Document:

EX-10.3

Exhibit 10.3

AMENDED AND RESTATED CHANGE IN CONTROL SEVERANCE AGREEMENT

     This AMENDED AND RESTATED CHANGE IN CONTROL SEVERANCE AGREEMENT (the “Agreement”),
dated as of December ___, 2008 (the “Effective Date”) by and between Centennial
Communications Corp., a Delaware corporation (the “Company”), and [                    ] (the
“Executive”).

     A. The Company and Executive are parties to a Change in Control Severance Agreement, dated as
of November 7, 2008 (the “Original CIC Severance Agreement”). The Company and Executive
desire to terminate the Original CIC Severance Agreement and the Company and Executive desire to
enter into a new amended and restated Change in Control Severance Agreement as provided herein.
Accordingly, on the date hereof, the Original CIC Severance Agreement shall automatically
terminate.

     B. The Board of Directors of the Company (the “Board”) has determined that it is in
the best interests of the Company and its shareholders to assure that the Company and its
affiliated companies will have the continued dedication of the Executive, notwithstanding the
possibility, threat or occurrence of a Change in Control of the Company. The Board believes it is
imperative to diminish the inevitable distraction of the Executive by virtue of the personal
uncertainties and risks created by the circumstances surrounding a Change in Control and to
encourage the Executive’s full attention and dedication to the Company and its affiliated companies
currently and in the event of any Change in Control (and, under certain circumstances, in the event
of the termination or abandonment of a Change in Control transaction), and to provide the Executive
with compensation and benefits arrangements that ensure that the reasonable expectations of the
Executive will be satisfied and that are competitive with those of other corporations.

NOW THEREFORE, in order to accomplish these objectives, the Board has caused the Company to enter
into this Agreement. Capitalized terms not otherwise defined in this Agreement shall have the
meaning set forth in Appendix A.

     1. Term. The “Term” of this Agreement is the period commencing on the
Effective Date and ending on the third anniversary thereof; provided, however, that commencing on
the second anniversary of the Effective Date, and on each annual anniversary thereof (such date and
each annual anniversary thereof shall be hereinafter referred to as the “Renewal Date”),
unless previously terminated, the Term shall be automatically extended by 12 additional months,
unless at least one hundred twenty (120) days prior to the Renewal Date the Company or the
Executive shall give written notice to the other party that the Term shall not be so extended. In
the event a Change in Control occurs during the Term, the Term shall be further extended until the
end of the Employment Period. Following a Change in Control that occurs during the Term and
extending until the end of the Employment Period, this Agreement shall exclusively apply with
respect to any termination of Executive’s employment and/or any other subject matter described
herein, and in the event of any conflict between the provisions of this Agreement and any other
similar agreement between the Executive and the Company, the provisions of this Agreement shall
apply.

     2. Employment Period. Subject to the terms and conditions of this Agreement, the
Company hereby agrees to continue the Executive in its employ for the period commencing on

 

 

the first date on which a Change in Control occurs during the Term and ending on the second
anniversary of such date (the “Employment Period”).

     3. Termination of Employment.

          (a) Termination. The Executive’s employment during the Employment Period (i) shall
automatically be terminated upon the Executive’s death, (ii) may be terminated by the Company due
to the Executive’s Disability, (iii) may be terminated by the Company with or without Cause and
(iv) may be terminated by the Executive with or without Good Reason.

          (b) Qualifying Termination. Subject to Section 5, if and only if the
Executive is terminated during the Employment Period (i) by the Company for any reason other than
(A) for Cause, (B) due to the Executive’s Disability, or (C) Executive’s death or (ii) by the
Executive for Good Reason (collectively, a “Qualifying Termination”), the Executive shall
be entitled to the payments and benefits described in Section 4.

          (c) Disability. The Company may terminate the Executive’s employment during the
Employment Period due to the Executive’s Disability. If the Company determines in good faith that
the Disability of the Executive has occurred during the Employment Period, it may give to the
Executive written notice in accordance with Section 13(b) of its intention to terminate the
Executive’s employment. In such event, the Executive’s employment with the Company shall terminate
effective on the 30th day after receipt of such notice by the Executive (the “Disability
Effective Date”).

          (d) Notice of Termination. Any termination of the Executive (other than due to the
Executive’s death) during the Employment Period by the Company or by the Executive shall be
communicated by Notice of Termination to the other party hereto given in accordance with
Section 13(b).

     4. Obligations of the Company upon a Qualifying Termination: If the Executive’s
employment is terminated in a Qualifying Termination described in Section 3(b), the Company
shall provide the following payments and benefits:

          (a) Subject to Section 4(g), the Company shall pay to the Executive in a lump sum in cash the
aggregate of the following amounts:

	 	i.	 	an amount equal to the product of (1) the
Severance Multiplier, and (2) the sum of (x) the Executive’s Base
Salary and (y) the Executive’s Target Bonus;
	 
	 	ii.	 	an amount equal to the product of (1)
Executive’s Target Bonus for the bonus period that includes the Date of
Termination and (2) a fraction, the numerator of which is the number of
days in the bonus period during which Executive was employed by the
Company and the denominator of which is the total number of days in
such bonus period;

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provided, however, that such amount shall be paid in lieu of, and the Executive hereby waives the
right to receive, any other amount of severance relating to salary or bonus continuation to be
received by the Executive upon termination of employment of the Executive under any severance plan,
policy or arrangement of, including any employment contract with, the Company or its subsidiaries.
The payments required under this Section 4(a) and under Section 4(d) below shall be made no
later than three (3) business days following the date on which the Release becomes irrevocable.

          (b) With respect to outstanding equity awards, including, without limitation, stock options
and restricted stock, other than performance-based equity awards (the “Equity Awards”):

	 	i.	 	all such outstanding Equity Awards
granted to the Executive shall automatically become fully vested
and, to the extent applicable, exercisable and the restrictions,
deferral limitations, and forfeiture conditions applicable to any
Equity Award shall lapse and such award shall be deemed fully
vested; and
	 
	 	ii.	 	each such Equity Award that is an option,
stock appreciation right, and/or other outstanding award in the
nature of a right that may be exercised (whether or not previously
vested) held by the Executive as of the Date of Termination shall
remain exercisable until the earlier of (i) the expiration of the
original term of such right (without giving effect to any early
termination thereof); (ii) the date that is one year after the Date
of Termination; and (iii) in the case of rights granted prior to the
date hereof, the last day the period of exercisability may be
extended without violation of Section 409A of the Code; and

          (c) The Company shall continue to provide the Executive with life insurance and medical and
health insurance coverage at levels and costs comparable to those in effect prior to such
termination for a period from the date of such termination to the earlier to occur of (x) the date
which is [                    ] months after such termination and (y) the date upon which the Executive is
actually receiving similar benefits through Executive’s employment with another employer;

          (d) The Company shall pay the Executive in a cash lump sum $10,000 in respect of tax and
financial planning services;

          (e) The Company shall reimburse the Executive for the actual and documented cost of any
outplacement, incurred by the Executive for a period of one year following the Date of Termination,
with such total costs not to exceed $10,000 and

          (f) To the extent not previously paid or provided, the Company shall timely pay or provide to
the Executive any other amounts or benefits required to be paid or provided or which the Executive
is eligible to receive pursuant to this Agreement or otherwise under any plan, program, policy or
practice or contract or agreement of the Company and its affiliated

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companies (excluding severance or termination plans, employment agreements, policies and
arrangements).

          (g) As a condition to receiving any payments or benefits pursuant to this Section 4,
the Executive shall be required to execute and deliver a release agreement in the form attached as
Appendix B (the “Release”) within forty-five (45) days of the Date of Termination, and any
applicable revocation period with respect to such Release shall be required to have expired without
the Executive having revoked such Release.

     5. Anticipatory Termination.

          (a) An “Anticipatory Termination” occurs if during the nine-month period prior to a
Change in Control either:

	 	i.	 	(1) the Company terminates the Executive’s employment other
than (A) for Cause, (B) due to the Executive’s Disability, or (C) due to
Executive’s death, (2) it is reasonably demonstrated by the Executive that such
termination of employment (x) was at the request or instruction of a Person who
has entered into a definitive agreement with the Company the consummation of
which would constitute a Change in Control or (y) was otherwise in connection
with, or in anticipation of, a Change in Control, and (3) a Change in Control
occurs; or
	 
	 	ii.	 	(1) an event occurs that would have constituted Good Reason if
the date on which a Change in Control occurs was deemed to be the date
immediately prior to the date of such event and the Executive terminated his
employment subsequent to such event, (2) the Executive can reasonably
demonstrate that such Good Reason event (x) was at the request or instruction
of a Person who has entered into a definitive agreement with the Company the
consummation of which would constitute a Change in Control or (y) was otherwise
in connection with, or in anticipation of, a Change in Control, and (3) a
Change in Control occurs.

          (b) If the Executive has reason to believe that an Anticipatory Termination may have occurred,
he shall provide a notice setting forth such belief in accordance with Section 13(b) of
this Agreement within five (5) days after a Change in Control has occurred. In the event of an
Anticipatory Termination, the Executive shall be entitled to (A) the payments specified in
Sections 4(a), 4(d), and 4(e) (in each case reduced by any comparable amounts previously
paid and required to be paid in the future pursuant to any other severance plan, program or
arrangement), (B) the benefits specified in Section 4(c) (to the extent not previously
provided) (or the after-tax equivalent thereof to the extent that such benefits cannot be
provided), (C) to the extent that the Executive has outstanding any Equity Awards, the provisions
of Section 4(b) shall apply to them, and (D) in respect of any Equity Awards that were
forfeited by the Executive as a result of his termination of employment but would have vested had
Section 4(b) applied, such awards shall be reinstated (or if the Company determines not to
reinstate them, the Executive shall be paid in cash the intrinsic value of such award as of the
Change in Control). For the

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purposes of the provisions of Section 4 referenced in this Section 5, the
Executive’s Date of Termination shall be deemed to be his last date of employment by the Company.

          (c) If the Executive is receiving severance or termination benefits at the time of a Change in
Control (the “Previous Benefits”) and the Executive becomes entitled to benefits under this
Section 5 upon the occurrence of a Change in Control, the balance of the Previous Benefits
shall continue to be paid in accordance with their terms and the incremental benefits to be
provided under this Section 5 shall be paid in accordance with Sections 4(a), 4(d) and
4(e) as applicable. Subject to the final sentence of this Section 5(c), any
incremental benefits to be provided under clauses (A), (C) or (D) of Section 5(b) shall be
paid no later than three (3) business days following the date on which the Release becomes
irrevocable. By way of example, if the Executive was entitled to continuation of his Base Salary
for one year upon his previous termination of employment and he subsequently becomes entitled to
the benefits described in Section 4(a) upon a Change in Control pursuant to this
Section 5, he shall continue to receive his Base Salary for the balance of the year and the
benefits provided under Section 4(a), reduced by an amount equal to the Executive’s Base
Salary, shall be paid in accordance with this Section 5. For the sake of clarity, any
benefits or payments to be provided upon an Anticipatory Termination shall be reduced by the value
of similar severance or termination benefits paid or payable in connection with the Executive’s
termination of employment. As a condition to receiving any payments or benefits pursuant to this
Section 5, the Executive shall be required to execute and deliver the Release within fifty
(50) days of the Change in Control, and any applicable revocation period with respect to such
Release shall be required to have expired without the Executive having revoked such Release.

     6. Other Terminations. In the event the Executive’s employment is terminated during
the Employment Period other than in a manner described in Sections 3(b) or Section
5, the Executive (or, as applicable, the Executive’s estate or designated beneficiaries) shall
be entitled to receive the Executive’s annual base salary through the Date of Termination to the
extent not theretofore paid and all other amounts or benefits required to be paid or provided or
which the Executive is eligible to receive under any plan, program, policy or practice or contract
or agreement of the Company and its affiliated companies.

     7. Section 409A. Notwithstanding the timing of the payments pursuant to this
Agreement, to the extent required to avoid application of any penalty tax imposed under Section
409A of the Code with respect to any payment required to be made hereunder during the six months
period following the Executive’s “separation of service,” as such term is defined for purposes of
Code Section 409A, (i) the payment will not be made to the Executive and instead will be made, at
the election of the Company, either to a trust in compliance with Rev. Proc. 92-64 or an escrow
account established to fund such payments (provided that such funds shall be at all times subject
to the creditors of the Company and its affiliates) and (ii) the payment will be paid to the
Executive on the earlier of the six-month anniversary of Date of Termination or the Executive’s
death or disability (within the meaning of Section 409A of the Code). Similarly, to the extent the
Executive would otherwise be entitled to any benefit (other than a cash payment) during the six
months beginning on the Date of Termination that would be subject to the additional tax under
Section 409A of the Code, the benefit will be delayed and will begin being provided on the earlier
of the six-month anniversary of the Date of Termination or the Executive’s death or disability
(within the meaning of Section 409A of the Code). The Company

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will establish the trust or escrow account, as applicable, no later than ten days after the
Executive’s Date of Termination. Notwithstanding anything contained herein to the contrary, to the
extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of
the Code, the Executive shall not be considered to have terminated employment for purposes of this
Agreement and no payments shall be due to the Executive under this Agreement which are payable upon
the Executive’s termination of employment until the Executive would be considered to have incurred
a “separation from service” within the meaning of Section 409A of the Code. It is the intention of
the parties that the payments and benefits to which the Executive could become entitled in
connection with termination of employment under this Agreement comply with Section 409A of the
Code. In the event that the parties determine that any such benefit or right does not so comply,
they will negotiate reasonably and in good faith to amend the terms of this Agreement such that it
complies (in a manner that attempts to minimize the economic impact of such amendment on the
Executive and the Company and its affiliates). With respect to expenses eligible for reimbursement
under the terms of this Agreement, (i) the amount of such expenses eligible for reimbursement in
any taxable year shall not affect the expenses eligible for reimbursement in another taxable year
and (ii) except as provided in Section 10 below, any reimbursements of such expenses shall
be made no later than the end of the calendar year following the calendar year in which the related
expenses were incurred, except, in each case, to the extent that the right to reimbursement does
not provide for a “deferral of compensation” within the meaning of Section 409A of the Code.

     8. Non-exclusivity of Rights. Except as otherwise expressly provided for in this
Agreement, nothing in this Agreement shall prevent or limit the Executive’s continuing or future
participation in any plan, program, policy or practice provided by the Company or any of its
affiliated companies and for which the Executive may qualify, nor shall anything herein limit or
otherwise affect such rights as the Executive may have under any contract or agreement with the
Company or any of its affiliated companies. Amounts which are vested benefits or which the
Executive is otherwise entitled to receive under any plan, policy, practice or program of or any
contract or agreement with the Company or any of its affiliated companies at or subsequent to the
Date of Termination shall be payable in accordance with such plan, policy, practice or program or
contract or agreement except as explicitly modified by this Agreement.

     9. Full Settlement. The Company’s obligation to make the payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may
have against the Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable to the Executive
under any of the provisions of this Agreement and, except as otherwise expressly provided for in
this Agreement, such amounts shall not be reduced whether or not the Executive obtains other
employment. The Company agrees to pay, during Executive’s lifetime and to the fullest extent
permitted by law, all legal fees and expenses which the Executive may reasonably incur at all
stages of proceedings, including, without limitation, preparation and appellate review, as a result
of any contest (regardless of whether formal legal proceedings are ever commenced and regardless of
the outcome thereof) by the Company, the Executive or others of the validity or enforceability of,
or liability under, any provision of this Agreement or any guarantee of performance thereof
(including as a result of any contest by the Executive about the amount of

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any payment pursuant to this Agreement), provided that no such payment shall be payable with
respect to any frivolous claim or claim asserted by the Executive in bad faith.

     10. Certain Additional Payments by the Company.(a) Anything in this Agreement to the
contrary notwithstanding and except as set forth below, in the event it shall be determined that
any payment or distribution by the Company to or for the benefit of the Executive (whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but
determined without regard to any additional payments required under this Section 9) (a
“Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any
interest or penalties are incurred by the Executive with respect to such excise tax (such excise
tax, together with any such interest and penalties, are hereinafter collectively referred to as the
“Excise Tax”), then the Executive shall be entitled to receive an additional payment (a
“Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes
(including any interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed with respect thereto) and
Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of Gross-Up Payment
equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of
this Section 10, if it shall be determined that the Executive is entitled to the Gross-Up
Payment, but that the parachute value of all Payments, as determined in accordance with Section
280G of the Code, does not exceed 110% of the amount that is $1.00 less than three times the
Executive’s base amount, as defined in Code Section 280G (the “Safe Harbor Amount”), then
no Gross-Up Payment shall be made to the Executive and, if the Executive would receive a larger
amount of Payments on an after tax basis, the amounts payable or provided under this Agreement
shall be reduced so that the parachute value of all Payments, in the aggregate, equals the Safe
Harbor Amount. In the event that amounts payable or provided under this Agreement are reduced so
that the parachute value of all Payments, in the aggregate, equals the Safe Harbor Amount, the
amount of any cash Payment due to Executive shall be reduced first.

          (b) All determinations required to be made under this Section 10, including whether
and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions
to be utilized in arriving at such determination, shall be made by the Company’s independent,
certified public accounting firm or such other certified public accounting firm as may be
designated by the Executive and shall be reasonably acceptable to the Company (the “Accounting
Firm”) which shall provide detailed supporting calculations both to the Company and the Executive
within 15 business days of the receipt of notice from the Executive that there has been a Payment,
or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm
shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this
Section 10, shall be paid by the Company to the Executive within five days of the receipt
of the Accounting Firm’s determination, but in any event no later than the end of the Executive’s
taxable year next following the taxable year in which the Executive remits the related taxes. Any
determination by the Accounting Firm shall be binding upon the Company and the Executive.

     11. Certain Covenants

          (a) Confidential Information; Return of Company Documents and Property.

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	 	i.	 	Executive acknowledges that Executive’s employment hereunder
will necessarily involve Executive’s understanding of and access to certain
trade secrets and confidential information pertaining to the businesses and
activities of the Company and its Subsidiaries. The Executive shall hold in a
fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company or any of its affiliated
companies, and their respective businesses, which shall have been obtained by
the Executive during the Executive’s employment by the Company or any of its
affiliated companies and which shall not be or become public knowledge (other
than by acts by the Executive or representatives of the Executive in violation
of this Agreement) (collectively “Confidential Information”). After
termination for any reason of the Executive’s employment with the Company, the
Executive shall not, without the prior written consent of the Company or as may
otherwise be required by law or legal process, communicate or divulge any
Confidential Information to anyone other than the Company and those designated
by it.
	 
	 	ii.	 	Upon termination of Executive’s employment with the Company
whether by reason of the termination or expiration of this Agreement, the
Executive shall return to the Company (i) all documents within Executive’s
possession, custody, or control relating to the business and affairs of the
Company, or its products or customers; and (ii) all other Company property
within Executive’s possession, custody, or control including, but not limited
to, credit cards issued to Executive by the Company, office keys or card keys,
office passes or badges, office equipment, supplies, facsimile machines,
copiers, computers and peripheral equipment, answering machines, or any other
property or equipment furnished to Executive or paid for by the Company.

          (b) Non-Solicitation. During the Term and the Employment Period, and extending for a
period of [                    ] months (the “Restricted Period”), Executive will not directly or
indirectly, and will not assist directly or indirectly any other Person to (A) hire or engage in
any capacity any employee of the Company or any of its subsidiaries (or any person who was an
employee of the Company or any of its affiliates within twelve (12) months of the date such hiring
or engagement occurs) or solicit or seek to persuade any employee of the Company or any of its
subsidiaries to discontinue such employment, or (B) solicit or encourage any independent contractor
providing services to the Company or any of its subsidiaries to terminate or diminish its
relationship with them.

          (c) Non-Disparagement. During the Restricted Period, Executive agrees not to make any
public statement that is intended to or could reasonably be expected to disparage the Company or
its affiliates or any of their products, services, shareholders, directors, officers or employees.

          (d) Trade Secrets and Intellectual Property.

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	 	i.	 	The Executive hereby agrees that all inventions (whether or not
patentable or reduced to practice), patents, innovations, improvements,
developments, works of authorship, copyrights, materials, documents and all
other intellectual property and work product (including, without limitation,
software, code, databases, systems, applications, methods, designs, analyses,
drawings, reports, presentations, research, textual works, content, artwork,
graphics or audiovisual materials) that relate to the Company or any of its
subsidiaries’ actual or anticipated business, research and development or
existing or future products or services and that are authored, conceived,
invented, designed, developed, made, or otherwise created, or contributed to,
by the Executive while employed by the Company or any of its subsidiaries (as
applicable) (whether before or after the date hereof) (collectively, “Work
Product”) belong to and are the property of the Company and its
subsidiaries, and hereby irrevocably assigns, transfers and conveys, to the
extent permitted by applicable law, all right, title and interest in and to all
Work Product (including, without limitation, all intellectual property rights
therein and thereto on a worldwide basis) (including, without limitation,
rights under patent, copyright, trademark, trade secret, unfair competition and
related laws) to the Company (to the extent all right, title and interest does
not automatically under applicable law vest originally in the Company or one of
its subsidiaries, as applicable), and waives any moral rights therein to the
fullest extent permitted under applicable law. The Executive will promptly
disclose such Work Product to the Company and execute such documents and
perform all other actions as may be reasonably requested by the Company
(whether during or after the Executive’s employment with the Company or its
subsidiary (as applicable)) to establish and confirm the Company or its
subsidiary’s ownership of such Work Product (including, without limitation,
assignments, consents, powers of attorney and other instruments) and to assist
the Company and its subsidiaries in validating, effectuating, maintaining,
protecting, enforcing, perfecting, recording, patenting or registering any of
its rights hereunder.
	 
	 	ii.	 	If required by any applicable law in the United States, the
requirements set forth in Section 11(d) of this Agreement shall not
apply to an invention that the Executive develops entirely on his or her own
time without using the Company’s equipment, supplies, facilities, or trade
secret information except for those inventions that either: (i) relate at the
time of conception or reduction to practice of the invention to the Company’s
or any of its subsidiaries’ business, or actual or demonstrably anticipated
research or development of the Company or any of its subsidiaries; or (ii)
result from any work performed by the Executive for the Company or any of its
subsidiaries.

          (e) Upon the receipt of reasonable notice from the Company (including outside counsel), the
Executive agrees that while employed by the Company and thereafter, the Executive will respond and
provide information with regard to matters in which the Executive

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has knowledge as a result of the
Executive’s employment with the Company, and will provide reasonable assistance to the Company, its
affiliates and their respective representatives in defense of any claims that may be made against
the Company or its affiliates, and will assist the Company and its affiliates in the prosecution of
any claims that may be made by the Company or its affiliates, to the extent that such claims may
relate to the period of the Executive’s employment with the Company. The Executive agrees to
promptly inform the Company if the Executive becomes aware of any lawsuits involving such claims
that may be filed or threatened against the Company or its affiliates. The Executive also agrees
to promptly inform the Company (to the extent that the Executive is legally permitted to do so) if
the Executive is asked to assist in any investigation of the Company or its affiliates (or their
actions), regardless of whether a lawsuit or other proceeding has then been filed against the
Company or its affiliates with respect to such investigation, and shall not do so unless legally
required. Upon presentation of appropriate documentation, the Company shall pay or reimburse the
Executive in accordance with the Company’s expense reimbursement policy in effect from time to time
for all reasonable out-of-pocket travel, duplicating or telephonic expenses incurred by the
Executive in complying with this Section 11(e).

          (f) In signing this Agreement, Executive gives the Company assurance that Executive has
carefully read and considered all the terms and conditions of this Section 11. Executive
agrees that these restraints are necessary for the reasonable and proper protection of the Company
and its affiliates and their trade secrets and Confidential Information and that each and every one
of the restraints is reasonable in respect to subject matter, length of time and geographic area,
and that these restraints, individually or in the aggregate, will not prevent Executive from
obtaining other suitable employment during the period in which Executive is bound by the
restraints. Executive acknowledges that each of these covenants has a unique, very substantial and
immeasurable value to the Company and its affiliates, that Executive has sufficient assets and
skills to provide a livelihood while such covenants remain in force and that, as a result of the
foregoing, in the event that Executive breaches such covenants, monetary damages would be an
insufficient remedy for the Company and equitable enforcement of the covenant would be proper.
Executive therefore agrees that the Company, in addition to any other remedies available to it,
will be entitled to preliminary and permanent injunctive relief against any breach by Executive of
any of those covenants, without the necessity of showing actual monetary damages or the posting of
a bond or other security. Executive and the Company further agree that, in the event that any
provision of this Section 11 is determined by any court of competent jurisdiction to be
unenforceable, that provision will be deemed to be modified to permit its enforcement to the
maximum extent permitted by law. Executive further covenants that Executive will not challenge the
reasonableness or enforceability of any of the covenants set forth in this Section 11. It
is also agreed that each of the Company’s affiliates will have the right to enforce all of
Executive’s obligations to that affiliate under this Section 11.

     12. Successors. This Agreement is personal to the Executive and without the prior
written consent of the Company shall not be assignable by the Executive otherwise than by will or
the laws of descent and distribution. This Agreement shall inure to the benefit of and be
enforceable by the Executive’s legal representatives. This Agreement shall inure to the benefit
of and be binding upon the Company and its successors and assigns. The Company may assign the
agreement to any acquirer involved in a transaction that constitutes a Change in Control under
clause (f) of the definition of Change in Control in this Agreement. The Company shall

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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 the Company to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place.

     13. Miscellaneous.

          (a) This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware without reference to principles of conflict of laws. The captions of this Agreement
are not part of the provisions hereof and shall have no force or effect. This Agreement may not be
amended or modified otherwise than by a written agreement executed by the parties hereto or their
respective successors and legal representatives.

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          (b) All notices and other communications hereunder shall be in writing and shall be given by
hand delivery to the other party or by registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

If to the Executive (see address on signature page hereto):

If to the Company:

Centennial Communications Corp

3349 Route 138

Wall, NJ 07719

Tel: 732-556-2200

Fax: 732-556-2245

Attn: General Counsel [Chief Executive Officer]

or such other address as either party shall have furnished to the other in writing in accordance
herewith. Notice and communications shall be effective when actually received by the addressee.

          (c) The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement.

          (d) The Company may withhold from any amounts payable under this Agreement such Federal, state
or local taxes as shall be required to be withheld pursuant to any applicable law or regulation.

          (e) The Executive’s or the Company’s failure to insist upon strict compliance with any
provision hereof or any other provision of this Agreement or the failure to assert any right the
Executive or the Company may have hereunder, including, without limitation, the right of the
Executive to terminate employment for Good Reason, shall not be deemed to be a waiver of such
provision or right or any other provision or right of this Agreement.

          (f) The Executive and the Company acknowledge that, except as may otherwise be provided under
any other written agreement between the Executive and the Company, the employment of the Executive
by the Company is “at will” and, prior to the Effective Date, may be terminated by either the
Executive or the Company at any time.

          (g) The Executive and the Company agree that any claim or dispute that may arise between them
relating to this Agreement or the termination of the Executive’s employment with the Company
(including any claim of constructive termination) shall be determined exclusively by final and
binding arbitration. The arbitration proceeding will be conducted at a place selected by the
Company and before a single arbitrator under the National Rules for the Resolution of Employment
Disputes of the American Arbitration Association. The demand for arbitration must be submitted
within one year of the Date of Termination, provided, however,

12

 

that no demand for arbitration may be made until thirty (30) days after a written notice,
stating with particularity the nature of the claim or dispute, has first been forwarded by
certified mail to the opposing party. The arbitration proceeding shall be private and all
information disclosed in the course of the arbitration, as well as the arbitration award, shall be
treated as confidential by the parties. The award of the arbitrator shall be final and binding
upon the Executive and the Company and judgment upon the award rendered may be entered in any court
having jurisdiction. Each of the parties hereto expressly waives any right to trial by jury.

     The claims or disputes that are subject to this arbitration provision include, but are not
limited to, any claim of discriminatory discharge, retaliatory discharge or wrongful discharge
under any state, federal or foreign statute, breach of contract, lost wages, emotional distress,
claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age
Discrimination in Employment Act, as amended, the Americans with Disabilities Act, Executive
Retirement Income Security of 1974, as amended, the Family and Medical Leave Act, the Equal Pay Act
of 1963, claims of unjustified dismissal (Law 80 of May 30, 1976), discrimination on account of
sex, religion, race, age, political ideas, social condition or origin, national origin, disability
or any other reason, any common law claims, including, but not limited to, claims for wrongful
discharge, public policy claims, claims for breach of an express or implied contract, claims for
breach of an implied covenant of good faith and fair dealing, intentional and/or negligent
infliction of emotional distress, defamation or damage to name or reputation, invasion of privacy,
and tortious interference with contract or prospective economic advantage. By agreeing to submit
these claims to arbitration, the Executive is giving up any right to a jury trial or court trial
with regard to these claims or disputes.

     Nothing in this section concerning arbitration shall prevent the Company from seeking
equitable remedies in court for purposes of enforcing the performance of, or enjoining the breach
of, any provisions of Section 11. For this limited purpose, the Executive hereby agrees to
submit to personal jurisdiction in any court in the state in which the Executive was last employed
by Company.

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     IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from the Board of Directors, the Company has caused these presents to be executed in
its name on its behalf, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	[EXECUTIVE]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Address:	 	 	 	 
	 

	 	Tel:	 	 	 	 
	 

	 	Fax:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	CENTENNIAL COMMUNICATIONS CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

14

 

Exhibit 10.3

APPENDIX A

DEFINITIONS

     1. “Base Salary” means the greater of the Executive’s annual base salary in effect
immediately prior to (a) the Change in Control and (b) the Executive’s Date of Termination.

     2. “Cause” shall mean termination upon:

     (a) The willful and continued failure by Executive to substantially perform Executive’s duties
with the Company (other than any such failure resulting from Executive’s incapacity due to physical
or mental illness) after a written demand for substantial performance is delivered to Executive by
the Board, which demand specifically identifies the manner in which the Board believes that
Executive has not substantially performed Executive’s duties;

     (b) The willful engaging by Executive in conduct which is demonstrably and materially
injurious to the Company, monetarily or otherwise;

     (c) The repeated or illegal use of alcohol or drugs materially affecting Executive’s
performance; or

     (d) Conviction of, or plea of nolo contendere to, a felony or crime involving moral turpitude.

     For purposes of this definition, no act, or failure to act, on Executive’s part shall be
deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without
reasonable belief that the Executive’s action or omission was in the best interest of the Company.
The Executive shall not be deemed to have been terminated for Cause unless and until there shall
have been delivered a copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters (3/4) of the entire membership of the Board at a meeting of the Board called and
held for such purpose (after reasonable notice to the Executive and an opportunity for the
Executive, together with counsel, to be heard before the Board), finding that in the good faith
opinion of the Board the Executive was guilty of conduct set forth above and specifying the
particulars thereof in detail.

     3. “Change in Control” shall mean the first (and only the first) to occur of the
following:

     (a) The acquisition or receipt in any manner, by any person (as defined for purposes of the
Securities Exchange Act of 1934 (the “Exchange Act”) or any group of persons acting in
concert, of direct or indirect beneficial ownership (as defined for purposes of the Exchange Act)
of fifty percent (50%) or more of the combined voting securities ordinarily having the right to
vote for the election of directors of the Company; provided that the following shall not constitute
a Change in Control: (i) any acquisition of securities by the Company or any of its affiliates;
(ii) any acquisition of securities by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any of its affiliates; or (iii) any acquisition of securities by Welsh
Carson and/or one or more affiliates of Welsh Carson;

 

 

     (b) A change in the constituency of the Board with the result that individuals (the
“Incumbent Directors”) who are members of the Board as of the Effective Date cease for any
reason to constitute at least a majority of the Board; provided that any individual who is elected
to the Board after the Effective Date (other than a director whose initial assumption of office is
in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) and whose nomination for
election was approved by a majority of the Incumbent Directors shall be considered an Incumbent
Director beginning on the date of his or her election to the Board;

     (c) Consummation of a merger, consolidation or reorganization involving the Company, unless
such merger, consolidation or reorganization results in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or
by being converted into voting securities of the surviving entity or parent thereof) more than
fifty percent (50%) of the total voting power represented by the voting securities of the Company
or such surviving entity or parent thereof immediately after such merger, consolidation, or
reorganization; provided that any such transaction shall not constitute a Change of Control if
after consummation of such transaction, Welsh Carson or an affiliate of Welsh Carson beneficially
owns the greatest percentage of the voting power represented by the voting securities of the
Company or such surviving entity or parent thereof;

     (d) The shareholders of the Company approve a compete liquidation or dissolution of the
Company;

     (e) A sale, exchange or other disposition or transfer of all or substantially all of the
Company’s business or assets, other than pursuant to a spin-off or comparable transaction in which
the transferee is controlled by the Company, its existing stockholders immediately prior to such
transfer or Welsh Carson or an affiliate of Welsh Carson; or

     (f) A sale or disposition to a third party of all or substantially all of either the Company’s
Puerto Rico business or U.S. business will be considered to be a Change of Control with respect to
the Executive if he is then directly assigned to that business (i.e., a sale of the Puerto Rico
business would not be a Change in Control if Executive was then assigned to the Company’s New
Jersey headquarters or to the Company’s U.S. business unless it constituted a sale of all or
substantially all of the Company’s assets under clause (e), above).

Notwithstanding the foregoing, (i) the exclusion of transactions involving Welsh Carson from
the definition of Change in Control shall cease to apply (and shall not apply in the future) when
Welsh Carson no longer owns any equity interest in the Company (ii) and “affiliates of Welsh
Carson” shall not include affiliates who are natural persons.

     4. “Company” shall mean the Company as previously defined, any successor to any of its
businesses and/or assets that assumes or agrees to perform this Agreement, by operation of law or
otherwise.

     5. “Date of Termination” shall mean (a) if the Executive’s employment is terminated by
the Company for Cause, or by the Executive for any reason, the date of receipt of the Notice of
Termination or any later date specified therein, as the case may be, (b) if the Executive’s

16

 

employment is terminated by the Company other than for Cause or Disability, the Date of Termination
shall be the date on which the Company notifies the Executive of such termination, and (c) if the
Executive’s employment is terminated by reason of Disability, the Date of Termination shall be the
Disability Effective Date.

     6. “Disability” shall mean the absence of the Executive from the Executive’s duties
with the Company for 180 consecutive business days as a result of incapacity due to mental or
physical illness which is determined to be total and permanent by a physician selected by the
Company or its insurers and acceptable to the Executive or the Executive’s legal representative
(such agreement as to acceptability not to be withheld unreasonably).

     7. “Good Reason” for termination by the Executive of the Executive’s employment shall
mean the occurrence (without the Executive’s express written consent which specifically references
this Agreement), of any one of the following acts by the Company, or failures by the Company to
act, unless such act or failure to act is corrected within the 30-day cure period referred to
below:

     (a) [the Executive’s title shall have been changed without his consent] [the assignment to the
Executive of any duties significantly inconsistent with the Executive’s status as a senior officer
of the Company] or a substantial adverse alteration in the nature or status of the Executive’s
responsibilities from those in effect immediately prior to the Change in Control other than any
such alteration primarily attributable to the fact that the Company may no longer be a public
company;

     (b) a reduction by the Company in the Executive’s annual base salary or annual target bonus,
in each case, as in effect on the date immediately prior to the Change of Control or as the same
may be increased from time to time;

     (c) the relocation of the Executive’s principal place of employment to a location more than 25
miles from the Executive’s principal place of employment immediately prior to the Change in Control
or the Company’s requiring the Executive to be based anywhere other than such principal place of
employment (or permitted relocation thereof);

     (d) the failure by the Company to pay to the Executive any portion of the Executive’s current
compensation or to pay to the Executive any portion of an installment of deferred compensation
under any deferred compensation program of the Company, within seven (7) days of the date such
compensation is due;

     (e) a reduction in the Executive’s annual grants of long-term compensation awards that results
in a material reduction in the Executive’s opportunity to earn long-term compensation, determined
after taking in to account all long-term incentive awards granted to the Executive in connection
with, or after, the Change in Control;

     (f) the failure by the Company to continue to provide the Executive with benefits
substantially similar to those enjoyed by the Executive under any of the Company’s pension,
savings, life insurance, medical, health and accident, or disability plans in which the Executive
was participating immediately prior to the Change in Control unless an equitable arrangement has
been made with respect to any material reduction in the value of any such benefit, the taking

17

 

of
any other action by the Company which would directly or indirectly materially reduce the value of
any of such benefits or deprive the Executive of any material fringe benefit enjoyed by the
Executive at the time of the Change in Control unless an equitable arrangement has been made with
respect to any material reduction in the value of such benefits, or the failure by the Company to
provide the Executive with the number of paid vacation days to which the Executive is entitled on
the basis of years of service with the Company in accordance with the Company’s normal vacation
policy in effect at the time of the Change in Control;

     (g) any purported termination of the Executive’s employment which is not effected pursuant to
a Notice of Termination; or

     (h) any material breach by the Company of any material term of this Agreement.

Notwithstanding the foregoing, an event shall not constitute Good Reason hereunder unless it
results in a material negative change to the Executive in his relationship with the Company, such
as the duties to be performed, the conditions under which such duties are to be performed, or the
compensation to be received for performing such duties (all as determined under Section 409A of the
Code). To terminate for Good Reason, the Executive must give written notice within 60 days of the
occurrence of the event purportedly constituting Good Reason and the Company shall have 30 days to
cure such event. In any event, the Executive’s Date of Termination must occur within the later of
90 days of the occurrence of the event constituting Good Reason or 30 days after the expiration of
any applicable cure period.

     8. “Person” means an individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, an unincorporated
organization, any other business entity or a governmental entity (or any department, agency, or
political subdivision thereof).

     9. “Notice of Termination” shall mean a written notice which (a) indicates the
specific termination provision in this Agreement relied upon, (b) to the extent applicable, sets
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of the Executive’s employment under the provision so indicated, and (c) if the Date of Termination
is other than the date of receipt of such notice, specifies the Date of Termination (which, except
in the case of a termination due to a Disability, date shall be not more than fifteen days after
the giving of such notice). The failure by the Executive or the Company to set forth in the Notice
of Termination any fact or circumstances which contributes to a showing of Good Reason or Cause
shall not waive any right of the Executive or the Company hereunder or preclude the Executive or
the Company from asserting such fact or circumstance in enforcing the Executive’s or the Company’s
rights hereunder.

     10. “Severance Multiplier” shall mean [___].

     11. “Target Bonus” means the greater of the Executive’s target annual bonus in effect
immediately prior to (a) the Change in Control and (b) the Executive’s Date of Termination.

     12. “Welsh Carson” shall mean Welsh, Carson, Anderson & Stowe VIII, L.P.

18EX-10.29

Exhibit No. 10.29

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is entered into on December
31, 2008 (the “Effective Date”) between DATASCOPE CORP., a Delaware corporation (the
“Corporation”), and LAWRENCE SAPER, an individual residing at 812 Park Avenue, New York, New York
(the “Executive”).

W
I T N E S S E
T H

     WHEREAS, the Corporation and the Executive entered into an employment agreement dated as of
July 1, 1996, which the parties subsequently amended on each of May 30, 2000, October 31, 2001,
March 13, 2002, October 1, 2002 and April 1, 2005 (the “Old Agreement”);

     WHEREAS, the Corporation and the Executive now desire to amend and restate the Old Agreement
to, amongst other things, conform to the requirements of Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”);

     NOW, THEREFORE, in consideration of the respective covenants and agreements of the parties
contained in this Agreement and intending to be legally bound, the parties agree as follows:

     1. Employment. The Corporation agrees to continue to employ the Executive, and the
Executive agrees to continue to serve the Corporation, on the terms and conditions set forth in
this Agreement.

     2. Term. The term of the Executive’s employment hereunder shall commence on the
Effective Date and continue for a five year period; provided that on each day of the term, the term
shall be extended by one additional day so that there is always five years remaining in the term
(the “Term”). Such extensions shall cease immediately after either party provides written notice
to the other that it does not desire to extend the term of this Agreement in which case no further
extension of the Term shall occur pursuant hereto.

     3. Position and Duties. The Executive shall serve as the Chief Executive Officer and
President of the Corporation and in such other executive capacities as the Board of Directors of
the Corporation designates. The Executive shall have such responsibilities and duties, consistent
with his present responsibilities and duties, as the Board of Directors from time to time
prescribes. The Executive shall devote substantially all of his working time and efforts to the
business and affairs of the Corporation. Nothing herein, however, shall prevent the Executive from
engaging in additional activities in connection with personal investments and community affairs
which do not interfere or conflict with his duties.

     4. Place of Employment. The principal place of employment of the Executive shall be
at the principal executive offices of the Corporation. The Corporation shall not, without the
written consent of the Executive, relocate or transfer its principal executive offices from their
present location in Montvale, New Jersey. If the Corporation relocates its principal executive
offices with the Executive’s consent, the Corporation shall promptly pay (or

 

reimburse the Executive for) all reasonable moving expenses incurred by the Executive in
connection with a change of the Executive’s residences due to such relocation and if, within six
months of his commencement of full-time employment at the Corporation’s relocated executive
offices, the Executive requests, shall purchase from the Executive the residences which he is
required to vacate. The purchase price of such residences shall be the average of the appraisals
rendered by two appraisers retained by the Corporation, one of whom shall be selected by the
Executive. The Executive acknowledges and agrees that he may be required to travel on behalf of
the Corporation in connection with his employment. Any reimbursement owed to the Executive under
this Section 4 shall be made as soon as administratively practicable, but in no event shall be made
later than the last day of the calendar year following the calendar year in which such expense was
incurred. The amount of moving expenses which the Executive is entitled to receive (whether as a
payment or reimbursement) during any one calendar year pursuant to this Section 4 shall not affect
the amount of moving expenses the Executive is entitled to receive (whether as a payment or
reimbursement) in any subsequent calendar year.

     5. Compensation and Related Matters.

          (a) Salary and Bonuses.

               (i) Rate of Compensation. The Executive shall receive a base salary (the “Base
Salary”) at the annual rate of $1,000,000. The Executive’s Base Salary for each fiscal year for
the remainder of the Term shall be increased by such amount as shall be determined by the Board of
Directors of the Corporation (or its Compensation Committee). Once established at any specified
rate, the Executive’s Base Salary shall not be reduced. The Base Salary shall be payable to the
Executive in installments on the Corporation’s normal payroll dates, but not less frequently than
monthly.

               (ii) Performance Based Bonus Compensation. The Executive shall be entitled to an
annual bonus based on such criteria as shall be determined by the Compensation Committee. The
Executive shall also be entitled to receive bonus compensation in accordance with such long-term
and annual incentive compensation plans as may be maintained by the Corporation for the benefit of
its executives and to participate in any other bonus plans maintained by the Corporation for its
executives. Any such bonus or incentive compensation, the receipt of which is not contingent on
the Executive’s employment with the Corporation on the date such bonus or incentive compensation is
paid, must be paid to the Executive no later than March 15th of the calendar year
following the calendar year in which such bonus or incentive compensation was earned.

               (iii) Salary Not Exclusive. Base Salary and bonus compensation shall not be deemed
exclusive, and the Executive shall be entitled to participate in any other compensation or benefit
plans maintained by the Corporation for the benefit of its employees including, without limitation,
the various stock option plans available to the Corporation’s executives. Payments of Base Salary
shall not limit or reduce any other obligations of the Corporation or rights of the Executive under
this Agreement.

2

 

               (iv) Long-Term Incentive Plan. The Executive shall be entitled to participate in a
long term incentive plan, the compensation payable under which shall be based on such criteria as
shall be determined by the Compensation Committee.

          (b) Expenses. Subject to compliance by the Executive with such policies regarding
expenses and expense reimbursement as may be adopted from time to time by the Board of Directors of
the Corporation with respect to executive employees, the Executive is authorized to incur
reasonable business, entertainment and other related expenses (including all travel and living
expenses while away from home on business or at the request, and in the service, of the
Corporation) in the performance of his duties. The Corporation will promptly reimburse the
Executive for all reasonable expenses upon submission to the Corporation of an account of expenses
in accordance with the Corporation’s regular procedures for executive officers; provided, however,
that in no event shall any such reimbursement be made later than the last day of the calendar year
following the calendar year in which such expense was incurred.

          (c) Additional Retirement Benefits. In addition to and not in lieu of any amounts
payable by the Corporation to the Executive under any other subsection of this Section 5, the
Corporation shall pay to the Executive additional retirement benefits as follows:

               (i) Definitions.

                    (A) “Retirement Benefit” shall mean an amount equal to the difference between (A) 60% of Three
Year Average Total Compensation and (B) amounts payable to the Executive upon his retirement at or
after age 65 under the Corporation’s qualified pension plan, as then in effect (the “Pension
Plan”), on a 10 year certain basis (as set forth in the Pension Plan at Section 8.4, option 2).

                    (B) “Value” shall mean the lump-sum actuarial value of the Retirement Benefit that would have
been payable to the Executive had his retirement occurred on his 65th birthday calculated based on
the 1983 Group Annuity Mortality Table (male rates) and 5% interest.

                    (C) “Adjusted Value” shall mean the Value increased by 5% per year, compounded annually, to
the actual date of the Executive’s retirement, and prorated for periods of less than one year based
upon completed months. As of April 1, 2005, the amount of Adjusted Value accrued was reduced by
Five Hundred Thousand Dollars ($500,000), and increases in Adjusted Value on and after such date
have accrued, and shall continue to accrue, from such reduced amount. Following such reduction,
the Adjusted Value as of such date was $14,263,067.

                    (D) “Minimum Retirement Benefit” shall mean the Adjusted Value converted into an annual
retirement benefit based on the 1983 Group Annuity Mortality Table (male rates) and 5% interest.
The lump-sum actuarial factor used in this conversion shall be based upon the Executive’s age (to
the nearest month) at his actual date of retirement, interpolated linearly if such age is not a
whole number. The amounts so determined are shown on the attached Schedule A.

3

 

                    (E) Three Year Average Total Compensation. For the purposes hereof, “Three Year
Average Total Compensation” shall mean the average total compensation, comprising Base Salary and
all bonus compensation, for the three years in which the Executive’s compensation was greatest of
the ten years immediately preceding the Executive’s retirement, disability or death.

                    (F) Retirement. For the purposes hereof, the Executive’s retirement shall be deemed
to have occurred if at any time after the date hereof, the Executive elects to retire from his
duties with the Corporation. In addition, if, as a result of the Executive’s incapacity due to
physical or mental illness, the Executive shall have been absent from his duties on a full time
basis for 180 consecutive days, and within thirty (30) days after a written Notice of Termination
(as defined in subsection (e) of Section 8 hereto) is given shall not have returned to the
performance of his duties on a full time basis, the Executive shall be deemed to have retired from
his duties with the Corporation.

               (ii) Retirement Benefits. The Corporation shall pay to the Executive each year, for
life, commencing on the first day of the first fiscal year of the Corporation beginning after the
Executive’s retirement, the greater of (A) the Retirement Benefit payable under the supplemental
executive retirement program, excluding all benefits payable under the Corporation’s qualified
retirement plan, and (B) the Minimum Retirement Benefit. Payments to the Executive pursuant to
this clause (ii) shall be made monthly.

               (iii) Pre-Retirement Survivor Benefit. Upon the death of the Executive, a trust
created for the primary benefit of the spouse and children of the Executive (the “Trust”) shall
receive ten million ($10,000,000) dollars in proceeds of life insurance payable from one or more
policies of insurance on the life of the Executive pursuant to a Split-Dollar Agreement, dated July
25, 1994, between the Executive, the Corporation and the Trust (the “Split-Dollar Agreement”).

     The premiums for such policies shall be apportioned between the Corporation and the Trust in
accordance with the terms of the Split-Dollar Agreement and the Corporation’s interest therein
shall be secured by collateral assignment of such policy or policies executed by the Trust and the
Corporation.

     In each year during the term of the Split-Dollar Agreement, the Corporation shall reimburse
the Executive for the portion of such year’s premiums that is a deemed economic benefit to the
Executive and payable by the Trust pursuant to the Split Dollar Agreement (the “Reimbursement”).
In addition, following the determination of the Executive’s personal city, state and federal income
tax liability for such year, the Corporation shall also reimburse the Executive for all city, state
and federal income taxes, if any, required to be paid by the Executive and directly attributable to
such deemed economic benefit in such year (the “Tax Reimbursement”). The Reimbursement shall be
made as soon as administratively practicable, but in no event shall be made after the last day of
the calendar year following the calendar year in which such expenses were incurred. The Tax
Reimbursement shall be made as soon as administratively practicable, but in no event shall be made
after the last day of the calendar year next following the calendar year in which the Executive
pays such taxes.

4

 

     Notwithstanding the foregoing, until the three-year anniversary of the assignment of a certain
policy of insurance on the life of the Executive to the Trust, if Carol Saper is living at the
death of the Executive and is his surviving spouse as such term is defined in the Trust under
Agreement, dated June 28, 1994 (the “Spouse”), such death benefit shall be paid to the Spouse and
the Trust in accordance with the terms of the Split-Dollar Agreement.

          (d) Automobile. In lieu of providing the Executive an automobile, during the Term,
the Corporation shall continue to pay additional amounts to the Executive. The amounts payable
each year shall be as determined by the Board of Directors (or its Compensation Committee) and
shall be paid no later than March 15th of the calendar year following the calendar year
to which such amounts are attributable.

          (e) Services Furnished. The Corporation shall furnish the Executive with office space
suitable for a chief executive officer, stenographic assistance and such other facilities and
services as shall be suitable to the Executive’s position and for the performance of his duties.

          (f) Country Club.

          (i) The Corporation will reimburse the Executive for his membership deposit of
$260,000 (the “Membership Deposit”) and sales tax of $21,450 payable to the East
Hampton (NY) Golf Club (the “Club”). The Membership Deposit will be refunded to the
Corporation as soon as practicable upon the earlier of (A) the termination of the
Executive’s employment with the Corporation, (B) the termination of the Executive’s
membership at the Club or (C) the thirtieth (30th) anniversary of the
date that the Executive became a member of the Club; provided that, if the
Executive’s employment with the Corporation is terminated prior to the events
described in subsections (B) or (C) of this paragraph, the Membership Deposit may be
offset by the Corporation against any amounts owed by the Corporation to the
Executive under this Agreement.

          (ii) Commencing with the payment of the annual membership dues payable to the
Club for the 2001 calendar year, the Corporation shall pay the Executive’s annual
membership dues until the termination of Executive’s employment with the
Corporation; provided, however, that any such payment shall be made as soon as
administratively practicable following the date such expense becomes due, but in no
event later than the last day of the calendar year following the calendar year in
which such expense becomes due.

     6. Insurance. The Executive agrees that the Corporation may at any time and for the
Corporation’s own benefit, apply for and take out life, health, accident, and/or other insurance
covering the Executive either independently or together with others in any amount which the
Corporation deems to be in its best interests and the Corporation may maintain any existing
insurance policies on the life of the Executive owned by the Corporation. The Corporation shall
own all rights in any such insurance policies and in the cash values and proceeds thereof and,
except as otherwise provided, the Executive shall not have any right, title

5

 

or interest therein. The Executive agrees to assist the Corporation at the Corporation’s
expense in obtaining any such insurance by, among other things, submitting to the customary
examinations and correctly preparing, signing and delivering such applications and other documents
as may be required by insurers.

     7. Unauthorized Disclosure; Inventions.

          (a) Confidentiality. During the Term, the Executive shall not, without the written
consent of the Board of Directors, disclose to any person, other than an employee of the
Corporation or a person to whom disclosure is reasonably necessary or appropriate in connection
with the performance by the Executive of his duties, any material confidential information obtained
by the Executive while employed by the Corporation, with respect to any of the Corporation’s
products, improvements, formulae, designs or styles, processes, customers, methods of distribution
or methods of manufacture, the disclosure of which the Executive knows will be materially damaging
to the Corporation, provided, however, that confidential information shall not include any
information known generally to the public (other than as a result of unauthorized disclosure by the
Executive) or any information of a type not otherwise considered confidential by persons engaged in
the same business or a business similar to that conducted by the Corporation. For the period
ending two years following the termination of the Executive’s employment, the Executive shall not
disclose any confidential information of the type described above except as determined by him to be
reasonably necessary in connection with any business or activity in which he is then engaged.

          (b) Inventions. The Executive shall promptly and fully disclose to an appropriate
executive officer of the Corporation any and all inventions or formulae made, developed or created
by the Executive (whether at the request or suggestion of the Corporation or otherwise, whether
alone or in conjunction with others, and whether during regular work hours or otherwise) during the
period of the Executive’s employment by the Corporation which may be directly or indirectly useful
in, or relate to, the business of or tests being carried out by the Corporation, and shall promptly
deliver to an appropriate executive officer of the Corporation all papers, drawings, models, data
and other material relating to any such invention or formulae. All such inventions or formulae
shall be the Corporation’s exclusive property as against the Executive.

     The Executive shall, upon the Corporation’s request and without any payment, execute any
documents necessary or advisable in the opinion of the Corporation’s counsel to direct issuance of
patents to the Corporation with respect to such inventions or to vest in the Corporation title to
such inventions as against the Executive. The expense of securing any patent, however, will be
borne by the Corporation.

          (c) Binding Effect. The foregoing provisions of this Section 7 shall be binding upon
the Executive’s heirs, successors and legal representatives.

     8. Termination. The Executive’s employment under this Agreement may be terminated
without any breach of this Agreement only under the following circumstances.

6

 

          (a) Expiration of Term. The Executive’s employment shall terminate upon the
expiration of the Term or upon any earlier termination of such term due to the Executive’s
retirement; provided, that in the event of a termination resulting from the Executive’s retirement,
the Executive shall be entitled to all retirement and other continuing benefits provided for in
this Agreement and the provisions of Section 7 of this Agreement shall remain in full force and
effect.

          (b) Death. The Executive’s employment shall terminate upon his death.

          (c) Cause. The Corporation may terminate the Executive’s employment for Cause. For
purposes of this Agreement, the Corporation shall have “Cause” to terminate the Executive’s
employment if (i) the Executive willfully and continually fails to substantially perform his duties
(other than as a result of the Executive’s incapacity due to physical or mental illness) after the
Board of Directors of the Corporation has delivered to the Executive a written demand for
substantial performance specifically identifying the manner in which it believes the Executive has
not substantially performed his duties, or (ii) the Executive willfully engages, in his capacity as
an executive of the Corporation, in gross misconduct materially injurious to the Corporation. For
purposes of this subsection (c), no act, or failure to act, on the Executive’s part shall be
considered “willful” if done, or omitted to be done, in good faith and with the reasonable belief
that such action or omission was in the best interest of the Corporation. The Executive shall not
be deemed to have been terminated for Cause unless and until, after reasonable notice to the
Executive and an opportunity for him, together with his counsel, to be heard before the Board of
Directors of the Corporation, the Board of Directors has determined based on clear and convincing
evidence that the Executive was guilty of the conduct described in clause (i) or (ii) of the first
sentence of this Section 8(c), and delivered to the Executive a Notice of Termination stating such
determination and specifying the particulars thereof in detail.

          (d) Termination by the Executive. The Executive may terminate his employment
hereunder (i) for Good Reason, or (ii) if his health should become impaired such that his continued
performance of his duties hereunder is hazardous to his physical or mental health or his life. For
purposes of this Agreement, “Good Reason” shall mean (A) a change in control of the Corporation (as
defined below), (B) any assignment to the Executive of any duties inconsistent with his present
duties as Chief Executive Officer and President of the Corporation or a change in his present
responsibilities without his express written consent, (C) any removal of the Executive without his
consent from, or any failure to re-elect the Executive to, the office of President of the
Corporation, except in connection with termination of the Executive’s employment for Cause or as a
result of his death or disability or by him other than for Good Reason, (D) a reduction in the
Executive’s Base Salary as in effect on the date of this Agreement or as the same may be increased
from time to time, or a reduction in the Executive’s other benefits or any other failure by the
Corporation to comply with Section 5 hereof, (E) failure by the Corporation to comply with Section
4 hereof, (F) failure of the Corporation to obtain from any successor the assumption of or the
agreement to perform this Agreement (as contemplated in Section 11), or (G) any purported
termination of the Executive’s employment which is not effected pursuant to a Notice of Termination
satisfying the requirements of Section 8(e). For purposes of this Agreement, a “change in control
of the Corporation” shall mean a change in

7

 

control of a nature that would be required to be reported in a current report on Form 8-K, as
in effect on the date of this Agreement, or-pursuant to Section 13 or 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”); including, without limitation, (i) the
acquisition of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, by any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act),
other than the Corporation or the Executive or an entity directly or indirectly controlled by the
Executive, of securities of the Corporation representing 20% or more of the combined voting power
of the Corporation’s then outstanding securities unless the Executive and the Corporation’s Board
of Directors, within fifteen (15) business days after having been advised of such acquisition of
beneficial ownership, adopts a resolution approving such acquisition, (ii) the Corporation shall
have consummated the sale of all or substantially all of the assets of the Corporation, (iii) the
stockholders of the Corporation approve a merger or consolidation of the Corporation with any other
corporation (or other entity), other than a merger or consolidation which would result in the
voting securities of the Corporation outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving
entity) more than 50% of the voting power of the voting securities of the Corporation or such
surviving entity outstanding immediately after such merger or consolidation, (iv) the stockholders
of the Corporation approve a plan of complete liquidation of the Corporation, or (v) the following
individuals cease for any reason to constitute a majority of the number of directors then serving:
individuals who, on the date hereof, constitute the Board of Directors and any new director (other
than a director whose initial assumption of office is in connection with an actual or threatened
election contest, including but not limited to a consent solicitation, relating to the election of
directors of the Corporation) whose appointment or election by the Board of Directors or nomination
for election by the Corporation’s stockholders was approved or recommended by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors on the date hereof
or whose appointment, election or nomination for election was previously so approved or
recommended.

          (e) Notice of Termination. Any termination of the Executive’s employment by the
Corporation or by the Executive (other than a termination pursuant to subsection (a) or (b) above)
shall be communicated by written Notice of Termination to the other party. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
provision in this Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s employment under the
provision so indicated. Any purported termination not satisfying the requirements of this
subsection (e) shall not be effected.

          (f) Date of Termination. “Date of Termination” shall mean (i) if the Executive’s
employment is terminated by his death, the date of his death, (ii) if the Executive’s employment is
terminated pursuant to subsection (c) above, the date specified in the Notice of Termination, and
(iii) if the Executive’s employment is terminated for any other reason, the date on which a Notice
of Termination is given; provided that if within thirty (30) days after the Notice of Termination
is given pursuant to subsections 8(c) or 8(d)(ii), the party receiving such Notice of Termination
notifies the other party that a dispute exists concerning the termination, the Date of Termination
shall be the date on which the dispute is finally determined, either by mutual written agreement of
the parties, by a binding and final arbitration award or by a final

8

 

judgment, order or decree of a court of competent jurisdiction (the time for appeal having
expired and no appeal having been perfected).

     9. Compensation Upon Termination.

          (a) Compensation Upon Termination for Cause. If the Executive’s employment is
terminated by the Corporation for Cause, the Corporation shall pay the Executive his Base Salary
through the Date of Termination at the rate in effect at the time Notice of Termination is given
and the Corporation shall have no further obligations to the Executive under this Agreement.

          (b) Improper Termination; Good Reason. If (A) in breach of this Agreement, the
Corporation shall terminate the Executive’s employment other than pursuant to subsection 8(c) (it
being understood that a purported termination pursuant to subsection 8(c) which is disputed and
finally determined not to have been proper shall be a termination by the Corporation in breach of
this Agreement) or (B) the Executive shall terminate his employment for Good Reason, then

               (i) The Corporation shall pay the Executive his full Base Salary through the Date of
Termination at the rate in effect at the time Notice of Termination is given, as well as all
accrued bonus compensation through the Date of Termination.

               (ii) In lieu of all salary and incentive compensation payments which the Executive would have
earned under this Agreement but for his termination, the Corporation shall pay to the Executive as
liquidated damages a lump-sum amount equal to the present value, based on the Applicable Federal
Rate (the “AFR”) (as defined in Section 1274(d) of the Code), of the product of (A) the weighted
average for the previous three fiscal years of the sum of (1) the Executive’s annual Base Salary
for each of such three fiscal years and (2) all bonus compensation paid or payable to the Executive
for each of such three fiscal years times (B) the number of years then remaining in the Term. All
payments under this Section 9(b) shall be made on or before the fifth day following the Date of
Termination.

               (iii) If termination of the Executive’s employment arises out of a breach by the Corporation
of this Agreement, the Corporation shall pay all other damages to which the Executive may be
entitled as a result of such breach, including damages for any and all loss of benefits which the
Executive would have received under the Corporation’s employee benefit plans if the Corporation had
not breached this Agreement and had the Executive’s employment continued for the full Term as then
in effect (including without limitation benefits the Executive would have been entitled to receive
pursuant to any of the Corporation’s pension plans had his employment continued for such Term at
the rate of compensation specified herein), such payment to be made in a lump-sum on or before the
fifth day following such termination. In addition, the Corporation shall reimburse the Executive
for all legal fees and expenses incurred by him as a result of such termination and in enforcing
his rights, with such reimbursement to occur as soon as administratively practicable, but in no
event after the last day of the calendar year following the calendar year in which such expenses
were incurred.

9

 

          (c) Continued Maintenance of Benefit Plans. Unless the Executive is terminated for
Cause, the Executive shall receive a lump-sum payment from the Corporation on or before the fifth
day following such termination equal to the economic value to the Executive of his continued
participation in all employee benefit plans and programs in which the Executive was entitled to
participate immediately prior to the Date of Termination (other than medical and health plans) at
the respective levels of coverage in effect at the time the Notice of Termination is given for a
period of time equal to the time remaining in the Term immediately prior to such termination of
employment.

          (d) Continuation of Additional Retirement. Notwithstanding any other provision of,
and in addition to any other payments required under, this Section 9, the Corporation shall pay to
the Executive or his spouse, as the case may be, upon the termination of the Executive’s
employment, all amounts required to be paid pursuant to Section 5(c) of this Agreement, in the
manner and at the times provided for in such section.

          (e) Medical Benefits. Notwithstanding any other provision of, and in addition to any
other payments required under, this Section 9, upon termination of the Executive’s employment, the
Executive and his spouse (provided that she is at the time covered by the Corporation’s medical
benefit plan) shall receive 18 months of COBRA continuation of benefits at the same cost as a
similarly situated active employee would pay for such coverage. After the end of each consecutive
six-month period within such 18-month period, upon application by the Executive with proof of
payment, the Corporation shall reimburse the Executive for the cost paid by him for such COBRA
continuation and also for such additional cost for medical care for himself and his spouse as he
may have incurred during such six-month period.

Following the end of the 18-month period of COBRA continuation, the Corporation shall reimburse the
Executive for medical benefits coverage on the following basis:

     (i) The Executive shall apply for and maintain a Medicare Supplement policy of
his choice and shall be responsible for paying the full cost of such coverage.
After the end of each quarterly coverage period, upon application by him with proof
of payment, the Corporation shall reimburse the Executive for the full amount paid
by him for such quarterly coverage and also for such out-of-pocket costs not covered
by Medicare or the Medicare Supplement policy as he may have incurred on behalf of
himself during such three-month period.

     (ii) While the Executive’s spouse (to whom he was married at the time of his
termination) is under age 65, she shall apply for an individual pre-65
guaranteed-issue health insurance policy, in New York or New Jersey as applicable,
and the Executive shall pay for the cost of such coverage. After the end of each
quarterly coverage period, upon application by the Executive with proof of payment,
the Corporation shall reimburse the Executive for the full amount paid by him for
such quarterly coverage, and also for such out-of-pocket costs not covered by such
policy as he may have incurred on behalf of his spouse during such three-month
period.

10

 

     (iii) Upon the Executive’s spouse (to whom he was married at the time of his
termination) reaching Medicare entitlement age, such spouse shall maintain a
Medicare Supplement policy, and the Executive shall be responsible for paying the
full cost of such coverage for such spouse. After the end of each quarterly
coverage period, upon application by him with proof of payment, the Corporation
shall reimburse the Executive for the full amount paid by him for such quarterly
coverage and also for such out-of-pocket costs not covered by Medicare or such
Medicare Supplement policy as he may have incurred on behalf of his spouse during
such three-month period.

     (iv) In the event that the Executive predeceases his spouse (to whom he was
married at the time of his termination), she may maintain for herself for her
lifetime the medical benefits coverage referred to in paragraphs (ii) and (iii)
above, as either may be applicable at any time. If she does maintain such coverage,
after the end of each quarterly coverage period, upon application by her with proof
of payment, the Corporation shall reimburse her for the full amount paid by her for
such quarterly coverage and also for such out-of-pocket costs not covered by
Medicare or such Medicare Supplement policy as she may have incurred on behalf of
herself during such three-month period.

Notwithstanding anything contained herein to the contrary, all reimbursements pursuant to this
Section 9(e) shall be made as soon as administratively practicable, but in no event shall be made
after the last day of the calendar year following the calendar year in which such expenses were
incurred.

          (f) Potential Reduction in Change in Control Payments. Notwithstanding any other
provision of this Agreement to the contrary, in the event that any payments or benefits received or
to be received by the Executive in connection with the Executive’s employment with the Corporation
(or termination thereof) would subject the Executive to the excise tax imposed under Sections 4999
of the Code (the “Excise Tax”), and if the net-after tax amount (taking into account all applicable
taxes payable by the Executive, including any Excise Tax) that the Executive would receive with
respect to such payments or benefits does not exceed the net-after tax amount the Executive would
receive if the amount of such payment and benefits were reduced to the maximum amount which could
otherwise be payable to the Executive without the imposition of the Excise Tax, then, to the extent
necessary to eliminate the imposition of the Excise Tax, (i) such cash payments and benefits shall
first be reduced (if necessary, to zero) and (ii) all other non-cash payments and benefits shall
next be reduced.

          (g) No Mitigation. The Executive shall not be required to mitigate the amount of any
payment provided for in this Section 9 by seeking other employment or otherwise

     10. Delay in Payments. Notwithstanding any other provision of this Agreement to the
contrary, if the Executive is a “specified employee” within the meaning of Code Section 409A and
the regulations issued thereunder, and a payment or benefit provided for in this Agreement would be
subject to additional tax under Code Section 409A if such payment or benefit is paid within six
months after the Executive’s “separation from service” (within the

11

 

meaning of Code Section 409A), then such payment or benefit required under this Agreement
shall not be paid (or commence) during the six-month period immediately following the Executive’s
separation from service except as provided in the immediately following sentence. In such an event,
any payments or benefits that would otherwise have been made or provided during such six-month
period and which would have incurred such additional tax under Code Section 409A shall instead be
paid to the Executive in a lump-sum cash payment on the earlier of (i) the first business day of
the seventh month following the Executive’s separation from service or (ii) the 10th
business day following the Executive’s death, and all payments thereafter shall be made in
accordance with their regular schedule as set forth in this Agreement. Any such delayed payments
shall accrue simple interest at the AFR, and such interest shall accrue until, and be paid to the
Executive on, the date the Executive receives such lump-sum payment. For purposes of Code Section
409A, each installment payment owed to the Executive under this Agreement shall be treated as a
separate payment.

     11. Successor Corporation. The Corporation shall 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 the Corporation, by agreement in form and substance satisfactory to
the Executive, to expressly assume and agree to perform this Agreement in the same manner and to
the same extent that the Corporation would be required to perform it if no such succession had
taken place. As used in this Agreement, “Corporation” shall mean Datascope Corp. and any successor
to its business and/or assets.

     12. Successors and Assigns of the Executive. This Agreement shall not be assignable
by the Executive. All of the terms and provisions hereof shall be binding upon, inure to the
benefit of, and be enforceable by the Executive, his personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If the Executive should
die while any amounts would still be payable to him hereunder if he had continued to live, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this
Agreement to the Executive’s devisee, legatee, or other designee or, if there be no such designee,
to the Executive’s estate.

     13. Notice. All notices, demands and all other communications provided for in this
Agreement shall be in writing and shall be deemed to have been duly given when delivered or (unless
otherwise specified) mailed by United States registered mail, return receipt requested, postage
prepaid, addressed as follows:

     If to the Executive to:

Lawrence Saper

812 Park Avenue

New York, N Y 10024

     If to the Corporation to:

c/o Datascope Corp.

14 Philips Parkway

Montvale, New Jersey 07645

12

 

Attention: Corporate Counsel

or to such other address as any party may have furnished to the other in writing in accordance
herewith, except that notices of changes of address shall be effective only upon receipt.

     14. Waiver; Modification. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and signed by the
Executive and such officer as may be specifically designated by the Board of Directors of the
Corporation. No waiver by either party at any time of any breach by the other party of, or
compliance with, any condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. No agreements or representations, oral or otherwise, express or implied,
have been made by either party with respect to the subject matter of this Agreement, unless set
forth expressly in this Agreement.

     15. Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

     16. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together shall constitute one and the same
instrument.

     17. Arbitration; Choice of Law. Any dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration in New York, New York in
accordance with the rules of the American Arbitration Association then in effect. Judgment may be
entered on the arbitrator’s award in any court having jurisdiction. The expense of such
arbitration shall be borne by the Corporation. This Agreement shall be governed by the laws of the
State of New Jersey, without reference to such states conflict of law rules. If the Corporation
reimburses the Executive for any expenses in connection with this Section 17, such reimbursements
shall be made as soon as administratively practicable, but in no event shall be made after the last
day of the calendar year following the calendar year in which such expenses were incurred.

     18. Entire Agreement. This Agreement sets forth the entire agreement between the
parties with respect to the subject matter hereof and supersedes any and all prior agreements
between the Corporation and the Executive, whether written or oral, relating to any or all matters
covered by and contained or otherwise dealt with in this Agreement. Notwithstanding the previous
sentence, the following agreements will remain in full force and effect: (i) the Split-Dollar
Agreement, (ii) the Split-Dollar Life Insurance Agreement and Collateral Assignment for Policy
#2993814, dated June 1, 1985, by and between the Corporation and the Executive, (iii) the
Split-Dollar Life Insurance Agreement and Collateral Assignment for Policy #3099257, dated June 1,
1987, by and between the Corporation and the Executive, (iv) the Modification Agreement, dated as
of July 25, 1994, by and among the Corporation, the Executive and Carol Saper, Daniel Brodsky and
Helen Nash, Trustees of the Saper Family 1994 Trust UTA. dtd. 6/28/94 (collectively with all
successors, the “Trustees”), only with regard to its amendment of the Split-Dollar Agreement, (v)
the Assignment, dated as of July 25, 1994, by the

13

 

Trustees of the Saper Family 1994 Trust UTA. dtd. 6/28/94, as owner and beneficiary of a
certain policy of insurance on the life of the Executive, and the Corporation and (vi) all stock
option agreements currently outstanding between the Corporation and the Executive.

[signature page follows]

14

 

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

	 	 	 	 	 
	 	DATASCOPE CORP.

 	 
	 	By:  	/s/ Henry M. Scaramelli
 	 
	 	 	Name:  	Henry M. Scaramelli 	 
	 	 	Title:  	Vice President, Finance and

Chief Financial Officer 	 
	 
	 	LAWRENCE SAPER

 	 
	 	/s/ Lawrence Saper
 	 
	 	LAWRENCE SAPER 	 
	 	 	 
	 

15

 

Schedule A

DATASCOPE CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR LAWRENCE SAPER

CALCULATION OF “FLOOR” BENEFIT i.e. MINIMUM BENEFIT AT RETIREMENT AFTER 76.5

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	LUMP	 	 	 	 	 	 
	 	 	 	 	SUM	 	 	 	 	 	MINIMUM
	 	 	 	 	ACTUARIAL	 	ADJUSTED	 	RETIREMENT
	AGE	 	FACTOR	 	VALUE	 	BENEFIT
	 	76.5	 	 	7.004
	 	$	14,263,067	 	 	$	2,036,400	 
	 	77	 	 	6.850
	 	$	14,615,294	 	 	$	2,133,600	 
	 	78	 	 	6.549
	 	$	15,346,059	 	 	$	2,343,300	 
	 	79	 	 	6.257
	 	$	16,113,362	 	 	$	2,575,300	 
	 	80	 	 	5.975
	 	$	16,919,030	 	 	$	2,831,600	 
	 	81	 	 	5.703
	 	$	17,764,982	 	 	$	3,115,000	 
	 	82	 	 	5.442
	 	$	18,653,231	 	 	$	3,427,600	 
	 	83	 	 	5.191
	 	$	19,585,892	 	 	$	3,773,000	 
	 	84	 	 	4.951
	 	$	20,565,187	 	 	$	4,153,700

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