Document:

Severance Agreement by and between TransAct and Tracey S. Chernay

 EXHIBIT 10.9(x) 
 SEVERANCE AGREEMENT 
 This Severance Agreement
(the “Agreement”) is entered into as of the 29th, day of July 2005, by and between Tracey Chernay, an individual with a residence address
of 44 High Hill Circle, Madison, CT 06443 (the “Executive”), and TransAct Technologies Incorporated, a Delaware corporation with a mailing address of 7 Laser Lane, Wallingford, Connecticut 06492 (the “Company”). As used in
this Agreement, the “Company” shall also include all subsidiaries of the Company, as the context requires. 
 INTRODUCTION 
 1. The Company is in the business of designing, developing, manufacturing and marketing printers for point of sale, gaming and wagering, financial service
and kiosk applications (the “Business”). 
 2. The Company desires that the Executive serve in her position with the Company and
that the Company be able to rely upon her advice when requested as to the best interests of the Company, and its shareholders. 
 3. The
Board of Directors of the Company believes Executive can best serve the Company without the distractions of personal uncertainties and risks that might be created in the event a change in control of the Company is proposed or her employment by the
Company is terminated. 
 AGREEMENT 
 In
consideration of the premises and mutual promises hereinbelow set forth, the parties hereby agree as follows: 
 1. Definitions. The
following terms shall have the meanings indicated for the purposes of this Agreement: 
 (a) “Cause” shall mean: (i) the death
or disability of the Executive (For purposes of this Agreement, “disability” shall mean the Executive’s incapacity due to physical or mental illness which has caused the Executive to be absent from the full-time performance of her
duties with the Company for a period of six (6) consecutive months.) (ii) any action or inaction by the Executive that constitutes larceny, fraud, gross negligence, a willful or negligent misrepresentation to the directors or officers of
the Company, their successors or assigns, or a crime involving moral turpitude; or (iii) the refusal of the Executive to follow the reasonable and lawful instructions of the CEO or the Board of Directors of the Company with respect to the
services to be rendered and the manner of rendering such services by Executive, provided such refusal is material and repetitive and is not justified or excused either by the terms of this Agreement or by actions taken by the Company in violation of
this Agreement, and with respect to the first two refusals Executive has been given reasonable written notice and explanation thereof and reasonable opportunity to cure and no cure has been effected within a reasonable time after such notice.

 (b) “Change in Control” will be deemed to have occurred if: (1) the Company effectuates a Takeover Transaction; or
(2) any election of directors of the Company (whether by the directors then in office or by the stockholders at a meeting or by written consent) where a majority of the directors in office following such election are individuals who were not
nominated by a vote of two-thirds of the members of the Board of Directors immediately preceding such election; or (3) the Company effectuates a complete liquidation of the Company or a sale or disposition of all or substantially all of its
assets. A “Change in Control” shall not be deemed to include, however, a merger or sale of stock, assets or business of the Company if the Executive immediately after such event owns, or in connection with such event immediately acquires
(other than in the Executive’s capacity as an equity holder of the Company or as a beneficiary of its employee stock ownership plan or profit sharing plan), any stock of the buyer or any affiliate thereof. 
 (c) A “Takeover Transaction” shall mean (i) a merger or consolidation of the Company with, or an acquisition of the Company or all or
substantially all of its assets by, any other corporation, other than a merger, consolidation or acquisition in which the individuals who were members of the Board of Directors of the Company immediately prior to such transaction continue to
constitute a majority of the Board of Directors of the 

 
surviving corporation (or, in the case of an acquisition involving a holding company, constitute a majority of the Board of Directors of the holding company)
for a period of not less than twelve (12) months following the closing of such transaction, or (ii) when any person or entity or group of persons or entities (other than any trustee or other fiduciary holding securities under an employee
benefit plan of the Company) either related or acting in concert becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of securities of the Company representing more than fifty
percent (50%) of the total number of votes that may be cast for the election of directors of the Company. 
 (d) “Terminating
Event” shall mean: (i) termination by the Company of the employment of the Executive for any reason other than retirement or for Cause, occurring within twelve (12) months after a Change of Control; or (ii) resignation of the
Executive from the employ of the Company, while the Executive is not receiving payments or benefits from the Company by reason of the Executive’s disability, subsequent to any of the following events occurring within twelve (12) months
after a Change of Control: (A) a significant reduction in the nature or scope of the Executive’s responsibilities, authorities, powers, functions or duties from the responsibilities, authorities, powers, functions or duties exercised by
the Executive immediately prior to the Change in Control; (B) a decrease in the salary payable by the Company to the Executive from the salary payable to the Executive immediately prior to the Change in Control except for across-the-board
salary reductions similarly affecting all management personnel of the Company; or (C) the relocation of the Executive’s principal place of employment (without her consent) to a location more than 50 miles from its current location (unless
such new location is closer to the Executive’s then residence) provided, however, that a Terminating Event shall not be deemed to have occurred solely as a result of the Executive being an employee of any direct or indirect successor to the
business or assets of the Company, rather than continuing as an employee of the Company, following a Change in Control; or (D) elimination of the Executive’s participation in the Company’s Executive Incentive Compensation Plan
(“EIC”) or a reduction in the Executive’s target bonus amount under the EIC. 
 2. Severance. 
 (a) Without Cause. If the Company terminates the employment of the Executive without Cause, other than as a result of a Terminating Event, then
commencing on the date of such termination and for a period of six (6) months thereafter, the Company shall provide Executive with a severance package which shall consist of the following: (i) payment on the first business day of each
month of an amount equal to one-twelfth of the Executive’s then current annual base salary; (ii) payment on the first business day of each month of an amount equal to one-sixth of the Executive’s annual target bonus amount under the
EIC, pro rated for the portion of the fiscal year occurring prior to termination; and (iii) subject to any employee contribution applicable to the Executive on the date of termination, contribution to the cost of the Executive’s
participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms.”. 
 (b) With A Terminating Event. If the Company terminates the employment of the Executive as a result of a Terminating Event, then commencing on the
date of such termination and for a period equal to one (1) year thereafter, the Company shall provide Executive with a severance package which shall consist of the following: (i) payment on the first business day of each month an amount
equal to one-twelfth of the Executive’s then current annual base salary; (ii) payment on the first business day of each month of an amount equal to one-twelfth of the Executive’s annual target bonus amount under the Company’s
Executive Incentive Compensation Plan; and (iii)subject to any employee contribution applicable to the Executive on the date of termination, contribution to the cost of the Executive’s participation in the Company’s group medical and
dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms. In addition, if the Company terminates the employment of the Executive as a result of a Terminating Event, then the Company
shall cause the immediate vesting of all options granted by the Company to the Executive under the Company’s stock plans. At any time when the Company is obligated to make monthly payments under Section 2(b), the Company shall, ten
(10) days after receipt of a written request from the Executive, pay the Executive an amount equal to the balance of the amounts payable under Section 2(b)(i)-(ii), provided that the obligation of the Company to continue to contribute to
medical and dental benefits pursuant to Section 2(b)(iii) or to make monthly payments under 2(b)(i)-(ii) shall cease upon the payment of such amount. 

 (c) General Release. As a condition precedent to receiving any severance payment, the Executive
shall execute a general release of any and all claims which Executive or her heirs, executors, agents or assigns might have against the Company, its subsidiaries, affiliates, successors, assigns and their past, present and future employees,
officers, directors, agents and attorneys. 
 (d) Withholding. All payments made by the Company under this Agreement shall be net of
any tax or other amounts required to be withheld by the Employer under applicable law. 
 e) Effect of Breach. In the event that the
Executive breaches Section 3 of this Agreement, she shall forfeit any right to severance payments of benefits contribution hereunder and shall be required to return any severance payments or benefits contributions provided prior to such breach
within ten (10) days after a written demand by the Company. 
 3. Non-Competition. During Executive’s employment with the
Company and (a) in the case of termination other than as a result of a Terminating Event, for six (6) months following the termination of Executive’s employment with the Company or (b) in the case of termination as a result of a
Terminating Event, for one (1) year following the termination of Executive’s employment with the Company, Executive will not directly or indirectly whether as a partner, consultant, agent, employee, co-venturer, greater than two percent
owner or otherwise or through any other person (as hereafter defined): (a) be engaged in any business or activity which is competitive with the business of the Company in any part of the world in which the Company is at the time of the
Executive’s termination engaged in selling their products directly or indirectly; or (b) attempt to recruit any employee of the Company, assist in their hiring by any other person, or encourage any employee to terminate his or her
employment with the Company; or (c) encourage any customer of the Company to conduct with any other Person any business or activity which such customer conducts or could conduct with the Company. For purpose of this Section 3, the term
“Company” shall include any person controlling, under common control with or controlled by, the Company. 
 For purposes of this
Agreement, the term “Person” shall mean an individual or corporation, association or partnership in estate or trust or any other entity or organization. 
 The Executive recognizes and agrees that because a violation by her of this Section 3 will cause irreparable harm to the Company that would be difficult to quantify and for which money damages would be
inadequate, the Company shall have the right to injunctive relief to prevent or restrain any such violation, without the necessity of posting a bond. 
 Executive expressly agrees that the character, duration and scope of this covenant not to compete are reasonable in light of the circumstances as they exist at the date upon which this Agreement has been executed.
However, should a determination nonetheless be made by a court of competent jurisdiction at a later date that the character, duration or geographical scope of this covenant not to compete is unreasonable in light of the circumstances as they then
exist, then it is the intention of both Executive and the Company that this covenant not to compete shall be construed by the court in such a manner as to impose only those restrictions on the conduct of Executive which are reasonable in light of
the circumstances as they then exist and necessary to provide the Company the intended benefit of this covenant to compete. 
 4.
Confidentiality Covenants. Executive understands that the Company may impart to her confidential business information including, without limitation, designs, financial information, personnel information, strategic plans, product development
information and the like (collectively “Confidential Information”). Executive hereby acknowledges Company’s exclusive ownership of such Confidential Information. 
 Executive agrees as follows: (1) only to use the Confidential Information to provide services to the Company; (2) only to communicate the
Confidential Information to fellow employees, agents and representatives of the Company on a need-to-know basis; and (3) not to otherwise disclose or use any Confidential Information. Upon demand by the Company or upon termination of
Executive’s employment, Executive will deliver to the Company all property of the Company including, but not limited to, all manuals, documents, photographs, 

 
recordings, and any other instrument or device by which, through which, or on which Confidential Information has been recorded and/or preserved, which are in
Executive’s possession, custody or control. Executive acknowledges that for purposes of this Section 4 the term “Company” means any person or entity now or hereafter during the term of this Agreement which controls, is under
common control with, or is controlled by, the Company. 
 The Executive recognizes and agrees that because a violation by her of this
Section 4 will cause irreparable harm to the Company that would be difficult to quantify and for which money damages would be inadequate, the Company shall have the right to injunctive relief to prevent or restrain any such violation, without
the necessity of posting a bond. 
 5. Governing Law/Jurisdiction. This Agreement shall be governed by and interpreted and governed in
accordance with the laws of the State of Connecticut. The parties agree that this Agreement was made and entered into in Connecticut and each party hereby consents to the jurisdiction of a competent court in Connecticut to hear any dispute arising
out of this Agreement. 
 6. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect
to the subject matter hereof and thereof and supercedes any and all previous agreements, written and oral, regarding the subject matter hereof between the parties hereto. This Agreement shall not be changed, altered, modified or amended, except by a
written agreement signed by both parties hereto. 
 7. Notices. All notices, requests, demands and other communications required or
permitted to be given or made under this Agreement shall be in writing and shall be deemed to have been given if delivered by hand, sent by generally recognized overnight courier service, telex or telecopy, or certified mail, return receipt
requested. 
 (a) to the Company at: 
 7 Laser Lane 
 Wallingford, Connecticut 06492 
 Attn: CEO 
 (b) to the Executive at: 
 44 High Hill Circle 
 Madison, CT 06443 
 Any such notice or other communication will be considered to have been given (i) on the date of delivery in person, (ii) on the third day after
mailing by certified mail, provided that receipt of delivery is confirmed in writing, (iii) on the first business day following delivery to a commercial overnight courier or (iv) on the date of facsimile transmission (telecopy) provided
that the giver of the notice obtains telephone confirmation of receipt. 
 Either party may, by notice given to the other party in accordance
with this section, designate another address or person for receipt of notices hereunder. 
 8. Severability. If any term or provision
of this Agreement, or the application thereof to any person or under any circumstance, shall to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such terms to the persons or under circumstances other
than those as to which it is invalid or unenforceable, shall be considered severable and shall not be affected thereby, and each term of this Agreement shall be valid and enforceable to the fullest extent permitted by law. The invalid or
unenforceable provisions shall, to the extent permitted by law, be deemed amended and given such interpretation as to achieve the economic intent of this Agreement. 
 9. Waiver. The failure of any party to insist in any one instance or more upon strict performance of any of the terms and conditions hereof, or to exercise any right or privilege herein conferred, shall not be
construed as a waiver of such terms, conditions, rights or privileges, but same shall continue to remain in full force and effect. Any waiver by any party of any violation of, breach of or default under any provision of this Agreement by the other
party shall not be construed as, or constitute, a continuing waiver of such provision, or waiver of any other violation of, breach of or default under any other provision of this Agreement. 

 10. Successors and Assignment. Neither the Company nor the Executive may make any assignment of
this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the
Executive in the event that the Company shall hereafter affect a reorganization, consolidate with, or merge into, any other Person or transfer all or substantially all of its properties or assets to any other Person. This Agreement shall inure to
the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 
  

			
	TRANSACT TECHNOLOGIES INCORPORATED
		
	By:	 	/s/    BART C. SHULDMAN        
	Title:	 	Chairman, President and CEO

  

			
	EXECUTIVE:
		
	By:	 	/s/    TRACEY S. CHERNAY        
	Title:	 	Senior Vice President, MarketingT. Olin Davis Agreement

 Exhibit 10.03 
 NORTH CAROLINA 
 HYDE COUNTY 
 THIS AGREEMENT made this the 1st day of January, 2007, by and between The East Carolina Bank, a North Carolina corporation (“ECB”) and T. Olin Davis, a resident of Dare County, North Carolina (the
“Officer”) WITHESSETH: 
 WHEREAS the Officer has been working for ECB for a period of time; 
 AND WHEREAS the parties hereto wish to formalize their arrangement as set out herein; 
 AND WHEREAS both parties fully understand the terms of this agreement and stipulate that the same are just, fair, and equitable to both parties hereto;

 NOW THEREFORE, the parties hereto agree to as follows: 
 1. ECB hereby engages the employment of the Officer and the Officer hereby accepts such engagement of employment upon the terms and conditions as herein stated; 
 2. The Officer shall render such administrative, managerial, and other services to ECB, its parents, subsidiaries, and sister companies as are
customarily performed by persons situated in a similar capacity as well as such other and additional duties and services as may be directed by the Board of Directors, the President, and all officers having authority senior to that of the Officer.
The Officer shall perform his duties and responsibilities under this agreement in accordance with reasonable standards expected of employees with comparable organizations and the Bank’s policies and procedures and as may be established by the
Board of Directors of ECB and its designees. Because ECB is contracting for the unique and personal skills of the Officer, the Officer shall be precluded from assigning or delegating his rights or duties hereunder; 
 3. During the term of this agreement, ECB shall pay to the Officer for the services to be rendered by him for ECB a base salary in such amounts and at
such intervals as may be commensurate with his duties and responsibilities hereunder as determined by the Board of Directors and its designees. In addition, ECB will provide the Officer such additional incentives, compensations, bonuses and other
benefits as it may determine from time to time; 
  

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 4. Either party shall have the absolute right to terminate this agreement at any time, without cause,
upon giving the other party thirty (30) days prior written notice. ECB shall have the right, but not the obligation, to pay to the Officer thirty (30) days salary in lieu of any notice to be given by it. ECB shall have the right to waive
any notice to which it might be entitled hereunder and to immediately terminate the employment of the Officer without further payment at such time as the Officer gives ECB notice of his intention to terminate this agreement. ECB shall have the right
to immediately terminate this agreement at any time with cause without further obligation to the Officer. The term “with cause” includes, but is not limited to, personal dishonesty, incompetence, willful material misconduct, breach of
fiduciary duty, failure to perform the obligations of the Officer as stated herein, willful violation of any law, rule, or regulation (other than minor traffic infractions), or any material breach of any provision of this agreement; 
 5. In the event of the involuntary termination of the Officer’s employment without cause within ninety (90) days of any change of control of
ECB or its parent company, or, in the event of a voluntary termination of the Officer’s employment within ninety (90) days after any change of control of ECB under which the Officer shall have incurred a reduction of salary or
in responsibilities, then the Officer shall be entitled to receive the greater of: 
  

	 	a)	The severance payment offered by the corporation in such notice of termination, or, 

  

	 	b)	A lump sum equal to 150.00% of the average annual salary paid to the Officer over the three prior 12 month periods, plus a lump sum equal to 150.00% of the average annual cash
bonuses and cash incentives paid to the Officer over the three prior 12 month periods (exclusive of any stock options, stock grants, or the exercise of any stock options), plus the Officer will be carried on the medical insurance program (if any) of
the Corporation for 18 calendar months after such termination. 

 The provisions of this paragraph shall only be applicable to
situations relating to a change of control of ECB or its parent company. As use herein, the phrase “change of control” shall mean the direct or indirect acquisition by another person, firm or corporation, by merger, share exchange,
consolidation, purchase or otherwise, all or substantially all of the assets or stock of ECB or its parent company; 
 6. The Officer agrees
that he will devote his full efforts and entire business time to the performance of his duties and responsibilities under this agreement; 
 7. The Officer will hold in strict confidence, during the term of this agreement and at all times thereafter, all knowledge and information of a confidential nature with respect to the business of ECB, its parent company, its 

  

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subsidiaries, and its sister corporations, received during the term of his employment with ECB and will not disclose or make use of such information without
the prior written consent of ECB; 
 8. The Officer stipulates that it would be difficult or impossible to ascertain the amount of monetary
damages in the event of a breach by the Officer under the provisions of paragraphs 6 or 7 hereof. The Officer further stipulates that in the event of a breach of one or more of those two paragraphs injunctive relief enforcing the terms of the same,
alone or together with additional forms of relief is an appropriate remedy; 
 9. This agreement shall be governed in all respects, whether
as to validity, construction, capacity, performance, or otherwise, by the laws of the State of North Carolina, and any actions relating to or arising from this agreement shall be litigated only in the North Carolina General Court of Justice;

 10. This agreement shall inure to the benefit of, and be binding upon, any corporate or other successor of ECB and its parent company
which shall acquire, directly or indirectly by merger, share exchange, consolidation, purchase or otherwise, all or substantially all of the assets or stock of ECB or its parent company; 
 11. The employee stipulates that he has read this agreement and understands the same, and that he has been advised that he should consult independent
counsel prior to executing this document; 
 12. No provision of this agreement can be modified, waived, or discharged unless such waiver,
modification, or discharge has been agreed to in writing, signed by the Officer and on behalf of ECB by such person as has been specifically designated by the Board of Directors of ECB or its parent company. No waiver by either party hereto at any
time of any breach by the other party hereto shall be deemed a waiver of the right for such other party to insist on the full compliance with this agreement at any future time. All prior negotiations, agreements, and discussions between the parties
hereto are merged herein; 
 13. Where applicable, any obligations and duties of the Officer to ECB hereunder shall include a like obligation
to ECB’s parent company, its subsidiaries and its sister companies; and, 
 14. The provisions of this agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the validity or the enforceability of the other provisions hereof. 
  

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 IN TESTIMONY WHEREOF, ECB has caused this instrument to be signed in its corporate name by its president
by authority duly given by its Board of Directors and the Officer has hereunto set his hand and seal, the day and year first above written in duplicate originals, one of which is retained by each of the parties hereto. 
  

			
	 The East Carolina Bank

		
	 By:
	 	 /s/ Arthur H. Keeney III

		 	Arthur H. Keeney III
		
		 	 /s/ T. Olin Davis (SEAL)

		 	T. Olin Davis

  

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