Document:

Employment Agreement dated May 20, 2003

 Exhibit 10.52 
  
 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement, dated as of the 20th day of May, 2003, between Dean Tulumaris (the “Executive”) and Memry Corporation,
a Delaware corporation (the “Company”). 
  
 W
I T N E S S E T H, 
  
 WHEREAS, the Company and the Executive desire to enter into an employment agreement on the terms and conditions set forth below (this “Agreement”) 
  
 NOW, THEREFORE, in consideration of the premises and of the covenants and
agreements set forth herein, the parties agree as follows: 
  
 1. Employment and Duties. 
  
 (a)
The Company hereby agrees to employ the Executive, and the Executive hereby accepts employment, upon the terms and conditions set forth herein. During the period during which he is employed hereunder (the “Period of Employment”), the
Executive shall diligently and faithfully serve the Company in the capacity of Vice President/GM Operations or in such other and/or lesser executive capacity or capacities as the Board of Directors and the Executive may, from time to time, agree.

  
 (b) During the term hereof, the Executive shall, at the
request of the Company, serve as an officer and/or director of direct and indirect subsidiaries, and other affiliates, of the Company as the Company, acting through its Board of Directors, shall request from time to time. 
  
 (c) The Executive shall devote his best efforts and substantially all of his
business time, services and attention to the advancement of the Company’s business and interests. The restrictions in this Section 1 shall in no way prevent the Executive from (except as set forth in the immediately succeeding sentence)
pursuing other activities, so long as all of such other activities do not, in the aggregate, materially interfere with the Executive’s duties hereunder (including his obligation to devote substantially all of his business time, services and
attention to the Company). Notwithstanding the foregoing, however, the Executive shall not accept any outside directorships without the prior consent of the Company’s Board of Directors. 
  
 (d) The Executive shall, at all times during the Period of Employment,
diligently and faithfully carry out the policies, programs and directions of the Board of Directors of the Company. The Executive shall comply with the directions and instructions made or given by or under the authority of the Company’s Chief
Executive Officer and/or its Board of Directors and whenever requested to do so shall give an account of all transactions, matters and things related to the Company and its affiliates and their affairs with which the Executive is entrusted.

 2. Term. The initial term of this Agreement shall commence on the date hereof, and
shall terminate on the day before the first anniversary of such date (the “Initial Term”). Thereafter, the term of this Agreement shall be automatically renewed for successive one-year periods, each commencing on the month and day of this
Agreement in the appropriate year and terminating on the day before such date in the subsequent year, unless either party notifies the other in writing of such party’s intention not to renew at least ninety (90) days prior to the date on which
the term of this Agreement would otherwise terminate. The Initial Term and such other periods for which the term hereof has been extended as aforesaid is collectively referred to herein as the “Term.” In the event the Company elects not to
renew this Agreement at the end of any Term, then the Company shall pay to the Executive (i) the Executive’s base salary for a period of six (6) months following termination of this Agreement, as and when the same would otherwise be due
(including continuation of employee health insurance as provided to active employees), and (ii) an amount equal to 50% of the Executive’s bonus described in Section 3(b) payable for the fiscal year in which such non renewal occurs, in one lump
sum when it would otherwise be payable; provided, however, that such payment shall not be paid by the Company if such non-renewal is “for cause” (as defined below). 
  
 3. Compensation. In consideration of the services rendered and to be rendered by the Executive, the
Company agrees to compensate the Executive as follows: 
  
 (a)
From the date hereof the Company shall pay to the Executive an annual base salary of $168,000, payable in equal installments every two weeks. The Executive’s base salary may be increased from time to time by the Board in accordance with normal
business practices of the Company. 
  
 (b) The Executive shall
also be entitled to receive additional compensation in the form of an annual target bonus in an amount equal to 35% of the Executive’s annual base salary and/or stock option grants determined by and in the sole discretion of the Board of
Directors of the Company. Such target amount is based upon the Executive meeting all personal and Company performance goals and objectives. Such grants may be made pursuant to any bonus and/or incentive compensation programs that may be established
by the Company, including without limitation the Company’s current incentive plans; provided, however, that nothing set forth in this sentence will in any way limit the Board of Directors discretion to approve or reject any bonus that the
Executive would otherwise be due under any such plans. 
  
 (c)
The Executive shall be entitled to an automobile allowance of $500 per month, to be paid in accordance with the Company’s policy for paying automobile allowances as in effect from time to time. 
  
 (d) The Executive shall be entitled to other fringe benefits comparable to
the benefits afforded to other executive employees of the Company, including but not limited to reasonable sick leave and coverage under any health, dental, accident, hospitalization, disability, retirement, life insurance, 401(k), and annuity
plans, programs or policies maintained by the Company. In addition, and without limiting the foregoing, the Company shall provide the Executive with twenty working days of vacation per year. 

 (e) The Executive shall be entitled to reimbursement, in accordance with Company policy, of all
reasonable out-of-pocket expenses which he incurs on behalf of the Company in the course of performing his duties hereunder, subject to furnishing appropriate documentation of such expenses to the Company’s Chief Executive Officer. 

 
 4. Covenant Not to Compete; Nonsolicitation. 
  
 (a) Except as specifically set forth in this Section 4, during the Period of
Employment, the Executive will not engage, directly or indirectly, anywhere in the United States (including its territories, possessions and commonwealths) or Canada in any business which competes or could reasonably be expected to compete with the
Company and/or its affiliates and, for such time after the Period of Employment as the Company is making severance payments to the Executive, any business which competes or could reasonably be expected to compete with the Company and/or its
affiliates as of the date of termination of the Period of Employment; provided, however, that (i) the ownership by the Executive of less than 2% of the outstanding stock of any publicly traded corporation shall not be deemed solely by reason thereof
to cause the Executive to be engaged in any businesses being conducted by such publicly traded corporation; and (ii) the Executive, at his sole discretion, may, by written notice to the Company, terminate the Company’s obligation to make
severance payments to the Executive, and upon the termination of such payments, the Executive’s non-competition obligations pursuant to this Section 4 shall terminate. If the final judgment of a court of competent jurisdiction declares that any
term or provision of this Section 4(a) is invalid or unenforceable, the parties agree that the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or area of the term or provision, to
delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or
provision, and this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment may be appealed. 
  
 (b) During the Period of Employment and for a period of two years thereafter, the Executive will not, directly or indirectly, either for himself or for
any other person or entity (i) solicit (A) any employee of the Company or any affiliate of the Company to terminate his or her employment with the Company or such affiliate during his or her employment with the Company or such affiliate or (B) any
former employee of the Company or an affiliate of the Company for a period of one year after such individual terminates his or his employment with the Company or such affiliate, (ii) solicit any customer or client of the Company or any such
affiliate (or any prospective customer or client of the Company or such affiliate) as of the termination of the Period of Employment to terminate its relationship with the Company or such affiliate, or do business with any third parties, or (iii)
take any action that is reasonably likely to cause injury to the relationships between the Company or any such affiliate or any of their respective employees and any lessor, lessee, vendor, supplier, customer, distributor, employee, consultant or
other business associate of the Company or any such affiliate as such relationship relates to the Company’s or such affiliate’s conduct of its business. 

 5. Covenant Not to Disclose Information. The Executive agrees that during the Period of
Employment and thereafter, he will not use or disclose, other than to another employee of the Company, qualified by the Company to receive that information in the normal course of business, any confidential information or trade secrets of the
Company or any affiliate of the Company which were made known to him by the Company, its officers or employees or affiliates, or learned by him while in the Company’s employ, without the prior written consent of the Company, and that upon
termination of his employment for any reason, he will promptly return to the Company any and all properties, records, figures, calculations, letters, papers, drawings, schematics or copies thereof or other confidential information of the Company and
its affiliates of any type or description. It is understood that the term “trade secrets” as used in this Agreement is deemed to include, without limitation, lists of the Company’s and its affiliates’ respective customers,
information relating to their practices, know-how, processes and inventions, and any other information of whatever nature which gives the Company or any affiliate an opportunity to obtain an advantage over its competitors who do not have access to
such information. 
  
 6. Remedy at Law Inadequate.
The Executive acknowledges that any remedy at law for breach of any of the restrictive covenants (Sections 4 and 5) contained in this Agreement would be inadequate and the Company shall be entitled to injunctive relief in the event of any such
breach. 
  
 7. Inventions and Improvements. With
respect to any and all inventions (as defined in Section 7(e) below) made or conceived by the Executive, whether or not during his hours of employment, either solely or jointly with others, during the Period of Employment, without additional
consideration: 
  
 (a) The Executive shall promptly inform the
Company of any such invention. 
  
 (b) Any such invention,
whether patentable or not, shall be the property of the Company, and the Executive hereby assigns and agrees to assign to the Company all his rights to any such invention, and to any United States and/or foreign letters patent granted upon any such
invention or any application therefor. 
  
 (c) The Executive
shall apply, at the Company’s request and expense, for United States and/or foreign letters patent either in the Executive’s name or otherwise as the Company may desire. 
  
 (d) The Executive shall acknowledge and deliver promptly to the Company, without charge to the Company but at its expense,
all sketches, drawings, models and figures and other information and shall perform such other acts, such as giving testimony in support of his inventorship, as may be necessary in the opinion of the Company to obtain and maintain United States
and/or foreign letters patent and to vest the entire right and title thereto in the Company. 
  
 (e) For purposes of this Section, the term “invention” shall be deemed to mean any discovery, concept or idea (whether patentable or not), including but not limited to processes, methods, formulas,
techniques, hardware developments and software 

 developments, as well as improvements thereof or know-how related thereto, (i) concerning any present or
prospective activities of the Company and its affiliates and (ii) (A) which the Executive becomes acquainted with as a result of his employment by the Company, (B) which results from any work he may do for, or at the request of, the Company or any
of its affiliates, (C) which relate to the Company’s or any affiliates’ business or actual or demonstrably anticipated research and development, or (D) which are developed in any part by use of the Company’s or any such
affiliates’ equipment, supplies, facilities or trade secrets. 
  
 The parties
hereto agree that the covenants and agreements contained in this Section 7 are, taken as a whole, reasonable in their scope and duration, and no party shall raise any issue of the reasonableness of the scope or duration of any such covenants in any
proceeding to enforce any such covenants. 
  
 8. Termination
of Employment. 
  
 (a) The Executive’s Period of
Employment may not be terminated prior to the expiration of the Term except in accordance with the provisions of this Section 8. 
  
 (b) The Executive’s Period of Employment may be terminated by the Company for cause. For purposes of this Agreement, “for cause” means that
termination occurs in connection with a determination, made at a meeting of the Board of Directors at which the Executive (and, at the Executive’s option, his counsel) shall have had a right to participate, that the Executive has (i) committed
an act of gross negligence or willful misconduct, or a gross dereliction of duty, that has materially and adversely affected the overall performance of his duties hereunder; (ii) committed fraud upon the Company in his capacity as an employee
hereunder; (iii) been convicted of, or pled guilty (or nolo contendre) to, a felony that the Board of Directors, acting in good faith, determines is or would reasonably be expected to have a material adverse effect upon the business, operations,
reputation, integrity, financial condition or prospects of the Company; (iv) any material breach by the Executive of the terms hereof; (v) failure to follow instructions from a person authorized to give them pursuant to Section 1(d) above that is
lawful and not inconsistent with the terms hereof; (vi) the Executive’s habitual drunkenness or habitual substance abuse; or (vii) civil or criminal violation of any state or federal government statute or regulation, or of any state or federal
law relating to the workplace environment (including without limitation laws relating to sexual harassment or age, sex or other prohibited discrimination), or any violation of any Company policy adopted in respect of any of the foregoing. “For
cause” termination must be accompanied by a written notice to that effect. If the Executive is terminated for cause, the Executive shall be paid through the date of his termination. 
  
 (c) If the Executive dies, the Period of Employment shall terminate effective at the time of his death; provided, however,
that such termination shall not result in the loss of any benefit or rights which the Executive may have accrued through the date of his death. If the Period of Employment is terminated prior to the expiration of the Term due to the Executive’s
death, the Company shall make a severance payment to the Executive or his legal representatives equal to the Executive’s regular salary payments through the end of 

 the month in which such death occurs. In addition, the Company shall make a severance payment to the
Executive or his legal representative equal to the Executive’s target bonus described in Section 3(b), pro rated for the portion of such fiscal year completed prior to the Executive’s death; provided, however, that such pro rated portion
of the Executive’s target bonus shall be paid to the Executive following the completion of such fiscal year at the time similar bonuses are paid to other employees of the Company. 
  
 (d) If the Executive becomes disabled, the Period of Employment may be terminated, at the Company’s option, at the end
of the calendar month during which his disability is determined; provided, however, that such termination shall not result in the loss of any benefits or rights which the Executive may have accrued through the date of his disability. If the Period
of Employment is terminated prior to the expiration of the Term due to the Executive’s disability, the Company shall make a severance payment to the Executive or his legal representative equal to the Executive’s regular salary payments for
a period of six (6) months from the date of such termination or, if sooner, until payments begin under any disability insurance policy maintained by the Company for the benefit of the Executive. For the purposes of this section, the definition of
“disability” shall be the same as the definition of a “permanent disability” contained in any long-term disability insurance policy maintained by the Company in effect at the time of the purported disability, or last in effect,
if no policy is then in effect. 
  
 (e) If the Executive’s
Period of Employment is terminated by the Executive for “Good Reason,” as hereinafter defined, or is terminated by the Company without cause (and the Company may terminate the Period of Employment without cause at any time) other than at
the end of the Term, then, in addition to the other rights to which the Executive is entitled upon a termination as provided for herein, the Executive shall also be entitled to a lump-sum payment equal to the sum of (i) 50% of the Executive’s
annual base salary, at the rate of salary in effect immediately prior to the effective date of such termination (without regard to any purported or attempted reduction of such rate by the Company), plus (ii) 50% of the Executive’s bonus
otherwise payable for the fiscal year during which termination occurs. For purposes of this Agreement, the term “Good Reason” shall mean: (i) the failure by the Company to observe or comply with any of the provisions of this Agreement if
such failure has not been cured within ten (10) days after written notice thereof has been given by the Executive to the Company; or (ii) at the election of the Executive, upon a Change in Control of the Company, as defined in Section 10(f) (which
election can be made at any time upon thirty (30) days’ prior written notice given within two (2) years following the date on which the Change in Control of the Company occurred) if, subsequent to such Change in Control, there is a material
diminution in the position, duties and/or responsibilities of the Executive. 
  
 9. Effect of Termination. Upon termination of the Executive’s employment for any reason whatsoever, all rights and obligations of the parties under this Agreement shall cease, except that the
Executive shall continue to be bound by the covenants set forth in Sections 4, 5, 6 and 7 hereof, and the Company shall be bound to pay to the Executive accrued compensation, including salary and other benefits, to the date of termination and any
severance payments which may be owed under the provisions of Section 8 hereof. 

 10. Miscellaneous. 
  
 (a) This Agreement may not be assigned by the Executive. The Company may assign this Agreement in connection with a Sale of
the Company. 
  
 (b) In the event that any provision of this
Agreement is found by a court of competent jurisdiction to be invalid or unenforceable, such provision shall be, and shall be deemed to be, modified so as to become valid and enforceable, and the remaining provisions of this Agreement shall not be
affected. 
  
 (c) This Agreement shall be governed by and
construed in accordance with the laws of the State of Connecticut. 
  
 (d) No modification of this Agreement shall be effective unless in a writing executed by both parties. 
  
 (e) This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof, and supercedes all prior agreements,
representations and promises by either party or between the parties, including without limitation, the Letter Agreement, notwithstanding any provisions therein which state that certain provisions shall survive the termination of the Letter
Agreement. 
  
 (f) For purposes of this Agreement, “Change
in Control of the Company” shall mean: (i) any merger or consolidation or other corporate reorganization of the Company in which the Company is not the surviving entity; or (ii) any sale of all or substantially all of the Company’s assets,
in either a single transaction or a series of transactions; or (iii) a liquidation of all or substantially all of the Company’s assets; or (iv) a change within one twelve-month period of a majority of the directors constituting the
Company’s Board of Directors at the beginning of such twelve-month period; or (v) if a single person or entity, or a related group of persons or entities, at any time acquires beneficial ownership (within the meaning of Rule 13d-3 promulgated
under the Securities Exchange Act of 1934, as amended) of 25% or more of the Company’s outstanding voting securities; unless, (x) with respect to any event described in clauses (i) through (v), the Executive agrees in writing, prior to the
consummation of the event giving rise to the Change in Control of the Company, that such event or events does not for purposes of this Agreement constitute a Change in Control of the Company or, as a director, votes in favor of the matter that would
otherwise cause the Change in Control of the Company or, (y) with respect to clause (iv), the change of directors is approved by the Board of Directors as constituted prior to such change. 

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

  

	 MEMRY CORPORATION

		
	 By:
	 	 /s/    MARCY MACDONALD

	 Name:
	 	Marcy Macdonald
	 Title:
	 	VP Human Resources

  

	 By:
	 	 /s/    DEAN TULUMARIS

	 Name:
	 	Dean Tulumaris
	 Title:
	 	Vice President Operations/GMAmended and Restated 1993 Stock Option Plan.

 EXHIBIT 10.1 
  
 BOLT TECHNOLOGY CORPORATION 
  
 THE AMENDED AND RESTATED 1993 STOCK OPTION PLAN 
  
 ARTICLE I—GENERAL 
  
 1.01 PURPOSE 
  
 The purpose of the Amended and Restated 1993 Stock Option Plan (the “Plan”) is to aid Bolt Technology Corporation, (the “Company”) and
its subsidiaries in securing and retaining key employees and directors of outstanding ability and to motivate such employees and directors to exert their best efforts on behalf of the Company and its subsidiaries. In addition, the Company expects
that it will benefit from the added interest which the respective optionees will have in the welfare of the Company as a result of their ownership or increased ownership of the Company’s Common Stock. 
  
 1.02 ADMINISTRATION 
  
 (a) The Plan shall be administered by a Committee of disinterested persons
appointed by the Board of Directors of the Company (the “Committee”), as constituted from time to time. The Committee shall consist of at least two members of the Board, all of whom shall be disinterested persons (hereinafter referred to
as “disinterested persons”) within the meaning of Rule 16b-3 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (hereinafter referred to as the “Exchange Act”). 
  
 (b) The Committee shall have the authority, in its sole discretion and from
time to time to: 
  
 (i) designate the employees
or classes of employees eligible to participate in the Plan; 
  
 (ii) grant options provided in the Plan in such form, amount and with such exercise periods as the Committee shall determine; 
  

(iii) impose such limitations, restrictions and conditions upon any such option as the Committee shall deem appropriate; and

  
 (iv) interpret the Plan and any agreement
with a participant under the Plan, adopt, amend and rescind rules and regulations relating to the Plan, and make all other determinations and take all other action necessary or advisable for the implementation and administration of the Plan.

  

 (c) Decisions and determinations of the Committee on all matters relating to the Plan and any agreement
with a participant under the Plan shall be in its sole discretion and shall be final and conclusive. No member of the Committee shall be liable for any action taken or decision made in good faith relating to the Plan or any option granted hereunder.

  
 1.03 ELIGIBILITY FOR PARTICIPATION

  
 All officers and key employees of the Company and its
subsidiaries are eligible to receive incentive stock options or options other than incentive stock options under the Plan. Non-employee directors are hereby granted options other than incentive stock options as hereinafter provided in Article III.

  
 1.04 TYPES OF OPTIONS AVAILABLE UNDER PLAN

  
 All options granted under the Plan shall be either options
other than incentive stock options or incentive stock options as defined in section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). Each option shall state whether or not it will be treated as an incentive stock option.

  
 1.05 AGGREGATE LIMITATION ON STOCK SUBJECT TO
PLAN 
  
 (a) Shares of stock which may be issued under the Plan
shall be authorized and unissued or treasury shares of Common Stock of the Company (“Common Stock”). Subject to Section 4.06 hereof, the maximum number of shares of Common Stock which may be issued under the Plan increased to 550,000:

  
 (b) For purposes of calculating the maximum number of shares
of Common Stock which may be issued under the Plan: 
  
 (i) all the shares issued (including the shares, if any, withheld for tax withholding requirements) shall be counted when cash is used as full payment for shares issued upon exercise of a stock option; and 
  
 (ii) only the net shares issued (including the shares, if
any, withheld for tax withholding requirements) shall be counted when shares of Common Stock are used as full or partial payment for shares issued upon exercise of a stock option. 
  
 (c) Any shares of Common Stock subject to a stock option which for any reason is terminated unexercised or expires shall
again be available for options under the Plan. 
  
 1.06 EFFECTIVE DATE AND TERM OF PLAN 
  
 (a) The Plan has
been adopted and approved by the Board by action taken on September 16, 1997; provided, however, that the effectiveness of the Plan is expressly conditioned upon ratification and approval of the Plan by the affirmative votes of the holders of a
majority of the Company’s Common Stock present, or represented, and entitled to vote at the 
  

 2 

 Annual meeting of the Company’s shareholders in l997. Options granted under the Plan prior to such meeting shall be
subject to, and the exercise thereof shall be expressly conditioned upon, such shareholder approval of the Plan. If said shareholder approval shall for any reason not be forthcoming at such meeting, the options shall be null and void. 
  
 (b) No stock options shall be granted under the Plan after June 30, 2003;
provided, however, that all options granted under the Plan prior to such date shall remain in effect until such options have been exercised or terminated in accordance with the Plan and the terms of such options. 
  
 ARTICLE II—EMPLOYEE STOCK OPTIONS 
  
 2.01 GRANT OF STOCK OPTION 
  
 The Committee may from time to time, and subject to the provisions of the
Plan and such other terms and conditions as the Committee may prescribe, grant any participant in the Plan one or more stock options to purchase for cash or shares the number of shares of Common Stock determined by the Committee. The date of a stock
option shall mean the date on which the Committee selects a specific number of shares subject to the option granted to a participant pursuant to the Plan. 
  
 2.02 STOCK OPTION AGREEMENTS 
  
 The grant of a Stock Option shall be evidenced by a written stock option Agreement, executed by the Company and the holder of a stock option (the
“optionee”), stating at least the option price, the number of shares of Common Stock subject to the stock option evidenced thereby and the exercise period, and shall be in such form as the Committee may, from time to time, determine.

  
 2.03 STOCK OPTION PRICE 
  
 The option price per share of Common Stock deliverable upon exercise of a
stock option shall be determined by the Committee, but shall not be less than 100% of the fair market value of a share of Common Stock on the date the stock option is granted. “Fair market value” as of any date and in respect of any share
of Common Stock means the closing sales price on such date or on the next business day, if such date is not a business day, of a share of Common Stock as reported in The Wall Street Journal. 
  
 The option price per share payable upon exercise of an incentive stock option
granted to a person owning more than 10 percent of the voting power of the Company’s voting stock shall not be less than 110% of the fair market value of such shares. 
  
 2.04 OPTION PERIOD 
  

Each option shall be exercisable during and over such period ending not later than ten years from the date it was granted, as may be determined by the
Committee and stated in the 
  

 3 

 option Agreement. No option shall be exercisable during the year ending on the first anniversary date of the granting of
the option. Exercise of any option granted hereunder shall be conditional upon the prior approval of the listing on the principle securities exchange on which the Common Stock is traded. 
  
 No incentive stock option granted to a person owning more than 10 percent of the voting power of the Company’s voting
stock shall be exercisable after the expiration of five years from the date the option is first granted. 
  
 2.05 EXERCISE OF OPTION 
  
 Each stock option Agreement shall set forth the procedure governing the exercise of the stock option granted hereunder, and shall provide that, upon such
exercise in respect of any shares of Common Stock subject thereto, the optionee shall pay to the Company, in full, the option price for such shares and applicable takes, if any, with cash (including check, bank draft or money order), with previously
owned Common Stock or with a combination thereof. 
  
 In no event
shall any participant be granted an incentive stock option if such grant would permit the participant to exercise for the first time during any calendar year (under the Plan and all other plans of the Company and subsidiaries) incentive stock
options to purchase shares of any or all such corporations having an aggregate fair market value (determined at time of grant of each such incentive stock option) in excess of $100,000. 
  
 2.06 EXERCISE UPON DEATH, DISABILITY OR RETIREMENT 
  
 (a) Subject to Section 2.06(c) of the Plan, if an optionee’s employment
by the Company or a subsidiary terminates by reason of his death, his option may thereafter be exercised only to the extent to which it was exercisable at the time of his death and may not be exercised after the expiration of the period of fifteen
months from the date of his death or the expiration of the stated period of the option, whichever period is the shorter. 
  
 (b) Subject to Section 2.06(c) of the Plan, if an optionee’s employment by the Company or a subsidiary terminates by reason of retirement or his
total and permanent disability, his option may thereafter be exercised only to the extent to which it was exercisable at the time of such termination of employment and may not be exercised after the expiration of the period of three months from the
date of such termination of employment or the stated period of the option, whichever period is shorter; provided, however, that if the optionee dies within such three month period, any unexercised stock option, to the extent to which it was
exercisable at the time of his death, shall thereafter be exercisable for a period not exceeding fifteen months from the date of his death or for the stated period of the option, whichever period is the shorter. 
  
 (c) If an optionee’s employment terminates by death, by total and
permanent disability or by retirement after the first anniversary date of the granting of the option and prior to an installment of his option (other than the first installment) becoming exercisable and if there are no conditions to the next
succeeding installment becoming exercisable other than the passage 
  

 4 

 of time, his option thereupon shall become exercisable with respect to a number of shares (in addition to shares covered
by installments theretofore matured) equal to a pro rata portion of the shares for which it would become exercisable upon the maturity of the next succeeding installment, such pro rata portion to be based upon the proportion which the number of full
months in the period beginning with the maturity date of the next preceding installment and ending with such termination of his employment bears to the total number of full months in the period beginning with the maturity date of the next preceding
installment and ending with the maturity date of the next succeeding installment. 
  
 2.07 TERMINATION FOR OTHER REASON 
  
 If an optionee’s employment terminates for any reason other than death, total and permanent disability or retirement, his option shall thereupon
terminate. 
  
 ARTICLE III—NON-EMPLOYEE DIRECTORS STOCK
OPTIONS 
  
 3.01 GRANT OF OPTIONS 
  
 Notwithstanding any provision of the Plan to the contrary, each director of
the Company who is not a key employee of the Company or any of its subsidiaries and who is elected a director by the shareholders of the Company at an Annual Meeting of Shareholders held in 1993 and in years thereafter ending with the year 2002
shall be, and hereby is granted an option other than an incentive stock option to purchase 3,000 shares of Common Stock. The option price shall be the closing sales price per share on the principal securities exchange on which the Common Stock is
traded on the date of the applicable Annual Meeting of Shareholders as reported in the Wall Street Journal (or if there is no sale on the relevant date, then on the next business day on which a sale was reported). The option shall be exercisable for
a period of five years from the date it is granted; provided it shall not be exercisable during the year ending on the first anniversary date of the grant and then until its expiration date the option may be exercised at any time and in any amount
up to the total of the shares covered by the option. The option granted hereby is subject to the terms and conditions of the Plan except that if a director ceases to be director for any reason other than death, his option may thereafter be exercised
only to the extent to which it was exercisable at the time he ceased to be a director and may not be exercised after the expiration of the period of 30 days from the date he ceased to be a director or the stated period of the option, whichever
period is shorter. 
  
 ARTICLE IV—MISCELLANEOUS 
  
 4.01 GENERAL RESTRICTION 
  
 (a) The Committee may require each person purchasing shares pursuant to the
option to represent to and agree with the Company in writing that he is acquiring the shares for investment, without a view to distribution thereof. The certificates for such shares may include any legend which the Committee deems appropriate to
reflect any restrictions on transfers. 
  

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 (b) The option shall not be transferable by the optionee otherwise than by will or by the laws of descent
and distribution. During the lifetime of an optionee the option shall be exercisable only by him. 
  
 4.02 WITHHOLDING TAXES 
  
 Whenever the Company proposes or is required to issue or transfer shares of Common Stock under the Plan, the Company shall have the right to require the
optionee to remit to the Company an amount sufficient to satisfy any federal, state and/or local withholding tax requirements prior to the delivery of any certificate or certificates for such shares. Alternatively, the Company may issue or transfer
such shares of Common Stock net of the number of shares sufficient to satisfy the withholding tax requirements. For withholding tax purposes, the shares of Common Stock shall be valued on the date the withholding obligation is incurred. 

 
 4.03 RIGHT TO TERMINATE EMPLOYMENT 
  
 Nothing in the Plan nor in any stock option Agreement entered into pursuant
to the Plan shall confer upon any participant the right to continue in the employment of the Company or affect any right which the Company or any subsidiary may have to terminate the employment of such participant. 
  
 4.04 NON-UNIFORM DETERMINATIONS 
  
 The Committee’s determinations under the Plan (including, without
limitation, determinations of the persons to receive options, the form, amount and timing of such options, the terms and provisions of such options and the stock option Agreements evidencing same) need not be uniform and may be made by it
selectively among persons who receive, or are eligible to receive, options under the Plan, whether or not such persons are similarly situated. 
  
 4.05 RIGHTS AS A SHAREHOLDER 
  
 The recipient of any option granted under the Plan shall have no rights as a shareholder with respect thereto unless and until certificates for shares of
Common Stock are issued to him. 
  
 4.06 CHANGES
IN CAPITAL 
  
 In the event (a) of any merger or consolidation in
which the outstanding shares of Common Stock are exchanged for securities, cash or property of a third party (other than any merger or consolidation with any wholly-owned subsidiary of the Company), (b) that all or substantially all of the assets or
more than 50% of the outstanding voting stock of the Company is acquired by any other person or entity, or (c) of a liquidation of the Company, the Board, or the board of directors of any corporation assuming the obligations of the Company, shall
provide for such successor corporation to assume the obligations of the Company with regard to options granted and, as to outstanding options, shall provide that all outstanding options shall become exercisable in full immediately prior to such
event (except during the year ending on the first anniversary date of the granting of the option) and shall either (i) provide that all unexercised 
  

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 options shall be assumed or equivalent options shall be substituted by the acquiring or successor corporation (or an
affiliate thereof), provided that any such options substituted for incentive stock options shall meet the requirements of section 424(a) of the Code, or (ii) upon written notice to the optionees, provide that all unexercised options will terminate
immediately prior to the consummation of such merger, consolidation, acquisition, reorganization or liquidation unless exercised by the optionee within a specified number of days (but not less than fifteen days) following the date of such notice.

  
 The Company may grant options under the Plan in substitution
for options held by employees of another corporation who become employees of the Company, or a subsidiary of the Company, as the result of a merger or consolidation of the employing corporation with the Company or a subsidiary of the Company, or as
a result of the acquisition by the Company, or one of its subsidiaries, of property or stock of the employing corporation. The Company may direct that substitute options be granted on such terms and conditions as the Board considers appropriate in
the circumstances. 
  
 If the outstanding Common Stock of the
Company, shares of which are eligible for the granting of options hereunder or subject to options theretofore granted, shall at any time be changed or exchanged by declaration of a stock dividend, splitup, combination of shares, recapitalization,
merger, consolidation or other corporate reorganization in which the Company is the surviving corporation, the number and kind of shares subject to the Plan or subject to any options theretofore granted, and the option prices, shall be appropriately
and equitably adjusted so as to maintain the proportionate number of shares without changing the aggregate option price. 
  
 4.07 AMENDMENTS 
  
 The Board of Directors may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which would impair the
rights of any optionee under any option theretofore granted, without his consent, or which, without the approval of the stockholders, would: 
  
 (a) Except as is provided in Section 4.06 of the Plan, increase the total number of shares reserved for the purposes of the Plan. 
  
 (b) Decrease the option price to less than 100% of the fair market value on
the date of the granting of the option. 
  
 (c) Change the persons
eligible to receive options under this Plan. 
  

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