Document:

Employment Agreement with Clifford E. Pietrafitta

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 AGREEMENT made and entered into
in North Carolina by and between Xerium Technologies, Inc. (the “Company”), a Delaware corporation with its principal place of business in Raleigh, North Carolina and Clifford E. Pietrafitta (the “Executive”), effective as of the
14th day of March, 2011 (the “Effective Date”).

 WHEREAS, subject to the terms and conditions hereinafter set forth, the Company wishes to employ the Executive, in the
position of Chief Financial Officer, and Executive wishes to accept such employment; 
 NOW, THEREFORE, in consideration of the
foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree: 
 1.    Employment.  Subject to the terms and conditions set forth in this Agreement, the Company hereby offers and the Executive hereby accepts employment. 

2.    Term.  The employment of the Executive by the Company hereunder shall be for the period
commencing on the Effective Date and expiring on the date of the termination of such employment in accordance with Section 5 hereof. For all purposes of this Agreement, references to (a) the “Termination Date” shall mean the date
Executive’s employment hereunder shall terminate pursuant to said Section 5, and (b) references to the “term” of the Executive’s employment hereunder shall mean the period commencing on the Effective Date and ending on
the Termination Date. Following the Termination Date, unless specifically otherwise agreed between Executive and any applicable party, the Executive shall cease to hold any position (whether as an officer, director, manager, employee, trustee,
fiduciary or otherwise) with the Company or any of its Subsidiaries or Affiliates. 
 3.    Capacity and
Performance. 
 (a)    During the term of Executive’s employment hereunder, the Executive shall
serve the Company as its Chief Financial Officer. In addition, and without further compensation, the Executive may serve as a director of the Company and as a director and/or officer of one or more of the Company’s subsidiaries, if so elected
or appointed from time to time. 
 (b)    During the term of Executive’s employment hereunder, the
Executive shall be employed by the Company on a full-time basis and shall perform such duties and responsibilities on behalf of the Company and its Subsidiaries as may be designated from time to time by the Chief Executive Officer. 

(c)    During the term of Executive’s employment hereunder, the Executive shall devote his full business time to
the advancement of the business and interests of the Company and its Subsidiaries and to the discharge of his duties and responsibilities hereunder, except that Executive may serve as a director of one for-profit external board. The Executive shall
not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during the term of this Agreement, except as may be expressly approved in advance by the Chief Executive Officer in writing.

 4.    Compensation and Benefits.  During the term of
Executive’s employment hereunder as compensation for all services performed by the Executive: 

(a)    Base Salary.    The Company shall pay the Executive a base salary at the rate of
three hundred forty thousand dollars ($340,000) per year, payable in accordance with the payroll practices of the Company for its executives and subject to increase from time to time by the Board, in its sole discretion. Such base salary, as from
time to time increased, is hereafter referred to as the “Base Salary.” 
 (b)    Annual
Incentive Bonus Plan.  The Executive shall be entitled to participate in any and all annual bonus plans (the “Annual Bonus Plans”) from time to time in effect for senior executives of the Company generally. The terms of each
Annual Bonus Plan and Executive’s participation therein shall be determined by the compensation committee of the Board of Directors of the Company (the “Board”) (or, if there is no such committee, by the Board); provided, however,
that the Executive shall be entitled to participate in such plans at a minimum participation rate of fifty percent (50%) of his Base Salary (pro-rated in 2011 based on employment commencement date provided that the Executive is employed by the
Company on the payment date) paid for the applicable year, with any awards thereunder payable only to the extent earned pursuant to the terms of the applicable Annual Bonus Plan and subject to adjustment in accordance with the terms of the
applicable Annual Bonus Plan. Notwithstanding the foregoing, no award under the Annual Bonus Plans may be granted if the compensation committee determines that in order for such award to qualify as performance-based for purposes of
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), the Plan must be submitted to and approved, or resubmitted to and approved, by the stockholders of the Company in accordance with the requirements of
Section 162(m) of the Code, unless such grant is made contingent upon such approval. The compensation committee of the Board (or, if there is no such committee, the Board) may alter, modify, add to or delete any Annual Bonus Plan at any time as
it, in its sole judgment determines to be appropriate. 
 (i)    Fiscal 2011 Bonus
Guarantee.  With respect to the Company’s 2011 fiscal year only, the Executive is guaranteed that his total bonus compensation earned for such fiscal year (including any awards granted him under the Annual Bonus Plans for the
fiscal year) shall not be less than fifty percent (50%) of the (pro-rated) amount calculated in Section 4(b) above. Any payment due pursuant to this guarantee that is made pursuant to an award under one or more of the Annual Bonus Plans
shall be payable in accordance with the Incentive Compensation Plan. 
 (c)     Equity Participation.

 (i)    A grant of ten thousand (10,000) shares under the Company’s 2011-2013 Long Term
Incentive Program will be recommended to the compensation committee of the Board for approval, however, approval cannot be guaranteed. Assuming the requisite approvals are secured, the grant will be made as soon as practicable thereafter. The
Executive shall participate in such Program for the remainder of the Program, provided that the Executive’s employment by the Company hereunder is continuing on the applicable date, subject to any delay resulting from the need to obtain
stockholder approval to increase the size of said Program and subject to the Executive’s signing and timely returning the applicable Restricted Stock Units 

  
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Agreement. Two Thousand Five Hundred (2,500) shares of such grant shall be subject to the Company’s time-based Restricted Stock Units Agreement then in effect and the remaining shares
of such grant shall be performance-based subject to the terms of the Company’s Program. 
 (ii)    In
addition to the equity participation described above, while the Executive’s employment with the Company hereunder is continuing, the Executive shall be entitled to participate in such Company equity plans from time to time in effect for senior
executives of the Company generally. The terms of each such plan and Executive’s participation therein shall be determined by the compensation committee of the Board (or, if there is no such committee, by the Board itself). 

(d)    Other Incentive Plans.  The Executive shall be entitled to participate in any and all cash,
equity, bonus and other incentive plans which are not Annual Bonus Plans (the “Long Term Plans”) from time to time in effect for senior executives of the Company generally. The terms of each Long Term Plan and Executive’s
participation therein shall be determined by the compensation committee of the Board (or, if there is no such committee, by the Board). The compensation committee of the Board (or, if there is no such committee, the Board) may alter, modify, add to
or delete any Long Term Plan at any time as it, in its sole judgment, determines to be appropriate. 

(e)    Vacations.  The Executive shall be entitled to an annual vacation of three (3) weeks,
with reasonable notice to the Chief Executive Officer and subject to the reasonable business needs of the Company. Vacation shall otherwise be governed by the policies of the Company, as in effect from time to time. 

(f)    Other Benefits.  Subject to any contribution therefor generally required of executives of the
Company, the Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for executives of the Company generally, except to the extent such plans are in a category of benefit specifically otherwise
provided to the Executive under this Agreement (e.g., severance pay). Such participation shall be subject to the terms of the applicable plan documents and generally applicable Company policies. The Board may alter, modify, add to or delete employee
benefit plans at any time as it, in its sole judgment, determines to be appropriate. 
 (g)    Certain
Prerequisites.  The Company shall provide the Executive while he continues to be employed by the Company with: (i) participation in the Company’s standard executive automobile program, receiving six hundred dollars ($600) per
month as an automobile allowance; and (ii) eligibility to use a Company-owned country club membership at the TPC in Wakefield, North Carolina. 
 (h)    Business Expenses.  The Company shall pay or reimburse the Executive for all reasonable and necessary business expenses incurred or paid by the Executive in the
performance of his duties and responsibilities hereunder, subject to any maximum annual limit or other restrictions on such expenses set by the Board and to such reasonable substantiation and documentation as may be specified by the Company from
time to time. In the case of any reimbursement to which the Executive is entitled pursuant to this Section 4(h) that would constitute deferred compensation subject to Section 409A of the Code, the following additional

  
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rules shall apply: (i) the reimbursable expense must have been incurred, except as otherwise expressly provided in this Agreement, during the term of this Agreement; (ii) the amount of
expenses eligible for reimbursement during any calendar year will not affect the amount of expenses eligible for reimbursement in any other calendar year; (iii) the reimbursement shall be made not later than December 31 of the calendar
year following the calendar year in which the expense was incurred; and (iv) the Executive’s entitlement to reimbursement shall not be subject to liquidation or exchange for another benefit. 

(i)    Relocation Expenses.  The Company shall provide the Executive with the Company’s
standard relocation benefits package. 
 (j)    Payments/Actions by Company.  Wherever it
is provided in this Agreement that payment of any form of compensation or any other action shall be made by the Company, such payment or action may be made by any Subsidiary or Affiliate of the Company. 

5.    Termination of Employment.  The Executive’s employment hereunder shall terminate under
the following circumstances: 
 (a)    Death.  In the event of the Executive’s death
during the term of Executive’s employment hereunder, the Executive’s employment shall immediately and automatically terminate. 
 (b)    Disability.  The Company may terminate the Executive’s employment hereunder, upon notice to the Executive, in the event that the Executive becomes disabled
during his employment hereunder. For this purpose, disability means that the Executive (i) 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 twelve (12) months, or (ii) 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 twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company. If any
questions shall arise as to whether during any period the Executive is disabled within the meaning of this Section 5(b), the Executive, at the request of the Company, shall submit to a medical examination by a physician selected by the Company
to determine whether the Executive is so disabled and such determination shall for the purposes of this Agreement be conclusive of the issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the
Company’s determination of the issue shall be binding on the Executive. 
 (c)    By the Company for
Cause.  The Company may terminate the Executive’s employment hereunder for Cause at any time upon notice to the Executive setting forth the nature of such Cause. The following shall constitute Cause for termination: (i) the
Executive’s conviction of or plea of nolo contendere to a felony or other crime involving moral turpitude; (ii) the Executive’s fraud, theft or embezzlement committed with respect to the Company or its Subsidiaries;
(iii) material breach by the Executive of any of the provisions of Sections 8, 9 or 10 hereof that causes demonstrable harm to the Company or any of its Subsidiaries; or (iv) the Executive’s willful and continued failure to perform
his material duties to the Company and its 

  
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Subsidiaries; provided, however, that the Company may terminate Executive’s employment hereunder for “Cause” within the meaning of this clause (iv) only after the Company has
provided written notice to the Executive of the failure and the Executive shall not have remedied such failure within ten (10) business days following the effectiveness of such notice. 

(d)    By the Company Other than for Cause.  The Company may terminate the Executive’s
employment, hereunder other than for Cause at any time upon notice to the Executive. 
 (e)    By the
Executive Other than for Good Reason.  The Executive may terminate his employment hereunder other than for Good Reason (as defined in Section 5(f) below) at any time upon the provision of sixty (60) days written notice to the
Company. In the event of termination of the Executive pursuant to this Section 5(e), the Board may elect to waive the period of notice or any portion thereof. 
 (f)    By the Executive for Good Reason.  The Executive may terminate his employment hereunder for Good Reason upon written notice to the Company setting forth in
reasonable detail the nature of such Good Reason; provided, that such written notice must be delivered to the Company within ninety (90) days of the initial existence of the condition or circumstance constituting or giving rise to the purported
Good Reason. A termination by the Executive hereunder shall not be treated as a termination for Good Reason if the Company remedies the condition or circumstance constituting or giving rise to the purported Good Reason within thirty (30) days
of the receipt of the Executive’s notice, or if actual termination occurs more than two years following the initial existence of such condition or circumstance. The following shall constitute Good Reason for purposes of this subsection (f): a
requirement that the Executive relocate more than fifty (50) miles from his then-current principal residence, it being understood that the Executive may be required to travel frequently and that prolonged periods spent away from
Executive’s principal residence shall not constitute Good Reason. 
 6.    Compensation upon
Termination. 
 (a)    Death.  In the event of a termination of the Executive’s
employment hereunder by reason of death as contemplated by Section 5(a), the Company shall pay in a lump sum within thirty (30) days of such termination to the Executive’s designated beneficiary or, if no beneficiary has been
designated by the Executive, to his estate, the Base Salary earned but not paid through the Termination Date. 

(b)    Disability.  In the event of any termination of Executive’s employment hereunder by
reason of disability as contemplated by Section 5(b), the Company shall pay to the Executive his Base Salary earned but not paid through the date of the notice required by Section 5(b) and, in addition, shall, subject to any employee
contribution applicable to the Executive on the Termination Date, continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans for eighteen (18) months (or such longer
period as may be provided under the employee benefit plans of the Company), but only if the Executive does not have access at reasonable cost to substantially equivalent benefits through another employer, and provided that the Executive is entitled
to continue such participation under applicable law and plan terms. For the purpose of insuring that 

  
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the Executive receives the full benefit of the Company’s short-term disability insurance plan, the Termination Date under Section 5(b) (Termination for Disability) shall be that date
that corresponds with the date the Executive exhausts his eligibility for short-term disability insurance benefits under the Company’s then-existing short-term disability plan. For the avoidance of doubt, nothing in this Agreement is intended
to affect any rights the Executive may have under any long-term disability plan the Company may have and in which the Executive is entitled to participate. 
 (c)    By the Company for Cause.  In the event of any termination of Executive’s employment hereunder by the Company for Cause as contemplated by
Section 5(c), the Company shall have no further obligations to the Executive under this Agreement other than payment of Base Salary through the Termination Date and except as specifically provided in Section 6(g). 

(d)    By the Company Other than for Cause or by the Executive for Good Reason. 

(i)    Not Close in Time to a Change of Control.  In the event of any termination of
Executive’s employment hereunder by the Company pursuant to Section 5(d) or by the Executive pursuant to Section 5(f), which occurs after Executive has completed at least three (3) months of employment with the Company and which
termination does not occur within three (3) months prior to or within two (2) years following a Change of Control, the Company (A) shall continue to pay the Executive the Base Salary at the rate in effect on the Termination Date for
one (1) year, and (B) subject to any employee contribution applicable to the Executive on the Termination Date, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and
dental plans for one (1) year (or such longer period as may be provided under the employee benefit plans of the Company), but only if the Executive does not have access at reasonable cost to substantially equivalent benefits through another
employer, and provided that the Executive is entitled to continue such participation under applicable law and plan terms. 

(ii)    Close in Time to a Change of Control.  In the event of any termination of Executive’s
employment hereunder by the Company pursuant to Section 5(d) or by the Executive pursuant to Section 5(f), which occurs after Executive has completed at least three (3) months of employment with the Company and which termination
occurs within three (3) months prior to or within two (2) years following a Change of Control, the Company (A) shall continue to pay the Executive the Base Salary at the rate in effect on the Termination Date for eighteen
(18) months, and (B) subject to any employee contribution applicable to the Executive on the Termination Date, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and
dental plans for eighteen (18) months (or such longer period as may be provided under the employee benefit plans of the Company), but only if the Executive does not have access at reasonable cost to substantially equivalent benefits through
another employer, and provided that the Executive is entitled to continue such participation under applicable law and plan terms. 
 (iii)    Conditions.  Any obligation of the Company to the Executive under Sections 6(b) and 6(d) hereof is conditioned upon (A) the Executive’s signing a
release of 

  
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claims in such form as the Company may require (the “Employee Release”) and (B) the Executive’s continued full performance of his continuing obligations hereunder, including
those under Sections 8, 9 and 10. The Employee Release shall be provided to the Executive within ten (10) days following the Termination Date and the Executive must execute it within the time period specified in the Employee Release which shall
not be longer than forty-five (45) days. The Employee Release shall not be effective until any applicable revocation period has expired. Base Salary to which the Executive is entitled under Sections 6(b) and 6(d) hereof shall be payable in
accordance with the normal payroll practices of the Company in effect on the Termination Date and will begin at the Company’s next regular payroll period which is at least five (5) business days following the effective date of the Employee
Release, but shall be retroactive to next business day following the Termination Date, provided, however, that in all cases, such payments shall commence within ninety (90) days following the Executive’s separation from service, and
further provided that if the ninety (90) day period begins in one taxable year for the Executive and ends in the subsequent taxable year for the Executive, then the payments shall not commence until the subsequent taxable year pursuant to the
guidance provided in IRS Notice 2010-80. 
 (iv)    No reduction.  The continued
payments/contributions by the Company that are described in Sections 6(d)(i) and 6(d)(ii) hereof shall not be reduced by any income or other compensation received by Executive subsequent to the termination of his employment. 

(e)    By the Executive Other than for Good Reason.  If the Executive shall terminate his employment
pursuant to Section 5(e), the Company shall continue to pay Executive his Base Salary through the Termination Date (it being understood that if, in accordance with Section 5(e), the Board elects to waive the period of notice, or any
portion thereof, the payment of Base Salary under this Section 6(e) shall continue through the notice period or any portion thereof so waived). 
 (f)    Delay in Payment Commencement on Account of Internal Revenue Code Section 409A.  If the Executive is, at the time of separation from service, a
“specified employee” (as hereinafter defined), any and all amounts payable in connection with such separation from service that constitute deferred compensation subject to Section 409A of the Code, as determined by the Company in its
sole discretion, and that would (but for this sentence) be payable within six (6) months following such separation from service, shall not be paid until the date which is six (6) months and one (1) day after the date of such
separation from service or, if earlier, Executive’s date of death. In this regard, any payments that otherwise would have been made during such six (6) month period shall be paid to the Executive in a lump sum on the first date on which
they may be paid, together with interest credited at the short-term applicable federal rate, compounded daily. For purposes of this subsection (f), “specified employee” means an individual determined by the Company to be a specified
employee as defined in subsection (a)(2)(B)(i) of Section 409A of the Code. The Company may, but need not, elect in writing, subject to the applicable limitations under Section 409 A of the Code, any of the special elective rules
prescribed in Section 1.409A-l(i) of the Treasury Regulations for purposes of determining “specified employee” status. Any such written election shall be deemed part of this Agreement. 

  
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 (g)    Post-Termination Obligations Generally.  Except
for (i) any right expressly set forth in this Section 6, (ii) any vested benefits under any employee benefit plan referred to in Section 4(f) which specifically is designed to provide benefits following termination of employment
(such as any such plan providing benefits upon disability or retirement) (but subject to all of the terms, if any, of each such other benefit plan as to how such vested benefits will be treated following termination of employment) and (iii) any
rights expressly set forth in any other written agreement to which Executive and any of the company or any of its Subsidiaries or Affiliates shall become parties from time to time after the date hereof, none of the Company or any of its Subsidiaries
or Affiliates shall have any further obligations to the Executive, in connection with his employment or the termination thereof, following expiration of the term of the Executive’s employment hereunder. Satisfaction by the Company and other
applicable Persons of such rights and benefits shall constitute full settlement of any claim that the Executive may have on account of any termination of employment hereunder against the Company, any of its Subsidiaries or Affiliates and all of
their respective past and present officers, directors, stockholders, members, managers, partners, controlling Persons, employees, agents, representatives, successors and assigns and all other others connected with any of them, both individually and
in their official capacities. 
 7.    Limitation. 

(a)    In the event that it is determined that any payment or benefit provided by the Company or any of its
Subsidiaries to or for the benefit of the Executive, either under this Agreement or otherwise, and regardless of under what plan or arrangement it was made, would, absent the application of this Section 7, be subject to excise tax (the
“Excise Tax”) imposed by Section 4999 of the Code, or any successor provision (“Section 4999”), the Company will reduce such payments and/or benefits to the extent, but only to the extent, necessary so that no portion of the
remaining payments and/or benefits will be subject to the Excise Tax. The Company shall have discretion in determining which, if any, of several payments and/or benefits (if more than one) are to be reduced. 

(b)    Determinations as to the amount of any cutback required under this Section 7 will be made by the
Company’s tax accountant unless the Executive has reasonable objections to the use of that firm, in which case the determinations will be made by a comparable firm chosen jointly by the Company and the Executive (the firm making the
determinations to be referred to as the “Firm”). The determinations of the Firm will be binding upon the Company and the Executive except as the determinations are established in resolution (including by settlement) of a controversy with
the Internal Revenue Service to have been incorrect. All fees and expenses of the Firm will be paid by the Company. 

8.    Restricted Activities.  The Executive agrees that some restrictions on his activities during
and after his employment are necessary to protect the goodwill, Confidential Information and other legitimate interests of the Company and its Subsidiaries: 
 (a)    While the Executive is employed by the Company and for one (1) year after his employment terminates (or eighteen (18) if the Executive is terminated in accordance with
Section 6 (d)(ii)) (in the aggregate, the “Non-Competition Period”) the Executive shall not, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise,

  
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compete with the Company: (i) anywhere throughout the world; (ii) in North America; (iii) in South America; (iv) in Europe; (v) in Asia; or (vi) in Australia.
Specifically, but without limiting the foregoing, the Executive agrees not to: (A) undertake any planning for any business competitive with the Company or any of its Subsidiaries; or (B) engage in any manner in any activity that is
competitive with the business of the Company or any of its Subsidiaries. For the purposes of this Section 8, the Executive’s undertaking shall encompass all items, products and services that may be used in substitution for Products.

 (b)    The Executive agrees that, during his employment with the Company, he will not undertake any
outside activity, whether or not competitive with the business of the Company or its Subsidiaries that could reasonably give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Company or any of its
Subsidiaries. 
 (c)    The Executive further agrees that while he is employed by the Company and during the
Non-Competition Period, the Executive will not, directly or indirectly, (i) hire or attempt to hire any employee of the Company or any of its Subsidiaries, (ii) hire or attempt to hire any independent contractor providing services to the
Company or any of its Subsidiaries, (iii) assist in hiring or any attempt to hire anyone identified in clauses (i) or (ii) of this sentence by any other Person, (iv) encourage any employee or independent contractor of the Company
or any of its Subsidiaries to terminate his or her relationship with the Company or any of its Subsidiaries, or (v) solicit or encourage any customer or vendor of the Company or any of its Subsidiaries to terminate or diminish its relationship
with any of them, or, in the case of a customer, to conduct with any Person any competing business or activity. 

(d)    In the event that the one (1) year or eighteen (18) month post-termination period stated above is
held unenforceable by a court of competent jurisdiction due to its length, then the period shall be six (6) months. 

9.    Confidential Information. 
 (a)    The Executive acknowledges that the Company and its Subsidiaries continually develop Confidential Information, that the Executive has in the past and may in the future develop
Confidential Information for the Company or its Subsidiaries and that the Executive has in the past and may in the future learn of Confidential Information during the course of employment. The Executive will comply with the policies and procedures
of the Company and its Subsidiaries for protecting Confidential Information and shall never use or disclose to any Person (except as required by applicable law or for the proper performance of his duties and responsibilities to the Company and its
Subsidiaries), any Confidential Information obtained by the Executive incident to his employment or other association with the Company or any of its Subsidiaries. The Executive understands that this restriction shall continue to apply after his
employment terminates, regardless of the reason for such termination. 
 (b)    All documents, records,
tapes and other media of every kind and description relating to the business, present or otherwise, of the Company or its Subsidiaries and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by the
Executive, shall be the sole and exclusive property of the Company and its Subsidiaries. The Executive shall safeguard all Documents and shall surrender to the Company at the time his 

  
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employment terminates, or at such earlier time or times as the Board or its designee may specify, all Documents then in the Executive’s possession or control. 

10.    Assignment of Rights to Intellectual Property.  The Executive shall promptly and fully
disclose all Intellectual Property to the Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Executive’s foil right, title and interest in and to all Intellectual Property.
The Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance
or confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Executive will not charge the
Company for time spent in complying with these obligations. All copyrightable works that the Executive creates shall be considered “work made for hire.” 
 11.    Notification Requirement.  Until the conclusion of the Non-Competition Period, the Executive shall give notice to the Company of each new business activity that
he plans to undertake at least thirty (30) days prior to beginning any such activity. Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of the Executive’s business
relationship(s) and position(s) with such Person. The Executive shall provide the Company with such other pertinent information concerning such business activity as the Company may reasonably request in order to determine the Executive’s
continued compliance with his obligations under Sections 8, 9 and 10 hereof. 
 12.    Enforcement of
Covenants.  The Executive acknowledges that he has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon his pursuant to Sections 8, 9 and 10 hereof. The Executive agrees
that said restraints are necessary for the reasonable and proper protection of the Company and its Subsidiaries and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. The
Executive further acknowledges that, were he to breach any of the covenants contained in Sections 8, 9 and 10 hereof, the damage to the Company would be irreparable. The Executive therefore agrees that the Company, in addition to any other remedies
available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post bond. The parties further agree that, in the event that my
provision of Sections 8, 9 and 10 hereof shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such
provision may be “blue penciled” or written by the court to the extent necessary to render it enforceable to the maximum extent permitted by law. 
 13.    Conflicting Agreements.  The Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder will
not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants or any court order or other legal obligation that
would affect the performance of his obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party’s consent. 

  
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 14.    Definitions.  Words or phrases which are
initially capitalized or are within quotation marks shall have the meanings provided in this Section 14 and as provided elsewhere herein. For purposes of this Agreement, the following definitions apply: 

(a)    “Affiliate” means, with respect to the Company or any other specified Person, any other Person
directly or indirectly controlling, controlled by or under common control with the Company or such other specified Person, where control may be by management authority, equity interest or other means. 

(b)    “Change of Control” shall mean any of the following which takes place after the consummation of the
initial public offering of common stock of the Company (including as part of an income deposit security or other investment unit) registered under the Securities Act of 1933, as amended: (i) any Person or “group,” within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Act”), other than the Company or any of its Subsidiaries or any trustee or other fiduciary holding securities under an employee benefit plan of the Company
or one of its Subsidiaries, becomes a beneficial owner, directly or indirectly, in one or a series of transactions, of securities representing fifty percent (50%) or more of the total number of votes that may be cast for the election of
directors of the Company; (ii) any merger or consolidation involving the Company or any sale or other disposition of all or substantially all of the assets of the Company, or any combination of the foregoing, occurs and the beneficial owners of
the Company’s voting securities outstanding immediately prior to such consolidation, merger, sale or other disposition do not, immediately following the consummation of such consolidation, merger, sale or other disposition, hold beneficial
ownership, directly or indirectly, of securities representing fifty percent (50%) or more of the total number of votes that may be cast for election of directors of the surviving or resulting corporation in the case of any merger or
consolidation or of the acquiring Person or Persons in the case of any sale or other disposition; or (iii) within twelve (12) months after a tender offer or exchange offer for voting securities of the Company (other than by the Company or
any of its Subsidiaries), individuals who are Continuing Directors shall cease to constitute a majority of the Board; provided, however, that the debt restructuring anticipated to be completed in 2010 shall not constitute a “Change of
Control” for purposes of this Agreement. For the purpose of this definition, the term “beneficial owner” (and correlative terms, including “beneficial ownership”) shall have the meaning set forth in Rule 13d-3 under the Act.

 (c)    “Confidential Information” means any and all information of the Company and its
Subsidiaries that is not generally known by others with whom they compete or do business, or with whom they plan to compete or do business and any and all information which, if disclosed by the Company or its Subsidiaries, would assist in
competition against them. Confidential Information includes without limitation such information relating to (i) the development, research, testing, manufacturing, marketing and financial activities of the Company and its Subsidiaries,
(ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Company and its Subsidiaries, (iv) the identity and special needs of the customers of the Company and its Subsidiaries and
(v) the people and organizations with whom the Company and its Subsidiaries have business relationships and those relationships. Confidential Information also includes any information that the Company or any of its Subsidiaries have received,
or may receive hereafter, from others which was received by the 

  
 11 

 
Company or any of its Subsidiaries with any understanding, express or implied, that the information would not be disclosed. 

(d)    “Continuing Director” means, with respect to any event referred to in the definition of “Change
of Control,” each individual who was a director of the Company immediately prior to the event in question and each individual whose election as a director by the Board or whose nomination for election by the stockholders of the Company was
approved by a vote of two-thirds of the directors then still in office who were directors immediately prior to such event or whose election or nomination was previously so approved. 

(e)    “Intellectual Property” means inventions, discoveries, developments, methods, processes,
compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others and whether or not during
normal business hours or on or off the premises of the Company or any of its Subsidiaries) during the Executive’s employment with the Company or any of its Subsidiaries (including prior to the Effective Date if applicable) that relate to either
the Products or any prospective activity of the Company or any of its Subsidiaries or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its Subsidiaries. 

(f)    “Person” means an individual, a corporation, a limited liability company, an association, a
partnership, an estate, a trust and any other entity or organization. 
 (g)    “Products” mean
all products planned, researched, developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company or any of its Subsidiaries, together with all services provided or planned by the Company or any of its
Subsidiaries, during the Executive’s employment with the Company or any of its Subsidiaries (including prior to the Effective Date if applicable). 
 (h)    “Subsidiary” shall mean any Person of which the Company (or other specified Person) shall, directly or indirectly, own beneficially or control the voting of at least a
majority of the outstanding capital stock (or other shares of beneficial interest) entitled to vote generally or at least a majority of the partnership, membership, joint venture or similar interests, or in which the Company (or other specified
Person) or a Subsidiary thereof shall be a general partner or joint venturer without limited liability. 

(i)    All references in this Agreement to termination of employment, separation from service, retirement and similar
or correlative terms, when used in a context that bears upon the vesting, payment or timing of payment of any amounts or benefits that constitute or could constitute “nonqualified deferred compensation” within the meaning of
Section 409A of the Code, shall be construed to require a “separation from service” (as that term is defined in Section 1.409A-1(h) of the Treasury Regulations) from the Company and from all other corporations and trades or
businesses, if any, that would be treated as a single “service recipient” with the Company under Section 1.409A-l(h)(3) of the Treasury Regulations. Each installment payment required under this Agreement shall be considered a separate
payment for purposes of Section 409A. The Company may, but need not, elect in writing, subject to the applicable limitations under Section 409A of the Code, any of the special elective rules prescribed in
Section 1.409A-

  
 12 

 
1(h) of the Treasury Regulations for purposes of determining whether a “separation from service” has occurred. Any such written election shall be deemed part of this Agreement.

 15.    Survival.  The provisions of this Agreement shall survive following the
Termination Date if so provided herein or desirable to accomplish the purposes of other surviving provisions, including without limitation the provisions of Sections 6, 7, 8, 9, 10 and 11. 

16.    Withholding.  All payments made by the Company under this Agreement shall be reduced by any
tax or other amounts required to be withheld by the Company under applicable law. 

17.    Assignment.  Neither the Company nor the Executive may make any assignment of this Agreement
or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive in the
event that the Company shall hereafter effect a reorganization, consolidation or merger or to whom the Company transfers all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon the
Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. 

18.    Severability.  If any portion or provision of this Agreement shall to any extent be declared
illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not
be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 19.    Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the
performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 20.    Notices.  Any and all notices, requests, demands and other communications
provided for by this Agreement shall be in writing and shall be effective when delivered in person, when delivered by courier at the Executive’s last known address on the books of the Company, or five (5) business days following deposit in
the United States mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the Chairman of
the Board or to such other address as either party may specify by notice to the other actually received. 

21.    Entire Agreement.  This Agreement and the other plans and documents specifically referred to
herein constitute the entire agreement between the parties regarding the subject matter of this Agreement and such other plans and documents and supersede all prior communications, agreements and understandings, written or oral, with respect to such
subject matter. 

  
 13 

 22.    Amendment.  This Agreement may be amended or
modified only by a written instrument signed by the Executive and by an expressly authorized representative of the Company. 

23.    Headings.  The headings and captions in this Agreement are for convenience only and in no way
define or describe the scope or content of any provision of this Agreement. 

24.    Counterparts.  This Agreement may be executed in two or more counterparts, each of which
shall be an original and all of which together shall constitute one and the same instrument. 

25.    Governing Law.  This is a North Carolina contract and shall be construed and enforced under
and be governed in all respects by the laws of the State of North Carolina, without regard to the conflict of laws principles thereof. 
 26.    Seal.  The Executive warrants and represents that he hereby adopts the word/symbol (SEAL) as his seal with the intent that this Agreement be signed by the
Executive under seal and treated as a sealed instrument. 
 27.    Consideration.  The
parties expressly waive any defense either may now or hereafter have as to the lack of inadequacy of consideration for this Agreement. 
  

THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK 

  
 14 

 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the
Executive, and by the Company, through its duly authorized representative, as the date first above written. 
 THE EXECUTIVE: 

 

									
	 /s/ Clifford E. Pietrafitta
	 	(SEAL)	  		  	By:	 	 /s/ Stephen R. Light

	 Name: Clifford E. Pietrafitta
	 		  		  	Title:	 	Chairman and CEO

  
 152011 Management Incentive Compensation Plan

 Exhibit 10.2 
 XERIUM TECHNOLOGIES, INC. 
 MANAGEMENT INCENTIVE COMPENSATION PROGRAM

 This Xerium Technologies, Inc. Management Incentive Compensation (“MIC”) Program contains rules supplemental to
those set forth in the Xerium Technologies, Inc. 2010 Equity Incentive Plan (the “EIP”). The MIC provides for the grant of the incentive award opportunities (each, an “Award”) under and subject to the terms of the EIP, which is
incorporated herein by reference. In the event of any inconsistency between the MIC and applicable provisions of the EIP, the EIP shall control. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the EIP.

 1. Administration; Eligibility; Features of Awards. The MIC shall be administered by the Committee as described in the
EIP. The Committee may in its discretion consult with outside advisors or internal Company resources for purposes of making any determinations in connection with its administration of the MIC. Eligibility to participate in the MIC shall be limited
to individuals who are selected in accordance with the terms of the EIP to participate in the MIC from among those individuals who are eligible to participate in the EIP (each, a “Participant”). Participation in any Award shall not entitle
a Participant to share in any future Awards or in any other future awards of the Company or its subsidiaries. Each Award shall entitle the holder, subject to satisfaction of the performance conditions under the Award (and, to the extent the Award is
intended to qualify for the performance-based compensation exception under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), to the further limitations of the EIP with respect thereto), to a benefit
determined under Section 2 below and Exhibit A (the “Performance-Based Benefit Amount”) that shall be payable in cash or shares of the Company’s Common Stock (“Shares”) in accordance with Exhibit A,
subject to tax withholding as described in Section 4 below. The number of Shares deliverable in respect of all or part of an Award shall be determined as described in Section 3 below. 

2. Determination of Performance-Based Benefit Amount. The determination of each Participant’s Performance-Based Benefit
Amount under an Award for the performance year shall be made in accordance with the provisions of Exhibit A applicable to such Participant for such performance year. 
 3. Determination of Number of Shares Payable. The number of Shares payable under any Award shall be the quotient determined by dividing (x) by (y), where (x) is that portion of the Total
Benefit Amount, if any, payable in Shares and (y) is the average of the per-share closing prices of the Common Stock (adjusted as appropriate to reflect any stock splits, stock dividends or similar events) for the last twenty (20) trading
days of the performance year, rounded down to the nearest whole number. 
 4. Latest Payment Date; Tax Withholding. All
payments, if any, under an Award shall be made not later than by March 31 of the calendar year following the performance year. The minimum tax withholding amount with respect to any payments being made in cash shall be withheld from such
payments. The minimum tax withholding amount with respect to any payments being made in Shares shall be satisfied by means of share withholding. 

 5. Intent to be Exempt from Section 162(m). Awards for the 2011 performance year
are intended to qualify for the performance-based compensation exception under Section 162(m) of the Code. In the case of any Award for a subsequent performance year that is intended to so qualify, (i) the Exhibit A performance
goals with respect to such Award shall be established by the Committee not later than ninety (90) days after the commencement of the performance year (or by such earlier date as is required by Section 1.162-27(e)(2)(i) of the Treasury
Regulations), (ii) the Exhibit A performance goals, as so established, shall be consistent with the eligible performance measures, if any, approved by the shareholders of the Company for use in respect of performance awards under the EIP
and shall be objectively determinable in compliance with Section 1.162-27(e)(2) of the Treasury Regulations, and (iii) no portion of the Award shall be paid unless and until the Committee has certified (as required by
Section 1.162-27(e)(5) of the Treasury Regulations) that the performance goals have been achieved (or, if the performance goals are expressed in terms that admit of varying payout levels for different levels of performance, have been achieved
at a level sufficient to support the payment). 
 6. Nature of Awards. Awards hereunder are intended to qualify as Stock
Unit Awards under the EIP, with any cash portion payable pursuant to Section 9(d) of the EIP. The MIC is unfunded and any cash payments by the Company hereunder shall be made from the general assets of the Company. 

7. Termination of Employment. No Award shall be payable to or in respect of a Participant, except as the Committee shall otherwise
expressly determine, unless the Participant is employed by the Company or a subsidiary on December 31 of the performance year. 
 8. Availability of Common Stock. If, when Awards become payable in respect of any performance year, the number of shares of Common Stock needed to grant any Shares under the Awards exceeds the
number of shares then available under the EIP, the Shares shall be delivered when the shareholders approve an increase in the number of shares available under the EIP. If the shareholders do not approve such an increase so that all or part of the
Shares are not delivered, the Company will pay out the value of any Shares that were not delivered in cash and determine their value by reversing the calculation under Section 3 above used to determine the number of such Shares. 

9. Treatment of Awards Upon a Change of Control. If (a) the Company merges into or combines with any other entity and,
immediately following such merger or combination, any Person or group of Persons acting in concert holds 50% or more of the voting power of the entity surviving such merger or combination (other than any Person or group of Persons which held 50% or
more of the Company’s voting power immediately prior to such merger or combination or any Affiliated Person of any such Person or member of such group) (each of (a), (b) or (c) a “Change of Control”); (b) any Person or
group of Persons acting in concert acquires 50% or more of the Company’s voting power; or (c) the Company sells all or substantially all of its assets or business for cash or for securities of another Person or group of Persons (other than
to any Person or group of Persons which held 50% or more of the Company’s total voting power immediately prior to such sale or to any Affiliated Person of any such Person or any member of such group), then, unless the Committee provides for the
continuation or assumption of Awards or for the grant of new awards in substitution therefor (which substitute awards, if any, may be payable in cash or other property or a combination thereof) by the surviving entity or acquiror, in each case on
such terms and subject to such conditions as the Committee may determine, with respect to each Award not so assumed or continued: 
 (a) In the event such transaction occurs on or after the close of the performance year with respect to the Award, the Committee shall determine, acting in its sole and reasonable discretion, prior to the
occurrence of the transaction, the extent to which the applicable performance metrics specified in Exhibit A have been satisfied. If financial statements or other relevant data are not available prior to the time of such determination, the
Committee shall make such determination based upon the financial information and data then available to the Company. 

  
 2 

 (b) In the event such transaction occurs prior to the close of the performance year with
respect to the Award, the applicable performance metrics specified in Exhibit A shall be determined as follows: (i) the performance year shall be deemed to end on the effective date of such transaction; and (ii) the extent to which
the applicable performance metrics specified in Exhibit A for the shortened performance year described in clause (i) above have been achieved shall be determined by the Committee based upon the financial information available to the
Company (it being understood that the Committee may, to the extent it deems necessary, extrapolate performance through the effective date of the transaction based upon available data); (iii) the performance determined pursuant to clause
(ii) shall then be adjusted by multiplying it by fraction, the numerator of which is the number of days in the shortened performance year and the denominator of which is 365, and the performance as so adjusted shall be the basis for determining
the Performance-Based Benefit Amount with respect to the Award, subject to proration in accordance with Section 9(c) below. 
 (c) If subsection (b) above applies, the Performance-Based Benefit Amount initially determined under subsection (b) with respect to an Award shall be prorated by multiplying such initially
determined amount by a fraction, the numerator of which is the number of days in the shortened performance year and the denominator of which is 365. 
 For purposes of this Section 9, “Person” means any individual, partnership, limited liability company, corporation, association, trust, joint venture, unincorporated organization, or other
entity or group, and “Affiliated Person” means, with respect to any Person, any other Person that directly or indirectly controls or is controlled by or is under common control with such Person. 

10. Clawback. If a participant receives an Award payout under the MIC based on financial statements that are subsequently
required to be restated in a way that would decrease the amount of the Award to which the Participant was entitled, the Participant will refund to the Company the difference between what the Participant received and what the Participant should have
received; provided that no refund will be required for Awards paid more than three years prior to the date on which the Company is required to prepare the applicable restatement. The value of any difference to be refunded will be determined in a
manner consistent with regulations the Securities and Exchange Commission may adopt pursuant to Section 945 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

  
 3 

 11. Amendment. The Committee may amend the MIC at any time and from time to
time, and may terminate the MIC, in each case subject only to such limitations, if any, as the EIP may impose. 
 12.
409A. This MIC and the Awards granted thereunder shall be construed and administered consistent with the intent that they at all times be in compliance with or exempt from the requirements of Section 409A of the Code and the regulations
promulgated thereunder. 

  
 4 

 XERIUM TECHNOLOGIES, INC. 

MANAGEMENT INCENTIVE COMPENSATION PROGRAM 
 Exhibit A (Applicable to 2011 Performance Year) 
 There is one type of Award under
the MIC for the 2011 performance year. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity with U.S. generally accepted accounting principles
(“GAAP”). 
 Awards 
  

	i.	Metrics 

 Two measures of performance will
be used in determining the Performance-Based Benefit Amount, if any, under an Award: (i) Xerium 2011 Bank Adjusted EBITDA (weighted at 80%) and (ii) Xerium 2011 Net Sales (weighted at 20%) (collectively, the “Metrics”).

  

	 	(1)	Bank Adjusted EBITDA Metric 

 The
“Bank Adjusted EBITDA Metric” means “Adjusted EBITDA,” as such term is defined in the first sentence of the definition of such term in the Second Amended and Restated Credit and Guaranty Agreement (the “Credit
Agreement”), dated as of May 25, 2010, entered into by and among the Company, certain subsidiaries of the Company, Citigroup Global Markets Inc., and other agents and banks party thereto, as in effect for Xerium Technologies, Inc. for the
year ended December 31, 2011. The Committee shall determine the Bank Adjusted EBITDA Metric relative to the target for such metric set forth below. 
  

	 	(2)	Net Sales Metric 

 The “Net Sales
Metric” means “Net Sales,” as defined under GAAP and as reported in the Consolidated Statement of Operations as set forth in the Company’s Form 10-K. The Committee shall determine the Net Sales Metric relative to the target for
such metric set forth below. 

  
 5 

	ii.	Currency Adjustments 

 Both Metrics will be
adjusted at the end of the year to reflect currency fluctuations relative to the US$ in all markets. Any adjustments made will be based on the following budgeted rates: 

 

					
	 Foreign Exchange Rates
	  	 	 
	 ARS
	  	$	0.254	  
	 AUD
	  	$	0.906	  
	 BRL
	  	$	0.568	  
	 CAD
	  	$	0.972	  
	 CHF
	  	$	0.960	  
	 CNY
	  	$	0.148	  
	 EUR
	  	$	1.307	  
	 GBP
	  	$	1.571	  
	 JPY
	  	$	0.012	  
	 MXN
	  	$	0.079	  
	 SEK
	  	$	0.165	  
	 VND
	  	$	0.000052	  

  

	iii.	Targets 

 The targets for the Metrics for
2011 are (1) “Target Bank Adjusted EBITDA Metric” at $126.3 million and (2) “Target Net Sales Metric” at $576.6 million respectively; provided, however, that the amounts may be adjusted by the Committee
after the initial determination of the amounts to reflect any material change of circumstance, including without limitation, the acquisition or disposition of any business by the Company or any of its subsidiaries. 

 

	iv.	Determination of Performance-Based Benefit Amount 

 The Performance-Based Benefit Amount payable with respect to an Award shall be the sum of the amounts determined pursuant to Section iv(1) and iv(2) below. 

 

	 	(1)	Bank Adjusted EBITDA Metric 

“X” below refers to the portion of the target award for a Participant that is based on the Bank Adjusted EBITDA Metric. 

“Y” refers to the Target Bank Adjusted EBITDA Metric set forth above. 
 The portion of the Performance-Based Benefit Amount payable with respect to the Bank Adjusted EBITDA Metric shall be determined as follows: 

Bank Adjusted EBITDA Metric below .95Y: no payment 
 Bank Adjusted EBITDA Metric at .95Y: bonus = .35X 
 Bank Adjusted EBITDA Metric at
Y: bonus = X 
 Bank Adjusted EBITDA Metric at 1.20Y or above: bonus = 2X 

  
 6 

 The amount payable between the levels of Bank Adjusted EBITDA Metric identified above shall be determined on
the basis of straight line interpolation between points. 
  

	 	(2)	Net Sales Metric 

 “X” below
refers to the portion of the target award for a Participant that is based on the Net Sales Metric. 
 “Y” refers to the Target Net
Sales EBITDA Metric set forth above. 
 The portion of the Performance-Based Benefit Amount payable with respect to the Net Sales Metric shall
be determined as follows: 
 Net Sales Metric below .95Y: no payment 

Net Sales Metric at .95Y: bonus = .35X 
 Net Sales Metric at Y: bonus = X 
 Net Sales Metric at 1.10Y or above: bonus = 2X

 The amount payable between the levels of Net Sales Metric identified above shall be determined on the basis of straight line interpolation
between points. 
  

	v.	Payout 

 The Performance-Based Benefit
Amount with respect to an Award shall be payable to a Participant in the following manner: 
 50% Cash 

50% Shares 

  
 7

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