Document:

EXHIBIT
10-01

    PROTOCALL TECHNOLOGIES, INC
(the "Company")

     

    CONSENT
TO ACT AS DIRECTOR

     

    I hereby
consent to act as a director, President, Secretary, and Treasurer of the Company
and acknowledge that I am not disqualified to become or to act as a director
under Chapter 78 of the Nevada Revised Statutes.

     

    I hereby
confirm that:

     

    
      1. I am
not under the age of 18 years;

    
       

      2. I have
not been found by a court, in the United States of America or elsewhere,
to be incapable of managing my own affairs;

       

    

    
      3. I am
not an undischarged bankrupt; and

       

      
        4. I have
not been convicted in or out of Nevada of an offence in connection with the
promotion, formation or management of a corporation or unincorporated business,
or of an offence involving fraud.

      

    

     

    In
addition, the undersigned hereby consents to the holding of any meeting of the
directors or of a committee of the directors of the Company by means of such
telephonic, electronic or other communication facility, as permit all persons
participating in the subject meetings to communicate adequately with each
other.

    

    This
consent shall continue in effect from year to year so long as the undersigned is
re-elected to the board of directors, provided that in the event that the
undersigned revokes this consent or resigns from the board of directors, this
consent shall cease to have effect from the date of receipt in writing by the
Company of such revocation or resignation, as the case may be, or, if the
latter, the effective date of such resignation.

     

    DIRECTORS
HAVE SUBSTANTIAL DUTIES AND OBLIGATIONS AND MAY BE SUBJECT TO SIGNIFICANT
LIABILITIES. THE PERSON SIGNING THIS CONSENT SHOULD OBTAIN INDEPENDENT
LEGAL ADVICE.

     

    
      	
              Dated

            	
              June
      21st,
      2010

            
	 	 
	
              Print
      name

            	
              Mark
      Embry

            
	 	 
	
              Address

            	
              11567
      Hillguard Rd.

              Dallas,
      Texas  75243

            
	 	 
	
              Signature

            	
              /s/:
      Mark EmbryJune 18, 2010

 

Mr. Mike Tomas

7300 SW 80th Court

Miami, FL 33143

 

Dear Mike,

 

This letter will confirm our offer of employment to you with Bioheart as has been discussed.

 

POSITION: Chief Executive Officer & President  

 

REPORTS TO: Board of Directors.

 

	
            START DATE:  
 	
            June 18, 2010
 

 

SALARY: Your initial base salary will be $280,000 per annum. Fifty percent of base salary will be deferred until the first anniversary of employment subject to the Company having sufficient cash available to pay anticipated operating expenses and scheduled debt obligations for the next calendar month. 

 

Fifty percent of base salary will be paid in accordance with the company’s bi-weekly pay schedule subject to the Company having sufficient cash available to pay anticipated operating expenses and scheduled debt obligations for the next calendar month. 

 

Any cash salary deferred due to insufficient funds will be accrued and paid subject to the Company having sufficient cash available to pay anticipated operating expenses and scheduled debt obligations for the next calendar month.

 

INCENTIVE COMPENSATION: You will be eligible for a performance bonus which is being developed and you will receive a copy upon its approval by the Board of Directors. While we cannot yet commit to the details until the plan is approved, the actual amount of this bonus will be determined by your successful completion of objectives that we will mutually agree upon.  

 

STOCK OPTIONS: You will receive incentive stock options issued in accordance with Section 422 of the Internal Revenue Code to purchase up to 500,000 shares. Your right to exercise the options will vest as to 25% of the shares underlying the options on each 12 month anniversary of the date that you were granted the options. The exercise price of the options will be at the closing price on the day our offer is accepted. After your first year of employment, options for additional shares may also be awarded to you as part of your incentive compensation as stated above. You 

 

13794 NW 4th Street, Suite 212

Sunrise, Florida 33325  USA

Tel: 954-835-1500

 

 

will be provided a copy of the Stock Option Agreement which includes change of control vesting provisions. 

 

BOARD SEAT: Effective with your acceptance of this offer you will be granted a seat on the Bioheart, Inc. Board of Directors. 

 

BENEFITS:  You will be eligible for all applicable employee benefits including our health, life, and long-term disability insurance plans, including four weeks of vacation each year. Details of these plans will be provided to you.

 

Mike, on behalf of all of us at Bioheart, I look forward to your joining us. We have a tremendous opportunity and believe that your leadership will help us all achieve the success that lies ahead for Bioheart.

 

Sincerely,

 

/s/Catherine Sulawske-Guck

Catherine Sulawske-Guck

Vice President, Administration & HR 

 

 

In acknowledgment and acceptance, please sign and return a copy of this letter to my attention.

 

Mike Tomas 

 

	
            /s/Mike Tomas___________________  
 	
            _June 19, 2010____
 

	
            Signature
 	
            DateExhibit 10.1

                        Baldwin Technology Company, Inc.
                          2 Trap Falls Road, Suite 402
                                  P.O. Box 901
                             Shelton, CT 06484-0941
                               Tel: 203 402-1000
                               Fax: 203 402-5500

June 19, 2010

Mr. Karl Stephan Puehringer
51 Phillips Lane
Darien, CT  06820

Dear Mr. Puehringer:

     This Amended and Restated Agreement (this "Agreement") sets forth the terms
of your employment with Baldwin Technology Company, Inc., a Delaware corporation
(the "Company"). It supersedes our agreement dated June 19, 2007, which was
effective as of June 30, 2007, and is effective as of June 30, 2010.  If not
extended or sooner terminated, this Agreement shall expire on September 30,
2012.

     1.     DUTIES.  During  the term of your employment hereunder, you shall be
employed  as  the  President and Chief Executive Officer ("CEO") of the Company,
and  you  shall  direct  and  manage  the business, affairs, and property of the
Company  subject  to the direction of the Board of Directors of the Company (the
"Board  of  Directors").

     2.     COMPENSATION.  As  compensation for your services during the term of
your  employment  hereunder:

          A.     Salary.  You  shall be paid a salary at the annual rate of four
hundred  twenty  thousand  dollars  ($420,000)  (hereinafter referred to as your

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"base  salary"),  payable  in  appropriate  installments to conform with regular
payroll  dates  for  salaried  personnel  of  the  Company.

          B.     Reviews  and  Adjustments.  On  or  about July 1, 2010 and each
succeeding  July  1  during  the  term  of  your  employment  hereunder,  your
performance  shall  be  reviewed  by  the  Independent Directors of the Board of
Directors  (as  the  term  "Independent  Directors"  is defined in the Company's
Statement  of  Principles  prepared  for  the  Board  of  Directors),  and  your
attainment  of  mutually  agreed-upon objectives evaluated. Your base salary for
the  ensuing  twelve (12) months commencing on each such July 1 may be adjusted,
subject  to approval by the Independent Directors, in accordance with your level
of  performance.  In  no  case,  however,  will any such adjustment to your base
salary ever be a negative amount unless you expressly agree to such a reduction.

          C.     Incentive  Compensation.  During  the  term  of your employment
hereunder, and at such other times subsequent thereto as are otherwise set forth
herein,  you shall annually be eligible for receiving, effective with the fiscal
year  ending June 30, 2010, incentive compensation, which incentive compensation
shall  be  determined  and  paid  in  accordance with the terms of the Company's
Management  Incentive  Compensation  Plan  (MICP)  as  in  effect  at that time.

          D.     Deferred Compensation.  You shall be paid, at such times as are
set forth in this Agreement, deferred compensation based upon an amount equal to
thirty  percent  (30%)  of your Final Average Pay (the "Deferred Compensation").
For  purposes  of  this  Agreement,  the  term "Final Average Pay" shall mean an
amount equal to (i) the total of (a) the sum of the base salary paid to you with
respect  to  each  of  the two (2) fiscal years ending immediately preceding the
fiscal  year in which you became entitled to the Deferred Compensation, plus (b)

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the  base  salary payable to you at the time that you separated from the Company
(annualized  to  twelve  (12)  months),  (ii) divided by three (3).  Such thirty
percent (30%) of your Final Average Pay, when calculated, shall then be restated
to  a  monthly  amount  by  dividing  such  amount  by twelve (12) (the "Monthly
Amount"),  and  the  Monthly  Amount  shall  be  paid  monthly to you or to your
beneficiary or beneficiaries designated by you in writing to the Company, or, if
none  is so designated, to your estate (such person or persons being referred to
herein  as the "Beneficiary"), beginning on the day set forth in this Agreement,
for  a  period  (except  as otherwise provided in this Agreement) of one hundred
eighty  (180)  months.  In  this  regard, if you die after the date on which you
first  become  entitled  to payment of the Deferred Compensation, whether or not
the  first payment of the Monthly Amount has been paid, and prior to the payment
of  the  Monthly  Amount for one hundred eighty (180) months, the Monthly Amount
shall  be  paid  monthly  for the balance of such one hundred eighty (180) month
period  to  the Beneficiary.  As of November 1, 2006 the amount of your Deferred
Compensation  had vested to the extent of one hundred percent (100%) so that the
full  amount of the Deferred Compensation shall be due and payable to you in the
instances  set  forth  elsewhere  in  this  Agreement.

          E.     Social  Security.  The  Company  has  purchased  a  German
government-approved  private pension insurance policy at a cost of approximately
1,000  Euros  per  month  on behalf of you, as the President and Chief Executive
Officer of the Company, to remain in effect until the first to occur of (i) your
return to Germany, either with the Company or another employer, (ii) your having
remained  in the United States for ten years (whereupon you will become eligible
for  the  U.S. Social Security plan), or (iii) the date you terminate employment
with  the  Company.

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<PAGE>

     3.     INSURANCE.  During  the  term  of  your  employment  hereunder,  the
Company,  subject to your insurability, shall (A) pay the premiums on a contract
or  contracts  of  life  insurance on your life providing for an aggregate death
benefit of two million dollars ($2,000,000), which contract or contracts will be
owned  by  you, your spouse or such other party as may be designated by you; and
(B) purchase key person term life insurance on your life in the aggregate amount
of  two  million dollars ($2,000,000), which contract or contracts will be owned
by  the  Company.

     4.     REIMBURSEMENT OF EXPENSES.  In addition to the compensation provided
for  herein,  the  Company  shall  reimburse  to  you  during  the  term of this
Agreement,  in  accordance  with the policies of the Company as in effect at the
time,  for  all  reasonable  expenses  incurred  by  you  in connection with the
business  of  the  Company,  and its Subsidiaries (as the term "Subsidiaries" is
defined  in  Paragraph  5C  hereof), including but not limited to business-class
travel,  reasonable  accommodations, and entertainment, subject to documentation
in  accordance  with  the  Company's  policy, during the term of your employment
hereunder.  In  this  connection,  it is understood that certain business of the
Company  will  require the presence of your spouse, and this Paragraph 5 applies
as well to such expenses relating to her.  All such reimbursements shall be made
in accordance with the Company's general policies for reimbursement of expenses,
but  in  no event later than the end of the calendar year following the calendar
year  in  which  such  expenses  were  incurred.

     5.  EXTENT  OF  SERVICES.

          A.  In General. During the term of your employment hereunder you shall
devote  your  best  and  full-time  efforts  to  the business and affairs of the
Company.

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<PAGE>

          B.  Limitation  on  Other Services. During the term of your employment
hereunder,  you  shall  not  undertake  employment  with, or participate in, the
conduct  of  the  business affairs of, any other person, corporation, or entity,
except  at  the  direction  or  with written approval of the Board of Directors.

          C.  Personal  Investments.  Nothing  herein  shall  preclude  you from
having,  making,  or  managing  personal  investments  which do not involve your
active participation in the affairs of the entities in which you so invest, but,
unless  approved  in  writing by the Board of Directors, during the term of your
employment  hereunder, you shall not have more than a one percent (1%) ownership
interest in any entity which is directly competitive with any business conducted
by  the  Company  at that time. The phrase "conducted by the Company" as used in
this  Paragraph  5C and in Paragraph 12 hereof shall mean the business conducted
by the Company, by any corporation in which the Company owns fifty percent (50%)
or  more  of  the stock (either voting or non-voting), or by any other entity in
which  the  Company  owns  fifty  percent  (50%) or more of the equity interests
(either  voting  or  non-voting)  (collectively  "Subsidiaries,"  individually a
"Subsidiary").

     6.  LOCATION.  Your  duties hereunder shall be performed for the Company
worldwide,  with  particular  emphasis  in  the  Company's  office  in  Shelton,
Connecticut.

     7.  VACATION;  OTHER  BENEFITS.

          A.  Vacation.  During the term of your employment hereunder, you shall
be  entitled  to  a  vacation  or  vacations,  with  pay, in accordance with the
Company's  vacation  policy  as  in  effect  at  the time.  Your yearly vacation
accrual will be thirty (30) working days of annual vacation per year in year one
and  all subsequent years. You may accumulate up to fifteen (15) weeks vacation,
but  not  more  than  four  (4)  weeks  from  any  single  prior  year. Any such

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accumulated  vacation  may  be used in any subsequent year or years (but no more
than  three  (3) weeks of such accumulated vacation in any one year) in addition
to  the  vacation  to  which  you  are  entitled  for  each  such  year.

          B.  The  Company's  Benefit  Plans. During the term of your employment
hereunder,  you shall be eligible for inclusion, to the extent permitted by law,
as  a  full-time  employee  of  the  Company, in any and all (i) pension, profit
sharing,  savings,  and  other retirement plans and programs as in effect at the
time,  (ii)  life  and  health (medical, dental, hospitalization, short-term and
long-term  disability)  insurance  plans  and programs as in effect at the time,
(iii)  equity award plans and programs as in effect at the time, (iv) accidental
death  and dismemberment protection plans and programs as in effect at the time,
(v)  travel  accident insurance plans and programs as in effect at the time, and
(vi)  other  plans  and  programs  at  the  time sponsored by the Company or any
Subsidiary  for  employees  or  executives  generally  as in effect at the time,
including  any  and  all  plans  and  programs that supplement any or all of the
foregoing  types  of  plans  or  programs.

          C.  Automobile.  During  the  term  of  your employment hereunder, the
Company  shall  provide  an  automobile  for  your use pursuant to the Company's
written  policy  on  company  autos  as  in  effect  at  that time. Maintenance,
insurance  and  fuel costs will be paid by the Company. Audi A-6, BMW Series 500
or  equivalent  automobile  will  be  provided.

          D.  Club  and  Professional Services. During your employment hereunder
(i)  the  Company  will  reimburse  you  for the  payment of annual dues, not in
excess  of  five thousand dollars ($5,000) per calendar year for your membership
at  a social club of your choice, and (ii) the Company shall reimburse you, upon
submission  by  you  to  the Company of statements for services of any person or
persons  of  your  choice  that  you  have  paid  to  advise  you with regard to

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financial,  investment,  and  tax matters; provided, however, that reimbursement
for  such  payments  shall  not  exceed  fifteen  thousand dollars ($15,000) per
calendar  year  beginning  with  calendar  year  beginning  2010.  All  such
reimbursements  shall  be made in accordance with the Company's general policies
for  reimbursement  of  expenses, but in no event later than the last day of the
calendar  year following the calendar year in which such expenses were incurred.
The amount of expenses eligible for reimbursement in one calendar year shall not
affect  the  expenses  eligible  for  reimbursement  in any other calendar year.

     8.     TERMINATION  OF  EMPLOYMENT.  For  purposes  of  this  Agreement,
termination  of  employment  (including retirement) shall mean a separation from
service from the Company and any affiliates of the Company,  as "separation from
service" is defined under Section 409A of the Internal Revenue Code, as amended,
and  the  regulations  promulgated thereunder (collectively the "Code").  In the
event  your  employment is terminated for any reason set forth in this Paragraph
8,  the  Company shall pay to you or your legal representative, estate or heirs,
as  the case may be, the following amounts, which are in addition to the amounts
stipulated  under  any  subparagraph  of  this  Paragraph  8:

          (i)  A  single  lump  sum  payment, no later than the last day of your
     employment,  of:

               (a)  Any  accrued  but  unpaid  salary  set forth in Paragraph 2A
          hereof  (as  adjusted  by  Paragraph  2B  hereof), including salary in
          respect  of  any  accrued  and accumulated vacation, due to you at the
          date  of  such  termination;  and

               (b)  Any amounts owing, but not yet paid, pursuant to Paragraph 4
          hereof.

          (ii)  A  single  lump  sum payment of any accrued but unpaid incentive
     compensation  set  forth  in  Paragraph 2C hereof due to you at the date of

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     such  termination for the fiscal year ending on or immediately prior to the
     date of such termination, which incentive compensation shall be paid within
     the  time  period  specified  under  the  terms of the Management Incentive
     Compensation  Plan.

               A.  Termination  by  the  Company Without Cause. The Company may,
without  cause, terminate your employment hereunder at any time upon ten (10) or
more  days  written  notice  to  you. In the event your employment is terminated
under  this  Paragraph  8A,  the  Company  shall  pay  to  you  the  following:

          (i) A single lump sum payment of two and nine-tenths times (2.9x) your
     then  current  annual  base  salary  set  forth  in Paragraph 2A hereof (as
     adjusted  by Paragraph 2B hereof), with payment to be made on the first day
     of  the  seventh (7th) full calendar month immediately succeeding the month
     in  which  the  last  day  of  your  employment  occurs;

          (ii) A single lump sum payment of any incentive compensation set forth
     in Paragraph 2C hereof earned in the fiscal year of the termination of your
     employment,  which  incentive compensation shall be determined on the basis
     of  the Company's operations through June 30 of such fiscal year, and shall
     be  pro-rated  through  the  last  day of your employment and shall be paid
     within  the  time  period  specified  under  the  terms  of  the Management
     Incentive  Compensation  Plan;

          (iii)  The Deferred Compensation set forth in Paragraph 2D hereof with
     payment  of  the  Monthly Amount delayed until the first day of the seventh
     (7th)  full  calendar  month  immediately succeeding the month in which the
     last  day  of  your employment occurs. However, the first such payment will
     include  the  aggregate  of  the  Monthly Amounts that would have been made
     during the interim period, and, therefore, will be equal to seven (7) times
     the  Monthly  Amount,  and  such payment shall reduce the number of overall

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     payments  due  under  Paragraph 2D hereof by seven (7). Payments under this
     Paragraph  8A (iii)  shall  be  made  on  the  first day of each respective
     calendar month;

          (iv)  Continuation of medical benefits for the period you are entitled
     to COBRA continuation coverage under Section 4980B of the Code. The Company
     shall  reimburse  you  for eighty percent (80%) of any premiums paid by you
     for  such  continuation. Provided, however, no such reimbursement hereunder
     shall be made for continuation coverage extending beyond the earlier of (1)
     the  last  day  of  the second calendar year following the calendar year in
     which  your  employment  is  terminated or (2) the period for which you are
     entitled  to continuation coverage under Section 4980B of the Code, and all
     such  reimbursements shall be made in accordance with the Company's general
     policies for reimbursement of expenses, but in no event later than the last
     day  of  the  third calendar year following the calendar year in which your
     employment  is  terminated;  and

          (v) Reasonable executive outplacement services for a period of six (6)
     months,  immediately  following  your  termination.  Payment  of  such
     outplacement services shall be made no later than the last day of the third
     calendar  year  following  the  calendar  year  in which your employment is
     terminated.

The Company shall have no further obligations to you under this Agreement and
you shall have no further obligations to the Company under this Agreement except
as provided in Paragraph 11 and Paragraph 12 hereof:

          B.  Termination  by  the Company With Cause. The Company may for cause
terminate  your  employment  hereunder at any time by written notice to you.  In
the  event  your employment is terminated under this Paragraph 8B, you shall not

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be  entitled  to any incentive compensation set forth in Paragraph 2C hereof for
the fiscal year in which such termination or resignation occurs, but the Company
shall  pay  to  you  the Deferred Compensation set forth in Paragraph 2D hereof,
with  payment  of  the Monthly Amount delayed until the first day of the seventh
(7th) full calendar month immediately succeeding the month in which the last day
of  your  employment  occurs.  However,  the first such payment will include the
aggregate  of  the  Monthly Amounts that would have been made during the interim
period, and, therefore, will be equal to seven (7) times the Monthly Amount, and
such  payment shall reduce the number of overall payments due under Paragraph 2D
hereof  by  seven  (7).  Payments  under  this Paragraph 8B shall be made on the
first  day of each respective calendar month.  The Company shall have no further
obligations  to  you  under  this  Agreement  and  you  shall  have  no  further
obligations  to the Company under this Agreement except as provided in Paragraph
11  and  Paragraph  12 hereof.  For purposes of this Agreement, the term "cause"
shall mean (i) a failure by you to remedy, within ten (10) days of the Company's
written  notice  to  you,  either (a) a continuing neglect in the performance of
your  duties under this Agreement, or (b) any action taken by you that seriously
prejudices  the  interests  of the Company, or (ii) your conviction of a felony.

          C.  Termination  by  Mutual Consent. You may terminate your employment
hereunder at any time with the written consent of the Company. In the event your
employment is terminated pursuant to this Paragraph 8C, the Company shall pay to
you  the  following:

          (i) A single lump sum payment, of any incentive compensation set forth
     in Paragraph 2C hereof earned in the fiscal year of the termination of your
     employment,  which  incentive compensation shall be determined on the basis
     of  the  Company's operations through June 30 of such fiscal year, shall be

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     pro-rated through the last day of your employment, and shall be paid within
     the  time  period  specified  under  the  terms of the Management Incentive
     Compensation  Plan;  and

          (ii)  The  Deferred  Compensation  as set forth in Paragraph 2D hereof
     with  payment  of  the  Monthly  Amount  delayed until the first day of the
     seventh (7th) full calendar month immediately succeeding the month in which
     the  last  day  of  your employment occurs. However, the first such payment
     will include the aggregate of the Monthly Amounts that would have been made
     during the interim period, and, therefore, will be equal to seven (7) times
     the  Monthly  Amount,  and  such payment shall reduce the number of overall
     payments  due  under  Paragraph 2D hereof by seven (7). Payments under this
     Paragraph 8C(ii) shall be made on the first day of each respective calendar
     month.

          The  Company  shall  have  no  further  obligations  to you under this
     Agreement  and  you  shall have no further obligations to the Company under
     this  Agreement except as provided in Paragraph 11 and Paragraph 12 hereof.

          D.  Disability.  If  you  should  suffer a Permanent Disability at any
time,  the Company may terminate your employment hereunder upon ten (10) or more
days'  prior written notice to you. For purposes of this Agreement, a "Permanent
Disability"  shall  be  deemed  to have occurred only when you are qualified for
benefits  under  the  Company's  Long  Term  Disability Insurance Policy, and in
addition you meet one or both of the following requirements:  (i) you are 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 12
months,  or  (ii)  you  are, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to

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last  for  a  continuous  period  of  not  less than 12 months, receiving income
replacement  benefits  for  a period of not less than 3 months under an accident
and  health  plan  covering employees of the Company.  In the event of Permanent
Disability,  the  Company  shall  pay  to  you  or  your  legal  representative:

          (i)  On the first (1st) and fifteenth (15th) of each month, commencing
     with  the  first  day  of  the seventh (7th) month following such Permanent
     Disability,  a  semi-monthly  amount  equal  to  fifty percent (50%) of the
     monthly  base  salary  you  were  receiving  at  the date of such Permanent
     Disability  under Paragraph 2A hereof (as adjusted by Paragraph 2B hereof),
     payable  until  you  attain  the  age of 65 or die, whichever occurs first;
     provided,  however,  that  the  semi-monthly  amount  payable  under  this
     Paragraph  8D(i) shall be reduced to the extent of any payments made to you
     through  any  Company-sponsored group long term disability insurance policy
     (the  "Supplemental  LTD  Policy") where the premiums for said Supplemental
     LTD Policy have either been paid by the Company or reimbursed to you by the
     Company,  and the first such payment shall include a lump sum payment in an
     amount  equal  to the amount that would have been paid under this Paragraph
     8D(i)  had  payments  hereunder commenced immediately upon the first day of
     the  first  month  following  your  Permanent  Disability;

          (ii) A single lump sum payment of any incentive compensation set forth
     in  Paragraph  2C hereof earned in the fiscal year in which the termination
     of your employment occurs, which incentive compensation shall be determined
     on  the  basis  of  the Company's operations through June 30 of such fiscal
     year, shall be pro-rated through the last day of your employment, and shall
     be  paid within the time period specified under the terms of the Management
     Incentive  Compensation  Plan;  and

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          (iii)  The Deferred Compensation set forth in Paragraph 2D hereof with
     payment  of  the  Monthly Amount delayed until the first day of the seventh
     (7th)  full  calendar  month  immediately succeeding the month in which the
     last  day  of  your employment occurs. However, the first such payment will
     include  the  aggregate  of  the  Monthly Amounts that would have been made
     during the interim period, and, therefore, will be equal to seven (7) times
     the  Monthly  Amount,  and  such payment shall reduce the number of overall
     payments  due  under  Paragraph 2D hereof by seven (7). Payments under this
     Paragraph  8D(iii)  shall  be  made  on  the  first  day of each respective
     calendar  month.

          The  Company  shall  have  no  further  obligations  to you under this
     Agreement  and  you  shall have no further obligations to the Company under
     this  Agreement except as provided in Paragraph 11 and Paragraph 12 hereof.

          E.  Termination  by  Death.  In  the  event of the termination by your
employment by reason of death, at any time, the Company shall pay to your legal
representative, estate or heirs the following:

          (i)  A single lump sum payment of any incentive compensation set forth
     in  Paragraph  2C hereof earned in the fiscal year in which the termination
     of your employment occurs, which incentive compensation shall be determined
     on  the  basis  of  the Company's operations through June 30 of such fiscal
     year, shall be pro-rated through the last day of your employment, and shall
     be  paid within the time period specified under the terms of the Management
     Incentive  Compensation  Plan;  and

                                       15
<PAGE>

          (ii)  The  Deferred  Compensation  as set forth in Paragraph 2D hereof
     with payment of the Monthly Amount commencing on the first day of the first
     calendar month immediately succeeding the month in which your death occurs,
     to  the  Beneficiary.

The Company shall have no further obligations to you under this Agreement and
you shall have no further obligations to the Company under this Agreement except
as provided in Paragraph 11 and Paragraph 12 hereof.

          F.  Termination  Upon  Expiration  of  Agreement.  If  not  previously
terminated,  this  Agreement  and  your  employment  with  the  Company shall be
automatically  extended  for  additional five (5) year periods, unless and until
either  party  notifies the other, in writing, two years prior to the expiration
of  the  then-current term of this Agreement. If either party notifies the other
party in writing of the non-renewal of this Agreement two (2) years prior to the
end of this Agreement, you shall be obligated to continue as President and Chief
Executive  Officer  up  to  a  maximum  of  six (6) months from the date of such
notification  if  the  Board  of  Directors  so  requests.

          In the event your employment is terminated through non-renewal of this
Agreement, the Company shall pay you the following:

          (i)  A single lump sum payment of two (2) times your then current base
     salary  set  forth  in  Paragraph  2A  hereof  (as adjusted by Paragraph 2B
     hereof)  less  a  pro-rated adjustment for the portion of your then current
     base  salary already paid during the two (2) year non-renewal notice period
     (up  to  a  maximum  of  six (6) months). Such payment shall be made on the
     first  day  of the seventh (7th) full calendar month immediately succeeding
     the  month  in  which  the  last  day  of  your  employment  occurs;

                                       16
<PAGE>

          (ii) A single lump sum payment of any incentive compensation set forth
     in Paragraph 2C hereof earned in the fiscal year of the termination of your
     employment,  which  incentive compensation shall be determined on the basis
     of  the  Company's operations through June 30 of such fiscal year, shall be
     pro-rated  through the last day of your employment and shall be paid within
     the  time  period  specified  under  the  terms of the Management Incentive
     Compensation  Plan;

          (iii)  The Deferred Compensation set forth in Paragraph 2D hereof with
     payment  of  the  Monthly Amount delayed until the first day of the seventh
     (7th)  full  calendar  month  immediately succeeding the month in which the
     last  day  of  your employment occurs. However, the first such payment will
     include  the  aggregate  of  the  Monthly Amounts that would have been made
     during the interim period, and, therefore, will be equal to seven (7) times
     the  Monthly  Amount,  and  such payment shall reduce the number of overall
     payments  due  under  Paragraph 2D hereof by seven (7). Payments under this
     Paragraph  8F(iii)  shall  be  made  on  the  first  day of each respective
     calendar  month;  and

          (iv)  Continuation of medical benefits for the period you are entitled
     to COBRA continuation coverage under Section 4980B of the Code. The Company
     shall  reimburse  you  for eighty percent (80%) of any premiums paid by you
     for  such  continuation. Provided, however, no such reimbursement hereunder
     shall be made for continuation coverage extending beyond the earlier of (1)
     the  last  day  of  the second calendar year following the calendar year in
     which  your  employment  is  terminated or (2) the period for which you are
     entitled  to continuation coverage under Section 4980B of the Code, and all

                                       17
<PAGE>

     such  reimbursements shall be made in accordance with the Company's general
     policies for reimbursement of expenses, but in no event later than the last
     day  of  the  third calendar year following the calendar year in which your
     employment  is terminated.

     The  Company  shall have no further obligations to you under this Agreement
     and  you  shall  have  no  further  obligations  to  the Company under this
     Agreement  except  as  provided  in  Paragraph  11 and Paragraph 12 hereof.

          G.  Events. If any of the following described events occurs during the
term  of  your employment hereunder, you may terminate your employment hereunder
by  written  notice  to  the  Company  either prior to, or not more than six (6)
months  after,  the  happening  of  such  event.  In such event, your employment
hereunder  will  be  terminated effective as of the later of ten (10) days after
the  notice  or ten (10) days after the event, and the Company shall make to you
the  same  payments  that  the  Company would have been obligated to make to you
under  Paragraph  8A  hereof  if  the  Company  had  terminated  your employment
hereunder  effective  on  such  date.  The events, the occurrence of which shall
permit  you  to terminate your employment hereunder under this Paragraph 8G, are
as  follows:

          (i)  The  removal  of  you  or the election of any other person as the
     President  and  Chief  Executive Officer of the Company, provided, however,
     that  you  shall  not  have approved such removal or such election, in your
     capacity  as  a  director,  by  voting  for  such removal or such election;

          (ii) Any merger or consolidation by the Company with or into any other
     entity  or  any  sale  by  the  Company of substantially all of its assets;

                                       18
<PAGE>

          (iii)  Any  change  of  a  majority  of  the  directors of the Company
     occurring  within  any  thirteen (13) month period, or the acquisition by a
     single  person  or  entity  or  a  related group of persons or entities, of
     shares  of any class or classes of voting stock of the Company representing
     twenty-five percent (25%) or more of the total votes entitled to be cast by
     all  of  the  then  outstanding share of all classes of voting stock of the
     Company;  provided,  however,  that  there  shall be excluded from any such
     calculation of percentage of ownership all stock held by any officer of the
     Company  on  the  effective  date  of  this  Agreement;

          (iv)  The adoption by the Company of any plan of liquidation providing
     for  the  distribution  of all or substantially all of its assets, provided
     however,  that  you  shall  not have approved the adoption of such plan, in
     your  capacity  as  a  director,  by  voting  for  it;  and

          (v)  The  failure  by the Company to observe or comply in any material
     respect  with any of the provisions of this Agreement, including a material
     diminution  in  your  duties,  or  the assignment to you of duties that are
     materially  inconsistent  with  your  duties or that materially impair your
     ability  to  function  as  the President and Chief Executive Officer of the
     Company  if  such  failure has not been cured within thirty (30) days after
     written  notice  thereof  has  been  given  by  you  to  the  Company.

          H.  No  Excess  Parachute  Payments.  Notwithstanding  anything to the
contrary contained in this Agreement, if the Company obtains a written opinion
of its tax counsel ("Tax Counsel") to the effect that there exists a material

                                       19
<PAGE>

possibility that any payment to which you would (but for the application of this
Paragraph 8H) be entitled under this Agreement would (but for such application)
be treated as an "excess parachute payment" (as defined in Section 280G (b) of
the Code), this Agreement shall be amended by reducing the payments to which you
are entitled hereunder, as follows, to the extent necessary so that, in the
opinion of Tax Counsel, there does not exist a material possibility that any
payment to which you are entitled under this Agreement (as so amended) will be
treated as an excess parachute payment: first, the Deferred Compensation (and,
concomitantly, the Monthly Amount), second (if applicable), the amount payable
under Paragraph 8A(i) hereof by virtue of your election under Paragraph 8G
hereof to treat an event described therein as constituting the termination of
your employment, and third, on a pro-rata basis, all other amounts (other than
amounts payable pursuant to Paragraph 4 hereof, which shall in any event be paid
in full) to which you are entitled hereunder.

     9.     SOURCE  OF  PAYMENTS.  All  payments provided for hereunder shall be
paid  from  the  general funds of the Company. The Company may, but shall not be
required  to,  make  any  investment  or  investments  whatsoever, including the
purchase  of  a life insurance contract or contracts on your life, to provide it
with funds to satisfy its obligations hereunder; provided, however, that neither
you,  the  Beneficiary,  nor  any  other person or persons shall have any right,
title,  or interest whatsoever in or to any such investment or contracts. If the
Company  shall  elect to purchase a life insurance contract or contracts on your
life to provide the Company with funds to satisfy its obligations hereunder, the
Company  shall  at  all  times be the sole and complete owner and beneficiary of
such  contract  or  contracts,  and shall have the unrestricted right to use all
amounts  and  to  exercise  all  options  and  privileges thereunder without the
knowledge  or  consent of you, the Beneficiary, nor any other person or persons,

                                       20
<PAGE>

it  being  expressly  agreed  that  neither  you, the Beneficiary, nor any other
person  or  persons shall have any right, title, or interest whatsoever in or to
any  such  contract  or  contracts  unless  expressly provided otherwise in this
Agreement.

     10.  ENFORCEMENT  OF RIGHTS. Nothing in this Agreement, and no action taken
pursuant  to its terms, shall create or be construed to create a trust or escrow
account  of  any  kind, or a fiduciary relationship between the Company and you,
the  Beneficiary,  or any other person or persons. You, the Beneficiary, and any
other  person or persons claiming a right to any payments or interests hereunder
shall  rely  solely  on the unsecured promise of the Company, and nothing herein
shall  be construed to give you, the Beneficiary, or any other person or persons
any right, title, interest, or claim in or to any specific asset, fund, reserve,
account, or property of any kind whatsoever owned by the Company or in which the
Company  may  have  any right, title, or interest now or in the future, but you,
the Beneficiary, and any other person or persons shall have the right to enforce
a  claim  for  benefits  hereunder against the Company in the same manner as any
unsecured  creditor.  Notwithstanding anything to the contrary set forth in this
Paragraph 10, the Company has established a so-called "rabbi trust" as described
in  the  Internal Revenue Service's Revenue Procedure 92-64, and is permitted to
contribute  the  amounts  necessary  for  the  Company  to  fund  the  Deferred
Compensation  set  forth  in  Paragraph  2D  hereof.

     11.  INVENTIONS  AND  CONFIDENTIAL  INFORMATION.  As  long  as you shall be
employed  by  the  Company,  you agree promptly to make known to the Company the
existence  of  any  and all creations, inventions, discoveries, and improvements
made  or conceived by you, either solely or jointly with others, during the term
of  this  Agreement  and  for  three  (3) years thereafter, and to assign to the
Company  the  full  exclusive  right  to any and all such creations, inventions,
discoveries,  and  improvements  relating  to  any subject matter with which the

                                       21
<PAGE>

Company  is  now  or  shall  become  concerned, or relating to any other subject
matter  if made with the use of the Company's time, materials, or facilities. To
the  fullest  extent  permitted  by law, any and all of the foregoing creations,
inventions,  discoveries,  and  improvements  shall  be  considered  as
"work-made-for-hire"  and  the  Company shall be the owner thereof.   You shall,
without  charge  to the Company but at the Company's expense, if requested to do
so  by  the  Company, to execute, acknowledge, and deliver all papers, including
applications  or  assignments  for  patents, trademarks, and copyrights relating
thereto,  as  may  be  considered by the Company to be necessary or desirable to
obtain  or  assign to the Company any and all patents, trademarks, or copyrights
for any and all such creations, inventions, discoveries, and improvements in any
and  all  countries,  and  to  vest  title  thereto  in  the Company in all such
creations,  inventions,  discoveries,  and  improvements  as  indicated  above
conceived  during  your  employment  by  the  Company,  and  for three (3) years
thereafter.  You  shall  not  disclose  to any third person any trade secrets or
proprietary  information of the Company, or use any trade secrets or proprietary
information  of  the Company in any manner, except in the pursuit of your duties
as  an employee of the Company, and you will return to the Company all materials
(whether  originals  or copies) containing any such trade secrets or proprietary
information  (in  whatever  medium)  on  termination  of  your employment by the
Company.  The  obligations  set  forth  in  this  Paragraph 11 shall survive the
termination  of  your  employment  hereunder.

     12.  RESTRICTIVE  COVENANT.  For  a  period  of  three  (3) years after the
termination  of  your  employment  by  the  Company,  you  shall  not,  in  any
geographical  location  in which there is at that time business conducted by the
Company  which  was  conducted  by  the Company at the date of such termination,
directly  or  indirectly,  own,  manage,  operate,  control,  be  employed  by,
participate  in,  or be connected in any manner with, the ownership, management,

                                       22
<PAGE>

operation,  or  control  of,  any  business  similar to or competitive with such
business  conducted  by  the Company without the written consent of the Company;
provided,  however, that you may have an ownership interest of up to one percent
(1%)  in  any  entity,  notwithstanding that such entity is directly competitive
with  any  business  conducted  by  the Company at the date of such termination.

     13.  LEGAL FEES. The Company shall reimburse you, upon submission by you to
the  Company  of  a statement, for services of any attorney or attorneys of your
choice that you have paid to advise you with regard to this Agreement; provided,
however,  that  such  reimbursement  shall  not  exceed  twenty thousand dollars
($20,000)  per  calendar  year  beginning with the calendar year 2010.  Any such
reimbursement  shall  be  made in accordance with the Company's general policies
for  reimbursement  of  expenses, but in no event later than the last day of the
calendar  year  following  the  calendar year in which the expense was incurred.
The amount of expenses eligible for reimbursement during one calendar year shall
not  affect  the expenses eligible for reimbursement in any other calendar year.

     14.  ARBITRATION.  Any  controversy  or claim arising out of or relating to
this  Agreement,  or  the  breach or asserted breach hereof, shall be settled by
arbitration  to  be held in New York, New York in accordance with the rules then
obtaining  of  the  American  Arbitration Association, and the judgment upon the
award  rendered  may  be  entered  in any court having jurisdiction thereof. The
arbitrator shall determine which party shall bear the costs of such arbitration,
including  attorneys'  fees.

     15.  NON-ASSIGNABILITY.  Your rights and benefits hereunder are personal to
you,  and  shall  not  be  alienated, voluntarily or involuntarily, assigned, or
transferred.

                                       23
<PAGE>

     16.  BINDING  EFFECT.  This  Agreement  shall  be  binding upon the parties
hereto, and their respective assigns, successors, executors, administrators, and
heirs.  In  the  event the Company becomes a party to any merger, consolidation,
or  reorganization,  this  Agreement shall remain in full force and effect as an
obligation  of  the Company or its successors in interest.  None of the payments
provided  for  by  this Agreement shall be subject to seizure for payment of any
debts or judgments against you, the Beneficiary, or any other person or persons,
nor shall you, the Beneficiary, or any other person or persons have any right to
transfer  or  encumber  any  right  or  benefit  hereunder.

     17. ENTIRE AGREEMENT. This Agreement contains the entire agreement relating
to  your employment by the Company.  It may only be changed by written agreement
signed  by  the  party  against  whom  enforcement  of  any  waiver,  change,
modification,  extension,  deletion,  or  revocation  is  sought. The Employment
Contract  with Baldwin German Capital Holding GmbH ("BGC") effective November 1,
2001;  the  agreement  dated September 19, 2001 as amended on February 14, 2003,
May  12,  2003, and February 10, 2004; our agreement dated August 17, 2005 which
was  effective  as  of  July  1,  2005  as amended on November 14, 2005; and our
agreement  dated  June 19, 2007 which was effective as of June 30, 2007, are now
null  and  void.

     18.  DEFERRED  COMPENSATION.  The  portions  of this Agreement dealing with
deferred  compensation  have been prepared with reference to Section 409A of the
Code  and  should  be  interpreted  and administered in a manner consistent with
Section  409A.

     19.  NOTICES. All notices and communications hereunder shall be in writing,
sent by certified or registered mail, return receipt requested, postage prepaid;
by  facsimile  transmission,  time  and  date  of  receipt  noted thereon; or by
hand-delivery  properly  receipted.  The  actual date of receipt as shown by the
receipt  therefor  shall  determine  the  time  at  which notice was given.  All

                                       24
<PAGE>

payments required hereunder by the Company to you shall be sent postage prepaid,
or, at your election, shall be transferred to you electronically to such bank as
you designate in writing to the Company, including designation of the applicable
electronic  address.  The foregoing items (other than any electronic transfer to
you)  shall be addressed as follows (or to such other address as the Company and
you  may  designate  in  writing  from  time  to  time):

     To you:                                To the Company:
     -------                                ---------------
     Karl Stephan Puehringer                Baldwin Technology Company, Inc.
     51 Phillips Lane                       2 Trap Falls Road, Suite 402
     Darien, CT 06820                       Shelton, CT 06484-0941

     20.     LAW  TO GOVERN.  This Agreement shall be governed by, and construed
and  enforced  according  to, the domestic laws of the State of New York without
giving  effect  to  the  principles  of  conflict  of  laws.

                                    Very truly yours,

AGREED TO AND ACCEPTED:             BALDWIN TECHNOLOGY COMPANY, INC.

By: /s/Karl Stephan Puehringer          By: /s/Claes Warnander
    --------------------------              ------------------
     Karl Stephan Puehringer                 Claes Warnander
     [June 19, 2010]                         Chair of the Compensation
                                             Committee of the Board of Directors
                                             [06-19-10]

                                       25

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