Document:

Share Tender Agreement Between Consol Energy Inc. & T. Rowe Price Associates

 Exhibit 10.1 
 SHARE TENDER AGREEMENT dated as of March 21, 2010 (this “Agreement”), by and between CONSOL Energy Inc., a
Delaware corporation (“CNX”), and T. Rowe Price Associates, Inc., a Maryland corporation, on behalf of its participating investment advisory clients listed on Schedule 1 (the “Stockholder”). 
 A. As of the date of this Agreement, the Stockholder is the beneficial owner of the number of shares of Common Stock (as defined below) set
forth opposite the name of the Stockholder on Schedule 1 (together with any shares of Common Stock acquired by the Stockholder or any of its Affiliates (as defined below) after the execution of this Agreement whether upon the exercise of
options, conversion of convertible securities or otherwise, the “Owned Shares”) including, as specified on Schedule 1, certain Owned Shares held in discretionary accounts over which the Stockholder (or its Affiliates) does
not have sole dispositive power (the “Discretionary Account Shares”). 
 B. CNX is willing, subject to certain
conditions, to commence a tender offer (the “Offer”) to acquire all of the outstanding shares of common stock, par value $0.01 per share (the “Common Stock”) of CNX Gas Corporation, a Delaware corporation (the
“Company”) not owned by CNX, in exchange for $38.25 in cash, for each share of Common Stock (the “Tender Price”). 
 C. As a condition to CNX’s willingness to commence the Offer, CNX requires that the Stockholder agree, and pursuant to the terms and conditions of this Agreement, the Stockholder agrees (i) to
tender in the Offer (and not withdraw) all of the Owned Shares (whether acquired prior to or after the execution of this Agreement) other than Discretionary Account Shares which have been sold or have been directed not to be tendered by, in each
case, a third party (unaffiliated with the Stockholder) having dispositive power with respect to such Discretionary Account Shares and (ii) to take the other actions described in this Agreement. 
 In consideration of the premises and for other good and valuable consideration given to each party, the receipt of which is hereby
acknowledged, and intending to be legally bound, the parties agree as follows: 
 1. Agreements to Commence the Offer and to
Tender. 
 (a) Agreement to Commence the Offer. Subject to the terms of this Agreement, including the conditions set
forth in Section 2, CNX agrees that, no later than May 5, 2010, subject to compliance with Applicable Law (as defined below), CNX shall commence the Offer in exchange for consideration of not less than the Tender Price, and with such other
terms and conditions as are not inconsistent with this Agreement. CNX may condition the consummation of the Offer and the acceptance of the tendered shares of Common Stock on, along with other customary conditions, the participation of the holders
of a designated minimum percentage of the outstanding shares of Common Stock not owned by CNX or any of its Affiliates (not to exceed 50.1%). CNX will use all commercially reasonable efforts to comply with Applicable Law in the context of this
Section 1(a), including without limitation, Rule 14d-10(a)(2) under the Securities Exchange Act of 1934, as amended. “Applicable Law” means any law, rule, regulation, directive, ordinance, code, governmental determination,
guideline, order, treaty, convention, governmental certification requirement or other legally enforceable

 
requirement of any Governmental Authority (as defined below). “Governmental Authority” means any national government or the government of any state or other political
subdivision, and departments, courts, commissions, boards, bureaus, ministries, agencies or other instrumentalities of any of them. 
 (b) Agreement to Tender and not Withdraw. Subject to the terms of this Agreement, the Stockholder agrees that as promptly as practicable after the commencement of the Offer, and in any event no
later than the 10th Business Day following the
commencement of the Offer, the Stockholder shall irrevocably tender into the Offer all of the Owned Shares in accordance with the terms of the definitive offer documents, free and clear of all Liens, other than Discretionary Account Shares that have
been sold or have been directed not to be tendered by, in each case, a third party (unaffiliated with the Stockholder) having dispositive power with respect to such Discretionary Account Shares. If the Stockholder acquires any Owned Shares after
making such tender (or any subsequent tender), the Stockholder shall irrevocably tender into the Offer such Owned Shares on the date that the Stockholder acquires such Owned Shares, other than Discretionary Account Shares that have been sold or have
been directed not to be tendered by, in each case, a third party (unaffiliated with the Stockholder) having dispositive power with respect to such Discretionary Account Shares. The Stockholder agrees that once Owned Shares are tendered into the
Offer, the Stockholder shall not withdraw the tender of such Owned Shares unless the Offer shall have been terminated or shall have expired, in each case, in accordance with the terms of the definitive offer documents, provided, however, the
Stockholder may withdraw Discretionary Account Shares from the Offer to the extent that the Stockholder receives a direction to sell or withdraw or otherwise not tender such Discretionary Account Shares from a third party (unaffiliated with the
Stockholder) having dispositive power with respect to such Discretionary Account Shares. 
 2. Conditions. The
obligations of CNX to consummate the transactions contemplated by this Agreement are subject to the satisfaction, or the waiver by CNX of each of the following conditions: 
 (a) The Offer shall have been duly approved and authorized by CNX’s Board of Directors. 
 (b) CNX shall have completed the issuance and sale of shares of its common stock and of certain of its debt securities, resulting in the
receipt of gross proceeds of no less than $4,500,000,000 in respect of such securities following the date of this Agreement. 
 (c) CNX shall have increased the aggregate amount available for borrowing under the CNX credit facility (or a replacement facility) and the Company credit facility (or a replacement facility) to $2,000,000,000. 
 (d) The transactions (contemplated by that certain Purchase and Sale Agreement, dated as of March 14, 2010 (the “Dominion
Transactions”), by and among Dominion Resources, Inc., Dominion Transmission, Inc., Dominion Energy, Inc., and CONSOL Energy Holdings LLC shall have been consummated. 
  

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 3. Representations and Warranties. The Stockholder hereby represents and warrants to
CNX as follows: 
 (a) Power; Due Authorization; Binding Agreement. The Stockholder has full legal capacity, power and
authority to execute and deliver this Agreement, to perform its obligations under this Agreement, and to consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by the Stockholder
and, except for withdrawal rights that may be required by U.S. federal securities laws, constitutes a valid and binding agreement of the Stockholder, enforceable against the Stockholder in accordance with its terms. 
 (b) Ownership of Shares. On the date of this Agreement, the Owned Shares set forth opposite the Stockholder’s name on
Schedule 1 are owned beneficially by the Stockholder and include all of the Owned Shares owned beneficially by the Stockholder or any of its Affiliates, free and clear of any Liens that would prevent the Stockholder from tendering its shares
in accordance with this Agreement or complying with its other obligations under this Agreement. As of the date of this Agreement, the Stockholder has, and as of immediately prior to the expiration of the Offer, the Stockholder will have sole
dispositive power with respect to the Owned Shares and will be entitled to dispose of the Owned Shares, except for Discretionary Account Shares. 
 (c) No Conflicts. The execution and delivery of this Agreement by the Stockholder does not, and the performance of the terms of this Agreement by the Stockholder will not, (i) require the
Stockholder to obtain the consent or approval of, or make any filing with or notification to, any Governmental Authority (as defined below) (other than any required filing under the U.S. federal securities laws), (ii) require the consent or
approval of any other Person (as defined below) pursuant to any agreement, obligation or instrument binding on Stockholder or its properties and assets (except as to Discretionary Account Shares to the extent that the Stockholder (or its affiliates)
do not have sole dispositive power), (iii) except for withdrawal rights that may be required by the U.S. federal securities laws, conflict with or violate any law, rule, regulation, order, judgment or decree applicable to the Stockholder or
pursuant to which any of its properties or assets are bound or (iv) violate any other agreement to which the Stockholder is a party, including any voting agreement, stockholders agreement, irrevocable proxy or voting trust (except as to
Discretionary Account Shares to the extent that the Stockholder (or its affiliates) do not have sole dispositive power). The Owned Shares are not, with respect to the voting or transfer of such Owned Shares, subject to any other agreement, including
any voting agreement, stockholders agreement, irrevocable proxy or voting trust (except as to Discretionary Account Shares to the extent that the Stockholder (or its affiliates) do not have sole dispositive power). “Person” means
any individual, corporation, partnership, limited liability company, trust, estate, Governmental Authority or any other entity. “Affiliate” means, with respect to any Person, a Person that directly or indirectly controls, is
controlled by or is under common control with such Person, with control in such context meaning the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the
ownership of securities or partnership or other ownership interests, by contract or otherwise. 
  

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 (d) Acknowledgment. The Stockholder understands and acknowledges that if CNX
commences the Offer, it will do so in reliance upon the Stockholder’s execution, delivery and performance of this Agreement. 
 (e) Stockholder Capacity. The Stockholder is entering into this Agreement solely in its capacity as the beneficial owner of the Owned Shares and not any other capacity. 
 4. Representations and Warranties of CNX. CNX hereby represents and warrants to the Stockholder as follows: 
 (a) Power; Due Authorization; Binding Agreement. CNX is a corporation duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization. CNX has full corporate power and authority to execute and deliver this Agreement, and, subject to fulfillment of the conditions set forth in this Agreement, to perform its obligations under this Agreement,
and to consummate the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and delivered by CNX and constitutes a valid and binding agreement of CNX. 
 (b) No Conflicts. The execution and delivery of this Agreement by CNX does not, and the performance of the terms of this Agreement by
CNX will not, (i) require CNX to obtain the consent or approval of, or make any filing with or notification to, any Governmental Authority, (ii) require the consent or approval of any other Person pursuant to any agreement, obligation or
instrument binding on CNX or its properties and assets (other than any required filing under the U.S. federal securities laws), (iii) except as may otherwise be required by the U.S. federal securities laws, conflict with or violate any law,
rule, regulation, order, judgment or decree applicable to CNX or pursuant to which any of its assets are bound or (iv) violate any other agreement to which CNX is a party (other than agreements that will not be applicable if the conditions set
forth in Section 2 are satisfied). 
 (c) Common Stock. CNX has no intention to sell any of the shares of Common
Stock beneficially owned by CNX and will not tender any of its shares of Common Stock into any tender or exchange offer by an unaffiliated third party. 
 (d) Material Non-Public Information. To its knowledge, CNX has not provided any material non-public information regarding the Company or CNX to the Stockholder that has not been previously
disclosed or will not otherwise be disclosed in the Press Release (as defined below). 
 5. Certain Covenants of the
Stockholder. The Stockholder hereby covenants and agrees with CNX as follows: 
 (a) Restriction on Transfer. From
the date of this Agreement and until the termination of this Agreement in accordance with its terms, except any action contemplated by Section 1, the Stockholder shall not, directly or indirectly, (i) sell, transfer, pledge, encumber,
assign or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, pledge, encumbrance, assignment or other disposition of, or limitation on the voting rights of, any of the
Owned Shares (any such action, a “Transfer”); provided that nothing in this Agreement shall prohibit (A) the exercise by

  

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Stockholder of any options to purchase Owned Shares, or (B) the Stockholder from Transferring Discretionary Account Shares to the extent that the Stockholder receives a direction to Transfer
such Discretionary Account Shares from a third party (unaffiliated with the Stockholder) having dispositive power with respect to such Discretionary Account Shares, or (ii), (x) grant any proxies or powers of attorney, deposit any Owned Shares
into a voting trust or enter into a voting agreement with respect to any Owned Shares, (y) take any action that would cause any representation or warranty of the Stockholder contained in this Agreement to become untrue or incorrect or have the
effect of preventing or disabling Stockholder from performing its obligations under this Agreement or (z) commit or agree to take any of the foregoing actions. 
 (b) Additional Shares. The Stockholder hereby agrees, during the term of this Agreement, to promptly notify CNX of any new Owned Shares acquired by Stockholder or any of its Affiliates, if any,
after the execution of this Agreement. Any such shares shall be subject to the terms of this Agreement as though owned by the Stockholder on the date of this Agreement; provided, however, that the Stockholder shall not be required to
tender any such shares to the extent that such tendering would violate Section 16(b) of the Securities Exchange Act of 1934, as amended, or the rules and regulations promulgated thereunder. 
 (c) Dissenter’s Rights. The Stockholder agrees not to exercise, nor to cause the exercise of, any dissenter’s or appraisal
right in respect of the Owned Shares which may arise in the future. 
 (d) Documentation and Information. The Stockholder
(i) consents to and authorizes the publication and disclosure by CNX of its identity and holding of the Owned Shares, and the nature of the Stockholder’s commitments, arrangements and understandings under this Agreement, in any press
release, in any documents related to the Offer, or any other disclosure document required in connection with the Offer, the Dominion Transactions and any related transactions (including financing transactions), and (ii) agrees as promptly as
practicable to give to CNX any information reasonably related to the foregoing it may reasonably require for the preparation of any such disclosure documents. The Stockholder agrees as promptly as practicable to notify CNX of any required
corrections with respect to any written information supplied by it specifically for use in any such disclosure document, if and to the extent the Stockholder becomes aware that any shall have become false or misleading in any material respect.

 (e) Further Assurances. From time to time, at the request of CNX and without further consideration, the Stockholder
shall execute and deliver such additional documents and take all such further action as may be necessary or desirable to consummate and make effective the transactions contemplated by this Agreement. 
 6. Miscellaneous. 
 (a) Termination of this Agreement. This Agreement shall terminate upon the earlier to occur of (i) the termination or expiration of the Offer, without shares being accepted for payment thereunder and (ii) July 5, 2010
or, if at such date CNX or the Company is diligently responding to comments received from the Staff of the Securities and Exchange Commission

  

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(the “SEC”), the tenth Business Day (as defined below) after CNX or the Company shall have made a filing with the SEC definitively responding to all such comments. 
 (b) Effect of Termination. In the event of termination of this Agreement pursuant to Section 6(a), this Agreement shall become
void and of no effect with no liability on the part of any party; provided, however, no such termination shall relieve any party from any liability for any breach of this Agreement occurring prior to such termination. 
 (c) Entire Agreement; Amendments. This Agreement constitutes the entire agreement among the parties with respect to the subject
matter of this Agreement and supersedes all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter of this Agreement. Nothing in this Agreement, express or implied, is intended to or
shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. This Agreement may not be modified, amended, altered or supplemented, except upon the execution and delivery of a written
agreement executed by each of the parties to this Agreement. 
 (d) Notices. All notices, requests and other
communications to any party shall be in writing and shall be deemed given if delivered personally, facsimiled (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses: 
  

					
		 	If to CNX, to:	  	CONSOL Energy Inc.
		 	1000 Consol Energy Drive
		 	Canonsburg, Pennsylvania 15317
		 	Attention:	  	Stephen W. Johnson
		 	Facsimile:	  	(724) 485-4836
		
		 	with a copy (which shall not constitute notice) to:
		
		 	Wachtell, Lipton, Rosen & Katz
		 	51 West 52nd Street
		 	New York, New York 10019
		 	Attention:	  	David A. Katz
		 	Facsimile:	  	(212) 403-2000
		
	If to the Stockholder, to:	 	T. Rowe Price Associates, Inc.
		 	100 East Pratt Street
		 	Baltimore, MD 21202
		 	Attention:	  	David R. Giroux
		 	Facsimile:	  	410-345-6717

  

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		 	with a copy (which shall not constitute notice) to:
		
		 	T. Rowe Price Associates, Inc.
		 	100 East Pratt Street
		 	Baltimore, MD 21202
		 	Attention:	  	John R. Gilner, Vice President
		 	Facsimile:	  	410-345-2035
			
		 	and to:	  	
		
		 	Alston & Bird LLP
		 	The Atlantic Building
		 	950 F Street, N.W.
		 	Washington, D.C. 20004
		 	Attention:	  	Dennis O. Garris
		 	Facsimile:	  	(202) 756-3333

 or such other address or facsimile number as
such party may hereafter specify by like notice to the other parties. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient if received prior to 5:00 p.m., New York City time, and
such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. “Business Day” means
any day other than a Saturday, a Sunday, or a day on which banks are closed for business in New York, New York or Pittsburgh, Pennsylvania. 
 (e) Governing Law. This agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware, applicable to contracts executed in and to be performed entirely within
that state, regardless of the Applicable Law that might otherwise govern under applicable principles of conflicts of laws. 
 (f) Expenses. All expenses incurred by CNX in connection with or related to the authorization, preparation or execution of this Agreement and the consummation of the transactions contemplated hereby, shall be borne solely and
entirely by CNX, and all such expenses incurred by Stockholder shall be borne solely and entirely by Stockholder. 
 (g)
Jurisdiction. All actions and proceedings arising out of or relating to this Agreement shall be heard and determined in the Chancery Court of the State of Delaware or, in the event that such court does not have subject matter jurisdiction
over such action or proceeding, any federal court sitting in the State of Delaware, and the parties to this Agreement irrevocably submit to the exclusive jurisdiction of such courts (and, in the case of appeals, appropriate appellate courts
therefrom) in any such action or proceeding and irrevocably waive the defense of an inconvenient forum to the maintenance of any such action or proceeding. The consents to jurisdiction set forth in this paragraph shall not constitute general
consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties. Each of the parties to this
Agreement consents to service being made through the notice

  

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procedures set forth in Section 6(d) and agrees that service of any process, summons, notice or document by registered mail (return receipt requested and first-class postage prepaid) to the
respective addresses set forth in Section 6(d) shall be effective service of process for any suit or proceeding in connection with this Agreement or the transactions contemplated by this Agreement. 
 (h) Specific Performance. The parties agree that irreparable damage may occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the parties agree that, if for any reason a party to this Agreement shall have failed to perform its obligations under this Agreement, then
the party seeking to enforce this Agreement against such nonperforming party under this Agreement shall be entitled to specific performance and injunctive and other equitable relief, and the parties further agree to waive any requirement for the
securing or posting of any bond in connection with the obtaining of any such injunctive or other equitable relief, this being in addition to any other remedy to which they are entitled at law or in equity. 
 (i) WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT. 
 (j) No Assignment. Neither this Agreement nor
any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part, by any of the parties without the prior written consent of the other parties; provided that CNX may assign any of or all of its rights,
interests and obligations under this Agreement to CNX or to any direct or indirect wholly owned subsidiary of CNX, but no such assignment shall relieve CNX of any of its obligations under this Agreement. Subject to the preceding sentence, this
Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and permitted assigns. Any purported assignment not permitted under this Section 6(i) shall be null and void.

 (k) Counterparts. This Agreement may be executed in counterparts (including by facsimile) (each of which shall be
deemed to be an original but all of which taken together shall constitute one and the same agreement) and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties. Copies of
executed counterparts transmitted by telecopy, telefax or electronic transmission shall be considered original executed counterparts for purposes of this Section 6(k) provided that receipt of copies of such counterparts is confirmed.

 (l) Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words
“without limitation.” All terms defined in this Agreement shall have the defined meanings when used in any document made or delivered pursuant to this Agreement unless otherwise defined therein. The definitions contained in this
Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any statute defined or referred to in this

  

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Agreement or in any agreement or instrument that is referred to in this Agreement means such statute as from time to time amended, modified or supplemented, including by succession of comparable
successor statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. The parties have participated jointly in the negotiation and drafting of this
Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provision of this Agreement. 
 (m) CNX Obligations. CNX will issue a press release
announcing the execution of this Agreement, in a form reasonably satisfactory to the Stockholder (the “Press Release”), no later than 8:00 am Eastern Daylight Time on March 22, 2010. CNX will use commercially reasonable efforts to
obtain the financing referenced in Section 2(c). 
 (n) Severability. If any term or other provision of this
Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any Applicable Law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full
force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible to the fullest extent permitted by Applicable Law in an acceptable manner to the end that the transactions contemplated by this Agreement are fulfilled to the extent possible. 
  

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 The parties have caused this Agreement to be duly executed as of the day and year first
above written. 
  

			
	CONSOL ENERGY INC.
		
	By:	 	 /s/ P. Jerome Richey

	Name:	 	P. Jerome Richey
	Title:	 	Executive Vice President
	
	T. ROWE PRICE ASSOCIATES, INC.
	On behalf of its Participating Investment Advisory Clients on Schedule 1
		
	By:	 	 /s/ David R. Giroux

	Name:	 	David R. Giroux
	Title:	 	Vice President

 SCHEDULE 1 
 Details of Ownership 
  

			
	  	  	Quantity
	Participating Accounts (“Owned Shares”)	  	
		  	4,000,000
		  	128,000
		  	7,000
		  	77,000
		  	2,586,616
		  	25,000
		  	3,200
		  	4,200
		  	1,100
		  	 
	 Total Shares
	  	6,832,116
		  	 
		
	 	  	Quantity
	Participating Accounts (“Discretionary Accounts”)	  	
		  	64,000
		  	223,000
		  	24,100
		  	6,900
		  	7,900
		  	51,000
		  	297,000
		  	74,000
		  	69,000
		  	311,300
		  	85,000
		  	352,000
		  	976,000
		  	100,300
		  	500
		  	 
	 Total Shares
	  	2,642,000
		  	 
	 Total — Owned Shares + Discretionary Account Shares
	  	9,474,116Agreement and Release

 Exhibit 10.1 
 March 18, 2010 
 Mr. Martin Moskovits 
 API Technologies Corp. 
 1600 Cottontail Lane

 Somerset, NJ 08873-5117 
  

	 	Re:	Agreement and Release 

 Dear Martin:

 This letter (i) shall confirm that you and API Technologies Corp. (the “Company”) have mutually agreed to
terminate your employment agreement dated February 14, 2007 (the “Employment Agreement”) and that you shall resign as Chief Technology Officer of the Company both effective as of April 2, 2010 (the “Termination Date”),
and (ii) shall evidence the legal agreement between us with respect to your separation from the Company, and related matters. 
 1. You and the Company agree that no further amounts are due to you under the Employment Agreement or applicable law (other than reimbursement for ordinary and customary approved business expenses incurred by you on or prior to
April 2, 2010), but that the Company has elected to pay you and you have agreed and accept a lump sum amount of $100,000 (the “Severance Payment”), payable as described below. You agree that the Severance Payment is in excess of any
salary, bonus or similar compensation due to you. The Severance Payment will be subject to state and federal withholding requirements and any other deductions generally applicable to Company employees, and will be paid to you within ten
(10) days after the Effective Date (as defined below). You agree that the payments described herein shall be in complete satisfaction of any and all accrued and unpaid compensation, bonus, vacation pay, severance pay, and any other
compensation, pay or other obligation of any kind or nature which may be outstanding to you as a result of your employment with the Company. 
 2. The Company agrees to amend your Non Statutory Stock Option Agreements dated May 30, 2008 for an aggregate of 366,667 options to extend the expiration date of the vested options under those
agreements to six (6) months from the Termination Date (the “Option Extension”), other than vested options that expire by their terms on March 14, 2011. The unvested options under your May 30, 2008 option agreements shall
expire in accordance with the terms of those option agreements. 
 3. Except as described above, all employee benefits and
compensation you have been receiving shall cease effective as of the Termination Date; except for such benefits that are required by law to continue, such as your eligibility to continue to participate in the Company’s group health plan (at
your expense) to the extent provided by COBRA and/or other applicable state requirements. 
 4. In the event that you introduce
the Company to a purchaser for the capital stock of API Nanofabrication and Research Corporation (“Nano”) or substantially all of the assets of Nano (the “Transaction”), the Company shall pay you a percentage of the cash portion
of the

 
purchase price paid to the Company or Nano at the closing of the Transaction (the “Closing”). You shall be entitled to receive five percent (5%) of the first $2,000,000 and two
percent (2%) of amounts in excess of $2,000,000 of the cash portion of the purchase price paid to the Company at the Closing, which amounts shall be paid to you within ten (10) days after the Closing. 
 5. In consideration of the Severance Payment and the Option Extension and the Company’s release, except for the obligations of the
Company herein, you (for yourself and your successors, heirs, and assigns) hereby release and discharge the Company and its current and former officers, directors, shareholders, employees, affiliates, representatives, and agents (collectively, the
“Released Parties”) from any and all claims, debts, damages, obligations, liabilities, and causes of action of any kind, whether or not now known, fixed or contingent, and regardless of the theory of liability (including without limitation
contract, tort, property, statutory or otherwise), which you have or had for any reason whatsoever from the beginning of time until the date of this release, including without limitation, relating to or arising out of any current circumstance, any
past activity of any of the Released Parties, or your employment or other relationship with the Company, including without limitation, all claims, suits, and causes of action arising under the civil rights and discrimination laws of the United
States of America and the State of New York including, but not limited to, Title VII of the Civil Rights Act of 1964, as amended, 41 U.S.C. § 2000(e) et. seq.; The New York Human Rights Law: The New York Civil Rights Law; The
New York State Executive Law; The New York City Administrative Code; The Americans with Disabilities Act of 1990, 42 U.S.C. § 1201, et. seq.; The Rehabilitation Act of 1993, as amended, 29 U.S.C § 701 et. seq.; The Family and
Medical Leave Act of 1993, 29 U.S.C. § 2601, et. seq.; The Employee Retirement Securities Act of 1973, 29 U.S.C. § 1001 et. seq.; The Civil Rights Act of 1866 and 1964, as amended, 42 U.S.C. § 1981; The Fair Credit
Reporting Act, 15 U.S.C § 1681; et. seq.; The National Labor Relations Act, as amended (29 U.S.C. §§ 151 et. seq.; The Fair Labor Standards Act, 29 U.S.C § 201 et. seq.; and the Age Discrimination in
Employment Act (ADEA), 29 U.S.C. § 621 et. seq.; any federal, state, local or municipal law, statute, ordinance, regulation, order or public policy affecting or relating to the claims and rights of employees (or any replacement or
successor statutes or regulations); all claims under the United States Constitution and the Constitution of the State of New York; all claims arising from contract or public policy, as well as tort, tortuous conduct, breach of contract, intentional
infliction of emotional distress, negligence, discrimination, harassment, and retaliation, together with all claims for monetary and equitable relief, punitive and compensatory relief and attorneys’ fees and costs; and all claims for wages,
vacation pay, severance pay, back pay, front pay, bonus, profit sharing, ownership claims, or other compensation, benefits, accrued liabilities, or damages at law or in equity, that may have been created as the result of your employment at the
Company or the termination thereof, or otherwise, except as specifically reserved and provided for herein. Nothing contained herein shall constitute an admission of liability. 
 You understand and agree that you are releasing the Released Parties from any and all claims by which you are giving up the opportunity to
recover any compensation, damages, or any other form of relief in any proceeding brought by you or on your behalf. You understand that this release expressly includes all claims that could have been raised in a federal, state, county or local court
and that this release also includes all claims for attorneys’ fees and any other remedy that could have been sought in connection with any of the released claims.

 
Notwithstanding the foregoing, this Agreement is not intended to operate as a waiver of any retirement or pension benefits that are vested, the eligibility and entitlement to which shall be
governed by the terms of the applicable plan. Nor shall this Agreement operate to waive or bar any claim or right which may not by operation of law or regulation be waived or barred. 
 6. The Company, on behalf of itself and its subsidiaries, hereby releases and discharges you and your successors, heirs, and assigns (the
“Moskovits Released Parties”) from any and all claims, debts, damages, obligations, liabilities, and causes of action of any kind, whether or not now known, fixed or contingent, and regardless of the theory of liability (including without
limitation contract, tort, property, statutory or otherwise), which the Company or such subsidiaries have or had against any of the Moskovits Released Parties for any reason whatsoever from the beginning of time until the date of this release.

 7. You state that at the time you execute this Agreement you are not aware of any facts or incidents of wrongdoing,
liability, harassment, discrimination or retaliation by the Company against you from the beginning of time up to the date you sign the Agreement. The parties further understand that this Agreement creates no precedent for the Company in dealing
with any future employment separations. 
 8. Notwithstanding the termination of the Employment Agreement, for purposes of
clarification and without limitation, you remain bound by the provisions of Section 11(a) of the Employment Agreement for the Restricted Period (as defined in therein) and Sections 12 (a) and 12 (b) of the Employment Agreement and you
agree to honor and perform your obligations thereunder. 
 9. Each of the Company and you agree not to disparage the other
(including that your agreement not to disparage any shareholder, officer, director, agent, or trading partner of the Company (“Related Parties”)) and not to make any negative statements about the other (or such Related Parties) to any
third party for an indefinite period. 
 10. You represent, warrant, and covenant that you have returned, or will immediately
return promptly, or have otherwise left at the Company office all Company property, including all documents, system instructions and other property that you have received or prepared in the course of your employment. 
 11. This letter agreement constitutes our entire agreement with respect to the subject matter hereof and may not be amended except by an
express writing signed by both parties. Whenever possible, each provision of this letter agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this letter agreement is held to be
prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this letter agreement. This letter agreement may be signed in counterparts
and shall be governed by New York law. The exclusive venue for the resolution of any dispute involving or arising out of this Agreement or your employment with the Company shall be the state or federal courts located in Suffolk County, New York,
provided that equitable relief may be sought by the Company where necessary for enforcement. You waive your rights to contest such jurisdiction. 

 12. You acknowledge that, in accordance with the ADEA and in compliance with the Older
Workers Benefit Protection Act, you: 
 Have been, and are hereby, advised to consult with an attorney prior to executing this
Agreement and have had the opportunity to do so; 
 Are receiving consideration under this Agreement which is greater in kind
and amount than that to which you would otherwise be entitled; 
 Have been given a period of twenty-one (21) days within
which to consider this Agreement, which allows you to make a knowing, voluntary, and fully informed decision; 
 Have availed
yourself of all opportunities you deem necessary to make a voluntary, knowing, and fully informed decision; and 
 Are fully
aware of your rights, and have carefully read and fully understand all provisions of this Agreement before signing. 
 This
Agreement may only be accepted during the twenty-one (21) day period after you receive this Agreement. In the event the Company has not received an executed copy of this Agreement from you within the twenty-one (21) day period after the
date you receive this Agreement, the offer made herein by the Company shall be deemed automatically revoked. In the event you execute this Agreement within the twenty-one (21) days following your receipt of this Agreement (“Twenty-One
Day-Period”), you shall have an additional period of seven (7) days to revoke the Agreement. Any revocation shall be in writing and addressed/delivered to the attention of API Technologies, Inc., 345 Pomroys Drive, Windber, PA 15936, Attn:
Chief Executive Officer. This Agreement shall not become effective, therefore, and none of the payments set forth in this Agreement shall become due until you have executed the Agreement and the seven-day revocation period has expired without
revocation being exercised (the “Effective Date”). 
 We encourage you to consult with any attorney or advisor of your
choice prior to entering into this letter agreement, and you acknowledge and agree that you have had the opportunity to do so, that you understand the terms of this letter, and have voluntarily entered into the arrangements set forth herein. Please
sign where indicated below to evidence your agreement to the terms set forth in this letter. 
  

			
	API Technologies Corp.
	
	 /s/ Stepen Pudles

	By:	 	Stephen Pudles
		 	Chief Executive Officer

 Agreed: 

 

	
	Martin Moskovits
	
	 /s/ Martin Moskovits

	Date:  March 10, 2010

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