Document:

Exhibit 10.10

    

    December 23, 2008

    

    

    Andrew J. Hoffman

    90 Main Street

    Homer, NY 13077

    

    

    Re:            Amendment to Severance Agreement

    

    

    Dear Mr. Hoffman:

    

    

    Reference is made to the Severance Agreement by and between you and TransAct Technologies, Incorporated (the
      "Company") dated November 18, 2005 (the "Agreement").  In order that the Agreement comply in form with the applicable requirements of Section 409A of the Internal Revenue Code of 1986, as amended, the following changes to the Agreement are hereby
      proposed:

    

    

    

    

    
      	
              1.

            	
              Deleting clause (D) in Subsection 1(d) and replacing it with the following text:

            

    

    

    

    "(D) Any other action or inaction that constitutes a material breach of the Agreement by the Company, including
      without limitation Section 11.   It is further understood that a resignation shall qualify as a "terminating event" only if:  (i) the Executive gives the Company notice, within ninety (90) days of its first existence or occurrence (without the
      consent of the Executive) of any or any combination of the events described in this Section 1(e)(ii); (ii) the Company fails to cure the eligibility condition(s) within thirty (30) days of receiving such notice; and (iii) the Executive separates from
      service not later than 30 days following the end of such thirty-day period."

    

    

    
      	
              2.

            	
              Adding a new Subsection 1(e) immediately following Subsection 1(d), to read as follows:

            

    

    

    

    "(e)  "Separation from Service" for purposes of the Agreement shall mean a "separation from service" (as defined at
      Section 1.409A-1(h) of the Treasury Regulations) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single "service recipient" with the Company under Section 1.409A-1(h)(3) of the Treasury
      Regulations."

    

    

    
      	
              3.

            	
              Adding the following sentence at the end of Subsection 2(b):

            

    

    

    

    "; provided, that this sentence
      shall not apply to any portion of the amounts payable under Section 2(b)(i)-(ii) that constitutes or includes nonqualified deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended (the "Code")."

    

    

    
      
        

    

    
      	
              4.

            	
              Adding the following text at the end of Subsection 2(c):

            

    

    

    

    "Any such release must be executed in a form prescribed by or acceptable to the Company and delivered to the Company
      not later than sixty (60) days following the Executive's separation from service.  If the Executive's properly executed release is timely delivered to the Company and the Executive does not revoke the release within seven (7) days thereafter or
      within such shorter period as the Company may prescribe, the severance benefits payable hereunder shall commence upon the expiration of such seven-day or shorter period; provided, that the first such payment shall include any amounts that would have been paid earlier but for the provisions of this subsection (c)."

    

    

    
      	
              5.

            	
              Adding a new Section 11 immediately following Section 10, to read as follows:

            

    

    

    

    "11            Executive Incentive Compensation Plan.  During the twelve (12) month period subsequent to any Change in
        Control, neither the Company, nor, if applicable, any successor to the Company, will eliminate the Executive's participation in the Company's Executive Incentive Compensation Plan or reduce the Executive's target bonus amount under that plan."

    

    

    
      	
              6.

            	
              Adding a new Section 12 immediately following new Section 11, to read as follows:

            

    

    

    

    "12            Section 409A.

    

    

    (a)            In General.  To the extent any portion of the payments to be made under the Agreement constitute
        deferred compensation subject to Section 409A of the Code, such payments shall be made in accordance with the payment schedule provided in Section 2 of the Agreement, but not earlier than the 67th day following the date of the Involuntary
        Termination.

    

    

    (b)            Specified Employee.  Notwithstanding any other provision of the Agreement, if, at the time of separation
        from service, the Executive is a specified employee as hereinafter defined, any and all amounts payable in connection with such separation from service that constitute deferred compensation subject to Section 409A of the Code, as determined by the
        Company in its sole discretion, and that would (but for this sentence) be payable within six (6) months following such separation from service, shall instead be paid on the date that follows the date of such separation from service by six (6)
        months and one (1) day, without interest.  For purposes of the preceding sentence, the term "specified employee" means an individual who is determined by the Company to be a specified employee as defined in subsection (a)(2)(B)(i) of Section 409A
        of the Code.  The Company may, but need not, elect in writing, subject to the applicable limitations under Section 409A of the Code, any of the special elective rules prescribed in Section 1.409A-1(i) of the Treasury Regulations for purposes of
        determining "specified employee" status.  Any such written election shall be deemed part of the Agreement."

    
      
        

    

    

      

                  If the foregoing proposed changes to the Agreement are acceptable to you, please so indicate in the space indicated below, whereupon the Agreement shall be so amended
      effective as of January 1, 2008.

    

    

    

    

    

    

    

    

    TRANSACT TECHNOLOGIES INCORPORATED

    

    

    

    

    By:            /s/ Steven A. DeMartino

    

    

    Date:            12/28/2008

    

    

    

    

    Agreed:

    

    

    /s/ Andrew J. Hoffman                      

    Andrew J. Hoffman

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    

    

    

    

    SEVERANCE AGREEMENT

    

    

    

    

    This Severance Agreement (the "Agreement") is entered into as of the 18th  day of November 2005, by and between
      Andrew J. Hoffman, an individual with a residence address of 90 South Main Street, Homer NY 13077 (the "Executive"), and TransAct Technologies Incorporated, a Delaware corporation with a mailing address of 7 Laser Lane, Wallingford, Connecticut 06492
      (the "Company").  As used in this Agreement, the "Company" shall also include all subsidiaries of the Company, as the context requires.

    

    

    INTRODUCTION

    

    

    1.  The Company is in the business of designing, developing, manufacturing and marketing printers for point of
      sale, gaming and wagering, financial service and kiosk applications (the "Business").

    

    

    2.  The Company desires that the Executive serve in his position with the Company and that the Company be able to
      rely upon his advice when requested as to the best interests of the Company, and its shareholders.

    

    

    3.  The Board of Directors of the Company believes Executive can best serve the Company without the distractions
      of personal uncertainties and risks that might be created in the event a change in control of the Company is proposed or his  employment by the Company is terminated.

    

    

    AGREEMENT

    

    

            In consideration of the premises and mutual promises
        hereinbelow set forth, the parties hereby agree as follows:

    

    

            1.            Definitions.  The following terms shall have the
        meanings indicated for the purposes of this Agreement:

    

    

                          (a) "Cause" shall mean: (i) the death or
        disability of the Executive (For purposes of this Agreement, "disability" shall mean the Executive's incapacity due to physical or mental illness which has caused the Executive to be absent from the full-time performance of his duties with the
        Company for a period of six (6) consecutive months.) (ii) any action or inaction by the Executive that constitutes larceny, fraud, gross negligence, a willful or negligent misrepresentation to the directors or officers of the Company, their
        successors or assigns, or a crime involving moral turpitude; or (iii) the refusal of the Executive to follow the reasonable and lawful instructions of the CEO or the Board of Directors of the Company with respect to the services to be rendered and
        the manner of rendering such services by Executive, provided such refusal is material and repetitive and is not justified or excused either by the terms of this Agreement or by actions taken by the Company in violation of this Agreement, and with
        respect to the first two refusals Executive has been given reasonable written notice and explanation thereof and reasonable opportunity to cure and no cure has been effected within a reasonable time after such notice.

    

    

    
      
        

    

    (b)   "Change in Control" will be deemed to have occurred if: (1) the Company effectuates a Takeover Transaction;
      or (2) any election of directors of the Company (whether by the directors then in office or by the stockholders at a meeting or by written consent) where a majority of the directors in office following such election are individuals who were not
      nominated by a vote of two-thirds of the members of the Board of Directors immediately preceding such election; or (3) the Company  effectuates a complete liquidation of the Company or a sale or disposition of all or substantially all of its assets. 
      A "Change in Control" shall not be deemed to include, however, a merger or sale of stock, assets or business of the Company if the Executive immediately after such event owns, or in connection with such event immediately acquires (other than in the
      Executive's capacity as an equity holder of the Company or as a beneficiary of its employee stock ownership plan or profit sharing plan), any stock of the buyer or any affiliate thereof.

    

    

    (c)  A "Takeover Transaction" shall mean (i) a merger or consolidation of the Company with, or an acquisition of
      the Company or all or substantially all of its assets by, any other corporation, other than a merger, consolidation or acquisition in which the individuals who were members of the Board of Directors of the Company immediately prior to such
      transaction continue to constitute a majority of the Board of Directors of the surviving corporation (or, in the case of an acquisition involving a holding company, constitute a majority of the Board of Directors of the holding company) for a period
      of not less than twelve (12) months following the closing of such transaction, or (ii) when any person or entity or group of persons or entities (other than any trustee or other fiduciary holding securities under an employee benefit plan of the
      Company) either related or acting in concert becomes the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of securities of the Company representing more than fifty percent (50%) of the total number
      of votes that may be cast for the election of directors of the Company.

    

    

    (d)  "Terminating Event" shall mean: (i) termination by the Company of the employment of the Executive for any
      reason other than retirement or for Cause, occurring within twelve (12) months after a Change of Control; or (ii) resignation of the Executive from the employ of the Company, while the Executive is not receiving payments or benefits from the Company
      by reason of the Executive's disability, subsequent to any of the following events occurring within twelve (12) months after a Change of Control:  (A) a significant reduction in the nature or scope of the Executive's responsibilities, authorities,
      powers, functions or duties from the responsibilities, authorities, powers, functions or duties exercised by the Executive immediately prior to the Change in Control; (B) a decrease in the salary payable by the Company to the Executive from the
      salary payable to the Executive immediately prior to the Change in Control except for across-the-board salary reductions similarly affecting all management personnel of the Company; or (C) the relocation of the Executive’s principal place of
      employment (without his  consent) to a location more than 50 miles from its current location (unless such new location is closer to the Executive's then residence) provided, however, that a Terminating Event shall not be deemed to have occurred
      solely as a result of the Executive being an employee of any direct or indirect successor to the business or assets of the Company, rather than continuing as an employee of the Company, following a Change in Control; or (D) elimination of the
      Executive's participation in the Company's Executive Incentive Compensation Plan (“EIC”) or a reduction in the Executive’s target bonus amount under the EIC.

    

    

    
      
        

    

    2.  Severance.

    

    

    (a)  Without Cause. 
      If the Company terminates the employment of the Executive without Cause, other than as a result of a Terminating Event, then commencing on the date of such termination and for a period of six (6) months thereafter, the Company shall provide Executive
      with a severance package which shall consist of the following:  (i) payment on the first business day of each month of an amount equal to one-twelfth of the Executive's then current annual base salary; (ii) payment on the first business day of each
      month of an amount equal to one-sixth of the Executive's annual target bonus amount under the EIC, pro rated for the portion of the fiscal year occurring prior to termination; and (iii)subject to any employee contribution applicable to the Executive
      on the date of termination, contribution to the cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms.”.

    

    

    (b)  With A Terminating Event.  

      If the Company terminates the employment of the Executive as a result of a Terminating Event, then commencing on the date of such termination and for a period equal to one (1) year thereafter, the Company shall provide Executive with a severance
      package which shall consist of the following:  (i) payment on the first business day of each month an amount equal to one-twelfth of the Executive's then current annual base salary; (ii) payment on the first business day of each month of an amount
      equal to one-twelfth of the Executive's annual target bonus amount under the Company's Executive Incentive Compensation Plan; and (iii)subject to any employee contribution applicable to the Executive on the date of termination, contribution to the
      cost of the Executive’s participation in the Company’s group medical and dental plans, provided that the Executive is entitled to continue such participation under applicable law and plan terms.  In addition, if the Company terminates the employment
      of the Executive as a result of a Terminating Event, then the Company shall cause the immediate vesting of all options granted by the Company to the Executive under the Company's stock plans.  At any time when the Company is obligated to make monthly
      payments under Section 2(b), the Company shall, ten (10) days after receipt of a written request from the Executive, pay the Executive an amount equal to the balance of the amounts payable under Section 2(b)(i)-(ii), provided that the obligation of
      the Company to continue to contribute to medical and dental benefits pursuant to Section 2(b)(iii) or to  make monthly payments under 2(b)(i)-(ii) shall cease upon the payment of such amount.

    

    

    
      
        

    

    (c)  General Release. 

      As a condition precedent to receiving any severance payment, the Executive shall execute a general release of any and all claims which Executive or his heirs, executors, agents or assigns might have against the Company, its subsidiaries, affiliates,
      successors, assigns and their past, present and future employees, officers, directors, agents and attorneys.

    

    

    (d)  Withholding. 
      All payments made by the Company under this Agreement shall be net of any tax or other amounts required to be withheld by the Employer under applicable law.

    

    

                      e)   Effect of Breach. 
      In the event that the Executive breaches Section 3 of this Agreement, he shall forfeit any right to severance payments of benefits contribution hereunder and shall be required to return any severance payments or benefits contributions provided prior
      to such breach within ten (10) days after a written demand by the Company.

    

    

    3.  Non-Competition. 

      During Executive's employment with the Company and (a) in the case of termination other than as a result of a Terminating Event, for six (6) months following the termination of Executive's employment with the Company or (b) in the case of termination
      as a result of a Terminating Event, for one (1) year following the termination of Executive's employment with the Company, Executive will not directly or indirectly whether as a partner, consultant, agent, employee, co-venturer, greater than two
      percent owner or otherwise or through any other person (as hereafter defined): (a) be engaged in any business or activity which is competitive with the business of the Company in any part of the world in which the Company is at the time of the
      Executive's termination engaged in selling their products directly or indirectly; or (b) attempt to recruit any employee of the Company, assist in their hiring by any other person, or encourage any employee to terminate his or her employment with the
      Company; or (c) encourage any customer of the Company to conduct with any other Person any business or activity which such customer conducts or could conduct with the Company.  For purpose of this Section 3, the term "Company" shall include any
      person controlling, under common control with or controlled by, the Company.

    

    

    For purposes of this Agreement, the term "Person" shall mean an individual or corporation, association or
      partnership in estate or trust or any other entity or organization.

    

    

    The Executive recognizes and agrees that because a violation by him of this Section 3 will cause irreparable harm
      to the Company that would be difficult to quantify and for which money damages would be inadequate, the Company shall have the right to injunctive relief to prevent or restrain any such violation, without the necessity of posting a bond.

    

    

    
      
        

    

    Executive expressly agrees that the character, duration and scope of this covenant not to compete are reasonable
      in light of the circumstances as they exist at the date upon which this Agreement has been executed.  However, should a determination nonetheless be made by a court of competent jurisdiction at a later date that the character, duration or
      geographical scope of this covenant not to compete is unreasonable in light of the circumstances as they then exist, then it is the intention of both Executive and the Company that this covenant not to compete shall be construed by the court in such
      a manner as to impose only those restrictions on the conduct of Executive which are reasonable in light of the circumstances as they then exist and necessary to provide the Company the intended benefit of this covenant to compete.

    

    

    4.  Confidentiality Covenants. 

      Executive understands that the Company may impart to him confidential business information including, without limitation, designs, financial information, personnel information, strategic plans, product development information and the like
      (collectively "Confidential Information").  Executive hereby acknowledges Company's exclusive ownership of such Confidential Information.

    

    

    Executive agrees as follows: (1) only to use the Confidential Information to provide services to the Company; (2)
      only to communicate the Confidential Information to fellow employees, agents and representatives of the Company on a need-to-know basis; and (3) not to otherwise disclose or use any Confidential Information.  Upon demand by the Company or upon
      termination of Executive's employment, Executive will deliver to the Company all property of the Company including, but not limited to, all manuals, documents, photographs, recordings, and any other instrument or device by which, through which, or on
      which Confidential Information has been recorded and/or preserved, which are in Executive's possession, custody or control.  Executive acknowledges that for purposes of this Section 4 the term "Company" means any person or entity now or hereafter
      during the term of this Agreement which controls, is under common control with, or is controlled by, the Company.

    

    

    The Executive recognizes and agrees that because a violation by him of this Section 4 will cause irreparable harm
      to the Company that would be difficult to quantify and for which money damages would be inadequate, the Company shall have the right to injunctive relief to prevent or restrain any such violation, without the necessity of posting a bond.

    

    

    5.  Governing Law/Jurisdiction. 

      This Agreement shall be governed by and interpreted and governed in accordance with the laws of the State of Connecticut.  The parties agree that this Agreement was made and entered into in Connecticut and each party hereby consents to the
      jurisdiction of a competent court in Connecticut to hear any dispute arising out of this Agreement.

    

    

    
      
        

    

    6.  Entire Agreement. 

      This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and thereof and supercedes any and all previous agreements, written and oral, regarding the subject matter hereof between the parties
      hereto.  This Agreement shall not be changed, altered, modified or amended, except by a written agreement signed by both parties hereto.

    

    

    7.  Notices.  All
      notices, requests, demands and other communications required or permitted to be given or made under this Agreement shall be in writing and shall be deemed to have been given if delivered by hand, sent by generally recognized overnight courier
      service, telex or telecopy, or certified mail, return receipt requested.

    

    

    (a) to the Company at:

    

    

    7 Laser Lane

    Wallingford, Connecticut 06492

    Attn:  CEO

    

    

    (b) to the Executive at:

    

    

    90 South Main Street

    Homer, NY  13077

    

    

    Any such notice or other communication will be considered to have been given (i) on the date of delivery in
      person, (ii) on the third day after mailing by certified mail, provided that receipt of delivery is confirmed in writing, (iii) on the first business day following delivery to a commercial overnight courier or (iv) on the date of facsimile
      transmission (telecopy) provided that the giver of the notice obtains telephone confirmation of receipt.

    

    

    Either party may, by notice given to the other party in accordance with this section, designate another address
      or person for receipt of notices hereunder.

    

    

    8.  Severability.  If
      any term or provision of this Agreement, or the application thereof to any person or under any circumstance, shall to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such terms to the persons or under
      circumstances other than those as to which it is invalid or unenforceable, shall be considered severable and shall not be affected thereby, and each term of this Agreement shall be valid and enforceable to the fullest extent permitted by law.  The
      invalid or unenforceable provisions shall, to the extent permitted by law, be deemed amended and given such interpretation as to achieve the economic intent of this Agreement.

     

    

    
      
        

    

    9.  Waiver.  The
      failure of any party to insist in any one instance or more upon strict performance of any of the terms and conditions hereof, or to exercise any right or privilege herein conferred, shall not be construed as a waiver of such terms, conditions, rights
      or privileges, but same shall continue to remain in full force and effect.  Any waiver by any party of any violation of, breach of or default under any provision of this Agreement by the other party shall not be construed as, or constitute, a
      continuing waiver of such provision, or waiver of any other violation of, breach of or default under any other provision of this Agreement.

     

    

    10.  Successors and Assignment. 

      Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and
      obligations under this Agreement without the consent of the Executive in the event that the Company shall hereafter affect a reorganization, consolidate with, or merge into, any other Person or transfer all or substantially all of its properties or
      assets to any other Person.  This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns.

    

    

    IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

    

    

    

    

    TRANSACT TECHNOLOGIES INCORPORATED

    

    

    

    

    By:  /s/ Bart C. Shuldman

    Title:  Chairman, President and CEO

    

    

    

    

    EXECUTIVE:

    

    

                                                                By /s/ Andrew J. Hoffman

    Title:  Senior Vice President, OperationsExhibit 10.11

    

     

    

    SECOND AMENDMENT TO SEVERANCE AGREEMENT

    

    

    This Second Amendment to Severance Agreement (this “Amendment”) is entered into as of the 29th day of April 2021, by and between TransAct Technologies Incorporated, a Delaware corporation (the “Company”), and Steven A. DeMartino, an executive officer of the Company (the “Executive”).

    WHEREAS, the Executive and the Company are party to that certain Severance Agreement, dated as of June 1, 2004, as amended by the Amendment to Severance Agreement, dated as of December 23, 2008 (as so amended, the “Agreement”); and

    WHEREAS, the Executive and the Company wish to enter into this Amendment solely to clarify a possible ambiguity with respect to the meaning of certain provisions of the Agreement and to reflect the understanding of the Executive, the
      Company and the Board of Directors of the Company (the “Board”) regarding such provisions.

    NOW, THEREFORE, in consideration of the Executive’s continuing employment with the Company and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as
      follows:

    
      	
              1.

            	
              Amendment
                    of the Agreement.  The Agreement is hereby amended solely to make the following changes:

            

    

    
      	
              a.

            	
              Clause (iii) of Section 2(a) of the Agreement shall be deleted and replaced in its entirety with the
                following text:

            

    

    “(iii) continuation of the following benefits (the “Benefits”):  eligibility to participate
      in, and receive the maximum benefits available under, the Company’s insurance programs (including health, disability and life insurance) and any ERISA benefit plans, as the same may be adopted and/or amended from time to time, and all other fringe
      benefits that are provided by the Company to other senior executives, to receive the contribution by the Company to the Executive’s account of the maximum amount permitted under the Company’s 401(k) Plan and any other Company pension or retirement
      plan to the same extent available to the Executive during the Executive’s employment with the Company, and to receive the automobile allowance provided for the office of President and Chief Financial Officer under the Company’s automobile allowance
      policy.”

    
      	
              b.

            	
              Clause (iii) of Section 2(b) of the Agreement shall be deleted and replaced in its entirety with the
                following text:

            

    

    “(iii) continuation of the Benefits.”

    

      
        	
                2.

              	
                Reference
                      to and Effect on the Agreement.  On and after the date of this Amendment, each reference in the Agreement to “this
                  Agreement,” “hereunder,” “hereof” or words of like import referring to the Agreement shall mean and be a reference to the Agreement, as amended by this Amendment. The Agreement, as specifically amended by this Amendment, is and shall
                  continue to be in full force and effect and is hereby in all respects ratified and confirmed.

              

      

    

    

    
      
        

    

    
      
        

        

      

      
        	
                3.

              	
                Governing
                      Law/Jurisdiction.  This Amendment shall be governed by and interpreted and governed in accordance with the laws of the
                  State of Connecticut. The parties agree that this Amendment was made and entered into in Connecticut and each party hereby consents to the jurisdiction of a competent court in Connecticut to hear any dispute arising out of this Agreement.

              

      

      
        	
                4.

              	
                Headings.  The Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the
                  construction of, or to be taken into consideration in interpreting, this Amendment.

              

      

      
        	
                5.

              	
                Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which
                  when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any
                  other electronic transmission (including, without limitation, DocuSign, shall be effective as delivery of an original executed counterpart hereof.

              

      

      IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date set forth below:

      	 	
              TRANSACT TECHNOLOGIES INCORPORATED:

               

               

              By:   /s/ Bart C. Shuldman

                  

              Name:        Bart C. Shuldman

              Title:            Chief Executive Officer

               

            
	 	
              EXECUTIVE:

               

               

              /s/ Steven A. DeMartino

              

              STEVEN A. DEMARTINO

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