<SEC-DOCUMENT>0001171843-13-003557.txt : 20130829
<SEC-HEADER>0001171843-13-003557.hdr.sgml : 20130829
<ACCEPTANCE-DATETIME>20130829093055
ACCESSION NUMBER:		0001171843-13-003557
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130826
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130829
DATE AS OF CHANGE:		20130829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HARVARD BIOSCIENCE INC
		CENTRAL INDEX KEY:			0001123494
		STANDARD INDUSTRIAL CLASSIFICATION:	LABORATORY ANALYTICAL INSTRUMENTS [3826]
		IRS NUMBER:				043306140
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33957
		FILM NUMBER:		131067431

	BUSINESS ADDRESS:	
		STREET 1:		84 OCTOBER HILL RD
		CITY:			HOLLISTON
		STATE:			MA
		ZIP:			01746
		BUSINESS PHONE:		5088938999

	MAIL ADDRESS:	
		STREET 1:		84 OCTOBER HILL ROAD
		CITY:			HOLLISTON
		STATE:			MA
		ZIP:			01746
</SEC-HEADER>
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<FILENAME>f8k_082713.htm
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">UNITED STATES</font></div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d) of</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported) <font style="DISPLAY: inline; FONT-WEIGHT: bold">August 26, 2013</font></font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">84 October Hill Road, Holliston, MA</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.02 (c),(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On August 27, 2013, Harvard Bioscience, Inc. (the &#8220;Company&#8221; or "Harvard&#160;Bioscience")&#160;issued a press release announcing that its Board of Directors appointed Jeffrey Duchemin, 47, as the Company&#8217;s Chief Executive Officer (&#8220;CEO&#8221;), effective August 26, 2013.&#160;&#160;A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.&#160;&#160;David Green, who has served as Harvard Bioscience&#8217;s interim Chief Executive Officer since May 15, 2013, has resigned from that interim position and will continue in his capacity as the President of Harvard Bioscience until the completion of the Company&#8217;s spin-off of its regenerative medicine subsidiary.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Prior to becoming the CEO of the Company, Mr. Duchemin spent 16 years with Becton Dickinson, or BD, in progressive sales, marketing and executive leadership positions across BD&#8217;s three business segments; BD Medical Systems, BD Diagnostic Systems, and BD Biosciences.&#160;&#160;In October 2012, BD Biosciences, Discovery Labware was acquired by Corning Life Sciences.&#160;&#160;Mr. Duchemin was a Global Business Director for Corning Life Sciences until his departure to the Company.&#160;&#160;&#160;Mr. Duchemin earned a M.B.A. from Southern New Hampshire University and a B.S. in Accounting from University of Massachusetts Dartmouth.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>There is no arrangement or understanding between Mr. Duchemin and any other person pursuant to which he was selected as an officer of the Company and there are no family relationships between Mr. Duchemin and any of the Company&#8217;s directors or executive officers. There are no transactions to which the Company is a party and in which Mr. Duchemin has a direct or indirect material interest that would be required to be disclosed under Item 404(a) of Regulation S-K.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In connection with his appointment, Mr. Duchemin entered into an Employment Agreement (the &#8220;Agreement&#8221;) with the Company, dated August 26, 2013, which provides for a term of one year, which such term shall automatically be extended for one additional year on each anniversary of the commencement date unless, not less than 90 days prior to each such date, either party shall have given written notice to the other that it does not wish to extend this Agreement.&#160;&#160;&#160;In addition, the Agreement provides for an annual base salary of $350,000 (&#8220;Base Salary&#8221;). Mr. Duchemin will receive a bonus for the remainder of fiscal 2013 in the amount of $150,000 paid in a lump sum in the initial fiscal quarter of 2014. Furthermore, Mr. Duchemin is eligible to receive cash incentive compensation on an annual basis of up to a two hundred percent (200%) of his Base Salary upon meeting objectives as determined by the Board of Directors or the Compensation Committee, which may include earnings per share (on a pro-forma basis, as applicable), revenue growth, and cash flow as a percentage of EBITDA, each exclusive of one-time charges, and other discretionary factors.&#160;&#160;Mr. Duchemin is also eligible to participate in other incentive compensation plans as the Board of Directors or Committee shall provide for the Company&#8217;s senior executive officers.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Agreement further provides that if the Company terminates Mr. Duchemin&#8217;s employment without Cause (as defined in the Agreement), and subject to the terms of the Agreement,&#160;&#160;the Company shall pay Mr. Duchemin an amount equal to 12 months of his Base Salary rate in equal installments over the period of one year from the date of termination in accordance with the Company&#8217;s payroll procedures and any stock options or other stock based grants which would otherwise vest within 12 months of the date of termination and shall become fully vested or non-forfeitable. In the event that Mr. Duchemin is terminated within three months prior to, or twelve months after, a Change in Control as described in the Agreement, the Company shall pay Mr. Duchemin a single lump sum in cash equal to 18 months of his Base Salary. Additionally, in the event of such termination, all stock options and other stock-based awards granted to Mr. Duchemin shall immediately accelerate and become exercisable or non-forfeitable as of the date of the Change in Control.&#160;&#160;Mr. Duchemin shall also receive a pro rata portion of fifty percent (50%) of the maximum annual bonus for the fiscal year in which the termination occurs.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In addition, the Agreement provides that following the spin-off by Company&#8217;s of its subsidiary, Harvard Apparatus Regenerative Technology, Inc., the Company will grant an option to acquire 500,000 shares of common stock of the Company, which such option shall fully vest on the third anniversary of the grant date.&#160;&#160;The Agreement further provides that if Executive terminates employment with the Company before this option is granted, under certain circumstances, as part of Executive&#8217;s severance package, he will receive a lump sum cash payment on the date of termination in an amount equal to the Black-Scholes (or similar option valuation methodology) value of the option.&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">HARVARD BIOSCIENCE, INC.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This EXECUTIVE EMPLOYMENT AGREEMENT (&#8220;Agreement&#8221;) is made as of the 26<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> day of August, 2013, between Harvard Bioscience, Inc., a Delaware corporation (the &#8220;Company&#8221;), and Jeffrey Duchemin (&#8220;Executive&#8221;).&#160; For purposes of this Agreement the &#8220;Company&#8221; shall refer to the Company and any of its predecessors.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">WHEREAS</font>, the Company desires to employ Executive and Executive desires to be employed by the Company on the terms contained herein.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">NOW, THEREFORE,</font> in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">1.</font> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Employment.</font> The term of this Agreement shall extend from August 26, 2013 (the &#8220;Commencement Date&#8221;) until the first anniversary of the Commencement Date; provided, however, that the term of this Agreement shall automatically be extended for one additional year on each anniversary of the Commencement Date unless, not less than 90 days prior to each such date, either party shall have given written notice to the other that it does not wish to extend this Agreement; provided, further, that if a Change in Control occurs during the original or extended term of this Agreement, the term of this Agreement shall, notwithstanding anything in this sentence to the contrary, continue in effect for a period of not less than twelve (12)&#160;months beyond the month in which the Change in Control occurred.&#160;The term of this Agreement shall be subject to termination as provided in Paragraph 7 and may be referred to herein as the &#8220;Period of Employment.&#8221;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">2.</font> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Position and Duties.&#160;</font>During the Period of Employment, Executive shall serve as the Chief Executive Officer of the Company, and shall have supervision and control over and responsibility for the day-to-day business and affairs of those functions and operations of the Company and shall have such powers and duties as may from time to time be prescribed by the Board of Directors (the &#8220;Board&#8221;) of the Company, provided that such duties are consistent with Executive&#8217;s position or other positions that he may hold from time to time.&#160;Executive shall devote his full working time and efforts to the business and affairs of the Company. Executive shall report directly to the Chairman of the Board, or the Board itself if there is no Chairman, the Chairman is not available or if a particular matter is suited for reporting to the Board as determined by the Executive.&#160;&#160;Notwithstanding the foregoing, Executive may serve on no more than two other boards of directors, with the approval of the Board as long as such service does not materially interfere with Executive&#8217;s performance of his duties to the Company as provided in this Agreement or otherwise breach any obligations of Executive to the Company.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">So long as this Agreement remains in effect at the time of such nomination, then after three (3), but on or before six (6), months following the Commencement Date, the Executive shall also be nominated to serve as a member of the Board with such nomination to be made in accordance with the Company&#8217;s Second Amended and Restated Certificate of Incorporation, as amended, and Amended and Restated By-laws, as amended.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.&#160;Compensation and Related Matters.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(a)</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Base Salary.</font> Executive&#8217;s initial base salary shall be $29,166.67 per month (which annualizes to Three Hundred Fifty Thousand dollars ($350,000)). Executive&#8217;s base salary shall be redetermined each fiscal year during the term of this Agreement by the Board or a Committee thereof, beginning with fiscal year 2015.&#160;&#160;For fiscal year 2015, if the Board or a Committee thereof is reasonably satisfied with the performance of the Company since the Commencement Date, Executive&#8217;s base salary shall be increased to an amount that is competitive in the industry of the Company as reasonably determined by the Company, taking into consideration the overall compensation of the Executive and other relevant factors. The base salary in effect at any given time is referred to herein as &#8220;Base Salary.&#8221; The Base Salary shall be payable in substantially equal installments on a bi-weekly or more frequent basis.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(b) 2013 Bonus</font>.&#160;&#160;The Executive shall also be eligible to receive a bonus pertaining to the remainder of fiscal 2013 in the amount of $150,000 that shall be paid by the Company in a lump sum in the initial fiscal quarter of 2014 on or before March 15, 2014 (the &#8220;2013 Bonus&#8221;).</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(d)&#160;Expenses. </font>Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him in performing services hereunder during the Period of Employment, including without limitation up to $1,000.00 per month for cost of an automobile and related insurance, in accordance with the policies and procedures then in effect and established by the Company for its senior executive officers, provided that such reimbursement does not occur later than the end of the second calendar year after the calendar year in which such expense was incurred.&#160;&#160;The Company will reimburse Executive for reasonable attorneys fees incurred in connection with the analysis, negotiation, and preparation of this Agreement, up to a maximum of $10,000.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(e)&#160;Other Benefits.</font>&#160;During the Period of Employment, Executive shall be entitled to continue to participate in or receive benefits under all of the Company&#8217;s Employee Benefit Plans, or under plans or arrangements that provide no less favorable treatment to the Executive than the Employee Benefit Plans provided to other, similarly situated, members of the Company&#8217;s senior management.&#160;As used herein, the term &#8220;Employee Benefit Plans&#8221; includes, without limitation, each pension and retirement plan; supplemental pension, retirement and deferred compensation plan; savings and profit-sharing plan; stock ownership plan; stock purchase plan; stock option plan; life insurance plan; medical insurance plan; disability plan; and health and accident plan or arrangement established and maintained by the Company on the date hereof or anytime hereafter.&#160;&#160;The Executive's participation in the Employee Benefit Plans will be subject to the terms and conditions of each such Employee Benefit Plans, including eligibility and compliance requirements, as well as any limitations imposed by applicable laws.&#160;&#160;To the extent that the scope or nature of benefits described in this section is determined under the policies of the Company based in whole or in part on the seniority or tenure of an employee&#8217;s service, Executive shall be deemed to have tenure with the Company equal to the actual time of Executive&#8217;s service with the Company.&#160;During the Period of Employment, Executive shall be entitled to participate in or receive benefits under any Employee Benefit Plans which may, in the future, be made available by the Company to its executives and key management employees, subject to and on a basis consistent with the terms, conditions and overall administration of such Employee Benefit Plans.&#160;Any payments or benefits payable to Executive under an Employee Benefit Plan referred to in this Subparagraph 3(c) in respect of any calendar year during which Executive is employed by the Company for less than the whole of such year shall, unless otherwise provided in the applicable Employee Benefit Plan, be prorated in accordance with the number of days in such calendar year during which he is so employed.&#160;Should any such payments or benefits accrue on a fiscal (rather than calendar) year, then the proration in the preceding sentence shall be on the basis of a fiscal year rather than calendar year.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(f)&#160;Vacations.&#160;</font>Executive shall be entitled to twenty (20)&#160;paid vacation days in each calendar year, which shall be accrued ratably during the calendar year.&#160;Executive shall also be entitled to all paid holidays given by the Company to its executives.&#160;To the extent that the scope or nature of benefits described in this section are determined under the policies of the Company based in whole or in part on the seniority or tenure of an employee&#8217;s service, Executive shall be deemed to have a tenure with the Company equal to the actual time of Executive&#8217;s service with Company. Notwithstanding anything herein to the contrary, Executive shall be paid any accrued and unused vacation upon his severance of employment with the Company, if and as protected by applicable law.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(g)&#160;&#160;&#160;&#160;Life Insurance</font>.&#160;&#160;The Company shall make available to the Executive life insurance in an amount not less than $500,000 during the term of this Agreement.</font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Executive&#8217;s employment or service as a member of the Board.&#160;&#160;Executive shall be entitled to be indemnified by the Company to the fullest extent permitted by the applicable state law and consistent with Company&#8217;s Second Amended and Restated Certificate of Incorporation, as amended.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(a)&#160;Confidential Information.</font> Executive acknowledges that in the course of his employment with the Company (and, if applicable, its predecessors), he has been allowed to become, and will continue to be allowed to become, acquainted with the Company&#8217;s business affairs, information, trade secrets, and other matters which are of a proprietary or confidential nature, including but not limited to the Company&#8217;s and its affiliates&#8217; and predecessors&#8217; operations, business opportunities, price and cost information, finance, customer information, business plans, various sales techniques, manuals, letters, notebooks, procedures, reports, products, processes, services, and other confidential information and knowledge (collectively the &#8220;Confidential Information&#8221;) concerning the Company&#8217;s and its affiliates&#8217; and predecessors&#8217; business.&#160;The Company agrees to provide on an ongoing basis such Confidential Information as the Company deems necessary or desirable to aid Executive in the performance of his duties.&#160;Executive understands and acknowledges that such Confidential Information is confidential, and he agrees not to disclose such Confidential Information to anyone outside the Company except to the extent that (i)&#160;Executive deems such disclosure or use reasonably necessary or appropriate in connection with performing his duties on behalf of the Company; (ii)&#160;Executive is required by order of a court of competent jurisdiction (by subpoena or similar process) to disclose or discuss any Confidential Information, provided that in such case, Executive shall promptly inform the Company of such event, shall cooperate with the Company in attempting to obtain a protective order or to otherwise restrict such disclosure, and shall only disclose Confidential Information to the minimum extent necessary to comply with any such court order; (iii)&#160;such Confidential Information becomes generally known to and available for use in any industry in which the Company does business&#160;&#160;(the &#8220;Industry&#8221;), other than as a result of any action or inaction by Executive; or (iv)&#160;such information has been rightfully received by a member of the Industry or has been published in a form generally available to the Industry prior to the date Executive proposes to disclose or use such information.&#160;Executive further agrees that he will not during employment and/or at any time thereafter use such Confidential Information in competing, directly or indirectly, with the Company.&#160;At such time as Executive shall cease to be employed by the Company, he will immediately turn over to the Company all Confidential Information, including papers, documents, writings, electronically stored information, other property, and all copies of them provided to or created by him during the course of his employment with the Company.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(b)&#160;Heirs, successors, and legal representatives.</font> The foregoing provisions of this Paragraph&#160;4 shall be binding upon Executive&#8217;s heirs, successors, and legal representatives.&#160;The provisions of this Paragraph&#160;4 shall survive the termination of this Agreement for any reason.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">5.&#160;Covenant Not to Compete or Solicit or Hire.</font> In consideration for Executive&#8217;s employment by the Company under the terms provided in this Agreement and as a means to aid in the performance and enforcement of the terms of the provisions of Paragraph&#160;4, Executive agrees that:</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#160;(a)&#160;</font>during the term of Executive&#8217;s employment with the Company and for a period of twelve (12)&#160;months thereafter, regardless of the reason for termination of employment, Executive will not, directly or indirectly, as an owner, director, principal, agent, officer, employee, partner, consultant, servant, or otherwise, carry on, operate, manage, control, or become involved in any manner with any business, operation, corporation, partnership, association, agency, or other person or entity which is engaged in a business that produces products that compete directly with any of the Company&#8217;s products which are produced by the Company or any affiliate of the Company or which the Company or any affiliate of the Company has active plans to produce as of the date of Executive&#8217;s termination of employment with the Company, in any area or territory in which the Company or any affiliate of the Company conducts or has active plans to conduct operations as of the date of the Executive&#8217;s termination of employment with the Company; provided, however, that the foregoing shall not prohibit Executive from owning up to one percent (1%)&#160;of the outstanding stock of a publicly held company engaged in the Industry; and</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(b)&#160;</font>during the term of Executive&#8217;s employment with the Company and for a period of twelve (12)&#160;months thereafter, regardless of the reason for termination of employment, Executive will not directly or indirectly solicit or induce any present or future employee of the Company or any affiliate of the Company to accept employment with Executive or with any business, operation, corporation, partnership, association, agency, or other person or entity with which Executive may be associated, and Executive will not hire or employ or cause any </font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Should Executive violate any of the provisions of this Paragraph, then in addition to all other rights and remedies available to the Company at law or in equity, the duration of this covenant shall automatically be extended for the period of time from which Executive began such violation until he permanently ceases such violation. Executive acknowledges and agrees that the terms and conditions of this Paragraph 5 are reasonable with respect to its duration, geographic area and scope.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">7.&#160;Termination.</font>&#160;Executive&#8217;s employment hereunder may be terminated without any breach of this Agreement under the following circumstances:</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(c)&#160;Termination by Company For Cause.</font> At any time during the Period of Employment, the Company may terminate Executive&#8217;s employment hereunder for Cause if such termination is approved by not less than a majority of the Board at a meeting of the Board called and held for such purpose.&#160;For purposes of this Agreement, &#8220;Cause&#8221; shall mean:&#160;(A)&#160;conduct by Executive constituting a material act of willful misconduct in connection with the performance of his duties, including, without limitation, misappropriation of funds or property of the Company or any of its affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (B)&#160;criminal or civil conviction of Executive, a plea of nolo contendere by Executive or conduct by Executive that would reasonably be expected to result in material injury to the reputation of the Company if he were retained in his position with the Company, including, without limitation, conviction of a felony involving moral turpitude; (C)&#160;continued, willful and deliberate non-performance by Executive of his duties hereunder (other than by reason of Executive&#8217;s physical or mental illness, incapacity or disability) which has continued for more than thirty (30)&#160;days following written notice of such non-performance from the Board; (D)&#160;a breach by Executive of any of the provisions contained in Paragraphs 4 and 5 of this Agreement; or (E)&#160;a material violation by Executive of the Company&#8217;s material employment policies which has continued following written notice of such violation from the Board.&#160;&#160;With respect to any alleged Cause under subparts 7(c)(A), (D), and (E), if it is reasonably susceptible to being cured, the Company shall provide Executive with written notice specifying the basis for the alleged Cause and Executive shall have thirty (30) days to cure such Cause.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(d)&#160;Termination Without Cause.</font> At any time during the Period of Employment, the Company may terminate Executive&#8217;s employment hereunder without Cause if such termination is approved by a majority of the Board at a meeting of the Board called and held for such purpose.&#160;Any termination by the Company of Executive&#8217;s employment under this Agreement which does not constitute a termination for Cause under Subparagraph 7(c) or result from the death or disability of the Executive under Subparagraphs 7(a) or (b)&#160;shall be deemed a termination without Cause.&#160;If the Company provides notice to Executive under Paragraph 1 that it does not wish to extend the Period of Employment, including a non-renewal at the end of the initial term or any renewal period, such action shall be deemed a termination without Cause.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(e)&#160;Termination by Executive.</font> At any time during the Period of Employment, Executive may terminate his employment hereunder for any reason, including but not limited to Good Reason.&#160;If Executive provides notice to the Company under Paragraph&#160;1 that he does not wish to extend the Period of Employment, such action shall be deemed a voluntary termination by Executive and one without Good Reason.&#160;For purposes of this Agreement, </font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Good Reason&#8221; shall mean that Executive has complied with the &#8220;Good Reason Process&#8221; (hereinafter defined) following the occurrence of any of the following events:&#160;(A)&#160;a substantial diminution or other substantive adverse change, not consented to by Executive (or caused by his disability as elsewhere provided herein), in the nature or scope of Executive&#8217;s responsibilities, authorities, powers, functions, duties or reporting relationship; (B)&#160;any removal, during the Period of Employment, from Executive of his title of Chief Executive Officer; (C)&#160;an involuntary reduction in Executive&#8217;s Base Salary except for across-the-board reductions similarly affecting all or substantially all executive officers; (D)&#160;a breach by the Company of any of its other material obligations under this Agreement and the failure of the Company to cure such breach within thirty (30)&#160;days after written notice thereof by Executive, if susceptible to being cured; (E)&#160;the involuntary relocation of the Company&#8217;s offices at which Executive is principally employed on the Commencement Date or the involuntary relocation of the offices of Executive&#8217;s primary workgroup to a location more than 30 miles from such offices, or the requirement by the Company that Executive be based anywhere other than the Executive&#8217;s principal work location on the Commencement Date on an extended basis, except for required travel on the Company&#8217;s business to an extent substantially consistent with Executive&#8217;s business travel obligations; or (F)&#160;the failure of the Company to obtain the agreement from any successor to the Company to assume and agree to perform this Agreement as required by Paragraph 12 (each of which is hereinafter referred to as a &#8220;Good Reason event&#8221;).&#160;&#8220;Good Reason Process&#8221; shall mean that (i)&#160;Executive reasonably determines in good faith that a &#8220;Good Reason&#8221; event has occurred; (ii)&#160;Executive notifies the Company in writing of the occurrence of the Good Reason event by no later than sixty (60) days after the initial occurrence of the event or condition constituting Good Reason; (iii)&#160;Executive cooperates in good faith with the Company&#8217;s efforts, for a period not less than ninety (90)&#160;days following such notice, to modify Executive&#8217;s employment situation in a manner acceptable to Executive and Company; and (iv)&#160;notwithstanding such efforts, one or more of the Good Reason events continues to exist and has not been modified in a manner acceptable to Executive.&#160;If the Company cures the Good Reason event in a manner acceptable to Executive during the ninety (90)&#160;day period, Good Reason shall be deemed not to have occurred.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(f)&#160;Notice of Termination.</font> Except for termination as specified in Subparagraph 7(a), any termination of Executive&#8217;s employment by the Company or any such termination by Executive shall be communicated by written Notice of Termination to the other party hereto and shall be effective on the Date of Termination (as defined below).&#160;For purposes of this Agreement, a &#8220;Notice of Termination&#8221; shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(g)&#160;Date of Termination.</font> &#8220;Date of Termination&#8221; shall mean:&#160;(A)&#160;if Executive&#8217;s employment is terminated by his death, the date of his death; (B)&#160;if Executive&#8217;s employment is terminated on account of disability under Subparagraph 7(b) or by the Company for Cause under Subparagraph 7(c), the date on which Notice of Termination is given or such later date as the Company may specify in the Notice of Termination; (C)&#160;if Executive&#8217;s employment is terminated by the Company under Subparagraph 7(d), sixty (60)&#160;days after the date on which a Notice of Termination is given or such later date as the Company may specify in the Notice of Termination (or, if such termination occurs as a result of the Company providing notice to Executive under Paragraph&#160;1 that it does not wish to extend the Period of Employment, the date of the expiration of the current term of this Agreement); and (D)&#160;if Executive&#8217;s employment is terminated by Executive under Subparagraph 7(e), thirty (30)&#160;days after the date on which a Notice of Termination is given or, if such termination is without Good Reason, such later date up to sixty (60)&#160;days after the date on which such Notice of Termination is given as Executive may specify in the Notice of Termination (or, if such termination occurs as a result of the Company providing notice to Executive under Paragraph&#160;1 that it does not wish to extend the Period of Employment, the date of the expiration of the current term of this Agreement).</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-STYLE: italic; DISPLAY: inline">(h) Separation from Service</font>. Notwithstanding anything herein to the contrary, to the extent necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended (&#8220;Code&#8221;), no event shall constitute a &#8220;termination of employment&#8221; in this Agreement, unless such event is also a &#8220;separation from service,&#8221; as that term is defined for purposes of Section 409A and Treasury Regulation &#167;1.409A-3(a)(1).</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(i)</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Resignation of All Other Positions</font>. Upon termination of the Executive's employment hereunder for any reason, the Executive shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the board of directors (or a committee thereof) of the Company or any of its affiliates.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(a)&#160;Death. </font>If Executive&#8217;s employment terminates by reason of his death, the Company shall, within sixty (60)&#160;days of death, pay in a lump sum to such person as Executive shall designate in a notice filed with the Company or, if no such person is designated, to Executive&#8217;s estate, Executive&#8217;s accrued and unpaid Base Salary to the date of his death, accrued and unused vacation, and if to the extent required by law, any bonuses or other compensation actually earned for periods ended prior to the date of Executive&#8217;s death (including the 2013 Bonus and any Annual Bonus for fiscal years ended prior to the date of death, if earned and not already paid) (collectively, the &#8220;Accrued Obligations&#8221;).&#160;&#160;Upon the death of Executive, all unvested stock options and other stock-based equity awards shall immediately vest in full and, if applicable, become exercisable, and Executive&#8217;s estate or other legal representatives may exercise the awards in accordance with their terms.&#160; Within ninety (90)&#160;days following the Date of Termination (but in no event later than March 15 of the calendar year immediately after the calendar year in which the Date of Termination occurs),&#160;&#160;the Company shall pay a cash lump sum equal to the value of COBRA premiums for a period of one (1)&#160;year following the Date of Termination that may be used by the Executive&#8217;s spouse and dependents to pay for health insurance coverage that is substantially similar to coverage they received prior to the Date of Termination.&#160; In addition to the foregoing, any payments to which Executive&#8217;s spouse, beneficiaries, or estate may be entitled under any employee benefit plan shall also be paid in accordance with the terms of such plan or arrangement.&#160;Such payments, in the aggregate, shall fully discharge the Company&#8217;s obligations hereunder.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(b)&#160;Disability.</font> During any period that Executive fails to perform his duties hereunder as a result of incapacity due to physical or mental illness, Executive shall continue to receive his Base Salary, until Executive&#8217;s employment is terminated due to disability in accordance with Subparagraph 7(b) or until Executive terminates his employment in accordance with Subparagraph 7(e), whichever first occurs.&#160;Upon the Date of Termination by reason of Executive&#8217;s disability, all unvested stock options and other stock-based equity awards shall immediately vest and become exercisable.&#160; If Executive&#8217;s employment is terminated due to disability in accordance with Subparagraph 7(b), then the Company shall&#160;&#160;pay Executive all Accrued Obligations through the Date of Termination in a lump-sum payment by no later than sixty (60) days after the Date of Termination.&#160;&#160;Within ninety (90)&#160;days following the Date of Termination&#160;&#160;(but in no event later than March 15 of the calendar year immediately after the calendar year in which the Date of Termination occurs), the Company shall pay a cash lump sum equal to the value of COBRA premiums for a period of one (1)&#160;year following the Date of Termination that may be used by Executive to pay for health insurance coverage that is substantially similar to the coverage Executive&#160;&#160;and his eligible dependents received prior to the Date of Termination.&#160; Upon termination due to death prior to the termination first to occur as specified in the preceding sentence, Subparagraph 8(a) shall apply.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(c)&#160;Resignation other than for Good Reason.</font> If Executive voluntarily resigns from employment other than for Good Reason as provided in Subparagraph 7(e), then the Company shall&#160;&#160;pay Executive all Accrued Obligations through the Date of Termination in a lump-sum payment by no later than sixty (60) days after the Date of Termination.&#160;&#160;Thereafter, the Company shall have no further obligations to Executive except as otherwise expressly provided under this Agreement, provided any such termination shall not adversely affect or alter Executive&#8217;s rights under any employee benefit plan of the Company in which Executive, at the Date of Termination, has a vested interest, unless otherwise provided in such employee benefit plan or any agreement or other instrument attendant thereto.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(d)&#160;Termination by Executive for Good Reason or by the Company without Cause.</font> Subject to the terms of section 19(a), and subject to the terms of this section, if the Executive&#8217;s employment is terminated for Good Reason as provided in Subparagraph 7(e) or without Cause as provided in Subparagraph 7(d), then the Company shall&#160;&#160;pay Executive all Accrued Obligations through the Date of Termination in a lump-sum payment by no later than sixty (60) days after the Date of Termination.&#160;In addition, subject to the Executive&#8217;s execution of a general release of claims in the form attached hereto as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font> within 21 days after the Date of Termination and the expiration of the seven-day revocation period applicable thereto without the Executive revoking his acceptance of such general release, commencing on the last day of the period for signing and revoking the general release of claims in the form set forth in Exhibit A hereof (&#8220;Release&#8221;):</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)&#160;the Company shall pay Executive an amount equal to twelve (12) months of the Executive&#8217;s Base Salary rate at the Date of Termination (the &#8220;Severance Amount&#8221;).&#160;&#160;The Severance Amount shall be paid in cash in equal installments over the period of one year from the date of commencement in accordance with the Company&#8217;s standard payroll procedures.&#160;&#160;&#160;Notwithstanding the foregoing, if the Executive breaches any of the provisions contained in Paragraphs 4 and 5 of this Agreement, all payments of the Severance Amount shall immediately cease and the entire Severance Amount shall be </font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">forfeited and become repayable to the Company to the extent paid.&#160;&#160;&#160;Furthermore, in the event Executive terminates his employment for Good Reason as provided in Subparagraph 7(e), he shall be entitled to the Severance Amount only if he provides the Notice of Termination provided for in Subparagraph 7(f) within thirty (30)&#160;days after he has complied with the Good Reason Process;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)&#160;&#160;the Company shall pay the Executive the 2013 Bonus, if not already paid, within ninety (90)&#160;days following the Date of Termination (but in no event later than March 15 of the calendar year immediately after the calendar year in which the Date of Termination occurs);</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iii)&#160;&#160;on or before March 15 of the calendar year immediately after the calendar year in which the Date of Termination occurs, the Company shall (i) reasonably determine what Annual Bonus the Executive would have received had he remained employed throughout the fiscal year in which the Date of Termination occurs, and (ii) if any such Annual Bonus would have been earned, then pay the Executive a pro rata portion of such determined Annual Bonus by a lump-sum cash payment (where the pro rata amount is based on the number of days that Executive was employed during the applicable fiscal year);</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;(iv)&#160;upon the Date of Termination, each unvested stock-based grant and award held by Executive at the Date of Termination (including all stock options) that would vest within the twelve (12) months following the Date of Termination shall accelerate and become fully vested or non-forfeitable; and</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(v)&#160;in addition to any other benefits to which Executive may be entitled in accordance with the Company&#8217;s then existing severance policies, within ninety (90)&#160;days following the Date of Termination (but in no event later than March 15 of the calendar year immediately after the calendar year in which the Date of Termination occurs),&#160;&#160;the Company shall pay a cash lump sum equal to the value of COBRA premiums for&#160;&#160;a period of one (1)&#160;year following the Date of Termination that may be used by Executive to pay for health insurance coverage that is substantially similar to the coverage Executive&#160;&#160;and his eligible dependents received prior to the Date of Termination.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(e)&#160;Termination for Cause.</font> If Executive&#8217;s employment is terminated by the Company for Cause as provided in Subparagraph 7(c), then the Company shall&#160;&#160;pay Executive all Accrued Obligations through the Date of Termination in a lump-sum payment by no later than sixty (60) days after the Date of Termination.&#160;&#160;Thereafter, the Company shall have no further obligations to Executive except as otherwise expressly provided under this Agreement, provided any such termination shall not adversely affect or alter Executive&#8217;s rights under any employee benefit plan of the Company in which Executive, at the Date of Termination, has a vested interest, unless otherwise provided in such employee benefit plan or any agreement or other instrument attendant thereto.&#160;In addition, all stock options held by Executive as of the Date of Termination shall immediately terminate and be of no further force and effect, and all other stock-based grants and awards shall be canceled or terminated in accordance with their terms.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Nothing contained in the foregoing Subparagraphs 8(a) through 8(e) shall be construed so as to affect Executive&#8217;s rights or the Company&#8217;s obligations relating to agreements or benefits which are unrelated to termination of employment.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">9.&#160;Change in Control Payment. </font>The provisions of this Paragraph 9 set forth certain terms of an agreement reached between Executive and the Company regarding Executive&#8217;s rights and obligations upon the occurrence of a Change in Control of the Company.&#160;These provisions are intended to assure and encourage in advance Executive&#8217;s continued attention and dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">(a)&#160;Change in Control.</font>&#160;If within three (3) months prior to, or twelve (12) months after, the occurrence of the first event constituting a Change in Control, Executive&#8217;s employment is terminated by the Company without Cause as provided in Subparagraph 7(d) or Executive terminates his employment for Good Reason as provided in Subparagraph 7(e), then, subject to the terms of section 19(a), and subject to the Executive&#8217;s executing a general release of claims in the form attached hereto as <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit A</font> within 21 days after the Date of Termination and the expiration of the seven-day revocation period applicable thereto without the Executive revoking his acceptance of such general release, commencing on the last day of the period for signing and revoking the general release of claims in the form set forth in Exhibit A hereof (&#8220;Release&#8221;):</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(i)&#160;In lieu of any amounts otherwise payable pursuant to Subparagraph 8(d)(i), the Company shall pay Executive a single lump sum in cash equal to eighteen (18) months of the Executive&#8217;s Base Salary rate at the first event constituting a Change in Control;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(ii)&#160;Notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement and in lieu of any acceleration of vesting that would otherwise occur pursuant to Subparagraph 8(d)(iv), upon a Change in Control, all stock options and other stock-based awards granted to Executive by the Company shall immediately accelerate and become exercisable or non-forfeitable as of the effective date of such Change in Control.&#160;Executive shall also be entitled to any other rights and benefits with respect to stock-related awards, to the extent and upon the terms provided in the employee stock option or incentive plan or any agreement or other instrument attendant thereto pursuant to which such options or awards were granted;</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iii)&#160;The Company shall pay Executive a pro rata portion of fifty percent (50%) of the maximum Annual Bonus for the fiscal year in which the Date of Termination occurs by a lump-sum cash payment on the last day for signing and revoking the Release (where the pro rata amount is based on the number of days that executive was employed during the applicable fiscal year), and</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(iv)&#160;&#160;within ninety (90)&#160;days following the Date of Termination, the Company shall pay a cash lump sum equal to the value of COBRA premiums for a period of one (1)&#160;year following the Date of Termination that may be used by Executive to pay for health insurance coverage that is substantially similar to the coverage Executive and his eligible dependents received prior to the Date of Termination.</font></div>

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<div style="TEXT-INDENT: 54pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#160;(b)&#160;Definitions.</font> For purposes of this Paragraph&#160;9, the following terms shall have the following meanings:</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)&#160;a change in effective control consistent with Regulation &#167;1.409A-3(i)(5)(vi) such that any &#8220;person,&#8221; as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Act&#8221;) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all &#8220;affiliates&#8221; and &#8220;associates&#8221; (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the &#8220;beneficial owner&#8221; (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing more than fifty (50) percent (50%)&#160; of the combined voting power of the Company&#8217;s then outstanding securities having the right to vote in an election of the Company&#8217;s Board (&#8220;Voting Securities&#8221;) (other than as a result of an acquisition of securities directly from the Company); or</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)&#160;a change in effective control consistent with Regulation &#167;1.409A-3(i)(5)(vi) such that persons who, as of the Commencement Date, constitute the Company&#8217;s Board (the &#8220;Incumbent Directors&#8221;) cease for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a director of the Company subsequent to the Commencement Date shall be considered an Incumbent Director if such person&#8217;s election was approved by or such person was nominated for election by a vote of at least a majority of the Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board, including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)&#160;a change in ownership&#160;&#160;consistent with Regulation &#167;1.409A-3(i)(5)(v) and (vii) such that the stockholders of the Company shall approve (A)&#160;any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than fifty percent (50%)&#160;of the voting shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (B)&#160;any sale, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company or (C)&#160;any plan or proposal for the liquidation or dissolution of the Company.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">10. Equity Grant/Vesting</font>.&#160;&#160;In consideration of Executive&#8217;s execution of, and continued compliance with, this Agreement, subject to Executive&#8217;s timely execution of standard agreements evidencing the option grants in accordance with Company&#8217;s grant policies and procedures, on the grant date, which will be the eleventh trading day following the Company&#8217;s spin-off of Harvard Apparatus Regenerative Technology, Inc., the Company will grant Executive an option to acquire 500,000 shares of common stock of the Company, (which will be made as an inducement grant outside of the Company&#8217;s equity plan), which such option shall fully vest on the third anniversary of the grant date.&#160;&#160;The option will be a non-qualified stock option.&#160;&#160;The option will have an exercise price equal to the volume weighted average over the ten (10) trading day period preceding such date of grant.&#160;&#160;In the event the spin-off transaction referenced above does not close by November 1, 2013, the parties agree to discuss in good faith the timing of the award and/or alternatives to the award of the option, with the intent that any action would be intended to place Executive in an economic position at least as favorable to him as the option award.&#160;&#160;Notwithstanding any other provision of this Agreement, if Executive terminates employment with the Company before the option is granted (unless replaced by some alternative arrangement in accordance with the prior sentence in which case this sentence shall not be applicable), and under circumstances that would result in acceleration of the vesting of the option under this Agreement (had the option been granted), then the parties agree that, as part of Executive&#8217;s severance package, he will receive a lump sum cash payment on the Date of Termination in an amount equal to the Black-Scholes (or similar option valuation methodology) value of the option.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">11.&#160;Notice.</font> For purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed as follows:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Harvard Bioscience, Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">84 October Hill Road</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Holliston, MA 01746</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Attention: Board of Directors of Harvard Bioscience, Inc.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with a copy to:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Josef B. Volman</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">12.&#160;Successor to Company.</font> The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place.&#160;Failure of the Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a breach of this Agreement and shall constitute Good Reason if the Executive elects to terminate employment.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">13.&#160;Miscellaneous.</font> No provisions of this Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to in writing and signed by Executive and such officer of the Company as may be specifically designated by the Board.&#160;No waiver by either party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.&#160;No agreements or representations, oral or otherwise, express or implied, unless specifically referred to herein, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement.&#160;The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the Commonwealth of Massachusetts (without regard to principles of conflicts of laws).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">14.&#160;Validity.</font> The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. The invalid portion of this Agreement, if any, shall be modified by any court having jurisdiction to the extent necessary to render such portion enforceable.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">15.&#160;Counterparts.</font> This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">16.&#160;Arbitration; Other Disputes.</font> In the event of any dispute or controversy arising under or in connection with this Agreement, the parties shall first promptly try in good faith to settle such dispute or controversy by mediation under the applicable rules of the American Arbitration Association before resorting to arbitration.&#160;In the event such dispute or controversy remains unresolved in whole or in part for a period of thirty (30)&#160;days after it arises, the parties will settle any remaining dispute or controversy exclusively by final, binding, and confidential arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect.&#160;Judgment may be entered on the arbitrator&#8217;s award in any court having jurisdiction.&#160;Notwithstanding the above, the Company shall be entitled to seek a restraining order or injunction without the need to post a bond or provide other security in any court of competent jurisdiction to prevent any continuation of any violation of Paragraph 4 or 5 hereof.&#160;Furthermore, should a dispute occur concerning Executive&#8217;s mental or physical capacity as described in Subparagraph 7(b), 7(c) or 8(b), a doctor selected by Executive and a doctor selected by the Company shall be entitled to examine Executive.&#160;If the opinion of the Company&#8217;s doctor and Executive&#8217;s doctor conflict, the Company&#8217;s doctor and Executive&#8217;s doctor shall together agree upon a third doctor, whose opinion shall be binding.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">17.&#160;Third-Party Agreements and Rights.&#160;</font>Executive represents to the Company that Executive&#8217;s execution of this Agreement, Executive&#8217;s employment with the Company and the performance of Executive&#8217;s proposed duties for the Company will not violate any obligations Executive may have to any employer or other party, and Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">18.&#160;Litigation and Regulatory Cooperation.</font> During and after Executive&#8217;s employment, Executive shall reasonably cooperate with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while Executive was employed by the Company; provided, however, that such cooperation shall not materially and adversely affect Executive or expose Executive to an increased probability of civil or criminal litigation.&#160;Executive&#8217;s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times.&#160;During and after Executive&#8217;s employment, Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Executive was employed by the Company.&#160;The Company shall also provide Executive with compensation on an hourly basis at a rate equivalent to the hourly rate of the Executive&#8217;s last annual Base Salary calculated using a forty&#160;(40) hour week over fifty-two&#160;(52) weeks for requested litigation and regulatory cooperation that occurs after his termination of employment, and reimburse Executive for all costs and expenses incurred in connection with his performance under this Paragraph 18, including, but not limited to, reasonable attorneys&#8217; fees and costs.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">19. Section&#160;409A of the Code.</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive&#8217;s separation from service within the meaning of Section&#160;409A of the Code, the Company determines that the Executive is a &#8220;specified employee&#8221; within the meaning of Section&#160;409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive&#8217;s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section&#160;409A(a) of the Code as a result of the application of Section&#160;409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A)&#160;six months and one day after the Executive&#8217;s separation from service, or (B)&#160;the Executive&#8217;s death.&#160;&#160;Each payment of severance pay or other compensation under this Agreement is a separate payment for purposes of section 409A of the Code.&#160;&#160;To the extent necessary to comply with Section 409A, if the time period for considering and executing the Release under this Agreement </font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b) The parties intend that this Agreement will be administered in accordance with Section&#160;409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section&#160;409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section&#160;409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section&#160;409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c) The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section&#160;1.409A-1(h).</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(d) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section&#160;409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.&#160;&#160;The parties agree to reasonably cooperate and work together to adopt amendments to this Agreement to the extent necessary to comply with Section 409A of the Code with the intent to place Executive in the same or a substantially equivalent economic position.</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(e)&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Notwithstanding anything herein to the contrary, if Section 409A of the Code is applicable, no event shall constitute a &#8220;termination of employment&#8221; in this Agreement, unless such event is also a &#8220;separation from service,&#8221; as that term is defined for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (&#8220;Code&#8221;), and Treasury Regulation &#167;1.409A-3(a)(1).</font></font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">IN WITNESS WHEREOF</font>, the parties have executed this Agreement effective on the date and year first above written.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">EXHIBIT A- FORM OF GENERAL RELEASE OF CLAIMS</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Release Agreement (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Release Agreement</font>&#8221;) is entered into by Jeffrey Duchemin (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Executive</font>&#8221;) in favor of Harvard Bioscience, Inc. (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;). This is the Release Agreement referenced in the Agreement between the Executive and the Company dated August 26, 2013 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Employment Agreement</font>&#8221;). The consideration for the Executive&#8217;s agreement to this Release Agreement consists of certain termination benefits as set forth in the Employment Agreement and the terms of this Release Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Executive agrees as follows:</font></div>

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<div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Release</font>. The Executive voluntarily releases and forever discharges the Company and each of its subsidiaries, affiliates, predecessors, successors, assigns, and current and former directors, officers, employees, representatives, attorneys, and agents (any and all of whom or which are hereinafter referred to as &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company Parties</font>&#8221;), from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorney&#8217;s fees and costs actually incurred), of any nature whatsoever, known or unknown (collectively, &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Claims</font>&#8221;) that the Executive now has, owns or holds, or claims to have, own, or hold, or that he at any time had, owned, or held, or claimed to have had, owned, or held against any Company Party or Parties. This general release of Claims includes, without implication of limitation, the release of all Claims:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">relating to the Executive&#8217;s employment by and termination from employment with the Company;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">under any other federal or state statute, to the fullest extent that Claims may be released;</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">for salary, bonuses, vacation pay or any other compensation or benefits; and</font></div>
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<html><head><title>Harvard Bioscience Announces Jeffrey A. Duchemin as New CEO</title></head><body><p align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">EXHIBIT 99.1</font></font></p><h3 align="center">Harvard Bioscience Announces Jeffrey A. Duchemin as New CEO</h3><p>HOLLISTON, Mass., Aug. 27, 2013 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq:HBIO), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research and regenerative medicine, today announced that its Board of Directors has hired Jeffrey A. Duchemin, a veteran life science executive, as Harvard Bioscience's Chief Executive Officer. David Green, who has served as Harvard Bioscience's interim Chief Executive Officer since May 15, 2013, has resigned from that interim position and will continue in his capacity as the President of Harvard Bioscience until the completion of the Company's spin-off of its regenerative medicine subsidiary.</p><p>
	Earl Lewis, Chairman of Harvard Bioscience's Board of Directors, commented, "Mr. Duchemin is a proven global executive with extensive experience in the fields of life science research, diagnostic and medical devices. The Board of Directors is excited to have Jeff join Harvard Bioscience and is looking forward to working with him to bring further success to the Company."</p><p>
	David Green, the Company's President, added, "As a co-founder of Harvard Bioscience, and having been its President for over 17 years, I am very pleased to introduce Jeff as the Company's new CEO.&#160;I am one of the Company's largest shareholders and I have great confidence that Jeff can lead Harvard Bioscience to the next level of growth and value creation for all our shareholders."</p><p>
	Jeffrey Duchemin stated, "I'm thrilled to join the Harvard Bioscience team and look forward to leading the company to increased shareholder value through acquisitions, greater growth in expanding foreign markets, enhanced sales and marketing efforts and continued internal product development."</p><p>
	Prior to joining Harvard Bioscience, Mr. Duchemin spent 16 years with Becton Dickinson ("BD") in progressive sales, marketing and executive leadership positions across BD's three business segments; BD Medical Systems, BD Diagnostic Systems, and BD Biosciences.&#160;In October 2012 BD Biosciences, Discovery Labware was acquired by Corning Life Sciences.&#160;Mr. Duchemin was a Global Business Director for Corning Life Sciences until his recent departure to Harvard Bioscience.&#160;&#160; He is a transformational leader with demonstrated business results. The depth of his experience spans across a broad range of life science research and medical device products resulting in growth on a global basis. Mr. Duchemin earned an M.B.A. from Southern New Hampshire University and a B.S. in Accounting from the University of Massachusetts Dartmouth.</p><p>
	<strong>About Harvard Bioscience</strong></p><p>
	Harvard Bioscience ("HBIO") is a global developer, manufacturer and marketer of a broad range of specialized products, primarily apparatus and scientific instruments, used to advance life science research and regenerative medicine. Our products are sold to thousands of researchers in over 100 countries primarily through our 850 page catalog (and various other specialty catalogs), our website, through distributors, including GE Healthcare, Thermo Fisher Scientific and VWR, and via our field sales organization. HBIO has sales and manufacturing operations in the United States, the United Kingdom, Germany, Sweden and Spain with additional facilities in France and Canada. For more information, please visit our website at www.harvardbioscience.com.</p><p>
	The Harvard Bioscience, Inc. logo is available at &#160;http://www.globenewswire.com/newsroom/prs/?pkgid=6426</p><p>
	<strong>F</strong><strong>orward-Looking Statements</strong></p><p>
	Some of the statements in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements include statements relating to, among other things, the appointment of Mr. Jeffrey Duchemin as Harvard Bioscience's new Chief Executive Officer. These statements involve risks and uncertainties, including among other things, market conditions that may cause results to differ materially from the statements set forth in this press release. The forward-looking statements in this press release speak only as of the date of this press release. Harvard Bioscience expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.</p><p>
	For investor inquiries, please call (508) 893-8066. Press releases may be found on our web site.</p><pre>CONTACT: Jeff Duchemin, CEO
         jduchemin@harvardbioscience.com

         David Green, President
         dgreen@harvardbioscience.com

         Tom McNaughton, CFO
         tmcnaughton@harvardbioscience.com

         Tel: 508 893 8999
         Fax: 508 892 6135</pre></body></html>





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