Document:

EX-10.1

 EXHIBIT 10.1 

ASTRO-MED INC. 

SENIOR EXECUTIVE SHORT TERM INCENTIVE PLAN 

Adopted March 27, 2015 
  

	1.	Purpose and Objectives 

 The overall purpose of this Senior Executive Short Term Incentive Plan
(“Plan”) is to recognize and reward executives for their collective contributions to the Company’s success. The Plan rewards Participants based on the achievement of performance goals that are critical to the Company’s growth and
profitability. 
 The objectives of the Plan are to: 

(a) Recognize and reward achievement of the Company’s annual business goals; 

(b) Motivate and reward superior performance; 

(c) Provide a competitive total compensation package that enables the Company to attract and retain talent needed to grow the Company; and

 (d) Encourage teamwork and collaboration among the Company’s leadership and across business groups. 

 

	2.	Eligibility/Participants 

 (a) Subject to the provisions of the Plan, the Chief Executive
Officer shall recommend to the Committee selected Senior Executives to be eligible for participation in the Plan. Selection of Senior Executives shall be approved on an annual basis by the Committee and set forth in a resolution. Participant
eligibility for one Plan Year does not guarantee selection and eligibility for a subsequent Plan Year. 
 (b) A Participant who is employed
by the Company (and on the payroll) for the full Plan Year is eligible for a full year’s Award. Participants who are employees for at least six months but less than twelve months during a Plan Year are entitled to 25% of the Award based upon
the Target Award Percentage for such Participant established by the Committee as provided under Section 3. Employees with less than six (6) months of service during the Plan Year are not eligible to participate in the Plan until the
following year, unless the Committee approves an exception. 
 (c) No Award will be earned or paid to an employee on leave of absence. 

(d) Participants who terminate employment during the Plan Year (other than in the case of death, Disability or Retirement as provided in
Section 6 or as the Committee may otherwise determine in its sole discretion) will not be eligible to receive an Award with respect to such Plan Year, and the Bank Balance (as defined in Section 6 below) of such Participant shall be
forfeited immediately upon such Termination. 
 (e) Employees who are participating in other Company incentive plans (e.g. Sales Incentive
Plan, etc.) are not eligible under this Plan without written approval of the Committee. 

  
 2 

	3.	Performance Goals 

 (a) Awards are earned based on achieving or exceeding annual
financial objectives, established by the Committee. Annually, the Committee shall establish in writing one or more performance goals which, when measured at the end of the Plan Year, shall determine the amount of the Award to be earned and paid to
the Participant (“Performance Goals”). Unless otherwise determined by the Committee for any Plan Year, the Performance Goals shall be (i) Consolidated Net Sales (“Revenue”), (ii) Consolidated Operating Income
(“OpInc”) and (iii) Economic Value Added (“EVA”). 
 (b) The Committee shall determine annually the percentage of
the Target Award that shall be allocated to each Performance Goal (“Performance Goal Allocation Percentage”). Unless otherwise determined by the Committee for any Plan Year, the Performance Goal Allocation Percentages shall be as follows:
Revenue (25%); OpInc (55%); and EVA (20%). 
  

	4.	Award Opportunity 

 (a) Performance with respect to Performance Goals will be evaluated
against target performance levels. Each Participant will have a Target Award, expressed as a percentage of Base Salary (the “Target Award Percentage”), which the Committee shall established annually for each Participant and which may vary
as to each Participant and from year to year for any Participant. For example, if a Participant’s Target Award Percentage is 20% and the Participant’s Base Salary is $150,000, then the Participant’s “Target Award” would be
equal to $30,000. 
 (b) Performance of each specific Performance Goal shall be calculated independently to determine the amount of the
award for each Performance Goal (each, an “Award Component”). The total Award under the Plan earned by any Participant with respect to any Plan Year shall be equal to the sum of the separate Award Components determined as provided in
subparagraph (c) below. Other than the limitations set forth in Section 5(d) below a Participant’s Award is uncapped. 
 (c)
Each Award Component shall be calculated using the following formula, which includes an “Adjustment Factor” as set forth in subparagraph (d) below: 
  

					
			Award Component =		Target Award multiplied by the Performance Goal Allocation Percentage multiplied by the Performance Goal Adjustment Factor

 (d) Each Award Component will be independently adjusted by an “Adjustment Factor,” determined as
follows: 
 (i) If the actual performance exceeds the Performance Goal for the Plan Year, the Adjustment Factor for such
Performance Goal will be 1 plus the percentage by which actual performance exceeds the Performance Goal. For example, if actual performance exceeds the Performance Goal by 4%, the Adjustment Factor for that Award Component would be increased by 4%
to 1.04. 
 (ii) If actual performance is less than the Performance Goal for the Plan Year, the Adjustment Factor shall be 1
minus 10 percentage points for each percentage point by which actual performance is less than the Performance Goal. For example, if actual performance is 97% of the specific Performance Goal, then the Adjustment Factor for that Award Component would
be reduced by 30% to 0.70. No Award shall be paid with respect to a specific Performance Goal if the actual performance does not exceed 90% of such Performance Goal. Thus, if actual performance does not exceed 90% of the Performance Goal, then the
Award Component for that Performance Goal will be zero. 

  
 3 

 (e) Awards under the Plan are subject to the following limitations: 

(i) All combined annual Awards under the Plan cannot exceed 15% of the Company’s Consolidated Operating Income for the
applicable Plan Year determined without deduction for the combined Awards under the Plan for such Plan Year (the “Global Limit”). To the extent Awards calculated under this Section 4 would exceed the Global Limit, Awards for all
Participants shall be reduced pro rata as necessary to comply with the Global Limit. 
 (ii) In any Plan Year in which
the EVA Performance Goal is less than $1 million, the maximum Award to a Participant under the Plan for such Plan Year may not exceed two (2) times the Participant’s Target Award. 

(iii) The aggregate Awards earned must be fully accounted for when determining whether a Performance Goal based upon Operating
Income has been achieved (i.e., adequate reserves for Awards must be provided in the Operating Income reported by the Company). 

(iv) Subject to the exercise of the Committee’s discretion under Sections 9(c) and 9(d) hereof, all Awards earned based on
achieving Performance Goals based on Operating Income shall be based on operating income from the Company’s normal operating activities and exclude the financial results from unbudgeted mergers, acquisitions, sales of assets, divestitures, etc.

  

	5.	Award Bank and Award Payouts 

 (a) All Awards under the Plan shall be credited to a
Participant’s “Award Bank” account, which shall be a book account maintained by the Company. The resultant balance in the Participant’s account after crediting the Award for the Plan Year (the “Bank Balance”) is then
used to determine the Participant’s Payout Amount for the Plan Year. The Bank Balance in excess of the Payout amount for any Plan Year is not vested and shall remain subject to a risk of forfeiture. Awards shall be credited to the Award Bank
and any Payout Amounts may be paid only after review and written approval by the Committee. 
 (b) Subject to the limitations in
Section 4(e) hereof, the “Payout Amount” shall be equal to the sum of (i) the lesser of (A) the Participant’s Award calculated for the Plan Year in accordance with Section 4 or (B) the Participant’s
Target Award for the Plan Year plus (ii) 30% of the Participant’s Bank Balance (after deduction of the amount paid or to be paid to the Participant under clause (i) hereof). 

  
 4 

 (c) A Participant’s Award (determined in accordance with Section 4) and Payout Amount
(determined in accordance with this Section 5) shall be calculated as soon as the Company’s financial results are reported and performance against Performance Goals can be measured and evaluated and the Payout Amount will be paid to the
Participant in cash as soon as the Company’s audited financial statements for the Plan Year are issued but in no event later than the April 15th following the end of the applicable Plan
Year. 
 (d) Notwithstanding any other provisions hereof, in the event of a Participant’s Disability, death or Retirement the amount to
be paid to a Participant (or the Participant’s estate) shall be determined under Section 6(a) or (b), as applicable. 
  

	6.	Termination of Employment. 

 Except as specifically provided otherwise in any employment agreement
between the Company and a Participant: 
 (a) If a Participant’s employment with the Company terminates due to the Participant’s
Disability, death or Retirement during a Plan Year, the Participant’s Award for the Plan Year shall be prorated to the date of Disability, death or Retirement and 100% of such prorated Award shall be paid to the Participant (or the
Participant’s estate) in accordance with Section 5(c) above. 
 (b) If a Participant’s employment with the Company terminates
due to the Participant’s Disability, death or Retirement subsequent to the Plan Year but prior to the payout date, the Participant’s (or the Participant’s estate, in the case of death) Payout Amount shall be equal to 100% of the Award
earned by the Participant for such Plan Year, which shall be paid to the Participant (or the Participant’s Estate) in accordance with Section 5(c) above. 

(c) If a Participant’s employment with the Company terminates due to the Participant’s Disability, death or Retirement, the
Participant (or the Participant’s estate, in the case of death) shall vest in full and be entitled to receive the Participant’s Bank Balance in cash as soon as administratively practicable but in no event later than the April 15th of
the year following the year in which the Disability, death or Retirement occurred. 
 (d) If the employment of a Participant with the
Company is terminated for any reason other than death, Disability or Retirement, then the Participant’s rights with respect to the Participant’s Bank Balance as of the date of Termination will be forfeited and neither the Participant nor
the Participant’s heirs, personal representatives, successors or assigns shall have any future rights with respect to the Bank Balance. 
  

	7.	Change in Control 

 Except as specifically provided otherwise in any employment agreement between the
Company and a Participant in the event of a Change in Control: 
 (a) For the Plan Year in which the Change in Control occurs, the Award for
such Plan Year shall be determined by performance measures through the last day of the quarter immediately preceding the date of the Change in Control and shall be prorated to the date of the Change in Control; and 

(b) A Participant’s Bank Balance shall vest in full on the Change in Control and become immediately payable in cash within 30 days
following the Change in Control. 

  
 5 

	8.	Effective Date 

 The Plan is effective for the fiscal year beginning February 1, 2015, and shall
remain in effect until such time as it shall be terminated by the Committee. 
  

	9.	Plan Administration 

 (a) Authority of the Committee. The Plan shall be
administered by the Committee. The Committee shall have full and final authority, in each case subject to, and consistent with, the provisions of the Plan, to select Senior Executives to become Participants, grant Awards, determine the annual
Performance Goals, and the amount and other terms and conditions of, and all other matters relating to, Awards, construe and interpret the Plan and correct defects, supply omissions or reconcile inconsistencies therein, and to make all other
decisions and determinations as the Committee may deem necessary or advisable for the administration of the Plan. Any determination by the Committee will be final and binding on all Participants. 

(b) Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or
other information furnished to him or her by any executive officer, other officer or employee of the Company or a subsidiary, the Company’s independent auditors, consultants or any other agents assisting in the administration of the Plan.
Members of the Committee and any officer or employee of the Company or a subsidiary acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to the
Plan, and shall, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination. 

(c) Discretion. The Plan is designed to encourage focus on the Company’s annual business plan goals while providing the
flexibility and discretion needed to be responsive to the Company’s business needs. The Committee shall have the right to apply positive or negative discretion in determining the amount of any Award as needed to reflect business environment and
market conditions that may affect the Company’s performance. 
 (d) Plan Changes or Discontinuance. The Committee is authorized
to make adjustments in the Performance Goals and Awards in recognition of unusual or nonrecurring events (including, without limitation, acquisitions and dispositions of businesses and assets) affecting the Company, any subsidiary or any business
unit, or the financial statements of the Company or any subsidiary, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations or business conditions or in view of the Committee’s assessment of
the business strategy of the Company, any subsidiary or business unit thereof, performance of comparable organizations, economic and business conditions, personal performance of a Participant, and any other circumstances deemed relevant. In
addition, the Committee may add to, amend, modify or discontinue any of the terms or conditions of the Plan or Performance Goals at any time. 

  
 6 

	10.	Miscellaneous 

 (a) Nonassignability. No Award will be assignable or transferable
(including pursuant to a pledge or security interest) other than by will or by laws of descent and distribution. 
 (b) Ethics. The
altering, inflating, and/or inappropriate manipulation of performance/financial results or any other infraction of recognized ethical business standards, will subject the employee to disciplinary action up to and including Termination of employment.
In addition, any incentive compensation as provided by the Plan to which the Participant would otherwise be entitled will be revoked. Participants who have willfully engaged in any activity injurious to the Company will, upon Termination of
employment, death, or Retirement, be obligated to repay any Award earned during the Performance Period in which the wrongful conduct occurred. 

(c) Taxes. The Company and any subsidiary is authorized to withhold from any Award, or any payroll or other payment to a Participant,
amounts of withholding and other taxes due or potentially payable in connection with any Award, and to take such other action as the Committee may deem advisable to enable the Company and Participants to satisfy obligations for the payment of
withholding taxes and other tax obligations relating to any Award. 
 (d) Non-Uniform Determinations. The Committee’s
determinations under the Plan need not be uniform and may be made selectively among persons who receive, or are eligible to receive, Awards under the Plan, whether or not such persons are similarly situated. Without limiting the generality of the
foregoing, the Committee will be entitled, among other things, to make non-uniform and selective determinations and to establish non-uniform and selective target Awards. 

(e) Other Payments or Awards. Nothing contained in the Plan will be deemed in any way to limit or restrict the Company, the Board or
the Committee from making any award or payment to any person under any other plan, arrangement or understanding, whether now existing or hereafter in effect. 

(f) Unfunded Plan. This is an unfunded Plan. No provision of the Plan will require the Company, for the purpose of satisfying any
obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor will the Company maintain separate bank accounts, books, records or other
evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants will have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have
become entitled to payment of additional compensation by performance of services, they will have the same rights as other employees under generally applicable law. 

(g) Rights of Employees. Nothing contained in the Plan will confer upon any employee or Participant any right to continue in the employ
or other service of the Company or constitute any contract or limit in any way the right of the Company to discharge any employee or Participant at any time for any reason. 

(h) Governing Law. The Plan and the Awards hereunder shall, in all respect, be governed by, and construed and enforced in accordance
with the laws of the State of Rhode Island. 

  
 7 

 (i) Invalidity. Each provision in the Plan is severable, and if any provision is held to
be invalid, illegal, or unenforceable, the validity, legality and enforceability of the remaining provisions shall not, in any way, be affected or impaired thereby. 

(j) Section Headings. The section headings contained herein are for the purposes of convenience only, and in the event of any conflict,
the text of the Plan, rather than the section headings, will control. 
 (k) Code Section 409A. It is the intent of the Company
that Awards under the STIP will fall within the short-term deferral exception to Section 409A of the Internal Revenue Code (“Code”) provided at Treasury Regulations, Section 1.409A-1(b)(4). This Agreement shall be interpreted
consistently with this intent. However, to the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Code Section 409A (a “409A Award”), the Award shall be subject to
such additional rules and requirements as may be reasonably specified by the Committee in order to comply with Section 409A. If any amount under a 409A Award is payable upon a “separation from service” (within the meaning of
Section 409A), to a Participant who is then considered a “specified employee” (within the meaning Treas. Reg., Section 1.409A-1 (i)), then no such payment shall be made prior to the date that is the earlier of (i) six months
and one day after the Participant’s separation from service, or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being subject to additional tax pursuant to Section 409A.

  

	11.	Definitions and Construction 

 (a) Definitions. Whenever used herein, the
following terms shall have their respective meanings set forth below: 
 “Award” means a cash incentive award made to a
Participant under the Plan. 
 “Base Salary” means a Participant’s base salary as of the last day of the Plan Year. 

“Board” means the Board of Directors of the Company as it may be comprised from time to time. 

“Change in Control” shall mean the first to occur of: 

(i) the acquisition of more than 50% of the beneficial ownership of the combined voting securities of the Company by any person
or group (as such terms are used in Section 13(d) and 14(d) of the Exchange Act), other than the Company or its subsidiaries or any employee benefit plan of the Company or any person who was an officer or director of the Company on the
effective date of the Plan; 
 (ii) consummation by the Company of a reorganization, merger or consolidation, in each case,
with respect to which all or substantially all of the individuals and entities who were the beneficial owners of the voting securities of such entity immediately prior to such reorganization, merger or consolidation do not, following such
reorganization, merger or consolidation, beneficially own, directly or indirectly, securities representing more than 50% of the voting power of then outstanding voting securities of the corporation resulting from such a reorganization, merger or
consolidation, provided that the forgoing shall not apply if the transaction is structured as “merger of equals” and the Board determines that a Change in Control has not occurred; 

  
 8 

 (iii) the sale, exchange or other disposition (in one transaction or a series of
related transactions) of all or substantially all of the assets of the Company (on a consolidated basis) to a party which is not controlled by or under common control with the Company; or 

(iv) the date a majority of the members of the Company’s Board is replaced during any 12-month period by directors whose
appointment or election is not endorsed by a majority if the members of the Company’s Board before the date of such appointment or election; 

provided, however, that notwithstanding the foregoing, with respect to any Award that is determined to be “non-qualified
deferred compensation” within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of any payment in respect of such Award unless such event is also a “change
in ownership,” a “change in effective control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

“Committee” means the Compensation Committee or other committee of the Board duly appointed to administer the Plan and having such
powers as shall be specified by the Board. If no committee of the Board has been appointed to administer the Plan, the Board shall exercise all of the powers of the Committee granted herein, and, in any event, the Board may in its discretion
exercise any or all of such powers, 
 “Company” means Astro-Med, Inc., a Rhode Island corporation, or any successor company
thereto. 
 “Disability” shall mean that the Participant meets one of the following requirements: (i) the Participant is
unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months,
(ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to last for a period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months
under an accident and health plan covering participants of the Company, or (iii) the Participant is determined to be disabled by the Social Security Administration or in accordance with a disability insurance program, provided that the
definition of disability applied under such disability insurance program complies with (i) or (ii) above. 
 “Economic Value
Added” or “EVA” means Consolidated Net Operating Profit after Taxes minus the product of Capital multiplied by the Cost of Capital, as determined by the Committee in its sole discretion, where “Capital” means the sum
of all debt and equity capital, net of excess cash and after corrective accounting adjustments. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and successor provisions and rules thereto. 

“Participant” means any Senior Executive selected by the Committee to receive an Award under the Plan. 

  
 9 

 “Performance Goals” means criteria selected by the Committee pursuant to
Section 3(a) hereof to measure the Company’s financial performance and also, when appropriate, the achievement of specified strategic goals and/or operational objectives. 

“Performance Goal Allocation Percentage” means the percentage of a Target Award allocated to each Performance Goal by the Committee
pursuant to Section 3(b) hereof. 
 “Plan Year” shall mean the fiscal year beginning February 1st and ending January 31st of the following calendar year. 
 “Retirement” shall mean the date that the
Participant incurs a “separation from service” within the meaning of Treasury Regulations, Section 1.409A-1(h)(1), provided that the Participant has attained the age of sixty-five (65) years prior to such separation from service.

 “Senior Executive” shall mean the person who has been identified as an “executive officer” of the Company in filings
with the Securities and Exchange Commission and any Vice President or Director Level Manager of the Company. 
 “Target Award
Percentage” has the meaning set forth in Section 4(a) hereof. 
 “Termination” of employment means a “separation
from service” as defined in Treasury Regulations, Section 1.409A-1(h)(1). 
 (b)
Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the
plural, the plural shall include the singular and the masculine shall include the feminine and neuter, as the context requires. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

  
 10EX-10.2

 Exhibit 10.2 

Geschäftsführer-Anstellungsvertrag 

General Manager Employment Contract 
  

			
	Zwischen der		Between
	 Astro-Med., Inc., West Warwick, Rhode Island USA

- nachfolgend „Gesellschaft” genannt -
 und

Herrn Michael Morawetz, Sudetenstr. 12 - 36396
 Steinau an der
Straße - nachfolgend:
 „Geschäftsführer” - genannt kommt folgender

Vertrag zustande:
		 Astro-Med., Inc., West Warwick, Rhode Island USA

- hereinafter referred to as the “Company”, on behalf of the Company and its wholly-owned subsidiary, Astro-Med GmbH

and
 Herr Michael Morawetz, Sudetenstr. 12 - 36396

Steinau an der Strasse - hereinafter referred to as the “General Manager”, the following contract is agreed:

		
	Präambel		Preamble
		
	Die Parteien haben am 20. Juni 1989 einen Anstellungsvertrag (Anlage l)geschlossen. Um einerseits den Vertrag zu aktualisieren, andererseits aber bestimmten rechtlichen Gegebenheiten Rechnung zu tragen, vereinbaren die Parteien das
Folgende:		In order to document their mutual agreement concerning the terms of General Manager’s employment, the parties agree to the following:
		
	§ 1 Aufgaben und Vertretungsverhältnisse		§ 1 Job remit and representation arrangements
		
	Der Geschäftsführer ist verantwortlich für das Verkaufsgebiet Europa (inkl. der an Russland angrenzenden Länder und Kanada, Insbesonders für den Verkauf, die Dienst- leistungen und alle
verkaufsfördernden Maßnahmen, einschließlich der Herstellung der „QLS Media Products” und für die Leitung der deutschen Niederlassung, einschließlich deren Mitarbeiter. Er stellt der Astro-Med GmbH seine gesamte
Arbeits-kraft, seine Kenntnisse und Erfahrungen zur Verfügung. Er leitet die Astro-Med GmbH und vertritt sie gerichtlich und außer-gerichtlich. Es ist Ihm hierbei jedoch nicht gestattet, Geschäfte mit sich im Namen der Astro-Med GmbH
mit sich selbst oder als Vertreter eines Dritten abzuschließen, es sei denn, das Rechts-geschäft besteht ausschließlich in der Erfüllung einer Verbindlichkeit (§ 181 BGB). Die Nieder-lassungsleiter Frankreich, Canada und
UK unterstehen dem Geschäftsführer. Er ist auch Geschäftsführer der französischen Niederlassung		The General Manager is responsible for the sales territory of Europe (including Russia) and Canada for sales, services and all sales promotion work, including the production of QLS Media Products, and for managing Astro-Med GmbH and
the German operation, including its staff. He shall place his entire working capacity, knowledge and experience at the Company’s disposal. He shall manage Astro-Med GmbH and represent it in and out of court. In this context, however, he shall
not be permitted to conclude transactions on behalf of Astro-Med GmbH or the Company with himself or as representative of a third party, unless the legal transaction concerned consists solely of repaying a debt (§ 181 BGB). Until such time as
the Company appoints one or more other general managers as provided in the following paragraph, the Company’s French, UK and Canadian Operations report to the General Manager.
		
	Die Gesellschaft kann weitere Geschäftsführer sowie Prokuristen bestellen. Es steht der Gesellschaft frei, hierbei die Vertretungsverhältnisse im Rahmen der Gesetze		The Company can appoint additional general managers and authorized signatories. The Company shall have the right at its discretion to specify the representation arrangements within the framework of statute law and to revise them at
any time; the General Manager shall have no

  

			
	18. November 2014		1

 Geschäftsführer-Anstellungsvertrag 

General Manager Employment Contract 
  

			
	nach ihrem Ermessen zu bestimmen und jederzeit neu zu ordnen; der Geschäfts-führer hat keinen Anspruch auf Einzelvertretungsberechtigung. Im Falle der Ernennung weiterer Geschäftsführer werden diese
Geschäftsführer kein Weisungsrecht gegenüber H. Morawetz haben. Ernennung weiterer Geschäftsführer werden diese Geschäftsführer kein Weisungsrecht gegenüber H. Morawetz haben.		entitlement to sole representation. If any additional general managers shall be appointed, these general managers shall have no disciplinary authority to give directions to the General Manager.
		
	§ 2 Geschäftsführungsbefugnis und -Ordnung, genehmigungspflichtige Geschäfte		§ 2 Managerial prerogatives and standing rules, transactions subject to approval
		
	Der Geschäftsführer führt die Geschäfte der Astro-Med GmbH und auch als Gerand (Geschaeftsfuehrer) der Astro-Med SNC Niederlassungnach innen und außen und hat in den Angelegenheiten der Gesellschaft die
Sorgfalt eines ordentlichen Kaufmannes anzuwenden.		The General Manager shall manage Astro-Med GmbH’s business, hold the position of SNC Gérant for the Astro-Med SNC Branch in France, both internally and externally, and shall exercise the due care and diligence of a
prudent businessman in the Company’s affairs.
		
	Sieht der Gesellschaftsvertrag vor, daß der bzw. die Geschäftsführer zur Durchführung bestimmter Maßnahmen die Zustimmung des Chief Executive Officers (CEO) der Gesellschaft einzuholen haben, so hat der
Geschäftsführer dies zu beachten und zu befolgen.		If the by-laws or other directive from the Company specify that the General Manager(s) must obtain the consent of the Chief Executive Officer (CEO) for carrying out particular measures, the General Manager must respect and comply
with this.
		
	Bestellt die Gesellschaft weitere Geschäftsführer oder Prokuristen, so kann sie die Geschäftsbereiche nach ihrem Ermessen bestimmen und jederzeit neu ordnen; der Geschäftsführer hat keinen Anspruch auf
Führung eines bestimmten Geschäftsbereichs. Die Gesellschaft kann die jeweiligen Geschäftsführungsbefugnisse in einer Geschäftsordnung regeln.		If the Company appoints additional general managers, or authorized signatories, it can specify their responsibilities at its own discretion and reallocate them at any time; the General Manager shall have no entitlement to managing a
particular area of responsibility. The Company can regulate the managerial prerogatives in a list of standing rules.
		
	§ 3 Art und Umfang der Tätigkeit; Nebentätigkeiten		§ 3 Nature and scope of the job, sideline activities
		
	Der Geschäftsführer orientiert Art und Zeit seiner Tätigkeit an den Belangen der Astro-Med GmbH und ist an bestimmte Arbeitszeiten nicht gebunden.		The General Manager shall focus the nature and time of his activities on the concerns of the Astro-Med GmbH, and shall not be bound by specific working hours.
		
	Der Geschäftsführer hat bei seiner Tätigkeit die Gesetze, den Gesellschaftsvertrag, die einschlägigen Regularien der Gesellschaft, einen		The General Manager shall in his work comply with the laws, the Company’s Policies or by-laws, any listing of transactions requiring approval, any standing rules and individual instructions from the

  

			
	18. November 2014		2

 Geschäftsführer-Anstellungsvertrag 

General Manager Employment Contract 
  

			
	 etwaigen Katalog zustimmungspflichtiger Geschäfte, eine etwaige Geschäftsordnung sowie Einzelweisungen des CEO zu beachten. Einmal
im Jahr wird der Geschäftsführer aufgefordert, eine Entsprechenserklärung nach dem “Code of Conduct” abzugeben, die dann ebenfalls Bestandteil des Arbeitsvertrages wird.

(1) Ohne vorherige Zustimmung der
 (2) Gesellschaft ist es dem
Geschäftsführer nicht gestattet, Nebentätigkeiten auszuüben und Ehrenämter zu bekleiden.
		 CEO. Once a year, the General Manager shall be requested to submit a declaration of conformity under the “Code of Conduct”, which
shall then also become a constituent part of the employment contract.
  
 Without the
Company’s prior consent, the General Manager shall not be permitted to perform sideline activities or occupy honorary posts.

		
	§ 4 Geheimhaltung, Umgang mit Geschäftsunterlagen		§ 4 Secrecy, dealing with business documents
		
	Der Geschäftsführer hat, auch nach seinem Ausscheiden, über sämtliche Angelegenheiten der Gesellschaft strengste Verschwiegenheit zu wahren. Für jeden Fall eines schuldhaften Verstoßes gegen seine
Verschwiegenheitspflicht ist der Geschäftsführer zum Schadensersatz verpflichtet.		The General Manger must, even after leaving the Company, observe the strictest secrecy regarding the Company’s affairs. For each case of a culpable violation of his obligation to maintain secrecy, the General Manager shall be
obligated to pay damages.
		
	Sämtliche Unterlagen, die Astro-Med GmbH betreffend, die sich in seinem Besitz befinden, hat der Geschäftsführer im Falle seines Ausscheidens unverzüglich an die Astro-Med GmbH zurückzugeben. Ein
Zurückbehaltungsrecht hieran steht im nicht zu. Kopien von Geschäftsunterlagen darf der Geschäftsführer nicht fertigen oder zurückbehalten.		In the event of his leaving the Astro-Med GmbH, the General Manager must immediately return to Astro-Med GmbH all documents and all other Astro-Med GmbH property in his possession relating to the Astro-Med GmbH. He shall have no
right of retention to these. The General Manager may not make or retain copies of business documents.
		
	5 Vergütung und Auslagenerstattung		§ 5 Remuneration and reimbursement of expenses
		
	Der Geschäftsführer erhält für seine Tätigkeit ein Monatsgehalt von 157590,00 EUR, das am Monatsende fällig ist und unter Einbehaltung und Abführung der gesetzlichen Abzüge, insbesondere der
Steuer und des Arbeitnehmeranteils der Sozialversicherungsbeiträge, ausgezahlt wird. Des Weiteren wird bei entsprechender Leistung- und Zielerreichung ein Bonus (Anlage 1) ausbezahlt.		For his work for the Company, Astro-Med GmbH shall pay the General Manager shall receive an annual salary of €157,590 effective April 1, 2014, due for payment at the end of each month, and to be paid out after retention
and subsequent remittance of the statutory deductions, particularly tax and the employee’s portion of the social insurance contributions. In addition, a bonus may be paid given appropriate performance and target achievement (Attachment
1).
		
	Die Astro-Med GmbH übernimmt zusätzlich zu Abs. 1 die Zahlung des Arbeitgeberanteils der Beiträge zu den Sozialversicherungen.		Astro-Med GmbH shall, in addition to paragraph 1, pay the employer’s portion of the contributions to social insurance.

  

			
	18. November 2014		3

 Geschäftsführer-Anstellungsvertrag 

General Manager Employment Contract 
  

			
	Das Gehalt wird einmal jährlich anhand der Leistungsentwicklung und Zielerreichung überprüft und ggf. angepaßt.		The salary shall be reviewed once a year against criteria of performance development and target achievement, and adjusted as appropriate.
		
	Ist der Geschäftsführer aufgrund von Krankheit oder Berufsunfähigkeit zur Ausübung seiner Tätigkeit nicht imstande, so wird seine Vergütung während des bestehenden Vertragsverhältnisses
für die Dauer von 6 Wochen unter Anrechnung des vom Geschäftsführer bezogenen Krankengeldes weitergezahlt.		If by reason of illness or incapacity the General Manager is unable to perform his work, his remuneration shall continue to be paid during the existing contractual relationship for a period of 6 weeks, offsetting the sickness
benefit received by the General Manager.
		
	 Der Geschäftsführer erhält von der Gesellschaft einen Pkw der oberen

 
 Mittelklasse zur Verfügung gestellt, den er während der Dauer des
Vertragsverhältnisses zu beruflichen und privaten Zwecken nutzen darf. Die laufenden Kosten der Pkw-Nutzung trägt die Astro-Med GmbH. Die auf die private Nutzung entfallende Steuerbelastung trägt der Geschäftsführer. Ein
Zurückbehaltungsrecht an dem Fahrzeug in irgendeiner Form besteht nicht.
		Astro-Med GmbH shall provide the General Manager with an automobile, from the upper mid range category, which he may use throughout the duration of the contractual relationship for business and private purposes. The running costs
for car utilization shall be borne by the Astro-Med GmbH. The tax burden arising from private use shall be borne by the General Manager. No right of retention whatever exists for the vehicle.
		
	 Die Gesellschaft schließt für den Geschäftsführer eine Gruppenunfallversicherung ab zu folgenden Bedingungen:

(Class 1 employee). The policy has an Accidental Death and Dismemberment benefit of $300,000 USD.
		The Company shall take out group accident travel insurance policy that covers the General Manager (Class 1 employee). The policy has an Accidental Death and Dismemberment benefit of $300,000 USD.
		
	§ 6 Urlaub		§ 6 Holiday
		
	Der Geschäftsführer ist berechtigt, jährlich Urlaub von insgesamt 30 Tagen zu nehmen.		The General Manager is entitled to take a total of 30 days’ holiday per annum.
		
	Urlaub, der bis zum 31.3. des jeweiligen Folgejahres nicht genommen worden ist, verfällt ersatzlos, es sei denn, der Geschäftsführer unterrichtet den COO oder den CEO der Gesellschaft schriftlich bis spätestens
zum 31.1. des jeweiligen Folgejahres darüber, daß er seinen Urlaub nicht fristgemäß in vollem Umfange nehmen kann.		Holiday which has not been taken by the 31 March of the succeeding year in question shall lapse without replacement, unless the General Manager notifies the Company’s CEO in writing by 31 January at the latest of the
succeeding year, that he is unable to take his holiday in full before the deadline.

  

			
	18. November 2014		4

 Geschäftsführer-Anstellungsvertrag 

General Manager Employment Contract 
  

			
	§ 7 Vertragsdauer und Beendigung		§ 7 Duration and termination of the contract
		
	Dieser Vertrag tritt mit der Unterzeichnung der Vereinbarung in Kraft und gilt als auf unbestimmte Zeit geschlossen, es sei denn, er wird gemäß den Bestimmungen 7.2,7.3 oder 7.4 dieser Vereinbarung gekündigt. Er
endet jedoch ohne Kündigung spätestens am Ende des Monats, in dem der Geschäftsführer das gesetzliche Rentenalter erreicht.		This contract comes into force on the date of the respective signatures and remains valid unless terminated by either party in accordance with Section 7(2), 7(3) or 7(4). It shall, however, end without notice of termination at
the latest on the last day of the month in which the General Manager achieves the legal retirement age.
		
	Der Vertrag kann von jeder Partei außerordentlich fristlos gekündigt werden, wenn ein wichtiger Grund vorliegt.		The contract can be terminated by either of the parties for good cause without giving or observing a notice period.
		
	Er kann ohne Vorliegen von Gründen ordentlich mit einer Frist von sechs Monaten zum Quartalsende gekündigt werden.		The contract can be terminated in the standard manner without citing reasons by giving six months’ notice to the end of a quarter.
		
	 Im Falle einer betriebsbedingten Kündigung durch die Gesellschaft, zahlt die Gesellschaft an den Geschäftsführer
zusätzlich zu den monatlichen Bezügen eine Abfindung in Höhe von einem Bruttomonatsgehalt pro Beschäftigungsjahr bei der Astro-Med GmbH bis zum Beendigungszeitpunkt, aber

 
 es werden keine weiteren Zahlungen des Jegliche Kündigung bedarf der Schriftform.
Kündigt der Geschäftsführer, so hat er seine Kündigung an die Gesellschaft zu richten.
		If the Company terminates this contract without cause, the General Manager shall be entitled to receive a one-time termination payment equal to one months’ base pay for each year of employment at Astro-Med GmbH (net of any
statutory deductions or required employer contributions) in addition to the monthly salary payments until the date of cessation of the contract, but no further payments of base salary or additional compensation shall be due.
		
	Die Bestellung des Geschäftsführers ist jederzeit widerruflich. Eine Abberufung des Geschäftsführers durch die Gesellschaft beinhaltet die Kündigung dieses Vertrages zum nächstmöglichen
ordentlichen Zeitpunkt. Hierbei gelten die im vorangehenden Absatz zur Kündigung aufgestellten Grundsätze entsprechend.		Any notice of termination must be given in writing. If the General Manager gives notice, he shall address his notice to the Company. The appointment of the General Manager can be revoked at any time. A dismissal enforced by the
Company entails the termination of this contract at the next possible due date. The principles on termination listed in the preceding paragraph shall apply analogously here.
		
	Beruft die Gesellschaft den Geschäftsführer ab oder kündigt die Gesellschaft diesen Vertrag ordentlich oder außerordentlich, so ist sie in jedem Fall berechtigt, den Geschäftsführer von seiner
Verpflichtung zur Arbeitsleistung jederzeit, auch teilweise, unter Anrechnung auf noch bestehende Urlaubsansprüche zu entbinden.		If the Company dismisses the General Manager or if the Company terminates this contract, either with due notice or summarily for good cause, then it shall in all cases be entitled at any time to relieve the General Manager from his
obligation to perform his job, in whole or in part, allowing for the still-existing holiday entitlement.
		
	Grundgehalts oder weitere Abfindungszahlungen gewährt.		

  

			
	18. November 2014		5

 Geschäftsführer-Anstellungsvertrag 

General Manager Employment Contract 
  

					
	§ 8 Geltendmachung von Ansprüche				§ 8 Assertion of claims 
			
	Die aus diesem Dienstvertrag resultierenden beiderseitigen Ansprüche sind innerhalb von drei Monaten nach Fälligkeit gegenüber dem anderen Vertragsteil schriftlich geltend zu machen. Geschieht die Geltendmachung nicht
fristgerecht, verfallen die jeweiligen Ansprüche ersatzlos. Für diesen Vertrag wird die Anwendbarkeit deutschen Rechts vereinbart. Als Gerichtstand wird soweit möglich Frankfurt vereinbart.				The mutual claims resulting from this employment contract must be asserted in writing to the other contracting party within three months after falling due. If such assertion is not made before the deadline, the claims involved shall
lapse without replacement. It is agreed for this contract to apply German law. Jurisdiction takes place in Germany/Frankfurt.
			
	§ 9 Schlussbestimmungen				§ 9 Final provisions
			
	This contract replaces all former contracts.				This contract replaces all former contracts.
			
	Änderungen und Ergänzungen dieses Vertrages bedürfen der Schriftform. Die Aufhebung des Schriftformerfordernisses ist ihrerseits nur bei Einhaltung der Schriftform wirksam.				Alterations and supplements to this contract must be made in writing signed by the party against whom they are to be enforced. Cancellation of this requirement for the written form must in its turn be made in writing to take
effect.
			
	 Sollten Bestimmungen dieses Vertrages unwirksam sein, so wird die Wirksamkeit des Vertrages und der in ihm enthaltenen

 
 übrigen Bestimmungen hiervon nicht berührt. Anstelle der unwirksamen Bestimmung
gilt die Bestimmung, die den beabsichtigten Regelungsgehalt in bestmöglichster Weise zur Geltung bringt
				If provisions of the contract are inoperative, this shall not affect the validity of the contract itself and the other provisions contained therein. In place of the inoperative provision, the provision shall apply which most
effectively encapsulates the intended prescriptive content involved.
			
	 Folgende Anlagen bestehen und sind ergänzender wesentlicher Bestandteil des Vertrages:

Anlage 1 Compensation Plan: Vice President of International Branches 
				 The following attachments exist and form a supplementary constituent part of this contract: 

Attachment 1 Compensation Plan: Vice President of International Branches

			
	West Warwick, Rhode Island USA				Steinau den
			
	 /s/ Gregory A.
Woods                                        
  26 Nov 14
				 /s/ Michael Morawetz

	Gregory A.
Woods                                        
        Date				Michael Morawetz                       11/12/14    Date
	President & Chief Executive Officer (CEO)				
	Astro-Med, Inc.				

  

			
	18. November 2014		6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}]]