Document:

Third Amendment to Credit Facility Agreement

 Exhibit 10.19 
 THIRD AMENDMENT AND CONSENT TO CREDIT AGREEMENT 
 THIS THIRD AMENDMENT AND CONSENT TO
CREDIT AGREEMENT (this “Amendment”), dated as of November 13, 2006, is entered into by and among the Lenders signatory hereto, WELLS FARGO FOOTHILL, INC., a California corporation, in its capacity as Agent for the
Lenders and Bank Product Providers (in such capacity, “Agent”), and SUMTOTAL SYSTEMS, INC., a Delaware corporation (“Borrower”). Terms used herein without definition shall have the meanings ascribed to them
in the Credit Agreement defined below. 
 RECITALS 
 A. The Lenders, Agent and Borrower have previously entered into that certain Credit Agreement dated as of October 4, 2005, as amended as of October 21, 2005 and as of August 11, 2006 (as so amended, and
as further amended, modified and supplemented from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain loans and financial accommodations available to Borrower. 
 B. The Borrower has informed Agent that is desires to acquire all of the stock of Mindsolve Technologies, Inc., a Florida corporation doing business as
MindSolve Technologies, Inc., a Florida corporation (“MindSolve”) pursuant to a forward triangular merger wherein (i) Seal Acquisition Corporation, a Florida corporation (“Merger Sub”) and a newly-formed,
wholly-owned Subsidiary of Borrower, will be merged with and into MindSolve with MindSolve being the surviving entity as a wholly-owned Subsidiary of Borrower and (ii) MindSolve will be merged with and into Borrower with Borrower being the
surviving entity (collectively, the “MindSolve Acquisition”). In order to consummate the MindSolve Acquisition, Borrower desires to enter into that certain Agreement and Plan of Merger and Reorganization among MindSolve, Borrower,
Merger Sub, Jeffrey Allen Lyons, Charles V. Steadham, Jr. and Daniel D. Boccabella, Jr. (Jeffrey Allen Lyons, Charles V. Steadham, Jr. and Daniel D. Boccabella, Jr. are collectively referred to herein as the “MindSolve
Stockholders”) and Mellon Investor Services, LLC, as escrow agent, dated as of November 13, 2006 (the “MindSolve Acquisition Agreement”). In order to finance the MindSolve Acquisition, Borrower intends to issue $3,000,000
worth of Stock (the “Stock Issuance”) and incur deferred payment obligations to the MindSolve Stockholders in an amount not to exceed $3,000,000 (the “MindSolve Deferred Payment Obligations”). As a condition to the
consummation of the MindSolve Acquisition, and in the event Borrower is required to assign, and does in fact assign, back to the MindSolve Stockholders United States patent number 5,926,794 upon a default by Borrower with respect to the MindSolve
Deferred Payment Obligations, the MindSolve Stockholders will grant a non-exclusive license to Borrower with respect to United States patent number 5,926,794 which shall be effective upon a default under the Seller Debt (the
“License”). The MindSolve Acquisition Agreement and all documents, instruments and agreement executed or entered into in connection with the MindSolve Acquisition, the Stock Issuance and the MindSolve Deferred Payment Obligations
are collectively referred to herein as the “MindSolve Acquisition Documents.” 
 C. The Borrower has requested that the
Lenders and the Agent agree to certain amendments and consents to the Credit Agreement, and the Lenders and the Agent have agreed to such request, subject to the terms and conditions hereof. 

 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereby agree as follows: 
 1. Amendments to Credit Agreement. Subject to and upon the conditions hereof, the Credit Agreement is
hereby amended, effective as of the date of satisfaction of the conditions set forth in Section 3, as follows: 
 (a) The Credit Agreement is hereby amended by adding the following new Section 5.19(c): 
 (c)
Contemporaneously with the Stock Issuance: (i) cause all transactions contemplated by the MindSolve Acquisition Documents to be consummated; (ii) cause the MindSolve Acquisition to become effective; and (iii) furnish to Agent evidence
thereof in form and content reasonably satisfactory to Agent, as well as certified (as of the closing date thereof) true and complete copies of the MindSolve Acquisition Documents which shall be in compliance with all applicable laws and all
necessary approvals shall have been obtained in connection therewith. 
 (b) Section 6.1 of the Credit Agreement
is hereby amended by deleting the “and” appearing at the end of clause (h), replacing the “.” appearing at the end of clause (i) with a “,”, and adding the following clauses after clause (i): 
 (j) the MindSolve Deferred Payment Obligations, and 
 (k) Indebtedness incurred by Borrower in respect of indemnities and other contingent obligations under the MindSolve Acquisition Documents. 
 (c) Section 6.3(a) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 
 Except for Permitted Mergers, enter into any merger, consolidation, reorganization, or recapitalization, or reclassify its Stock, 
 (d) Section 6.16 of the Credit Agreement is hereby amended by deleting it in its entirety and replacing it with the following:

 (a) Fail to maintain or achieve: 
 (i) Minimum EBITDA. EBITDA, measured on a month-end basis, of at least the required amount set forth in the following table for
the applicable period set forth opposite thereto: 
  

				
	Applicable Amount	  	 Applicable Period

	$	400,000	  	 For the 3 month period ending December 31, 2005

		
	$	1,400,000	  	 For the 6 month period ending March 31, 2006

		
	$	2,500,000	  	 For the 9 month period ending June 30, 2006

		
	$	5,200,000	  	 For the 12 month period ending September 30, 2006

		
	$	4,700,000	  	 For the 12 month period ending December 31, 2006

		
	$	7,800,000	  	 For the 12 month period ending March 31, 2007

		
	$	9,500,000	  	 For the 12 month period ending June 30, 2007

		
	$	11,300,000	  	 For the 12 month period ending September 30, 2007

		
	$	12,700,000	  	 For the 12 month period ending December 31, 2007

		
	$	13,700,000	  	 For the 12 month period ending March 31, 2008

		
	$	14,000,000	  	 For the 12 month period ending on the last day of each quarter thereafter

  

 2. 

 (ii) Leverage Ratio. A Leverage Ratio, when measured as of the date set forth
below, not to exceed the ratio set forth in the following table, measured as of the last day of applicable period ending on the applicable date set forth opposite thereto: 
  

			
	Applicable Ratio	  	 Applicable Period

	12.90:1.00	  	 December 31, 2005

		
	6.87:1.00	  	 March 31, 2006

		
	5.74:1.00	  	 June 30, 2006

		
	3.46:1.00	  	 September 30, 2006

		
	2.55:1.00	  	 December 31, 2006

		
	1.40:1.00	  	 March 31, 2007

		
	1.05:1.00	  	 June 30, 2007

		
	1.00:1.00	  	 September 30, 2007 and the last day of each quarter thereafter

  

 3. 

 (b) Capital Expenditures. Make Capital Expenditures in any fiscal year in excess
of the amount set forth in the following table for the applicable period: 
  

				
	Capital Expenditures	  	 Fiscal Year

	$	3,500,000	  	 Fiscal Year 2005

		
	$	4,300,000	  	 Fiscal Year 2006

		
	$	6,000,000	  	 Fiscal Year 2007

		
	$	6,700,000	  	 Fiscal Year 2008

		
	$	7,500,000	  	 Fiscal Year 2009

 Notwithstanding the foregoing provisions of this Section 6.16, provided that no
Triggering Event Date has occurred after the Closing Date and on or prior to the last day of any Applicable Period set forth above, the foregoing financial covenants shall not be in effect hereunder. 
 (e) The definition of “Permitted Disposition” in Schedule 1.1 to the Credit Agreement is hereby amended by deleting the
word “and” appearing immediately before clause (h) and adding the following immediately after clause (h): 
 and (i) an
assignment by Borrower of the Drag and Drop Patent (as defined in the MindSolve Acquisition Agreement) under the circumstances contemplated by Section 6.12 of the MindSolve Acquisition Agreement. 
 (f) The definition of “Permitted Investment” in Schedule 1.1 to the Credit Agreement is hereby amended by adding “,
Merger Sub and MindSolve” after “Restricted Subsidiary” in clause (f). 
 (g) The definition of “Permitted
Liens” in Schedule 1.1 to the Credit Agreement is hereby amended by deleting the word “and” appearing immediately before clause (k) and adding the following immediately after clause (k): 
 and (l) the obligation of Borrower to assign the Drag and Drop Patent (as defined in the MindSolve Acquisition Agreement) under the circumstances
contemplated by Section 6.12 of the MindSolve Acquisition Agreement. 
 (h) The following definitions are hereby added to
Schedule 1.1 to the Credit Agreement in their appropriate alphabetical order: 
 (i) “Merger Sub”
means Seal Acquisition Corporation, a Florida corporation. 
 (ii) “MindSolve” means Mindsolve Technologies,
Inc., a Florida corporation doing business as MindSolve Technologies, Inc. 
 (iii) “MindSolve Acquisition”
means the forward triangular merger wherein (i) Merger Sub will be merged with and into MindSolve with MindSolve being the surviving 

  

 4. 

 
entity as a wholly-owned Subsidiary of Borrower and (ii) MindSolve will be merged with and into Borrower with Borrower being the surviving entity.

 (iv) “MindSolve Acquisition Agreement” means that certain Agreement and Plan of Merger and Reorganization
among MindSolve, Merger Sub, Mellon Investor Services, LLC, as escrow agent, and the MindSolve Stockholders dated as of November 13, 2006. 
 (v) “MindSolve Acquisition Documents” means the MindSolve Acquisition Agreement and all documents, instruments and agreement executed or entered into in connection with the MindSolve Acquisition.

 (vi) “MindSolve Deferred Payment Obligations” means unsecured (except as otherwise contemplated pursuant
to Section 6.12 of the MindSolve Acquisition Agreement) Indebtedness consisting of deferred payment obligations owing to the MindSolve Stockholders under Sections 2.6(b)(ii) and 2.6(b)(iii) of the MindSolve Acquisition Agreement in an amount
not to exceed $3,000,000 and subordinated to the Obligations pursuant to the terms of the MindSolve Subordination Agreement. 
 (vii) “MindSolve Stockholders” means Jeffrey Allen Lyons, Charles V. Steadham, Jr. and Daniel D. Boccabella, Jr. 
 (viii) “MindSolve Subordination Agreement” means that certain Subordination Agreement in form and substance satisfactory to Agent, among Agent, the MindSolve Stockholders and consented to by Borrower.

 (ix) “Permitted Merger” means the MindSolve Acquisition. 
 (x) “Stock Issuance” means the offering of up to $3,000,000 worth of Stock of Borrower in anticipation of completing the
MindSolve Acquisition. 
 (i) Schedules P-1, 4.5, 4.7(b), 4.8(b), 4.8(c), 4.10,
4.13(a), 4.15, 4.17, 4.19 and 4.20 to the Credit Agreement are hereby amended to read in their entirety as set forth on Schedules 1 – 11, respectively, to this Amendment. 
 2. Consents to Credit Agreement. Subject to and upon the conditions hereof and effective as of the date of satisfaction of the conditions set
forth in Section 3, the Agent and the Lenders hereby consent to Borrower’s non-compliance with Section 2.4(c)(ii)(D) of the Credit Agreement solely as a result of Stock Issuance and the incurrence of the MindSolve
Deferred Payment Obligations. 
 3. Effectiveness of this Amendment. Agent must have received the following items, in form and content
acceptable to Agent, before this Amendment is effective: 
 (a) Amendment; Acknowledgments and Releases. This
Amendment, the attached Acknowledgment and Release by Guarantors and the attached Acknowledgment and Release by Subordinating Creditors, each duly executed in a sufficient number of counterparts for distribution to all parties. 
 (b) Fee Letter. A fee letter duly executed by Borrower, in form and substance satisfactory to Agent. 
  

 5. 

 (c) Representations and Warranties Certificate. Agent shall have received a
representations and warranties certificate duly executed by MindSolve, in form and substance satisfactory to Agent. 
 (d)
Schedules to Credit Agreement and Security Agreement. Agent shall have received updated schedules to the Credit Agreement and Security Agreement (collectively, the “Updated Schedules”) reflecting the consummation of the
MindSolve Acquisition. 
 (e) Amendments to Patent Security Agreement and Trademark Security Agreement. Agent shall
have received amendments to each of the Patent Security Agreement and the Trademark Security Agreement regarding the Intellectual Property acquired pursuant to the MindSolve Acquisition, duly executed by Borrower. 
 (f) Subordination Agreement. The MindSolve Stockholders and Agent shall have entered into a subordination agreement, in form and
substance satisfactory to Agent, and consented to by Borrower. 
 (g) Representations and Warranties; No Default.
(i) The representations and warranties set forth herein and in the Credit Agreement must be true and correct in all material respects on and as of the date hereof (after giving effect to the information supplied in the Updated Schedules), as
though made on and as of the date hereof (except to the extent that such representations and warranties relate solely to an earlier date); and (ii) no event shall have occurred and be continuing that constitutes a Default or an Event of
Default. 
 (h) Borrower Certificate. Agent shall have received a certificate from the Secretary of Borrower
(i) attesting to the resolutions of Borrower’s Board of Directors authorizing its execution, delivery, and performance of this Amendment, the other Loan Documents to be executed and delivered by Borrower in connection with this Amendment
and the MindSolve Acquisition Documents to which Borrower is a party, (ii) authorizing specific officers of Borrower to execute the same, (iii) attesting to the incumbency and signatures of such specific officers of Borrower, and
(iv) attesting that after giving effect to the consents described in Section 2 hereof no event shall have occurred and be continuing that constitutes a Default or an Event of Default. 
 (i) Material Contracts. (i) Agent shall have received copies of each Material Contract, together with a certificate of the
Secretary of Borrower certifying each such document as being a true, correct, and complete copy thereof (or, to the extent such Material Contract was previously delivered by Borrower to Agent, certifying that such Material Contract has not been
amended since the date of delivery to Agent), and the results of Agent’s and its counsel’s review thereof, and of Borrower’s corporate structure upon consummation of the MindSolve Acquisition, shall be satisfactory to Agent in its
sole discretion. 
 (j) Waiting Periods. All applicable waiting periods with respect to consummation of the MindSolve
Acquisition shall have expired and Borrower and each of its Subsidiaries shall have received all licenses, approvals or evidence of other actions required by any Governmental Authority or other Person in connection with the execution and delivery by
Borrower or its Subsidiaries of the Loan Documents, the MindSolve Acquisition Documents and with the consummation of the transactions contemplated thereby. 
 (k) Legal Barriers to Consummation. In the reasonable opinion of Agent, (i) no law or regulation restrains, prevents or imposes material adverse conditions upon any aspect of the MindSolve Acquisition and
(ii) no claim, action, suit, investigation, litigation or proceeding is pending or threatened 

  

 6. 

 
in any court or before any Governmental Authority which relates to the transactions contemplated hereby or by the MindSolve Acquisition Documents or which
may have a material adverse effect on the MindSolve Acquisition or the ability of Borrower to perform the terms of the Loan Documents. 
 (l) Consummation of MindSolve Acquisition. Simultaneously with the Stock Issuance, the parties to the MindSolve Acquisition Documents shall have consummated all transactions contemplated thereby, including the
incurrence of the Seller Debt and the Stock Issuance, and furnished to Agent evidence thereof in form and substance satisfactory to Agent in its sole discretion. 
 (m) Other. All other documents (excluding those items listed in Section 4) and legal matters in connection with the
transactions contemplated by this Amendment and the MindSolve Acquisition or requested by Agent shall have been delivered, executed or recorded and shall be in form and substance satisfactory to Agent in its sole discretion. 
 4. Additional Agreements. The Borrower agrees that it shall be an immediate Event of Default under the Credit Agreement if: 
 (a) on or prior to the date that is 45 days after the Effective Date, Borrower fails to deliver Collateral Access Agreements for each of
Borrower’s locations at (i) 203 S.W. 3rd Avenue, Gainesville, Florida 32601 and (ii) 301 S.W. 5th Street, Gainesville, Florida 32601, each duly executed by Agent and the owner thereof; 
 (b) on or prior to the date that is 45 days after the Effective Date, Borrower fails to close all of MindSolve’s Deposit Account and
direct all account debtors to make payments to Borrower’s other Deposit Accounts; and 
 (c) at anytime after the
Effective Date, there exists a balance in MindSolve’s Deposit Accounts in excess of $100,000 for two (2) consecutive Business Days 
 5. Representations and Warranties. Borrower represents and warrants as follows: 
 (a) Authority. The
Borrower and each Subsidiary has the requisite corporate power and authority to execute and deliver this Amendment, and to perform its obligations hereunder and under the Loan Documents (as amended or modified hereby) to which it is a party.

 (b) Enforceability. This Amendment has been duly executed and delivered by Borrower. This Amendment and each Loan
Document (as amended or modified hereby) is the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms (except as enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally), and is in full force and effect. 
 (c) Representations and Warranties. After giving effect to any information supplied in the Updated Schedules, the representations and warranties of Borrower and its Subsidiaries contained in each Loan Document
(other than any such representations or warranties that, by their terms, are specifically made as of a date other than the date hereof) that are qualified by materiality are true, accurate and complete as though made on and as of the date hereof,
and that are not qualified by materiality are true, accurate and complete in all material respects as though made on and as of the date hereof. 
  

 7. 

 (d) Due Execution. The execution, delivery and performance of this Amendment are
within the power of Borrower, have been duly authorized by all necessary corporate action and no other corporate proceedings are necessary to consummate such transactions, have received all necessary governmental approval, if any, and do not
contravene any law or any contractual restrictions binding on Borrower. 
 (e) Disclosure. All factual information
(taken as a whole) furnished by or on behalf of Borrower or its Subsidiaries in writing to Agent or any Lender for purposes of or in connection with this Amendment, the other Loan Documents or any transaction contemplated herein or therein is, and
all other such factual information (taken as a whole) hereafter furnished by or on behalf of Borrower or its Subsidiaries in writing to Agent or any Lender will be, true and accurate, in all material respects, on the date as of which such
information is dated or certified and not incomplete by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such information
was provided. 
 (f) No Default. After giving effect to the consents described in Section 2 hereof, no event has
occurred and is continuing that constitutes a Default or an Event of Default. 
 6. MindSolve Transactions. The Parties hereby agree
that references in the Credit Agreement and any other Loan Document to (a) “Acquisition Documents” shall include the MindSolve Acquisition Documents, (b) “Acquisition” shall include the MindSolve Acquisition, and
(c) “Acquisition Agreement” shall include the MindSolve Acquisition Agreement; provided, however, that the foregoing shall not apply to Sections 4.21(a)(v), 5.19(a) and 6.14(a)(i) of the Credit
Agreement. 
 7. Choice of Law. The validity of this Amendment, its construction, interpretation and enforcement, the rights of the
parties hereunder, shall be determined under, governed by, and construed in accordance with the laws of the State of New York. 
 8.
Counterparts. This Amendment may be executed in any number of counterparts and by different parties and separate counterparts, each of which when so executed and delivered, shall be deemed an original, and all of which, when taken together,
shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by telefacsimile or other similar method of electronic transmission shall be effective as delivery of a manually executed
counterpart of this Amendment. 
 9. Reference to and Effect on the Loan Documents. 
 (a) Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereof” or words of like import referring to the
Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby. 
 (b) Except as
specifically amended or modified above, the Credit Agreement and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and
enforceable obligations of Borrower. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of the Lender Group under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 
  

 8. 

 (d) To the extent that any terms and conditions in any of the Loan Documents shall
contradict or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit
Agreement as modified or amended hereby. 
 10. Integration. This Amendment, together with the other Loan Documents, incorporates all
negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 
 11. Severability. In case any provision in this Amendment shall be invalid, illegal or unenforceable, such provision shall be severable from the
remainder of this Amendment and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 [remainder of page intentionally left blank] 
  

 9. 

 IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above written.

  

			
	 SUMTOTAL SYSTEMS, INC.,
 a Delaware corporation

		
	 By:
	 	 /s/ Donald E. Fowler

	 Name:
	 	 Donald E. Fowler

	 Title:
	 	 Chief Executive Officer

 [Signature Page to Third Amendment and Consent] 
  

 S-1 

			
	 WELLS FARGO FOOTHILL, INC.,
 a California corporation, as Agent and a Lender

		
	 By:
	 	 /s/ Thomas Forbath

	 Name:
	 	 Thomas Forbath

	 Title:
	 	 Vice President

 [Signature Page to Third Amendment and Consent] 
  

 S-2Employment Agreement

 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of the
10th day of June, 1996, by and between Bolt Technology Corporation, a Connecticut corporation having an office at
Four Duke Place, Norwalk, Connecticut 06854, (the “Company”), and RAYMOND M. SOTO, (the “Executive”). 
 WHEREAS, Company
desires to secure the services of Executive, as hereinafter set forth, and Executive desires to be employed by Company, as hereinafter set forth. 
 NOW, THEREFORE, IN VIEW OF THE FOREGOING AND IN CONSIDERATION OF THE MUTUAL PROMISES HEREINAFTER SET FORTH, THE PARTIES HERETO DO HEREBY AGREE AS FOLLOWS: 
 1. EMPLOYMENT. 
 Company
hereby employs Executive as its Chief Executive Officer and President and Executive hereby accepts such employment, all upon and subject to the terms and conditions hereinafter set forth. 
 2. TERM. 
 The term of
employment of Executive under this Agreement shall commence on June 10, 1996 and shall continue for a period of three (3) years and twenty (20) days through June 30, 1999, subject to extension as set forth herein, (said term, as
the same may be extended, being referred to as the “Term”). The Term shall be automatically extended for consecutive additional periods of twelve (12) months each ending on June 30 of the applicable year, unless, at least twenty
four (24) months prior to the expiration of the then Term, Company gives written notice to Executive pursuant to the Notice provisions herein of its intention not to extend the Term. 
 3. DUTIES AND POSITIONS. 
 Executive shall be employed as the Chief Executive Officer and President of the Company and shall perform such services of an executive and managerial nature as are consistent with said positions. Executive shall report only to the Board of
Directors of Company. Executive’s powers and authority shall be superior to those of any other officer or employee of Company. Subject to applicable law, the Company shall nominate Executive to serve as a director during the Term. Executive
shall not be required, without his consent, to render services during the Term in any geographic area other than Fairfield County, Connecticut provided Executive will be expected to travel to the extent reasonably necessary to fulfill his
responsibilities. During the Term, Executive agrees to devote his time and energies during normal business hours to the business and affairs of the Company. 

 4. COMPENSATION. 
 (A) BASE SALARY. Company shall pay to Executive, on the same periodic basis as Company pays its other employees (but in no event less frequently than
monthly), during the Term, as the same may be extended, a base salary in substantially equal payments as follows: 
 (i) During the first
(1st) twelve (12) months of the Term ending June 30, 1997, a base salary of $206,000.00; and 
 (ii) During each subsequent
twelve (12) month period during the Term, a base salary equal to the greater of 
 (a) one hundred five (105%) of the prior twelve
(12) month’s base salary, or 
 (b) the product obtained by multiplying the prior twelve (12) month’s base salary times
a fraction, the numerator of which shall be the Price Index (hereinafter defined) for April of the immediately preceding twelve (12) month period and the denominator of which shall be the Price Index for April of the twelve (12) month
period immediately preceding the twelve (12) month period used in determining the numerator. The “Price Index” shall mean the Consumer Price Index for All Urban Consumers, New York-No.N.J.-Long Island, NY-NJ-CT, All terms
(1982-84=100) issued and published by the Bureau of Labor Statistics of the United States Department of Labor. If, at any time, said Consumer Price Index is no longer issued or available, then the term “Price Index” shall mean a successor
or comparable index selected by Company and Executive. 
 It is understood that Company may, in the discretion of its Board of Directors,
increase such base salary above an amount provided for pursuant to the foregoing without affecting any of the other terms of this Employment Agreement. 
 (B) PERFORMANCE BONUS. Company shall pay to Executive, with respect to each of Company’s fiscal years during the Term, such performance bonus, if any, as the Executive Compensation Committee of the Board of
Directors of Company may, in its discretion, determine. Notwithstanding the foregoing, Company agrees that all such performance bonuses shall be based upon the performance of Company and Executive and shall be consistent with the past practices of
Company with respect to bonuses paid to Executive. All such bonuses shall be paid within thirty (30) days of the end of the fiscal year of Company to which the same relate. 

 5. REIMBURSEMENT EXPENSES. 
 Company shall pay or reimburse Executive for all travel, entertainment and other expenses incurred by Executive in connection with the performance of his
duties under this Agreement. The foregoing shall include reimbursement for country club dues and charges. 
 6. OFFICE, ETC.

 Company shall furnish Executive with a private office and a private secretary and such assistance and accommodations as shall be suitable
to the character of Executive’s position with Company and adequate for the performance of his duties hereunder. During the Term, Company recognizes Executive’s need for an automobile for business purposes and shall provide Executive with
the use of an automobile (comparable to Executive’s current automobile) and reimbursement for all related expenses (e.g., gas, oil, insurance, maintenance, repairs, etc.). 
 7. PARTICIPATION IN PLANS/LIFE INSURANCE. 
 (A) PLANS. During the Term, Executive (and, where applicable, his family) shall be entitled to receive, and shall receive, any and all rights, benefits and privileges that are provided to any one or more executives of
the Company, including, without limitation, the presently maintained 401(k) Savings Plan, stock option plan, disability plans, medical and dental plans, and/or any other employee benefit other than the Company’s Severance Compensation Plan
adopted on December 19, 1986, (collectively “Plans and/or Programs”), on a basis no less favorable to Executive than the rights, benefits and privileges that are currently in effect. To the extent that the foregoing benefits are not
provided to Executive under the Plans and/or Programs, Executive shall be entitled to comparable benefits and be reimbursed for the costs thereof. 
 Without limiting the generality of the foregoing: 
 (i) with respect to the 401(k) Savings Plan currently maintained by Company,
Company will, during the Term, continue to provide a matching contribution in accordance with the terms of said Plan and, in any event, in a manner consistent with Company’s past practices; and 
 (ii) with respect to Executive’s participation in Company’s stock option plan/program, Executive’s entitlement shall be consistent with
past practices of Company. 
 Notwithstanding any termination of Executive’s employment under this Agreement for any reason, and without
limitation of any of Executive’s other rights or entitlements under the terms of this Agreement, Executive shall in all events be entitled to all accrued and vested benefits under any and all Plans and/or Programs. 

 (B) EXECUTIVE LIFE INSURANCE. Company currently maintains a whole life insurance policy covering the life
of Executive in the face amount of $620,000.00 with respect to which Judith Soto is the beneficiary. Company agrees to maintain, at all times during the Term, at Company’s expense, said insurance policy or comparable insurance, with an insurer
reasonably acceptable to Executive, on the life of Executive payable to a beneficiary or beneficiaries chosen by Executive in an aggregate amount of at least $620,000.00, (the “Executive Life Insurance”). The Company shall pay all premiums
that become due on the Executive Life Insurance at least 15 days before the end of the applicable grace period and upon demand exhibit from time to time to Executive due proof of such payment. If any premium shall remain unpaid 15 days before the
end of the grace period, Executive may pay or cause the premium to be paid, and thereupon Executive shall be entitled to reimbursement from the Company. Company shall do everything necessary to maintain the Executive Life Insurance in full force and
effect and shall not borrow on the cash surrender value of any Executive Life Insurance and/or pledge any Executive Life Insurance as collateral for any corporate obligation. Upon the termination of Executive’s employment under this Agreement
for any reason, Company shall, within 30 days after such termination, transfer, free and clear of liens and security interests, the ownership of the Executive Life Insurance (including, without limitation, the full cash surrender value thereof) to
Executive or his designee. 
 (C) DISABILITY INSURANCE. Company currently maintains a group long term disability insurance program which
provides a benefit equal to 60% of base pay up to a maximum of $6,000.00 per month. Company agrees to maintain, at all times during the Term, at Company’s expense, and with an insurer reasonably acceptable to Executive, a supplemental
(individual) disability insurance policy covering Executive as may be necessary to provide Executive with disability benefits equal to a full 60% of Executive’s then basic salary, without limitation on amount, (the “Executive Disability
Insurance”). The Company shall pay all premiums that become due on the Executive Disability Insurance at least 15 days before the end of the applicable grace period and upon demand exhibit from time to time to Executive due proof of such
payment. If any premium shall remain unpaid 15 days before the end of the grace period, Executive may pay or cause the premium to be paid, and thereupon Executive shall be entitled to reimbursement from the Company. Company shall do everything
necessary to maintain the Executive Disability Insurance in full force and effect and shall not pledge any Executive Disability Insurance as collateral for any corporate obligation. Upon the termination of Executive’s employment under this
Agreement for any reason, Company shall, within 30 days after such termination, transfer, free and clear of liens and security interests, the ownership of the Executive Disability Insurance (including, without limitation, the right to receive any
payments thereunder) to Executive or his designee. 
 8. DEATH AND DISABILITY. 
 (A) DISABILITY. If, during the Term, Executive becomes physically or mentally disabled, whether totally or partially, so that he is prevented from
performing his duties 

 specified herein for a period of twelve (12) consecutive months, the Company will, nevertheless, continue to pay
Executive his full compensation hereunder when due, through the last day of the twelfth (12th) consecutive month of such disability, (the “Disability Period”), after which the payment of such compensation shall be suspended. If
Executive thereafter returns to full time employment he shall, with respect to periods thereafter commencing, receive, and the Company shall pay, his compensation so long as Executive remains employed hereunder on a full time basis. The Term will
not be extended or be deemed suspended by reason of any period of disability. Company shall be entitled to a credit against its payment obligations under this Paragraph 8(A) in the amount of any disability insurance proceeds actually received by
Executive on account of disability insurance policies maintained and paid for by Company. Notwithstanding anything contained herein to the contrary, Company may terminate this Agreement after Executive shall have been absent from employment as the
result of such disability for a continuous period of twelve (12) consecutive months. Upon any such termination, Company shall pay to Executive, on the date of such termination, all accrued but unpaid amounts payable hereunder with respect to
the period prior to the date of termination (including, without limitation, accrued bonus and unused vacation pay). In addition, after such termination, Executive shall be entitled to receive any and all benefits payable under any disability
insurance coverage maintained by the Company with respect to Executive, including, without limitation, the Executive Disability Insurance. 
 (B) DEATH. The term of Executive’s employment under this Agreement will terminate automatically upon Executive’s death. In the event of Executive’s death, his right to all further compensation hereunder shall cease, except
that his legal representative shall be entitled to receive, on a pro rata basis for the period ending with the last day of the month in which death shall have occurred, compensation hereunder at his then base salary, including, without limitation,
compensation payable during any Disability Period, accrued and unused vacation pay and any accrued bonus. Notwithstanding the foregoing, Executive’s legal representative and/or his designated beneficiary shall be entitled to receive and Company
shall be obligated to pay an additional death benefit in an amount equal to one (1) year’s base salary at the rate in effect at the time of Executive’s death. Said death benefit shall be paid within thirty (30) days of the
Executive’s death. The foregoing shall be in addition to the proceeds of any life insurance covering Executive. 
 9. TERMINATION. Subject to the
provisions of this Paragraph 9, either Company or Executive may terminate this Agreement prior to the expiration of the Term, as provided for hereinbelow. 
 (A) Company shall have the right to terminate this Agreement for Cause (as hereinafter defined), whereupon the Term shall be at an end. Executive shall have the right to terminate this Agreement for Good Reason (as
hereinafter defined), whereupon the Term shall be at an end, subject to the obligations of the Company to pay and provide the payments and benefits set forth in this Employment Agreement. 

 (B) If Company terminates this Agreement for other than Cause or Executive terminates this Agreement for
Good Reason, then Company shall be obligated to: 
 (i) pay to Executive, within thirty (30) days after the date of such termination, all
accrued but unpaid amounts payable hereunder with respect to the period prior to the date of termination (including, without limitation, accrued bonus and unused vacation pay); and 
 (ii) pay to Executive any and all sums which would have become payable to Executive under this Agreement during the three (3) year period following
the date of such termination (the “Severance Period”). Said sums are sometimes hereinafter referred to as the “Severance Period Payments”. Subject to acceleration as hereinafter provided, the Severance Period Payments shall be
paid as and when the same would otherwise have been required to be paid, assuming that Executive had remained employed under this Agreement during the Severance Period. The Severance Period Payments shall be computed based upon (a) base salary
increasing at 105% per year, and (b) annual performance bonuses based upon the average of the three (3) highest such bonuses during the five (5) fiscal years preceding the date of such termination. 
 Notwithstanding the foregoing, Executive shall have the continuing right, at any time following the date of termination, to elect to have the Severance
Period Payments paid in a lump sum. Said right shall be exercised by Executive giving written notice to Company, whereupon the Company shall, within thirty (30) days after such a notice from Executive, pay to Executive a lump sum amount equal
to the total of all then outstanding and unpaid Severance Payments. Said lump sum amount shall be computed without any discount for present value; and 
 (iii) during the Severance Period, continue to provide Executive with the Executive Life Insurance and the Executive Disability Insurance and with participation in (or, if such participation is not permitted under the
terms of the applicable Plan or Program, the economic equivalent to Executive of participation in) all Plans and/or Programs in accordance with Paragraph 7 above. 
 (C) If Company terminates this Agreement for Cause, or if Executive terminates this Agreement for other than Good Reason, then Company shall pay to Executive, within thirty (30) days after the date of such
termination, all accrued but unpaid amounts payable hereunder with respect to the period ending on the date of termination (including, without limitation, accrued bonus and unused vacation pay). 
 (D) For purposes of this Agreement, “Cause” shall mean: 
 (i) Executive’s conviction of a felony other than arising out of a motor vehicle incident; or 

 (ii) an intentional and material breach by Executive of his duties and responsibilities hereunder which
is not remedied within thirty (30) days after receipt by Executive of written notice from the Chairman of the Board of Directors of Company (or, if the nature of such breach is such that it cannot reasonably be completely cured within 30 days,
if Executive shall not have commenced to cure said breach within said 30 day period and thereafter diligently pursued said cure to completion). 
 (E) For purposes of this Agreement, “Good Reason” shall mean: 
 (i) the Company shall materially breach this Agreement,
and fail to cure such breach within thirty (30) days after the first notice by Executive to the Company of the breach (or, if the nature of such breach is such that it cannot reasonably be completely cured within 30 days, if Company shall not
have commenced to cure said breach within said 30 day period and thereafter diligently pursued said cure to completion); or 
 (ii) the
occurrence of a “Defined Corporate Change” as defined in Schedule A attached. 
 Any election by Executive to terminate for
“Good Reason” shall be made within twenty four (24) months after the occurrence of the event or events constituting “Good Reason”. 
 (F) In the event that any payment to Executive hereunder shall remain unpaid for a period of ten (10) days after its due date, interest shall, at Executive’s option, accrue on the unpaid portion thereof at
the Prime Rate, but not exceeding the maximum rate allowed by law and shall be payable on demand. The “Prime Rate” is the Prime Rate as published in the “Money Rates” table of the Wall Street Journal by Dow Jones &
Company, Inc. If more than one Prime Rate is published in the “Money Rates” table the highest of those Prime Rates will apply. If the Wall Street Journal ceases publication, or ceases to publish a Money Rates table or if a Prime Rate is no
longer included among the rates published therein, Executive will designate a comparable index. 
 (G) Notwithstanding anything to the
contrary herein, in the event Executive terminates this Agreement for Good Reason as defined in Paragraph 9(E)(ii) above, then the amount of the benefits payable pursuant to Paragraph 9(B) above shall be limited to the maximum amount which can be
paid without having any amount paid hereunder being treated as a “parachute payment” within the meaning of Section 280G(b)(2) of the Internal Revenue Code of 1986, as the same may be amended, after giving effect to all other payments
of compensation described in Section 280G(b)(2)(A)(i) and (ii). 
 10. RESTRICTIVE COVENANT. 
 Executive agrees that if Executive’s employment hereunder is terminated by Company for Cause (as defined above) or Executive resigns for other than
Good Reason as defined in Paragraph 9(E)(i) above, he will not, for a period of one (1) year after said termination 

 of his employment by Company hereunder, without the prior written approval of the Board of Directors of Company, as an
individual, stockholder, partner, officer, employee, agent or director, engage, within the United States of America, in a business activity which is in competition with the business of Company, as the business of Company may be constituted at the
termination hereof. Ownership of less than 1% of any class of outstanding securities of a public company shall not be considered to be in competition with the Company or any affiliate. 
 11. VACATION TIME. 
 During the Term, as the same may be extended, Executive shall be entitled to at least
four (4) weeks vacation during every twelve (12) month period, to be taken at such reasonable time or times as Executive may determine. Unused vacation time may be carried over to succeeding periods. 
 12. GENERAL PROVISIONS. 
 (A) NON-ASSIGNABILITY. Neither this
Employment Agreement nor any right or interest hereunder shall be assignable by Executive, his beneficiaries, or legal representatives, without Company’s prior written consent; provided, however, that nothing in this Paragraph shall preclude
(i) Executive from designating a beneficiary to receive any benefit payable hereunder upon his death, or (ii) the executors, administrators, or other legal representatives of Executive or his estate from receiving any payment or benefit
hereunder or from assigning any rights hereunder to the person or persons entitled thereunto. 
 (B) BENEFIT/BINDING EFFECT. This Employment
Agreement shall be binding upon, and inure to the benefit of, Executive and Company and their respective heirs, administrators, successors and assigns. 
 (C) MODIFICATION. This Employment Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 
 (D) NON-WAIVER. No term or condition of this Employment Agreement shall be deemed to have been waived, nor shall there be any estoppel against the
enforcement of any provision of this Employment Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such
waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. 
 (E) GOVERNING LAW. This Employment Agreement has been executed and delivered in the State of Connecticut, and its validity, interpretation, performance,
and enforcement shall be governed by the laws of said State. 

 (F) CAPTIONS. The headings and captions of paragraphs herein are included solely for convenience of
reference and shall not control the meaning or interpretation of any of the provisions of this Employment Agreement. 
 (G) NOTICES. All
notices and other communications hereunder shall be in writing and shall be given by personal delivery, telecopier, recognized overnight courier service or Certified Mail, Return Receipt Requested, to the parties at their addresses set forth above,
or to such other address as either party hereto may pursuant to the provisions of this Paragraph provide to the other party hereto. 
 (H)
ARBITRATION. Any controversy, question, claim or alleged breach arising out of, or relating to, this Agreement shall be resolved by arbitration as set forth hereinbelow. Any such controversy, question, claim or alleged dispute shall be submitted to
arbitration upon written notice of either party to the other, which notice shall, in reasonable detail, set forth the controversy, question, claim or alleged breach to be arbitrated. 
 Within fifteen (15) days after such notice is given, each party shall appoint one lawyer actively engaged in the full time practice of employment
and/or corporate law for a continuous period immediately preceding the date of delivery of the notice of dispute of not less than ten (10) years. 
 Within fifteen (15) days after such appointment and notice, such lawyers shall appoint a third person (together with the first two lawyers, collectively, “Arbitration Panel”) who is a lawyer of such
qualification and background as the first two lawyers. 
 In the event that either party fails to appoint an arbitrator within the time set
forth hereinabove, such dispute or disagreement shall automatically be deemed to be resolved against such party. 
 The Arbitration Panel,
when duly selected, shall investigate the facts, hold hearings in Stamford Connecticut, and permit the parties to present evidence and arguments, and shall require both parties, at the end of such evidence, to simultaneously deliver to such
Arbitration Panel a written statement of the exact award that such party requests that the Arbitration Panel render. 
 The members of the
Arbitration Panel shall utilize their utmost skill and shall apply themselves diligently so as to hear and decide, by majority vote, the outcome and resolution of any dispute submitted to the Arbitration Panel as promptly as possible, but in any
event on or before the expiration of sixty (60) days after the date upon which the statements of the requested award are submitted by each party. 
 The decision(s) of the Arbitration Panel shall be final and binding and may not be appealed to any court of competent jurisdiction, or otherwise, except upon claim of fraud or corruption as by law provided, provided,
however, that implementation of such decision(s) shall in no way be delayed or otherwise impaired pending the outcome of any such appeal. Judgment upon the award rendered in such arbitration may be entered by any court having jurisdiction thereof.

 The nonprevailing party does hereby covenant and agree to promptly pay, and the Arbitration Panel shall
be obliged to award to the prevailing party, one hundred (100%) percent of all reasonable legal fees and reasonable costs incurred by the prevailing party. In addition, the nonprevailing party shall be required to pay one hundred
(100%) percent of the pre-agreed fees and costs of each of the arbitrators. 
 Legal counsel for the prevailing party shall certify in
writing to the Arbitration Panel (i) the total dollar amount of legal fees and costs, (ii) that such legal fees and costs were incurred in good faith and in keeping with the fee arrangements between the prevailing party and such counsel
and (iii) that the payment of such legal fees and costs in full by the prevailing party was and is in no way contingent upon the outcome of the arbitration proceedings hereunder. Such certification shall be accompanied by a reasonably detailed
itemization of the services rendered, the identity of the lawyer or lawyers who renders such services and the hourly rate or rates charged for such services (and/or any other basis employed to arrive at such legal fees and costs). The Arbitration
Panel shall decide the amount of fees and costs to be awarded to the prevailing party. Neither the nonprevailing party nor its counsel shall be permitted to argue or comment upon the amount of fees or costs to be awarded. 
 (I) INDEMNIFICATION. During the Term, the Company shall provide to Executive, with respect to any capacity in which Executive shall serve,
indemnification and expense advancement to the fullest extent to which the Company is permitted by law and to the fullest extent to which the Company is obligated otherwise to provide such to any of its directors or officers. 
 (J) UNCONDITIONAL OBLIGATION. The Company’s obligation to pay to or provide Executive with the payments, rights, benefits and privileges set forth
in this Employment Agreement shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against him or
anyone else. Executive shall not be obligated to seek or accept other employment in mitigation of the amount payable and the obtaining of any such other employment shall in no event effect any reduction of the Company’s obligations to make the
payments or to provide the benefits required hereunder. 
 (K) ENTIRE AGREEMENT. This Agreement contains the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. 
 (L)
SEVERABILITY. Any provision of this Employment Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or
affecting 

 the remaining provisions, and any such prohibition or unenforceability in any such jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 (M) COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 IN WITNESS
WHEREOF, Company and Executive have made and delivered this Employment Agreement as of the day and year first above written. 
  

			
	COMPANY:
	BOLT TECHNOLOGY CORPORATION
		
	By:	 	 /s/ Bernard Luskin

	Name:	 	Bernard Luskin
	Title:	 	Chairman
	
	EXECUTIVE:
	
	 /s/ Raymond M. Soto

	RAYMOND M. SOTO

 SCHEDULE A 
 For purposes hereof, a “Defined Corporate Change” shall mean the occurrence of any of the following: 
 (1) the acquisition of beneficial ownership of 30% or more of the shares of the common stock of the Company by or for any person (as such term is defined in Section 14(d)(2) of the Securities Exchange Act of 1934), including for
purposes of calculating such person’s ownership all shares beneficially owned by the affiliates and associates (as such terms are defined in Rule 12b-2 of said Act) of such person, or 
 (2) during any period of 24 consecutive months, individuals who at the beginning of such period constitute the Board of Directors of the Company cease
for any reason to constitute a majority thereof, unless the election, or nomination for election by the Company’s stockholders, of each new director was approved by a vote of at least two-thirds of the directors then still in office who were
directors at the beginning of such period; or 
 (3) the Company’s stockholders shall approve (a) the merger or consolidation of
the Company with or into another corporation and the Company shall not be the surviving corporation or (b) an agreement to sell or otherwise dispose of all or substantially all of the Company’s assets (including a plan of liquidation), or

 (4) any other event of a nature that would be required to be reported in response to Item 5(f) of Schedule 14A of Regulation 14A
promulgated under the aforesaid Act as in effect on December 19, 1985. 

 AMENDMENT TO EMPLOYMENT AGREEMENT 
 This Amendment (the “Amendment”) to Employment Agreement, effective as of September 20, 2001, is entered into by and between BOLT
TECHNOLOGY CORPORATION, a Connecticut corporation (the “Company”), and Raymond M. Soto (the “Executive”). 
 WITNESSETH:

 WHEREAS, the Company and the Executive entered into an Employment Agreement effective as of June 10, 1996 (the “Employment
Agreement”) in connection with the employment by the Company of the Executive; and 
 WHEREAS, the Company and the Executive desire to
amend the Employment Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and premises contained herein
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive agree as follows: 
 1. Paragraph 9(D) is hereby amended by deleting the existing Paragraph 9(D) in its entirety and substituting the following: 
 “(D) For purposes of this Agreement, “Cause” shall mean: 
 (i) Executive’s conviction of
a felony other than arising out of a motor vehicle incident; 
 (ii) A determination by the Board of Directors of the Company that the
Executive has engaged in conduct that constitutes fraud, theft, embezzlement, misappropriation of corporate assets, self-dealing or otherwise resulting in inappropriate personal gain, which conduct either is undisclosed as of the date of this
Amendment or occurs at any time after the date of this Amendment, or that the Executive has breached his obligations to make the restitution and take the actions approved at the meeting of the Board of Directors of the Company on the effective date
of this Amendment; or 
 (iii) An intentional and material breach by Executive of his duties and responsibilities hereunder which is not
remedied within thirty (30) days after receipt by Executive of written notice from the Board of Directors of Company (or, if the nature of such breach is such that it cannot reasonably be completely cured within 30 days, if Executive shall not
have commenced to cure said breach within said 30 day period and thereafter diligently pursued said cure to completion).” 
 2.
Executive hereby waives, releases and relinquishes any and all claims for (i) any unreimbursed business expenses accruing on or before September 20, 2001, and (ii) unused vacation for fiscal year 2001 or any prior fiscal year.

 3. Except as amended by this Amendment, the Employment Agreement shall remain unaffected and in full force and effect. 

 4. This Amendment may be executed in one or more counterparts, each of which shall for all purposes be
deemed to be an original and all of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties have
executed this Amendment as of the date and year first above written. 
  

			
	BOLT TECHNOLOGY CORPORATION
		
	By:	 	 /s/ Joseph Espeso

	Name:	 	Joseph Espeso
	Title:	 	Senior Vice President-Finance and
		 	Chief Financial Officer
	
	 /s/ Raymond M. Soto

	Raymond M. Soto

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