Document:

Exhibit 10.4

 

AGREEMENT

 

 

THIS AGREEMENT,
made effective the 8th day of March, 2012 by and between Derma Sciences, Inc., a business corporation organized under the laws
of the Commonwealth of Pennsylvania (“Employer”), and Barry J. Wolfenson (“Employee”).

 

WHEREAS,
Employee is currently employed by Employer as its Executive Vice President for Global Business Development and Marketing, and

 

WHEREAS, the
parties desire to enter into this Employment Agreement.

 

NOW, THEREFORE,
the parties hereto, in consideration of the mutual promises and covenants herein contained, hereby agree as follows:

 

1.  Employment. Employer
hereby employs Employee, and Employee agrees to be employed by Employer, as Employer’s Executive Vice President for Global
Business Development and Marketing with such duties appropriate to his office as may be assigned, from time to time, by the Board
of Directors of Employer and upon the terms and conditions hereinbelow set forth.

 

2.  Time and Efforts. Employee
will devote substantially all of his business time and efforts to his duties hereunder.

 

3.  Compensation.
During the Term hereof Employer shall pay compensation to Employee as follows:

 

 (a)  Base compensation at the
rate of Two Hundred Thirty Five Thousand Dollars ($235,000.00) per year effective January 1, 2012;

 

 (b)  Bonus, stock options and/or
such other incentive compensation as may be determined by Employer’s board of directors upon recommendation of its compensation
committee.

 

    	 

    	 

    

 

Reviews by the
compensation committee of Employee’s base compensation and incentive compensation shall be undertaken not less often than
annually. The principal criteria utilized by the compensation committee in the conduct of its reviews shall be the extent to which
Employer attains its performance objectives and the extent of Employee’s contributions thereto.

 

5.  Term. This Agreement
shall be effective as of the date hereof and shall expire on March 31, 2013 unless sooner terminated pursuant to Sections 6 or
7 hereinbelow or unless renewed or extended by mutual agreement of the parties hereto.

 

6.  Severance. In the
event that Employer, without cause, either terminates the Employment of Employee or fails to renew this Agreement upon expiration
hereof, Employer shall pay to Employee severance compensation in the amount of $235,000.00. The severance shall be paid in twelve
equal monthly installments of $19,583.33 commencing on the first day of the month following the date of termination or expiration,
as applicable. In addition, during the twelve month period following the date of termination or expiration, as applicable, Employer
shall provide Employee with the same health care benefits provided by Employer to its active employees at the Employer’s
cost.

 

7.  Change in Control.
Within six months of the occurrence of a “change in control” of Employer (defined below), Employee may, but shall have
no obligation to, tender his resignation from Employer and receive severance compensation as provided in paragraph 6 above to the
same extent as if Employer had terminated Employee without cause as of the date of Employee’s resignation. For purposes of
this paragraph, a “change in control” shall be a “change in control event” as defined in accordance with
Section 409A of the Internal Revenue Code and the regulations thereunder (“Section 409A”).

 

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8.  Taxation. Any payments
made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable federal, state
or local employment or income tax laws or similar statutes or other provisions of law then in effect. This Agreement is intended
to comply with the requirements of Section 409A. To the extent that any provision in this Agreement is ambiguous as to its compliance
with Section 409A, the provision shall be interpreted in a manner so that no payment due to Employee hereunder shall be deemed
subject to an “additional tax” within the meaning of Section 409A(a)(1)(B) of the Code. For purposes of Section 409A,
each payment made under this Agreement shall be treated as a separate payment. In addition, the right to a series of installment
payments under this Agreement is to be treated as a right to a series of separate payments. Notwithstanding anything contained
herein to the contrary, Employer shall not be considered to have terminated employment with Employer for purposes of this Agreement
unless Employee has incurred a “termination of employment” from the Company within the meaning of Treasury Regulation
§l.409A-l(h)(l)(ii) promulgated under Section 409A. Notwithstanding the foregoing, if applicable and necessary to comply with
the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees,” any payment made
to Employee pursuant to this Agreement on account of the Employee’s separation from service that would otherwise be due hereunder
within six months after such separation from service shall nonetheless be delayed until the first business day of the seventh month
following Employee’s separation from service (or, if earlier, the date of his death). The first payment that can be made
to Employee following such period shall include the cumulative amount of any payments or benefits that could not be paid or provided
during such period due to the application of Code Section 409A(a)(2)(B)(i). In no event may Employee, directly or indirectly, designate
the calendar year of any payment. All reimbursements provided under this Agreement shall be made or provided in accordance with
the requirements of Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred
during Employee’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses
eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar
year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the
year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another
benefit. Employee further acknowledges that, while this Agreement is intended to comply with Section 409A, any tax liability incurred
by Employee under Section 409A is solely the responsibility of Employee.

 

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9.  Option Exercise Extension.
In the event that Employer, without cause, either terminates Employee’s employment or fails to renew this Agreement
upon expiration hereof, or in the event Employee tenders his resignation upon a “change in control,” then the period
to exercise any option to purchase the securities of Employer of which Employee may be possessed shall be extended to the earlier
to occur of (i) the expiration thereof as set forth in the option instrument or (ii) the 10th anniversary of the original
date of grant.

 

10.  Clawback of Bonus and/or Incentive
Compensation. In the event that Employer accords to Employee bonus and/or incentive compensation hereunder and in the further
event that the financial statements upon which such bonus and/or incentive compensation was predicated contained material errors
and/or omissions that served as the basis for, or influenced, the granting of such bonus or incentive compensation, then Employee
shall repay to Employer any and all amounts of bonus and/or incentive compensation reasonably attributable to the aforesaid errors
or omissions. Repayment of the aforesaid bonus and/or incentive compensation shall be required regardless of whether or not Employee
had knowledge of, or participated in, the conduct that resulted in the aforereferenced errors in the Corporation’s financial
statements.

 

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11.  Prior Agreements. 
This Agreement shall supersede any and all prior agreements between Employer and Employee relating to his employment.

 

[Signatures on Following Page]

 

 

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IN WITNESS WHEREOF, this Agreement has been executed by
Employer and Employee as of the date first hereinabove written.

 

 

	 	EMPLOYER:	 
	 	 	 	 
	 	DERMA SCIENCES, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Edward J. Quilty	 
	 	 	Edward J. Quilty	 
	 	 	President and
Chief Executive Officer	 

 

 

	 	EMPLOYEE:	 
	 	 	 	 
	 	 	 
	 	By:	/s/ Barry J. Wolfenson	 
	 	 	Barry J. Wolfenson	 

  

  

    	6Exhibit 10.5

 

AGREEMENT

 

 

THIS AGREEMENT,
made effective the 12th day of March, 2012 by and between Derma Sciences, Inc., a business corporation organized under the laws
of the Commonwealth of Pennsylvania, United States (“Derma U.S.”), Derma Sciences Canada Inc., a corporation organized
under the laws of the Province of Ontario, Canada (“Derma Canada”) and Frederic Eigner (“Employee”).

 

WHEREAS,
Employee is currently employed by Derma Canada as its Executive Vice President – Operations and General Manager; and

 

WHEREAS, in consideration
for entering into this Agreement, Employee will receive a salary increase and an increase in severance benefits as compared to
his most recent employment agreement; and

 

WHEREAS, the
parties desire to enter into this Employment Agreement.

 

NOW, THEREFORE,
the parties hereto, in consideration of the mutual promises and covenants herein contained, hereby agree as follows:

 

1.     
Employment. Derma Canada hereby employs Employee, and Employee agrees to be employed, as its Executive Vice President
– Operations and General Manager with such duties appropriate to his office as may be assigned, from time to time, by the
President and Chief Executive Officer of Derma U.S. and Derma Canada and upon the terms and conditions hereinbelow set forth.

 

2.  Time and Efforts. Employee
will devote substantially all of his business time and efforts to his duties hereunder.

 

3.  Compensation.
During the Term hereof Derma Canada shall pay compensation to Employee as follows:

 

    	 

    	 

    

 

(a)   Base compensation at the
rate of Two Hundred Fifty Thousand Dollars Cdn. ($250,000 Cdn.) effective January 1, 2012;

 

(b)  Bonus, stock options and/or
such other incentive compensation as may be determined by Derma U.S.’s board of directors upon recommendation of its compensation
committee.

 

Reviews by the
compensation committee of Employee’s base compensation and incentive compensation shall be undertaken not less often than
annually. The principal criteria utilized by the compensation committee in the conduct of its reviews shall be the extent to which
Derma U.S. and Derma Canada attain their performance objectives and the extent of Employee’s contributions thereto.

 

5.  Term. This Agreement
shall be effective as of the date hereof and shall expire on March 31, 2013 unless sooner terminated pursuant to Sections 6 or
7 hereinbelow or unless renewed or extended by mutual agreement of the parties hereto.

 

6.  Severance. In the
event that Derma Canada, without cause, either terminates the employment of Employee or fails to renew this Agreement upon expiration
hereof, Derma Canada shall pay to Employee severance compensation in the greater of (i) $250,000.00 Cdn. or (ii) salary for the
number of months of reasonable notice to which Employee shall be entitled to pursuant to the common law. The severance amount in
(i), if applicable, shall be paid in twelve equal monthly installments, and the severance amount in (ii), if applicable, shall
be paid in monthly installments equal to Employee’s then applicable monthly salary, in each case commencing on the first
day of the month following the date of termination or expiration, as applicable. In addition, during the twelve month period following
the date of termination or expiration, as applicable, Derma Canada shall, in addition to providing such coverage as is required
by applicable provincial law, reimburse Employee for the cost of health care benefits obtained by Employee provided and to the
extent that (i) the benefits are comparable to healthcare benefits then provided by Derma Canada to its active employees and (ii)
Derma Canada contributes to the cost of such benefits for its active employees.

 

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7.  Change in Control.
Within six months of the occurrence of a “change in control” of Derma U.S. (defined below), Employee may, but shall
have no obligation to, tender his resignation from Derma Canada and receive severance compensation as provided in paragraph 6 above
to the same extent as if Derma Canada had terminated Employee without cause as of the date of Employee’s resignation. For
purposes of this paragraph, a “change in control” shall be a “change in control event” as defined in accordance
with Section 409A of the Internal Revenue Code and the regulations thereunder (“Section 409A”).

 

8.  Taxation. Any payments
made pursuant to this Agreement shall be subject to any tax or similar withholding requirements under applicable Canadian and provincial
employment or income tax laws then in effect.

 

9.  Option
Exercise Extension. In the event that Derma Canada, without cause, either terminates Employee’s employment or fails to
renew this Agreement upon expiration hereof, or in the event Employee tenders his resignation upon a “change in control,”
then the period to exercise any option to purchase the securities of Derma U.S. of which Employee may be possessed shall be extended
to the earlier to occur of (i) the expiration thereof as set forth in the option instrument or (ii) the 10th anniversary
of the original date of grant.

 

10.  Clawback of Bonus and/or
Incentive Compensation. In the event that Derma Canada accords to Employee bonus and/or incentive compensation hereunder and
in the further event that the financial statements upon which such bonus and/or incentive compensation was predicated contained
material errors and/or omissions that served as the basis for, or influenced, the granting of such bonus or incentive compensation,
then Employee shall repay to Derma Canada any and all amounts of bonus and/or incentive compensation reasonably attributable to
the aforesaid errors or omissions. Repayment of the aforesaid bonus and/or incentive compensation shall be required regardless
of whether or not Employee had knowledge of, or participated in, the conduct that resulted in the aforereferenced errors in the
financial statements.

 

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11.  Prior Agreements.
 This Agreement shall supersede any and all prior agreements between Derma U.S., Derma Canada and Employee relating to his
employment.

 

[Signatures on Following Page]

 

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IN WITNESS WHEREOF,
this Agreement has been executed by Derma U.S., Derma Canada and Employee as of the date first hereinabove written.

 

 

	 	DERMA SCIENCES, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Edward J. Quilty	 
	 	 	Edward J. Quilty	 
	 	 	President and
Chief Executive Officer	 

 

  

	 	DERMA SCIENCES CANADA INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Edward J. Quilty	 
	 	 	Edward J. Quilty	 
	 	 	President and
Chief Executive Officer	 

 

 

	 	EMPLOYEE:	 
	 	 	 	 
	 	 	 
	 	By:	/s/ Frederic Eigner	 
	 	 	Frederic Eigner	 

  

 

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