Separation, Consulting, and General Release Agreement between AstroNova, Inc. and Stephen Petrarca
This agreement outlines the terms under which Stephen Petrarca's employment with AstroNova, Inc. will end on June 28, 2025. Petrarca will serve as a consultant from April 25, 2025, until his termination date, receiving his regular salary and benefits during this period. Upon signing and not revoking the agreement, he will receive a year’s severance pay and continued health coverage, with options for COBRA and insurance conversion. The agreement also addresses stock units, option exercise periods, confidentiality, return of company property, and a general release of claims against AstroNova.
EXHIBIT 10.2
March 24, 2025
Stephen Petrarca
Re: SEPARATION & CONSULTING AGREEMENT AND GENERAL RELEASE
Dear Steve:
This letter sets forth the terms of a Separation Agreement and General Release (“Agreement”) between you and AstroNova, Inc. (“AstroNova”).
Your employment with AstroNova will be terminated effective June 28, 2025 (the “Termination Date”). AstroNova will pay you your base salary, less regular deductions through June 28, 2025.
Your duties as Vice President of Operations will cease on April 25, 2025, after which the “Consulting” clause of this agreement will take effect.
TERMS OF AGREEMENT:
2
3
4
By signing below, you represent that you fully understand your right to review all aspects of this Agreement with an attorney of your choice, that you have had the
5
opportunity to consult with an attorney of your choice, that you have carefully read and fully understand all the provisions of this Agreement and that you are freely, knowingly and voluntarily entering into this Separation Agreement and General Release.
If you are willing to enter into this Agreement, please signify your acceptance in the space indicated below, and return to Matthew Cook, AstroNova, 600 East Greenwich Avenue, West Warwick, RI 02893. As noted earlier, this Agreement will not become effective and none of the severance benefits will be paid, until the eighth (8th) day after you sign this Agreement. Should any overpayments be made to you under this Agreement or after a revocation or recession of this Agreement, you are responsible for immediate repayment to AstroNova.
Yours very truly,
/s/ Matthew Cook__________
Matthew Cook
VP of Human Resources & Organizational Development
PLEASE READ CAREFULLY. YOU ARE GIVING UP ANY LEGAL CLAIMS THAT YOU HAVE AGAINST ASTRONOVA BY SIGNING THIS AGREEMENT.
Accepted and agreed to on this ___9th____ day of__April_____________ 2025.
Signature: ___/s/ Stephen Petrarca ________Print Name: Stephen Petrarca
Stephen Petrarca
Witness: ___/s/ Rhonda Wheaton ________ Date: April 9, 2025
Rhonda Wheaton,
Global Manager Comp & Benefits
Witness: ___/s/ Kamaria Hayden ________ Date: April 9, 2025
Kamaria Hayden,
HR Manager
6
7
EXHIBIT 10.2
Schedule A
EQUITYHOLDERNAME | AWARDNUMBER | GRANTTYPE | GRANTDATE | GRANTPRICE | TOTALPURCHASEPRICE | SHARES GRANTED | SHARES OUTSTANDING |
PETRARCA STEPHENM | 10136 | ISO | 6/4/2018 | 18.25 | 191625 | 10,500 | 10,500 |
PETRARCA STEPHENM | 10397 | PSU | 4/7/2021 | 0 | 0 | 2,881 | 1,078 |
PETRARCA STEPHENM | 10470 | PSU | 4/18/2022 | 0 | 0 | 2,834 | 121 |
PETRARCA STEPHENM | 10429 | RSU | 4/18/2022 | 0 | 0 | 1,417 | 473 |
PETRARCA STEPHENM | 10507 | RSU | 3/21/2023 | 0 | 0 | 1,687 | 562 |
PETRARCA STEPHENM | 10576 | RSU | 6/10/2024 | 0 | 0 | 1,282 | 1,282 |