Document:

EXHIBIT 10.4(a)

 

ESCO TECHNOLOGIES INC.

COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

 

Adopted May 10, 2001

Amended and Restated November 9, 2005

 

1.    Purpose.
The purpose of the Plan is to enable ESCO Technologies Inc. (the “Company”) to compensate each non-employee member
of the board of directors of the Company (such board of directors hereinafter referred to as the “Board” and each such
non-employee member of the Board hereinafter referred to as the “Director”) who contributes to the Company’s
success by his or her ability, ingenuity and knowledge, and to better ensure that the interests of such Director are more closely
aligned with the interests of the Company’s shareholders by paying a significant portion of his or her compensation in shares
of the Company’s common stock (“Common Stock”).

 

2.    Payment
of Annual Retainer. Each Director shall receive an annual retainer fee (the “Retainer Fee”) payable partially in
cash ( the “Cash Portion of the Retainer Fee”) and partially in shares of Common Stock (the “Stock Portion of
the Retainer Fee”) as determined from time to time by action of the Human Resources and Compensation Committee of the Board
(“HRCC”). The total amount of the Retainer Fee shall also be determined from time to time by action of the HRCC. The
Cash Portion of the Retainer Fee shall be paid in January of each year for that calendar year. The Stock Portion of the Retainer
Fee shall be distributed quarterly no later than the 15th business day of each quarter of the calendar year and shall represent
consideration for services to be performed for the quarter then beginning. Provided, however, that the HRCC reserves the right
to change the frequency of payment/distribution of the Retainer Fee. To be entitled to a quarterly Retainer Fee stock distribution,
the Director must be a member of the Board on the first day of the corresponding quarter.

 

3.    Other
Compensation. In addition to payment of the Retainer Fee provided for in Section 2, each Director shall be paid such additional
cash fees for attendance at Board and Board Committee meetings, service as chairman of a committee, service as lead director or
other fees as approved by the HRCC from time to time.

 

4.    Deferral
of Compensation. Directors may elect to defer the receipt of all (but not less than all) of the annual Cash Portion of the
Retainer Fee and other cash compensation in stock equivalents and/or to defer the receipt of all (but not less than all) of the
quarterly installment of the Stock Portion of the Retainer Fee in stock equivalents by executing and delivering an election form
to the Company no later than the end of the calendar year preceding the calendar year in which such amounts will be earned and
subject to such other conditions as the Company shall determine. Any newly elected Director may elect to defer Retainer Fees or
other cash compensation prior to the effective date of his or her election to the Board. Except as otherwise provided herein, the
election to defer Retainer Fees or other cash compensation shall be irrevocable as to amounts earned in the following calendar
year or following the effective date of election to the Board as applicable and shall remain in effect until a new election form
is delivered to the Company or distributions commence, whichever is earlier. Any such new election form shall apply only to future
Retainer Fees or other cash compensation earned after the calendar year in which such new election form is filed. If a Director
desires to defer fees earned after a distribution commences, he or she must file a hew election form to defer such fees prior to
the commencement of the calendar year in which such fees will be earned.

 

(a)  Deferred
Compensation Account.

 

(i)    The
Company shall establish a deferred compensation bookkeeping account (the “Account”) for each Director electing to defer
Retainer Fees or other cash compensation. As of the date a Retainer Fee or other cash compensation would otherwise be paid to the
Director (absent the deferral election), the Company shall credit to the Account the amount of Retainer Fees or other cash compensation
which the Director has elected to defer. The credit shall be in stock equivalents (“Stock Equivalents”) only, determined
as follows:

 

(a)    For
each share of Common Stock otherwise payable as the quarterly distribution of the Stock Portion of the Retainer Fee which the Director
elects to defer, the Company shall credit the Account with one Stock Equivalent.

 

(b)    For
the annual payment of the Cash Portion of the Retainer Fee which the Director elects to defer, the Company shall credit the Account
with that number of Stock Equivalents equal to the dollar amount of such portion, divided by the Fair Market Value (as hereafter
defined) per share of the Common Stock on the first day of the corresponding quarter.

 

    	1

    	 

    

 

(c)    For
other cash compensation which the Director elects to defer, the Company shall credit the Account with that number of Stock Equivalents
equal to the dollar amount of such compensation, divided by the Fair Market Value per share of the Common Stock on the first day
of the corresponding quarter.

 

“Fair Market Value” as of any date shall mean the
average of the high and low prices of the Common Stock on the New York Stock Exchange on such date (or on the most recent date
on which the Common Stock is traded).

 

(ii)    The
Account shall be credited, as of the payment date of any cash dividends paid on Common Stock, with additional Stock Equivalents
equal to the product of the per share dividend and the number of Stock Equivalents credited to the Account and dividing such product
by the Fair Market Value per share of the Common Stock as of the dividend payment date. The Account shall be credited, as of the
payment date of any stock dividends paid on Common Stock with additional Stock Equivalents equal to the product of the per share
dividend and the number of Stock Equivalents credited to the Account

 

(b)  Distribution.

 

(i)    Except
as otherwise provided in the Plan, the balance in the Account shall be distributed to the Director commencing on the date which
the Director has specified on the election form; provided, however, that such distribution must begin no later than the Director’s
65th birthday or upon termination of the Director’s service as a Director, whichever is later (“Commencement
Date”). Distribution shall be made in cash (the “Cash Distribution”) or in shares of Common Stock (the “Common
Stock Distribution”) as the Director shall elect in the election form; provided, that the portion of the Account representing
the Stock Portion of the Retainer Fee which has been deferred may only be distributed in the form of a Common Stock Distribution.
The Cash Distribution shall equal the number of Stock Equivalents then credited to the Account as of the Commencement Date multiplied
by the Fair Market Value per share of Common Stock as of such date. If Cash Distribution is to be made in installments, the amount
of such distribution shall be based upon the number of Stock Equivalents credited to the Account as of the date each installment
is to be made, multiplied by the Fair Market Value per share of Common Stock as of each such date. The Common Stock Distribution
shall equal the number of shares of Common Stock equal to the number of Stock Equivalents credited to the Account as of the Commencement
Date; provided that Distribution of Common Stock shall be rounded down to the nearest whole share of Common Stock and any fractional
share shall be paid in cash in an amount equal to the fractional share multiplied by the Fair Market Value per share as of the
Commencement Date.

 

(ii)   Distribution
shall be made either in a lump sum or, as specified on the Director’s election form, in quarterly, semi-annual or annual
installments, over a period not to exceed 5 years from the Commencement Date; provided, that Common Stock Distributions may not
be made more frequently than semi-annually. An election to change the form (cash or stock) of distribution with respect to the
Account must be received by the Company prior to January 1 of the calendar year in which distributions are to be made pursuant
to such election and must be approved in advance by the HRCC.

 

(iii)   Notwithstanding
the provisions of paragraph 4(b)(i), in the event the Director is removed from the Board or terminates service on the Board on
account of death, the balance in the Account shall be payable in a lump sum in a Cash Distribution within 30 days after January
1 of the following calendar year (the “Cash Distribution Date”). The Cash Distribution shall equal the number of Stock
Equivalents then credited to the Account as of the Cash Distribution Date multiplied by the Fair Market Value per share of Common
Stock as of the Cash Distribution Date.

 

(iv)   In
the event the Director becomes disabled (as hereafter defined), the balance in the Account (determined in accordance with paragraph
4(b)(i) as of the date of disability) shall be paid in a lump sum within 30 days following the Director’s disability. For
this purpose, a Director shall be considered disabled only if such Director is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected
to last for a continuous period of not less than q12 months.

 

(v)   The
Company shall deduct from all distributions hereunder any taxes required to be withheld by the federal or any state or local government.

 

5.    Change
in Control.

 

(a)    Notwithstanding
any other provision of the Plan, if a Change in Control occurs and within one year subsequent to such Change in Control the Director
ceases to serve as a member of the Board for any reason, the balance in the Account shall be paid in a lump sum to the Director,
in the manner determined in paragraph 5(b) below, on the 15th day of February following the end of the calendar year
in which such termination occurs.

 

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(b)  The
payment determined under this paragraph 5(b) shall be a Cash Distribution in an amount equal to the greater of the following:

 

(i)    the
number of Stock Equivalents then credited to the Account multiplied by the Fair Market Value per share of Common Stock as of either
(i) the date of termination of the Director’s service on the Board (if such Common Stock is still in existence), or (ii)
the date of the Change in Control, whichever is greater; or

 

(ii)   the
number of Stock Equivalents then credited to the Account multiplied by the fair market value per share of the consideration received
by holders of Common Stock in the Change in Control as of either (i) the date of termination of the Director’s service on
the Board, or (ii) the date of the Change in Control, whichever is greater.

 

(c)   Notwithstanding
paragraph (b) above, if the consideration in the Change in Control takes the form of stock of an acquiring corporation, payment
may be in the form of such stock of such corporation, in lieu of cash.

 

A “Change in Control” shall be defined to mean (i)
a merger, consolidation or reorganization of the Company in which, as a consequence of the transaction, the incumbent Directors
immediately prior to such transaction do not constitute a majority of the directors of the continuing or surviving corporation;
(ii) the acquisition, directly or indirectly, of the power to vote 50% or more of the outstanding Common Stock of the Company by
any person, entity or “group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934); or (iii) any sale or other transfer, in one or a series of transactions, of all or substantially all of the assets of the
Company; unless, in any case, a majority of then-current Directors determines prior to such transaction or event that it shall
not, for purposes of the Plan, be deemed a Change in Control.

 

(d)  The
Company shall promptly reimburse the Director for all legal fees and expenses reasonably incurred in successfully obtaining or
enforcing any right or benefit provided under this Section.

 

6.    Distribution
of Common Stock. The maximum number of shares of Common Stock available for distribution pursuant to the Plan shall be 200,000
shares, subject to adjustment as set forth in Section 71. The shares of Common Stock issuable to Directors under the
Plan shall be issued from shares held in the Company’s treasury.

 

7.    Adjustment
to Shares of Stock Issuable Pursuant to Plan. In the event of any change in the outstanding shares of Common Stock of the Company
by reason of any stock split, stock dividend or recapitalization of the Company, an equitable adjustment shall be made to the number
of shares of Common Stock issuable under the Plan, the amount of the Stock Portion of the Retainer Fee set forth in Section 2 and
the number of Stock Equivalents credited to the Account for any Director, as the HRCC determines is necessary or appropriate, in
its discretion, to give proper effect to such corporate action. Any such adjustment determined in good faith by the HRCC shall
be conclusive and binding for all purposes of the Plan.

 

8.    Amendments.
Section 5 of the Plan may not be amended or modified or terminated after the occurrence of a Change in Control with respect to
benefits accrued as of such occurrence. The Plan may otherwise be amended, modified or terminated by the HRCC at any time, provided
that no such action shall reduce the amounts credited to the Account of any Director immediately prior to such action or change
the time, method or manner of distribution of such Account.

 

9.    Miscellaneous.

 

(a)   The
provisions of the Plan shall be binding upon and enforceable against the Company and/or the continuing or surviving corporation
in a Change of Control.

 

(b)   Neither
the Director nor any other person shall have any interest in any fund or in any specific asset of the Company by reason of amounts
credited to the Account of a Director hereunder, or the right to exercise any of the rights or privileges of a shareholder (including
the right to vote) with respect to any Stock Equivalents credited to the Account or to receive any distribution under the Plan
except as expressly provided for in the Plan. Distributions hereunder shall be made from the general assets of the Company, and
the rights of the Director shall be those of an unsecured general creditor of the Company.

 

(c)   The
Company may require that the Directors shall agree to acquire shares of Common Stock under the Plan for investment and not for
resale or distribution except pursuant to a registration statement under the Securities Act of 1933 or an exemption from such registration,
and may require that certificates representing such shares shall bear a customary restrictive legend to this effect.

 

 

1
Adjusted to 400,000 shares pursuant to the Company’s 2005 stock split.

 

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(d)   The
interest of the Director under the Plan shall not be assignable by the Director or the Director’s beneficiary or legal representative,
either by voluntary assignment or by operation of law, and any such attempted assignment shall be ineffective to transfer the Director’s
interest; provided, however, that (i) the Director may designate beneficiaries to receive any benefit payable under the Plan upon
death, and (ii) the legal representative of the Director’s estate may assign his or her interest under the Plan to the persons
entitled to any such benefit.

 

(e)   Nothing
contained herein shall impose any obligation on the Company to continue the tenure of the Director beyond the term for which such
Director has been elected or prevent his or her removal.

 

(f)    The
Plan shall be interpreted by and all questions arising in connection therewith shall be determined by the HRCC, whose interpretation
or determination shall be conclusive and binding.

 

(g)   If
any amounts deferred pursuant to the Plan are found in a final judgment or other order to have been includible in gross income
by a Director prior to payment of such amounts from his or her Account, such amounts shall be immediately paid to such Director,
notwithstanding any election pursuant to Section 4.

 

(h)   The
provisions of the Plan shall be governed by and construed in accordance with the laws of the State of Missouri, without regard
to the principles of conflicts of law which might otherwise apply.

 

10.   Effective
Date. The Plan shall become effective July 1, 2001 and this Restatement shall become effective as of January 1, 2005.

 

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ESCO TECHNOLOGIES INC.

COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

 

ELECTION FORM

 

Pursuant to the ESCO Technologies Inc. Compensation Plan For
Non-Employee Directors:

 

1.    COMPENSATION
TO BE DEFERRED:

 

 ̈
I hereby elect to defer payment of my Cash Portion of the Retainer Fee and other cash compensation fees.

 

 ̈
I hereby elect to defer distribution of my Stock Portion of the Retainer Fee.

 

I understand that all deferrals will be credited as Stock Equivalents
to my Deferred Compensation Account.

 

2.    TYPE
OF DISTRIBUTION:

 

Stock Portion of the Retainer Fee:

 

 ̈
Lump Sum – in shares

 

 ̈
Installments over ____ years (may not exceed 5 years) in shares

 

 ̈
Semi-Annually in shares

 

 ̈
Annually in shares

 

Cash Portion of the Retainer Fee:

 

 ̈
Lump Sum – in cash

 

 ̈
Lump Sum – in shares

 

 ̈
Installments over ____ years (may not exceed 5 years)

 

 ̈
Semi-Annually ____% in cash; ____% in shares

 

 ̈
Annually ____% in cash; ____% in shares

 

 ̈
Quarterly in cash

 

3.    TIME
OF DISTRIBUTION:

 

 ̈
Lump sum distribution to be made on __________________________.

 

 ̈
Installment distributions to commence on _______________________.

 

 ̈
Distribution to be made or commence on the effective date of my retirement as a Director of the Company.

 

4.    DESIGNATION
OF BENEFICIARY: In the absence of such designation, payment will be paid to your estate. (Please include social security number
and address.)

 

	Name	 	Address	 	Social Security Number

 

 

 

 

 

 

 

 

 

 

 

 

5.    This
deferment will remain in effect with respect to each such subsequent year until such time as I may revoke the deferment or distributions
commence, whichever is earlier. Such later filings shall apply only to Retainer Fees and other cash compensation to be earned after
the calendar year in which such later filings are made.

 

Director: _________________________________________ Date: __________________________

 

    	5EXHIBIT 10.9

 

ESCO TECHNOLOGIES INC.

PERFORMANCE COMPENSATION PLAN

FOR CORPORATE AND SUBSIDIARY OFFICERS AND
KEY MANAGERS

 

Adopted August 2, 1993

Amended and Restated As of October 1, 1995

Fifth Sentence of Section V Amended on November
9, 2000

Restated on November 28, 2000 to Reflect
Name Change

Restated on November 25, 2002 to Reflect
Changes to Sections VII, IX and XI-E

Amended on October 3, 2007 to Make Changes
to Sections V, VI, VII and IX

Amended on February 4, 2010 to Add Sections
XII and XIII

Amended on November 11, 2010 to Replace
Sections XII and XIII with a New Section XII

Amended and Restated on August 8, 2012

 

I.     PURPOSE

 

The purpose of this ESCO Technologies Inc.
Performance Compensation Plan for Corporate and Subsidiary Officers and Key Managers is to provide an annual incentive plan for
selected corporate and subsidiary officers and key managers which is based upon their performance, the performance of the Company,
and/or the performance of its Subsidiaries during a Fiscal Year. In particular, the plan is designed to (a) pay such employees
a portion of their total compensation on the basis of their performance during a given Fiscal Year, (b) tie Subsidiary management
to performance objectives for a given fiscal year, and to tie Corporate officers to specific individual and Company performance
objectives, and (c) stay competitive with general industry trends in executive compensation.

 

II.    DEFINITIONS

 

The following words shall have the following
meanings unless the context clearly requires otherwise:

 

A.     “Board
of Directors” means the Board of Directors of ESCO Technologies Inc.

 

B.     “Executive
Compensation Executive” means the Executive Compensation Executive of ESCO Technologies Inc.

 

C.     “Chief
Executive Officer” means the Chief Executive Officer of ESCO Technologies Inc.

 

D.     “Committee”
means the Human Resources and Compensation Committee of the Board of Directors of ESCO Technologies Inc. which is comprised of
members who are not eligible to participate in the Plan.

 

E.     “Company”
means ESCO Technologies Inc., a Missouri Corporation.

 

F.     “Fiscal
Year” means the fiscal year of the Company which is currently the twelve-month period ending September 30.

 

G.     “Participant”
means those employees who have been selected by the Committee upon recommendation of the Chief Executive Officer to participate
in the Plan.

 

H.     “Performance
Compensation Award” or “Award” means the target amount a Participant is eligible to receive under the Plan.

 

I.     “Performance
Compensation Payment” or “Payment” means the payment made to a Participant under the Plan.

 

J.     “Plan”
means this ESCO Technologies Inc. Performance Compensation Plan for Corporate, Subsidiary and Division Officers and Key Managers.

 

K.          “Subsidiary”
means any corporation or partnership more than 50% of which is owned directly or indirectly by the Company.

 

III.   ELIGIBILITY

 

Participation in the Plan shall be limited
to those employees of the Company and Subsidiaries as the Committee shall determine upon recommendation by the Chief Executive
Officer. Upon approval by the Committee, the Executive Compensation Executive shall make arrangements to ensure that each Participant
is notified of the amount of his or her Performance Compensation Award. Additions or deletions to the Plan during a Fiscal Year
shall be made only in the event of an unusual circumstance, such as a promotion, layoff, disability, death, new hire, termination,
or retirement.

 

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IV.   DETERMINATION
OF MINIMUM AMOUNT PAYABLE

 

Prior to the end of each Fiscal Year, the
Committee, after consultation with the Executive Compensation Executive and on behalf of the Board of Directors of the Company
and the Board of Directors of each Subsidiary, shall determine the minimum aggregate payment under the Plan for such Fiscal Year
to be made by the Company and each Subsidiary.

 

V.    DETERMINATION OF PERFORMANCE COMPENSATION AWARD PAYMENTS

 

As soon as practicable after the end of
each Fiscal Year, the Performance Compensation Payment amount for each Participant for such Fiscal Year shall be determined. The
Chief Executive Officer shall submit a proposed Performance Compensation Payment summary for each Subsidiary and the Company to
the Committee based upon the performance of the Participants employed by such Subsidiary or the Company, as applicable, during
the Fiscal Year; provided, that the Committee may, following such submission, consider the further recommendations of the Chief
Executive Officer. Final determination of the amount of each Participant’s Performance Compensation Payment (if any) as well
as the total payment under the Plan for each Fiscal Year shall be the responsibility of the Committee. The recommended Performance
Compensation Payment to a Participant may be denied, or adjusted upward or downward by the Committee, as, in the Committee’s
sole judgment, is prudent based upon its assessment of the Participant’s performance and Corporate or Subsidiary performance
during the Fiscal Year. Performance Compensation Payments for Participants shall be based upon predetermined performance criteria
and/or targets which may include Corporate, Subsidiary or individual performance targets, except that Performance Compensation
Payments for Participants who were hired by the Company or a Subsidiary during the Fiscal Year may be totally discretionary as
determined by the Committee. However, total Performance Compensation Payments under the Plan shall be no less than the minimum
determined by the Committee in accordance with Section IV.

 

Once approved by the Committee, the Executive
Compensation Executive shall take the necessary actions to notify each Participant of the amount of his or her Performance Compensation
Payment.

 

VI.   MANNER
OF AND TIME FOR PAYMENTS.

 

Performance Compensation Payments will
be made in cash by November 30th following the end of each Fiscal Year.

 

VII.  DESIGNATION
OF BENEFICIARY

 

If a Participant dies after the end of
the Fiscal Year but prior to receiving the entire amount due under the Plan for such Fiscal Year, if any, such unpaid amounts will
be paid in a lump sum to his or her beneficiary at the time such amounts would have been paid to the Participant pursuant to Section
VI.

 

Each Participant shall have the right to
designate a beneficiary, and to change such beneficiary from time to time, by filing a request in writing with the Executive Compensation
Executive. In the event the Participant has not designated a beneficiary, or in the event a beneficiary predeceases the Participant,
the amounts otherwise payable to such beneficiary shall be paid to the person in, or divided equally among, the first of the following
classes of successive preference beneficiaries in which there shall be any person surviving such Participant:

 

(a)    the
Participant’s spouse

 

(b)    the
Participant’s children

 

(c)    the
Participant’s executors or administrators.

 

The share payable to any minor pursuant
to the provisions hereof may be paid to such adult or adults as, in the opinion of the Executive Compensation Executive, have assumed
the custody and principal support of such minor.

 

VIII.  ADMINISTRATION OF THE PLAN

 

The overall administration and control
of the Plan, including the determination of the minimum aggregate payment under the Plan for each Fiscal Year and a final determination
of Payments to each Participant, is the responsibility of the Committee. The Executive Compensation Executive shall be responsible
for implementing the actions required under the Plan.

 

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IX.   VESTING

 

A Participant must be in the employ of
the Company or Subsidiary through the last day of the Fiscal Year with respect to which a Performance Compensation Award is granted
in order to be considered for Payment of such an Award by the Committee. Such Participant must also (subject to specific Committee
action to the contrary as hereinafter set forth in this Section IX) be an employee of the Company or Subsidiary on the date the
Award is payable pursuant to Section VI hereof. The final determination as to Awards to be granted and the Payments made shall
be made by the Committee. Notwithstanding any other provision hereof, and in accordance with this Section IX, in the event that,
before or after the end of the Fiscal Year, Participant’s employment is terminated without cause, by the Company due to a
layoff, death or disability, or by the Participant, due to retirement at of after the age of 60, the Committee shall have the sole
discretion as to whether any Award payment shall be made, and if so, the amount of such Payment, and any such amount shall be paid
at the time determined pursuant to Section VI.

 

X.     AMENDMENT OR TERMINATION

 

The Plan may be amended or terminated at
any time by action of the Committee.

 

XI.   MISCELLANEOUS

 

A.     All payments
under the Plan shall be made from the general assets of the Company or Subsidiary. To the extent any person acquires a right to
receive a Payment under the Plan, such right shall be no greater than that of an unsecured general creditor of the Company or Subsidiary.

 

B.     Nothing
contained in the Plan and no action taken pursuant thereto shall create or be construed to create a trust of any kind, or a fiduciary
relationship between the Company or a Subsidiary and any other person.

 

C.     Except
as provided for in Section XII, no amount payable under the Plan shall be subject in any manner to anticipation, alienation, sale,
transfer, assignment, pledge, encumbrance or charge, either voluntary or involuntary, and any attempt to so alienate, anticipate,
sell, transfer, assign, pledge, encumber or charge the same shall be null and void. No such amount shall be liable for or subject
to the debts, contracts, liabilities, engagements, or torts of any person to whom such benefits or funds are or may be payable.

 

D.     Nothing
contained in the Plan shall be construed as conferring upon any Participant the right to continue in the employ of the Company
or Subsidiary nor to limit the right of his or her employer to discharge the Participant at any time, with or without cause.

 

E.     The Plan
shall be construed and administered in accordance with the laws of the State of Missouri, without regard to the principles of conflicts
of law which might otherwise apply.

 

XII.  COVENANTS.

 

In the event a Participant, during the
period commencing with any Performance Compensation Payment and ending two (2) years after receipt of such Payment but in any event
at all times during the term of employment:

 

		(a)	as an individual or as a partner, employee, agent, advisor, consultant or in any other capacity of or to any person, firm,
corporation or other entity, directly or indirectly, carries on any business or becomes involved in any business activity, which
is (i) competitive with the business of the Company (or any affiliate of the Company), as presently conducted and as said business
may evolve in the ordinary course, and (ii) a business or business activity in which the Participant is engaged in the course
of the Participant’s employment with the Company (or any affiliate of the Company);

 

		(b)	as an individual or as a partner, employee, agent, advisor, consultant or in any other capacity of or to any person, firm,
corporation or other entity, directly or indirectly, recruits, solicits or hires, or assists anyone else in recruiting, soliciting
or hiring, any employee of the Company (or any affiliate of the Company), for employment with any competitor of the Company;

 

		(c)	induces or attempts to induce, or assists anyone else to induce or attempt to induce, any customer of the Company (or any affiliate
of the Company), to discontinue its business with the Company (or with any affiliate of the Company);

 

		(d)	engages in the unauthorized use or disclosure of confidential information or trade secrets of the Company (or any affiliate
of the Company) resulting in harm to the Company (or any affiliate of the Company); or

 

		(e)	engages in intentional misconduct resulting in a financial restatement or in an increase in the Participant’s incentive
or equity compensation (such conduct described in subsections (a) through (e) referred to herein as “Misconduct”);

 

    	3

    	 

    

 

the Company shall be entitled to recover from the Participant
any Performance Compensation Payments made to the Participant during any period for which restatement of the Company’s financials
is required in the event of Misconduct resulting in a restatement of financials described in subsection (e) above but not to exceed
three years and for a three-year period preceding such Misconduct or preceding the Company’s discovery of such Misconduct
in the case of Misconduct described in subsections (a) through (d) and subsection (e) pertaining to intentional Misconduct resulting
in an increase in Participant’s incentive or equity compensation above. The Committee shall have sole discretion in determining
the amount that shall be recovered from the Participant under this Section XII provided that to the extent Performance Compensation
Payments have been recovered by the Company under the Company’s Dodd Frank Act Recovery Policy such amounts shall not be
recoverable pursuant to this Section XII.

 

    	4

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