Document:

Exhibit 10.3.2
AMENDMENT NO. 1
CHASE CORPORATION
EMPLOYEES’ SUPPLEMENTAL SAVINGS PLAN
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WHEREAS, Chase Corporation  (the “Company”) established and maintains the Chase Corporation Employees’ Supplemental Savings Plan, effective  January 1, 1994, amended effective January 1, 2005 and further amended and restated  effective December 31, 2016 (the “Plan”); and
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WHEREAS, Section 9.02 of the Plan grants the Compensation and Management Development Committee of the Company (the “Committee”) and the Board of Directors, authority to amend the Plan for the purpose of facilitating its administration; and
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WHEREAS, the Company desires to amend the Plan as set forth below, effective July 15, 2020.
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NOW, THEREFORE, the Plan is hereby amended, in the following respects:
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Section 5.01 – Employer Matching Contribution is amended to read as follows:
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“Each year, the Employer may elect to contribute to the Plan on behalf of each Participant a matching contribution equal to 100% of the first 1% and 50% between 2% and 6% of the Participant’s Compensation (excluding bonuses) deferred under the Plan. The Employer shall not make a matching contribution on any bonus compensation for any Participant.”
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Except as amended above the terms of the Plan remain in full force and effect.
​
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IN WITNESS WHEREOF, this Amendment No. 1 is executed this 15th day of July, 2020 to be effective as of the date first written above.
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	CHASE CORPORATION
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	Name
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	Title
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​Exhibit 10.1

 

AMENDED AND RESTATED AGREEMENT

 

This AMENDED AND RESTATED AGREEMENT (this
 "Agreement") is made and entered into as of November 10, 2020 by and between Sturm, Ruger & Company, Inc.,
a Delaware corporation with its principal place of business at One Lacey Place, Southport, Connecticut 06890 (the "Company"),
and Christopher J. Killoy, an individual ("Employee").

 

W I T N E S S E T H:

 

WHEREAS, the Company and Employee are parties
to an Agreement, dated as of August 1, 2016 (the "Original Agreement"), which sets forth the terms and conditions
pursuant to which Employee is employed by the Company; and

 

WHEREAS, the Company and Employee desire to
amend the Original Agreement to ensure that, upon the conclusion of Employee's employment as the Chief Executive Officer of the
Company, which the Company and Employee anticipate will occur in connection with the 2025 annual meeting of the Company's stockholders,
there will be a smooth transition of Employee's responsibilities to his successor, and that the Company will continue to build
upon the success achieved during Employee's tenure as Chief Executive Officer of the Company; and

 

WHEREAS, the Company recognizes that Employee
has gained extensive knowledge and formed many valuable relationships in his career, and that such knowledge and relationships
have significant value to the Company; and

 

WHEREAS, the Company and Employee desire that
Employee continue to provide consulting services for the benefit of the Company following the conclusion of his employment as the
Chief Executive Officer of the Company, subject to the provisions set forth herein;

 

NOW, THEREFORE, in consideration of the promises
and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually
acknowledged, the Company and Employee hereby agree to amend and restate the Original Agreement to read in full as follows:

 

Section 1.     Definitions.

 

(a)            "Accrued
Obligations" shall mean (i) all accrued but unpaid Base Salary through the date of termination of Employee's employment
and (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 6 below.

 

(b)            "Annual
Compensation" shall mean, at any time, an amount equal to Employee's Base Salary, plus 100% of the target cash bonus or
other cash incentive that Employee is eligible to earn in such year pursuant to each plan or program (whether or not such plan
or program has been formalized or is in written form) of the Company in effect for such year that provides for cash bonuses or
other cash incentives, or if no such plan or program has been adopted with respect to such year, 100% of the target cash bonus
or other cash incentive that Employee is eligible to earn in the most recent year in which such a plan or program was in effect.

 

    

     

    

 

(c)            "Base
Salary" shall mean the salary provided for in Section 3(a) below or any increased salary granted to Employee
pursuant to Section 3(a).

 

(d)            "Board"
shall mean the Board of Directors of the Company.

 

(e)            "Cause"
shall mean (i) a breach of Employee's fiduciary duties to the Company including, but not limited to, his failure to obey any
lawful directive of the Board, (ii) Employee's personal dishonesty or willful misconduct or (iii) Employee's willful
violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order.

 

(f)            "CEO"
shall mean the Chief Executive Officer of the Company.

 

(g)            "Change
in Control" shall be deemed to have the same meaning as defined in the Plan.

 

(h)            "Change
in Control Termination" shall have the meaning set forth in Section 7(e).

 

(i)            "Code"
shall mean the Internal Revenue Code of 1986, as amended.

 

(j)            "Company"
shall have the meaning set forth in the preamble hereto.

 

(k)            "Competitive
Activities" shall mean any business activities involving, or related to, (i) the design, manufacture or sale of firearms
or firearms accessories or (ii) any other products or services which the Company or its subsidiaries manufacture, sell, distribute
or provide (or have committed plans to manufacture, sell, distribute or provide) during the term of Employee's employment with
the Company.

 

(l)            "Confidential
Information" shall mean confidential or proprietary trade secrets, customer lists, customer identities and information,
information regarding service providers, manufacturing processes, product designs or other intellectual property, marketing data
or plans, sales data or plans, management organization information, operating policies or manuals, business plans, operations or
techniques, financial records or data, or other financial, commercial, business or technical information (i) of or relating
to the Company or any of its subsidiaries, or (ii) that the Company or any of its subsidiaries may receive belonging to suppliers,
customers or other Persons who do business with the Company or its subsidiaries, but shall exclude any information that is in the
public domain or hereafter enters the public domain, in each case, without the breach by Employee of his obligations under this
Agreement.

 

(m)            "Consulting
Period" shall have the meaning set forth in Section 10.

 

(n)            "Consulting
Services" shall have the meaning set forth in Section 10.

 

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(o)            "Developments"
shall have the meaning set forth in Section 8.

 

(p)            "Effective
Date" shall mean the date of this Agreement.

 

(q)            "Employee"
shall have the meaning set forth in the preamble hereto.

 

(r)            "Existing
RSU Agreements" shall have the meaning set forth in Section 10(h).

 

(s)            "Good
Reason" shall mean, without Employee's consent, (i) a substantial and material diminution in Employee's title, duties
or responsibilities or (ii) a breach by the Company of any material provision of this Agreement.

 

(t)            "Interfering
Activities" shall mean directly or indirectly (i) encouraging, soliciting, or inducing, or in any manner attempting
to encourage, solicit, or induce, any Person employed by, or Person providing consulting services to, the Company or any of its
subsidiaries to terminate such employment or consulting services; provided, that the foregoing shall not be violated by a general
advertising not targeted at employees or consultants of the Company or its subsidiaries; (ii) hiring any Person who was employed
by the Company or any of its subsidiaries at any time during the twelve (12) month period preceding the date of such hiring; or
(iii) encouraging, soliciting or inducing, or in any manner attempting to encourage, solicit or induce any customer, distributor,
insurer, supplier, licensee or other business relation of the Company or any of its subsidiaries to cease doing business with or
reduce the amount of business conducted with the Company or its subsidiaries, or interfering in any way with the relationship between
any such customer, distributor, insurer, supplier, licensee or business relation and the Company or its subsidiaries.

 

(u)            "Parachute
Payment" shall have the meaning set forth in Section 14(b).

 

(v)            "Person"
shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
trust (charitable or non-charitable), unincorporated organization or other form of business entity.

 

(w)            "Plan"
means the Company's 2017 Stock Incentive Plan, as amended, modified, supplemented or superseded after the date of this Agreement
(for the avoidance of doubt, such term shall include any successor plan of the Company that replaces the Plan).

 

(x)            "Release
Expiration Date" shall mean the date which is twenty-one (21) days following Employee's termination of employment, or,
in the event that such termination of employment is "in connection with an exit incentive or other employment termination
program" (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date which is forty-five (45)
days following Employee's termination of employment.

 

(y)            "Release"
shall mean a release made by Employee in favor of the Company and its affiliates, in form and content acceptable to the Company,
which shall include, but not be limited to, appropriate non-disparagement provisions.

 

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(z)            "Restricted
Area" shall have the meaning set forth in Section 11.

 

(aa)          "Restricted
Period" shall have the meaning set forth in Section 11.

 

(bb)         "Term
of Employment" shall have the meaning set forth in Section 2(a) below.

 

(cc)          "Transition
Date" shall have the meaning set forth in Section 9.

 

Section 2.        Acceptance
of Employment; Position, Duties and Responsibilities; Place of Performance.

 

(a)           Term
of Employment; Employment Status. The Company agrees to employ Employee and Employee agrees to serve the Company on the terms
and conditions set forth herein. This Agreement shall commence on the Effective Date and shall continue until the termination of
Employee's employment for any reason (such period, the "Term of Employment"). Notwithstanding the foregoing, or
anything to the contrary herein, nothing in this Agreement (i) confers upon the Employee the right to continue in the employment
of the Company or to the right to hold any particular office or position with the Company, (ii) except as set forth herein,
entitles Employee to receive any specified annual salary or bonus or other compensation or (iii) interferes with or restricts
in any way the right of the Company to terminate Employee's employment at any time, with or without Cause.

 

(b)           Position.
During the Term of Employment Employee shall be employed as the CEO of the Company (together with such other position or positions
consistent with Employee's title as the Board shall specify from time to time) and shall have such duties typically associated
with such title and such additional duties as may be specified by the Board from time to time. Employee also agrees to serve as
an officer and/or director of the Company and/or any parent or subsidiary of the Company if requested by the Board, in each case,
without additional compensation.

 

(c)            Employment
Duties; Conflicting Activities. During the Term of Employment Employee shall devote his full business time, attention, skill
and best efforts to the performance of his duties under this Agreement and shall not engage in any other business or occupation
during the Term of Employment, including, without limitation, any activity that (x) conflicts with the interests of the Company
or its subsidiaries, (y) interferes with the proper and efficient performance of his duties for the Company or (z) interferes
with the exercise of his judgment in the Company's best interests. Notwithstanding the foregoing, nothing herein shall preclude
Employee from (i) serving, with the prior written consent of the Board, as a member of the board of directors or advisory
boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii) engaging
in charitable activities and community affairs and (iii) managing his personal investments and affairs; provided, however,
that the activities set out in clauses (i), (ii) and (iii) shall be limited by Employee so as not to materially interfere,
individually or in the aggregate, with the performance of his duties and responsibilities hereunder. Employee has been given permission
from the Board to serve as a member of the Board of Directors of Velocity Outdoor, a subsidiary of Compass Diversified Holdings.

 

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(d)            Place
of Employment. During the Term of Employment Employee's principal place of employment shall be in Southport, Connecticut or
such other location as may be designated as the Company's corporate headquarters by the Board from time to time, although Employee
understands and agrees that he will be required to travel from time to time for business reasons.

 

Section 3.        Compensation.
During the Term of Employment Employee shall be entitled to the following compensation:

 

(a)            Base
Salary. Employee shall be paid an annualized Base Salary, payable in accordance with the regular payroll practices of the Company,
of not less than $700,000, with increases, if any, as may be approved by the Board.

 

(b)            Annual
Bonus and Equity Compensation. During the Term of Employment Employee shall be eligible to receive an annual target cash bonus
and awards of restricted stock units or other equity-based incentive compensation consistent with his position(s) with the
Company, in each case, as determined by the Board and the Compensation Committee of the Board; provided that Employee's (i) annual
target cash bonus based on 100% of Base Salary, plus (ii) annual performance-based equity incentive compensation and (iii) annual
time-based equity incentive compensation, each equity award equal to 125% of his Base Salary for the applicable period (all subject,
in each case, to adjustment by the Board and the Compensation Committee of the Board from time to time during the Term of Employment
in connection with changes to the compensation structure of Company executives adopted thereby).

 

Section 4.        Employee
Benefits.

 

During the Term of Employment Employee shall
be entitled to participate in health, insurance, retirement and other benefits provided to other senior executives of the Company.
During the Term of Employment Employee shall also be entitled to the same number of holidays, vacation days, sick days and other
benefits as are generally allowed to senior executives of the Company in accordance with the Company's policies in effect from
time to time.

 

Section 5.        Key-Man
Insurance.

 

At any time during the Term of Employment
the Company shall have the right to insure the life of Employee for the sole benefit of the Company, in such amounts, and with
such terms, as it may determine. All premiums payable thereon shall be the obligation of the Company. Employee shall have no interest
in any such policy, but agrees to cooperate with the Company in taking out such insurance by submitting to physical examinations,
supplying all information required by each insurance company, and executing all necessary documents, provided that no financial
obligation is imposed on Employee by any such documents.

 

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Section 6.        Reimbursement
of Business Expenses.

 

During the Term of Employment Employee is
authorized to incur reasonable business expenses in carrying out his duties and responsibilities under this Agreement and the Company
shall promptly reimburse him for all such reasonable business expenses incurred in connection with carrying out the business of
the Company, subject to documentation in accordance with the Company's policies, as in effect from time to time.

 

Section 7.        Termination
of Employment.

 

(a)            General.
Notwithstanding Section 2, or anything to the contrary herein, the Term of Employment shall terminate upon the earliest to
occur of (i) Employee's death, (ii) a termination of Employee's employment by the Company with or without Cause and (iii) a
termination by Employee. Upon any termination of Employee's employment for any reason, except as may otherwise be requested by
the Company in writing, Employee shall resign from any and all directorships, committee memberships or any other positions Employee
holds with the Company or any of its subsidiaries or affiliates.

 

(b)           Termination
due to Death. Employee's employment shall terminate automatically upon his death. In the event Employee's employment is terminated
due to his death, Employee's estate or beneficiaries, as the case may be, shall be entitled to the Accrued Obligations. Following
such termination of Employee's employment by the reason of death, except as set forth in this Section 7(b), Employee shall
have no further rights to any compensation or any other benefits under this Agreement.

 

(c)           Termination
by the Company for Cause. The Company may terminate Employee's employment at any time for Cause. In the event the Company terminates
Employee's employment for Cause, he shall be entitled only to the Accrued Obligations. Following such termination of Employee's
employment for Cause, except as set forth in this Section 7(c), Employee shall have no further rights to any compensation
or any other benefits under this Agreement.

 

(d)           Termination
by the Company without Cause. The Company may terminate Employee's employment at any time without Cause. In the event Employee's
employment is terminated by the Company without Cause (other than due to death) during the Term of Employment, Employee shall be
entitled to receive:

 

(i)            The
Accrued Obligations; and

 

(ii)            Subject
to the limitations set forth in Section 14(b), within thirty (30) days (or forty-five (45) days in the event that such termination
of employment is "in connection with an exit incentive or other employment termination program" (as such phrase is defined
in the Age Discrimination in Employment Act of 1967)) after the date that Employee executes and delivers a Release to the Company,
or, to the extent required by Section 409A of Code, on the first day of the seventh month following such date, as a severance
payment for services previously rendered to the Company, a lump sum equal to twenty four (24) months of Base Salary (at the rate
in effect immediately prior to the date Employee's employment terminates).

 

    -6-

     

    

 

Following such termination of Employee's employment without
Cause, except as set forth in this Section 7(d) and Section 7(h), Employee shall have no further rights to any compensation
or any other benefits under this Agreement.

 

(e)            Change
in Control Termination. If (i) a Change in Control occurs during the Term of Employment, (ii) within twenty four
(24) months after the effective date of such Change in Control the Company reduces Employee's Base Salary or makes a material change
in the nature and scope of Employee's duties to a level below that in effect immediately prior to the effective date of such Change
in Control and (iii) within ninety (90) days thereafter Employee or the Company terminates Employee's employment (an employment
termination that satisfies the foregoing conditions, a "Change in Control Termination"), then Employee shall be
entitled to receive:

 

(i)            The
Accrued Obligations; and

 

(ii)            Subject
to the limitations set forth in Section 14(b), within thirty (30) days (or forty-five (45) days in the event that such termination
of employment is "in connection with an exit incentive or other employment termination program" (as such phrase is defined
in the Age Discrimination in Employment Act of 1967)) after the date that Employee executes and delivers a Release to the Company
or, to the extent required by Section 409A of the Code, on the first day of the seventh month following such date, a lump
sum equal to twenty four (24) months of Employee's Annual Compensation in effect immediately prior to the date Employee's employment
terminates (without regard to any decrease in the rate of Employee's Annual Compensation made after such Change in Control).

 

Following such termination of Employee's employment, except
as set forth in this Section 7(e) and Section 7(h), Employee shall have no further rights to any compensation or
any other benefits under this Agreement.

 

(f)            Termination
by Employee With Good Reason. Employee may terminate his employment with the Company for Good Reason by providing the Company
thirty (30) days' written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written
notice, to be effective, must be provided to the Company within sixty (60) days of the occurrence of such event. During such thirty
(30) day notice period, the Company shall have a cure right (if such event is curable), and if such event is not reasonably cured
within such period, Employee's termination will be effective upon the expiration of such cure period, and Employee shall be entitled
to the same payments and benefits as provided in Section 7(d) above for a termination of Employee's employment by the
Company without Cause, subject to the same conditions on payment and benefits as described in Section 7(d) above. Following
such termination by Employee, except as set forth in this Section 7(f) and Section 7(h), Employee shall have no
further rights to any compensation or any other benefits under this Agreement.

 

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(g)           Termination
by Employee Without Good Reason. Employee may terminate his employment with the Company at any time. In the event of a termination
of employment by Employee, other than a termination of employment by Employee that qualifies as a Change in Control Termination
or a termination with Good Reason pursuant to Section 7(f), Employee shall be entitled only to the Accrued Obligations. Following
such termination by Employee, except as set forth in this Section 7(g), Employee shall have no further rights to any compensation
or any other benefits under this Agreement.

 

(h)           Benefits.
Upon the occurrence of a termination of Employee's employment pursuant to Sections 7(d), (e) or (f), the Company shall also
cause to be continued, for a period of time equal to the number of months of severance pay due to Employee, such life, medical
and dental insurance coverage as is otherwise maintained by the Company for full-time employees (based on the Base Salary in effect
immediately prior to the date Employee's employment terminates), subject to the limitations set forth in such plans, programs or
policies, provided that Employee shall continue to pay all amounts in respect of such coverage that an employee receiving the same
level of coverage is or would be required to pay (the employee contribution).

 

(i)            Release.
Notwithstanding any provision herein to the contrary, the Company may require that, prior to payment of any amount or provision
of any benefit pursuant to Sections 7(d), (e), (f) or (h) (other than the Accrued Obligations), Employee shall have executed,
on or prior to the Release Expiration Date, a Release, which Release and any waiting periods contained in such Release shall have
expired. In the event that Employee fails to execute a Release in favor of the Company and its subsidiaries and affiliates and
their respective related parties on or prior to the Release Expiration Date, Employee shall not be entitled to any payments or
benefits pursuant to Sections 7(d), (e), (f) or (h) (other than the Accrued Obligations).

 

(j)            Exclusive
Rights. The severance benefits specified in this Section 7 (i) shall be in lieu of any severance pay or other severance
benefit that the Company may provide to terminated employees pursuant to policies of the Company that may at that time be in effect
and (ii) shall not in any way affect Employee's entitlement to the receipt of a pro-rated cash bonus or other cash incentive
that Employee is otherwise eligible to earn in the ordinary course, during the partial year prior to date of termination, pursuant
to each plan or program (whether or not such plan or program has been formalized or is in written form) of the Company in effect
for such year that provides for cash bonuses or other cash incentives (provided that the Company goals that trigger the obligation
of the Company to pay any such cash bonus or other cash incentives are satisfied).

 

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Section 8.        Works
for Hire. Employee agrees that the Company shall own all right, title and interest throughout the world in and to any and all
inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets, whether or not patentable
or registerable under copyright or similar laws, which Employee may solely or jointly conceive or develop or reduce to practice,
or cause to be conceived or developed or reduced to practice during the Term of Employment, whether or not during regular working
hours, provided such inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets
(i) relate at the time of conception or development to the actual or demonstrably proposed business or research and development
activities of the Company or its subsidiaries; (ii) result from or relate to any work performed for the Company or its subsidiaries;
or (iii) are developed through the use of Confidential Information and/or Company resources or in consultation with Company
personnel (such inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets are collectively
referred to herein as "Developments"). Employee hereby assigns all right, title and interest in and to any and
all of these Developments to the Company. Employee agrees to assist the Company, at the Company's expense, to further evidence,
record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights specified to be so owned
or assigned. Employee hereby irrevocably designates and appoints the Company and its agents as attorneys-in-fact to act for and
on Employee's behalf to execute and file any document and to do all other lawfully permitted acts to further the purposes of the
foregoing with the same legal force and effect as if executed by Employee. In addition, and not in contravention of any of the
foregoing, Employee acknowledges that all original works of authorship which are made by him (solely or jointly with others) within
the scope of employment and which are protectable by copyright are "works made for hire," as that term is defined in
the United States Copyright Act (17 USC Sec. 101). To the extent allowed by law, this includes all rights of paternity, integrity,
disclosure and withdrawal and any other rights that may be known as or referred to as "moral rights." To the extent Employee
retains any such moral rights under applicable law, Employee hereby waives such moral rights and consents to any action consistent
with the terms of this Agreement with respect to such moral rights, in each case, to the full extent of such applicable law. Employee
will confirm any such waivers and consents from time to time as requested by the Company.

 

Section 9.       Transition.

 

(a)           The
Company and Employee presently anticipate that Employee shall continue to serve as the CEO until the date of the 2025 annual meeting
of the Company's stockholders (the "Transition Date"). During the period beginning on the date of this Agreement
and ending on the Transition Date, Employee shall work with the Company's executive team and the Board to facilitate the transition
process. Employee hereby agrees that he shall resign from his position as the CEO on the Transition Date.

 

(b)            Upon
Employee's resignation as the CEO of the Company, the Company and Employee anticipate that Employee shall continue to serve as
a member of the Board, subject to the approval of the Company's stockholders and applicable law and the regulations of the New
York Stock Exchange.

 

(c)            Nothing
in this Section 9 confers upon Employee the right to continue in the employment of the Company through the Transition Date
or the right to hold any particular office or position with the Company or interferes with or restricts in any way the right of
the Company to terminate Employee's employment as the CEO of the Company at any time, for any reason.

 

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Section 10.            Consulting
Services.

 

Employee shall perform the Consulting Services
(as defined below) during the period beginning on the Transition Date and ending on December 31, 2026 (such period, the "Consulting
Period").

 

(a)            Employee
shall provide consulting, advisory and other services (collectively, the "Consulting Services") to the Company
at the request of the Company, including making recommendations on strategy and helping to ensure a smooth transition of the Company's
leadership. The Consulting Services shall include, without limitation, the following:

 

(i)            Employee
shall make himself available to the Company's CEO and the other members of the Company's executive team upon the request thereof
to advise on strategic and other executive matters.

 

(ii)           Employee
shall work with the Board and the Company's CEO to formulate plans which will help to facilitate the transitional requirements
of the Company's new CEO.

 

(iii)          Employee
shall work with the Company's executive team to maintain the Company's relationships with its shareholders and customers, including
distributors and retailers of the Company's products, firearms industry groups and media organizations and participate in meetings
and outreach events with such Persons.

 

(b)            Employee's
level of service during the Consulting Period shall be as mutually agreed by the Company and Employee, but shall not exceed thirty
(30) business days in any twelve (12) month period during the Consulting Period. For the avoidance of doubt, Employee's service
on the Board and any committees thereof, and his participation in any activities related there, shall not reduce his time commitment
during the Consulting Period under this Agreement.

 

(c)            Employee
agrees to perform the Consulting Services contemplated during the Consulting Period in a good and competent manner and to exercise
his professional skill and judgment in accordance with good business practices.

 

(d)            Subject
to the provisions of Section 11 below, during the Consulting Period Employee shall be entitled to pursue other business activities
in addition to his Consulting Services hereunder and his services as a member of the Board, including, but not limited to, serving
on corporate and charitable boards for other entities.

 

(e)            As
consideration for the performance of the Consulting Services during the Consulting Period, the Company shall pay to Employee Five
Hundred Thousand Dollars ($500,000) per annum, payable monthly.

 

(f)            The
Company shall reimburse Employee for all reasonable out-of-pocket travel expenses and other direct out-of-pocket expenses incurred
by Employee in performing the Consulting Services for the Company during the Consulting Period with the prior consent of the Company,
subject to Employee's submission of appropriate documentation therefor. Reimbursements shall be payable to Employee in accordance
with the Company's travel and expense policies, as in effect from time to time.

 

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(g)            The
Company shall, subject to the approval of the Compensation Committee of the Board and Employee's continued engagement with the
Company in accordance with the terms of this Agreement, make an annual grant to Employee in the spring of 2025 of time-based and
performance-based restricted stock units ("RSUs") for the Company's common stock, par value $1.00 per share, at
a level consistent with the time-based and performance-based RSU grants made to Employee in 2024. The terms applicable to the RSUs
granted to Employee in 2025 shall be consistent in all material respects with the terms applicable to the RSUs granted to Employee
in 2024 and shall be subject to such other standard terms and conditions as apply to executive RSU awards made by the Company pursuant
to the Plan, as determined by the Compensation Committee of the Board; provided, however, that if the Compensation Committee of
the Board changes the performance criteria for all executive level performance-based RSU awards, Employee's 2025 performance-based
RSU award shall include the same criteria. Further, all RSU awards previously made to Employee by the Company shall continue to
vest as if Employee remained employed as the CEO of the Company, and the Company and Employee shall amend Employee's existing RSU
award agreements (the "Existing RSU Agreements") to reflect the foregoing.

 

(h)            It
is understood and agreed that Employee shall be an independent contractor in the performance of any and all Consulting Services
during the Consulting Period, and that nothing in this Agreement shall in any way be construed to give rise to an employment relationship
between the Company and Employee during the Consulting Period. Employee understands and agrees that, during the Consulting Period,
as an independent contractor, any amounts remitted by the Company to Employee for Consulting Services rendered are not subject
to withholding for federal, state, or social security taxes. All such taxes and other legally required payments and any insurance
required by law (other than health insurance) shall be Employee's sole responsibility. Employee agrees and understands that, during
the Consulting Period, as an independent contractor, Employee shall not be eligible to participate in, and shall not be eligible
for benefits under, any of the Company's employee benefit plans or programs, provided that during the Consulting Period Employee
shall be eligible to participate in any benefit plan arrangements offered by the Company to the Company's directors, as in effect
from time to time. During the Consulting Period Employee shall be solely responsible for his compliance with all economic, operational,
safety, insurance and other requirements imposed by federal, state or local law with respect to the Consulting Services. Upon termination
of the Consulting Period for any reason, the Company shall have no further obligation or liability to Employee pursuant to this
Agreement, other than the payment of any amounts due through the date of termination of the Consulting Period.

 

(i)             Notwithstanding
anything to the contrary herein, the Company shall have the right to terminate the Consulting Period, in its discretion, in the
event that:

 

(i)             Employee
fails to perform or is negligent in the performance of the Consulting Services due to the Company pursuant to this Agreement;

 

    -11- 

    

    

 

(ii)           Employee
breaches any material provision of this Agreement, which breach has not been cured to the satisfaction of the Board within fifteen
(15) days after the Board receives notice of such breach;

 

(iii)          Employee
is convicted of a crime involving moral turpitude, dishonesty, theft, fraud, embezzlement, unethical business conduct, or conduct
that materially impairs or injures the reputation of or harms the Company;

 

(iv)          Employee
is convicted of or pleads nolo contendere to a felony or any other crime involving moral turpitude;

 

(v)           Employee
engages in willful misconduct in connection with the performance of any of Employee's duties under this Agreement, including, but
not limited to, misappropriation of funds or property of the Company, securing or attempting to secure personally any profit in
connection with any transaction entered into on behalf of the Company, or any violation of law or regulations on Company premises
or to which the Company is subject; or

 

(vi)          Prior
to the Transition Date, Employee's employment as the CEO of the Company is terminated by (A) Employee, for any reason, or
(B) by the Company, for Cause.

 

Section 11.            Confidentiality;
Restricted Activities. Employee agrees that some restrictions on his activities are necessary to protect the goodwill, Confidential
Information and other legitimate interests of the Company and its affiliates:

 

(a)            From
and after the date of this Agreement, Employee shall not disclose Confidential Information to, or use Confidential Information
for the benefit of, any Person, except (i) to the extent required by an order of a court having jurisdiction over Employee
or under subpoena from an appropriate government agency, in which event, Employee shall use his good faith efforts to consult with
the General Counsel of the Company prior to responding to any such order or subpoena, or (ii) as required in the performance
of Employee's obligations under this Agreement.

 

(b)            Employee
agrees that, during the period commencing on the date of this Agreement and ending on the two (2) year anniversary of the
(i) termination of Employee's employment for any reason prior to the Transition Date or (ii) if Employee's employment
is not terminated prior to the Transition Date, termination or expiration of the Consulting Period (such period, the "Restricted
Period"), Employee shall not, directly or indirectly, individually or jointly, own any interest in, operate, join, control
or participate as a partner, director, principal, officer, or agent of, enter into the employment of, act as a consultant to, or
perform any services for any Person (other than the Company or its subsidiaries), that engages in any Competitive Activities within
the United States of America or any other jurisdiction in which the Company or its subsidiaries are engaged (or have committed
plans to engage) in business during the Consulting Period (the "Restricted Area"). Notwithstanding anything herein
to the contrary, this Section 11 shall not prevent Employee from acquiring or holding as an investment securities (x) of
the Company or (y) representing not more than three percent (3%) of the outstanding voting securities of any other publicly-held
corporation.

 

    -12- 

    

    

 

(c)             During
the Restricted Period, Employee shall not, for his own account or for the account of any other Person (other than the Company or
its subsidiaries), engage in Interfering Activities.

 

(d)            Without
limiting the remedies available to the Company, Employee acknowledges that a breach of any of the covenants contained in this Section 11
may result in material irreparable injury to the Company or its subsidiaries for which there is no adequate remedy at law, that
it will not be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof,
the Company shall be entitled to seek a temporary restraining order and/or a preliminary or permanent injunction, without the necessity
of proving irreparable harm or injury as a result of such breach or threatened breach of this Section 11, restraining Employee
from engaging in activities prohibited by this Section 11 or such other relief as may be required specifically to enforce
any of the covenants in this Section 11. Notwithstanding any other provision herein to the contrary, the Restricted Period
shall be tolled during any period of violation of Sections 11(b) or (c) and during any other period required for litigation
during which the Company seeks to enforce such covenants against Employee if it is ultimately determined that Employee was in breach
of such covenants.

 

(e)             If
any court of competent jurisdiction shall at any time determine that any covenant or agreement contained in this Section 11
exceeds the temporal, geographic or other limitations permitted by applicable law in any jurisdiction and renders such covenant
or agreement unenforceable, the other provisions of this Section 11 shall nevertheless remain in effect and such covenant
or agreement shall be deemed to be reformed and modified to the maximum temporal, geographic or other limitation permitted by law
under the circumstances, and the Company and Employee each agree that any such court shall be expressly empowered to so reform
and modify such covenant or agreement.

 

(f)             Employee
acknowledges and agrees that (A) the agreements and covenants contained in this Section 11 (i) are reasonable and
valid in geographical and temporal scope and in all other respects, (ii) are essential to protect the value of the business,
assets and confidential information of the Company and its subsidiaries and (iii) will not impose any undue hardship on Employee,
(B) Employee has and will obtain valuable knowledge (including knowledge of the Company's trade secrets, customer relationships
and other confidential information), contacts, know-how, training and experience and such knowledge, know-how, contacts, training
and experience could be used to the substantial detriment of the Company and its subsidiaries, and (C) the markets served
by the Company and its subsidiaries include each state within the Restricted Area and are not dependent on the geographical location
of the Company's offices or its employees. Employee further acknowledges that the Company's agreement to enter into the Agreement
and to make the payments and take the actions contemplated herein is conditioned upon Employee's agreement to the terms set forth
in this Section 11 and the Company's agreement to enter into the Agreement constitutes good and valuable consideration for
Employee's agreement to the restrictions set forth in this Section 11.

 

    -13- 

    

    

 

(g)            Unless
otherwise agreed by the Company and Employee, in the event that the Company terminates Employee's employment as the CEO of the
Company prior to the Transition Date without Cause, Employee shall, from and after the date of such termination, no longer be subject
to the provisions of Section 11(b).

 

(h)            In
the event of the termination of Employee's employment or Consulting Services for any reason, Employee shall deliver to the Company
all of (i) the property of the Company and (ii) the documents and data of any nature and in whatever medium of the Company,
and he shall not take with him any such property, documents or data or any reproduction thereof, or any documents containing or
pertaining to any Confidential Information.

 

Section 12.             Injunctive
Relief.

 

Without limiting the remedies available to
the Company, Employee acknowledges that a breach of any of the covenants contained in Section 11 hereof may result in material
irreparable injury to the Company or its subsidiaries or affiliates for which there is no adequate remedy at law, that it will
not be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof, the Company
shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction, without the necessity of
proving irreparable harm or injury as a result of such breach or threatened breach of Section 11 hereof, restraining Employee
from engaging in activities prohibited by Section 11 hereof or such other relief as may be required specifically to enforce
any of the covenants in Section 11 hereof. Notwithstanding any other provision to the contrary, the Restricted Period shall
be tolled during any period of violation of any of the covenants in Section 11(b) or (c) hereof and during any other
period required for litigation during which the Company seeks to enforce such covenants against Employee if it is ultimately determined
that Employee was in breach of such covenants.

 

Section 13.             Representations
and Warranties of Employee.

 

Employee represents and warrants to the Company
that:

 

(a)            Employee
is entering into this Agreement voluntarily and that his employment hereunder and compliance with the terms and conditions hereof
will not conflict with or result in the breach by him of any agreement to which he is a party or by which he may be bound;

 

(b)            He
has not, and in connection with his employment with the Company will not, violate any non-solicitation or other similar covenant
or agreement by which he is or may be bound; and

 

(c)            In
connection with his employment with the Company he will not use any confidential or proprietary information he may have obtained
in connection with employment with any prior employer.

 

    -14- 

    

    

 

Section 14.             Taxes.

 

(a)            The
Company may withhold from any payments made under this Agreement, including payments made pursuant to Section 7, all applicable
taxes, including, but not limited to, income, employment and social insurance taxes, as shall be required by law. Employee acknowledges
and represents that the Company has not provided any tax advice to him in connection with this Agreement and that he has been advised
by the Company to seek tax advice from his own tax advisors regarding this Agreement and payments that may be made to
him pursuant to this Agreement, including, specifically, the application of the provisions of Sections 280G or 409A of the Code
to such payments.

 

(b)            In
the event that any amount otherwise payable pursuant to Section 7 would be deemed to constitute a parachute payment (a "Parachute
Payment") within the meaning of Section 280G of the Code, and if any such Parachute Payment, when added to any other
payments which are deemed to constitute Parachute Payments, would otherwise result in the imposition of an excise tax under Section 4999
of the Code, the amounts payable hereunder shall be reduced by the smallest amount necessary to avoid the imposition of such excise
tax. Any such limitation shall be applied to such compensation and benefit amounts, and in such order, as the Company shall determine
in its sole discretion.

 

Section 15.             Set
Off; Mitigation.

 

The Company's obligation to pay Employee the
amounts provided and to make the arrangements provided hereunder shall be subject to set-off, counterclaim or recoupment of amounts
owed by Employee to the Company or its subsidiaries or affiliates. Employee shall not be required to mitigate the amount of any
payment provided for pursuant to this Agreement by seeking other employment or otherwise and the amount of any payment provided
for pursuant to this Agreement shall not be reduced by any compensation earned as a result of Employee's other employment or otherwise.

 

Section 16.             Delay
in Payment.

 

Notwithstanding any provision in this Agreement
to the contrary, any payment otherwise required to be made hereunder to Employee at any date as a result of the termination of
Employee's employment 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. On the earliest date on which such payments can be made without violating the requirements of section 409A(a)(2)(B)(i) of
the Code, there shall be paid to Employee, in a single cash lump sum, an amount equal to the aggregate amount of all payments delayed
pursuant to the preceding sentence.

 

Section 17.             Successors
and Assigns; No Third-Party Beneficiaries.

 

(a)            The
Company. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Neither
this Agreement nor any of the rights, obligations or interests arising hereunder may be assigned by the Company without Employee's
prior written consent, to a Person other than a subsidiary, affiliate or parent entity of the Company, or their respective successors
or assigns; provided, however, that, in the event of the merger, consolidation, transfer or sale of all or substantially
all of the assets of the Company with or to any other Person, this Agreement shall, subject to the provisions hereof, be freely
assignable to, and be binding upon and inure to the benefit of, each such Person, without Employee's consent, and, to the extent
the Agreement has been so assigned, such Person shall discharge and perform all the promises, covenants, duties and obligations
of the Company hereunder.

 

    -15- 

    

    

 

(b)            Employee.
Employee's rights and obligations under this Agreement shall not be transferable by Employee, by assignment or otherwise, without
the prior written consent of the Company; provided, however, that if Employee shall die, all amounts then payable
to Employee hereunder shall be paid in accordance with the terms of this Agreement to Employee's devisee, legatee or other designee
or, if there be no such designee, to Employee's estate.

 

(c)            No
Third-Party Beneficiaries. Except as otherwise set forth in Section 7(b) or this Section 17, nothing expressed
or referred to in this Agreement will be construed to give any person or entity other than the Company (and its subsidiaries and
affiliates) and Employee any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision
of this Agreement.

 

Section 18.             Waiver
and Amendments.

 

Any waiver, alteration, amendment or modification
of any of the terms of this Agreement shall be valid only if made in writing and signed by each of the parties hereto; provided,
however, that any such waiver, alteration, amendment or modification is approved by the Board. No waiver by either of the
parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions
hereunder unless such waiver specifically states that it is to be construed as a continuing waiver.

 

Section 19.             Severability.

 

If any covenants or such other provisions
of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent jurisdiction: (i) the
remaining terms and provisions hereof shall be unimpaired, and (ii) the invalid or unenforceable term or provision hereof
shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention
of the invalid or unenforceable term or provision hereof.

 

Section 20.             Governing
Law and Jurisdiction.

 

This Agreement is governed by and is to be
construed under the laws of the State of Connecticut without regard to conflict of laws rules. Any dispute or claim arising out
of or relating to this Agreement or claim of breach hereof (other than claims for injunctive relief, which shall be governed by
Section 12 hereof) shall be brought exclusively in the State or Federal courts located in Hartford, Connecticut. By execution
of the Agreement, the parties hereto, and their respective affiliates, consent to the exclusive jurisdiction of such court, and
waive any right to challenge jurisdiction or venue in such court with regard to any suit, action, or proceeding under or in connection
with the Agreement. Each party to this Agreement also hereby waives any right to trial by jury in connection with any suit, action
or proceeding under or in connection with this Agreement.

 

    -16- 

    

    

 

Section 21.             Notices.

 

(a)            Every
notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party
for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other
party as herein provided, provided that, unless and until some other address be so designated, all notices or communications by
Employee to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices or communications
by the Company to Employee may be given to Employee personally or may be mailed to Employee at Employee's last known address, as
reflected in the Company's records.

 

(b)            Any
notice so addressed shall be deemed to be given: (i) if delivered by hand, on the date of such delivery; (ii) if mailed
by courier or by overnight mail, on the first business day following the date of such mailing; and (iii) if mailed by registered
or certified mail, on the third (3rd) business day after the date of such mailing.

 

Section 22.             Section Headings.

 

The headings of the sections and subsections
of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof, affect the meaning or
interpretation of this Agreement or of any term or provision hereof.

 

Section 23.             Entire
Agreement.

 

This Agreement, together with any exhibits
attached hereto, constitutes the entire understanding and agreement of the parties hereto regarding the subject matter hereof.
This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between
the parties hereto relating to the subject matter of this Agreement, including, without limitation, the Severance Agreement.

 

Section 24.             Survival
of Operative Sections.

 

Upon any termination of Employee's employment
with the Company or Consulting Services, the provisions of Section 7 through Section 25 of this Agreement (together with
any related definitions set forth in Section 1 hereof) shall survive to the extent necessary to give effect to the provisions
thereof.

 

    -17- 

    

    

 

Section 25.             Counterparts.

 

This Agreement may be executed in multiple
counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.
The execution of this Agreement may be by actual or facsimile (including by way of PDF files) signature.

 

*               *                *

[Signatures to appear on the following page.]

 

    -18- 

    

    

 

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

 

	 	COMPANY:
	 	 
	 	STURM RUGER & COMPANY, INC.
	 	 
	 	 
	 	By:	/S/ KEVIN B. REID, SR.
	 	 	Name: Kevin B. Reid, Sr.
	 	 	Title: VP, GC & Corporate Secretary

 

	 	EMPLOYEE:
	 	 
	 	 
	 	/S/ CHRISTOPHER J. KILLOY
	 	Christopher J. Killoy

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