<SEC-DOCUMENT>0001193125-19-027077.txt : 20190204
<SEC-HEADER>0001193125-19-027077.hdr.sgml : 20190204
<ACCEPTANCE-DATETIME>20190204164730
ACCESSION NUMBER:		0001193125-19-027077
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190131
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190204
DATE AS OF CHANGE:		20190204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AstroNova, Inc.
		CENTRAL INDEX KEY:			0000008146
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER PERIPHERAL EQUIPMENT, NEC [3577]
		IRS NUMBER:				050318215
		STATE OF INCORPORATION:			RI
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13200
		FILM NUMBER:		19564537

	BUSINESS ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893
		BUSINESS PHONE:		4018284000

	MAIL ADDRESS:	
		STREET 1:		600 E GREENWICH AVENUE
		CITY:			WEST WARWICK
		STATE:			RI
		ZIP:			02893

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASTRO MED INC /NEW/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ATLAN TOL INDUSTRIES INC
		DATE OF NAME CHANGE:	19850220
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d684337d8k.htm
<DESCRIPTION>8-K
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">8-K</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Date of report (Date of earliest event reported): January&nbsp;31,
2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>ASTRONOVA, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Rhode Island</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">0-13200</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">05-0318215</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(State or other jurisdiction</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">of incorporation)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">File Number)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(I.R.S. Employer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Identification No.)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>600 East Greenwich Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>West Warwick, RI 02893 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Address of principal executive offices) (Zip Code) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(401)-828-4000</FONT></FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registrant&#146;s telephone number, including area code </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Former
name or former address, if changed since last report.) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&#9744; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>OTHER EVENTS. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;31, 2019, the Compensation Committee of our Board of Directors (our &#147;Board&#148;) adopted an Amended and Restated <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director Annual Compensation Program (the &#147;Program&#148;), which became effective as of February&nbsp;1, 2019 and supersedes our prior <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director
Annual Compensation Program. Pursuant to the Program, beginning with fiscal year 2020, each <FONT STYLE="white-space:nowrap">non-employee</FONT> director will automatically receive a grant of restricted stock on the date of their <FONT
STYLE="white-space:nowrap">re-election</FONT> to our Board. The number of whole shares to be granted will be equal to the number calculated by dividing the stock component of the director compensation amount determined by the Compensation Committee
for that year by the fair market value of our stock on that day. The value of the restricted stock award for our fiscal year 2020 is $60,000. To account for the partial year beginning on February&nbsp;1, 2019 and continuing through our 2019 annual
meeting and thereby provide for the alignment of the timing of annual grants of restricted stock under the Program with the election of directors at the annual meeting, on February&nbsp;1, 2019, each
<FONT STYLE="white-space:nowrap">non-employee</FONT> director was granted shares of restricted stock with a fair market value of $18,000. Other than the shares granted on February&nbsp;1, 2019, which will vest on June&nbsp;1, 2019, shares of
restricted stock granted under the Program will become vested on the first anniversary of the date of grant, conditioned upon the recipient&#146;s continued service on our Board through that date. In the event of the death or disability of a <FONT
STYLE="white-space:nowrap">non-employee</FONT> director, or a Change in Control (as that term is defined in our 2018 Equity Incentive Plan) of the Company, the shares of restricted stock will immediately vest and no longer be subject to restrictions
on transfer. Other than as part of a Change in Control of the Company and except in the case of economic hardship of a particular <FONT STYLE="white-space:nowrap">non-employee</FONT> director, as determined by the Compensation Committee, while a <FONT
STYLE="white-space:nowrap">non-employee</FONT> director is serving on our Board he or she may not sell or otherwise dispose of any of our stock received in connection with his or her service on our Board (whether that stock was granted under the
Program, any predecessor program or otherwise) if that <FONT STYLE="white-space:nowrap">non-employee</FONT> director has not satisfied the requirements of any stock ownership guidelines established for directors by the Board or if the transfer would
cause him or her to be out of compliance with any such guidelines. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Program, each
<FONT STYLE="white-space:nowrap">non-employee</FONT> director will also receive cash payments for their service on our Board and its committees. The amounts of those payments for fiscal year 2020 will be: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Position Covered</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Fiscal Year 2020 Annual Payment</B></P></TD></TR>


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Service on the Board</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$45,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Audit Committee Chairman</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$10,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compensation Committee Chairman</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$8,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nominating and Governance Committee Chairman</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$6,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Committee Member (other than Chairman)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$3,000</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Cash payments will be made to <FONT STYLE="white-space:nowrap">non-employee</FONT> directors in four equal
tranches on the dates of the Board&#146;s regular quarterly meetings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All shares of restricted stock issued pursuant to the Program will
be issued under and subject in all respects to our 2018 Equity Incentive Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary of the Program does not purport to
be complete and is subject to, and qualified in its entirety by, the full text of the Program, a copy of which is attached hereto as Exhibit 10.1 and the terms of which are incorporated herein by reference. </P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FINANCIAL STATEMENTS AND EXHIBITS. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Exhibit</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d684337dex101.htm">AstroNova, Inc. Amended and Restated <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director Annual Compensation Program</A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>ASTRONOVA, INC.</B></TD></TR>
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<TD VALIGN="top">Dated:&nbsp;February 4, 2019</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ David S. Smith</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David S. Smith</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Vice President, Chief Financial
Officer and Treasurer</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASTRONOVA, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">NON-EMPLOYEE</FONT> DIRECTOR ANNUAL COMPENSATION PROGRAM </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amended and Restated <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director Annual Compensation Program (the &#147;<U>Program</U>&#148;), effective as of February&nbsp;1, 2019 (the &#147;<U>Effective Date</U>&#148;), sets forth the annual compensation payable to
members of the Board of Directors (the &#147;<U>Board</U>) of AstroNova, Inc. (the &#147;<U>Company</U>&#148;) who are not also officers or other employees of the Company (each a &#147;<U><FONT STYLE="white-space:nowrap">Non-Employee</FONT>
Director</U>&#148; and collectively, the &#147;<U><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors</U>&#148;) for their Service as members of the Board. Each <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director who is eligible
to receive an Award of Restricted Stock or a payment of cash under this Program is hereinafter referred to as a &#147;<U>Participant</U>.&#148; Capitalized terms used, but not otherwise defined, in this Program shall have the meanings set forth in
the Company&#146;s 2018 Equity Incentive Plan (the &#147;<U>Plan</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligibility and
Participation</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;A <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director of the Company shall
automatically become a Participant in the Program as of the later of (i)&nbsp;the Effective Date or (ii)&nbsp;the date of such person&#146;s initial election to the Board. A Director who is an officer or other employee of the Company is not eligible
to participate in the Program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;A Participant shall cease participation in the Program as of the date the
Participant (i)&nbsp;fails to be <FONT STYLE="white-space:nowrap">re-elected</FONT> to the Board, (ii)&nbsp;resigns or otherwise ceases to be a member of the Board or (iii)&nbsp;becomes an officer or other employee of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Stock and Cash Awards</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Determination of Dollar Values</U>. The dollar values of Awards of Restricted Stock and cash payments for each
fiscal year of the Company shall be determined from time to time by resolution of the Compensation Committee of the Board (the &#147;<U>Compensation Committee</U>&#148;). Each such determination shall be binding under this Program without any
amendment hereto. As used herein, the term &#147;CC Determined Amount&#148; shall refer to each such determination, as relevant and applied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Stock Grants</U>. On the first business day of fiscal year 2020, each
<FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director of the Company shall automatically be granted an Award of a number of shares of Restricted Stock equal to thirty percent (30%) of the relevant CC Determined Amount for fiscal year 2020
divided by the Fair Market Value of the Company&#146;s Stock on such day, rounded down to the nearest whole share. Thereafter on each day that a <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director is
<FONT STYLE="white-space:nowrap">re-elected</FONT> to the Board, such <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director shall automatically be granted an Award of a number of shares of Restricted Stock equal to the relevant CC Determined
Amount for the fiscal year in which such <FONT STYLE="white-space:nowrap">re-election</FONT> occurs divided by the Fair Market Value of the Company&#146;s Stock on such day, rounded down to the nearest whole share. All Awards of Restricted Stock
under this Program shall be deemed made under the Plan, and all such Awards shall be subject to all of the provisions of the Plan. In addition to the terms and </P>
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conditions of the Plan, each such Award of Restricted Stock shall be subject to the terms and conditions of this Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Cash Payments</U>. In addition to the grants of Restricted Stock specified in Section&nbsp;2(a), commencing with
the first fiscal quarter of fiscal year 2020 and for each fiscal quarter thereafter, while the Program is still in effect, on the date of the regular full meeting of the Board held in such quarter and with only one payment to be made with respect to
each quarter, a <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director shall automatically be paid in cash the following amounts: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;each <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director shall be paid an amount so that such <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director receives a quarterly payment equal to twenty-five percent (25%) of the CC Determined Amount for serving as a <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director for the relevant
fiscal year; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;each <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director serving as Chairman of the
Board shall be paid an amount so that such <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director receives a quarterly payment equal to twenty-five percent (25%) of the CC Determined Amount for serving as Chairman of the Board for the
relevant fiscal year; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;each <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director serving as the
Lead Independent Director of the Company shall be paid an amount so that such <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director receives a quarterly payment equal to twenty-five percent (25%) of the CC Determined Amount for serving as
Lead Independent Director of the Company for the relevant fiscal year; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;&nbsp;&nbsp;&nbsp;each
<FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director serving as Chairman of the Audit Committee shall be paid an amount so that such <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director receives a quarterly payment equal to
twenty-five percent (25%) of the CC Determined Amount for serving as Chairman of the Audit Committee for the relevant fiscal year; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;&nbsp;&nbsp;&nbsp;each <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director serving as Chairman of the Compensation
Committee shall be paid an amount so that such <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director receives a quarterly payment equal to twenty-five percent (25%) of the CC Determined Amount for serving as Chairman of the Compensation
Committee for the relevant fiscal year; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi)&nbsp;&nbsp;&nbsp;&nbsp;each <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director
serving as Chairman of the Nominating and Governance Committee shall be paid an amount so that such <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director receives a quarterly payment equal to twenty-five percent (25%) of the CC Determined
Amount for serving as Chairman of the Nominating and Governance Committee for the relevant fiscal year; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii)&nbsp;&nbsp;&nbsp;&nbsp;each <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director serving as a member of a Committee of the
Board, but not serving as Chairman of such Committee, shall be paid an amount so that such <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director receives a quarterly payment equal to twenty-five percent (25%) of the CC Determined Amount for
serving as a member of such Committee of the Board for the relevant fiscal year.<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Proration</U>.
Notwithstanding the other provisions of this Program, if a person becomes a <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director, Chairman of the Board, Lead Independent Director, Chairman of a Committee or a member of a Committee other
than on the date of the Company&#146;s </P>
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annual meeting of shareholders in any fiscal year, such person shall receive an Award of Restricted Stock calculated in accordance with the provisions of Section&nbsp;2(b), but appropriately
prorated to reflect the number of days remaining from the date such person commences Service in such capacity until the date for the next annual meeting of shareholders as such date is set forth specifically in the Company&#146;s bylaws and the
total number of days in the fiscal year in which such next annual meeting of shareholders will occur. In addition, notwithstanding the other provisions of this Program, if a person becomes a <FONT STYLE="white-space:nowrap">Non-Employee</FONT>
Director, Chairman of the Board, Lead Independent Director, Chairman of a Committee or a member of a Committee other than on the first business day of a fiscal quarter of the Company, such person shall receive cash fees on (i)&nbsp;the date of the
regular full meeting of the Board held in such quarter or (ii)&nbsp;if later the date such person commences Service in such capacity, calculated in accordance with Section&nbsp;2(c), but appropriately prorated to reflect the number of days remaining
in such fiscal quarter after such person commences such Service and the total number of days in such quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Evidence of Restricted Stock Awards</U>. Awards of Restricted Stock under this Program shall be evidenced by,
and subject to the terms of, a Restricted Stock Agreement in a form approved by the Compensation Committee. Restricted Stock Agreements shall comply, as applicable, with and be subject to the terms of the Plan and this Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U>Sole Compensation</U>. No <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director shall receive cash
compensation or meeting fees for such person&#146;s Service as a Director, as Chairman of the Board, as Lead Independent Director, as Chairman of a Committee of the Board or Service on any Board Committee other than as set forth above. However, each
<FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director will continue to receive reimbursement in accordance with the Company&#146;s policies for appropriate expenses incurred in connection with Service as a member of the Board or any
Committee thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms and Conditions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting.</U> Restricted Stock received pursuant to the first sentence of Section&nbsp;2(b) shall become fully
vested on June&nbsp;1, 2019, subject to the continuing Service of the holder of the Restricted Stock as a member of the Board. Except as set forth in the immediately preceding sentence, Restricted Stock received pursuant to the Program shall become
fully vested on the first anniversary of the date of grant, subject to the continuing Service of the holder of the Restricted Stock as a member of the Board. If a Director&#146;s Service as a member of the Board terminates other than for death or
Disability, no further Restricted Stock will vest following the date of such termination, and all Restricted Stock which is unvested at the time of such termination will be forfeited. The foregoing notwithstanding, in the event of a <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director&#146;s death or Disability or a Change in Control of the Company during such Director&#146;s Service as a member of the Board, all Restricted Stock granted under this Program to such <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director which has not vested before such event shall become immediately vested and no longer subject to the restrictions on Transfer set forth in Section&nbsp;3(b). The ownership by the relevant <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director of the shares of Restricted Stock that have vested shall be evidenced by either (i)&nbsp;a stock certificate or (ii)&nbsp;a book entry or other appropriate electronic record, registered in the
name of the holder. The Committee may, in its discretion, remove, modify or accelerate the release of restrictions on any Restricted Stock, including upon a Change in Control.<B> </B>The periods during which all or any Restricted Stock is subject to
forfeiture as </P>
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provided in this Section&nbsp;3 is referred to herein as a &#147;<U>Restricted Period</U>&#148; with respect to such Restricted Stock<B>. </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions on Transfer</U>. Other than as part of a Change in Control and except in the case of economic
hardship of a particular <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director, as determined by the Compensation Committee, while a <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director is serving as Director of the Company, such <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director may not sell, transfer, assign, pledge or otherwise encumber (collectively, &#147;<U>Transfer</U>&#148;) any stock of the Company received by the
<FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director in connection with Service on the Board, as Chairman of the Board, as Lead Independent Director or as Chairman or a member of one of its Committees, whether such stock was granted under
the Program, any predecessor program or otherwise, if such <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director has not satisfied the requirements of any stock ownership guidelines established for Directors by the Board or if such Transfer
would cause the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director to be out of compliance with any such guideline. The Company shall be entitled to maintain stop transfer orders with its stock transfer agent relating to, and affix
restrictive legends to any stock certificates or make a restrictive notation with respect to any book entries representing, shares of stock of the Company received by a <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director in connection with
Service on the Board, as Chairman of the Board or as Chairman or a member of one of its Committees, whether such stock was granted under the Program, any predecessor program or otherwise. On the expiration or termination of a Restricted Period, the
restrictions on Transfer set forth in this Section&nbsp;3 shall nevertheless remain in effect with respect to the relevant Restricted Stock in accordance with the terms of the Program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights; Dividends</U>. Subject to the other provisions of this Section&nbsp;3, during the Restricted
Period applicable to shares of Restricted Stock subject to a Restricted Stock Award held by a <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director, the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director shall have all of the
rights of a shareholder of the Company holding shares of Stock, including the right to vote such shares and to receive all dividends and other distributions paid with respect to such shares; <I><U>provided</U></I>, <I><U>however</U></I>, that if any
such dividends or distributions are paid in shares of Stock, such shares shall be subject to the same vesting schedule and restrictions on Transfer as the shares subject to the Restricted Stock Award with respect to which the dividends or
distributions were paid. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Forfeiture of Restricted Stock</U>. In the event of the forfeiture of any
Restricted Stock, the Company shall reacquire such Restricted Stock without the payment of consideration in any form to such holder of such Restricted Stock, and the holder of such Restricted Stock shall unconditionally forfeit any right, title or
interest to such Restricted Stock. Automatically and without action by any person, all forfeited Restricted Stock and certificates therefor shall be transferred and delivered to the Company. The Committee may, in its sole discretion, waive in
writing the Company&#146;s right to reacquire some or all of a holder&#146;s Restricted Stock and any Restricted Stock subject to such a waiver will no longer be subject to forfeiture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes.</U> Each <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director will be fully liable for any
federal, state or local taxes of any kind owed by him or her with regard to issuance of the Restricted Stock, whether owed at the time of issuance pursuant to the <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director having
</P>
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made an election under Section&nbsp;83(b) of the Internal Revenue Code of 1986, as amended, or at the time that the Shares vest pursuant to the vesting schedule set forth in this Section&nbsp;3.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT STYLE="white-space:nowrap">Non-Forfeiture</FONT> of Cash Payments</U>. Cash payments made to any <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director under Section&nbsp;2 shall not be subject to forfeiture or refund if such <FONT STYLE="white-space:nowrap">Non-Employee</FONT> Director ceases to serve in the capacity for which the payments
were made hereunder for any reason. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration</U>. The Program shall be administered by the
Compensation Committee of the Board. All questions of interpretation of the Program or of any Award shall be determined by the Committee, and such determinations shall be final and binding upon all persons having an interest in the Program and such
Award. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment or Termination</U>. The Compensation Committee may terminate or amend this Program. The
termination of the Program shall not affect outstanding Restricted Stock, whether or not vested. This Program amends and restates in its entirety the <FONT STYLE="white-space:nowrap">Astro-Med,</FONT> Inc. Amended and Restated <FONT
STYLE="white-space:nowrap">Non-Employee</FONT> Director Annual Compensation Program, effective as of August&nbsp;1, 2016, which shall be of no further force or effect on and after the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Implied Consent</U>. Every Participant, by acceptance of an Award under this Program, shall be deemed to have
consented to be bound, on his or her own behalf and on behalf of his or her heirs, legal representatives, successors and assigns by all of the terms and conditions of this Program. </P>
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