Document:

EX-10(T)

 

Exhibit 10.(t).

April 27, 1995

Mr. Raymond J. Biggs

One North Main Street

Mt. Clemens, MI 48043

Dear Ray:

Brenda Warne and I discussed your elections with respect to handling of the New England Mutual Life
Insurance Policy discussed below. Except for the changes required to reflect the insurance
election, and the designation of beneficiary with respect to Paragraphs C and D below, the balance
of this letter simply restates the commitments of my April 14, 1995, letter.

If you concur, these terms will supersede all prior understandings with respect to the subject
matter covered:

	 	 	 
	A

	 	The employment agreement dated January 1, 1990, between Huntington
Bancshares Michigan, Inc. and Raymond J. Biggs is terminated in its
entirety.
	 
	 	 
	B

	 	The Supplemental Retirement Income Plan/Agreement between First Macomb
Corporation and Raymond J. Biggs dated January 1, 1985, as amended by
Amendment to Supplement Retirement Income Plan/Agreement dated
December 17, 1987, is terminated in its entirety. I have incorporated
the retirement benefits below.
	 
	 	 
	C

	 	Commencing August 1, 2002, and for each month thereafter for a term of
fifteen (15) years, Huntington shall cause to be paid to you the sum
of $13,142.20 per month. In the event of your death subsequent to
commencement of such benefits payments, but prior to the expiration of
the fifteen year period, Huntington shall continue to make such
payments during the remainder of the fifteen year term to your
beneficiary. In the event of your death, prior to the commencement of
such payments, Huntington shall thereafter pay to your beneficiary the
sum of $13,142.20 per month for a term of fifteen years commencing on
the first day of the month immediately following the date of death.
	 
	 	 
	D

	 	Effective February 7, 1990, you assigned and transferred all of your
right, title and ownership interests in New England Mutual Life
Insurance Policy No. 6539543 to:
	 
	 	 
	 

	 	First Macomb Bank
	 
	 	 
	 

	 	You have not acquired any interest in said policy.
	 
	 	 
	 

	 	Commencing May 1, 1995, and on May 1 of each succeeding year through
and including May 1, 2009, when the final installment shall be due and
payable, Huntington shall cause to be paid to you the sum of
$15,159.00. In the event of your death prior to payment of the May 1,
2009 installment, Huntington shall continue to make such payments
during the remainder of the term to your beneficiary.
	 
	 	 
	E

	 	For purposes of Paragraphs C and D of this letter, references to the
term “beneficiary” shall mean “Raymond J. Biggs Family Trust,
revocable intervivos trust, previously executed by Raymond J. Biggs as
settlor on September 18, 1986 as the same may be amended prior to
death”. You reserve the right to change the designation of
beneficiary by notifying Huntington Bancshares Incorporated in a
signed and dated notice of such change.

 

 

	 	 	 
	F

	 	Attached hereto as Exhibit A is a summary of additional Huntington
benefits available to you at retirement.
	 
	 	 
	G

	 	Huntington will continue through June 30, 1997, to provide executive
office space and a part-time secretary for your use. During this
period you agree not to engage in the banking business as a director,
officer, employee or agent of any other financial institution located
in the Detroit Primary Metropolitan Statistical Area without the prior
written consent of Huntington Bancshares Incorporated.

I believe the above accurately reflects our understandings, and if you concur, we will consider the
referenced agreements terminated by mutual agreement; and the claim reflected in your letter of
March 28, 1995, to be withdrawn. Please indicate your agreement to these terms by executing and
returning to me the enclosed copy of this letter.

Very truly yours,

/s/ Zuheir Sofia          

Zuheir Sofia

	 	 	 	 	 
	 	The terms stated above accurately reflect our      agreement this 1st day of May, 1995.

 	 
	 	/s/ Ryamond J. Biggs
 	 
	 	Raymond J. Biggs 	 
	 	 	 
	 

cc: Brenda Warne, Vice President

 

 

EXHIBIT A

RAYMOND BIGGS

SUMMARY OF HUNTINGTON BENEFITS AT TERMINATION OF EMPLOYMENT

	I.	 	Retiree Health Care
	 
	 	 	You elected to receive retiree health care for both yourself and your spouse. Your monthly
subsidy from the Huntington for this benefit is $260.00.
	 
	II.	 	Huntington Stock Purchase and Tax Savings Plan (“Stock Plan”)
	 
	 	 	As of February 28, 1995, you have 6357.3315 shares of Huntington Bancshares Incorporated
common stock (“HBI Stock”) and $72,960.01 in the Alternative Investment Fund in your account
in the Stock Plan. You have not yet requested distribution of your account in the Stock
Plan.
	 
	III.	 	Huntington Supplemental Stock Purchase and Tax Savings Plan (“Supplemental Plan”)
	 
	 	 	As of February 28, 1995, you have 1,439.518 shares of HBI Stock in your account in the
Supplemental Plan. Huntington Trust Company is currently processing your distribution from
the Supplemental Plan.
	 
	IV.	 	Huntington Bancshares Retirement Plan (“Pension Plan”)
	 
	 	 	Your early retirement benefit (as of January 1, 1995) under the Pension Plan was $857.54,
payable monthly in the form of a life annuity. You had a variety of optional forms of
benefit available. All optional forms were the actuarial equivalent of the life annuity
amount
	 
	 	 	You have not yet elected to commence receipt of your accrued benefit under the Pension Plan.
Your accrued benefit, payable at your normal retirement date of August 1, 2002, is
$1,208.83, payable monthly in the form of a life annuity. At the time you notify the
Huntington, in writing, that you are electing to commence receipt of your benefits under the
Pension Plan, your accrued benefit and available optional forms of distribution will be
determined and communicated to you.
	 
	V.	 	Life Insurance
	 
	 	 	You have life insurance coverage in the amount of $27,300.EX-10(U)

 

Exhibit 10.(u).

Schedule Identifying Material Details of

Executive Agreements Substantially Similar to Exhibit 99.1 to Huntington’s

Current Report on Form 8-K dated November 21, 2005

	 	 	 
	Name

	 	Effective Date
	 
	 	 
	Ronald C. Baldwin

	 	January 1, 2006
	Thomas E. Hoaglin

	 	January 1, 2006

Schedule Identifying Material Details of

Executive Agreements Substantially Similar to Exhibit 99.2 to Huntington’s

Current Report on Form 8-K dated November 21, 2005

	 	 	 
	Name

	 	Effective Date
	 
	 	 
	Daniel B. Benhase

	 	January 1, 2006
	Richard A. Cheap

	 	January 1, 2006
	Donald R. Kimble

	 	January 1, 2006
	Mary W. Navarro

	 	January 1, 2006
	Nicholas G. Stanutz

	 	January 1, 2006

Schedule Identifying Material Details of

Executive Agreements Substantially Similar to Exhibit 99.3 to Huntington’s

Current Report on Form 8-K dated November 21, 2005

	 	 	 
	Name

	 	Effective Date
	 
	 	 
	James W. Nelson

	 	January 1, 2006
	Mahesh Sankaran

	 	January 1, 2006exv10w54

 

Exhibit 10.54

EMPLOYMENT AGREEMENT

DATED AS OF FEBRUARY 1, 2006

BETWEEN

SMITH & WESSON HOLDING CORPORATION

AND

MICHAEL F. GOLDEN

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page No.	 
	 	1.	 	 	Employment.
	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	 	2.	 	 	Full Time Occupation.
	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	 	3.	 	 	Compensation and other Benefits.
	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(a) Base Salary
	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(b) Bonus
	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(c) Stock Options and Awards
	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(d) Fringe Benefits
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(e) Vacation
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(f) Reimbursement
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	 	4.	 	 	Term of Employment.
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(a) Employment Term
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(b) Termination Under Certain Circumstances
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(c) Result of Termination
	 	 	3	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(d) Change in Control
	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	 	5.	 	 	Competition and Confidential Information.
	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(a) Interests to be Protected
	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(b) Non-Competition
	 	 	5	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(c) Non-Solicitation of Employees
	 	 	5	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(d) Confidential Information
	 	 	5	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(e) Return of Books and Papers
	 	 	5	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(f) Disclosure of Information
	 	 	6	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(g) Assignment
	 	 	6	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(h) Equitable Relief
	 	 	6	 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page No.	 
	 	 	 	 	(i) Restrictions Separable
	 	 	6	 
	 	 	 	 	 
	 	 	 	 
	 	6.	 	 	Miscellaneous.
	 	 	6	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(a) Notices
	 	 	6	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(b) Indulgences; Waivers
	 	 	7	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(c) Controlling Law
	 	 	7	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(d) Binding Nature of Agreement
	 	 	7	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(e) Execution in Counterpart
	 	 	7	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(f) Provisions Separable
	 	 	8	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(g) Entire Agreement
	 	 	8	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(h) Paragraph Headings
	 	 	8	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(i) Gender
	 	 	8	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	(j) Number of Days
	 	 	8	 
	 	 	 	 	 
	 	 	 	 
	 	7.	 	 	Successors And Assigns.
	 	 	8	 

2

 

EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT dated as of the first day of February 2006, by and between SMITH & WESSON
HOLDING CORPORATION, a Nevada corporation (“Employer”), and MICHAEL F. GOLDEN (“Employee”).

     WHEREAS, Employer desires Employee to continue Employee’s services to Employer as President
and Chief Executive Officer, and Employee desires to do so, upon the terms and conditions contained
herein.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants set forth in this
Agreement, the parties hereto agree as follows:

     1. Employment.

     Employer hereby continues Employee’s employment, and Employee hereby accepts such continuation
of employment, as President and Chief Executive Officer of Employer and of such subsidiaries of
Employer as Employer shall designate and in such other capacities and for such other duties and
services as shall from time to time be mutually agreed upon by Employer and Employee. Employee
shall report to the Board of Directors of Employer.

     2. Full Time Occupation.

     Employee shall devote Employee’s entire business time, attention, and efforts to the
performance of Employee’s duties under this Agreement; shall serve Employer faithfully and
diligently; and shall not engage in any other employment or other business activities while
employed by Employer.

     3. Compensation and other Benefits During Term of Employment.

          (a) Base Salary. Employer shall pay to Employee a base salary of $450,000 per annum to be
paid in equal monthly installments, or in such other periodic installments upon which Employer and
Employee shall mutually agree.

          (b) Bonus. Employee shall be eligible to participate in executive compensation programs
maintained by Employer for its executive personnel. Employee also shall be eligible to receive an
annual bonus in such an amount, if any, determined by the Board of Directors of Employer or such
committee of the Board of Directors as may be designated by the Board of Directors based upon such
factors as may be deemed relevant by the Board of Directors or committee thereof, including the
performance of Employee.

          (c) Stock-Based Compensation and Awards. Employee shall have the right to participate in
Employer’s 2004 Incentive Compensation Plan or such other incentive compensation plans as may be
maintained by Employer with the amount of awards granted thereunder and the terms and conditions
thereof to be determined from time to time by Employer’s Board of Directors or a committee of the
Board of Directors.

 

 

          (d) Fringe Benefits. Employee shall receive a car allowance of $1,000 per month. Employee
also shall be entitled to participate in any group insurance, pension, retirement, vacation,
expense reimbursement, and other plans, programs, and benefits approved by the Board of Directors
or a duly constituted committee of the Board of Directors and made available from time to time to
executive employees of Employer generally during the term of Employee’s employment hereunder. The
foregoing shall not obligate Employer to adopt or maintain any particular plan, program, or
benefit.

          (e) Vacation. Employee shall be entitled to a paid vacation in accordance with the applicable
policies of Employer in effect from time to time, but not less than four weeks of paid vacation per
annum.

          (f) Reimbursement for Business Expenses. Employer shall reimburse Employee for all travel,
entertainment, and other ordinary and necessary business expenses incurred by Employee in
connection with the business of Employer and Employee’s duties under this Agreement. The term
“business expenses” shall not include any item not deductible in whole or in part by Employer for
federal income tax purposes. To obtain reimbursement, Employee shall submit to Employer receipts,
bills or sales slips for the expenses incurred. Reimbursements shall be made by Employer monthly
within 10 days of presentation by Employee of evidence of the expenses incurred.

          (g) Reimbursement for Insurance Premiums. Employer shall reimburse Employee for the
reasonable insurance premiums (and any taxes incident thereto) for disability insurance covering up
to 75% of Employee’s base salary and for medical and hospitalization insurance for Employee,
Employee’s wife, and Employee’s children under the age of 25 for whom Employee provides a majority
of their financial support.

          (h) Key Person Insurance. Employer shall reimburse Employee for the reasonable premiums (and
taxes incident thereto) for a key person term-insurance policy of $5.0 million on the life of
Employee with such beneficiaries as Employee shall select.

     4. Term of Employment.

          (a) Employment Term. The term of this Agreement shall be for a period of three years
commencing as of the date hereof and from year to year thereafter, unless and until terminated by
either party giving written notice to the other not less than 180 days prior to the end of the
then-current term.

          (b) Termination Under Certain Circumstances. Notwithstanding anything to the contrary herein
contained:

               (i) Death. Employee’s employment shall be automatically terminated, without notice, effective
upon the date of Employee’s death.

               (ii) Disability. If Employee shall fail, for a period of more than 60 consecutive days, or
for 90 days within any 180-day period, to perform any of Employee’s duties under this Agreement as
the result of illness or other incapacity, Employer, at

2

 

its option and upon written notice to Employee, may terminate Employee’s employment effective
on the date of that notice.

               (iii) Unilateral Decision of Employer. Employer may, at its option, upon written notice to
Employee, terminate Employee’s employment effective on the date of that notice.

               (iv) Unilateral Decision by Employee. Employee may, at Employee’s option and upon written
notice to Employer, terminate Employee’s employment effective on the date of that notice.

               (v) Certain Acts. If Employee engages in an act or acts involving a crime, moral turpitude,
fraud, or dishonesty, or if Employee willfully violates in a material respect Employer’s Corporate
Governance Guidelines, Code of Conduct, or Code of Ethics for the CEO and Senior Financial
Officers, including, without limitation, the provisions thereof relating to conflicts of interest
or related party transactions, Employer may, at its option and upon written notice to Employee,
terminate Employee’s employment effective on the date of that notice.

               (vi) Change in Control. Employee may, at Employee’s option and upon written notice to
Employer, terminate Employee’s employment effective on the date of the notice in the event of a
“Change in Control” of Employer (as defined below) unless the Change in Control shall have been
approved by the Board of Directors and the provisions of this Agreement remain in full force and
effect as to Employee and Employee suffers no reduction in Employee’s status, duties, authority,
and compensation following such Change in Control.

          (c) Result of Termination. In the event of the termination of Employee’s employment pursuant
to Sections 4(b)(i), 4(b)(ii), 4(b)(iv), or 4(b)(v) above, Employee shall receive no further
compensation under this Agreement. In the event of the termination of Employee’s employment
pursuant to Section 4(b)(iii) or 4(b)(vi) above, Employee shall continue to receive Employee’s base
salary as provided in Section 3(a) above, an amount equal to the average of Employer’s bonus paid
for each of the two fiscal years immediately preceding Employee’s termination (not taking into
account the fiscal year ended April 30, 2005 so that any termination that would include a bonus for
that year will include only the bonus for the subsequent year), and any fringe benefits being
received by Employee pursuant to Section 3(d) above at the date of termination for a period equal
to the greater of the remaining employment term of this Agreement or one year after such
termination in the case of a termination pursuant to Section 4(b)(iii) above or two years after
such termination in the case of a termination pursuant to Section 4(b)(vi) above. In the event
that Employee’s employment is not extended under this Agreement at the end of the three-year term
or any yearly extension or such term, Employee shall receive, for a period of one year, Employee’s
base salary as provided in Section 3(a) above, an amount equal to the average of Employee’s bonus
paid for each of the previous two fiscal years, and any fringe benefits then being received by
Employee pursuant to Section 3(d) above. Any payments made by Employer pursuant to this Section
4(c) shall be paid on a monthly basis and not in a lump sum. Employee shall receive no additional
compensation following any termination. In the event of any termination, Employee shall resign all
positions (including positions on the Board of Directors) with Employer and its subsidiaries.

3

 

          (d) Change in Control. The term “Change in Control” of Employer shall mean a change in
control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A promulgated under the Securities Exchange Act of 1934 as in effect on the date of
this Agreement or, if Item 6(e) is no longer in effect, any regulations issued by the Securities
and Exchange Commission pursuant to the Securities Exchange Act of 1934 that serve similar
purposes; provided that, without limitation, such a Change in Control shall be deemed to have
occurred if and when (i) any person (as such term is used in Sections 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934) directly or indirectly of equity securities of Employer
representing 20 percent or more of the combined voting power of Employer’s then-outstanding equity
securities, except that this provision shall not apply to any person currently owning at least five
percent or more of the combined voting power of Employer’s currently outstanding equity securities
or to an acquisition that has been approved by at least 75 percent of the members of the Board of
Directors who are not affiliates or associates of such person; (ii) during the period of this
Agreement, individuals who, at the beginning of such period, constituted the Board of Directors of
Employer (the “Original Directors”), cease for any reason to constitute at least a majority thereof
unless the election or nomination for election of each new director was approved (an “Approved
Director”) by the vote of a Board of Directors constituted entirely of Existing Directors and/or
Approved Directors; (iii) a tender offer or exchange offer is made whereby the effect of such offer
is to take over and control Employer, and such offer is consummated for the equity securities of
Employer representing 20 percent or more of the combined voting power of Employer’s
then-outstanding voting securities; (iv) Employer is merged, consolidated, or enters into a
reorganization transaction with another person and, as the result of such merger, consolidation, or
reorganization, less than 75 percent of the outstanding equity securities of the surviving or
resulting person shall then be owned in the aggregate by the former stockholders of Employer; or
(v) Employer transfers substantially all of its assets to another person or entity that is not a
wholly owned subsidiary of Employer. Sales of Employer’s Common Stock beneficially owned or
controlled by Employee shall not be considered in determining whether a Change in Control has
occurred.

     5. Competition and Confidential Information.

          (a) Interests to be Protected. The parties acknowledge that Employee will perform essential
services for Employer, its employees, and its stockholders during the term of Employee’s employment
with Employer. Employee will be exposed to, have access to, and work with, a considerable amount
of Confidential Information (as defined below). The parties also expressly recognize and
acknowledge that the personnel of Employer have been trained by, and are valuable to, Employer and
that Employer will incur substantial recruiting and training expenses if Employer must hire new
personnel or retrain existing personnel to fill vacancies. The parties expressly recognize that it
could seriously impair the goodwill and diminish the value of Employer’s business should Employee
compete with Employer in any manner whatsoever. The parties acknowledge that this covenant has an
extended duration; however, they agree that this covenant is reasonable and it is necessary for the
protection of Employer, its stockholders, and employees. For these and other reasons, and the fact
that there are many other employment opportunities available to Employee if he should terminate his
employment, the parties are in full and complete agreement that the following restrictive

4

 

covenants are fair and reasonable and are entered into freely, voluntarily, and knowingly.
Furthermore, each party was given the opportunity to consult with independent legal counsel before
entering into this Agreement.

          (b) Non-Competition. During the term of Employee’s employment with Employer and for the
period ending 12 months after the termination of Employee’s employment with Employer, regardless of
the reason therefor, Employee shall not (whether directly or indirectly, as owner, principal,
agent, stockholder, director, officer, manager, employee, partner, participant, or in any other
capacity) engage or become financially interested in any competitive business conducted within the
Restricted Territory (as defined below). As used herein, the term “competitive business” shall
mean any business that sells or provides or attempts to sell or provide products or services the
same as or substantially similar to the products or services sold or provided by Employer during
Employee’s employment hereunder, and the term “Restricted Territory” shall mean any state or other
geographical in which Employer sells products or provides services during Employee’s employment
hereunder.

          (c) Non-Solicitation of Employees. During the term of Employee’s employment and for a period
of 24 months after the termination of Employee’s employment with Employee, regardless of the reason
therefor, Employee shall not directly or indirectly, for Employee, or on behalf of, or in
conjunction with, any other person, company, partnership, corporation, or governmental entity,
solicit for employment, seek to hire, or hire any person or persons who is employed by or was
employed by Employer within 12 months of the termination of Employee’s employment for the purpose
of having any such employee engage in services that are the same as or similar or related to the
services that such employee provided for Employer.

          (d) Confidential Information. Employee shall maintain in strict secrecy all confidential or
trade secret information relating to the business of Employer (the “Confidential Information”)
obtained by Employee in the course of Employee’s employment, and Employee shall not, unless first
authorized in writing by Employer, disclose to, or use for Employee’s benefit or for the benefit
of, any person, firm, or entity at any time either during or subsequent to the term of Employee’s
employment, any Confidential Information, except as required in the performance of Employee’s
duties on behalf of Employer. For purposes hereof, Confidential Information shall include without
limitation any materials, trade secrets, knowledge, or information with respect to management,
operational, or investment policies and practices of Employer; any business methods or forms; any
names or addresses of customers or data on customers or suppliers; and any business policies or
other information relating to or dealing with the management, operational, or investment policies
or practices of Employer.

          (e) Return of Books, Records, Papers, and Equipment. Upon the termination of Employee’s
employment with Employer for any reason, Employee shall deliver promptly to Employer all files,
lists, books, records, manuals, memoranda, drawings, and specifications; all cost, pricing, and
other financial data; all other written or printed materials and computers, cell phones, PDAs, and
other equipment that are the property of Employer (and any copies of them); and all other materials
that may contain Confidential Information relating to the business of Employer, which Employee may
then have in Employee’s possession, whether prepared by Employee or not.

5

 

          (f) Disclosure of Information. Employee shall disclose promptly to Employer, or its nominee,
any and all ideas, designs, processes, and improvements of any kind relating to the business of
Employer, whether patentable or not, conceived or made by Employee, either alone or jointly with
others, during working hours or otherwise, during the entire period of Employee’s employment with
Employer or within six months thereafter.

          (g) Assignment. Employee hereby assigns to Employer or its nominee, the entire right, title,
and interest in and to all inventions, discoveries, and improvements, whether patentable or not,
that Employee may conceive or make during Employee’s employment with Employer, or within six months
thereafter, and which relate to the business of Employer.

          (h) Equitable Relief. In the event a violation of any of the restrictions contained in this
Section is established, Employer shall be entitled to preliminary and permanent injunctive relief
as well as damages and an equitable accounting of all earnings, profits, and other benefits arising
from such violation, which right shall be cumulative and in addition to any other rights or
remedies to which Employer may be entitled. In the event of a violation of any provision of
subsection (b), (c), (f), or (g) of this Section, the period for which those provisions would
remain in effect shall be extended for a period of time equal to that period beginning when such
violation commenced and ending when the activities constituting such violation shall have been
finally terminated in good faith.

          (i) Restrictions Separable. If the scope of any provision of this Agreement (whether in this
Section 5 or otherwise) is found by a Court to be too broad to permit enforcement to its full
extent, then such provision shall be enforced to the maximum extent permitted by law. The parties
agree that the scope of any provision of this Agreement may be modified by a judge in any
proceeding to enforce this Agreement, so that such provision can be enforced to the maximum extent
permitted by law. Each and every restriction set forth in this Section 6 is independent and
severable from the others, and no such restriction shall be rendered unenforceable by virtue of the
fact that, for any reason, any other or others of them may be unenforceable in whole or in part.

     6. Miscellaneous.

          (a) Notices. All notices, requests, demands, and other communications required or permitted
under this Agreement shall be in writing and shall be deemed to have been duly given, made, and
received (i) if personally delivered, on the date of delivery, (ii) if by facsimile transmission,
upon receipt, (iii) if mailed, three days after deposit in the United States mail, registered or
certified, return receipt requested, postage prepaid, and addressed as provided below, or (iv) if
by a courier delivery service providing overnight or “next-day” delivery, on the next business day
after deposit with such service addressed as follows:

	 	 	 	 	 	 	 
	 

	 	 	(1	)	 	If to Employer:
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	2100 Roosevelt Avenue
	 

	 	 	 	 	 	Springfield, Massachusetts 01104
	 

	 	 	 	 	 	Attention: Chairman of the Board

6

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	with a copy given in the manner

	 

	 	 	 	 	 	prescribed above, to:
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Greenberg Traurig, LLP
	 

	 	 	 	 	 	2375 East Camelback Road
	 

	 	 	 	 	 	Suite 700
	 

	 	 	 	 	 	Phoenix, Arizona 85016
	 

	 	 	 	 	 	Attention: Robert S. Kant, Esq.
	 

	 	 	 	 	 	Phone: (602) 445-8302
	 

	 	 	 	 	 	Facsimile: (602) 445-8100
	 

	 	 	 	 	 	E-Mail: KantR@gtlaw.com
	 
	 	 	 	 	 	 
	 

	 	 	(2	)	 	If to Employee:
	 

	 	 	 	 	 	2100 Roosevelt Avenue
	 

	 	 	 	 	 	Springfield, Massachusetts 01104-1606
	 

	 	 	 	 	 	Phone: (413) 747-3349
	 

	 	 	 	 	 	Facsimile: (413) 739-8528
	 

	 	 	 	 	 	E-Mail: Mfgolden1@aol.com

Either party may alter the address to which communications or copies are to be sent by giving
notice of such change of address in conformity with the provisions of this Section 7 for the giving
of notice.

          (b) Indulgences; Waivers. Neither any failure nor any delay on the part of either party to
exercise any right, remedy, power, or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power, or privilege
preclude any other or further exercise of the same or of any other right, remedy, power, or
privilege, nor shall any waiver of any right, remedy, power, or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power, or privilege with respect to any
other occurrence. No waiver shall be binding unless executed in writing by the party making the
waiver.

          (c) Controlling Law. This Agreement and all questions relating to its validity,
interpretation, performance and enforcement, shall be governed by and construed in accordance with
the laws of the state of Massachusetts, notwithstanding any Massachusetts or other
conflict-of-interest provisions to the contrary.

          (d) Binding Nature of Agreement. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, personal representatives, successors, and
assigns, except that no party may assign or transfer such party’s rights or obligations under this
Agreement without the prior written consent of the other party.

          (e) Execution in Counterpart. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original as against any party whose signature appears
thereon, and all of which shall together constitute one and the same instrument. This Agreement
shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of the parties reflected hereon as the signatories.

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          (f) Provisions Separable. The provisions of this Agreement are independent of and separable
from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue
of the fact that for any reason any other or others of them may be invalid or unenforceable in
whole or in part.

          (g) Entire Agreement. This Agreement contains the entire understanding between the parties
hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous
agreements and understandings, inducements, and conditions, express or implied, oral or written,
except as herein contained. The express terms hereof control and supersede any course of
performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement
may not be modified or amended other than by an agreement in writing. The Employment Agreement
dated as of December 6, 2004 shall no longer be of any force or affect.

          (h) Paragraph Headings. The paragraph headings in this Agreement are for convenience only;
they form no part of this Agreement and shall not affect its interpretation.

          (i) Gender. Words used herein, regardless of the number and gender specifically used, shall
be deemed and construed to include any other number, singular or plural, and any other gender,
masculine, feminine, or neuter, as the context requires.

          (j) Number of Days. In computing the number of days for purposes of this Agreement, all days
shall be counted, including Saturdays, Sundays, and holidays; provided, however, that if the final
day of any time period falls on a Saturday, Sunday, or holiday, then the final day shall be deemed
to be the next day that is not a Saturday, Sunday, or holiday.

     7. Successors and Assigns.

     This Agreement shall inure to the benefit of and be binding upon the successors and assigns of
the parties hereto; provided that because the obligations of Employee hereunder involve the
performance of personal services, such obligations shall not be delegated by Employee. For
purposes of this Agreement successors and assigns shall include, but not be limited to, any
individual, corporation, trust, partnership, or other entity that acquires a majority of the stock
or assets of Employer by sale, merger, consolidation, liquidation, or other form of transfer.
Employer will require any successor (whether direct or indirect, by purchase, merger,
consolidation, or otherwise) to all or substantially all of the business and/or assets of Employer
to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that Employer would be required to perform it if no such succession had taken place. Without
limiting the foregoing, unless the context otherwise requires, the term “Employer” includes all
subsidiaries of Employer.

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     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 
	 	SMITH & WESSON HOLDING CORPORATION 

 	 
	 	By:  	/s/ Barry Monheit
 	 
	 	Name:  	Barry Monheit 	 
	 	Its: Chairman 	 
	 
	 	 	 
	 	                                                  /s/ Michael F. Golden
 	 
	 	Michael F. Golden 	 
	 	 	 
	 

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