Document:

Exhibit 10.1

EXHIBIT 10.1

BRADY CORPORATION

PERFORMANCE-BASED

RESTRICTED STOCK AGREEMENT

(August 2, 2010)

Brady Corporation (the “Corporation”), a Wisconsin corporation, hereby grants to Frank M. Jaehnert (the
“Employee”) a Restricted Stock Award (the “Award”) with respect to 100,000 shares (the “Shares”) of Class A Common
Stock, $.01 par value, of the Corporation (the “Common Stock”), all in accordance with and subject to the following
terms and conditions:

1. Plan; Defined Terms. This Award is made pursuant to the Brady Corporation 2010 Omnibus Incentive Stock
Plan (the “Plan”). In the event of any conflict between any provisions of this Award and the provisions of the Plan,
the provisions of the Plan shall control. Terms defined in the Plan where used herein shall have the meanings as so
defined. Employee acknowledges receipt of a copy of the Plan.

2. Vesting Requirements. The vesting of this Award (other than pursuant to accelerated vesting in certain
circumstances as provided in Section 3 below) shall be subject to the satisfaction of the conditions set forth in
both Section 2(a) and Section 2(b) below:

(a) Performance Vesting Requirement (Earnings per Share Improvement). The performance vesting requirement
under this Section 2(a) shall be satisfied only if the Earnings Per Share for any one of the Corporation’s fiscal years
ending July 31, 2011, July 31, 2012, July 31, 2013 or July 31, 2014 are at least 10% greater than the Earnings Per
Share for the Corporation’s fiscal year ending July 31, 2010. For purposes of this Agreement, “Earnings per Share”
shall mean the basic earnings per share of the Corporation’s Class A Common Stock as reported in the Corporation’s
audited financial statements. If the performance vesting requirement is not satisfied for any of the four designated
fiscal years, the Award shall be immediately forfeited.

(b) Service Vesting Requirement. In addition to the performance vesting requirement of Section 2(a) above,
the Award shall be subject to the following service vesting requirement. If the Employee continues in employment
through the dates listed below and the performance vesting requirement has been satisfied, the shares shall be vested
as listed in the following table:

	 	 	 	 	 
	 	 	Cumulative Number of
	Vesting Date	 	Vested Shares
	July 31, 2013

	 	 	33,333	 
	July 31, 2014

	 	 	66,667	 
	July 31, 2015

	 	 	100,000	 

 

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If Employee shall cease to be employed by the Corporation or a Subsidiary prior to July 31, 2015 for any reason
other than death, Disability or a terminations by the Corporation for reasons other than Cause, shares that are not yet
vested shall be immediately forfeited.

If the Employee is terminated by the Corporation for reasons other than Cause and the performance vesting
requirement in Section 2(a) has been satisfied, the Employee shall be vested in a pro rata portion of the Award. The
total vested portion, which shall include any shares already vested in accordance with the table above, shall be
determined by multiplying the number of shares subject to the award (100,000) by a fraction, the numerator of which is
the number of whole or partial calendar months elapsed between August 1, 2010 and the date of the Employee’s
termination of employment, and the denominator of which is sixty (60). The remaining shares shall be immediately
forfeited.

If the Employee is terminated by the Corporation for reasons other than Cause and the performance vesting
requirement has not yet been satisfied, a pro rata portion of the Award shall remain outstanding as restricted stock.
The portion remaining outstanding shall be determined by multiplying the number of shares subject to the award
(100,000) by a fraction, the numerator of which is the number of whole or partial calendar months elapsed between
August 1, 2010 and the date of the Employee’s termination of employment, and the denominator of which is sixty (60).
The remaining shares shall be immediately forfeited. The shares which remain outstanding as restricted stock shall
become vested if the performance vesting requirement in Section 2(a) above is subsequently satisfied. If the
performance vesting requirement is not satisfied, the remaining shares shall be forfeited as of the date the Board’s
Audit Committee accepts the results of the fiscal 2014 audit.

For purposes of this Agreement, “Disability” means that the Employee is disabled as a result of sickness or
injury, such that he is unable to satisfactorily perform the material duties of his or her job, as determined by the
Committee, on the basis of medical evidence satisfactory to it.

For purposes of this Agreement, Cause means (i) the Employee’s willful and continued failure to substantially
perform the Employee’s duties with the Corporation (other than any such failure resulting from physical or mental
incapacity) after written demand for performance is given to the Employee by the Corporation which specifically
identifies the manner in which the Corporation believes the Employee has not substantially performed and a reasonable
time to cure has transpired, (ii) the Employee’s conviction of or plea of nolo contendere for the commission of a
felony, or (iii) the Employee’s commission of an act of dishonesty or of any willful act of misconduct which results
in or could reasonably be expected to result in significant injury (monetarily or otherwise) to the Corporation, as
determined in good faith by the Committee.

The period of time during which the Shares covered by this Award are forfeitable is referred to as the “Restricted
Period.”

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3. Accelerated Vesting.

(a) Notwithstanding the terms and conditions of Section 2 hereof, in the event of the termination of the
Employee’s employment with the Corporation (and any Affiliate) prior to the end of the Restricted Period due to death
or Disability, the Shares shall become unrestricted and fully vested.

(b) In the event of the termination of the Employee’s employment with the Corporation (and any Affiliate) prior to
the end of the Restricted Period due to a Change in Control, the Shares shall become unrestricted and fully vested.

For purposes of this Agreement, a “Change of Control” shall occur if any person or group of persons (as defined in
Section 13(d)(3) of the Securities and Exchange Act of 1934) other than the members of the family of William H. Brady,
Jr. and their descendants, or trusts for their benefit, and the W. H. Brady Foundation, Inc., collectively, directly or
indirectly controls in excess of 50% of the voting common stock of the Corporation.

For purposes of this Agreement, a termination due to Change of Control shall occur if within the 12 month period
beginning with the date a Change of Control occurs (i) the Employee’s employment with the Corporation (and any
Affiliate) is involuntarily terminated (other than by reason of death, disability or Cause) or (ii) the Employee’s
employment with the Corporation (and any Affiliate) is voluntarily terminated by the Employee subsequent to (A) a 10%
or more diminution in the total of the Employee’s annual base salary (exclusive of fringe benefits) and the Employee’s
target bonus in comparison with the Employee’s total of annual base salary and target bonus immediately prior to the
date the Change of Control occurs, (B) a significant diminution in the responsibilities or authority of the Employee in
comparison with the Employee’s responsibility and authority immediately prior to the date the Change of Control occurs
or (C) the imposition of a requirement by the Corporation that the Employee relocate to a principal work location more
than 50 miles from the Employee’s principal work location immediately prior to the date the Change of Control occurs.

(c) In the event of (i) the merger or consolidation of the Corporation with or into another corporation or
corporations in which the Corporation is not the surviving corporation, (ii) the adoption of any plan for the
dissolution of the Corporation, or (iii) the sale or exchange of all or substantially all the assets of the Corporation
for cash or for shares of stock or other securities of another corporation, all restrictions imposed on any
then-restricted Shares shall terminate (such that any Shares shall become fully transferable) immediately prior to any
such event in which the Corporation is not the surviving corporation.

(d) If the lapsing of the restrictions would result in any excise tax to the Employee as a result of Section 280G
of the Code, the Corporation shall pay the Employee an amount equal to such excise tax.

4. Dividend Rights. The Employee shall have the right to receive any cash dividends otherwise payable
with respect to the Shares, as paid, and the Employee shall have all other rights as holder of such Shares, provided,
however, the Corporation shall retain custody of all stock certificates representing shares as to which such
restriction has not lapsed.

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5. Transfer Restrictions. This Award and the Shares (until they become unrestricted pursuant to the terms
hereof) are non-transferable and may not be assigned, pledged or hypothecated and shall not be subject to execution,
attachment or similar process. Upon any attempt to effect any such disposition, or upon the levy of any such process,
the Award shall immediately become null and void and the Shares shall be forfeited.

6. Withholding Taxes. The Corporation may require payment of or withhold any tax which it believes is
payable as a result of the Shares becoming unrestricted and fully vested, and the Corporation may defer making delivery
with respect to Shares until arrangements satisfactory to the Corporation have been made with regard to any such
withholding obligations. In lieu of part or all of any such payment, the Employee, in satisfaction of all withholding
taxes (including, without limitation, Federal income, FICA (Social Security and Medicare) and any state and local
income taxes) payable as a result of such vesting, may elect, subject to such rules and regulations as the Committee
may adopt from time to time, to have the Corporation withhold that number of Shares (valued at Fair Market Value on the
date of vesting and rounded upward) required to settle such withholding taxes.

7. Death of Employee. If any of the Shares shall vest upon the death of the Employee, they shall be
registered in the name of the estate of the Employee unless the Corporation shall have theretofore received in writing
a beneficiary designation, in which event they shall be registered in the name of the designated beneficiary.

8. Adjustment of Shares. The terms and provisions of this Award (including, without limitation, the terms
and provisions relating to the number and class of shares subject to this Award) shall be subject to appropriate
adjustment in the event of any recapitalization, merger, consolidation, disposition of property or stock, separation,
reorganization, stock dividend, issuance of rights, combination or split-up or exchange of shares, or the like.

9. Wisconsin Contract. This Award has been granted in Wisconsin and shall be construed under the laws of
that state.

IN WITNESS WHEREOF, this Restricted Stock Agreement has been duly executed as of August 2, 2010.

BRADY CORPORATION

By: /s/ Thomas J. Felmer                        

Thomas J. Felmer, SVP & CFO

Attest: /s/ Hoyt R. Stastney                  

Hoyt R. Stastney, Secretary

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4exv10w1

Exhibit 10.1

July 30, 2010

Rick Feiler

321 Folly Island Court

Wilmington, NC 28411

Dear Rick:

On behalf of TranS1, Inc., I am pleased to offer you the position of Vice President of
Marketing, reporting directly to me, effective August 2, 2010.

The following describes the terms of our offer of employment to you.

Job Responsibilities:

As Vice President of Marketing, you will have the classic oversight responsibilities attendant
to the position, including product marketing, promotions, marketing communications and professional
affairs.

You will be expected to devote your full business time and best efforts to the performance of
your duties and responsibilities and to abide by Company policies and procedures that may be
changed from time to time.

Compensation:

A pre-tax annual compensation rate of $225,000 will be paid over twenty-four (24) payroll periods
during the year. Semi-monthly payroll dates are the 15th and the last day of each month.

You will also be eligible for an annual bonus equal to a maximum of thirty (30%) percent of your
annual base salary, and based upon specific objectives established in collaboration with me.

Stock Options:

As part of this promotion offer, and following the Board of Directors approval, you will be
granted options to purchase 40,000 shares of common stock of TranS1®, Inc. The price per share
will be established as the fair market value at the time of Board approval. Once granted, the
stock options shall vest 25% on the first anniversary date of this promotion, and thereafter will
vest in thirty-six equal monthly installments. These options are subject to the conditions
outlined in the Company’s 2007 Stock Incentive Plan. A copy of the Plan will be given to you on
your acceptance of this offer.

301 Government Center Drive * Wilmington, NC 28403

910.332.1700 Voice * 866.954.8873 Fax

www.TranS1.com

 

 

Relocation:

As you know, the Company may open a new office when business conditions dictate. If that were
to happen, TranS1 will pay for your moving expenses in accordance with the provisions of the
Executive Relocation Policy, currently under development for Board approval.

Employment Integrity:

Because this new position carries great responsibility and exercises authority which directly
affects business performance, we have included a revised Proprietary Information Agreement (PIA)
with this offer.

Please note that this letter and your response do not constitute a contract of employment for a
stated term. This means that if you accept this offer, you will retain the right to terminate your
employment at any time and TranS1 will retain a similar right.

 

This offer will remain open for a period of five (5) business days. Please advise regarding your
interest in accepting this position during this time by signing and returning this offer letter and
associated PIA.

866.954.8873 (fax) * tmcdonald@trans1.com

In accepting this offer, you represent that you have not relied on any agreements or
representations, written or oral, express or implied, with respect to your employment that are not
set forth in this letter.

We look forward to having you join the Trans1 Executive Staff and contributing to the
continued success of the Company.

Sincerely,

Ken Reali

President and COO

Accepted:

	 	 	 	 	 

	/s/ Rick Feiler
 

Rick Feiler

	 	August 2, 2010
 

Date

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