Document:

EX-10.37

 Exhibit 10.37 
 AGREEMENT 
 As Amended and Restated Effective August 25, 2010

 THIS AGREEMENT (this “Agreement”) this 25th day of August, 2010 between LADISH CO., INC., a Wisconsin
corporation (the “Company”), and Gary J. Vroman an officer of the Company (the “Employee”). 

WITNESSETH THAT: 
 WHEREAS, the Company desires to assure itself of the continuing availability of the Employee, and 
 WHEREAS, the Company desires to provide adequate security to the Employee, and 

WHEREAS, the Employee desires to maintain his relationship with the Company to their mutual advantage, and 

WHEREAS, the Employee desires to be afforded retirement, disability and severance benefits, 

NOW THEREFORE, in consideration of the mutual promises of the parties hereto, it is hereby AGREED: 

 

	 	1.	Definitions 

Whenever used in this Agreement, the following terms shall have the respective meanings set forth below unless otherwise expressly
provided herein: 
 1.1 The term “Affiliate” means each entity that is required to be included in the Company’s
controlled group of corporations within the meaning of Code Section 414(b) or that is under common control with the Company within the meaning of Code Section 414(c). 

  
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 1.2 The term “Average Compensation” means the monthly average of the
Employee’s “Compensation” for the period of the five (5) calendar years of highest compensation of the ten (10) calendar years next preceding the calendar year which includes his Separation from Service; provided,
however, that if the Employee receives compensation for a part of a calendar year, such compensation shall be projected to an annual basis. 
 1.3 The term “Code” means the Internal Revenue Code of 1986, as interpreted by regulations and rulings issued pursuant thereto, all as amended and in effect from time to time. Any reference to a
specific provision of the Code shall be deemed to include reference to any successor provision thereto. 
 1.4 The term
“Company” means LADISH CO., INC., or any successor thereto. 
 1.5 The term “Compensation” means the total
annual base salary of the Employee, plus the following: bonuses, incentive compensation or special compensation of any kind, the total of which shall not exceed twenty percent (20%) of annual base salary; in each case determined without regard
to any deferral election. 
 1.6 The term “Disability” means a medically-determinable incapacity of the Employee
which, in the opinion of the Board of Directors of the Company, prevents the Employee from engaging in his usual employment activities with the Company. 
 1.7 The term “Early Retirement Age” means age fifty-five (55). 
 1.8 The
term “Early Retirement Date” means the first day of the calendar month coincident with or next succeeding the Employee’s Separation from Service on or following his Early Retirement Age. 

1.9 The term “ERISA” means the Employee Retirement Income Security Act of 1974, as interpreted by regulations and rulings
issued pursuant thereto, all as amended and in effect from time to time. Any reference to a specific provision of ERISA shall be deemed to include reference to any successor provision thereto. 

  
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 1.10 The term “‘Normal Retirement Age” means age sixty-two (62). 

1.11 The term “Normal Retirement Date” means the first day of the calendar month coincident with or next succeeding the
Employee’s Separation from Service on or following his Normal Retirement Age. 
 1.12 The term “Retirement Plan”
means the LADISH CO. SALARIED EMPLOYEES RETIREMENT PLAN, or any successor plan thereto. 
 1.13 The term “Separation from
Service” means the date when the Company and Employee reasonably anticipate that no further services will be performed by the Employee for the Company and its Affiliates or that the level of bona fide services the Employee will perform as an
employee of the Company and its Affiliates will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed by the Employee (whether as an employee or independent contractor) for the Company
and its Affiliates over the immediately preceding 36-month period (or such lesser period of services). Notwithstanding the foregoing, if the Employee takes a leave of absence for purposes of military leave, sick leave or other bona fide reason, the
Employee will not be deemed to have incurred a separation from service for the first six (6) months of the leave of absence, or if longer, for so long as the Employee’s right to reemployment is provided either by statute or by contract;
provided that if the leave of absence is due to a medically determinable physical or mental impairment that can be expected to result in death or last for a continuous period of not less than six (6) months, where such impairment causes
the Employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, the leave may be extended for up to twenty-nine (29) months without causing a separation from service.
Notwithstanding the foregoing, if the Employee ceases to perform any services as an employee but becomes a consultant or other independent contractor that provides services to the Company or its Affiliates, the Employee’s separation from
service will be delayed until the date the Employee has a separation from service as a consultant or independent contractor to the extent required pursuant to Code Section 409A. 

  
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 1.14 The term “Service” means the last continuous period of employment of the
Employee with the Company or with Ladish Co., Inc. prior to his Separation from Service, determined in accordance with reasonable standards and policies adopted by the Company. 

 

	 	2.	Vesting 

 The
Employee will have vested rights under this Agreement to a benefit at such time as he has accumulated ten (10) years of service in the employment of the Company, at least three (3) years of which must be as an officer of the Company.

 No provision of this Agreement shall interfere with the Company’s right to terminate the Employee’s services for
any cause sufficient to it. In the event of such termination, an Employee who has not become vested under this provision shall have no rights pursuant to this Agreement whatsoever. 

 

	 	3.	Restrictive Covenant and Non-Compete Agreement 

 A Restrictive Covenant and Non-Compete Agreement is attached to and incorporated by reference into this Agreement. 
  

	 	4.	Retirement Benefits –Ages and Dates 

 4.1 Normal Retirement. Upon the Employee’s Separation from Service on or following his Normal Retirement Age, he shall be entitled to receive a normal retirement benefit as calculated under
Section 5.1. 

  
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 4.2 Early Retirement. Upon the Employee’s Separation from Service on or
following his Early Retirement Age but prior to Normal Retirement Age (including as a result of Disability), he shall be entitled to receive an early retirement benefit as calculated under Section 5.2. 

4.3 Pre-Early Retirement. If the Employee’s Separation from Service occurs prior to his Early Retirement Age, then upon the
Employee’s attainment of Normal Retirement Age, he shall be entitled to receive a normal retirement benefit as calculated under Section 5.1. 
  

	 	5.	Amount of Retirement Benefits 

 5.1 Normal Retirement Benefit. If the Employee is entitled to a normal retirement benefit under Section 4.1 or Section 4.3, the Employee shall be entitled to receive a monthly amount
equal to the excess, if any, of (A) 60% of his Average Compensation, multiplied by a fraction, the numerator of which shall be his length of Service in years (but no more than 15) and the denominator of which shall be 15, over (B) the
amount payable to such Employee for each month under the provisions of the Retirement Plan, as computed under the Retirement Plan as if the benefits under the Retirement Plan began on the Benefit Commencement Date under this Agreement; provided,
however, that any Supplemental Allowance (as defined in the Retirement Plan) available to early retirees under the terms of the Retirement Plan shall not be taken into account in reducing amounts due hereunder. 

5.2 Early Retirement Benefit. If the Employee is entitled to an early retirement benefit under Section 4.2, the Employee
shall be entitled to receive a monthly amount as if it were a normal retirement benefit but based upon his Service and Average Compensation as of his Early Retirement Date; such benefit to be reduced as of the Employee’s Early Retirement Date
to the actuarial equivalent of the amount payable at his Normal Retirement Date taking into account factors specified in the Retirement Plan for purposes of calculating actuarial equivalence, but by not more than 5/10 of one percent (1%) for
each month by which such Employee’s Early Retirement Date precedes his Normal Retirement Date. An Employee whose age plus years of service as of his Early Retirement Date totals 80 or more shall not be subject to the benefit reduction provided
herein. Further, in the event that the Employee’s Separation from Service is a result of a Change of Control, as that term is defined in the Restricted Stock Agreement between the Company and Employee dated May 2010, and which definition is
incorporated by reference into this Agreement, the Employee will be entitled to an unreduced benefit to begin 30 months following the Separation from Service. 

  
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	 	6.	Commencement, Form and Duration of Retirement Benefits 

 6.1 Commencement and Duration. 
 (a) Retirement benefits
shall be paid monthly. 
 (b) Payment of the retirement benefits shall begin on the first
day of the month following the Employee’s Separation from Service (or if the Employee is entitled to a benefit under Section 4.3, the first day of the month following the Employee’s attainment of Normal Retirement Age) (the
“Benefit Commencement Date”); provided that if the Employee is a “specified employee” within the meaning of Code Section 409A on the date of his Separation from Service, distribution of benefits shall be delayed until
the seventh (7th) calendar month following the month
in which the Employee’s Separation from Service occurs. In the event of such a delay, all monthly payments that were due from the date of the Employee’s Separation from Service to the date benefits begin to be paid shall be accumulated and
paid in a lump sum on the first day of such seventh
(7th) calendar month, and the Employee shall receive
an additional payment of interest (equal to the interest rate assumption used for non-lump sum actuarial equivalence) calculated on a simple (i.e., non-compounded) basis to reflect the delay of such payments. 

  
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 (c) Unless the Employee chooses an alternative annuity option pursuant to
Section 6.3, payments shall be made monthly thereafter as of the first day of each succeeding month during the lifetime of the retired Employee. 
 6.2 Re-employment by the Company. 
 (a) If a retired
Employee receiving an early or normal retirement benefit shall be re-employed by the Company, retirement benefit payments shall continue to be made during the period of such employment. 

(b) If a retired Employee receiving an early retirement benefit shall be re-employed by the Company
prior to his Normal Retirement Age, upon his subsequent Separation from Service, his retirement benefit shall be calculated as if the Employee were then first retired, based upon his Service at the time of his prior retirement plus the Service
earned following the date of re-employment and his Average Compensation at the time of his subsequent Separation from Service. Upon his subsequent Separation from Service, the additional amount of the monthly retirement benefit shall commence on the
first day of month following the Employee’s Separation from Service; provided that if the Employee is a “specified employee” within the meaning of Code Section 409A on the date of his Separation from Service, distribution
of the additional benefits shall be delayed until the seventh (7th) calendar month following the month in which his subsequent Separation from Service occurs. In the event of such delay, all additional monthly payments that were due from the date of the
Employee’s subsequent Separation from Service to the date the additional benefits begin to be paid shall be accumulated and paid in a lump sum on the first day of such seventh (7th) calendar month, and the Employee shall receive an additional payment of interest (equal to the interest rate
assumption used for non-lump sum actuarial equivalence) calculated on a simple (i.e., non-compounded) basis to reflect the delay of such payments. 

  
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 6.3 Annuity Options. If the Employee is entitled to an early or normal retirement
benefit, he may any time during his active employment elect either joint and survivor or ten (10) year certain options or among any other annuity options then provided Employees of the Company under the then provisions of the Retirement Plan,
provided that in each case the annuity option chosen is the actuarial equivalent of a single life annuity taking into account factors specified in the Retirement Plan for purposes of calculating actuarial equivalence; such benefit payment option
shall not be effective until the Employee’s termination of employment. 
 6.4 Payment to Legal Representative. In
the event a conservator, guardian, or other legal representative of the estate of any retired Employee shall be appointed by a court of competent jurisdiction, retirement payments may be made to such conservator, guardian or other legal
representative, provided that proper proof of appointment and continuing qualification is furnished. Any such payment shall be a payment for the account of the retired Employee and shall be a complete discharge of any liability of the Company
hereunder. 
 6.5 Incompetency. In the event that it shall be determined by the Company that a retirement benefit is
payable but that the Employee is unable to care for his affairs because of illness or accident, any payment due (unless a prior claim therefor shall have been made for a duly qualified guardian or other legal representative) may, in the discretion
of the Company, be paid to the spouse, parent, child, brother or sister of the Employee or to any other person or institution deemed by the Company to be maintaining or responsible for the maintenance of the Employee; or in any such instances, then
in the discretion of the Company, payment may be made by depositing the same in a responsible bank in Wisconsin in the name of the Employee. Any such payment shall be a payment for the account of the Employee and shall be a complete discharge of any
liability of the Company therefore. 

  
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	 	7.	Alienation of Benefits 

 No benefit payable at any time hereunder shall be subject in any manner to alienation, sale, transfer, assignment, pledge or encumbrance of any kind. Any attempt to alienate, sell, transfer, assign,
pledge or otherwise encumber any such benefit, whether presently or thereafter payable shall be void. No retirement or severance benefit shall in any manner be liable for or subject to the debts or liabilities of the Employee or retired Employee
entitled to any retirement benefit, or subject to or reachable by garnishment, attachment, execution or other legal process or proceeding by or on behalf of any judgment creditor or other creditor of or claimant against the retired Employee to whom
such benefit is or may be payable. If the Employee or retired Employee shall attempt to alienate, sell, transfer, assign, pledge, or otherwise encumber his benefits under the Agreement, or any part thereof, or if by reason of his bankruptcy or other
event happening at any time, such benefits would devolve upon anyone else or would not be enjoyed by him, then the Company, in its discretion, may suspend his interest in any such benefit and hold or apply it to or for the benefit of the Employee,
his spouse, children or other dependents, or any of them, in such manner as the Company may deem proper. 
  

	 	8.	Other Benefits 

8.1 Other Benefits. The Company agrees to maintain in effect and at Company expense: 

(a) Group term life insurance coverage of $200,000 face amount in effect until the Employee’s Separation from Service
and payable on death of Employee to his designated beneficiary; and 

  
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 (b) Group term life insurance of $100,000 face amount in effect after the
Employee’s Separation from Service; provided, however, that if the Employee is a “specified employee” within the meaning of Code Section 409A on the date of his Separation from Service, then (i) during the first six
(6) calendar months following the month in which the Employee’s Separation from Service occurs, the Employee shall pay the Company for such coverage and (ii) after the end of such six (6) month period, the Company shall make a
cash payment to the Employee equal to the aggregate premiums paid by the Employee for such coverage, and thereafter such coverage shall be provided solely at the expense of the Company. 

(c) Group hospital, surgical, major medical, dental and vision care coverage for the Employee and his spouse for his life,
and in the event the Employee predeceases his spouse, for the life of his spouse, in such form and manner as covers all salaried employees of the Company; provided, however, that following the end of the COBRA continuation period, if such
hospital, surgical, major medical, dental or vision care coverage is provided under a health plan that is subject to Code Section 105(h), benefits payable under such health plan shall comply with the requirements of Treasury Regulation
Section 1.409A-3(i)(1)(iv) and, if necessary, the Company shall amend such health plan to comply therewith. 

Notwithstanding the foregoing, the benefits described in subsections (b) and (c) shall be provided only if the Employee is
eligible for and elects to receive immediate pension benefit payments under the Retirement Plan upon his termination of employment. If the Employee is either not eligible for immediate pension benefits under the Retirement Plan, or is eligible for
such benefits but fails to elect immediate commencement of pension payments upon his termination of employment, the Company shall have no liability to provide the benefits described in subsections (b) and (c). 

  
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 8.2 Severance Pay. In addition to the other benefits provided in this Agreement, the
Employee is entitled to severance pay in the event his employment with the Company is involuntarily terminated other than for cause. Severance pay will be thirty (30) months base salary at the time of termination, and will be paid in a lump sum
within twenty (20) business days after the Employee’s involuntary Separation from Service. 
 8.3 Disability
Benefit. Prior to the time that the Employee is entitled to receive a retirement benefit under this Agreement, the Company will provide a long-term disability benefit if he suffers a Disability. The amount of the long-term disability benefit
payment will be 66-2/3 % of base pay, less the sum of the following, but only for the period payments under (a), (b) or (c), or any combination thereof, are being made subsequent to the time the Employee is entitled to a long-term
disability benefit: 
 (a) Any workers compensation payment (except fixed statutory payments for the loss of any
bodily member); 
 (b) Social Security disability benefits; 

(c) Any other disability benefit the Employee may receive because of such disability as a result of any other disability
program sponsored by the Company, to the extent that such benefits have been provided for by premiums or other payments paid by or at the expense of the Company; and 

(d) Early retirement benefits payable under this Agreement. 

  
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 In addition, the long-term disability payment shall be reduced by the amount payable to such Employee for
each month under the provisions of the Retirement Plan, as computed under the Retirement Plan; provided, however, that any Supplemental Allowance (as defined in the Retirement Plan) available to early retirees under the terms of the
Retirement Plan shall not be taken into account in reducing amounts due hereunder. 
 Long-term disability benefit payments
shall cease upon the Employee attaining Normal Retirement Age at which time such Employee, if he has not already begun to receive early retirement benefits under this Agreement, shall be entitled to a normal retirement benefit pursuant to
Section 4.3, calculated based upon Average Compensation on the date of the beginning of the Disability and Service as if he had become disabled at his Normal Retirement Age. 

If the Disability ceases on or prior to the Employee attaining Normal Retirement Age, long-term disability payments shall cease, and if
the Employee is not re-employed by the Company upon such cessation or if the Employee is not already receiving early retirement benefits under this Agreement, the Employee shall be entitled to a normal retirement benefit upon the Employee’s
attainment of Normal Retirement Age, calculated as provided in Section 4.1 based upon Average Compensation and Service on the date of the beginning of the Disability. 

 

	 	9.	Cooperation 

 An
Employee eligible for a benefit hereunder shall furnish the Company with such documents, evidence, data, or information as the Company considers necessary or desirable. 

  
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	 	10.	Withholding; Employment Taxes 

 To the extent required by the law in effect at the time payments are made, the Company shall withhold any taxes required to be withheld by the federal, or any state or local, government. If prior to the
date of distribution of any amount hereunder, the Federal Insurance Contributions Act (FICA) tax imposed under Code Sections 3101, 3121(a) and 3121(v)(2), where applicable, becomes due, then the Company may authorize a payment from the
Employee’s accrued benefit equal to the amount needed to pay the Employee’s portion of such tax, as well as withholding taxes resulting therefrom (including the additional taxes attributable to the pyramiding of such distributions and
taxes), and the amount of the monthly retirement benefit described in Section 4 shall be reduced accordingly. 
  

	 	11.	Amendment or Termination of the Agreement 

 The Company reserves the right to amend or terminate this Agreement at any time; provided, however, no such action shall adversely affect the Employee’s benefits hereunder without the consent
of the Employee, if living, or his designated beneficiary or beneficiaries, if the Employee is not living. 
  

	 	12.	Claim for Benefits Procedure 

 12.1 Claim for Benefits. Any claim for benefits under the Agreement shall be made in writing to the Company no later than ninety (90) days following the date the payment that is in dispute
should have been made. If such claim for benefits is wholly or partially denied by the Company, the Company shall, within a reasonable period of time, but not later than ninety (90) days after receipt of the claim, notify the claimant of the
denial of the claim. Such notice of denial shall be in writing and shall contain: 
 (a) the specific reason or
reasons for the denial of the claim; 
 (b) a reference to the relevant Agreement provisions upon which the
denial is based; 

  
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 (c) a description of any additional material or information necessary for
the claimant to perfect the claim, together with an explanation of why such material or information is necessary; and 
 (d) an explanation of the Agreement’s claim review procedure, including the claimant’s right to bring a suit for benefits under ERJSA Section 502 if the claimant’s appeal is denied.

 12.2 Request for Review of a Denial of a Claim for Benefits. Upon receipt by the claimant of written notice of denial
of the claim, the claimant may within sixty (60) days file a Written request to the Company, requesting a review of the denial of the claim, which review shall include a hearing if deemed necessary by the Company; provided that to avoid
penalties under Code Section 409A, the claimant’s appeal must be filed no later than 180 days after the latest date the payment that is in dispute could have been timely paid pursuant to Code Section 409A. In connection with the
claimant’s appeal of the denial of his or her claim, he or she may review relevant documents and may submit issues and comments in writing. 
 12.3 Decision Upon Review of Denial of Claim for Benefits. The Company shall render a decision on the claim review promptly, but no more than sixty (60) days after the receipt of the
claimant’s request for review, unless special circumstances (such as the need to hold a hearing) require an extension of time, in which case the sixty (60) day period shall be extended to one hundred-twenty (120) days. Such decision
shall: 
 (a) include specific reasons for the decision; 

(b) be written in a manner calculated to be understood by the claimant; 

(c) contain specific references to the relevant Agreement provisions upon which the decision is based; and 

(d) contain notification to the claimant of his or her right to bring suit for benefits under ERISA Section 502.

  
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 The decision of the Company shall be final and binding in all respects on both the Company and the claimant.
Legal action against the Agreement may not be commenced more than 180 days after the Company notifies the claimant of the determination upon review, or if the Company fails to timely notify the claimant pursuant to the provisions of the Agreement,
180 days after the latest date the Company could have timely notified the claimant. 
  

	 	13.	Applicable Law 

This Agreement shall be governed by the laws of the State of Wisconsin, without reference to the conflict of law principles thereof, and
be binding upon and inure to the benefit of the personal representatives of the Employee and the successors or assigns of the Company. This Agreement is not subject to the principal provisions of ERISA pursuant to statutory exceptions from such Act.
Portions of this Agreement are intended to be a deferred compensation plan that complies with Code Section 409A, and this Agreement shall be construed and interpreted in a manner that will cause any payment hereunder that is not exempt from
Code Section 409A to meet the requirements thereof such that no additional tax will be due under Code Section 409A on such payment. 
 IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed the day and year first above written, and in the case of LADISH CO., INC., the same has been signed and its corporate seal
affixed by authority of its Board of Directors. 
  

			
	LADISH CO., INC.
		
	By:	 	 /s/ Larry C. Hammond

		
	Title	 	 V.P. – Human Resources

  

					
	 /s/ Ann M. Delano
	 		 	 /s/ G. J. Vroman

	Witness	 		 	Employee

  
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 RESTRICTIVE COVENANT AND NON-COMPETE AGREEMENT 

THIS RESTRICTIVE COVENANT AND NON-COMPETE AGREEMENT (this “Agreement”) is made and entered into as
of the 13th day of May, 2010, by and between LADISH
CO., INC. (“Ladish”), and Gary Vroman (“Executive”). 
 RECITALS 

WHEREAS, Executive serves as Ladish’s President and Chief Executive Officer and, in the performance of Executive’s duties,
Executive was, and will continue to be, exposed to confidential and proprietary information of Ladish, Ladish’s customers and others; 
 WHEREAS, the parties believe it is in their best interests to make provision for certain aspects of their relationship during and after the period in which Executive is employed by Ladish; and 

WHEREAS, in connection with the obligations and undertakings hereunder, Executive receives and will receive consideration to which
Executive acknowledges he/she would not otherwise be entitled. 
 NOW, THEREFORE, in consideration of the continued employment of
Executive, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Ladish and Executive hereby agree as follows: 
 ARTICLE I CONFIDENTIAL INFORMATION; RETURN OF RECORDS 
 1.1.
Acknowledgements. Executive acknowledges and agrees that, as an integral part of its business, Ladish has expended a great deal of time, money and effort to develop and maintain confidential, proprietary and trade secret information to
compete against similar businesses and that this information, if misused or disclosed, would be harmful to Ladish’s business and competitive position in the marketplace. Executive further acknowledges and agrees that as an executive-level
employee of Ladish, Ladish provides Executive with access to its confidential, proprietary and trade secret information, strategies and other confidential business information that would be of considerable value to competitive businesses. As a
result, Executive acknowledges and agrees that the restrictions contained in this Article I are reasonable, appropriate and necessary for the protection of Ladish’s confidential, proprietary and trade secret information. 

1.2. Confidentiality Obligations. While Executive is employed by Ladish, Executive will not, directly or indirectly, use or
disclose any Confidential Information or Trade Secrets (defined in Section 1.3, below) of Ladish, except in the interest and for the benefit of Ladish. After the termination of Executive’s employment with Ladish, for whatever reason,
Executive will not, directly or indirectly, use or disclose any Trade Secrets of Ladish, unless such information ceases to be deemed a Trade Secret by means of one of the exceptions set forth in Section 1.3(c), below. For a period of two
(2) years following the end, for whatever reason, of Executive’s employment with Ladish, Executive will not, directly or indirectly, use or disclose any Confidential Information of Ladish, unless such information ceases to be deemed
Confidential Information by means of one of the exceptions set forth in Section 1.3(c), below. 

 1.3. Definitions. 

(a) Trade Secret. The term “Trade Secret” shall have that meaning set forth under applicable law. This
term is deemed by Ladish to specifically include all computer source, object or other code created by or for Ladish and any confidential information received from a third party with whom Ladish has a binding agreement restricting disclosure of such
confidential information. 
 (b) Confidential Information. The term “Confidential Information”
shall mean all non-Trade Secret or proprietary information of Ladish which has value to Ladish and which is not known to the public or Ladish’s competitors, generally, including, but not limited to, (i) strategic growth plans, pricing
policies and strategies, employment records and policies, operational methods, marketing plans and strategies, advertising plans and strategies, product development techniques and plans, business acquisition and divestiture plans, resources, sources
of supply, suppliers and supplier contractual relationships and terms, technical processes, designs, inventions, research programs and results, source code, short-term and long-range planning, projections, information systems, sales objectives and
performance, profits and profit margins, and seasonal plans, goals and objectives (whether written, oral, recorded electronically or otherwise), and (ii) information which is marked or otherwise designated or treated as confidential or
proprietary by Ladish. 
 (c) Exclusions. Notwithstanding the foregoing, the terms “Confidential
Information” and “Trade Secret” shall not include, and the obligations set forth in this Article I shall not apply to, any information which: (i) can be demonstrated by Executive to have been known by Executive prior to
Executive’s employment by and service to Ladish; (ii) is or becomes generally available to the public through no act or omission of Executive; (iii) is obtained by Executive in good faith from a third party who discloses such
information to Executive on a non-confidential basis without violating any obligation of confidentiality or secrecy relating to the information disclosed; or (iv) is independently developed by Executive outside the scope of Executive’s
employment by and service to Ladish without use of Confidential Information or Trade Secrets. 
 1.4. Confidential
Information of Others. Executive certifies that Executive has not, and will not, disclose or use during Executive’s employment by Ladish, any confidential information which Executive acquired as a result of any previous employment or under
a contractual obligation of confidentiality or secrecy before Executive became an employee of Ladish. All prior obligations (written and oral), such as confidentiality agreements or covenants restricting future employment or consulting, that
Executive has entered into which restrict Executive’s ability to perform any services as an employee for Ladish are listed below under the heading “List of Prior Obligations.” 

1.5. Return of Records. Upon the end, for whatever reason, of Executive’s employment with Ladish, or upon request by Ladish
at any time, Executive shall immediately return to Ladish all documents, records, and materials belonging and/or relating to Ladish, and all copies of all such materials. Upon the end, for whatever reason, of Executive’s employment with Ladish,
or upon request by Ladish at any time, Executive further agrees to destroy such records maintained by Executive on Executive’s own computer equipment and to make available Executive’s personal computer equipment for inspection by Ladish or
its agent, at reasonable times and at Ladish’s expense upon Ladish’s request, to ensure that adequate measures have been taken to destroy such records on Executive’s computer equipment. 

  
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 ARTICLE II NONCOMPETITION 

2.1. Acknowledgments. Executive acknowledges and agrees that Ladish is one of the leading producers of technically advanced metal
components in the world, with facilities throughout the United States, and that Ladish compensates employees like Executive to, among other things, develop and maintain valuable goodwill and relationships on Ladish’s behalf (including
relationships with customers, suppliers, vendors, employees and other associates) and to maintain business information for Ladish’s exclusive ownership and use. As a result, Executive acknowledges and agrees that the restrictions contained in
this Article II are reasonable, appropriate and necessary for the protection of Ladish’s goodwill, associate relationships and confidential information and trade secrets. Executive further acknowledges and agrees that the restrictions contained
in this Article II will not pose an undue hardship on Executive or Executive’s ability to find gainful employment or engagements after the end of employment with Ladish. 
 2.2. Restrictions on Competition. While Executive is employed by Ladish and for a period of one (1) year following the end, for whatever reason, of Executive’s employment with Ladish,
Executive will not, directly or indirectly, advise, participate on or be a member of any board of directors, or be employed on the management team, of any Competitor (as defined in Section 2.3, below) with respect to such Competitor’s
operations in the United States; provided, however, that this Section 2.2: 
 (a) shall only bar Executive
from performing for a Competitor duties of the type Executive performed for Ladish while employed by Ladish during the one (1) year period prior to the end of Executive’s employment by Ladish; and 

(b) shall not prohibit Executive from investing as a passive investor in the capital stock or other securities of a
publicly traded corporation listed on a national securities exchange. 
 2.3. Competitor. The term “Competitor”
means the following entities: Precision Castparts Corporation, Firth-Rixson, Ltd., Shultz Steel Co., and Weber Metals, Inc., and any subsidiary entities engaged in the sale, design or manufacture of forgings, investment castings, machining services
or tool-making products or services and the successors of any such entities. 
 ARTICLE III BUSINESS IDEAS 

3.1. Assignment of Business Ideas. Executive shall immediately disclose to Ladish a list of all inventions, patents, applications
for patent, copyrights, and applications for copyright in which Executive currently holds an interest. Ladish will own, and Executive hereby assigns to Ladish, all rights in all Business Ideas (as defined in Section 4.2, below). All Business
Ideas which are or form the basis for copyrightable works shall be considered “works for hire” as that term is defined by United States copyright law. Any works that are not found to be “works for hire” are hereby assigned to
Ladish. While Executive is employed by Ladish and for a period of one (1) year following the end, for whatever reason, of Executive’s employment with Ladish, Executive will promptly disclose all Business Ideas to Ladish and execute all
documents which Ladish may reasonably require to perfect its patent, copyright and other rights to such Business Ideas throughout the world. Following the end, for whatever reason, of Executive’s employment with Ladish, Executive will cooperate
with Ladish to assist Ladish in perfecting its rights to any Business Ideas including executing all documents which Ladish may reasonably require. 

  
 3 

 3.2. Business Ideas. The term “Business Ideas” as used in this Agreement
means all ideas, inventions, data, software, developments and copyrightable works, whether or not patentable or registrable, which Executive originates, discovers or develops, either alone or jointly with others while Executive is providing services
to Ladish and for one (1) year thereafter and which are (a) related to any business known by Executive to be engaged in or contemplated by Ladish, (b) originated, discovered or developed during Executive’s working hours or
service to Ladish, or (c) originated, discovered or developed in whole or in part using materials, labor, facilities, Confidential Information, Trade Secrets, or equipment furnished by Ladish. 

ARTICLE IV EMPLOYEE NON-SOLICITATION 
 While Executive is employed by Ladish and for a period of two (2) years following the end, for whatever reason, of Executive’s employment with Ladish, Executive shall not directly or indirectly
encourage any Ladish employee to terminate his/her employment with Ladish or solicit such an individual for employment outside of Ladish in a manner which would end or diminish that employee’s services to Ladish. 

ARTICLE V MISCELLANEOUS 
 5.1. Recitals. The recitals to this Agreement are hereby incorporated herein by this reference. 
 5.2. Prospective Employers. Executive agrees, during the term of any restriction contained in this Agreement, to disclose this Agreement to any person or entity which offers employment to
Executive. Executive further agrees that Ladish may send a copy of this Agreement to, or otherwise make the provisions hereof known to, any of Executive’s potential or future employers. 

5.3. Consideration. Execution of this Agreement is a condition of Executive’s continued employment with Ladish, and
Executive’s continued employment by Ladish and the grant of Restricted Stock constitutes the consideration for Executive’s undertakings hereunder. 
 5.4. Binding Effect. This Agreement binds Executive’s heirs, executors, administrators, legal representatives and assigns and inures to the benefit of Ladish and its successors and assigns.

 5.5. Injunctive Relief. The parties agree that damages will be an inadequate remedy for breaches of this Agreement and
in addition to damages and any other available relief, a court shall be empowered to grant injunctive relief (without the necessity of posting bond or other security). 
 5.6. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin, without regard to the principles of conflicts of law thereunder.

 5.7. Entire Agreement; Amendment. This Agreement contains the entire agreement between the parties with respect to the
subject matter hereof, and supersedes all prior and contemporaneous representations, promises, agreements and understandings, whether oral or written, between the parties. This Agreement may not be modified, amended, terminated or waived, in whole
or in part, except by a written instrument signed by each of the parties hereto. 

  
 4 

 5.8. Assignment. This Agreement is binding upon and shall inure to the benefit of the
successors and assigns of Ladish and may be assigned by Ladish without the consent of Executive. This Agreement may not be assigned by Executive without Ladish’s prior written consent. 

5.9. Severability. The obligations imposed by this Agreement are severable and should be construed independently of each other.
The invalidity of one provision shall not affect the validity of any other provision. 
 5.10. Waiver. No waiver of any
of the provisions of this Agreement shall constitute a waiver of any other provision, nor shall such waiver constitute a continuing waiver unless expressly provided. 
 5.11. Neutral Construction. The language used in this Agreement shall be deemed to be the language chosen by both of the parties hereto to express their mutual intent, and no rule of strict
construction shall be applied against either party. 
 5.12. Captions. The section headings in this Agreement are for
convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provision hereof. 

5.13. Counterparts; Electronic Copy. This Agreement may be executed in counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile copy or portable document format with the same binding effect as the original. 

5.14. Terminable-at-Will. Nothing in this Agreement shall be construed to limit the right of either party to terminate the
employment relationship at any time for any or no reason with or without notice. 
 5.15. Jurisdiction and Venue.
Executive and Ladish agree that all disputes between them regarding this Agreement, including, without limitation, all disputes involving claims for interpretation, breach or enforcement of this Agreement, shall be litigated exclusively in the State
of Wisconsin Circuit Court for Milwaukee County or the United States District Court for the Eastern District of Wisconsin, and both parties irrevocably consent to, and waive any challenge to, the jurisdiction of, and venue in, such courts.

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

 

			
	 LADISH:

LADISH CO., INC.

		
	By:	 	/s/ Lawrence C. Hammond
	Name:	 	Lawrence C. Hammond
	 Title:
	 	V.P. – Human Resources
	
	EXECUTIVE:
	/s/ G. J. Vroman
	Name:

  
 5 

 AMENDMENT 
 The AGREEMENT between ATI Ladish (successor by merger to Ladish Co., Inc.) and Gary J. Vroman, as amended and restated as of October 15, 2010, is amended effective August 22, 2011, by adding the
following sentence at the end of Section 1.5: 
 “For the year 2011 and any subsequent years, the total annual base salary used in
determining Compensation under this Section will be $475,000 or the actual total annual base salary of the Employee, whichever is greater.” 
  

			
	ATI LADISH LLC
		
	By:	 	 /s/ Larry C. Hammond

		
	Title	 	 V.P. – Human Resources

  

					
	 /s/ Ann M. Delano
	 		 	 /s/ G. J. Vroman

	Witness	 		 	Employee

  

			
	Dated:	 	 August 24, 2011EX-10.34

 Exhibit 10.34 
 EMPLOYMENT AGREEMENT 
 Thomas Shea 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into this 2nd day of February, 2008 (the “Effective Date”) by
and between NxStage Medical, Inc. (the “Company”) and Thomas Shea (the “Executive”). 
 WHEREAS, the Company
desires to employ Executive, and Executive desires to be employed by the Company upon the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1.
Employment. The Company hereby agrees to employ Executive, and Executive hereby accepts such employment and agrees to perform Executive’s duties and responsibilities, in accordance with the terms, conditions and provisions hereinafter
set forth. This Agreement shall be effective on the Effective Date and shall continue until terminated in accordance with Section 2 hereof. Nothing in this Agreement shall be construed as giving Executive any right to be retained in the employ
of the Company, and Executive specifically acknowledges that Executive shall be an employee-at-will of the Company, and thus subject to discharge at any time by the Company with or without cause and without compensation of any nature except as
provided in Section 2 below. 
 1.1 Duties and Responsibilities. Commencing on the Effective Date, Executive shall
serve as a Senior Vice President, Operations and shall perform all duties and accept all responsibilities incident to such position as may be reasonably assigned to Executive by the Company’s Board of Directors (the “Board”) or by the
Chief Executive Officer (“CEO”) of the Company. Executive shall be based at the Company’s headquarters in Lawrence, Massachusetts, or such place or places in the continental United States as the Board shall determine. 

1.2 Extent of Service. Executive agrees to use Executive’s best efforts to carry out Executive’s duties and
responsibilities under Section 1.1 hereof and, consistent with the other provisions of this Agreement, to devote substantially all of Executive’s business time, attention and energy thereto. The foregoing shall not be construed as
preventing Executive from making passive investments in other businesses or enterprises, provided that Executive agrees not to become engaged in any other business activity which, in the reasonable judgment of the Board, is likely to interfere with
Executive’s ability to discharge Executive’s duties and responsibilities to the Company. 
 1.3 Base Salary.
For all the services rendered by Executive hereunder, the Company shall pay Executive a base salary (“Base Salary”) at the annual rate of $205,000, less applicable taxes and withholdings, payable bi-weekly in installments at such times as
the Company customarily pays its other senior level executives. Executive’s Base Salary shall be reviewed annually for appropriate increases by the Board, CEO, or compensation committee pursuant to the normal performance review policies for
senior level executives. 
 1.4 Incentive Compensation. Executive shall participate in short-term and long-term incentive
programs established by the Company for its senior level executives generally, at levels determined by the Board or the compensation committee. Executive’s incentive compensation shall be subject to the terms of the applicable plans and shall
be determined based on Executive’s individual performance and Company performance as determined by the Board or the compensation committee. For 2008, the compensation committee of the Board has determined that Executive will be entitled to
receive incentive compensation, consistent with the term of the Company’s 2008 bonus plan, of up to 30% of Executive’s Base Salary based on Executive’s individual performance and Company performance, as determined by the compensation
committee of the Board. 
 1.5 Stock Compensation. Subject to approval of the Company’s Board of Directors of
compensation committee of the Board, Executive shall be granted an option (the “Option”) under the Company’s 2005 Stock Incentive Plan (the “Plan”) for the purchase of 150,000 shares of common stock of the Company, at an
exercise price equal to the closing price of the Company’s common stock on the NASDAQ Global Market on the date of grant. The Option shall be subject to all terms, vesting, schedules, limitations, restrictions and termination provisions set
forth in the Plan and the separate option agreement (which shall be based on the Company’s standard form incentive stock option agreement) which shall be executed to evidence the grant of the Option. The Option shall be an incentive stock
option to the maximum extent permitted by law. 
 1.6 Retirement and Welfare Plans. Executive shall participate in
employee retirement and welfare benefit plans made available to the Company’s senior level executives as a group or to its employees generally, as such retirement and welfare plans may be in effect from time to time and subject to the
eligibility requirements of the plans. Nothing in this Agreement shall prevent the Company from amending or terminating any retirement, welfare or other employee benefit plans or programs from time to time as the Company deems appropriate.

 1.7 Reimbursement of Expenses; Vacation. Executive may participate in any and all benefit programs, including
reimbursement of business-related expenses and vacation, which the Company makes available to its employees from time to time, provided Executive is eligible under (and subject to all provisions of) the policy and/or plan documents that govern these
programs. The Company reserves the right to change, add or cease any particular benefit without notice, in its sole discretion, 

 
provided that these programs shall not be changed or terminated with respect to all employees generally, or as otherwise required by law. For purposes of determining vacation
eligibility, Executive will be deemed to have ten (10) years tenure with the Company. 
 2. Termination. Executive’s employment
shall terminate upon the occurrence of any of the following events: 
 2.1 Termination Without Cause or Resignation for Good
Reason Before A Change of Control. 
 (a) Subject to Section 2.2 below, if the Company terminates Executive’s
employment without Cause (as defined in Section 2.8) at any time before a Change of Control or Executive resigns for Good Reason (as defined in Section 2.8) at any time before a Change of Control, this Section 2.1 shall apply.

 (b) If Executive’s employment terminates as described in subsection (a) above and Executive executes and does not
revoke a written separation agreement and release, in a form provided by the Company, of any and all claims against the Company and all related parties with respect to all matters arising out of Executive’s employment by the Company, or the
termination thereof (the “Release”), Executive shall be entitled to receive the following severance compensation, as long as Executive complies with the terms of Executive’s Proprietary Information Agreement (as defined below):

 (i) Executive shall receive severance payments in an amount equal to .50 times Executive’s annual Base Salary at the
rate in effect at the time of Executive’s termination. The severance amount shall be paid in accordance with the Company’s normal payroll practices over the 6-month period following Executive’s termination of employment (the
“Severance Period”). Payments shall commence within 30 days after the effective date of the termination (or the end of the revocation period for the Release, if later). 

(ii) During the Severance Period, Executive shall continue to receive the medical coverage in effect at the date of Executive’s
termination (or generally comparable coverage) for Executive and, where applicable, Executive’s spouse and dependents, as the same may be changed from time to time for employees generally, as if Executive had continued in employment during such
period, or, as an alternative, the Company may elect to pay Executive cash in lieu of such coverage in an amount equal to Executive’s COBRA cost of continuing such coverage (less any required employee payments calculated as if Executive had
continued to be an employee), where such coverage may not be continued (or where such continuation would adversely affect the tax status of the plan pursuant to which the coverage is provided). After the Severance Period, the Executive shall be
responsible for assuming all costs associated with continuing medical coverage pursuant to COBRA. The COBRA health care continuation coverage period under Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”),
shall run concurrently with the Severance Period. 
 (iii) Stock Options. All outstanding stock options and stock awards
held by Executive at the date of Executive’s termination of employment that would have otherwise become vested and exercisable during the Severance Period will become vested and exercisable during the Severance Period as if Executive had
remained employed during the Severance Period. Subject to the provisions of Section 2.2(a) below, Executive shall have up to ninety (90) days following the expiration of the Severance Period to exercise his vested options or awards
(provided that nothing in this Agreement shall extend the right of exercise beyond the earlier of (a) the final exercise or termination date, as set forth in the respective option or award agreement, or (b) the date of termination,
cancellation or exchange of an option as a result of a change in the Company’s capitalization or any reorganization event, including (i) any merger or consolidation of the Company with or into another entity as a result of which the Common
Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or is cancelled, (ii) any exchange of all of the Common Stock of the Company for cash, securities or other property pursuant to a
share exchange transaction, (iii) any liquidation or dissolution of the Company, or (iv) any similar event). All options or awards not exercised at the end of this period shall expire and be null and void. All stock option or stock award
agreements between the Executive and the Company shall continue in full force and effect except that in the event of any conflict between this Agreement and either the stock option or award agreement or relevant stock plan, the terms of this
Agreement shall prevail, except that this Agreement shall not be construed to limit, in any way, Executive’s rights granted under Executive’s option or award agreements or relevant stock plan. 

(iv) Executive shall receive any benefits in accordance with the terms of any applicable benefit plans and programs of the Company
accrued as of the date of the termination. 
 (c) Executive agrees that if Executive fails to comply with Executive’s
Proprietary Information Agreement, all payments under this Section 2.1 shall immediately cease. 
 2.2 Termination
Without Cause; Resignation for Good Reason After or in Connection With A Change of Control. 
 (a) If a Change of Control
occurs and (i) the Company has terminated Executive’s employment without Cause within the period of time commencing three (3) months prior to the public announcement by the Company or the acquiring company of such Change of Control
and extending until the Change in Control, and unless the Company can reasonably demonstrate that such termination did not arise in connection with such Change of Control, or (ii) the Company terminates Executive’s employment without Cause
at any time upon or after a Change of Control, or (iii) Executive resigns for Good Reason (as defined in Section 2.8) upon or at any time during the 12-month period following the Change of Control, this Section 2.2 shall apply.

 (b) If Executive’s employment terminates as described in subsection (a) above and
Executive executes and does not revoke a Release, Executive shall be entitled to receive the following severance compensation, as long as Executive complies with the terms of Executive’s Proprietary Information Agreement: 

(i) Executive shall receive a lump sum severance payment in an amount equal to (A) 1 times Executive’s annual Base Salary at
the rate in effect at the time of Executive’s termination, plus (B) 1 times the greater of (X) Executive’s annual bonus paid by the Company to Executive for the fiscal years preceding Executive’s termination of employment or
(Y) the Executive’s target annual bonus for the then current year. The payment shall be made within 30 days after the effective date of the termination of employment (or the end of the revocation period for the Release, if later).

 (ii) During the 12-month period following Executive’s termination of employment (the “CIC Severance Period”),
Executive shall continue to receive the medical coverage in effect at the date of Executive’s termination (or generally comparable coverage) for Executive and, where applicable, Executive’s spouse and dependents, as the same may be changed
from time to time for employees generally, as if Executive had continued in employment during such period, or, as an alternative, the Company may elect to pay Executive cash in lieu of such coverage in an amount equal to Executive’s COBRA cost
of continuing such coverage (less any required employee payments calculated as if Executive had continued to be an employee), where such coverage may not be continued (or where such continuation would adversely affect the tax status of the plan
pursuant to which the coverage is provided). After the CIC Severance Period, the Executive shall be responsible for assuming all costs associated with continuing medical coverage pursuant to COBRA. The COBRA health care continuation coverage period
under Section 4980B of the Code shall run concurrently with the CIC Severance Period. 
 (iii) Without limiting any
acceleration of vesting provided for under Executive’s stock option or stock award agreements in connection with a Change of Control, all outstanding stock options and stock awards held by Executive at the date of Executive’s termination
of employment shall become fully vested and exercisable on the date of termination of employment. Executive shall have up to ninety (90) days following his date of termination to exercise his vested options or awards. All options or awards not
exercised at the end of this period shall expire and be null and void. Notwithstanding any other provision of this Agreement but subject to the next succeeding sentence of this subsection (iii), if Executive’s employment is terminated pursuant
to Section 2.2(a)(i) above, then Executive shall have up to ninety (90) days following the Change of Control to exercise his vested options and awards. Nothing in this Agreement shall extend the right of exercise beyond the earlier of
(a) the final exercise or termination date, as set forth in the respective stock option or stock award agreements, or (b) the date of termination, cancellation or exchange of an option as a result of a change in the Company’s
capitalization or any reorganization event, including (i) any merger or consolidation of the Company with or into another entity as a result of which the Common Stock of the Company is converted into or exchanged for the right to receive cash,
securities or other property or is cancelled, (ii) any exchange of all of the Common Stock of the Company for cash, securities or other property pursuant to a share exchange transaction, (iii) any liquidation or dissolution of the Company,
or (iv) any similar event; provided that if any of Executive’s stock options or stock awards would terminate upon a Change of Control because they are not assumed by the successor entity, all of Executive’s outstanding stock options
and stock awards shall become vested immediately prior to the Change of Control, within a timeframe determined by the Compensation Committee of the Company, and reasonably acceptable to Executive, to allow Executive to exercise all of his options
and/or awards prior to the Change of Control; provided that the options or awards not vested immediately prior to the Change of Control shall be subject to the effectiveness of the Change of Control. All stock option and stock awards agreements
between the Executive and the Company shall continue in full force and effect, except that in the event of any conflict between this Agreement and either the stock option or award agreement or relevant stock plan, the terms of this Agreement shall
prevail, except that this Agreement shall not be construed to limit, in any way, Executive’s rights granted under Executive’s stock option or stock award agreements or relevant stock plan. 

(iv) Executive shall receive any benefits accrued in accordance with the terms of any applicable benefit plans and programs of the
Company as of the date of termination. 
 (c) If Executive’s employment is terminated pursuant to Section 2.2(a)(i)
above, then (i) subject to the provisions of Section 2.2(b), Executive shall be entitled to receive the severance compensation set forth in Section 2.2(b) above and the provisions of Section 2.3 below in lieu of the severance
compensation set forth in Section 2.1 above, and (ii) any amounts owed to Executive pursuant to this Section 2.2 shall be offset by the amounts already paid to Executive pursuant to Section 2.1. In addition, to the extent any
stock option has terminated pursuant to the provisions of Section 2.1(b)(iii) above, such termination shall be null and void, and Executive shall have the rights pursuant to Section 2.2(b) above (subject to the provisions of
Section 2.2 (b)(iii) above). 
 (d) Executive agrees that if Executive materially breaches the terms of Executive’s
Proprietary Information Agreement, all payments under this Section 2.2 shall immediately cease. 
 2.3 Voluntary
Termination. Executive may voluntarily terminate Executive’s employment for any reason upon 30 days’ prior written notice. In such event, after the effective date of such termination, except as provided in Sections 2.1 and 2.2

 
with respect to a resignation for Good Reason, no further payments shall be due under this Agreement, except that Executive shall be entitled to any benefits accrued as of the employment
termination date in accordance with the terms of any applicable benefit plans and programs of the Company. 
 2.4
Disability. The Company may terminate Executive’s employment if Executive has been unable to perform the material duties of Executive’s employment for a period of 90 days (which need not be consecutive) in any 12-month period
because of physical or mental injury or illness (“Disability”); provided, however, that the Company shall continue to pay Executive’s Base Salary until the Company acts to terminate Executive’s employment. Executive agrees, in
the event of a dispute under this Section 2.4 relating to Executive’s Disability, to submit to a physical examination by a licensed physician jointly selected by the Board and Executive. If the Company terminates Executive’s
employment for Disability, no further payments shall be due under this Agreement, except that Executive shall be entitled to any benefits accrued as of the employment termination date in accordance with the terms of any applicable benefit plans and
programs of the Company. 
 2.5 Death. If Executive dies while employed by the Company, the Company shall pay to
Executive’s executor, legal representative, administrator or designated beneficiary, as applicable, any benefits accrued as of the date of death under the Company’s benefit plans and programs. Otherwise, the Company shall have no further
liability or obligation under this Agreement to Executive’s executors, legal representatives, administrators, heirs or assigns or any other person claiming under or through Executive. 

2.6 Cause. The Company may terminate Executive’s employment at any time for Cause (as defined in Section 2.8) upon
written notice to Executive, in which event all payments under this Agreement shall cease. Executive shall be entitled to any benefits accrued before Executive’s termination in accordance with the terms of any applicable benefit plans and
programs of the Company. 
 2.7 Notice of Termination. Any termination of Executive’s employment shall be
communicated by a written notice of termination to the other party hereto given in accordance with Section 7. The notice of termination shall (i) indicate the specific termination provision in this Agreement relied upon, (ii) briefly
summarize the facts and circumstances deemed to provide a basis for a termination of employment and the applicable provision hereof, and (iii) specify the termination date in accordance with the requirements of this Agreement. 

2.8 Definitions. 
 (a) “Cause” shall mean any of the following grounds for termination of Executive’s employment: 
 (i) Executive shall have been convicted of, indicted for, or entered a plea of guilty or nolo contendere to, any crime involving moral turpitude or any felony; 

(ii) Executive intentionally and continually fails to perform Executive’s reasonably assigned material duties to the Company (other
than a failure resulting from Executive’s incapacity due to physical or mental illness), which failure has continued for a period of at least 30 days after a written notice of demand for substantial performance, signed by a duly authorized
officer of the Company, has been delivered to Executive specifying the manner in which Executive has failed substantially to perform; or 
 (iii) Executive materially breaches the terms of Executive’s Proprietary Information Agreement. 
 (b) “Change of Control” as used herein, a “Change of Control” shall be deemed to have occurred if: 
 (i) Any “person” (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) becomes a “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not be
deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the
transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors; or 

(ii) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the
Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving
corporation would be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution of the Company. 

(iii) In each case, a Change of Control shall not be deemed to occur, unless such event also constitutes a “change in the ownership
or effective control of a corporation or a change in the ownership of a substantial portion of the assets of a corporation”, as defined for purposes of Section 409A of the Internal Revenue Code. 

 (c) “Good Reason” shall mean the occurrence of any of the following events or
conditions, unless Executive has expressly consented in writing thereto, or except as a result of Executive’s physical or mental incapacity or as described in the last sentence of this subsection (c): 

(i) a material reduction in Executive’s Base Salary; provided however, that such reduction shall not trigger Good Reason if all
similarly situated executives are similarly affected by a decrease in Base Salary; provided further, if such decrease is equal to or greater than 20% of Executive’s Base Salary, Good Reason shall be available to the Executive; 

(iii) the assignment to the Executive of duties inconsistent in any material respect with the Executive’s position (including
status, offices, titles and reporting requirements), authority or responsibilities; 
 (iv) the Company requires that
Executive’s principal office location be moved to a location more than 50 miles from Executive’s principal office location and principal residence (as defined by Section 217 of the Code) immediately before the change in location; or

 (v) a material breach by the Company of this Agreement. 

Notwithstanding the foregoing, Executive shall not have Good Reason for termination unless Executive gives written notice of termination
for Good Reason within 30 days after initial occurrence of the condition giving rise to Good Reason occurs and the Company does not correct the action or failure to act that constitutes the grounds for Good Reason, as set forth in Executive’s
notice of termination, within 30 days after the date on which Executive gives written notice of termination. Termination for Good Reason shall occur within seven (7) days of the expiration of the 30 day cure period if the cause for such Good
Reason termination remains uncured. 
 2.9 Distributions. The following rules shall apply with respect to distribution of
the payments and benefits, if any, to be provided to the Executive under this Article 2: 
 (i) It is intended that each
installment of the payments and benefits provided under Article 2 shall be treated as a separate “payment” for purposes of Section 409A of the U.S. Internal Revenue Code of 1986, as amended, and the guidance issued thereunder
(“Section 409A”). Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A; 

(ii) If, as of the date of the “separation from service” of the Executive from the Company, the Executive is not a
“specified employee” (each within the meaning of Section 409A), then each installment of the payments and benefits shall be made on the dates and terms set forth in Article 2; and 

(iii) If, as of the date of the “separation from service” of the Executive from the Company, the Executive is a “specified
employee” (each, for purposes of this Agreement, within the meaning of Section 409A), then: 
 (A) Each installment
of the payments and benefits due under Article 2 that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the Short-Term Deferral Period (as
hereinafter defined) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A. For purposes of this Agreement, the “Short-Term
Deferral Period” means the period ending on the later of the 15th day of the third month following the end of the Executive’s tax year in which the Executive’s separation from service occurs and the 15th day of the third month
following the end of the Company’s tax year in which the Executive’s separation from service occurs; and 
 (B) Each
installment of the payments and benefits due under Article 2 that is not paid within the Short-Term Deferral Period and that would, absent this subsection, be paid within the six-month period following the “separation from service”
of the Executive of the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, the death of the Executive), with any such installments that are required to be delayed being
accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following the Executive’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and
terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments and benefits if and to the maximum extent that such installment is deemed to be paid under a separation pay plan
that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service) or Treasury Regulation 1.409A-1(b)(9)(iv) (relating
to reimbursements and certain other separation payments). Such payments shall bear interest at an annual rate equal to the prime rate as set forth in the Eastern edition of the Wall Street Journal on the Date of Termination, from the Date of
Termination to the date of payment. Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the second taxable year of the Executive following the taxable
year of the Executive in which the separation from service occurs. 
 
 2.10 Non-Exclusivity of Rights. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in or rights under any benefit, bonus, incentive or other plan
or program provided by the Company and for which Executive may qualify; provided, however, that if Executive becomes entitled to and receives the payments provided for in Section 2 of this Agreement, Executive hereby waives Executive’s
right to receive payments under any severance plan or similar program applicable to all employees of the Company. 
 2. Employee Proprietary
Information, Inventions and Noncompete Provisions. Executive hereby acknowledges his obligations pursuant to the proprietary information, inventions and noncompete provisions attached hereto as Exhibit A (the

 
“Proprietary Information Agreement”), including but not limited to, the obligation to refrain from using or disclosing the proprietary information of the Company. Executive acknowledges
that these obligations shall survive the termination of his employment with the Company, consistent with the terms of the proprietary information, inventions and noncompete provisions in Exhibit A. 

3. Acknowledgment. Executive states and represents that he or she has had an opportunity to fully discuss and review the terms of this Agreement,
including Exhibit A, with an attorney. Executive further states and represents that he or she has carefully read this Agreement, including Exhibit A, understands the contents herein, freely and voluntarily assents to all of the terms and conditions
hereof, and signs his name of his own free act. 
 4. Survivorship. The respective rights and obligations of the parties under this
Agreement shall survive any termination of Executive’s employment to the extent necessary to the intended preservation of such rights and obligations. 
 5. Mitigation. Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise and there shall be no offset
against amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. 
 6. Notices. All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith shall be in writing and shall be deemed to have been
given when hand delivered or mailed by registered or certified mail, as follows (provided that notice of change of address shall be deemed given only when received): 
 If to the Company, to: 
 NxStage Medical, Inc. 

439 South Union St., 5th Floor 
 Lawrence, MA 01843 
 Attn: Chief Executive Officer, with a copy to General Counsel

 If to Executive, to: 
 Thomas Shea 
 140 Johnny Cake St. 

North Andover, MA 01845 
 or to
such other names or addresses as the Company or Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner specified in this Section. 

7. Contents of Agreement; Amendment and Assignment. 
 (a) This Agreement, together with the Proprietary Information Agreement, sets forth the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes any and all
prior agreements and understandings concerning Executive’s employment by the Company and cannot be changed, modified, extended or terminated except upon written amendment approved by the Board and executed on its behalf by a duly authorized
officer of the Company and by Executive. 
 (b) All of the terms and provisions of this Agreement shall be binding upon and
inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and responsibilities of Executive under this Agreement are of
a personal nature and shall not be assignable or delegatable in whole or in part by Executive. The Company shall require that any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or
substantially all of the business or assets of the Company, within 15 days of such succession, expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required to perform if no such
succession had taken place. 
 8. Severability. If any provision of this Agreement or application thereof to anyone or under any
circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable
provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall
nevertheless remain in full force and effect in all other circumstances. 
 9. Remedies Cumulative; No Waiver. No remedy conferred upon a
party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law or in equity. No
delay or omission by a party in exercising any right, remedy or power under this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time to time
and as often as may be deemed expedient or necessary by such party in its sole discretion. 

 10. Withholding. All payments under this Agreement shall be made subject to applicable tax
withholding, and the Company shall withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. Executive shall bear all expense of,
and be solely responsible for, all federal, state and local taxes due with respect to any payment received under this Agreement. 
 11.
Miscellaneous. This Agreement may be executed in counterparts, each of which is an original. It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other counterparts.

 12. Governing Law. This Agreement shall be governed by and interpreted under the laws of the Commonwealth of Massachusetts without
giving effect to any conflict of laws provisions or canons of construction that construe agreements against the draftsperson. 
 13.
Section 409A. This Agreement is intended to comply with the provisions of Section 409A and the Agreement shall, to the extent practicable, be construed in accordance therewith. Terms defined in the Agreement shall have the meanings
given such terms under Section 409A if and to the extent required in order to comply with Section 409A. Notwithstanding the foregoing, to the extent that the Agreement or any payment or benefit hereunder shall be deemed not to comply with
Section 409A, then neither the Company, the Board of Directors nor its or their designees or agents shall be liable to the Executive or any other person for any actions, decisions or determinations made in good faith. 

IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Agreement as of the date first above written.

  

	
	NxStage Medical, Inc.
	
	 /s/ Jeffrey H. Burbank

	Jeffrey H. Burbank
	
	President and Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Thomas F. Shea

	Thomas F. Shea

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