Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

SEPARATION AGREEMENT 

THIS SEPARATION AGREEMENT (this “Agreement”) is made and entered into as of August 20, 2015 between MARRONE BIO
INNOVATIONS, INC., a Delaware corporation company (the “Company”), and JAMES IADEMARCO (the “Executive”). 

RECITALS 
 A. The Company and the
Executive are parties to a letter agreement dated as of December 31, 2014 (as amended through the date hereof, the “Letter Agreement”), pursuant to which the Employee is currently employed by the Company as its President and Chief
Operating Officer. 
 B. The Company and the Executive mutually desire for the Executive to transition out of his various roles at the Company. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the premises and the mutual promises set forth in this Agreement, the Company and the Executive hereby agree as follows: 

1. Definitions. Unless otherwise defined herein, the capitalized terms defined in Exhibit A shall have the meanings therein specified
for all purposes of this Agreement. 
 2. Termination of Employment; Transition Period. 

(a) The Executive hereby tenders his resignation as President and Chief Operating Officer, and from all other positions he may hold with the
Company or any Subsidiary, effective as of August 31, 2015 (the “Termination Date”), and the Company hereby accepts such resignation effective as of the Termination Date. The parties acknowledge and agree that the
Executive’s employment shall terminate on the Termination Date. 
 (b) From the date hereof through the Termination Date: 

(i) the Executive agrees to perform such duties as may be reasonably requested by the Company in connection with his transition from the
position of Chief Operating Officer of the Company; provided; that the parties acknowledge and agree that the Executive is not expected or required to come to the Company’s offices after the date hereof; 

(ii) the Executive shall continue to comply with the rules, regulations, and practices as adopted or modified from time to time in the
Company’s sole discretion; and 
 (iii) pursuant to the Letter Agreement, the Executive shall remain an at-will employee and, subject
to Section 4(b) below, (i) the Company may terminate the Executive’s employment at any time, with or without cause, and (ii) the Executive may voluntarily terminate his employment at any time upon reasonable advance notice to the
Company. 

  
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 (c) The Executive and the Company will mutually agree to the form of press release to be issued
by the Company announcing the Executive’s transition from the Company pursuant to the terms hereof. 
 3. Compensation and
Benefits. 
 (a) Until the Termination Date: 

(i) The Executive shall continue to receive base salary in effect as of the date hereof, payable in accordance with the Company’s
standard payroll procedures; and 
 (ii) The Executive shall receive such other benefits as are described in the Employment Letter. 

(b) Following the Termination Date, and upon the Executive’s execution on the Termination Date of the Release, the Executive shall be
entitled to the following: 
 On or before the 15th day of each of the twelve months following the Termination Date, the Company shall pay to
the Executive an amount equal to one-twelfth of his base salary. Each party hereto acknowledges and agrees that the base salary severance set forth in this Section 4(d) is intended to be exempt from Section 409A pursuant to Treasury
Regulation Section 1.409A-1(b)(9)(iii); provided, that the Executive shall not be eligible for or entitled to the benefits described in clauses (i) through (ii) above, and such benefits shall be null and void ab initio,
if the Executive revokes the Release pursuant to paragraph (g) thereof. 
 (c) Provided the Executive (or the Executive’s spouse and
dependents) are eligible for and timely elect to continue health and vision insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following the Termination Date and in full satisfaction of the Company’s
obligation to provide the Executive with medical and dental coverage for 6 months pursuant to the Letter Agreement, the Company will timely pay the premium payments for such COBRA coverage for the Executive (and the Executive’s spouse and
dependents) from the first date on which Executive loses health care and vision coverage as an employee of the Company until the earlier of: (i) the date that 6 months of premium payments have been paid by the Company, (ii) the date that
the Executive (or the Executive’s spouse and dependents, as applicable) receive substantially equivalent health and vision coverage in connection with new employment, or (iii) the date that the Executive (or the Executive’s spouse and
dependents, as applicable) are no longer eligible for COBRA. 
 (d) The Company acknowledges and agrees that the Executive will not be
required to reimburse the Company for any relocation expenses previously paid by the Company to the Executive under the Letter Agreement. 

(e) The Executive acknowledges and agrees that, except as expressly set forth in this Section 3, he does not have, is not eligible for or
entitled to, and shall not receive (i) any other compensation or benefits (under the Letter Agreement or otherwise), including any stock 

  
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options or other equity in the Company or any Subsidiary or (iii) any further, rights, title or interest in or to (A) the Company or any Subsidiary, or (B) any of their respective
businesses, properties or assets. 
 4. Additional Obligations 

(a) The Executive acknowledges and agrees that his obligations under the Confidentiality Agreement shall continue in full force and effect,
including after the Termination Date. 
 (b) The Executive will not, directly or indirectly, individually or in concert with others, engage
in any conduct or make any statement calculated or likely to have the effect of undermining, disparaging or otherwise reflecting poorly upon the Company (or its products, business, employees, officers and directors); provided, that the Executive may
give truthful testimony if properly subpoenaed to testify under oath. 
 (c) No executive officer of the Company shall, directly or
indirectly, individually or in concert with others, engage in any conduct or make any statement, calculated or likely to have the effect of undermining, disparaging or otherwise reflecting poorly upon Executive; provided, that such individuals may
give truthful testimony if properly subpoenaed to testify under oath. 
 (d) On the Termination Date, the Executive shall surrender to the
Company the personal property of the Company in his possession or control. 
 (e) For a period of 90 days following the date hereof, the
Executive agrees to make himself available to provide to the Company (as an independent contractor) such consulting services, if any, as may be reasonably requested by the Company pursuant to such terms and conditions as may be mutually agreed to by
the Executive and the Company; provided, that either party may terminate his or its obligations under this subsection (e) at any time prior to the end of such 90-day period upon written notice to the other party. 

(f) The Executive agrees to cooperate fully with the Company and its affiliates and Subsidiaries in connection with their actual or
contemplated defense, prosecution, or investigation of any claim or demands by third parties, or other matters, arising from events, acts, or failures to act that occurred during the time period in which the Executive was employed by the Company.
Such cooperation includes, without limitation, making himself reasonably available upon reasonable notice, without subpoena, for interviews and truthful and accurate deposition and trial testimony. The Company shall reimburse the Executive for any
reasonable and documented out-of-pocket fees and expenses incurred by the Executive in connection with such cooperation. 
 5.
Representations. 
 (a) The Executive represents that he has full authority to enter into this Agreement and is not under any
contractual restraint which would prohibit him from satisfactorily performing his duties to the Company under this Agreement. 

  
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 (b) The Executive agrees to indemnify and hold harmless the Company and each MBI Party from and
against any losses, liabilities, damages or costs (including reasonable attorney’s fees) arising out of a breach of any of the representations, warranties and covenants of the Executive set forth in this Agreement. 

(c) The Executive acknowledges that the Company has indicated to the Executive that he is free to seek advice from independent counsel with
respect to this Agreement. The Executive has either obtained such advice or, after carefully reviewing this Agreement, has decided to forego such advice. The Executive is not relying on any representation or advice from the Company or any MBI Party
regarding this Agreement, its content or effect. 
 6. Section 409A. Each party hereto intends that all payments made under this
Agreement are exempt from the requirements of Section 409A so that none of the payments or benefits will be subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted to be so exempt.

 7. Governing Law; Jurisdiction. This Agreement shall be governed by and construed and enforced in accordance with the internal
substantive laws (and not the laws of conflicts) of the State of California. The parties agree that any dispute or disagreement which may arise under or pursuant to this Agreement or the Release or the transactions contemplated hereby or thereby may
be enforceable against the parties hereto in the courts of the State of California and the Federal courts of the United States sitting in Sacramento County, State of California. For such purpose, the parties hereto hereby irrevocably submit to the
nonexclusive jurisdiction of such courts, and agree that all claims in respect of this Agreement and the Release may be heard and determined in such courts. 

8. Equitable Relief. The Executive acknowledges that the Company is relying for its protection upon the existence and validity of the
provisions of this Agreement, that the services to be rendered by the Executive are of a special, unique and extraordinary character, and that irreparable injury will result to the Company from any violation or continuing violation of the provisions
hereof for which damages may not be an adequate remedy. Accordingly, the Executive hereby agrees that in addition to the remedies available to the Company by law or under this Agreement, the Company shall be entitled to obtain such equitable relief
as may be permitted by law in a court of competent jurisdiction including, without limitation, injunctive relief from any violation or continuing violation by the Executive of any term or provision of this Agreement. 

9. Entire Agreement. It is understood, acknowledged and agreed that there are no oral agreements between the parties hereto or their
affiliates and that this Agreement (together with the Letter Agreement and the Confidentiality Agreement) constitutes the parties’ and their affiliates’ entire agreement and supersedes and cancels any and all previous negotiations,
arrangements, agreements and understandings, if any, between the parties hereto and their affiliates, and none thereof shall be used to interpret or construe this Agreement. This Agreement, and the exhibits attached hereto contain all of the terms,
covenants, conditions, warranties and agreements of the parties and their affiliates, shall be considered to be the only agreement between the parties hereto and their affiliates and their respective representatives and agents with respect thereto.
Except as expressly stated in this Agreement, no party or its 

  
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affiliates has made any statement or representation to the other party or its affiliates regarding any fact, which statement or representation is relied upon by the other party in entering into
this Agreement. Except as expressly stated in this Agreement, in connection with the execution of this Agreement, no party to this Agreement or its affiliates has relied upon any statement, representation or promise of the other party or its
affiliates not expressly contained herein. 
 10. Assignability. 

(a) In the event the Company shall merge or consolidate with any other corporation, partnership or business entity, or all or substantially
all of the Company’s business or assets shall be transferred in any manner to any other corporation, partnership or business entity, then such successor to the Company shall thereupon succeed to, and be subject to, all rights, interests, duties
and obligations of, and shall thereafter be deemed for all purposes hereof to be, the “Company” under this Agreement. 
 (b) The
rights and obligations of the Executive hereunder are personal in nature and the Executive shall not, without the written consent of the Company, assign or transfer this Agreement or any rights or obligations hereunder. 

(c) Except as set forth in Section 6, nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or
give to any person, other than the parties to this Agreement, any right, remedy or claim under or by reason of this Agreement or of any term, covenant or condition of this Agreement. 

11. Amendments; Waivers. This Agreement may be amended, modified, superseded, canceled, renewed or extended and the terms or covenants
of this Agreement may be waived only by a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance. Any such written instrument must be approved by the Board to be effective as against
the Company. The failure of any party at any time or times to require performance of any provision of this Agreement shall in no manner affect the right at a later time to enforce the same. No waiver by any party of the breach of any term or
provision contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant
contained in this Agreement. 
 12. Notice. All notices, requests or consents required or permitted under this Agreement shall be
made in writing and shall be given to the other parties by personal delivery, overnight air courier (with receipt signature), email, or facsimile transmission (with “answerback” confirmation of transmission), sent to such party’s
addresses or telecopy numbers as are set forth below such party’s signatures to this Agreement, or such other addresses or telecopy numbers of which the parties have given notice pursuant to this Section 13. Each such notice, request or
consent shall be deemed effective upon the date of actual receipt, receipt signature or confirmation of transmission, as applicable. 
 13.
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

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

			
	 MARRONE BIO INNOVATIONS, INC.

		
	By:	 	 /s/ Pamela Marrone

		 	Pamela Marrone
		 	Chief Executive Officer

 
	
	
	 /s/ James Iademarco

	JAMES IADEMARCO

  
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 EXHIBIT A 

DEFINITIONS 
 “Board”
shall mean the Company’s Board of Directors. 
 “CEO” shall mean the Company’s Chief Executive Officer. 

“Confidentiality Agreement” shall mean Employee Confidential Information and Assignment of Inventions Agreement, dated as of January 15,
2015 between the Executive and the Company. 
 “MBI Parties” shall mean (i) the Company, (ii) each Subsidiary, and (ii) each
of their respective current and former officers, directors, affiliates, attorneys, agents, employees and representatives. 
 “Release”
shall mean the General Release in favor of the Company in the form attached as Exhibit B hereto. 
 “Section 409A” shall mean
Section 409A of the Internal Revenue Code of 1986, as amended, together with the regulations and other guidance thereunder 

“Subsidiaries” shall mean, collectively, (i) Marrone Michigan Manufacturing, Inc. a Delaware corporation, and (ii) any other entity
in which the Company may, directly or indirectly, acquire an equity interest during the Transition Period. 
 “Termination Date” shall have
the meaning assigned to such term in Section 2(a) hereof. 
 “Transition Period” shall mean the period from the date hereof through
the Termination Date 

  
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 EXHIBIT B 

FORM OF RELEASE 
 (a) This release (the
“Release”) is being delivered by the undersigned pursuant to the Separation Agreement between the undersigned and Marrone Bio Innovations, Inc. (the “Company”) dated as of August 20, 2015 (the “Separation
Agreement”). Capitalized terms not otherwise defined in this Release shall have the meaning set forth in the Separation Agreement. 
 (b) The
undersigned hereby releases and discharges the Company and each other MBI Party from any and all claims (including claims for equity), obligations and liabilities, whether known or unknown, at law or in equity, through the date hereof relating to or
arising out of (i) the undersigned’s services to, or positions with, the Company or any Subsidiary or any of their affiliates, or (ii) the undersigned’s equity interests in the Company, including any and all claims under the Age
Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act of 1990, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Employee Retirement Income Security Act of 1974, the Equal Pay Act,
the Family and Medical Leave Act, and any other federal, state, or local statute, rule, regulation, ordinance, public policy, or principle of common law, including but not limited to any and all claims based upon alleged wrongful or retaliatory
discharge, constructive discharge, tortious interference, negligence, intentional infliction of emotional distress, defamation, invasion of privacy, employment discrimination on any basis, harassment on any basis, retaliation on any basis, fraud,
breach of express or implied contract and emotional distress, and all claims for compensatory damages, punitive damages, attorneys’ fees, salary, commissions, bonuses, expense reimbursements, severance payments, deferred compensation payments,
health benefits, retirement benefits, vacation pay, holiday pay, sick pay and any other wages or monies due. Notwithstanding the foregoing, the undersigned does not waive any rights he may have to enforce the terms of the Separation Agreement. 

(c) The undersigned represents and agrees that he (i) has not and will not file or initiate any legal proceedings, complaints or charges of any kind with
any court or governmental or administrative agency against the Company or any one or more of the MBI Parties relating to or arising out of (X) the undersigned’s services to, or positions with, the Company or any Subsidiary or any of their
affiliates, or (Y) the undersigned’s equity interests in the Company and (ii) will not participate in or accept any monies from any such action either in his individual capacity or as part of a representative or class action; provided
that, (i) nothing in this Agreement prohibits you from making a good faith anonymous complaint about any MBI Parties to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General regarding
alleged fraud or other violations of law as contemplated by the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or other similar whistleblower protection laws that provide employees the right to complain
anonymously and (ii) you do not need the prior authorization of the Company to make any such reports or disclosures, and you are not required to notify the Company that you have made such reports or disclosures. The undersigned further agrees
that he will not solicit, encourage, assist or cooperate in any proceedings, complaints or charges against the Company or any one or more of 

  
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the MBI Parties brought by any other person or entity unless specifically subpoenaed to appear or otherwise required by court order or in an official governmental investigation or otherwise
required by law. The Company and each MBI Party shall be entitled to plead this Release as a complete defense to any claim or entitlement relating to or arising out of (X) the undersigned’s services to, or positions with, the Company or
any Subsidiary or any of their affiliates, or (Y) the undersigned’s equity interests in the Company, which hereafter may be asserted by the undersigned or other persons or agencies acting on their behalf in any suit or claim against the
Company or any one or more of the MBI Parties. In the event that the undersigned sues the Company or any one or more of the MBI Parties in violation of this Release, he agrees and acknowledges that he will pay such Person its litigation or
arbitration costs and expenses, including reasonable attorneys’ fees, associated with his defense. 
 (d) The undersigned acknowledges that he is
familiar with the provisions of Section 1542 of the Civil Code of the State of California, which reads as follows: 
 “A general
release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” 

The undersigned hereby waives and relinquishes all rights and benefits which he may have under Section 1542 of the Civil Code of the State of California
(or the law of any other state or jurisdiction to the same or similar effect) to the full extent permitted by law. 
 (e) The undersigned has been advised
in writing to consult with an attorney concerning this Release before signing it. 
 (f) The undersigned has twenty-one (21) calendar days after
receipt of this Release to consider its terms before signing it. 
 (g) The undersigned has the right to revoke this Release in full within seven
(7) calendar days of executing it. Any revocation must be personally delivered or mailed to the Company (Attention, Linda Moore) and postmarked within seven (7) calendar days of the date of execution of this Release. None of the terms and
provisions of this Release shall become effective or be enforceable until such revocation period has expired. 
 (h) Notwithstanding the foregoing, the
parties acknowledge and agree that you are not waiving or being required to waive any right that cannot be waived as a matter of law, including the right to file a charge with or participate in an investigation by a governmental administrative
agency; provided, however, that you hereby disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation. 

Executed this         of August , 2015 

	
	
	  

	
	

  
 9Exhibit

Exhibit 10.1

ACTUANT CORPORATION

August 24, 2015

Mr. Robert Arzbaecher
Empire Building 
710 N. Plankinton Avenue
Suite 1200
Milwaukee, Wisconsin 53203

Dear Bob, 

This letter (this “Offer Letter”) sets forth the terms pursuant to which you have agreed to serve as President and Chief Executive Officer of Actuant Corporation (“Actuant”) on an interim basis until a permanent President and Chief Executive Officer has been hired:
1.Upon election by the Board of Directors, you will become the President and Chief Executive Officer of Actuant effective August 24, 2015 until the earlier to occur of (“Retention Period”) (i) a permanent President and Chief Executive Officer being hired by the Company, (ii) your resignation, death or total and permanent disability or (iii) termination by the Company for Cause.  You will remain a member of the Board of Directors and, unless you are terminated for Cause, be nominated for re-election at the 2016 annual meeting of shareholders.  “Cause” shall have the meaning set forth in the Change in Control Agreement to be entered into between Actuant and you effective the date hereof (which Change in Control agreement will be on the Company’s standard form agreement for the Chief Executive Officer).
2.    Your annual base salary for the Retention Period is $800,000.  You will participate in the Company's annual cash bonus plan beginning with fiscal 2016 on the same basis as the other members of the executive team.  Your target bonus will be 150% of your base salary ($1,200,000) with a maximum bonus of 250% of your base salary ($2,000,000).  To the extent you serve as the Chief Executive Officer for only a portion of fiscal 2016, your bonus will pro rated through the date you cease to be the Chief Executive Officer and will be based on actual results for the entire fiscal 2016; provided, however, that in no event shall the pro rata share of your annual bonus be less than 50% of the bonus you would have been entitled to if you had remained Chief Executive Officer for all of fiscal 2016.  Any pro rata bonus payment shall be paid after fiscal year-end at the same time as bonuses are paid to the other senior executives.
3.    You will be entitled to participate in all of the benefit plans of Actuant available to its senior executives and the same perquisites you were entitled to immediately prior to your retirement in January 2014; provided, however, that you will not be eligible for the fiscal 2016 annual equity grant that is made to other senior executives in January 2016.

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4.    Attached as Exhibit A is the form of stock option award to be issued to you on August 25, 2015 pursuant the Actuant 2009 Omnibus Incentive Plan (“Plan”) and having a base price per share equal to Fair Market Value (as defined in the Plan) on the date of grant.
5.    Attached as Exhibit B is the form of restricted stock or restricted stock unit award to be issued to you pursuant to the Actuant Fiscal 2016 Investment/Matching Restricted Stock Grant Program and the Plan.  
6.    For purposes of the above stock option award and restricted stock or restricted stock unit award, a termination of your employment upon the succession of a permanent Chief Executive Officer, above, (and only in the event that you are not then continuing to serve thereafter as a member of the Board) will be deemed a termination of your employment without Cause thereunder.
7.    Actuant will pay the reasonable fees charged by your advisors with respect to the design, negotiation and documentation of this Offer Letter and the other arrangements referenced herein or related hereto.  
If the foregoing is acceptable, please execute as provided below.

ACTUANT CORPORATION

By: /s/ Andrew G. Lampereur
Its:  Executive Vice President and Chief Financial Officer

Accepted and agreed this 24th day of August 2015

/s/ Robert Arzbaecher    
Robert Arzbaecher

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Exhibit A
ACTUANT CORPORATION
NON-QUALIFIED STOCK OPTION AGREEMENT
UNDER THE
ACTUANT CORPORATION 2009 OMNIBUS INCENTIVE PLAN 
(Officer Grant)
GRANTEE:    Robert C. Arzbaecher
GRANTEE'S ADDRESS:            «Address_Line_1»
«City»  «State»  «ZIP_Code»
«Country»
NUMBER OF SHARES OPTIONED:    «Shares»
BASE PRICE PER SHARE:    «base price»
		
	DATE OF GRANT:
	« grant date»

		
	EXPIRATION DATE:
	the earlier of (i) 10 years from the date of grant at 5:00 o'clock p.m., Milwaukee Business Time, or (ii) the date otherwise provided under Sections 3 and 4.

This Stock Option Agreement (the “Agreement”) between Actuant Corporation (the “Company”) and the above named Grantee is effective as of the Grant Date indicated above.  The Company and the Grantee hereby agree as follows:
1.  Option.  The Company hereby grants to the Grantee pursuant to the letter agreement with the Company dated August 24, 2015, effective as of the Grant Date, an option to purchase all or any part of the number of shares of Common Stock above stated at the base price per share above stated (which price is not less than the Fair Market Value of a share of Common Stock on the date of grant) upon the following terms and conditions.  
2. Plan.  This Option is granted under and subject to the terms of the Actuant Corporation 2009 Omnibus Incentive Plan (herein called the “Plan”).  In the event of any conflict between any provisions of this Option and the provisions of the Plan, the provisions of the Plan shall control.  Terms defined in the Plan where used herein shall have the meanings as so defined.  Grantee hereby acknowledges receipt of a copy of the Plan.
3.Vesting of Option.  Subject to the Grantee’s continued employment with the Company or an affiliate thereof and/or continued service as a member of the Board of Directors of the Company 

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or an affiliate thereof (a “Director”) and except as otherwise provided herein or in the Plan, this Option shall vest and become exercisable as follows:
	
			
	Years from August 25, 2015
	 
	Fraction of Shares Optioned Which is Vested and Exercisable

	One Year
	 
	1/3 of the option

	Two Years
	 
	2/3 of the option

	Three Years
	 
	3/3 of the option

	 
	 
	 

Notwithstanding the foregoing, in the event that Grantee's employment with the Company or an affiliate thereof or service as a Director shall cease because of Grantee’s death or total and permanent disability, this Option shall become fully vested and exercisable for a period of one year.  Further, in the event that the Company or an affiliate thereof terminates Grantee’s employment for any reason other than “for Cause” (as defined in Grantee’s Change in Control Agreement with the Company dated August 24, 2015) or Grantee ceases to be a Director, whichever occurs later, this Option shall become fully vested and exercisable for the entire period described in Section 4.
4.     Expiration Date.  If this Option is not earlier exercised or terminated, all rights to exercise this Option shall expire on the date which is ten years after the date on which this Option was granted.
5.    Manner of Exercise and Tax Withholding.  The Grantee may exercise this Option from time to time, in whole or in part, with respect to any shares for which the right to exercise shall have accrued and not theretofore been exercised, by delivering to the Secretary of the Company written or electronic notice specifying the number of shares to be purchased, together with full payment of the exercise price and any required withholding taxes.  The Grantee may elect to pay the exercise price for the Option in cash, by check, broker assisted cashless exercise, by delivering shares of Common Stock which are not shares of Restricted Stock at the time of delivery and which have been beneficially owned by the Grantee, the Grantee's spouse, or both of them for a period of at least 6 months prior to the time of exercise ("Delivered Stock") or a combination of cash and Delivered Stock.  If withholding is required, in satisfaction of any withholding obligations under federal, state or local tax laws, the Company may (i) require the Grantee to pay to the Company in cash the entire amount or any portion of any taxes which the Company is required to withhold, or (ii) require the Grantee to authorize any properly authorized third party to sell the number of shares of Common Stock otherwise issuable to the Grantee having a Fair Market Value equal to the sums required to be withheld, along with any related expenses, and to remit the net proceeds thereof to the Company for payment of the taxes which the Company is required to withhold with respect to the options exercised.  For purposes of administrative ease, the number of shares of Common Stock sold may be rounded up or down to the nearest whole share.  The Grantee shall be responsible for any taxes relating to this Option and the surrender thereof not satisfied by the Company’s satisfaction of its withholding obligations.  Unless otherwise determined by the Company, the Grantee shall be entitled to elect, in accordance with procedures determined by the Company, the method of satisfying his or her withholding obligations as described in either (i) or (ii) above, and, in the event no such election is properly made, the Company shall require the shares to be sold using the method described in (ii).

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6.    No Rights To Continued Employment or Service.  Neither the Plan nor this Agreement nor the Award shall confer upon the Grantee any right with respect to continuance of employment by the Company or service as a Director, nor shall they interfere in any way with the right of the Company to terminate Grantee’s employment or service as a Director at any time.
7.    Change of Control; Sale of Operating Unit.  Without limiting the applicability of accelerated vesting in Section 4, above, the Committee may, in its complete discretion, determine the treatment of the option if (a) a Change in Control (as defined in the Plan) of the Company occurs prior to the expiration of this Award when the Grantee is employed by the Company or serving as a Director, or (b) the Company sells an operating unit (subsidiary or division) employing the Grantee, and the Grantee ceases to be employed by the Company or any affiliate as a result of such disposition.  Any change in the vesting of an option pursuant to such determination will be made in accordance with the general payment and timing provisions in Paragraph 5.
8.      Corporate Spinoff.   Without limiting the applicability of accelerated vesting in Section 4, above, in the event of a corporate spinoff separating the Company into two or more separate entities, the Committee may, in its complete discretion, adjust this Agreement in such manner as it deems appropriate, including converting this Option into an option to purchase stock of the entity which employs Grantee or for which Grantee serves as a member of the Board of Directors.  The Committee also may, in its complete discretion, determine that a corporate spinoff separating the Company into two or more separate entities shall not be deemed a Change in Control for purposes of this Agreement.  If Grantee is employed by or serving as a member of the Board of Directors of one of the separate entities and the separate successor entity has a subsequent Change in Control (as determined by the Committee), the subsequent Change in Control shall be deemed a Change in Control for purposes of this Agreement and the provisions of Paragraph 7 shall apply.
9.    Compensation Recovery.  This Award shall be subject to recovery by the Company under its Compensation Recoupment Policy or any similar policy the Company may adopt or amend from time to time.
10.    No Rights in Shares Until Certificates Issued.  Neither the Grantee nor his heirs nor his personal representative shall have any of the rights or privileges of a shareholder of the Company in respect of any of the shares issuable upon the exercise of the Option herein granted, unless and until certificates representing such shares shall have been issued upon the exercise of this Option.
11. Transferability of Option.  This Option may not be transferred except by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order, and may be exercised during Grantee's lifetime only by him or by his guardian or legal representative; provided, however that the Grantee may transfer the Option, without payment of consideration, to family members of the Grantee or to trusts or partnerships for such family members by completing a Transfer of Stock Option form and filing it with the Committee. 
12. Prohibition Against Pledge, Attachment, etc.  Except as otherwise herein provided, this Option and any rights and privileges pertaining thereto shall not be transferred, assigned, pledged or hypothecated by Grantee in any way, whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process.

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13. Notices.  Any notice to be given to the Company under the terms of this agreement shall be addressed to the Company in care of its Secretary, and any notice to be given to the Grantee may be addressed to him at his address as it appears on the Company's records, or at such other address as either party may hereafter designate in writing to the other.  Any such notice shall be deemed to have been duly given if and when enclosed in a properly sealed envelope addressed as aforesaid, and deposited, postage prepaid, in the United States mail or sent via electronic means (fax or e-mail).
14. Wisconsin Contract.  This option has been granted in Wisconsin and shall be construed under the laws of that state.

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Accepted as of the Date of Grant in accordance with, and subject to, the above terms and conditions of this Agreement and of the Plan document, a copy of which has been received by me.

	
		
	 
	 

	 
	Robert C. Arzbaecher 

        

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Exhibit B
ACTUANT CORPORATION
RESTRICTED STOCK UNIT (RSU) AGREEMENT 
UNDER THE
ACTUANT CORPORATION 2009 OMNIBUS INCENTIVE PLAN
(Officer Grant)
GRANTEE:    Robert C. Arzbaecher
GRANTEE'S HOME ADDRESS:            «Address_Line_1»
«City»  «State»  «ZIP_Code»
«Country»
NUMBER OF RSUs AWARDED:    «shares»
		
	DATE OF GRANT:
	«grant_date»

Actuant Corporation and the above named Grantee hereby agree as follows:
1. RSU Grant.  Actuant Corporation (hereinafter called the “Company”), hereby grants to the Grantee that number of Restricted Stock Units stated above (“RSUs Awarded”) pursuant to the letter agreement with the Company dated August 24, 2015, subject to the restrictions set forth below.  No stock certificates will be issued with respect to any RSUs Awarded.  
2.    Plan.  The RSUs Awarded are granted under and subject to the terms of the Actuant Corporation 2009 Omnibus Incentive Plan (herein called the “Plan”).  In the event of any conflict between any provisions of this Agreement and the provisions of the Plan, the provisions of the Plan shall control.  Terms defined in the Plan where used herein shall have the meanings as so defined.  Grantee hereby acknowledges receipt of a copy of the Plan.
3.Dividend Equivalents.  Grantee shall not receive payments equivalent to dividends or other distributions with respect to shares of Common Stock underlying the RSUs Awarded.  
4.   Restrictions.  Subject to the Grantee’s continued employment with the Company or an affiliate thereof and/or continued service as a member of the Board of Directors of the Company or an affiliate thereof (a “Director”) and except as otherwise provided herein or in the Plan, the RSUs Awarded shall vest and become nonforfeitable three years following the Date of Grant.
The period of time during which the RSUs Awarded are forfeitable is referred to as the “Restricted Period”.  If the Grantee’s employment with the Company or an affiliate thereof or service as a Director terminates during the Restricted Period, the unvested RSUs Awarded shall be forfeited to the Company on the date of such termination, without any further obligations of the Company to the Grantee and all rights of the Grantee with respect to the unvested RSUs 

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Awarded shall terminate.  Notwithstanding the foregoing, in the event that Grantee's employment with the Company or an affiliate thereof or service as a Director shall cease because of Grantee’s death or total or permanent disability, the RSUs Awarded shall immediately become fully vested and nonforfeitable.  Further, in the event that the Company or an affiliate thereof terminates Grantee’s employment for any reason other than “for Cause” (as defined in Grantee’s Change in Control Agreement with the Company dated August 24, 2015) or Grantee ceases to be a Director, whichever occurs later, the RSUs Awarded shall immediately become fully vested and nonforfeitable. 
5.    Distribution of RSUs and Tax Withholding.  If withholding of taxes is not required, none will be taken and the gross number of shares of Common Stock of the Company equal to the number of RSUs Awarded to the Grantee will be distributed to the Grantee as soon as practicable following the date the RSUs become vested, but in no event later than 2-1⁄2 months after the end of the calendar year in which the RSUs become vested.  If withholding is required, in satisfaction of any withholding obligations under federal, state or local tax laws, the Company may (i) require the Grantee to pay to the Company in cash the entire amount or any portion of any taxes which the Company is required to withhold, or (ii) require the Grantee to authorize any properly authorized third-party to sell the number of shares of Common Stock underlying the RSUs Awarded having a Fair Market Value equal to the sums required to be withheld, and to remit the proceeds thereof to the Company for payment of the taxes which the Company is required to withhold with respect to the RSUs Awarded.  For purposes of administrative ease, the number of shares of any Common Stock sold may be rounded up or down to the nearest whole share.  The Grantee shall be responsible for any taxes relating to the RSUs Awarded and the surrender thereof not satisfied by the methods described above for the Company’s satisfaction of its withholding obligations. Unless otherwise determined by the Company, the Grantee shall be entitled to elect, in accordance with procedures determined by the Company, the method of satisfying his or her withholding obligations, and, in the event no such election is properly made, the Company shall require the shares to be sold using the method described in (ii) above.
6.     No Rights as a Stockholder.  The Grantee shall have no rights as a stockholder of the Company in respect to the RSUs Awarded, including the right to vote and accrue dividends, unless and until the RSUs Awarded have vested, and certificates representing shares of Common Stock earned pursuant to this Award have been issued to the Grantee and properly recorded on the stock records of the Company.
7.    No Rights To Continued Employment or Service.  Neither the Plan nor this Agreement nor the Award shall confer upon the Grantee any right with respect to continuance of employment by the Company or service as a Director, nor shall they interfere in any way with the right of the Company to terminate Grantee’s employment or service as a Director at any time.
8.     Change of Control, Sale of Operating Unit.  Without limiting the applicability of accelerated vesting in Section 4, above, the Committee may, in its complete discretion, determine the vesting and treatment of the Award, if (a) a Change in Control (as defined in the Plan) occurs before the end of the Restricted Period when the Grantee is employed by the Company or serving as a Director, or (b) the Company sells an operating unit (subsidiary or division) employing the Grantee and the 

9

Grantee ceases to be employed by the Company or any affiliate as a result of such disposition.  Any issuance of Common Stock pursuant to such determination will be made in accordance with the general payment and timing provisions in Paragraph 5. 
9.     Corporate Spinoff.  Without limiting the applicability of accelerated vesting in Section 4, above, in the event of a corporate spinoff separating the Company into two or more separate entities, the Committee may, in its complete discretion, adjust this Agreement in such manner as it deems appropriate, including converting the RSUs Awarded into RSUs of the entity which employs Grantee or for which Grantee serves as a member of the Board of Directors.  The Committee also may, in its complete discretion, determine that a corporate spinoff separating the Company into two or more separate entities shall not be deemed a Change in Control for purposes of this Agreement.  If Grantee is employed by or serving as a member of the Board of Directors of one of the separate entities and the separate successor entity has a subsequent Change in Control (as determined by the Committee), the subsequent Change in Control shall be deemed a Change in Control for purposes of this Agreement and the provisions of Paragraph 8 shall apply.
10.     Compensation Recovery.  This Award shall be subject to recovery by the Company under its Compensation Recoupment Policy or any similar policy the Company may adopt or amend from time to time.
11.      Code Section 409A.  This Agreement is intended to comply with, or otherwise be exempt from, Code Section 409A. This Agreement shall be administered, interpreted, and construed in a manner consistent with Code Section 409A or an exemption therefrom.  Should any provision of this Agreement be found not to comply with, or otherwise be exempt from, the provisions of Code Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Committee, and without the consent of the Grantee, in such manner as the Committee determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Code Section 409A.  If any of the payments under this Agreement are subject to Code Section 409A and the Company determines that the Employee is a “specified employee” under Code Section 409A at the time of the Employee’s separation from service, then, to the minimum extent required by Code Section 409A, each such payment will not be made or commence until the date which is the first day of the seventh month after the Employee’s separation from service, and any payments that otherwise would have been paid during the first six months after the Employee’s separation from service will be paid in a lump sum on the first day of the seventh month after the Employee’s separation from service or upon the Employee’s death, if earlier.  Such deferral will be effected only to the extent required to avoid adverse tax treatment to the Employee under Code Section 409A.
12. Transferability of Award.  Prior to distribution, RSUs Awarded may not be transferred or encumbered by the Grantee, except by will or the laws of descent and distribution, or pursuant to a qualified domestic relations order.
13. Prohibition Against Pledge, Attachment, etc.  Except as otherwise herein provided, this Award and any rights and privileges pertaining thereto shall not be transferred, assigned, pledged or hypothecated by Grantee in any way, whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process.

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14. Notices.  Any notice to be given to the Company under the terms of this agreement shall be addressed to the Company in care of its Secretary, and any notice to be given to the Grantee may be addressed to him at his address as it appears on the Company's records, or at such other address as either party may hereafter designate in writing to the other.  Any such notice shall be deemed to have been duly given if and when enclosed in a properly sealed envelope addressed as aforesaid, and deposited, postage prepaid, in the United States mail or sent via electronic means (fax or e-mail).
15. Wisconsin Contract.  This award has been granted in Wisconsin and shall be construed under the laws of that state.

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Accepted as of the date of grant in accordance with, and subject to, the above terms and conditions of this Agreement and of the Plan document, a copy of which has been received by me.

	
		
	 
	 

	 
	Robert C. Arzbaecher 

12

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