equivalent court, if any, so long as the Claim is pending only in that court. NO
ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE
ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE
ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS
REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT. Unless consented to in writing by all parties to
the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for
or on behalf of two or more individuals or unrelated corporate entities in the same arbitration
unless those persons are parties to a single transaction. Unless consented to in writing by all
parties to the arbitration, an award in arbitration shall determine the rights and obligations of
the named parties only, and only with respect to the claims in arbitration, and shall not (a)
determine the rights, obligations, or interests of anyone other than a named party, or resolve any
Claim of anyone other than a named party; nor (b) make an award for the benefit of, or against,
anyone other than a named party. No administrator or arbitrator shall have the power or authority
to waive, modify, or fail to enforce this section 16(f), and any attempt to do so, whether by rule,
policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the
validity of this section 16(f) shall be determined exclusively by a court and not by the
administrator or any arbitrator.

g. This Arbitration Provision is made pursuant to a transaction involving interstate commerce
and shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law
consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or
other types of relief permitted by applicable substantive law, subject to the limitations set forth
in this Arbitration Provision. The arbitrator will not be bound by judicial rules of procedure and
evidence that would apply in a court. The arbitrator shall take steps to reasonably protect
confidential information.

 

 

 

h. This Arbitration Provision shall survive (i) suspension, termination, revocation, closure,
or amendments to this Agreement and the relationship of the parties; (ii) the bankruptcy or
insolvency of any party or other person; and (iii) any transfer of any loan or Note or any other
promissory note(s) which you owe, or any amounts owed on such loans or notes, to any other person
or entity. If any portion of this Arbitration Provision other than section 16(f) is deemed invalid
or unenforceable, the remaining portions of this Arbitration Provision shall nevertheless remain
valid and in force. If an arbitration is brought on a class, representative, or collective basis,
and the limitations on such proceedings in section 16(f) are finally adjudicated pursuant to the
last sentence of section 16(f) to be unenforceable, then no arbitration shall be had. In no event
shall any invalidation be deemed to authorize an arbitrator to determine Claims or make awards
beyond those authorized in this Arbitration Provision.

THE PARTIES ACKNOWLEDGE THAT THEY HAVE A RIGHT TO LITIGATE CLAIMS THROUGH A COURT BEFORE A
JUDGE, BUT WILL NOT HAVE THAT RIGHT IF ANY PARTY ELECTS ARBITRATION PURSUANT TO THIS ARBITRATION
PROVISION. THE PARTIES HEREBY KNOWINGLY AND VOLUNTARILY WAIVE THEIR RIGHTS TO LITIGATE SUCH CLAIMS
IN A COURT UPON ELECTION OF ARBITRATION BY ANY PARTY.

16. Waiver of Jury Trial. THE PARTIES HERETO WAIVE A TRIAL BY JURY IN ANY LITIGATION RELATING
TO THIS AGREEMENT, THE CORRESPONDING MEMBER LOAN OR ANY OTHER AGREEMENTS RELATED THERETO.

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