Offer Letter, dated February 1, 2023, between the Company and Nicholas Vlahos

Title:

Vice President, Chief Financial Officer, Treasurer and Secretary

Primary responsibilities:

·     Provide executive leadership in all areas of Finance

·     Lead financial reporting and analysis

·     Oversee financial management, accounting, and accounting control functions

·     Lead compliance and risk management

·     Participate in all aspects of mergers, acquisition and divestures

·     Support long term planning process and priorities

·     Serve as principal accounting officer

Location:

Shelton, CT

Base salary:

$350,000 per year ($6,730.77 per week)

Annual target incentive compensation:

Your target incentive will be equal to 50 percent of your base salary earned in a fiscal year and will be based on the achievement of certain annual financial goals.

Long term incentive

You will receive a long term incentive award equal to 40 percent of your base salary earned in a fiscal year. Long term incentives are subject to vesting and the achievement of long term financial goals. We will share a copy of the long-term incentive award agreement in March.

Termination benefits

You will be eligible for termination benefits in the event of termination without cause or constructive termination.

Benefits:

·     The Eastern Company health and dental plan and flexible spending accounts

·     Participation in our 401(k) plan, including an automatic 3% company contribution and a 50% matching contribution up to 3% or more of your compensation

·     Life insurance; short- and long-term disability and long-term care coverage, subject to applicable waiting periods

·     Four weeks of vacation; paid time off (PTO) earned on an accrual basis, and company-paid holidays

CFO effective date:

Close of business February 3, 2023