<SEC-DOCUMENT>0001171843-13-004005.txt : 20131016
<SEC-HEADER>0001171843-13-004005.hdr.sgml : 20131016
<ACCEPTANCE-DATETIME>20131016095550
ACCESSION NUMBER:		0001171843-13-004005
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20131002
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131016
DATE AS OF CHANGE:		20131016

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:		131153308

	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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<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">CURRENT REPORT</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">October</font> <font style="DISPLAY: inline; FONT-WEIGHT: bold">2, 2013</font></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">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"><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></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">&#160;</font></div>

<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;On October 16, 2013, Harvard Bioscience, Inc. (the &#8220;Company&#8221; or "Harvard&#160;Bioscience")&#160;issued a press release announcing that it has entered into an employment agreement with Robert E. Gagnon, 39, whereby Mr. Gagnon will initially serve as the Company&#8217;s Executive Vice President &#8211; Finance, and thereafter as Chief Financial Officer (&#8220;CFO&#8221;), following the departure of Thomas McNaughton, the Company&#8217;s current CFO,&#160;&#160;which is anticipated to occur in connection with the planned spin-off by the Company of its subsidiary, Harvard Apparatus Regenerative Technology, Inc.&#160;&#160;Mr. Gagnon&#8217;s employment will commence on October 23, 2013.&#160;&#160;A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.&#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">Immediately prior to joining the Company, Mr. Gagnon had been Chief Financial Officer at Xenetic Biosciences, Inc.&#160;&#160;From August 2012 through February 2013, prior to joining Xenetic Biosciences, Inc., Mr. Gagnon was Chief Financial Officer of Clean Harbors, Inc. From 2005 until July, 2012, Mr.&#160;Gagnon served in various positions at Biogen Idec, a public pharmaceuticals company, including Vice President of Finance, Business Planning and Chief Accounting Officer, Corporate Controller and Senior Director.&#160; Previously, Mr. Gagnon was a senior audit manager and certified public accountant at Deloitte &amp; Touche and PricewaterhouseCoopers. Mr. Gagnon continues to be a Certified Public Accountant and also earned a M.B.A. from MIT Sloan School of Management and a B.A. in Accounting from Bentley College.</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">There is no arrangement or understanding between Mr. Gagnon and any other person pursuant to which he was selected as an officer of the Company and there are no family relationships between Mr. Gagnon 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. Gagnon has a direct or indirect material interest that would be required to be disclosed under Item 404(a) of Regulation S-K.</font></div>

<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">&#160;</font></div>

<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">As stated above, Mr. Gagnon entered into an Employment Agreement (the &#8220;Agreement&#8221;) with the Company, dated October 2, 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 $290,000 (&#8220;Base Salary&#8221;).&#160;&#160;Furthermore, Mr. Gagnon is eligible to receive cash incentive compensation on an annual basis of up to a fifty percent (50%) 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. Gagnon 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">The Agreement further provides that if the Company terminates Mr. Gagnon&#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. Gagnon 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 shall become fully vested or non-forfeitable. In the event that Mr. Gagnon 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. Gagnon a single lump sum in cash equal to 12 months of his Base Salary. Additionally, in the event of such termination, all stock options and other stock-based awards granted to Mr. Gagnon shall immediately accelerate and become exercisable or non-forfeitable as of the date of the Change in Control.&#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">In addition, the Agreement provides that following the spin-off by the Company of its subsidiary, Harvard Apparatus Regenerative Technology, Inc., the Company will grant an option to acquire 150,000 shares of common stock of the Company, which such option shall vest in four equal annual installments over four years after 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">The foregoing description of the principal terms of the Agreement is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.1 and incorporated herein by reference.</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">On October 16, 2013, <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">Harvard Bioscience, Inc., or HBIO, also </font>issued a press release announcing the details of the planned distribution to HBIO&#8217;s shareholders of all of the common stock of Harvard Apparatus Regenerative Technology, Inc., or HART, HBIO&#8217;s wholly owned subsidiary.&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">The press release, which is attached as Exhibit 99.2, is incorporated herein by reference.</font></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">On October 11, 2013, the Board of Directors of HBIO <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">approved the distribution to HBIO&#8217;s shareholders of all of the common stock of HART.&#160;&#160;&#160;</font>The distribution is expected to occur on November 1, 2013 to HBIO&#8217;s shareholders of record as of the close of business on October 21, 2013, the Record Date for the distribution. To effect the distribution, HBIO will distribute one share of HART common stock for every four shares of HBIO common stock outstanding as of the close of business on such Record Date. Fractional shares of HART will not be distributed and any HBIO shareholder entitled to receive a fractional share will instead receive a cash payment.</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">HBIO will be mailing to its shareholders an Information Statement that describes the details of the distribution and provides information as to the business and management of HART.&#160;&#160;This Information Statement is incorporated by reference into this item.</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">10.1</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">Employment Agreement, dated October 2, 2013, between Harvard Bioscience, Inc. and Robert E. Gagnon.</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">99.1</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">Press release of Harvard Bioscience, Inc. issued on October 16, 2013.</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">99.2</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">Press release of Harvard Bioscience, Inc. issued on October 16, 2013.</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">99.3</font></div>
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<td align="left" valign="middle" width="2%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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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">Preliminary Information Statement of <font style="DISPLAY: inline; FONT-FAMILY: times new roman">Harvard Apparatus Regenerative Technology, Inc.</font>, dated October 11, 2013 (incorporated by reference to Exhibit 99.1 of <font style="DISPLAY: inline; FONT-FAMILY: times new roman">Harvard Apparatus Regenerative Technology, Inc.</font>&#8217;s Amendment No 2 to Form 10 Registration Statement, filed October 11, 2013).</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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<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; TEXT-DECORATION: underline">October 16, 2013</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">Thomas McNaughton</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Chief Financial Officer &amp; Principal Accounting</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">HARVARD BIOSCIENCE, INC</font></div>

<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">CURRENT REPORT ON FORM 8-K</font></div>

<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">Report Dated October 2, 2013</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">Exhibit</font></div>

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<td align="left" valign="bottom" width="68%" style="BORDER-BOTTOM: black 1pt solid">
<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"><font style="DISPLAY: inline">Title</font></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">10.1</font></div>
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<td align="left" valign="middle" width="68%">
<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">Employment Agreement, dated October 2, 2013, between Harvard Bioscience, Inc. and Robert E. Gagnon.</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">99.1</font></div>
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<td align="left" valign="middle" width="68%">
<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">Press release of Harvard Bioscience, Inc. issued on October 16, 2013.</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">99.2</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">Press release of Harvard Bioscience, Inc. issued on October 16, 2013.</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">99.3</font></div>
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<div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT 10.1</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">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 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">nd</font>&#160;&#160;day of October, 2013, between Harvard Bioscience, Inc., a Delaware corporation (the &#8220;Company&#8221;), and Robert E. Gagnon (&#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 October 23, 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 (i) EVP, Finance, until the date (the &#8220;CFO Commencement Date&#8221;) that the employment of the Company&#8217;s existing Chief Financial Officer is terminated (which is anticipated to be on the date that the Company no longer beneficially owns at least 50% of the total voting power of Harvard Apparatus Regenerative Technology, Inc.), and (ii) the Chief Financial Officer of the Company upon and after such CFO Commencement Date, and shall have such powers and duties as may from time to time be prescribed by the Board of Directors (the &#8220;Board&#8221;) or the Chief Executive Officer 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. 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="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 $24,166.67 per month (which annualizes to Two Hundred&#160;Ninety Thousand dollars ($290,000)).&#160;&#160;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. 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) Incentive Compensation.&#160;&#160;</font>In addition to Base Salary, commencing with fiscal year 2014 and each fiscal year thereafter while this Agreement is in effect, Executive shall be eligible to receive cash incentive compensation of up to a fifty percent (50%) of Executive&#8217;s Base Salary upon meeting objectives<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>as determined by the Board or a Committee thereof from time to time.&#160;&#160;These objectives shall, unless otherwise determined by the Board, include earnings per share (on a pro-forma basis, as applicable) (weighted at 30% of the award), revenue growth (weighted at 30%), and cash flow as a percentage of EBITDA (weighted at 20%), each exclusive of one-time charges, and other discretionary factors (weighted at 20%).&#160;&#160;This annual bonus is referred to in this Agreement as the &#8220;Annual Bonus.&#8221;&#160;&#160;Any such Annual Bonus that is earned shall be paid in accordance the Company&#8217;s policies and procedures regarding the payment of cash incentive compensation, subject to Section 8 below.&#160;&#160;The Executive shall also be eligible to participate in such other incentive compensation plans as the Board or a Committee thereof shall determine from time to time for its senior executive officers.</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;(c)&#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, 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.</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-SIZE: 10pt; FONT-WEIGHT: bold">(d)&#160;Other Benefits.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#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</font> <font style="DISPLAY: inline; FONT-SIZE: 10pt">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></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;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">(h) </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Directors and Officers Insurance and Indemnification</font>.&#160;&#160;The Company shall also carry reasonable and customary D&amp;O liability insurance coverage for the benefit of its officers and directors, including Executive, during the term of this Agreement and for a customary tail period following the termination of 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: 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">4.&#160;Unauthorized Disclosure.</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 (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 business, operation, corporation, partnership, association, agency, or other person or entity with which Executive may be associated to hire or employ any present or future employee 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">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">6.</font>&#160;&#160;&#160;&#160;<font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Remedies.</font> Executive acknowledges that full compliance with the terms of this Agreement is necessary to protect the significant value of the Confidential Information and the customer and business goodwill of the Company.&#160;&#160;Executive acknowledges that if he breaches this Agreement, the Company will be irreparably harmed and money damages will not be an adequate remedy.&#160;&#160;As a result, Executive agrees that, in the event Executive breaches or threatens to breach any of the terms or provisions of this Agreement, the Company shall be entitled to a preliminary or permanent injunction, without posting a bond or other security, in order to prevent the continuation of such harm.&#160;&#160;&#160;Executive acknowledges that nothing in this Agreement will prohibit the Company from also pursuing any other remedy and all remedies are cumulative.</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>If, as a result of Executive&#8217;s incapacity due to physical or mental illness, Executive shall have been absent from his duties hereunder on a full-time basis for one hundred eighty (180)&#160;calendar days in the aggregate in any twelve (12)&#160;month period, the Company may terminate Executive&#8217;s employment 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">(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. 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, &#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 Financial 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 Executives 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 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">&#160;(ii)&#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;(iii)&#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">(iv)&#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 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;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)&#160;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 </font>A 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 twelve (12) 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)(iii), 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; 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">(iii)&#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 150,000 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 vest in four equal annual installments over four years after 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: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">if to the Executive:</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>

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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">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">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: 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 spans two calendar years, then the severance or payment will not be made or commence until the later calendar year.</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: 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 Robert E. Gagnon (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 ____________________ (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">of retaliation or discrimination under federal, state or local law (including, without limitation, Claims of age discrimination or retaliation under the Age Discrimination in Employment Act, Claims of disability discrimination or retaliation under the Americans with Disabilities Act, Claims of discrimination or retaliation under Title VII of the Civil Rights Act of 1964 and Claims of discrimination or retaliation under Mass. Gen. Laws ch. 151B);</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">under the Massachusetts Weekly Payment of Wages Act, the Massachusetts Fair Employment Practice Act, and the Fair Labor Standards Act,</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">of violation of public policy;</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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<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">&#8226;</font></div>
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<td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160; </font></td>
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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 damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney&#8217;s fees.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<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">1. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Limitations on Release</font>.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<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">(a) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Employment Agreement</font>. Nothing in this Release Agreement limits the Executive&#8217;s or the Company&#8217;s rights under the Employment 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">&#160;(b) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Benefit and Enforcement Rights</font>. Nothing in this Release Agreement is intended to release or waive the Executive&#8217;s right to COBRA, unemployment insurance benefits or any accrued and vested retirement benefits, the right to seek enforcement of this Release Agreement or any rights referenced in this Section of this Release 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">(c) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Indemnification</font>. It is further understood and agreed that the Executive&#8217;s rights to indemnification as provided in the Company&#8217;s certificate of incorporation, bylaws, each as amended, or any indemnification agreement between the Company and the Executive (it being acknowledged and agreed by the Executive that, as of the date of this Agreement, there are no amounts owing to the Executive pursuant to any such indemnification rights), remain fully binding and in full effect subsequent to the execution of this Release 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">(d) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Exceptions</font>. This Release Agreement does not prohibit or restrict the Executive from communicating, providing relevant information to or otherwise cooperating with the EEOC or any other governmental authority with responsibility for the administration of fair employment practices laws regarding a possible violation of such laws or responding to any inquiry from such authority, including an inquiry about the existence of this Release Agreement or its underlying facts; provided that such interaction with EEOC or any other governmental authority shall not result in the Executive&#8217;s receipt of any monetary benefit or substantial equivalent thereof. This Release Agreement also does not preclude the Executive from benefiting from classwide injunctive relief awarded in any fair employment practices case brought by any governmental agency; provided that such relief does not result in the Executive&#8217;s receipt of any monetary benefit or substantial equivalent thereof.</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">2. <font style="DISPLAY: inline; TEXT-DECORATION: underline">No Assignment</font>. The Executive represents that he has not assigned to any other person or entity any Claims against any Company 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">3. <font style="DISPLAY: inline; TEXT-DECORATION: underline">No Disparagement</font>. The Executive shall not make any disparaging statements about the Company, members of the Board of Directors, any officer of the Company or any other employee of the Company, and the Company (acting through its officers and directors) shall not make any disparaging statements about Executive. The Executive shall direct his immediate family not to make any disparaging statements about any of the foregoing. Any statement by a member of his immediate family shall be deemed to be a statement by the Executive for purposes of this paragraph. The Executive shall be considered to represent that he has complied and shall continue to comply with he nondisparagement obligations under this paragraph from the Date of Termination (as defined in the Employment Agreement); <font style="FONT-STYLE: italic; DISPLAY: inline">provided </font>that this representation shall have no effect if this Release Agreement does not become effective. Notwithstanding the foregoing, nothing in this paragraph shall be construed to apply to any statements made in the course of testimony in a legal proceeding or in any required written statements in any such proceeding.</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">4. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Litigation and Regulatory Cooperation</font>. The 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. 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. 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. 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 (as defined in the Employment Agreement) calculated using a forty (40)&#160;hour week over fifty-two (52)&#160;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 Section&#160;5, 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">5. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Reaffirmation of Post-Employment Restrictive Covenants</font>. The Executive reaffirms the restrictive covenants under the Employment Agreement to which he is subject as follows: <font style="FONT-STYLE: italic; DISPLAY: inline">[Insert as appropriate.]</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">6. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Right to Consider and Revoke Release Agreement</font>. This Release Agreement shall be considered to have been offered to the Executive on the Termination Date as defined in the Employment Agreement. The Executive acknowledges that he has been given the opportunity to consider this Release Agreement for a period ending twenty-one (21)&#160;days after the Termination Date. In the event that the Executive has executed this Release Agreement within less than twenty-one (21)&#160;days of the Termination Date, the Executive acknowledges that such decision was entirely voluntary and that he had the opportunity to consider this Release Agreement until the end of the twenty-one (21)&#160;day period. To accept this Release Agreement, the Executive shall deliver a signed Release Agreement to the Company&#8217;s Board of Directors within such twenty-one (21)&#160;day period. The Executive acknowledges that for a period of seven&#160;(7) days from the date when the Executive executes this Release Agreement (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Revocation&#160;Period</font>&#8221;), he shall retain the right to revoke this Release Agreement by written notice that is received by the Board of Directors of the Company before the end of the Revocation Period. This Release Agreement shall take effect only if it is executed by the Executive within the twenty-one (21)&#160;day period as set forth above and if it is not revoked pursuant to the preceding sentence. If those conditions are satisfied, this Release Agreement shall become effective and enforceable on the date immediately following the last day of the Revocation Period (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Effective Date</font>&#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">7. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Consideration Owed</font>. Executive affirms and agrees that as of the date of this Release Agreement, you acknowledge that you will be or have been paid any and all wages (including all base compensation and, if applicable, any and all overtime, commissions, and bonuses) to which you are or were entitled as of the date of termination of employment, and that no other wages (including all base compensation and, if applicable, any and all incentive compensation and bonuses) are due to Executive.&#160;&#160;Executive acknowledges that Executive is unaware of any facts or circumstances indicating that Executive may have an outstanding claim for unpaid wages, improper deductions from pay, or any violation of the Massachusetts Weekly Payment of Wages Act (M.G.L. c. 149, s. 148) or the Fair Labor Standards Act or any other federal, state or local laws, rules, ordinances or regulations that are related to payment of wages.</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">8. <font style="DISPLAY: inline; TEXT-DECORATION: underline">Other Terms</font>.</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">(a) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Legal Representation; Review of Release Agreement</font>. The Executive acknowledges that he has been advised to discuss all aspects of this Release Agreement with his attorney. The Executive represents that he has carefully read and fully understands all of the provisions of this Release Agreement and that he is voluntarily entering into this Release 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">(b) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Binding Nature of Release Agreement</font>. This Release Agreement shall be binding upon the Executive and upon his heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of the Executive and the Company and to their heirs, administrators, representatives, executors, successors, and assigns.</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">(c) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Modification of Release Agreement; Waiver</font>. This Release Agreement may be amended, revoked, changed, or modified only upon a written agreement executed by both the Executive and the Company. No modification waiver of any provision of this Release Agreement will be valid unless it is in writing and signed by the party against whom such waiver is charged. The failure of the Company to require the performance of any term or obligation of this Release Agreement, or the waiver by the Company of any breach of this Release Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.</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">&#160;(d) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Severability</font>. In the event that at any future time it is determined by a court of competent jurisdiction that any covenant, clause, provision or term of this Release Agreement is illegal, invalid or unenforceable, the remaining provisions and terms of this Release Agreement shall not be affected thereby and the illegal, invalid or unenforceable term or provision shall be severed from the remainder of this Release Agreement. In the event of such severance, the remaining covenants shall be binding and enforceable.</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">(e) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Enforcement</font>. Sections 4, 5 and 6 of this Release Agreement shall be subject to enforcement pursuant to the same procedures that apply to a breach of Paragraphs 4 or 5 of the Employment Agreement (as further detailed in Paragraph 16 of the Employment Agreement). Any other disputes concerning this Release Agreement shall be subject to resolution pursuant to Section&#160;16 of the Employment 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">(f) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Governing Law and Interpretation</font>. This Release Agreement shall be deemed to be made and entered into in the Commonwealth of Massachusetts, and shall in all respects be interpreted, enforced and governed under the laws of Massachusetts, without giving effect to the conflict of laws provisions of Massachusetts law. The language of all parts of this Release Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against the Executive or 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">&#160;(h) <font style="DISPLAY: inline; TEXT-DECORATION: underline">Entire Agreement; Absence of Reliance</font>. This Release Agreement constitutes the entire agreement of the Executive concerning any subject matter of this Release Agreement and supersedes all prior agreements between the Executive and the Company with respect to any related subject matter, except the Employment Agreement. The Executive acknowledges that he is not relying on any promises or representations by the Company or its agents, representatives or attorneys regarding any subject matter addressed in this Release Agreement, other than the provision of the Employment Agreement pursuant to which Executive is to receive certain consideration in return for signing this Release Agreement and allowing it to become effective.</font></div>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html><head><title>Harvard Bioscience Names Robert E. Gagnon as Chief Financial Officer</title></head><body><p align="right">EXHIBIT 99.1</p><h3 align="center">Harvard Bioscience Names Robert E. Gagnon as Chief Financial Officer</h3><h4 align="center">Nearly 20 Years of Financial Experience Including Global Operations and Acquisitions Expected to Help Harvard Bioscience Execute Its Growth Strategy</h4><p>HOLLISTON, Mass., Oct. 16, 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, has hired Robert E. Gagnon, a veteran financial executive, as Harvard Bioscience's Chief Financial Officer, effective as of the date of HBIO's planned spin-off of Harvard Apparatus Regenerative Technology, Inc., or HART, which is anticipated to be November 1, 2013, or the Distribution Date. From October 23, 2013 until the Distribution Date, Mr. Gagnon will initially serve as HBIO's Executive Vice President &#8211; Finance.</p><p>
	Mr. Gagnon, age 39, was recently Executive Vice President, Chief Financial Officer and Treasurer at Clean Harbors, Inc. (NYSE:CLH), a leading provider of environmental, energy and industrial services throughout North America. Prior to this, he served in progressive executive positions at Biogen Idec, Inc., a Fortune 500 company developing treatments in the areas of immunology and neurology. Earlier, he worked in a variety of senior positions at Deloitte &amp; Touche, LLP, and PricewaterhouseCoopers, LLP. He holds an M.B.A. from the MIT Sloan School of Management and a bachelor of arts degree in accounting from Bentley College.</p><p>
	Thomas McNaughton, who has served as Harvard Bioscience's Chief Financial Officer since November 2008, will resign from that position effective as of the Distribution Date to retain the role of Chief Financial Officer at Harvard Apparatus Regenerative Technology, Inc. ("HART").</p><p>
	Jeff A. Duchemin, Chief Executive Officer of Harvard Bioscience, commented, "Rob brings a tremendous amount of high-level financial experience from his tenures at companies both in and out of the life science arena, as well as extremely impressive academic credentials. We are very fortunate to have him serve as our new Chief Financial Officer at Harvard Bioscience. We believe Rob's experience heading global finance operations, his successful completion of acquisitions and his overall business acumen will be a great asset to us as we continue to implement our growth strategy, which includes expanding our geographic footprint through organic growth and acquisitions. I would also like to thank Tom McNaughton for his excellent work as Chief Financial Officer and for making this a seamless transition."</p><p>
	Robert Gagnon stated, "I have witnessed the need for ever-greater innovation in the life science apparatus and scientific instrument market, and I believe the worldwide demand will continue to grow in future years. Harvard Bioscience is uniquely positioned to excel in this space under Jeff's leadership. I look forward to serving as Chief Financial Officer and working with Harvard Bioscience's management as the Company moves ahead."</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 http://www.globenewswire.com/newsroom/prs/?pkgid=6426</p><p>
	<strong>Forward-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. Robert Gagnon as Harvard Bioscience's new Chief Financial Officer, the intention to consummate the spin-off of HART and the timing thereof. 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: Harvard Bioscience
         Jeffrey Duchemin
         Chief Executive Officer
         Tel: (508) 893-8999

         Investor Relations:
         Dian Griesel Inc.
         Cheryl Schneider
         (212) 825-3210

         Public Relations:
         Dian Griesel Inc.
         Susan Forman or Laura Radocaj
         (212) 825-3210</pre></body></html>





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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html><head><title>HBIO Announces Details of Approved Spin-Off of Harvard Apparatus Regenerative Technology, Inc.</title></head><body><p align="right">EXHIBIT 99.2</p><h3 align="center">HBIO Announces Details of Approved Spin-Off of Harvard Apparatus Regenerative Technology, Inc.</h3><h4 align="center">Record Date for Share Distribution Set for October 21, 2013</h4><p>HOLLISTON, Mass., Oct. 16, 2013 (GLOBE NEWSWIRE) -- The Board of Directors of 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, has approved the spin-off of its wholly owned regenerative medicine device subsidiary, Harvard Apparatus Regenerative Technology, Inc., or HART.</p><p>
	To implement the spin-off distribution, Harvard Bioscience will distribute all of its shares of HART common stock on a pro rata basis to those stockholders that hold Harvard Bioscience common stock at the close of business on October 21, 2013, the Record Date for the distribution. Each such shareholder of Harvard Bioscience common stock will receive one share of HART common stock for every four shares of Harvard Bioscience common stock that such shareholder holds at the close of business on the Record Date. The distribution will be effective as of November 1, 2013. As a result of the spin-off, Harvard Bioscience will no longer own any shares of HART common stock and HART will be an independent public company.</p><p>
	The dividend of HART common stock will be issued in book-entry form only, which means that no physical HART stock certificates will be issued. Harvard Bioscience will not distribute any fractional shares of HART's common stock. Instead the transfer agent, Registrar &amp; Transfer Company, will aggregate fractional shares into whole shares, sell the whole shares in the open market and distribute the aggregate net cash proceeds of the sales pro rata (based on the fractional share such holder would otherwise be entitled to receive) to each holder who otherwise would have been entitled to receive a fractional share in the distribution. Harvard Bioscience stockholders will not be required to make any payment; surrender or exchange their shares of Harvard Bioscience common stock; or, take any other action to receive shares of HART common stock.</p><p>
	For additional information, stockholders should contact Registrar &amp; Transfer Company by e-mail at info@rtco.com or by phone at 800-456-0596. Prior to the Distribution Date, a comprehensive information statement will be mailed to Harvard Bioscience stockholders of record on the Record Date.</p><p>
	Harvard Bioscience expects a "when issued" public market for HART common stock to begin on or about October 21, 2013 on the NASDAQ Capital Market under the ticker symbol "HART." Following the spin-off, "regular way" trading of HART common stock is expected to start on November 4, 2013 under that "HART" ticker symbol. Harvard Bioscience's common stock will continue to trade on the NASDAQ Global Market under the symbol "HBIO." If Harvard Bioscience stockholders sell shares of their Harvard Bioscience common stock in the "regular way" market after the Record Date but prior to the Distribution Date, they may also be selling the right to receive shares of HART common stock in connection with those shares. Investors are advised to consult with their financial advisors about selling their shares of Harvard Bioscience common stock on or before the Distribution Date.</p><p>
	<strong>FORWARD-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 intention to consummate the spin-off of Harvard Apparatus Regenerative Technology, the related Form 10 filing with the SEC and NASDAQ Capital Market listing and the availability of a market for the HART securities. These statements involve risks and uncertainties, including among other things, market and other conditions that may cause results to differ materially from the statements set forth in this press release. There can be no assurance that such statements and information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements and information. 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, http://www.harvardbioscience.com.</p><p>
	The Harvard Bioscience, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6426</p><pre>CONTACT: Jeffrey Duchemin
         Chief Executive Officer
         jduchemin@harvardbioscience.com
         Tel: 508 893 8999
         Fax: 508 892 6135

         David Green
         President
         dgreen@harvardbioscience.com

         Tom McNaughton
         CFO
         tmcnaughton@harvardbioscience.com</pre></body></html>





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