Document:

Exhibit 10(c) xxii

American Science &
Engineering, Inc.

Change in Control &
Severance Benefit Agreement

This
is a SEVERANCE BENEFIT & CHANGE IN CONTROL Agreement (the “Agreement”)
entered into between American Science & Engineering, Inc. (the “Company”,
which term shall include any successor by merger, consolidation, sale of
substantially all of the Company’s assets or otherwise) and Anthony Fabiano,
Chief Executive Officer (“Executive”) effective as of the 3rd day of November,
2005 (the “Effective Date”).

1.           Purpose of this Agreement.
The Company hereby agrees to provide severance and change in control benefits
to Executive on the terms and conditions set forth in this Agreement. These
benefits are in lieu of any benefits that would otherwise be payable to Executive
under the severance pay plan, if any, maintained by the Company for the benefit
of senior executives or other Company employees, or by statute. This severance
agreement does not represent an employment contract for any definite term or
period, which means that either Executive or the Company can terminate
Executive’s employment at any time, for any reason or no reason, and with or
without notice.

2.           Term of Agreement. The
Agreement shall become effective on the Effective Date and shall terminate on March 31,
2008; provided that this Agreement shall automatically be extended for
successive one year terms unless the Board provides Executive with written
notice to the contrary at least thirty (30) days before the date the Agreement
would otherwise be so extended. Such notice, in the sole discretion of the
Board, may provide that the term will not be extended in the future, and/or
that there shall be no further automatic extensions of the Term.

3.           Definitions.
The following terms as used in this Agreement shall have the following
meanings:

(a)           “Affected Award”
means each Stock-Based Award held by Executive immediately prior to a Change in
Control Qualifying Termination.

(b)           “Affiliate” means
any business entity in which the Company holds, directly or indirectly, an
equity, profits, or voting interest of 30% or more, and includes any
subsidiary.

(c)           “Base Salary” means (i) the
highest annual rate of base salary payable to Executive by the Company during
the one-year period ending on Executive’s Date of Termination or (ii) the
highest annual rate of base salary payable to Executive by the Company during
the one-year period ending on the Change of Control, whichever is higher.

(d)           “Board” means the
Board of Directors of the Company.

(e)           “Cause” means, for
purposes of this Agreement, as determined by the Board in its reasonable
judgment: (i) Executive’s failure to perform (other than by reason 

 

of
disability), or material negligence in the performance of, his duties and
responsibilities to the Company or any of its Affiliates; (ii) material
breach by Executive of any provision of this Agreement or any other agreement
with the Company or any of its Affiliates; (iii) other conduct by
Executive that could be harmful to the business, interests or reputation of the
Company or any of its Affiliates; (iv) fraud, embezzlement or other
material dishonesty by Executive with respect to the Company or any of its
Affiliates, or (v) Executive’s conviction of, or pleading no contest to,
any felony or other crime involving moral turpitude, or (vi) a breach of
any confidentiality/non-competition/non-solicitation agreement. With respect to
a breach of (i), (ii), (iii) or (vi), Executive shall be given thirty (30)
days, after written notice of such breach, to cure a breach to the reasonable
satisfaction of the Company.

(f)            “Change in Control”
means the occurrence hereafter of any of the following:

(i)            any Person,
other than the Company or an Affiliate, becomes a beneficial owner (within the
meaning of Rule 13d-3, as amended, as promulgated under the Exchange
Act), directly or indirectly, in one or a series of transactions, of securities
representing more than fifty percent (50%) of the combined voting power of the
Company’s then outstanding securities;

(ii)           the
stockholders of the Company approve a merger or consolidation of the Company
with any other Person, other than a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than fifty percent (50%)
of the combined voting power of the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation;

(iii)          there occurs a
closing of a sale or other disposition by the Company of all or substantially
all of the assets of the Company;

(iv)          Incumbent
Directors cease for any reason to constitute at least a majority of the Board; provided, that any individual who becomes
a member of the Board subsequent to the date hereof, whose election or
nomination for election was approved by a vote of at least two-thirds of the
Incumbent Directors shall be treated as an Incumbent Director unless he or she
assumed office as a result of an actual or threatened election contest with
respect to the election or removal of directors; or

(v) a complete liquidation or dissolution of the Company

provided, that if any payment or benefit
payable hereunder upon or following a Change in Control (as defined herein)
would be required to comply with the limitations of Section 409A(a)(2)(A)(v) of
the Code and the guidance thereunder 

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in order to
avoid an additional tax under Section 409A of the Code, such payment or
benefit shall be made only if such Change in Control constitutes a change in
ownership or control of the Company, or a change in ownership of the Company’s
assets, described in IRS Notice 2005-1 or any successor guidance.

(g)           “Change in Control
Qualifying Termination” means a termination of employment if, during the period
of twelve (12) months following a Change in Control either the employment of
Executive is terminated by the Employer for
any reason other than for Cause, or Executive terminates his or her employment
with the Employer for “Good Reason” (as defined in Section 3(l) below).

(h)           “Client” means any
Person who is, or within the preceding eighteen (18) months was, a client,
customer or portfolio company of the Company or any of its Affiliates.

(i)            “Code” means the
Internal Revenue Code.

(j)            “Company” means
American Science & Engineering, Inc.

(k)           “Date of Termination”
means the date on which Executive’s employment terminates.

(l)            “Good Reason” means
(i) any action by the Company which results in a material adverse change
in Executive’s position, title, reporting relationship, authority, duties or
responsibilities as in effect immediately prior to the Change in Control; provided, however, that a sale or transfer
of less than all or substantially all of the business of the Company or any of
its subsidiaries or other reduction of less than all or substantially all of
its business or that of its subsidiaries, or the fact that the Company has
become a subsidiary of another company or that the securities of the Company
are no longer publicly traded, shall not be taken into account when determining
whether a material adverse change in Executive’s authority, duties or
responsibilities has occurred; (ii) any reduction in Executive’s rate of
annual base salary for any fiscal year to less than the greater of 100% of the
rate of annual base salary payable to him or her in the completed fiscal year
immediately preceding the Change in Control or 100% of the rate at which annual
base salary was payable to Executive immediately prior to such reduction, (iii) any
adverse change in Executive’s annual bonus opportunity, taking into account
both the maximum earnable bonus and the targets on which the bonus is based, (iv) the
failure to provide Executive participation in an incentive plan tied to the
long-term growth in the value of the Company, which plan, whether equity- or
cash-based, provided Executive with a comparable financial opportunity to that
provided to Executive under the Company’s equity-based plan immediately prior to
the Change in Control, but excluding an isolated, insubstantial and inadvertent
reduction of annual base salary or annual bonus opportunity which is not taken
in bad faith and which is remedied by the Employer within five (5) business
days after receipt of notice thereof given by Executive; (v) any failure
of the Company to continue or cause to be continued in effect any retirement,
life, medical, dental, disability, accidental death or travel insurance plan in

 3
 

 

which
Executive was participating immediately prior to the Change in Control unless
the Company provides Executive with a plan or plans that provide at least
substantially equivalent benefits (as to extent of coverage and as to employee
cost), or the taking of any action by the Employer that would adversely effect
Executive’s participation in or materially reduce Executive’s benefits under
any such plan or deprive Executive of any material fringe benefit or perquisite
enjoyed by Executive immediately prior to the Change in Control, other than an
isolated, insubstantial and inadvertent failure not in bad faith and which is
remedied by the Employer within five (5) business days after receipt of
notice thereof given by Executive; or (vi) the Company requires Executive
to be based at any office or location that is more than twenty-five (25) miles
distant from Executive’s base office or work location immediately prior to the
Change in Control, except if such new location is closer to Executive’s
residence at the time such requirement is imposed

(m)          “Incumbent Directors”
mean individuals who, as of the date of this Agreement, constituted the Board.

(n)           “Non-Competition
Period” means the period while Executive is employed by the Company and for one
year after Executive’s employment terminates, except in cases of Change in Control
Qualifying Terminations”.

(o)           “Outstanding Company
Common Stock” means the outstanding shares of common stock of the Company.

(p)           “Outstanding Company
Voting Securities” means the outstanding voting securities of the Company
entitled to vote generally in the election of directors.

(q)           “Person” means any
individual, entity or other person, including a group within the meaning of
Sections 13(d) or 14(d)(2) of the Securities Exchange Act of
1934.

(r)             “Qualifying
Termination” means either (a) a termination of Executive’s employment by
the Employer for any reason other
than for Cause, (b) the Executive terminates his or her employment with
the Employer for “Good Reason” (as defined in Section 3(l) above), or
(c) the Executive dies.

(s)            “Short Term
Incentive” means payments made pursuant to the
Company’s short-term incentive plan.

(t)            “Stock-Based Award”
means any option, stock appreciation right, restricted stock or restricted
stock unit granted by the Company to Executive pursuant to the Company’s 2005
Equity & Incentive Plan or any successor plan or agreement, or any
other equity compensation plan or agreement previously adopted by the Board of
Directors of the Company in which Executive participated.

4.           Change
in Control Severance Benefits

(a)           Executive agrees
that once any Person other than the Company, a direct or indirect subsidiary of
the Company, or an employee benefit plan of the Company or any 

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such
subsidiary begins a tender or exchange offer or a solicitation of proxies from
the Company’s security holders or takes other actions to effect a “Change in
Control,” as hereinafter defined, Executive will not voluntarily terminate his
or her employment with the Company (or its Affiliates) until such Person has
abandoned or terminated such efforts to effect a Change in Control or until a
Change in Control has occurred. In the event that Executive voluntarily
terminates his or her employment prior to the Change in Control, he/she will
not be entitled to any payments or benefits under this Agreement or any
severance pay plan, if any, of the Company.

(b)           In the case of a
Change in Control Qualifying Termination, then Executive shall receive the
following payments and benefits, subject to the limitation set forth in Section 6:

(i)  Accrued Salary. The Company shall
pay to Executive in a single cash lump sum, within ten (10) days following
the date of termination, the sum of (1) all salary and commissions earned
by Executive as of the date of termination but not yet paid and (2) Executive’s
accrued bonuses and accrued vacation earned through the date of termination. In addition, the Company shall pay to
Executive in cash within five (5) business days of the date of
termination, reimbursement for any unpaid, valid business expenses that are
approvable in accordance with Company policy.

(ii)  Severance Pay. The
Company shall pay to Executive in a single lump sum, within sixty (60) calendar
days of the date of termination, an amount equal to three times the average of
the last five years of each of Base Salary and target Short Term Incentive
payments. In the event a Change of Control occurs prior to the date on which
Executive has worked for the Company and/or its Affiliates for five years of
service, the amount paid will be based on the average of the aggregate Base
Salary and Short Term Incentive payments for the years actually worked.

(iii)  COBRA Premiums. The
Company shall pay 100% of the premium toward COBRA coverage for Executive,
Executive’s spouse and his qualifying dependents, for a period of three (3) years
following the Date of Termination. Notwithstanding the foregoing provisions of
this subsection, if Executive becomes employed by another employer and is
eligible for medical, dental or life insurance coverage that is substantially
equivalent (as to extent of coverage and as to employee cost) to the coverage
of the same type that he or she were entitled to receive under this subsection,
the Employer’s obligation to Executive and his or her dependents under this
subsection shall cease with respect to that type of coverage. In addition, in
the event that the Company is unable to provide COBRA to Executive as provided
herein, Company will pay to Executive an equivalent amount in reimbursement for
medical insurance (of equivalent benefits and cost) premiums paid by Executive.

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(iv)  Stock-Based Awards.

(1)        To
the extent not already vested and exercisable, each Affected Award shall become
fully vested and exercisable upon the occurrence of the Change in Control
Qualifying Termination. In the event Executive holds an Affected Award
requiring exercise, the Company shall give Executive adequate notice and
opportunity to exercise the Affected Award. Notwithstanding the foregoing, to
the extent permitted by the equity plan under with the Stock-Based Award was
granted, nothing in this Agreement shall preclude the Company from accelerating
the vesting and exercisability of an Affected Award to an earlier period, and
terminating unexercised awards as provided under the equity plan.

(2)        Notwithstanding
the provisions of this Section 4 to the contrary, if a Stock-Based Award
held by Executive is not assumed or replaced, or to be assumed or replaced,
upon a Change in Control, each Stock-Based Award held by such Executive,
whether or not he or she has experienced a Qualifying Termination, shall become
fully vested and exercisable, effective immediately prior to the Change in
Control.

(v) Additional Discretionary Payments. The
Company may make an additional cash or stock settlement at the sole discretion
of the Board.

5.           Severance Benefits.  In the case of a Qualifying Termination that
is not a Change in Control Qualifying Termination, then Executive shall receive
the following payments and benefits, subject to the limitation set forth in Section 6:

(a)           Accrued Salary. The Company shall pay to
Executive in a single cash lump sum, within ten (10) days following the
date of termination, the sum of (i) all salary and commissions earned by
Executive as of the date of termination but not yet paid and (ii) Executive’s
accrued bonuses and accrued vacation earned through the date of termination.  In
addition, the Company shall pay to Executive in cash within five (5) business
days of the date of termination, reimbursement for any unpaid, valid business
expenses that are approvable in accordance with Company policy.

(b)           Severance Pay. The Company shall pay to
Executive in a single lump sum, within sixty (60) calendar days of the date of
termination, an amount equal to two times the average of each of the last three
years of Base Salary. In the event a Qualifying Termination occurs prior to the
date on which Executive has worked for the Company and/or its Affiliates for
three years of service, the amount paid will be aggregate of the average Base
Salary for the years actually worked.

(c)           COBRA Premiums. The
Company shall pay 100% of the premium toward COBRA coverage for Executive,
Executive’s spouse and his qualifying dependents, for a 

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period of eighteen (18) months following the date of
employment termination. Notwithstanding the foregoing provisions of this
subsection, if Executive becomes employed by another employer and is eligible
for medical, dental or life insurance coverage that is substantially equivalent
(as to extent of coverage and as to employee cost) to the coverage of the same
type that he or she were entitled to receive under this subsection, the
Employer’s obligation to Executive and his or her dependents under this
subsection shall cease with respect to that type of coverage.

6.           Limitation on Payments.
If any payments pursuant to the Agreement would be subject to tax under Section 4999
of the Internal Revenue Code (the “Payments”), then Executive shall receive
either (i) the full Payments or (ii) such lesser amount of the
Payment which would result in no portion of such Payments being subject to the Section 4999
tax, whichever yields the greatest net amount to Executive on an after-tax
basis (applying the then highest aggregate marginal tax rates). If a reduction
of the Payments is required pursuant to subpart (ii), then Executive will be
permitted to request which component items of the Payment will be reduced
provided, however, that Executive must provide to the Company in writing
his/her request within the reasonable time period established by the Company and
the Company must in its discretion consent to such request (or else the Company
shall make its own determinations with respect to which Payment items are to be
reduced). The Company may elect to contest at its expense any initial IRS
determination with respect to an Executive. Executive shall cooperate
reasonably with the Company in any effort by the Company to contest an IRS
determination under this paragraph, including by the making of such filings and
appeals as the Company may reasonably require, but nothing herein shall be
construed as requiring Executive to bear any cost or expense of such a contest
or in connection therewith to compromise any tax item (including without
limitation any deduction or credit) other than the Section 4999 tax and
related interest and penalties, if any, that are the subject of the contested
IRS determination. In the event of any underpayment or overpayment under this
Agreement, as determined by the nationally recognized accounting firm, the
amount of such underpayment or overpayment shall be promptly paid to Executive
or refunded to the Company, as the case may be, with interest at 120% of the
applicable Federal rate provided for in Section 7872(f)(2) of the
Internal Revenue Code.

All tax
determinations under this Section 6 shall be made at the Company’s expense
by a nationally recognized accounting firm selected by the Company in its
reasonable discretion. Any good faith determinations of this accounting firm
made hereunder shall be final, binding and conclusive upon the Company and
Executive.

7.           Noncompetition. During
the Non-Competition Period, Executive shall not, directly or indirectly,
whether as owner, partner, investor
(nothing contained in this Agreement, however, shall prevent Executive from
passive ownership of two percent (2%) or less of the voting stock of any
publicly traded company (other than the Company)), consultant, agent,
employee, co-venturer or otherwise, compete with the Company or any of its
Affiliates within the United States or in any country in which the Company or
any of its Affiliates is then doing business. Specifically, but without
limiting the foregoing, Executive agrees not to engage in any manner in any
activity that is directly or indirectly competitive or potentially competitive
with the business of the Company or any of its Affiliates as conducted or under
consideration at any 

 7
 

 

time during Executive’s employment. Executive further
agrees that while Executive is employed by
the Company and during the Non-Competition Period, Executive will not hire or
attempt to hire any employee of the Company or any of its Affiliates, assist in
such hiring by any Person, encourage any such employee to terminate his or her
relationship with the Company or any of its Affiliates, or solicit or encourage
any customer or vendor of the Company or any of its Affiliates to terminate or
diminish its relationship with them, or, in the case of a customer, to conduct
with any Person any business or activity which such customer conducts or could
conduct with the Company or any of its Affiliates.

8.           Payment
Obligations Absolute. Upon a Change in Control Qualifying Termination or a
Qualifying Termination, the Company’s obligations to pay the benefits described
in Section 4 (or the benefits described in Section 5 for a Qualifying
Termination) shall be absolute and unconditional and shall not be affected by
any circumstances, including, without limitation, any set-off, counterclaim,
recoupment, defense or other right which the Company or any Affiliate may have
against any Executive; provided, however, that the Company may delay the
payment of any amounts due hereunder for six months following termination of
Executive’s employment with the Company if necessary to comply with the “specified
employee” rules pursuant to Section 409A of the Code. In no event
shall Executive be obligated to seek other employment or take any other action
by way of mitigation of the amounts payable to Executive under any of the
provisions of the Agreement and, except as otherwise provided in Section 7,
in no event shall the amount of any payment hereunder be reduced by any
compensation earned by Executive as a result of employment by another employer.

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

10.         Withholding.
All payments and benefits hereunder shall be subject to reduction for
applicable tax withholdings.

11.         Indemnification.
The Company agrees to pay all costs and expenses (including without limitation
fees and expenses of counsel) incurred by any Executive in connection with
efforts to enforce his or her rights under this Agreement and will indemnify
and hold harmless any Executive from and against any damages, liabilities and
expenses (including without limitation fees and expenses of counsel) incurred
by Executive in connection with any litigation or threatened litigation,
including any regulatory proceedings, arising out of the making, performance or
enforcement of this Agreement.

12.         Source of Payment. Nothing
herein shall be construed as establishing a trust or as requiring the Company
to set aside funds to meet its obligations hereunder. Notwithstanding the
foregoing, if the Board in its discretion so determines, the Company may establish
a so-called “rabbi trust” or similar arrangement to assist it in meeting any
such obligations that it may have.

13.           Required Release and
Non-Disparagement. The Company’s obligation to provide severance pay and
other benefits under this Agreement, however, is subject (a) to Executive’s

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signing in a timely manner a release of claims in
favor of the Company in the form to be provided by the Company (the “Release”)
and of Executive not revoking the Release in a timely manner thereafter; and (b) to
Executive’s meeting in full his or her obligations under any other agreements
in effect between you and the Company. You agree to not make any oral or
written communication to any person or entity which has the effect of damaging
the reputation of, or otherwise working in any way to the detriment of,
AS&E, its officers, directors or management. You also acknowledge your
continuing responsibility to honor the non-compete and non-solicitation
obligations previously undertaken by you for a period of one year from the
Termination Date.

14.           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 or deposited in
the United States mail, postage prepaid, registered or certified, and addressed
to 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
President, or to such other address as either party may specify by notice to
the other actually received.

15.         Entire Agreement. This
Agreement constitutes the entire agreement between the parties and supersedes
all prior communications, agreements and understandings, written or oral, with
respect to the terms and conditions of Executive’s severance from employment
with the Company and its Affiliates.

16.         Severability. Each
provision of this Agreement shall be considered severable such that if any one
provision or clause conflicts with existing or future applicable law, or may
not be given full effect because of such law, this shall not affect any other
provision of the Agreement which, consistent with such law, shall remain in
full force and effect. All surviving clauses shall be construed so as to
effectuate the purpose and intent of the parties.

17.         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.

18.         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.

19.         Governing Law. This
Agreement shall be governed by the laws of the Commonwealth of Massachusetts
without regard to its conflicts of laws principles.

	
  ANTHONY FABIANO

  	
   

  	
  AMERICAN SCIENCE & ENGINEERING, INC.

  
	
   

  	
   

  	
   

  
	
  /s/ ANTHONY
  FABIANO

  	
   

  	
  By: 

  	
  /s/ WILLIAM E. ODOM

  
	
   

  	
   

  	
  Name:

  	
  Gen. William E. Odom

  
	
   

  	
   

  	
  Title:

  	
  Chairman of the Board

  

 

 9Exhibit 10(c) xxiii

American Science &
Engineering, Inc.

Change in Control &
Severance Benefit Agreement

This
is a SEVERANCE BENEFIT & CHANGE IN CONTROL Agreement (the “Agreement”)
entered into between American Science & Engineering, Inc. (the “Company”,
which term shall include any successor by merger, consolidation, sale of
substantially all of the Company’s assets or otherwise) and ___________ (“Executive”)
effective as of the ___ day of _________________ (the “Effective Date”).

1.           Purpose of this Agreement.
The Company hereby agrees to provide severance and change in control benefits
to Executive on the terms and conditions set forth in this Agreement. These
benefits are in lieu of any benefits that would otherwise be payable to
Executive under the severance pay plan, if any, maintained by the Company for
the benefit of senior executives or other Company employees, or by statute. This
severance agreement does not represent an employment contract for any definite
term or period, which means that either Executive or the Company can terminate
Executive’s employment at any time, for any reason or no reason, and with or
without notice.

2.           Term of Agreement. The
Agreement shall become effective on the Effective Date and shall terminate on March 31,
2008; provided that this Agreement shall automatically be extended for
successive one year terms unless the Board provides Executive with written
notice to the contrary at least thirty (30) days before the date the Agreement
would otherwise be so extended. Such notice, in the sole discretion of the
Board, may provide that the term will not be extended in the future, and/or
that there shall be no further automatic extensions of the Term.

3.           Definitions.
The following terms as used in this Agreement shall have the following
meanings:

(a)           “Affected Award”
means each Stock-Based Award held by Executive immediately prior to a Change in
Control Qualifying Termination.

(b)           “Affiliate” means
any business entity in which the Company holds, directly or indirectly, an
equity, profits, or voting interest of 30% or more, and includes any
subsidiary.

(c)           “Base Salary” means (i) the
highest annual rate of base salary payable to Executive by the Company during
the one-year period ending on Executive’s Date of Termination or (ii) the
highest annual rate of base salary payable to Executive by the Company during
the one-year period ending on the Change of Control, whichever is higher.

(d)           “Board” means the
Board of Directors of the Company.

(e)           “Cause” means, for
purposes of this Agreement, as determined by the Board in its reasonable
judgment: (i) Executive’s failure to perform (other than by reason

 

 

of disability), or
material negligence in the performance of, his duties and responsibilities to
the Company or any of its Affiliates; (ii) material breach by Executive of
any provision of this Agreement or any other agreement with the Company or any
of its Affiliates; (iii) other conduct by Executive that could be harmful
to the business, interests or reputation of the Company or any of its Affiliates;
(iv) fraud, embezzlement or other material dishonesty by Executive with
respect to the Company or any of its Affiliates, or (v) Executive’s
conviction of, or pleading no contest to, any felony or other crime involving
moral turpitude, or (vi) a breach of any
confidentiality/non-competition/non-solicitation agreement. With respect to a
breach of (i), (ii), (iii) or (vi), Executive shall be given thirty (30)
days, after written notice of such breach, to cure a breach to the reasonable
satisfaction of the Company.

(f)            “Change in Control”
means the occurrence hereafter of any of the following:

(i)            any Person,
other than the Company or an Affiliate, becomes a beneficial owner (within the
meaning of Rule 13d-3, as amended, as promulgated under the Exchange
Act), directly or indirectly, in one or a series of transactions, of securities
representing more than fifty percent (50%) of the combined voting power of the
Company’s then outstanding securities;

(ii)           the
stockholders of the Company approve a merger or consolidation of the Company
with any other Person, other than a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than fifty percent (50%)
of the combined voting power of the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation;

(iii)          there occurs a
closing of a sale or other disposition by the Company of all or substantially
all of the assets of the Company;

(iv)          Incumbent
Directors cease for any reason to constitute at least a majority of the Board; provided, that any individual who becomes
a member of the Board subsequent to the date hereof, whose election or
nomination for election was approved by a vote of at least two-thirds of the
Incumbent Directors shall be treated as an Incumbent Director unless he or she
assumed office as a result of an actual or threatened election contest with
respect to the election or removal of directors; or

(v)           a complete
liquidation or dissolution of the Company

provided, that if any payment or benefit
payable hereunder upon or following a Change in Control (as defined herein)
would be required to comply with the limitations of Section 409A(a)(2)(A)(v) of
the Code and the guidance thereunder

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in order to
avoid an additional tax under Section 409A of the Code, such payment or
benefit shall be made only if such Change in Control constitutes a change in
ownership or control of the Company, or a change in ownership of the Company’s
assets, described in IRS Notice 2005-1 or any successor guidance.

(g)           “Change in Control
Qualifying Termination” means a termination of employment if, during the period
of twelve (12) months following a Change in Control either the employment of
Executive is terminated by the Employer for
any reason other than for Cause, or Executive terminates his or her employment
with the Employer for “Good Reason” (as defined in Section 3(l) below).

(h)           “Client” means any
Person who is, or within the preceding eighteen (18) months was, a client,
customer or portfolio company of the Company or any of its Affiliates.

(i)            “Code” means the
Internal Revenue Code.

(j)            “Company” means
American Science & Engineering, Inc.

(k)           “Date of Termination”
means the date on which Executive’s employment terminates.

(l)            “Good Reason” means
(i) any action by the Company which results in a material adverse change
in Executive’s position, title, reporting relationship, authority, duties or
responsibilities as in effect immediately prior to the Change in Control; provided, however, that a sale or transfer
of less than all or substantially all of the business of the Company or any of
its subsidiaries or other reduction of less than all or substantially all of
its business or that of its subsidiaries, or the fact that the Company has
become a subsidiary of another company or that the securities of the Company
are no longer publicly traded, shall not be taken into account when determining
whether a material adverse change in Executive’s authority, duties or
responsibilities has occurred; (ii) any reduction in Executive’s rate of
annual base salary for any fiscal year to less than the greater of 100% of the
rate of annual base salary payable to him or her in the completed fiscal year
immediately preceding the Change in Control or 100% of the rate at which annual
base salary was payable to Executive immediately prior to such reduction, (iii) any
adverse change in Executive’s annual bonus opportunity, taking into account
both the maximum earnable bonus and the targets on which the bonus is based, (iv) the
failure to provide Executive participation in an incentive plan tied to the
long-term growth in the value of the Company, which plan, whether equity- or
cash-based, provided Executive with a comparable financial opportunity to that
provided to Executive under the Company’s equity-based plan immediately prior
to the Change in Control, but excluding an isolated, insubstantial and
inadvertent reduction of annual base salary or annual bonus opportunity which
is not taken in bad faith and which is remedied by the Employer within five (5) business
days after receipt of notice thereof given by Executive; (v) any failure
of the Company to continue or cause to be continued in effect any retirement,
life, medical, dental, disability, accidental death or travel insurance plan in

 3
 

 

which Executive was
participating immediately prior to the Change in Control unless the Company
provides Executive with a plan or plans that provide at least substantially
equivalent benefits (as to extent of coverage and as to employee cost), or the
taking of any action by the Employer that would adversely effect Executive’s
participation in or materially reduce Executive’s benefits under any such plan
or deprive Executive of any material fringe benefit or perquisite enjoyed by
Executive immediately prior to the Change in Control, other than an isolated,
insubstantial and inadvertent failure not in bad faith and which is remedied by
the Employer within five (5) business days after receipt of notice thereof
given by Executive; or (vi) the Company requires Executive to be based at
any office or location that is more than twenty-five (25) miles distant from
Executive’s base office or work location immediately prior to the Change in
Control, except if such new location is closer to Executive’s residence at the
time such requirement is imposed

(m)          “Incumbent Directors”
mean individuals who, as of the date of this Agreement, constituted the Board.

(n)           “Non-Competition
Period” means the period while Executive is employed by the Company and for one
year after Executive’s employment terminates, except in cases of Change in Control Qualifying
Terminations”.

(o)           “Outstanding Company
Common Stock” means the outstanding shares of common stock of the Company.

(p)           “Outstanding Company
Voting Securities” means the outstanding voting securities of the Company
entitled to vote generally in the election of directors.

(q)           “Person” means any
individual, entity or other person, including a group within the meaning of
Sections 13(d) or 14(d)(2) of the Securities Exchange Act of
1934.

(r)             “Qualifying
Termination” means either (a) a termination of Executive’s employment by
the Employer for any reason other
than for Cause, (b) the Executive terminates his or her employment with
the Employer for “Good Reason” (as defined in Section 3(l) above), or
(c) the Executive dies.

(s)            “Short Term
Incentive” means payments made pursuant to the
Company’s short-term incentive plan.

(t)            “Stock-Based Award”
means any option, stock appreciation right, restricted stock or restricted
stock unit granted by the Company to Executive pursuant to the Company’s 2005
Equity & Incentive Plan or any successor plan or agreement, or any
other equity compensation plan or agreement previously adopted by the Board of
Directors of the Company in which Executive participated.

4.           Change
in Control Severance Benefits

(a)           Executive agrees that
once any Person other than the Company, a direct or indirect subsidiary of the
Company, or an employee benefit plan of the Company or any 

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such subsidiary begins a
tender or exchange offer or a solicitation of proxies from the Company’s
security holders or takes other actions to effect a “Change in Control,” as
hereinafter defined, Executive will not voluntarily terminate his or her
employment with the Company (or its Affiliates) until such Person has abandoned
or terminated such efforts to effect a Change in Control or until a Change in
Control has occurred. In the event that Executive voluntarily terminates his or
her employment prior to the Change in Control, he/she will not be entitled to
any payments or benefits under this Agreement or any severance pay plan, if
any, of the Company.

(b)           In the case of a
Change in Control Qualifying Termination, then Executive shall receive the
following payments and benefits, subject to the limitation set forth in Section 6:

(i)  Accrued Salary. The Company shall
pay to Executive in a single cash lump sum, within ten (10) days following
the date of termination, the sum of (1) all salary and commissions earned
by Executive as of the date of termination but not yet paid and (2) Executive’s
accrued bonuses and accrued vacation earned through the date of termination. In addition, the Company shall pay to
Executive in cash within five (5) business days of the date of
termination, reimbursement for any unpaid, valid business expenses that are
approvable in accordance with Company policy.

(ii)  Severance Pay. The
Company shall pay to Executive in a single lump sum, within sixty (60) calendar
days of the date of termination, an amount equal to one times the average of
the last five years of each of Base Salary and target Short Term Incentive
payments. In the event a Change of Control occurs prior to the date on which
Executive has worked for the Company and/or its Affiliates for five years of
service, the amount paid will be based on the average of the aggregate Base
Salary and Short Term Incentive payments for the years actually worked.

(iii)  COBRA Premiums. The
Company shall pay 100% of the premium toward COBRA coverage for Executive,
Executive’s spouse and his qualifying dependents, for a period of eighteen (18)
months following the Date of Termination. Notwithstanding the foregoing
provisions of this subsection, if Executive becomes employed by another
employer and is eligible for medical, dental or life insurance coverage that is
substantially equivalent (as to extent of coverage and as to employee cost) to
the coverage of the same type that he or she were entitled to receive under
this subsection, the Employer’s obligation to Executive and his or her
dependents under this subsection shall cease with respect to that type of coverage.
In addition, in the event that the Company is unable to provide COBRA to
Executive as provided herein, Company will pay to Executive an equivalent
amount in reimbursement for medical insurance (of equivalent benefits and cost)
premiums paid by Executive.

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(iv)  Stock-Based Awards.

(1)        To
the extent not already vested and exercisable, each Affected Award shall become
fully vested and exercisable upon the occurrence of the Change in Control
Qualifying Termination. In the event Executive holds an Affected Award
requiring exercise, the Company shall give Executive adequate notice and
opportunity to exercise the Affected Award. Notwithstanding the foregoing, to
the extent permitted by the equity plan under with the Stock-Based Award was
granted, nothing in this Agreement shall preclude the Company from accelerating
the vesting and exercisability of an Affected Award to an earlier period, and
terminating unexercised awards as provided under the equity plan.

(2)        Notwithstanding
the provisions of this Section 4 to the contrary, if a Stock-Based Award
held by Executive is not assumed or replaced, or to be assumed or replaced,
upon a Change in Control, each Stock-Based Award held by such Executive,
whether or not he or she has experienced a Qualifying Termination, shall become
fully vested and exercisable, effective immediately prior to the Change in
Control.

(v) Additional Discretionary Payments. The
Company may make an additional cash or stock settlement at the sole discretion
of the Board.

5.           Severance Benefits.  In the case of a Qualifying Termination that
is not a Change in Control Qualifying Termination, then Executive shall receive
the following payments and benefits, subject to the limitation set forth in Section 6:

(a)           Accrued Salary. The Company shall pay to
Executive in a single cash lump sum, within ten (10) days following the
date of termination, the sum of (i) all salary and commissions earned by
Executive as of the date of termination but not yet paid and (ii) Executive’s
accrued bonuses and accrued vacation earned through the date of termination.  In
addition, the Company shall pay to Executive in cash within five (5) business
days of the date of termination, reimbursement for any unpaid, valid business
expenses that are approvable in accordance with Company policy.

(b)           Severance Pay. The Company shall pay to
Executive in a single lump sum, within sixty (60) calendar days of the date of
termination, an amount equal to one times the average of each of the last three
years of Base Salary. In the event a Qualifying Termination occurs prior to the
date on which Executive has worked for the Company and/or its Affiliates for
three years of service, the amount paid will be aggregate of the average Base
Salary for the years actually worked.

(c)           COBRA Premiums. The
Company shall pay 100% of the premium toward COBRA coverage for Executive,
Executive’s spouse and his qualifying dependents, for a 

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period of one (1) year
following the date of employment termination. Notwithstanding the foregoing
provisions of this subsection, if Executive becomes employed by another
employer and is eligible for medical, dental or life insurance coverage that is
substantially equivalent (as to extent of coverage and as to employee cost) to
the coverage of the same type that he or she were entitled to receive under
this subsection, the Employer’s obligation to Executive and his or her
dependents under this subsection shall cease with respect to that type of
coverage.

6.           Limitation on Payments.
If any payments pursuant to the Agreement would be subject to tax under Section 4999
of the Internal Revenue Code (the “Payments”), then Executive shall receive
either (i) the full Payments or (ii) such lesser amount of the
Payment which would result in no portion of such Payments being subject to the Section 4999
tax, whichever yields the greatest net amount to Executive on an after-tax
basis (applying the then highest aggregate marginal tax rates). If a reduction
of the Payments is required pursuant to subpart (ii), then Executive will be permitted
to request which component items of the Payment will be reduced provided,
however, that Executive must provide to the Company in writing his/her request
within the reasonable time period established by the Company and the Company
must in its discretion consent to such request (or else the Company shall make
its own determinations with respect to which Payment items are to be reduced). The
Company may elect to contest at its expense any initial IRS determination with
respect to an Executive. Executive shall cooperate reasonably with the Company
in any effort by the Company to contest an IRS determination under this
paragraph, including by the making of such filings and appeals as the Company
may reasonably require, but nothing herein shall be construed as requiring
Executive to bear any cost or expense of such a contest or in connection
therewith to compromise any tax item (including without limitation any
deduction or credit) other than the Section 4999 tax and related interest
and penalties, if any, that are the subject of the contested IRS determination.
In the event of any underpayment or overpayment under this Agreement, as
determined by the nationally recognized accounting firm, the amount of such
underpayment or overpayment shall be promptly paid to Executive or refunded to
the Company, as the case may be, with interest at 120% of the applicable
Federal rate provided for in Section 7872(f)(2) of the Internal
Revenue Code.

All tax
determinations under this Section 6 shall be made at the Company’s expense
by a nationally recognized accounting firm selected by the Company in its
reasonable discretion. Any good faith determinations of this accounting firm
made hereunder shall be final, binding and conclusive upon the Company and
Executive.

7.           Noncompetition. During
the Non-Competition Period, Executive shall not, directly or indirectly,
whether as owner, partner, investor
(nothing contained in this Agreement, however, shall prevent Executive from
passive ownership of two percent (2%) or less of the voting stock of any
publicly traded company (other than the Company)), consultant, agent,
employee, co-venturer or otherwise, compete with the Company or any of its
Affiliates within the United States or in any country in which the Company or
any of its Affiliates is then doing business. Specifically, but without
limiting the foregoing, Executive agrees not to engage in any manner in any
activity that is directly or indirectly competitive or potentially competitive
with the business of the Company or any of its Affiliates as conducted or under
consideration at any

 7
 

 

time during Executive’s employment. Executive further
agrees that while Executive is employed by
the Company and during the Non-Competition Period, Executive will not hire or
attempt to hire any employee of the Company or any of its Affiliates, assist in
such hiring by any Person, encourage any such employee to terminate his or her
relationship with the Company or any of its Affiliates, or solicit or encourage
any customer or vendor of the Company or any of its Affiliates to terminate or
diminish its relationship with them, or, in the case of a customer, to conduct
with any Person any business or activity which such customer conducts or could
conduct with the Company or any of its Affiliates.

8.           Payment
Obligations Absolute. Upon a Change in Control Qualifying Termination or a
Qualifying Termination, the Company’s obligations to pay the benefits described
in Section 4 (or the benefits described in Section 5 for a Qualifying
Termination) shall be absolute and unconditional and shall not be affected by
any circumstances, including, without limitation, any set-off, counterclaim,
recoupment, defense or other right which the Company or any Affiliate may have
against any Executive; provided, however, that the Company may delay the
payment of any amounts due hereunder for six months following termination of
Executive’s employment with the Company if necessary to comply with the “specified
employee” rules pursuant to Section 409A of the Code. In no event
shall Executive be obligated to seek other employment or take any other action
by way of mitigation of the amounts payable to Executive under any of the
provisions of the Agreement and, except as otherwise provided in Section 7,
in no event shall the amount of any payment hereunder be reduced by any
compensation earned by Executive as a result of employment by another employer.

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

10.         Withholding.
All payments and benefits hereunder shall be subject to reduction for
applicable tax withholdings.

11.         Indemnification.
The Company agrees to pay all costs and expenses (including without limitation
fees and expenses of counsel) incurred by any Executive in connection with
efforts to enforce his or her rights under this Agreement and will indemnify
and hold harmless any Executive from and against any damages, liabilities and
expenses (including without limitation fees and expenses of counsel) incurred
by Executive in connection with any litigation or threatened litigation,
including any regulatory proceedings, arising out of the making, performance or
enforcement of this Agreement.

12.         Source of Payment. Nothing
herein shall be construed as establishing a trust or as requiring the Company
to set aside funds to meet its obligations hereunder. Notwithstanding the
foregoing, if the Board in its discretion so determines, the Company may
establish a so-called “rabbi trust” or similar arrangement to assist it in
meeting any such obligations that it may have.

13.           Required Release and
Non-Disparagement. The Company’s obligation to provide severance pay and
other benefits under this Agreement, however, is subject (a) to Executive’s

 8
 

 

signing in a timely manner a release of claims in
favor of the Company in the form to be provided by the Company (the “Release”)
and of Executive not revoking the Release in a timely manner thereafter; and (b) to
Executive’s meeting in full his or her obligations under any other agreements
in effect between you and the Company. You agree to not make any oral or
written communication to any person or entity which has the effect of damaging
the reputation of, or otherwise working in any way to the detriment of,
AS&E, its officers, directors or management. You also acknowledge your
continuing responsibility to honor the non-compete and non-solicitation
obligations previously undertaken by you for a period of one year from the
Termination Date.

14.           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 or deposited in
the United States mail, postage prepaid, registered or certified, and addressed
to 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
President, or to such other address as either party may specify by notice to
the other actually received.

15.         Entire Agreement. This
Agreement constitutes the entire agreement between the parties and supersedes
all prior communications, agreements and understandings, written or oral, with
respect to the terms and conditions of Executive’s severance from employment
with the Company and its Affiliates.

16.         Severability. Each
provision of this Agreement shall be considered severable such that if any one
provision or clause conflicts with existing or future applicable law, or may
not be given full effect because of such law, this shall not affect any other
provision of the Agreement which, consistent with such law, shall remain in
full force and effect. All surviving clauses shall be construed so as to
effectuate the purpose and intent of the parties.

17.         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.

18.         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.

19.         Governing Law. This
Agreement shall be governed by the laws of the Commonwealth of Massachusetts
without regard to its conflicts of laws principles.

	
   

  	
   

  	
   

  	
   

  
	
  [Named Executive]

  	
   

  	
  AMERICAN SCIENCE & ENGINEERING, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

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