Document:

Unassociated Document

    

      Exhibit
        10.1

       

      EMPLOYMENT
        AGREEMENT

       

      [as
        amended through July 9, 2008]

       

      This
        EMPLOYMENT AGREEMENT (the "Agreement") is dated as of June 11, 2008 by and
        between ARNO
        THERAPEUTICS, INC.,
        a
        Delaware corporation with principal executive offices at 30 Two Bridges Rd.,
        Suite 270, Fairfield, NJ 07004 (the "Company"), and BRIAN
        LENZ,
        an
        individual residing at         ,
        NJ         (the
        "Executive").

       

      WHEREAS,
        the Company desires to employ Executive as Chief Financial Officer of the
        Company; and 

       

      WHEREAS,
        Executive desires to accept such employment upon the terms and conditions
        contained in this Agreement.

       

      NOW,
        THEREFORE, in consideration of the premises and mutual covenants herein
        contained and for other good and valuable consideration, the parties hereby
        agree as follows:

       

      1. Term
        of Employment.
        Subject
        to the provisions of Section 8 of this Agreement, Executive shall be employed
        by
        the Company for a period commencing on July 15, 2008 (the "Effective Date")
        and
        ending on the second anniversary of the Effective Date (the "Employment Term");
        provided,
        however,
        that
        the Employment Term shall be automatically extended for an additional one-year
        period, on an annual basis, unless the Company or Executive provides the
        other
        party with at least 90 days' prior written notice before the second anniversary
        of the Effective Date that the Employment Term shall not be so extended ("Notice
        of Non-Renewal"). 

       

      2. Position.

       

      a. Commencing
        on the date immediately following the date that the Company files with the
        Securities and Exchange Commission (“SEC”) its Quarterly Report on Form 10-Q for
        the quarter ended June 30, 2008, and thereafter during the remainder of the
        Employment Term, Executive is appointed to serve as Chief Financial Officer
        of
        the Company, and Executive accepts such appointment. In such position, Executive
        shall, subject to any limitations or other directions determined from time
        to
        time by the Board of Directors of the Company (the "Board"), which limitations
        and/or directions shall be consistent with state and federal law, have such
        duties and authority as are consistent with the position of Chief Financial
        Officer of a company of similar size and nature, including:

       

      (i) Financial
        planning, budget, forecasting and analysis processes;

       

      (ii) Contract
        review;

      

      (iii) Accounts
        receivable/payable;

      

      (iv) Developing/maintaining
        organization’s financial management policies, ensuring compliance with
        applicable law and Board policy; 

      

      (v) Reviewing
        financial statements, preparing and filing SEC filings;

      

      (vi) Present
        Company’s financials to shareholders, analysts and potential
        investors;

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (vii) Compliance
        with Sarbanes-Oxley, accounting;

      

      (viii) Managing/directing
        outside financial auditors;

      

      (ix) Managing
        Treasury functions;

      

      (x) Overseeing
        all aspects of company financial controls;

      

      and
        may
        include with the Chief Executive Officer, investor relations, directing outside
        legal counsel and preparation of materials for meetings of the Board of
        Directors. Executive shall report directly to the Chief Executive Officer.
        At no
        point, however, shall the Executive be required to undertake any actions
        at the
        direction of the Board of Directors, Chief Executive Officer, or any other
        person which the Executive reasonably believes is in violation of state and/or
        federal law.

       

      b. During
        the Employment Term, Executive shall devote his full business time and attention
        to the performance of his duties hereunder, which shall be performed primarily
        at the offices of the Company in Fairfield, New Jersey. Without the prior
        written consent of the Board, which consent may not be unreasonably withheld,
        Executive shall not engage in any other business, profession or occupation
        for
        compensation or otherwise that would conflict or interfere with the rendition
        of
        his services hereunder or adversely affect or negatively reflect upon the
        Company. 

       

      c. Due
        consideration will be given by the Board to appointing the Executive Chief
        Operating Officer of the Company in the event of outstanding performance
        by the
        Executive during the Term. 

       

      3. Base
        Salary.
        During
        the Employment Term, the Company shall pay Executive a base salary ("Base
        Salary") at an annual rate of Two Hundred Thousand Dollars ($200,000.00),
        payable in regular installments in accordance with the Company's usual payroll
        practices. The Board (or a designated committee thereof) may, in its sole
        discretion, increase such Base Salary from time to time. 

       

      4. Bonus
        Compensation.
        

       

      a. The
        Company shall pay to the Executive a one time cash payment of Twenty Five
        Thousand Dollars ($25,000.00) upon the Effective Date of this
        Agreement.

       

      b. During
        the Employment Term, Executive may earn an annual performance bonus
        ("Performance Bonus") of up to thirty percent (30%) of his Base Salary in
        respect of each twelve-month period that he is employed by the Company (or
        pro
        rata portion thereof) based upon the successful achievement of certain corporate
        and individual goals, which shall be established within thirty (30) days
        of the
        Effective Date by the Executive and the Board (or a designated committee
        thereof), and renewed annually on a calendar year basis, with the first calendar
        year being pro-rated as discussed otherwise herein, by the Executive and
        the
        Board (or a designated committee thereof). Any Performance Bonus will be
        paid to
        the Executive within thirty (30) days of the end of each calendar year during
        the Employment Term. 

       

      
        
          
          

        

        
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      5. Equity.
        

       

      a. Employment
        Options. Promptly
        following the Effective Date, the Company shall grant to Executive stock
        options
        (the "Employment Options"), pursuant to the Company's 2005 Stock Option Plan,
        to
        purchase Four Hundred Forty Thousand shares of common stock of the Company,
        par
        value $0.0001 per share (the "Common Stock"), representing two percent (2%)
        of
        the outstanding Common Stock on a fully diluted basis as of the date hereof,
        at
        an exercise price equal to the price per share of Common Stock on the
        Commencement Date as quoted on the Over the Counter Bulletin Board. Subject
        to
        the Executive’s continued employment the Employment Options shall vest and
        become exercisable, if at all, as follows:

       

      (i)
        One
        quarter of such Employment Options shall vest on the first anniversary of
        this
        Agreement; and

       

      (ii)
        thereafter the Employment Options shall vest in equal monthly installments
        on
        the last day of each month over a period of 24 months on the last business
        day
        of each month (each date on which Employment Options vest is hereinafter
        referred to as a “Vesting Date”). 

       

      b. Subject
        to earlier expiration as described in Section 8 below, the Employment Options
        shall have a ten (10) year term and shall be exercisable at an exercise price
        equal to the price per share paid by investors in the Financing. In the event of
        a Change of Control (as defined in Section 8(d)(ii) below), one-half of all
        unvested Employment Options shall vest and remain exercisable during the
        Executive’s continued employment with the Company and for a period of twelve
        (12) months thereafter, provided said continued employment is materially
        the
        same or similar to the Executive’s prior position with the Company.

       

      c. The
        parties specifically acknowledge and agree that the equity provisions of
        this
        Employment Agreement supersede any and all prior or subsequent agreements,
        including but not limited to the Stock Option Agreement, relating to grant
        of
        equity options to the Executive.  To the extent there is a disagreement of
        the terms of this Employment Agreement and a prior or subsequent Stock Option
        Agreement, including but not limited to those dealing with change of control
        and
        vesting, then the terms of this Agreement shall control

       

      6. Employee
        Benefits.
        During
        the Employment Term, Executive shall be entitled to: (a) participation in
        the
        Company's health, dental and other welfare benefit as in effect from time
        to
        time; (b) up to four (4) non-consecutive weeks of vacation per year; and
        (c)
        sick leave and holidays in accordance with the Company's policies as in effect
        from time to time (collectively, "Employee Benefits"), on a basis no less
        favorable than those benefits generally made available to other senior
        executives of the Company or, as applicable, to the Company's employees
        generally. The Company shall reimburse the Executive for the premiums
        attributable to a life insurance policy for the Executive in an amount equal
        to
        twice Executive’s then Base Salary. Executive shall be designated as a named
        insured on directors and officers’ liability insurance of the Company providing
        policy limits of not less than One Million Dollars ($1,000,000), and Executive
        shall be provided evidence of such insurance within thirty (30) days of the
        Execution Date.

       

      7. Business
        Expenses.
        During
        the Employment Term, reasonable business expenses incurred by Executive in
        the
        performance of his duties hereunder shall be reimbursed by the Company in
        accordance with the Company's policies in effect from time to time.  

       

      8. Termination.
        The
        Employment Term and Executive's employment hereunder may be terminated by
        either
        party at any time and for any reason; provided
        that
        Executive shall be required to give the Company at least sixty (60) days'
        prior
        written notice of any termination of his employment. Notwithstanding any
        other
        provision of this Agreement, the provisions of this Section 8 shall exclusively
        govern Executive's rights upon termination of employment with the
        Company.

       

      
        
          
          

        

        
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      a. By
        the
        Company For Cause or By Executive Resignation Without Good
        Reason.

       

      (i)
        The
        Employment Term and Executive's employment hereunder may be terminated by
        the
        Company for Cause (as defined below) and shall terminate automatically upon
        Executive's resignation without Good Reason (as defined in Section 8(c)(ii));
        provided
        that
        Executive shall be required to give the Company at least sixty (60) days'
        prior
        written notice of his resignation without Good Reason.

       

      (ii)
        For
        purposes of this Agreement, "Cause" shall mean: (A) Executive's willful failure
        to adequately perform material duties or obligations hereunder, or willful
        misconduct by Executive in respect of such duties or obligations,
        including, without limitation, willful
        failure, disregard or refusal by Executive to abide
        by
        specific objective and lawful directions received by him in writing constituting
        an action of the Board;
        (B)
        any
        willful, intentional or grossly negligent act by Executive having the reasonably
        foreseeable effect of actually and substantially injuring, whether financial
        or
        otherwise, the business reputation of the Company; (C)
        Executive's indictment of any felony; (D) Executive being convicted of a
        misdemeanor involving moral turpitude
        that
        causes,
        or
        could reasonably be expected to cause, substantial
        harm to
        the Company or its reputation; (E) the
        determination by the Company, after a reasonable and good-faith investigation
        by
        the Company following a written allegation by another employee of the Company,
        that Executive engaged in some form of harassment prohibited
        by law
        (including, without limitation, age, sex or race discrimination);
        provided, however, that Cause shall not exist under clause (E) unless the
        Company gives written notice to Executive where such notice describes
        with particularity the alleged act(s) at issue and has given Executive an
        opportunity to be heard at a meeting of the Board with or without counsel,
        and
the
        Board
        provides Executive with a summary of its findings; (F) any
        misappropriation or embezzlement of the property of the Company or its
        affiliates (whether or not a misdemeanor or felony) by Executive; and (G)
        a
        material breach by Executive of this Agreement, which if capable of being
        cured,
        is not cured by the Executive within thirty (30) days of written notice from
        the
        Company of the alleged breach.

       

      (iii)
        If
        Executive's employment is terminated by the Company for Cause, or if Executive
        resigns without Good Reason, Executive shall be entitled to receive: (A)
        his
        Base Salary through the date of such termination; (B) any Performance Bonus
        earned but unpaid as of the date of termination for any previously completed
        year of employment; (C) reimbursement for any unreimbursed business expenses
        properly incurred by Executive prior to the date of such termination in
        accordance with Company policy; and (D) such Employee Benefits, if any, as
        to
        which Executive may be entitled under the employee benefit plans of the Company
        for Executive (the amounts described in clauses (A) through (D) hereof being
        referred to as the "Accrued Rights"). Additionally, if Executive's employment
        is
        terminated by the Company for Cause, or if Executive resigns without Good
        Reason, then (1) all unvested Employment Options shall expire immediately,
        and
        (2) the Executive shall have a period of ninety (90) days to exercise any
        and
        all currently vested Employment Options, after which time all Employment
        Options
        shall expire. 

       

      (iv)
        Following a termination of Executive's employment by the Company for Cause
        or
        resignation by Executive without Good Reason, except as set forth in Section
        8(a)(iii), Executive shall have no further rights to any compensation or
        any
        other benefits under this Agreement.

      
        
          
          

        

        
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      b. Disability
        or Death.

       

      (i)
        The
        Employment Term and Executive's employment hereunder shall terminate
        automatically upon Executive's death and may be terminated by the Company
        if
        Executive becomes physically or mentally incapacitated and is, therefore,
        unable
        for a period of six (6) consecutive months or for an aggregate of nine (9)
        months in any twelve (12) consecutive month period to perform Executive's
        duties
        (such incapacity is hereinafter referred to as "Disability"). Any question
        as to
        the existence of the Disability of Executive as to which Executive and the
        Company cannot agree shall be determined in writing by a qualified independent
        physician, with such independent doctor being designated after agreement
        by the
        Company and the Executive, and the cost of such independent Physician shall
        be
        borne equally by the Executive and the Company. Executive hereby agrees to
        make
        himself available and to cooperate in any reasonable examination by an
        Independent Physician.

       

      (ii)
        Upon
        termination of Executive's employment hereunder for either Disability or
        death,
        Executive or Executive's estate (as the case may be) shall be entitled to
        receive: (A) the Accrued Rights; (B) a pro
        rata portion
        (based upon the ratio of (x) the number of days from the Effective Date or,
        if
        applicable, the immediately preceding Extension Date, to (y) 365) of the
        Performance Bonus, if any, that Executive would have been entitled to receive
        in
        respect of the fiscal year in which such termination occurs, payable when
        such
        Performance Bonus would have otherwise been payable had Executive's employment
        not terminated (a “Pro-Rata Bonus”); and (C)
        his
        Base Salary and Employee Benefits for a period of twelve (12) months following
        any such termination.

       

      (iii)
        Following Executive's termination of employment due to death or Disability,
        all
        unvested Employment Options scheduled to vest following the end of such
        employment year shall immediately vest and remain exercisable for a period
        of
        three hundred and sixty five (365) calendar days, after which date all
        Employment Options shall expire. 

       

      c. By
        the
        Company Without Cause or Resignation by Executive for Good
        Reason.

       

      (i)
        The
        Employment Term and Executive's employment hereunder may be terminated by
        the
        Company without Cause or by Executive's resignation for Good Reason;
provided
        that
        Executive shall be required to give the Company at least thirty (30) days'
        prior
        written notice of any resignation of his employment for Good Reason.

       

      (ii)
        For
        purposes of this Agreement, "Good Reason" shall mean: (A) following the
        effective date of his appointment as Chief Financial Officer, as described
        in
        Section 2.a., any
        material
        diminution
        by the Company of Executive’s title of Chief Financial Officer;
        (B) a
        material breach by the Company of any of the provisions contained herein,
        which,
        if capable of being cured, is not cured by the Company within ten (10) days
        after written notice thereof by Executive to the Company; and (C) the
        relocation of the company’s headquarters and/or the Executive’s place of
        employment outside of a twenty five (25) mile radius from its current location.
        

       

      (iii)
        If,
        during the first twelve (12) months of the Employment Term, the Executive's
        employment is terminated by the Company without Cause, other than by reason
        of
        death or Disability, or if Executive resigns for Good Reason, Executive shall
        be
        entitled to receive: (A) the Accrued Rights; (B) subject to Executive's
        continued compliance with the provisions of Sections 9 and 10, continued
        payment
        of his Base Salary at the rate in effect immediately prior to the date of
        such
        termination for a period of nine (9) months following such termination; (C)
        subject to Executive's continued compliance with the provisions of Sections
        9
        and 10, an amount equal to one-half of the Performance Bonus, if any, that
        the
        Executive would have earned for the year in which such termination occurs;
        (D)
        subject to Executive's continued compliance with the provisions of Sections
        9
        and 10, his Employee Benefits until the earlier to occur of (1) the date
        on
        which Executive obtains new employment, and (2) six (6) months following
        such
        termination; and (E) unvested Employment Options scheduled to vest
        following the end of such employment year shall immediately vest and remain
        exercisable for a period of twelve (12) months following such termination,
        after
        which date all Employment Options shall expire. 

       

      
        
          
          

        

        
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      (iv)
        Thereafter, if the Executive's employment is terminated by the Company without
        Cause, other than by reason of death or Disability, or if Executive resigns
        for
        Good Reason, Executive shall be entitled to receive: (A) the Accrued Rights;
        (B)
        subject to Executive's continued compliance with the provisions of Sections
        9
        and 10, continued payment of his Base Salary at the rate in effect immediately
        prior to the date of such termination for a period of twelve (12) months
        following such termination; (C) subject to Executive's continued compliance
        with
        the provisions of Sections 9 and 10, an amount equal to the Performance Bonus,
        if any, that the Executive would have earned for the year in which such
        termination occurs; (D) subject to Executive's continued compliance with
        the
        provisions of Sections 9 and 10, his Employee Benefits until the earlier
        to
        occur of (1) the date on which Executive obtains new employment, and (2)
        twelve
        (12) months following such termination; and (E) unvested Employment Options
        scheduled to vest following the end of such employment year shall immediately
        vest and remain exercisable for a period of twelve (12) months following
        such
        termination, after which date all Employment Options shall expire.

       

      (v)
        Following Executive's termination of employment by the Company without Cause
        (other than by reason of Executive's death or Disability) or by Executive's
        resignation for Good Reason, all Employment Options which were not then vested
        (or did not become vested pursuant to Section 8(c)(iii) or (iv) hereof) shall
        immediately expire and, except as set forth in this Section 8(c)(iii) or
        (iv),
        Executive shall have no further rights to any compensation or any other benefits
        under this Agreement.

       

      d. By
        the
        Company upon a Change of Control.

       

      (i)
        The
        Employment Term and Executive's employment hereunder may be terminated by
        the
        Company upon a Change of Control.

       

      (ii)
        For
        purposes of this Agreement, a “Change of Control” shall have the meaning set
        forth in the Company’s 2005 Stock Option Plan (the “Plan”), except that,
        notwithstanding the terms of the Plan, no transaction shall be considered
        a
        Change in Control under this Agreement or any related stock option agreement,
        and no Options shall vest (A) as a result of a Change of Control arising
        out of
        a private placement of equity securities of the Company for the purpose of
        financing the Company’s on-going operations; or (B) as a result of a Change of
        Control arising out of any transaction ascribing a valuation to the Company
        of
        less than One Hundred Million Dollars ($100,000,000).

       

      (iii)
        Following Executive’s termination as a result of Change of Control, Executive
        shall be entitled to receive: (A) the Accrued Rights; and, subject to
        Executive's continued compliance with the provisions of Sections 9 and 10,
        (B)
        continued payment of his Base Salary at the rate in effect immediately prior
        to
        the date of such termination for a period of 12 months following such
        termination; (C) an amount equal to the Performance Bonus, if any, that the
        Executive would have earned for the year in which such termination occurs;
        (D)
        Employee Benefits for a period of twelve (12) months following such termination;
        (E) all unvested Employment Options shall immediately vest and remain
        exercisable for a period of twelve (12) months, after which date all Employment
        Options shall expire immediately.

       

      e. Expiration
        of Employment Term.
        In the
        event either party delivers a Notice of Non-Renewal, unless Executive's
        employment is terminated prior to the expiration of the Employment Term pursuant
        to paragraphs (a), (b), (c) or (d) of this Section 8, Executive shall be
        entitled to receive the Accrued Rights. Upon non-renewal of Executive's
        employment hereunder following either party's election not to extend the
        Employment Term, (i) any unvested Employment Options shall expire, and (ii)
        any
        vested Employment Options shall remain exercisable for a period of twelve
        (12)
        from the date of termination. Further, except as set forth in this Section
        8(e),
        Executive shall have no further rights to any compensation or any other benefits
        under this Agreement. 

       

      
        
          
          

        

        
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      f. Notice
        of Termination.
        Any
        purported termination of employment by the Company or by Executive (other
        than
        due to Executive's death) shall be communicated by written notice to the
        other
        party hereto in accordance with the provisions of this Agreement ("Notice
        of
        Termination"), which notice shall indicate the specific termination provision
        in
        this Agreement relied upon and shall set forth in reasonable detail the facts
        and circumstances claimed to provide a basis for termination of employment
        under
        the provision so indicated.

       

      g. Payments
        to Executive.
        Except
        as otherwise provided herein, all payments required to be made by the Company
        to
        Executive under this Section 8 in connection with the termination of Executive's
        employment shall be payable in regular installments in accordance with the
        Company's usual payroll practices. Additionally, the obligations of the Company
        to make any payments described in Sections 8(b)(ii)(B) and (C), 8(c)(iii)(B)
        and
        (C), 8(c)(iv)(B) and (C), and 8(d)(iii)(B) and (C) and its obligations under
        Sections 8(b)(iii), 8(c)(iii)(E), 8(c)(iv)(E) and (F), and 8(d)(iii)(E) shall
        be
        subject to the execution and non-revocation by Executive of a general release
        of
        claims in a form provided by the Company and Executive's continued compliance
        with his obligations under Sections 9 and 10 hereof.

       

      9. Non-Competition
        and Non-Solicitation.

       

      a. Executive
        understands and recognizes that his services to the Company are special and
        unique and that in the course of performing such services Executive will
        have
        access to and knowledge of Confidential and Proprietary Information (as defined
        in Section 10 below) and Executive agrees that, during the Employment Term
        and
        for a period of six (6) months
        (or
        twelve (12) months if Executive's employment is terminated by the Company
        for
        Cause or by Executive without Good Reason) thereafter, he shall not in any
        manner, directly or indirectly, on behalf of himself or any natural person,
        firm, partnership, joint venture, corporation,
        limited
        liability company
        or other
        business entity ("Person"), enter into or engage in any business that is
        directly or indirectly competitive with the Company’s Business (as defined
        below), either as an individual for his own account, or as a partner, joint
        venturer, owner, executive, employee, independent contractor, principal,
        agent,
        consultant, salesperson, officer, director, member or shareholder of a Person
        in
        a business competitive with the Company within the geographic area of the
        Company's Business, which is deemed by the parties hereto to be worldwide;
        provided,
        however,
        that if
        a Person's business has multiple lines or segments, some of which are not
        competitive with the Company's Business, nothing herein shall prevent Executive
        from being employed by, working for or assisting that line or segment of
        such
        Person's business that is not competitive with the Company's Business. Executive
        acknowledges that, due to the unique nature of the Company's Business, the
        loss
        of any of its clients or business flow or the improper use of its Confidential
        and Proprietary Information could create significant instability and cause
        substantial damage to the Company and its affiliates and, therefore, the
        Company
        has a strong legitimate business interest in protecting the continuity of
        its
        business interests and the restriction herein agreed to by Executive narrowly
        and fairly serves such an important and critical business interest of the
        Company. Notwithstanding the foregoing, nothing contained in this Section
        9(a)
        shall be deemed to prohibit Executive from acquiring or holding, solely for
        investment purposes, publicly traded securities of any corporation or other
        entity, some or all of the activities of which are competitive with the business
        of the Company so long as such securities do not, in the aggregate, constitute
        more than three percent (3%) of any class or series of outstanding securities
        of
        such corporation or other entity.
        For
        purposes of this Agreement, "Company's Business" shall be the development
        of
        novel therapeutics for the treatment of cancer, which shall be specifically
        limited to the investigation, development, and/or testing of compounds developed
        by the Company during the tenure of the Executive’s.

       

      
        
          
          

        

        
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      b. During
        the Employment Term and for a period of twelve (12) months thereafter (or
        six
        (6) months in the case of clause (b)(ii)), Executive shall not, directly
        or
        indirectly, without the prior written consent of the Company: (i)
        solicit or induce any person
        who, at any time during the preceding twelve (12) months, was an employee
        of the Company or any of its subsidiaries or of
        Two
        River
        Group Holdings, LLC ("Two River") to leave the employ of the Company or such
        subsidiaries or Two River
        or hire,
        or assist any other Person in hiring, any such employee;
        or
(ii)
        solicit the business of any agent, client or customer of the Company or any
        of
        its subsidiaries with respect to products or services similar to and competitive
        with those provided or supplied by the Company or any of its
        subsidiaries.

       

      c. The
        Company and Executive mutually agree that both during the Employment Term
        and at
        all times thereafter, neither party shall directly or indirectly disparage,
        whether or not true, the name or reputation of the other party, and in the
        case
        of the Company, including any officer, director or material shareholder of
        the
        Company. Notwithstanding the foregoing, nothing in this Agreement shall preclude
        the parties hereto or their successors from making truthful statements in
        the
        proper performance of their jobs or that are required by applicable law,
        regulation or legal process, and the parties shall not violate this provision
        in
        making truthful statements in response to disparaging statements made by
        the
        other party.

       

      d. In
        the
        event that Executive breaches any provisions of this Section 9 or Section
        10,
        then, in addition to any other rights that the Company may have, the Company
        shall be entitled,
        upon entry of an appropriate order by a Court of competent jurisdiction,
        to
        cease making any payments to Executive under Section 8 hereof, cancel any
        options that vested under Section 8 hereof, recover any amounts paid under
        Section 8 hereof (including amounts received by Executive in respect of any
        options that became vested under Section 8) other than payments in respect
        of
        the Accrued Rights and
        seek
        injunctive relief to enforce the restrictions contained in such Sections,
        which
        injunctive relief shall be in addition to any rights or remedies available
        to
        the Company under the law or in equity.  The
        Executive’s agreement to the terms and conditions contained in this section
        shall in no way be considered his consent to the entry of such relief, and
        the
        Executive and the Company agree that no such relief will be sought until
        notice
        is given to the Executive and a fourteen (14) day period in which the Executive
        has to cure the alleged violation lapses.

       

      e. The
        rights and remedies enumerated in Section 9(d) shall be independent of, and
        shall be in addition to and not in lieu of, any other rights and remedies
        available to the Company at law or in equity. If any of the covenants contained
        in this Section 9, or any part of any of them, is hereafter construed or
        adjudicated to be invalid or unenforceable, the same shall not affect the
        remainder of the covenant or covenants or rights or remedies, which shall
        be
        given full effect without regard to the invalid portions. If any of the
        covenants contained in this Section 9 is held to be invalid or unenforceable
        because of the duration of such provision or the area covered thereby, the
        parties agree that the court making such determination shall have the power
        to
        reduce the duration and/or area of such provision and in its reduced form
        such
        provision shall then be enforceable. No such holding of invalidity or
        unenforceability in one jurisdiction shall bar or in any way affect the
        Company's right to the relief provided in this Section 9 or otherwise in
        the
        courts of any other state or jurisdiction within the geographical scope of
        such
        covenants as to breaches of such covenants in such other respective states
        or
        jurisdictions, such covenants being, for this purpose, severable into diverse
        and independent covenants.

       

      f. The
        provisions of this Section 9 shall survive the termination of Executive's
        employment for any reason.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      10. Confidential
        Information and Inventions.

       

      a. Executive
        recognizes and acknowledges that in the course of his duties he is likely
        to
        receive confidential or proprietary information owned by the Company, its
        affiliates or third parties with whom the Company or any such affiliates
        has an
        obligation of confidentiality. Accordingly, during and after the Employment
        Term, Executive agrees to keep confidential and not disclose or make accessible
        to any other Person or use for any other purpose other than in connection
        with
        the fulfillment of his duties under this Agreement, any Confidential and
        Proprietary Information owned by, or received by or on behalf of, the Company
        or
        any of its affiliates. "Confidential and Proprietary Information" shall include,
        but shall not be limited to, confidential or proprietary scientific or technical
        information, data, formulas and related concepts, business plans (both current
        and under development), client lists, promotion and marketing programs, trade
        secrets, or any other confidential or proprietary business information relating
        to development programs, costs, revenues, marketing, investments, sales
        activities, promotions, credit and financial data, manufacturing processes,
        financing methods, plans or the business and affairs of the Company or of
        any
        affiliate or client of the Company. Executive expressly acknowledges the
        trade
        secret status of the Confidential and Proprietary Information and that the
        Confidential and Proprietary Information constitutes a protectable business
        interest of the Company. Executive agrees not to: (i)
        use
        any such Confidential and Proprietary Information for strictly personal use
        or
        for others; and (ii)
        permanently remove any Company material or reproductions (including, but
        not
        limited to, writings, correspondence, notes, drafts, records, invoices,
        technical and business policies, computer programs or disks) thereof from
        the
        Company's offices at any time during his employment by the Company, except
        as
        required in the execution of his duties to the Company; provided,
        however,
        that
        Executive shall not be prevented from using or disclosing any Confidential
        and
        Proprietary Information: (A)
        that
        Executive can demonstrate was known to him prior to the effective date of
        this
        agreement; (B)
        that
        is now, or becomes in the future, available to persons who are not legally
        required to treat such information as confidential unless such persons acquired
        the Confidential and Proprietary Information through acts or omissions of
        Executive; or (C)
        that
        he is compelled to disclose pursuant to the order of a court or other
        governmental or legal body having jurisdiction over such matter; provided
        that
        Executive shall give prompt written notice to the Company of such requirement,
        disclose no more information than is so required, and cooperate with any
        attempts by the Company to obtain a protective order or similar
        treatment.

       

      b. Except
        with prior written authorization by the Company, Executive agrees not to
        disclose or publish any of the Confidential and Proprietary Information,
        or any
        confidential, scientific, technical or business information of any other
        party
        to whom the Company or any of its affiliates owes a legal duty of confidence,
        at
        any time during or after his employment with the Company.

       

      c. If
        Executive creates, invents, designs, develops, contributes to or improves
        any
        works of authorship, inventions, intellectual property, materials documents
        or
        other work product relating to the Company's Business ("Inventions") either
        alone or with third parties, at any time during Executive's employment by
        the
        Company and within the scope of such employment and/or with the use of any
        Company resources, Executive shall promptly and fully disclose same to the
        Company and hereby irrevocably assigns, transfers and conveys, to the maximum
        extent permitted by applicable law, all rights and intellectual property
        rights
        therein (including rights under patent, industrial property, copyright,
        trademark, trade secret, unfair competition and related laws) to the Company
        to
        the extent ownership of any such rights does not vest originally in the Company.
        The Company shall be the sole owner of all patents, copyrights, trade secret
        rights, and other intellectual property or other rights in connection therewith.
        Executive agrees that all Inventions, to the extent permitted by law, shall
        be
        "works made for hire" as that term is defined in the United States Copyright
        Act
        (17 U.S.C.A., Section 101). Executive further agrees to assist the Company
        (at
        the Company's expense but without further remuneration) to obtain and from
        time
        to time enforce, protect, record or register patents, copyrights or other
        rights
        on such Inventions in any and all countries, and to that end Executive shall
        execute all documents necessary to: (i)
        apply
        for, obtain and vest in the name of the Company alone (unless the Company
        otherwise directs) letters patent, copyrights or other analogous protection
        in
        any country throughout the world and when so obtained or vested to renew
        and
        restore the same; and (ii)
        defend any opposition proceedings in respect of such applications and any
        opposition proceedings or petitions or applications for revocation of such
        letters patent, copyright or other analogous protection. If the Company is
        unable for any other reason to secure Executive's signature on any document
        for
        this purpose, then Executive hereby irrevocably designates and appoints the
        Company and its duly authorized officers and agents as Executive's agent
        and
        attorney-in-fact, to act for and in Executive's behalf and stead to execute
        any
        documents and to do all other lawfully permitted acts in connection with
        the
        foregoing

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      d. Executive
        acknowledges that while performing the services under this Agreement Executive
        may locate, identify and/or evaluate patented or patentable inventions having
        commercial potential in the fields of pharmacy, pharmaceutical, biotechnology,
        healthcare, technology and other fields which may be of potential interest
        to
        the Company or one of its affiliates ("Third Party Inventions"). Executive
        understands, acknowledges and agrees that all rights to, interests in or
        opportunities regarding, all Third-Party Inventions identified by the Company,
        any of its affiliates or either of the foregoing persons' officers, directors,
        employees (including Executive), agents or consultants during the Employment
        Term shall be and remain the sole and exclusive property of the Company or
        such
        affiliate and Executive shall have no rights whatsoever to such Third-Party
        Inventions and will not pursue for himself or for others any transaction
        relating to Third-Party Inventions that is not on behalf of the
        Company.

       

      e. Upon
        termination of Executive's employment with the Company for any reason, Executive
        shall: (i) cease and not thereafter commence use of any Confidential and
        Proprietary Information, Inventions, Third Party Inventions or other
        intellectual property owned or used by the Company, its subsidiaries or
        affiliates (including, without limitation, any trade secret, trademark, trade
        name, logo, domain name or other source indicator); (ii) immediately destroy,
        delete, or return to the Company, at the Company's option, all originals
        and
        copies in any form or medium (including memoranda, books, papers, plans,
        computer files, letters and other data) in Executive's possession or control
        (including any of the foregoing stored or located in Executive's office,
        home,
        laptop or other computer, whether or not Company property) that contain
        Confidential and Proprietary Information or otherwise relate to the Company's
        Business and the business of its affiliates and subsidiaries, except that
        Executive may retain only those portions of any personal notes, notebooks
        and
        diaries that do not contain any Confidential and Proprietary Information;
        and
        (iii) notify and fully cooperate with the Company regarding the delivery
        or
        destruction of any other Confidential and Proprietary Information of which
        Executive is or becomes aware.

       

      f. Executive
        shall not improperly use for the benefit of, bring to any premises of, divulge,
        disclose, communicate, reveal, transfer or provide access to, or share with
        the
        Company any confidential, proprietary or non-public information or intellectual
        property relating to, a former employer or other third party without the
        prior
        written permission of such third party. Executive hereby indemnifies, holds
        harmless and agrees to defend the Company and its officers, directors, partners,
        employees, agents and representatives from any breach of the foregoing covenant.
        Executive shall comply with all relevant policies and guidelines of the Company,
        including regarding the protection of confidential information and intellectual
        property and potential conflicts of interest. Executive acknowledges that
        the
        Company may amend any such policies and guidelines from time to time, and
        that
        Executive remains at all times bound by their most current version.

       

      g. The
        provisions of this Section 10 shall survive the termination of Executive's
        employment for any reason.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      11. Specific
        Performance.
        Executive acknowledges and agrees that the Company's remedies at law for
        a
        breach of any of the provisions of Section 9 or Section 10 may be
        inadequate and the Company may suffer irreparable damages as a result of
        such
        breach.  In recognition of this fact, Executive agrees that, in the event
        of such a breach, in addition to any remedies at law or under this Agreement,
        the Company, without posting any bond, shall be entitled to cease making
        any
        payments or providing any benefit otherwise required by this Agreement and
        seek
        equitable relief in the form of specific performance, temporary restraining
        order, temporary or permanent injunction or any other equitable remedy which
        may
        then be available.  The
        Executive’s agreement to the terms and conditions contained in this section
        shall in no way be considered his consent to the entry of such relief, and
        the
        Executive and the Company agree that no such relief will be sought until
        notice
        is given to the Executive and a fourteen (14) day period in which the Executive
        has to cure the alleged violation lapses.

       

      12. Representations.
        Executive
        hereby represents and warrants to the Company as follows:

       

      a. Neither
        the execution nor delivery of this Agreement nor the performance by Executive
        of
        his duties and other obligations hereunder violate or will violate any
        statute
        or law or conflict with or constitute a default or breach of any covenant
        or
        obligation, including without limitation any non-competition restrictions,
        to
        any
        prior employer under
        (whether immediately, upon the giving of notice or lapse of time or both)
        any
        prior employment agreement, contract, or other instrument to which Executive
        is
        a party or by which he is bound,
        or
        under applicable law.

       

      b. Executive
        has the full right, power and legal capacity to enter and deliver this Agreement
        and to perform his duties and other obligations hereunder. This Agreement
        constitutes the legal, valid and binding obligation of Executive enforceable
        against him in accordance with its terms. No approvals or consents of any
        persons or entities are required for Executive to execute and deliver this
        Agreement or perform his duties and other obligations hereunder. 

       

      c. Executive
        has not taken or retained (and will not take or retain) any documents or
        files,
        whether in hard copy or electronic form, which were created, collected or
        received by Executive in connection with any prior employment, except for
        documents and files relating solely to Executive’s compensation. 

       

      13. Miscellaneous.

       

      a. Governing
        Law.
        This
        Agreement shall be governed by and construed in accordance with the laws
        of the
        State of New Jersey, without regard to the conflicts of laws principles
        thereof.

       

      b. Arbitration.
        Any
        dispute arising out of, or relating to, this Agreement or the breach thereof
        (other than Sections 9 or 10 hereof), or regarding the interpretation thereof,
        shall be exclusively decided by binding arbitration conducted in New
        Jersey
        in
        accordance with the rules of the American Arbitration Association (the "AAA")
        then in effect before a single arbitrator appointed in accordance with such
        rules. Judgment upon any award rendered therein may be entered and enforcement
        obtained thereon in any court having jurisdiction. The arbitrator shall have
        authority to grant any form of appropriate relief, whether legal or equitable
        in
        nature, including specific performance. Each of the parties agrees that service
        of process in such arbitration proceedings shall be satisfactorily made upon
        it
        if sent by registered mail addressed to it at the address referred to in
        clause
        (h) below. The
        costs
        of such arbitration shall be borne by the Company. In the event Executive
        prevails at arbitration, he shall be entitled to payment of reasonable
        attorney’s fees in addition to all other relief awarded by the arbitrator.
        Judgment on the arbitration award may be entered by any court of competent
        jurisdiction.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      c. Entire
        Agreement/Amendments.
        This
        Agreement contains the entire understanding of the parties with respect to
        the
        employment of Executive by the Company. There are no restrictions, agreements,
        promises, warranties, covenants or undertakings between the parties with
        respect
        to the subject matter herein other than those expressly set forth herein.
        This
        Agreement may not be altered, modified or amended except by written instrument
        signed by the parties hereto.

       

      d. No
        Waiver.
        The
        failure of a party to insist upon strict adherence to any term of this Agreement
        on any occasion shall not be considered a waiver of such party's rights or
        deprive such party of the right thereafter to insist upon strict adherence
        to
        that term or any other term of this Agreement.

       

      e. Severability.
        In the
        event that any one or more of the provisions of this Agreement shall be or
        become invalid, illegal or unenforceable in any respect, the validity, legality
        and enforceability of the remaining pro-visions of this Agreement shall not
        be
        affected thereby.

       

      f. Assignment.
        This
        Agreement, and all of Executive's rights and duties hereunder, shall not
        be
        assignable or delegable by Executive or the Company, except as set forth
        below.
        Any purported assignment or delegation by Executive in violation of the
        foregoing shall be null and void ab
        initio
        and of
        no force and effect. This Agreement may be assigned by the Company only to
        a
        Person which is a successor in interest to substantially all of the business
        operations of the Company. Upon such assignment, the rights and obligations
        of
        the Company hereunder shall become the rights and obligations of such successor
        Person.

       

      g. Successors;
        Binding Agreement.
        This
        Agreement shall inure to the benefit of and be binding upon personal or legal
        representatives, executors, administra-tors, successors, heirs, distributees,
        devisees and legatees.

       

      h. Notice.
        For the
        purpose of this Agreement, notices and all other communications provided
        for in
        the Agreement shall be in writing and shall be deemed to have been duly given
        when delivered by hand or overnight courier or three days after it has been
        mailed by United States registered mail, return receipt requested, postage
        prepaid, addressed to the respective addresses set forth below in this
        Agreement, or to such other address as either party may have furnished to
        the
        other in writing in accordance herewith, except that notice of change of
        address
        shall be effective only upon receipt.

       

      If
        to the
        Company:

      

      Arno
        Therapeutics, Inc.

      30
        Two
        Bridges Rd., Suite 270

      Fairfield,
        NJ 07004

      

      If
        to
        Executive:

       

      To
        the
        most recent address of Executive set forth in the personnel records of the
        Company, with a copy to Matthew F. Richter, Esq., Midlige Richter, L.L.C.,
        645
        Martinsville Road, Basking Ridge, NJ 07920

       

      i. Cooperation.
        After
        the termination of the Employment Term, Executive shall cooperate with the
        Company in connection with any action or proceeding (or any appeal from any
        action or proceeding) that relates to events occurring during Executive's
        employment hereunder, but shall be done to the extent reasonably possible
        in a
        manner as to reduce interference in Executive's new position after his
        employment hereunder ends. The Company shall reimburse Executive for any
        reasonable out of pocket expenses he incurs in connection with such cooperation.
        This provision shall survive any termination of this Agreement. 

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      j. Withholding
        Taxes.
        The
        Company may withhold from any amounts payable under this Agreement such federal,
        state and local taxes as may be required to be withheld pursuant to any
        applicable law or regulation.

       

      k. Counterparts.
        This
        Agreement may be signed in any number of counterparts, each of which shall
        constitute an original, but all of which together shall constitute one and
        the
        same instrument.

       

      

       

      IN
        WITNESS WHEREOF, the parties hereto have duly executed this Employment Agreement
        as of the day and year first above written.

       

       

      
        	
                ARNO
                  THERAPEUTICS, INC.

              
	
                By: /s/
                  Scott Z. Fields     

                Name:
                  Scott Z. Fields, M.D.

                Title: President
                  & Chief Medical Officer

              
	
                 

                 

                 

                EXECUTIVE:

              
	
                 

                /s/
                  Brian Lenz      

                Mr.
                  Brian Lenz

              

      

       

      
        
          
          

        

        
          13Unassociated Document

    Exhibit
      10.1

    ANALOGIC
      CORPORATION

    NONQUALIFIED
      DEFERRED COMPENSATION PLAN

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANALOGIC
      CORPORATION

    NONQUALIFIED
      DEFERRED COMPENSATION PLAN

    

    Table
      of
      Contents

    
      	
               

            	
              Page

            
	
              Article
                1 - Definitions

            	
              1

            
	
              1.1

            	
              Account

            	
              1

            
	
              1.2

            	
              Administrator

            	
              1

            
	
              1.3

            	
              Board

            	
              1

            
	
              1.4

            	
              Bonus

            	
              1

            
	
              1.5

            	
              Change-in-Control

            	
              1

            
	
              1.6

            	
              Code

            	
              2

            
	
              1.7

            	
              Compensation

            	
              2

            
	
              1.8

            	
              Deferrals

            	
              2

            
	
              1.9

            	
              Deferral
                Election

            	
              2

            
	
              1.10

            	
              Disability

            	
              2

            
	
              1.11

            	
              Effective
                Date

            	
              2

            
	
              1.12

            	
              Eligible
                Employee

            	
              3

            
	
              1.13

            	
              Employee

            	
              3

            
	
              1.14

            	
              Employer

            	
              3

            
	
              1.15

            	
              Employer
                Discretionary Contribution

            	
              3

            
	
              1.16

            	
              ERISA

            	
              3

            
	
              1.17

            	
              In-Service
                Sub-Account

            	
              3

            
	
              1.18

            	
              Investment
                Fund

            	
              3

            
	
              1.19

            	
              Matching
                Contribution

            	
              3

            
	
              1.20

            	
              Participant

            	
              3

            
	
              1.21

            	
              Performance-based
                Compensation

            	
              3

            
	
              1.22

            	
              Plan
                Year

            	
              4

            
	
              1.23

            	
              Retirement

            	
              4

            
	
              1.24

            	
              Retirement
                Sub-Account

            	
              4

            
	
              1.25

            	
              Salary

            	
              4

            
	
              1.26

            	
              Separation
                from Service

            	
              4

            
	
              1.27

            	
              Service
                Recipient

            	
              4

            
	
              1.28

            	
              Specified
                Employee

            	
              5

            
	
              1.29

            	
              Trust

            	
              5

            
	
              1.30

            	
              Trustee

            	
              5

            
	
              Article
                2 - Participation

            	
              5

            
	
              2.1

            	
              Commencement
                of Participation

            	
              5

            
	
              2.2

            	
              Loss
                of Eligible Employee Status

            	
              5

            
	
               

            	
               

            	
               

            
	
              Article
                3 - Contributions

            	
              5

            
	
              3.1

            	
              Deferral
                Elections - General

            	
              5

            
	
              3.2

            	
              Time
                of Election

            	
              6

            
	
              3.3

            	
              Distribution
                Elections

            	
              6

            
	
              3.4

            	
              Additional
                Requirements

            	
              6

            
	
              3.5

            	
              Matching
                Contribution

            	
              7

            
	
              3.6

            	
              Employer
                Discretionary Contributions

            	
              7

            
	
              3.7

            	
              Crediting
                of Contributions

            	
              7

            
	
              Article
                4 - Vesting

            	
              8

            
	
              4.1

            	
              Vesting
                of Deferrals

            	
              8

            
	
              4.2

            	
              Vesting
                of Matching Contributions

            	
              8

            
	
              4.3

            	
              Vesting
                of Employer Discretionary Contributions

            	
              8

            
	
              4.4

            	
              Vesting
                in Event Disability or Death

            	
              8

            
	
              4.5

            	
              Amounts
                Not Vested

            	
              8

            
	
              Article
                5 - Accounts

            	
              8

            
	
              5.1

            	
              Accounts

            	
              8

            
	
              5.2

            	
              Investments,
                Gains and Losses

            	
              9

            
	
              Article
                6 - Distributions

            	
              10

            
	
              6.1

            	
              Distribution
                Election

            	
              10

            
	
              6.2

            	
              Distributions
                Upon an In-Service Account Triggering Date

            	
              10

            
	
              6.3

            	
              Distributions
                Upon Retirement

            	
              10

            
	
              6.4

            	
              Substantially
                Equal Annual Installments

            	
              10

            
	
              6.5

            	
              Distributions
                due to other Separation from Service

            	
              11

            
	
              6.6

            	
              Distributions
                upon Separation from Service due to Disability

            	
              11

            
	
              6.7

            	
              Distributions
                upon Death

            	
              11

            
	
              6.8

            	
              Changes
                to Distribution Elections

            	
              11

            
	
              6.9

            	
              Acceleration
                or Delay in Payments

            	
              11

            
	
              6.10

            	
              Unforeseeable
                Emergency

            	
              12

            
	
              6.11

            	
              Minimum
                Distribution

            	
              12

            
	
              6.12

            	
              Form
                of Payment

            	
              12

            
	
              Article
                7 - Beneficiaries

            	
              12

            
	
              7.1

            	
              Beneficiaries

            	
              12

            
	
              7.2

            	
              Lost
                Beneficiary

            	
              13

            
	
              Article
                8 - Funding

            	
              13

            
	
              8.1

            	
              Prohibition
                Against Funding

            	
              13

            
	
              8.2

            	
              Deposits
                in Trust

            	
              13

            
	
              8.3

            	
              Withholding
                of Employee Contributions

            	
              13

            
	
               

            	
               

            	
               

            
	
              Article
                9 - Claims Administration

            	
              14

            
	
              9.1

            	
              General

            	
              14

            
	
              9.2

            	
              Claims
                Procedure

            	
              14

            
	
              9.3

            	
              Right
                of Appeal

            	
              14

            
	
              9.4

            	
              Review
                of Appeal

            	
              14

            
	
              9.5

            	
              Designation

            	
              15

            
	
              Article
                10 - General Provisions

            	
              15

            
	
              10.1

            	
              Administrator

            	
              15

            
	
              10.2

            	
              No
                Assignment

            	
              15

            
	
              10.3

            	
              No
                Employment Rights

            	
              16

            
	
              10.4

            	
              Incompetence

            	
              16

            
	
              10.5

            	
              Identity

            	
              16

            
	
              10.6

            	
              Other
                Benefits

            	
              16

            
	
              10.7

            	
              Expenses

            	
              16

            
	
              10.8

            	
              Insolvency

            	
              16

            
	
              10.9

            	
              Amendment
                or Modification

            	
              17

            
	
              10.10

            	
              Plan
                Suspension

            	
              17

            
	
              10.11

            	
              Plan
                Termination

            	
              17

            
	
              10.12

            	
              Plan
                Termination due to a Change-in-Control

            	
              17

            
	
              10.13

            	
              Construction

            	
              18

            
	
              10.14

            	
              Governing
                Law

            	
              18

            
	
              10.15

            	
              Severability

            	
              18

            
	
              10.16

            	
              Headings

            	
              18

            
	
              10.17

            	
              Terms

            	
              19

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      ANALOGIC
        CORPORATION

      NONQUALIFIED
        DEFERRED COMPENSATION PLAN

      

      Analogic
        Corporation, a Massachusetts corporation, and its affiliates and subsidiaries
        (the “Employer”), hereby adopts this Analogic Corporation Nonqualified Deferred
        Compensation Plan (the “Plan”) for the benefit of a select group of management
        or highly compensated employees. This Plan is an unfunded arrangement and
        is
        intended to be exempt from the participation, vesting, funding, and fiduciary
        requirements set forth in Title I of the Employee Retirement Income Security
        Act
        of 1974, as amended. It is intended to comply with Internal Revenue Code
        Section
        409A. 

      

      Article
        1 - Definitions

      

      
        	
                1.1

              	
                Account 

              

      

      The
        sum
        of all the bookkeeping Sub-Accounts as may be established for each Participant
        as provided in Section 5.1 hereof. 

      

      
        	
                1.2

              	
                Administrator

              

      

      An
        administrative committee appointed by the Board. The Administrator shall
        serve
        as the agent for the Employer with respect to the Trust.

      

      
        	
                1.3

              	
                Board

              

      

      The
        Board
        of Directors of the Employer.

      

      
        	
                1.4

              	
                Bonus

              

      

      Compensation
        which is designated as such by the Employer and which relates to services
        performed during an incentive period by an Eligible Employee in addition
        to his
        or her Salary, including any pretax elective deferrals from said Bonus to
        any
        Employer sponsored plan that includes amounts deferred under a Deferral Election
        or any elective deferral as defined in Code Section 402(g)(3) or any amount
        contributed or deferred at the election of the Eligible Employee in accordance
        with Code Section 125 or 132(f)(4).

      

      
        	
                1.5

              	
                Change-in-Control

              

      

      Provided
        that such term shall be interpreted within the meaning of regulations
        promulgated under Code Section 409A, a “Change-in-Control” of the
        Employer
        (which,
        for purpose of this Section 1.5 shall mean Analogic Corporation but not any
        of
        its affiliates or subsidiaries)
        shall
        mean the first to occur of any of the following:

      

      (a) the
        date
        that any one person or persons acting as a group acquires ownership of Employer
        stock constituting more than fifty percent (50%) of the total fair market
        value
        or total voting power of the stock of the Employer;

      

      (b) the
        date
        that any one person or persons acting as a group acquires (or has acquired
        during the 12-month period ending on the date of the most recent acquisition
        by
        such person or persons) ownership of stock of the Employer possessing thirty
        percent (30%) or more of the total voting power of the stock of the Employer;
        

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      (c) the
        date
        that any one person or persons acting as a group acquires (or has acquired
        during the 12-month period ending on the date of the most recent acquisition
        by
        such person or persons) assets from the Employer that have a total gross
        fair
        market value equal to or more than forty percent (40%) of the total gross
        fair
        market value of all of the assets of the Employer immediately prior to such
        acquisition; or

      

      (d) the
        date
        that a majority of members of the Employer’s Board is replaced during any
        12-month period by directors whose appointment or election is not endorsed
        by a
        majority of the members of the Board prior to the date of the appointment
        or
        elections.

       

      
        	
                1.6

              	
                Code

              

      

      The
        Internal Revenue Code of 1986, as amended.

      

      
        	
                1.7

              	
                Compensation

              

      

      The
        Participant’s earned income, including Salary, Bonus, Performance-based
        Compensation, and other remuneration from the Employer as may be included
        by the
        Administrator. 

      

      
        	
                1.8

              	
                Deferrals

              

      

      The
        portion of Compensation that a Participant elects to defer in accordance
        with
        Section 3.1 hereof.

      

      
        	
                1.9

              	
                Deferral
                  Election

              

      

      The
        separate agreement, submitted to the Administrator, by which an Eligible
        Employee agrees to participate in the Plan and make Deferrals
        thereto.

      

      
        	
                1.10

              	
                Disability

              

      

      Provided
        that such term shall be interpreted within the meaning of regulations
        promulgated under Code Section 409A, a Participant shall be considered to
        have
        incurred a Disability if: (i) the Participant is unable to engage in any
        substantial gainful activity by reason of any medically determinable physical
        or
        mental impairment which can be expected to result in death or can be expected
        to
        last for a continuous period of not less than 12 months; (ii) the Participant
        is, by reason of any medically determinable physical or mental impairment
        which
        can be expected to result in death or can be expected to last for a continuous
        period of not less than 12 months, receiving income replacement benefits
        for a
        period of not less than 3 months under an accident and health plan covering
        employees of the Participant’s Employer; or (iii) determined to be totally
        disabled by the Social Security Administration.

      

      
        	
                1.11

              	
                Effective
                  Date

              

      

      September
        1, 2008.

    

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

    
    

    
      
        
          	
                  1.1

                	
                  Eligible
                    Employee

                

        

        An
          Employee shall be considered an Eligible Employee if such Employee is a
          member
          of a “select group of management or highly compensated employees,” within the
          meaning of Sections 201, 301 and 401 of ERISA, and is designated as an
          Eligible
          Employee by the Administrator. The Administrator may at any time, in its
          sole
          discretion, change the eligible criteria for an Eligible Employee or determine
          that one or more Participants will cease to be an Eligible Employee. The
          designation of an Employee as an Eligible Employee in any year shall not
          confer
          upon such Employee any right to be designated as an Eligible Employee in
          any
          future Plan Year.

        

        
          	
                  1.13

                	
                  Employee

                

        

        Any
          person employed by the Employer.

        

        
          	
                  1.14

                	
                  Employer

                

        

        Analogic
          Corporation and its subsidiaries and affiliates.

        

        
          	
                  1.15

                	
                  Employer
                    Discretionary Contribution

                

        

        A
          discretionary contribution made by the Employer that is credited to one
          or more
          Participant’s Accounts in accordance with the terms of Section 3.6
          hereof.

        

        
          	
                  1.16

                	
                  ERISA

                

        

        The
          Employee Retirement Income Security Act of 1974, as amended.

        

        
          	
                  1.17

                	
                  In-Service
                    Sub-Account 

                

        

        Each
          bookkeeping In-Service Sub-Account maintained by the Administrator on behalf
          of
          each Participant pursuant to Section 5.1(b) hereof.

        

        
          	
                  1.18

                	
                  Investment
                    Fund

                

        

        Each
          investment(s) which serves as a means to measure value, increases or decreases
          with respect to a Participant’s Accounts.

        

        
          	
                  1.19

                	
                  Matching
                    Contribution

                

        

        A
          contribution made by the Employer that is credited to one or more Participant’s
          Accounts in accordance with the terms of Section 3.5 hereof.

        

        
          	
                  1.20

                	
                  Participant

                

        

        An
          Eligible Employee who is a Participant as provided in Article 2.

        

        
          	
                  1.21

                	
                  Performance-based
                    Compensation

                

        

        Provided
          that such term shall be interpreted within the meaning of regulations
          promulgated under Code Section 409A, “Performance-based Compensation” shall mean
          compensation that (i) meets the definition of Code Section 409A(a)(4)(B)(iii)
          and related guidance and regulations, (ii) is designated as such by the
          Employer
          and relates to services performed during a performance period of at least
          twelve
          months by an Eligible Employee, including any pretax elective deferrals
          from
          said Performance-based Compensation to any Employer sponsored plan that
          includes
          amounts deferred under a Deferral Election or any elective deferral as
          defined
          in Code Section 402(g)(3) or any amount contributed or deferred at the
          election
          of the Eligible Employee in accordance with Code Section 125 or 132(f)(4).
          

      

      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      For
        the
        initial Plan Year, Effective Date through December 31, 2008. For each year
        thereafter, January 1 through December 31.

      

      
        	
                1.23

              	
                Retirement

              

      

      Retirement
        means a Participant has reached age fifty-nine and one-half (59 1⁄2) and has a
        Separation from Service, including a Separation from Service (due to Disability)
        of the Participant.

      

      
        	
                1.24

              	
                Retirement
                  Sub-Account

              

      

      Each
        Retirement Sub-Account maintained by the Administrator on behalf of each
        Participant pursuant to Section 5.1(a) hereof.

      

      
        	
                1.25

              	
                Salary

              

      

      An
        Eligible Employee’s base salary earned during a Plan Year, including any pretax
        elective deferrals from said Salary to any Employer sponsored plan that includes
        amounts deferred under a Deferral Election or any elective deferral as defined
        in Code Section 402(g)(3) or any amount contributed or deferred at the election
        of the Eligible Employee in accordance with Code Section 125 or
        132(f)(4).

      

      
        	
                1.26

              	
                Separation
                  from Service

              

      

      Provided
        that such term shall be interpreted within the meaning of regulations
        promulgated under Code Section 409A, a Participant shall incur a Separation
        from
        Service with the Service Recipient due to death, retirement or other termination
        of employment with the Service Recipient unless the employment relationship
        is
        treated as continuing intact while the individual is on military leave, sick
        leave, or other bona fide leave of absence if the period of such leave does
        not
        exceed six months, or if longer, so long as the individual retains a right
        to
        reemployment with the Service Recipient under an applicable statute or by
        contract. Upon a sale or other disposition of the assets of the Employer
        to an
        unrelated purchaser, the Administrator reserves the right, to the extent
        permitted by Code section 409A to determine whether Participants providing
        services to the purchaser after and in connection with the purchase transaction
        have experienced a Separation from Service.

      

      
        	
                1.27

              	
                Service
                  Recipient

              

      

      Provided
        that such term shall be interpreted within the meaning of regulations
        promulgated under Code Section 409A, Service Recipient shall mean the Employer
        or person for whom the services are performed and with respect to whom the
        legally binding right to compensation arises, and all persons with whom such
        person would be considered a single employer under Code Section 414(b)
        (employees of controlled group of corporations), and all persons with whom
        such
        person would be considered a single employer under Code Section 414(c)
        (employees of partnerships, proprietorships, etc., under common
        control).

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
    

    
      
        
          	
                  1.28

                	
                  Specified
                    Employee

                

        

        Provided
          that such term shall be interpreted within the meaning of regulations
          promulgated under Code Section 409A,
          a
“Specified Employee” shall mean a participant who is considered a key employee
          on the Identification Date, as defined in Code Section 416(i) without regard
          to
          section 416(i)(5) and such other requirements imposed under Code Section
          409A(a)(2)(B)(i) and regulations thereunder for the period beginning April
          1 of
          the year subsequent to the Identification Date and ending March 31 of the
          following year. The Identification Date for this Plan is December 31 of
          each
          year. Notwithstanding anything to the contrary, a Participant is not a
          Specified
          Employee unless any stock of the Service Recipient is publicly traded on
          an
          established securities market or otherwise. 

        

        
          	
                  1.29

                	
                  Trust

                

        

        The
          agreement between the Employer and the Trustee, under which the assets
          of the
          Plan are held, administered and managed, which shall conform to the terms
          of
          Rev. Proc. 92-64.

        

        
          	
                  1.30

                	
                  Trustee

                

        

        State
          Street Bank & Trust Co. or such other successor that shall become trustee
          pursuant to the terms of the Plan.

        

        Article
          2 - Participation

        

        
          	
                  2.1

                	
                  Commencement
                    of Participation

                

        

        Each
          Eligible Employee shall become a Participant at the earlier of the date
          on which
          his or her Deferral Election first becomes effective or the date on which
          a
          Matching Contribution or Employer Discretionary Contribution is first credited
          to his or her Account.

        

        
          	
                  2.2

                	
                  Loss
                    of Eligible Employee
                    Status

                

        

        A
          Participant who is no longer an Eligible Employee shall not be permitted
          to
          submit a Deferral Election and all Deferrals for such Participant shall
          cease as
          of the end of the Plan Year in which such Participant is determined to
          no longer
          be an Eligible Employee. Amounts credited to the Account of a Participant
          who is
          no longer an Eligible Employee shall continue to be held pursuant to the
          terms
          of the Plan and shall be distributed as provided in Article 6. 

        

        Article
          3 - Contributions

        

        
          	
                  3.1

                	
                  Deferral
                    Elections - General

                

        

        A
          Participant’s Deferral Election for a Plan Year is irrevocable for that
          applicable Plan Year; provided, however that a cessation of Deferrals shall
          be
          allowed if
          required
          by the terms of the Employer’s qualified 401(k) plan in order for the
Participant
          to
          obtain a
          hardship withdrawal from the 401(k) plan, or if required under Section
          6.10
          (Unforeseeable Emergency) of this Plan. Such amounts deferred under the
          Plan
          shall not be made available to such Participant, except as provided in
          Article
          6, and shall reduce such Participant’s Compensation from the Employer in
          accordance with the provisions of the applicable Deferral Election; provided,
          however, that all such amounts shall be subject to the rights of the general
          creditors of the Employer as provided in Article 8. The Deferral Election,
          in
          addition to the requirements set forth below, must designate: (i) the amount
          of
          Compensation to be deferred, (ii) the time of the distribution, and (iii)
          the
          form of the distribution. 

      

      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      
        Article
          6 - Distributions

         

      

      
        	
                6.1

              	
                Distribution
                  Election

              

      

      Each
        Participant shall designate in his or her Deferral Election the form and
        timing
        of his or her distribution by indicating the type of Sub-Account as described
        under Section 5.1, and by designating the form in which payments shall be
        made
        from the choices available under Section 6.2 and 6.3 hereof. Notwithstanding
        anything to the contrary contained herein provided, no acceleration of the
        time
        or schedule of payments under the Plan shall occur except as permitted under
        both this Plan and Code Section 409A.

      

      
        	
                6.2

              	
                Distributions
                  Upon an In-Service Account
                  Triggering Date

              

      

      In-Service
        Sub-Account distributions shall begin as soon as administratively feasible
        but
        no later than ninety (90) days following January 1 of the calendar year
        designated by the Participant on a properly submitted Deferral Election,
        and are
        payable in either a lump-sum payment or substantially equal annual installments,
        as described in Section 6.4 below, over a period of up to five (5) years
        as
        elected by the Participant
        in his
or
        her
        Deferral Election. If the Participant fails to properly designate the form
        of
        the distribution, the Sub-Account shall be paid in a lump-sum
        payment. 

      

      
        	
                6.3

              	
                Distributions
                  Upon Retirement

              

      

      If
        the
        Participant has a Separation from Service due to Retirement, the Participant’s
        Retirement Sub-Account(s) shall be distributed as soon as administratively
        feasible but no earlier than the first day of the seventh month following
        Participant’s Retirement and no later than ninety (90) days following the first
        day of the seventh month following Participant’s Retirement. Distribution shall
        be made either in a lump-sum payment or in substantially equal annual
        installments, as defined in Section 6.4 below, over a period of up to ten
        (10)
        years as elected by the Participant. If the Participant fails to properly
        designate the form of the distribution, the Sub-Account shall be paid in
        a
        lump-sum payment. If a Participant has any In-Service Sub-Accounts at the
        time
        of his or her Retirement, said Sub-Accounts shall be distributed in a lump
        sum
        as soon as administratively feasible but no earlier than the first day of
        the
        seventh month following Participant’s Retirement and no later than ninety (90)
        days following the first day of the seventh month following Participant’s
        Retirement.

      

      
        	
                6.4

              	
                Substantially
                  Equal Annual Installments

              

      

      

      (a) The
        amount of the substantially equal payments shall be determined by multiplying
        the Participant’s Account or Sub-Account by a fraction, the denominator of which
        in the first year of payment equals the number of years over which benefits
        are
        to be paid, and the numerator of which is one (1). The amounts of the payments
        for each succeeding year shall be determined by multiplying the Participant’s
        Account or Sub-Account as of the applicable anniversary of the payout by
        a
        fraction, the denominator of which equals the number of remaining years over
        which benefits are to be paid, and the numerator of which is one (1).
        Installment payments made pursuant to this Section 6.4 shall be made as soon
        as
        administratively feasible, but no later than ninety (90) days, following
        the
        anniversary of the distribution event. 

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      (b) For
        purposes of the Plan pursuant to Code Section 409A and regulations thereunder,
        a
        series of annual installments shall be considered a single payment.

       

      
        	
                6.5

              	
                Distributions
                  due to other Separation from
                  Service

              

      

      If
        the
        Participant has a Separation from Service for any reason other than Retirement,
        death or Disability, all vested amounts credited to his or her Account shall
        be
        paid to the Participant in a lump-sum, as soon as administratively feasible
        but
        no earlier than the first day of the seventh month following Participant’s
        Separation from Service and no later than ninety (90) days following the
        first
        day of the seventh month following Participant’s Separation from Service.

      

      
        	
                6.6

              	
                Distributions
                  upon Separation from Service due to
                  Disability

              

      

      Upon
        a
        Participant’s Separation from Service due to Disability, all amounts credited to
        his or her Account shall be paid to the Participant in a lump sum, as soon
        as
        administratively feasible but no earlier than the first day of the seventh
        month
        following Participant’s Separation from Service and no later than ninety (90)
        days following the first day of the seventh month following Participant’s
        Separation from Service. 

      

      
        	
                6.7

              	
                Distributions
                  upon Death

              

      

      Upon
        the
        death of a Participant, all amounts credited to his or her Account shall
        be
        paid, as soon as administratively feasible but no later than ninety (90)
        days
        following Participant’s date of death, to his or her beneficiary or
        beneficiaries, as determined under Article 7 hereof, in a lump sum.

      

      
        	
                6.8

              	
                Changes
                  to Distribution Elections

              

      

      A
        Participant will be permitted to elect to change the form or timing of the
        distribution of the balance of his or her one or more Sub-Accounts within
        his or
        her Account to the extent permitted and in accordance with the requirements
        of
        Code Section 409A(a)(4)(C), including the requirement that (i) a redeferral
        election may not take effect until at least twelve (12) months after such
        election is filed with the Employer, (ii) an election to further defer a
        distribution (other than a distribution upon death, Disability or an
        unforeseeable emergency) must result in the first distribution subject to
        the
        election being made at least five (5) years after the previously elected
        date of
        distribution, and (iii) any redeferral election affecting a distribution
        at a
        fixed date must be filed with the Employer at least twelve (12) months before
        the first scheduled payment under the previous fixed date distribution election.
        Once a Sub-Account begins distribution, no such changes to distributions
        shall
        be permitted. 

      

      
        	
                6.9

              	
                Acceleration
                  or Delay in Payments

              

      

      To
        the
        extent permitted by Code Section 409A, and notwithstanding any provision
        of the
        Plan to the contrary, the Administrator, in its sole discretion, may elect
        to
        (i) accelerate the time or form of payment of a benefit owed to a Participant
        hereunder in accordance with the terms and subject to the conditions of Treasury
        Regulations Section 1.409A-3(j)(4), or (ii) delay the time of payment of
        a
        benefit owed to a Participant hereunder in accordance with the terms and
        subject
        to the conditions of Treasury Regulations Section 1.409A-2(b)(7). By way
        of
        example, and at the sole discretion of the Administrator, if a Participant’s
        entire Account balance is less than the applicable
        Code Section 402(g) annual limit, the Employer may distribute the Participant’s
        Account in a lump sum provided that the distribution results in the termination
        of the participant’s entire interest in the Plan, subject to the plan
        aggregation rules of Code Section 409A and regulations thereunder. 

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      
        	
                6.10

              	
                Unforeseeable
                  Emergency

              

      

      The
        Administrator may permit an early distribution of part or all of any deferred
        amounts; provided, however, that such distribution shall be made only if
        the
        Administrator, in its sole discretion, determines that the Participant, has
        experienced an Unforeseeable Emergency. An Unforeseeable Emergency is defined
        as
        a severe financial hardship to the Participant resulting from an illness
        or
        accident of the Participant, the Participant’s spouse, the Participant’s
        beneficiary or a dependent (as defined in Code Section 152 without regard
        to
        section 152 (b) (1), (b) (2), and (d) (1) (B)) of the Participant, loss of
        the
        Participant’s property due to casualty or other similar extraordinary and
        unforeseeable circumstances arising as a result of events beyond the control
        of
        the Participant. If an Unforeseeable Emergency is determined to exist, a
        distribution may not exceed the amounts necessary to satisfy such emergency
        plus
        amounts necessary to pay taxes reasonably anticipated as a result of the
        distribution, after taking into account the extent to which such hardship
        is or
        may be relieved through reimbursement or compensation by insurance or otherwise
        or by liquidation of the Participant’s assets (to the extent the liquidation of
        such assets would not itself cause severe financial hardship). Upon a
        distribution to a Participant under this Section 6.10, the Participant’s
        Deferrals shall cease and no further Deferrals shall be made for such
        Participant for the remainder of the Plan Year during which such distribution
        was made. 

      

      
        	
                6.11

              	
                Minimum
                  Distribution

              

      

      Notwithstanding
        any provision to the contrary, if the balance of a Participant’s Account or
        Sub-Account at the time of a distribution event or at the time of a scheduled
        installment payment is $25,000 or less, then the Participant shall be paid
        his
        or her Account or Sub-Account as a single lump sum.

      

      
        	
                6.12

              	
                Form
                  of Payment

              

      

      All
        distributions shall be made in the form of cash.

      

      Article
        7 - Beneficiaries

      

      
        	
                7.1

              	
                Beneficiaries

              

      

      Each
        Participant may from time to time designate one or more persons (who may
        be any
        one or more members of such person’s family or other persons, administrators,
        trusts, foundations or other entities) as his or her beneficiary under the
        Plan.
        Such designation shall be made in a form prescribed by the Administrator.
        Each
        Participant may at any time and from time to time, change any previous
        beneficiary designation, without notice to or consent of any previously
        designated beneficiary, by amending his or her previous designation in a
        form
        prescribed by the Administrator. If the beneficiary does not survive the
        Participant (or is otherwise unavailable to receive payment), or if no
        beneficiary is validly designated, then the amounts payable under this Plan
        shall be paid to the Participant’s estate. If more than one person is
        the
        beneficiary of a deceased Participant, each such person shall receive a pro
        rata
        share of any death benefit payable unless otherwise designated in the applicable
        form. If a beneficiary who is receiving benefits dies, all benefits that
        were
        payable to such beneficiary shall then be payable to the estate of that
        beneficiary.

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      
        	
                7.2

              	
                Lost
                  Beneficiary

              

      

      All
        Participants and beneficiaries shall have the obligation to keep the
        Administrator informed of their current address until such time as all benefits
        due have been paid. If a Participant or beneficiary cannot be located by
        the
        Administrator exercising due diligence, then, in its sole discretion, the
        Administrator may presume that the Participant or beneficiary is deceased
        for
        purposes of the Plan and all unpaid amounts (net of due diligence expenses)
        owed
        to the Participant or beneficiary shall be paid accordingly or, if a beneficiary
        cannot be so located, then such amounts may be forfeited. Any such presumption
        of death shall be final, conclusive and binding on all parties.

      

      Article
        8 - Funding

      

      
        	
                8.1

              	
                Prohibition
                  Against Funding

              

      

      Should
        any investment be acquired in connection with the liabilities assumed under
        this
        Plan, it is expressly understood and agreed that the Participants and
        beneficiaries shall not have any right with respect to, or claim against,
        such
        assets nor shall any such purchase be construed to create a trust of any
        kind or
        a fiduciary relationship between the Employer and the Participants, their
        beneficiaries or any other person. Any such assets shall be and remain a
        part of
        the general, unpledged, unrestricted assets of the Employer, subject to the
        claims of its general creditors. It is the express intention of the parties
        hereto that this arrangement shall be unfunded for tax purposes and for purposes
        of Title I of the ERISA. Each Participant and beneficiary shall be required
        to
        look to the provisions of this Plan and to the Employer itself for enforcement
        of any and all benefits due under this Plan, and to the extent any such person
        acquires a right to receive payment under this Plan, such right shall be
        no
        greater than the right of any unsecured general creditor of the Employer.
        The
        Employer or the Trust shall be designated the owner and beneficiary of any
        investment acquired in connection with its obligation under this
        Plan.

      

      
        	
                8.2

              	
                Deposits
                  in Trust

              

      

      Notwithstanding
        Section 8.1, or any other provision of this Plan to the contrary, the Employer
        may deposit into the Trust any amounts it deems appropriate to pay the benefits
        under this Plan. The amounts so deposited may include all contributions made
        pursuant to a Deferral Election by a Participant, all Matching Contributions,
        and any Employer Discretionary Contributions.

      

      
        	
                8.3

              	
                Withholding
                  of Employee Contributions

              

      

      The
        Administrator is authorized to make any and all necessary arrangements with
        the
        Employer in order to withhold the Participant’s Deferrals under Section 3.1
        hereof from his or her Compensation. The Administrator shall determine the
        amount and timing of such withholding.

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    Article
      9 - Claims Administration

    

    
      	
              9.1

            	
              General

            

    

    If
      a
      Participant, beneficiary or his or her representative is denied all or a portion
      of an expected Plan benefit for any reason and the Participant, beneficiary
      or
      his or her representative desires to dispute the decision of the Administrator,
      he or she must file a written notification of his or her claim with the
      Administrator. 

    

    
      	
              9.2

            	
              Claims
                Procedure

            

    

    Upon
      receipt of any written claim for benefits, the Administrator shall be notified
      and shall give due consideration to the claim presented. If any Participant
      or
      beneficiary claims to be entitled to benefits under the Plan and the
      Administrator determines that the claim should be denied in whole or in part,
      the Administrator shall, in writing, notify such claimant within ninety (90)
      days of receipt of the claim that the claim has been denied. The Administrator
      may extend the period of time for making a determination with respect to any
      claim for a period of up to ninety (90) days, provided that the Administrator
      determines that such an extension is necessary because of special circumstances
      and notifies the claimant, prior to the expiration of the initial ninety (90)
      day period, of the circumstances requiring the extension of time and the date
      by
      which the Plan expects to render a decision. If the claim is denied to any
      extent by the Administrator, the Administrator shall furnish the claimant with
      a
      written notice setting forth:

    

    (a) the
      specific reason or reasons for denial of the claim;

    

    (b) a
      specific reference to the Plan provisions on which the denial is
      based;

    

    (c) a
      description of any additional material or information necessary for the claimant
      to perfect the claim and an explanation of why such material or information
      is
      necessary; and

    

    (d) an
      explanation of the provisions of this Article.

    

    
      	
              9.3

            	
              Right
                of Appeal

            

    

    A
      claimant who has a claim denied wholly or partially under Section 9.2 may appeal
      to the Administrator for reconsideration of that claim. A request for
      reconsideration under this Section must be filed by written notice within sixty
      (60) days after receipt by the claimant of the notice of denial under Section
      9.2.

    

    
      	
              9.4

            	
              Review
                of Appeal

            

    

    Upon
      receipt of an appeal the Administrator shall promptly take action to give due
      consideration to the appeal. Such consideration may include a hearing of the
      parties involved, if the Administrator feels such a hearing is necessary. In
      preparing for this appeal the claimant shall be given the right to review
      pertinent documents and the right to submit in writing a statement of issues
      and
      comments. After consideration of the merits of the appeal the Administrator
      shall issue a written decision which shall be binding on all parties. The
      decision shall specifically state its reasons and pertinent Plan provisions
      on
      which it relies. The Administrator’s
      decision shall be issued within sixty (60) days after the appeal is filed,
      except that the Administrator may extend the period of time for making a
      determination with respect to any claim for a period of up to sixty (60) days,
      provided that the Administrator determines that such an extension is necessary
      because of special circumstances and notifies the claimant, prior to the
      expiration of the initial sixty (60) day period, of the circumstances requiring
      the extension of time and the date by which the Plan expects to render a
      decision. 

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
      	
              9.5

            	
              Designation

            

    

    The
      Administrator may designate any other person of its choosing to make any
      determination otherwise required under this Article. Any person so designated
      shall have the same authority and discretion granted to the Administrator
      hereunder.

    

    Article
      10 - General Provisions

    

    
      	
              10.1

            	
              Administrator

            

    

    

    (a) The
      Administrator is expressly empowered to limit the amount of Compensation that
      may be deferred; to deposit amounts into the Trust in accordance with Section
      8.2 hereof; to interpret the Plan, and to determine all questions arising in
      the
      administration, interpretation and application of the Plan; to employ actuaries,
      accountants, counsel, and other persons it deems necessary in connection with
      the administration of the Plan; to request any information from the Employer
      it
      deems necessary to determine whether the Employer would be considered insolvent
      or subject to a proceeding in bankruptcy; and to take all other necessary and
      proper actions to fulfill its duties as Administrator.

    

    (b) The
      Administrator shall not be liable for any actions by it hereunder, unless due
      to
      its own negligence, willful misconduct or lack of good faith.

    

    (c) The
      Administrator shall be indemnified and saved harmless by the Employer from
      and
      against all personal liability to which it may be subject by reason of any
      act
      done or omitted to be done in its official capacity as Administrator in good
      faith in the administration of the Plan and Trust, including all expenses
      reasonably incurred in its defense in the event the Employer fails to provide
      such defense upon the request of the Administrator. The Administrator is
      relieved of all responsibility in connection with its duties hereunder to the
      fullest extent permitted by law, short of breach of duty to the
      beneficiaries.

    

    
      	
              10.2

            	
              No
                Assignment

            

    

    Benefits
      or payments under this Plan shall not be subject in any manner to anticipation,
      alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or
      garnishment by creditors of the Participant or the Participant’s beneficiary,
      whether voluntary or involuntary, and any attempt to so anticipate, alienate,
      sell, transfer, assign, pledge, encumber, attach or garnish the same shall
      not
      be valid, nor shall any such benefit or payment be in any way liable for or
      subject to the debts, contracts, liabilities, engagement or torts of any
      Participant or beneficiary, or any other person entitled to such benefit or
      payment pursuant to the terms of this Plan, except to such extent as may be
      required by law. If any Participant or beneficiary or any other person
entitled
      to a benefit or payment pursuant to the terms of this Plan becomes bankrupt
      or
      attempts to anticipate, alienate, sell, transfer, assign, pledge, encumber,
      attach or garnish any benefit or payment under this Plan, in whole or in part,
      or if any attempt is made to subject any such benefit or payment, in whole
      or in
      part, to the debts, contracts, liabilities, engagements or torts of the
      Participant or beneficiary or any other person entitled to any such benefit
      or
      payment pursuant to the terms of this Plan, then such benefit or payment, in
      the
      discretion of the Administrator, shall cease and terminate with respect to
      such
      Participant or beneficiary, or any other such person.

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    
      	
              10.3

            	
              No
                Employment Rights

            

    

    Participation
      in this Plan shall not be construed to confer upon any Participant the legal
      right to be retained in the employ of the Employer, or give a Participant or
      beneficiary, or any other person, any right to any payment whatsoever, except
      to
      the extent of the benefits provided for hereunder. Each Participant shall remain
      subject to discharge to the same extent as if this Plan had never been
      adopted.

    

    
      	
              10.4

            	
              Incompetence

            

    

    If
      the
      Administrator determines that any person to whom a benefit is payable under
      this
      Plan is incompetent by reason of physical or mental disability, the
      Administrator shall have the power to cause the payments becoming due to such
      person to be made to another for his or her benefit without responsibility
      of
      the Administrator or the Employer to see to the application of such payments.
      Any payment made pursuant to such power shall, as to such payment, operate
      as a
      complete discharge of the Employer, the Administrator and the
      Trustee.

    

    
      	
              10.5

            	
              Identity

            

    

    If,
      at
      any time, any doubt exists as to the identity of any person entitled to any
      payment hereunder or the amount or time of such payment, the Administrator
      shall
      be entitled to hold such sum until such identity or amount or time is determined
      or until an order of a court of competent jurisdiction is obtained. The
      Administrator shall also be entitled to pay such sum into court in accordance
      with the appropriate rules of law. Any expenses incurred by the Employer,
      Administrator, and Trust incident to such proceeding or litigation shall be
      charged against the Account of the affected Participant.

    

    
      	
              10.6

            	
              Other
                Benefits

            

    

    The
      benefits of each Participant or beneficiary hereunder shall be in addition
      to
      any benefits paid or payable to or on account of the Participant or beneficiary
      under any other pension, disability, annuity or retirement plan or policy
      whatsoever.

    

    
      	
              10.7

            	
              Expenses

            

    

    All
      expenses incurred in the administration of the Plan, whether incurred by the
      Employer or the Plan, shall be paid by the Employer.

    

    
      	
              10.8

            	
              Insolvency

            

    

    Should
      the Employer be considered insolvent (as defined by the Trust), the Employer,
      through its Board and chief executive officer, shall give immediate written
      notice of such to the Administrator
      of the Plan and the Trustee. Upon receipt of such notice, the Administrator
      or
      Trustee shall cease to make any payments to Participants who were Employees
      of
      the Employer or their beneficiaries and shall hold any and all assets
      attributable to the Employer for the benefit of the general creditors of the
      Employer.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    
      	
              10.9

            	
              Amendment
                or Modification

            

    

    The
      Employer may, at any time, in its sole discretion, amend or modify the Plan
      in
      whole or in part, except that no such amendment or modification shall have
      any
      retroactive effect to reduce any amounts allocated to a Participant’s Accounts,
      and provided that such amendment or modification complies with Codes Section
      409A and related regulations thereunder. 

    

    
      	
              10.10

            	
              Plan
                Suspension

            

    

    The
      Employer further reserves the right to suspend the Plan in whole or in part,
      except that no such suspension shall have any retroactive effect to reduce
      any
      amounts allocated to a Participant’s Accounts, and provided that distribution of
      the vested Participant Accounts shall not be accelerated but shall be paid
      at
      such time and in such manner as determined under the terms of the Plan
      immediately prior to suspension as if the Plan had not been suspended.

    

    
      	
              10.11

            	
              Plan
                Termination

            

    

    The
      Employer further reserves the right to terminate the Plan in whole or in part,
      in the following manner, except that no such termination shall have any
      retroactive effect to reduce any amounts allocated to a Participant’s Accounts,
      and provided that such termination complies with Codes Section 409A and related
      regulations thereunder:

    

    (a) The
      Employer, in its sole discretion, may terminate the Plan and distribute all
      vested Participants’ Accounts no earlier than twelve (12) calendar months from
      the date of the Plan termination and no later than twenty-four (24) calendar
      months from the date of the Plan termination, provided however that the
      termination and distribution does not occur proximate to a down turn in the
      financial health of the Employer, that all other similar arrangements are also
      terminated by the Employer for affected Participants and no other similar
      arrangements are adopted by the Employer for affected Participants within a
      three (3) year period from the date of termination; or

    

    (b) The
      Employer may decide, in its sole discretion, to terminate the Plan in the event
      of a corporate dissolution taxed under Code Section 331, or with the approval
      of
      a bankruptcy court, provided that the Participants vested Account balances
      are
      distributed to Participants and are included in the Participants’ gross income
      in the latest of: (i) the calendar year in which the termination occurs; (ii)
      the calendar year in which the amounts deferred are no longer subject to a
      substantial risk of forfeiture; or (iii) the first calendar year in which
      payment is administratively practicable. 

    

    
      	
              10.12

            	
              Plan
                Termination due to a
                Change-in-Control

            

    

    The
      Employer may decide, in its discretion, to terminate the Plan in the event
      of a
      Change-in-Control and distribute all vested Participants Account balances
no
      earlier than thirty (30) days prior to the Change-in-Control and no later than
      twelve (12) months after the effective date
      of
      the Change-in-Control, provided however that the Employer terminates all other
      similar arrangements. 

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    
      	
              10.13

            	
              Construction

            

    

    All
      questions of interpretation, construction or application arising under or
      concerning the terms of this Plan shall be decided by the Administrator, in
      its
      sole and final discretion, whose decision shall be final, binding and conclusive
      upon all persons.

    

    
      	
              10.14

            	
              Governing
                Law

            

    

    This
      Plan
      shall be governed by, construed and administered in accordance with the
      applicable provisions of ERISA, Code Section 409A, and any other applicable
      federal law, provided, however, that to the extent not preempted by federal
      law
      this Plan shall be governed by, construed and administered under the laws of
      the
      Commonwealth of Massachusetts, other than its laws respecting choice of
      law.

    

    
      	
              10.15

            	
              Severability

            

    

    If
      any
      provision of this Plan is held invalid or unenforceable, its invalidity or
      unenforceability shall not affect any other provision of this Plan and this
      Plan
      shall be construed and enforced as if such provision had not been included
      therein. If the inclusion of any Employee (or Employees) as a Participant under
      this Plan would cause the Plan to fail to comply with the requirements of
      sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, or Code Section 409A, then
      the Plan shall be severed with respect to such Employee or Employees, who shall
      be considered to be participating in a separate arrangement.

    

    
      	
              10.16

            	
              Headings

            

    

    The
      Article headings contained herein are inserted only as a matter of convenience
      and for reference and in no way define, limit, enlarge or describe the scope
      or
      intent of this Plan nor in any way shall they affect this Plan or the
      construction of any provision thereof.

    

    The
      remainder of this page was intentionally left blank.

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    
      	
              10.17

            	Terms

    

    Capitalized
      terms shall have meanings as defined herein. Singular nouns shall be read as
      plural, masculine pronouns shall be read as feminine, and vice versa, as
      appropriate.

    

    IN
      WITNESS WHEREOF, Analogic Corporation has caused this instrument to be executed
      by its duly authorized officer, effective as of this 11th day of August,
      2008.

     

    
      	 	 	 
	 	Analogic
              Corporation
	 
 	 
 	 
 
	 	By:  	/s/ John
              J.
              Millerick
	 	
              

            
	 	Title SVP
              & CFO

    

     

    ATTEST:

    
      	 
	/s/ Bruce
              G.
              Garr
	
              

            
	Title:
              Assistant
              General Counsel & Assistant Secretary

    

     

    
      
        
        

      

      
        19

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