# EDGAR Filing Document

**Accession Number:** 0000771266
**File Stem:** 0001493152-25-017758
**Filing Date:** 2025-10
**Character Count:** 72220
**Document Hash:** 2f2eadb6993af0cc79c877de2780b2cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-017758.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0001493152-25-017758

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251007

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KOPIN CORP
- **CENTRAL INDEX KEY:** 0000771266
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 042833935
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1227

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-19882
- **FILM NUMBER:** 251388214

**BUSINESS ADDRESS:**
- **STREET 1:** 125 NORTH DRIVE
- **CITY:** WESTBOROUGH
- **STATE:** MA
- **ZIP:** 01581
- **BUSINESS PHONE:** 508-870-5959

**MAIL ADDRESS:**
- **STREET 1:** 125 NORTH DRIVE
- **CITY:** WESTBOROUGH
- **STATE:** MA
- **ZIP:** 01581

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported) October 7, 2025**

**KOPIN CORPORATION**

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-19882** | **04-2833935** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

**<u>125 North Drive, Westborough, MA 01581</u>**

**<u>(Address of Principal Executive Offices) (Zip Code)</u>**

**<u>(508) 870-5959</u>**

(Registrant's telephone number, including area code)

**<u>N/A</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.01 | KOPN | Nasdaq Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement.** |

---

On October 7, 2025 Kopin Corporation (Kopin or the Company) filed an appeal of the $19.7 million judgement against the Company in the matter of Blue Radios Inc. v. Kopin Corporation. The bond was for the amount of $23 million which consisted of the judgement, legal expenses and interest that would accrue over the expected term of the appeal. To post the bond the Company entered into loan agreements (the Agreements) with its bank which provides the bank with a security interest in the $23 million the Company deposited with the bank. The bank then issued a Letter of Credit (LOC) to a surety company who then issued the bond to the court. The Agreement provides for standard representations and warranties and allows the bank to use the $23 million to satisfy the LOC in the event the LOC is called.

---

| | |
|:---|:---|
| **Item 9.01** | **Exhibits.** |

---

(d) Exhibits

See the Exhibit Index below, which is incorporated by reference herein.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| 10.1 | [Loan Agreement, dated as of October 2, 2025 by and among the Company, Kopin Targeting Corporation and Rockland Trust Company](ex10-1.htm) |
| 10.2 | [Continuing Reimbursement Agreement for Letters of Credit dated as of October 2, 2025 by and among the Company and Rockland Trust Company](ex10-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | KOPIN CORPORATION |
| Dated: October 10, 2025 | */s/ Erich Manz* |
|  | Erich Manz |
|  | Treasurer and Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>LOAN AGREEMENT</u>**

(Non-Revolving Line Of Credit)

This Loan Agreement ("<u>Agreement</u>") is made on October 2, 2025, by and among Kopin Corporation and Kopin Targeting Corporation, both Delaware corporations having their principal office at 125 North Drive, Westborough, Massachusetts, MA 01581-3341 (collectively, "<u>Borrower</u>"), and Rockland Trust Company, a Massachusetts trust company having an address at 288 Union Street, Rockland, MA 02370 (together with its successors and assigns as holder of the Note, "<u>Bank</u>").

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1. <u>DEFINITIONS</u>. As used herein, the following terms shall have the following meanings:

*<u>Advances</u>*: Advances made by the Bank to the Borrower under the Line of Credit.

*<u>Applicable Law</u>*: All laws, rules, regulations, orders and requirements of all Government Agencies.

*<u>Borrower's Premises</u>*: Any real property owned or occupied by the Borrower.

*<u>Business Day</u>:* Any day which is neither a Saturday, Sunday nor a legal holiday on which commercial banks are authorized or required to be closed in Boston, Massachusetts.

*<u>Charter Documents</u>*: Borrower's Articles of Organization and By-laws.

*<u>Collateral</u>*: Cash of the Borrower deposited in one or more deposit accounts at the Bank, and any certificate of deposit or other instrument in which such funds are invested.

*<u>Conditions of Lending</u>*: Are defined in <u>Section 2.4</u>.

*<u>Default and Event of Default</u>*: Are defined in <u>Section 5</u>.

 

*<u>Government Agency</u>:* The United States Government or any department, agency or instrumentality thereof or of any State or municipality.

*<u>Line of Credit</u>*: The line of credit established under this Agreement.

*<u>Loan</u>*: All Advances at any time outstanding.

*<u>Loan Documents</u>*: Collectively, the Note, this Agreement, one or more Account Pledge Agreements covering the Collateral and all other documents and instruments evidencing, securing or relating to the Line of Credit, together with all extensions, renewals, modifications and amendments.

*<u>Maximum Commitment</u>*: $24,050,000, less: (a) the face amount of Bank's letter of credit number 23-0675 issued September 6, 2023, as previously increased by amendment no. 2 dated May 13, 2024, to $1,050,000 ("<u>Rockland Letter of Credit</u>"), and (b) the face amount of the USBank letter of credit issued as security in connection with the appeal of the judgment in the case referred to in Section 4.4(a) ("<u>USBank Letter of Credit</u>").

 

*<u>Note</u>*: The promissory note dated the date of this Agreement, given by the Borrower to the order of Bank and evidencing the Line of Credit, together with all extensions, renewals, modifications and amendments thereof.

<u>Obligation</u>*:* Means: (a) any obligation of the Borrower to the Bank for the payment of money, including without limitation the Note and the Loan; (b) the performance and observance by Borrower of each and every covenant contained in this Agreement or any other Loan Document; (c) all interest and other charges due from Borrower to the Bank; (d) all liabilities of Borrower to the Bank to repay overdrafts and other amounts due to the Bank; (e) all fees, expenses, charges and other amounts owing by or chargeable to Borrower under any such agreements; and (f) all costs and expenses owing to Bank, in each case whether direct or indirect, absolute or contingent, matured or unmatured, primary or secondary, certain or contingent, due or to become due, now existing or hereafter arising, and whether denominated secured or unsecured.

2. <u>THE Line of Credit, proceeds and payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Line of Credit</u>. Concurrently herewith the Bank is establishing the Line of Credit in favor of the Borrower. Subject to the terms and conditions of this Agreement, including, but not limited to, the Conditions of Lending, the Bank shall make Advances to the Borrower under the Line of Credit up to an amount at any time outstanding not more than Maximum Commitment. To evidence the Line of Credit and the Advances, the Borrower has delivered the Note to Bank. The Line of Credit and Advances will be secured in accordance with the Loan Documents. To the extent that the amount outstanding under the Line of Credit exceeds the Maximum Commitment at any time, such excess shall be due and payable immediately upon demand from the Bank. Borrower shall make payments of principal and interest when and at the rate provided in the Note. All payments by Borrower shall be made without deduction, set-off or counterclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Repayment of Loan</u>. The Line of Credit may be terminated for further Advances at any time by the Bank after the occurrence and continuance of an Event of Default. Advances to reimburse USBank with respect to drawings under the USBank Letter of Credit will at all times be due and payable on demand. Provided that the Line of Credit has not been terminated upon the occurrence of an Event of Default, the Line of Credit will be available for advances until July 1, 2026 (the "<u>Credit Expiration Date</u>"). Unless the Line of Credit is renewed by the Bank, no further advances will be permitted after the Credit Expiration Date. Availability for the Line of Credit will be considered renewed if and only if the Bank has sent the Borrower a written notice of renewal ("<u>Renewal Notice</u>") effective as of or prior to the Credit Expiration Date. Renewal will be in the sole discretion of the Bank and may require certain additional conditions or changes as a condition of renewal. If renewed, the Line of Credit will remain subject to all the terms and conditions set forth in the Loan Documents, except that the "<u>Credit Expiration Date</u>" shall be the date set forth in the Renewal Notice, and such process for renewal will apply to any subsequent renewal of the Line of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Conditions of Lending</u>. The commitment of the Bank to make Advances under the Line of Credit shall be subject to the condition that the statements, representations and warranties of the Borrower contained herein are and continue to be true in all material respects, that no Default or Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Fees</u>. Borrower shall pay to the following fees in connection with the Line of Credit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An annual fee in the amount of 2% of the face amount of the USBank Letter of Credit, which shall be shared 1.35% to USBank, and .65% to Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any and all fees payable under the Continuing Reimbursement Agreement for Letters of Credit dated August 11, 2023 between Kopin Targeting Corporation and Bank, or any other amounts payable by either Borrower with respect to letters of credit issued by Bank for the account of either Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any commissions, fees and other charges payable by Bank pursuant to Sections 2(b) and (c) of the Continuing Reimbursement Agreement for Letters of Credit (Domestic Correspondent Banks) between USBank and Bank with respect to the USBank Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Use of Proceeds</u>. The Advances shall be used to pay drafts drawn under letters of credit issued by USBank to secure obligations of the Borrower, for which Bank is obligated pursuant to the aforementioned Continuing Reimbursement Agreement for Letters of Credit (Domestic Correspondent Banks).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Bank's Records</u>. Bank is authorized to record on its books all Advances under the Line of Credit and all payments received; however, failure of Bank to make any such notation, or any error in any such notation, shall not affect any Obligation of Borrower to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Direct Charge</u>. The Bank may charge any account of the Borrower (other than accounts designated as payroll accounts) with any interest, principal, fees, costs and charges owing to the Bank and will notify the Borrower of the amount so charged.

3. <u>REPRESENTATIONS AND WARRANTIES</u>. To induce the Bank to enter into the Line of Credit and to make Advances thereunder, the Borrower represents and warrants to the Bank, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Existence and Good Standing</u>. The Borrower is a legally existing entity and is in good standing under the laws of Delaware and is qualified to do business in Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Authority; No Violation</u>. The Borrower has full right, power and authority to enter into and perform its Obligations under this Agreement and each of the other Loan Documents it is a party to and to grant a security interest to the Bank. This Agreement and the other Loan Documents are binding upon the Borrower as well as the Borrower's successors and assigns, and are legally enforceable in accordance with their terms. The foregoing representations and warranties and all other representations and warranties contained in this Agreement are and shall be continuing in nature and shall remain n full force and effect until such time as this Agreement and the other Loan Documents are terminated or cancelled as provided herein

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Maintenance of Collateral</u>. The Borrower has not, and shall not, sell, assign, transfer, encumber or otherwise dispose of any of Borrowers' rights in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Compliance with laws</u>. The execution and delivery of this Agreement and the other Loan Documents will not violate any law or agreement governing the Borrower or to which the Borrower is a party or to which any of the Collateral is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Assets of Business; Title to Assets</u>. The Borrower is the owner of the Collateral and has the right to pledge, sell, assign or transfer the same free and clear of all liens, encumbrances, attachments, security interests, pledges and charges except inf in favor of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Accuracy and Completeness of Information</u>. All financial information, including, but not limited to, financial statements, balance sheets and income statements, given to Bank with respect to Borrower and in connection with the Line of Credit is accurate, correct and complete.

4. COVENANTS. Until the Line of Credit shall have been paid in full, Borrower covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Payments</u>. Borrower will pay principal, interest, fees and all other amounts payable under the Note and/or this Agreement and on the Obligations when and as due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Books and Records; Other Inspections</u>. Borrower will maintain complete books of account and other records reflecting the results of their business operations, and in the case of the Borrower, its assets and liabilities. Bank or its designated agents will have the right at any time to inspect and/or make copies of said books and records. The Borrower will pay the Bank's customary charges for such audits, examinations and inspections and out of pocket expenses. The Bank may inspect Borrower's premises at such reasonable times as the Bank deems necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Depository Relationship</u>. To enable the Bank to better monitor the financial condition of the Borrower, the Borrower will maintain a cash collateral account all of their principal deposit and operating accounts with the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Notices to Bank</u>. Borrower will promptly notify the Bank in writing of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 adverse developments in Kopin Corporation and BlueRadios, Inc. Civil Action No. 1:16-cv-02052-JLK,
 United States District Court, D. Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 substantial dispute between any Government Agency and the Borrower which, if determined adversely,
 could result in a material adverse change in the results of operations or assets of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 Default or Event of Default under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 material adverse change in Borrower's business condition (financial or otherwise),
 operations, properties or prospects, or ability to repay the Line of Credit.

5. <u>EVENTS OF DEFAULT</u>. The occurrence of any one or more of the following events shall constitute a "Default" or an "Event of Default" under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Payments under Note</u>. Failure to make any payment due under the Note or to reimburse any draw under the Rockland Letter of Credit or the USBank Letter of Credit, in each case as and when such payment is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Other Payments due the Bank</u>*.* Failure of Borrower to make payment of any Obligation to the Bank as and when such payment is due, whether a periodic payment, payment at maturity, payment due on acceleration or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Performance of Obligations, Cross-Default</u>. If a Default or Event of Default or breach of any of the covenants, terms or conditions of this Agreement shall occur, or an Event of Default under any other of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Breach of Representations and Warranties</u>. If any representation or warranty made in this Agreement, or if any representation or warranty contained in any other of the Loan Documents or hereafter made by Borrower shall be breached or shall prove to be false, inaccurate or incomplete in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Bankruptcy, etc.</u> Any complaint, application, or petition is filed by or against the Borrower or pursuant to the Bankruptcy Code as amended from time to time or pursuant to any other insolvency procedure; or a receiver, trustee, or other similar person is appointed, pursuant to court action or otherwise, to take custody or control of Borrower or Borrower's business or any of Borrower's assets; or the granting by the Borrower of any trust mortgage or assignment for the benefit of its creditors; or failure by the Borrower to pay its debts as they come due; or if Borrower shall become insolvent; or the calling of a meeting of creditors of the Borrower; or the initiation of any other judicial or non-judicial proceeding by or against the Borrower which seeks or intends to accomplish a reorganization or arrangement with Borrower's creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Attachment or Levy</u>. If there shall occur any attachment by trustee process, judgment lien, levy or other involuntary encumbrance on the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Material Adverse Change</u>. A material adverse change occurs in the financial condition or management of Borrower.

6. <u>REMEDIES ON DEFAULT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Rights and Remedies</u>. In addition to any other rights and remedies available to the Bank hereunder or under applicable law or in equity, the Bank may exercise any one or more of the following rights and remedies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Further Advances</u>*.* Upon the occurrence of any Default or Event of Default, terminate the Line of Credit and any obligation to make additional Advances thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Acceleration</u>. Upon the occurrence of any Event of Default, declare the unpaid portion of the Line of Credit and any other Obligations of the Borrower to the Bank to be immediately due and payable, without further notice or demand; and the same, together with all interest and any applicable prepayment fee, shall then become immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Enforcement</u>. Upon the occurrence of any Event of Default, enforce all of its rights and remedies as provided under the Note or any other Loan Documents, or other rights and remedies under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Remedies Cumulative and Concurrent</u>. The rights and remedies of Bank as provided in this Agreement and in the other Loan Documents shall be cumulative and concurrent and may be pursued separately, successively or together against Borrower or any collateral, or any one or more of them, at the sole discretion of Bank, and may be exercised as often as Bank shall determine as occasion therefor shall arise. The failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof, nor shall the choice of one remedy be deemed an election of remedies to the exclusion of other remedies.

7. <u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Further Assurances</u>. Borrower, upon request of Bank, will execute, acknowledge and deliver such further instruments and do such further acts as may be necessary, desirable or proper to carry out more effectively the purpose of the Line of Credit, this Agreement and the other Loan Documents and upon any failure of Borrower to do so for ten days after receipt of written request therefor, Bank may make, execute and record any and all such instruments, certificates and Borrower irrevocably appoints Bank its agent and attorney-in-fact (which shall be coupled with an interest) of Borrower to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Materiality</u>. All representations, warranties, covenants and agreements set forth in this Agreement and in the other Loan Documents are material and shall be deemed to have been relied upon by the Bank in establishing the Line of Credit and making Advances thereunder, notwithstanding any investigation heretofore or hereafter made by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Survival</u>. The warranties, representations, covenants and agreements set forth in this Agreement and in the other Loan Documents shall survive the establishment of the Line of Credit and the making of Advances thereunder, and shall continue in full force and effect until the Note shall have been paid in full and all Obligations to the Bank performed, excepting only such Obligations as specified in the Loan Documents which, by their terms, survive the repayment of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Notice</u>. All notices, demands, requests and other communications required under this Agreement shall be in writing and given to Borrower and Bank at the address for each first set forth above, by certified or registered mail, return receipt requested, or by next business day courier service. Any party may change its address for such a notice by written notice to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Bank's Right to Perform the Obligations</u>. If Borrower shall fail to make any payment or perform any act required by this Agreement or the other Loan Documents, then, at any time thereafter, without notice to or demand upon Borrower and without waiving any Default or Event of Default or releasing any Obligation or security, Bank may make such payment or perform such act for the account of and at the expense of Borrower. All sums so paid by Bank, and all costs and expenses, including, without limitation, attorneys' fees and expenses so incurred together with interest thereon at the rate charged under the Note upon an Event of Default, from the date of payment or incurring, shall be secured by the Loan Documents, and shall be paid by Borrower to Bank on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Indemnity.</u> The Borrower shall indemnify, defend, and hold the Bank harmless against any claim brought or threatened against the Bank by any person (as well as from attorney's fees and expenses incurred by the Bank in connection therewith) on account of the Bank's relationship with the Borrower, each of which may be defended, compromised, settled or pursued by the Bank with counsel of the Bank's selection, but at the expense of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Integration/Severability</u>. The Loan Documents embody the entire agreement between the parties and supersede all prior agreements and understandings, written or oral, if any, relating to the subject matter hereof. In case any one or more of the provisions of this Agreement or of any other Loan Documents shall be invalid, illegal or unenforceable in any respect, the validity of this Agreement and each of the other Loan Documents and the remaining provisions thereof shall be in no way affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Modifications</u>. This Agreement, the other Loan Documents and the terms of each of them may not be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <u>Applicable Law</u>. This Agreement, together with the Note and each of the other Loan Documents shall be governed by and construed according to the internal laws of Massachusetts without regard to conflicts of laws principles, and this Agreement is executed as a sealed instrument under Massachusetts law. Borrower hereby submits to the jurisdiction of each state and federal court which sits in Massachusetts, and agrees that service made against Borrower in accordance with the notice provisions of this Agreement or the other Loan Documents shall be proper service. Venue for the enforcement of any of the Obligations under this Agreement or under any of the other Loan Documents shall lie in Massachusetts; and Borrower waives any right to claim that Massachusetts is an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Right Of Setoff; Freeze</u>**.** Any and all deposits or other sums at any time credited by or due to the Borrower from the Bank, and any cash, securities, instruments, or other property of the Borrower in the possession of the Bank, whether for safekeeping, or otherwise, or in transit to or from the Bank, or in the possession of any third party acting on the Bank's behalf (regardless of the reason the Bank had received same or whether the Bank has conditionally released the same) shall at all times constitute security for any and all Obligations of the Borrower to the Bank, and may be applied or set off against such Obligations at any time without notice, whether or not any such Obligation is then due and whether or not other collateral is available to the Bank. The Bank shall also have the right, at its option, upon the occurrence of any event which would entitle the Bank to exercise any of its rights set forth in this Section, to freeze, block or segregate any of such deposits or other cash, securities, instruments, or other property of the Borrower so that Borrower may not access, control or draw upon the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Documents; Counterparts</u>. This Agreement may be executed in counterparts, all of which shall be deemed to constitute a single instrument. This Agreement and all other agreements and documents of any kind relating to the Obligations may be reproduced by the Bank by photographic, computer imaging, or similar process, and the Bank may destroy the original from which any document was so reproduced. Any such reproduction shall be admissible in evidence as the original whether or not the original is in existence and whether or not such reproduction was made in the regular course of business. Any signature of the Borrower upon any such agreement or document which is transmitted as a facsimile, a scan or portable document format shall be deemed a valid and binding signature of the Borrower with the same effect as if a manually signed original signature. Any signature (including any electronic symbol or process) adopted by a person authorized to sign for Borrower shall have the same legal validity as a manually executed signature or use a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the federal Electronic Signatures in Global and National Commerce Act and similar state laws, and the Borrower hereby waives any objection to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>Headings</u>. The article headings and the section and subsection captions are inserted for convenience of reference only and shall in no way alter or modify the text of such articles, sections and subsections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Certain Waivers</u>.

**BORROWER AND BANK EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THE LOAN OR ANY OTHER CLAIM ARISING OUT OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR IN CONNECTION WITH ANY OBLIGATIONS OR ALLEGED OBLIGATIONS OF THE BANK TO LOAN MONEY TO BORROWER. BORROWER KNOWINGLY, VOLUNTARILY AND INTENTIONALLY: (A) WAIVES ANY RIGHT TO AND AGREES NOT TO BRING ANY PROCEEDING, INCLUDING, WITHOUT LIMITATION, COURT ACTION, ARBITRATION, MEDIATION, ADMINISTRATIVE PROCEEDING OR OTHERWISE AGAINST BANK AND/OR ANY AFFILIATE, OTHER THAN IN THE COMMONWEALTH OF MASSACHUSETTS; AND (B) WAIVES ANY NOW EXISTING AND/OR HEREAFTER ARISING RIGHT TO ANY CONSEQUENTIAL, PUNITIVE, SPECIAL, EXEMPLARY AND/OR INCIDENTAL DAMAGES. Borrower acknowledges that neither Bank nor any of its representatives, agents or counsel has represented that Bank would not, in the event of any such suit, action or proceeding, seek to enforce the foregoing waivers. Borrower acknowledges that Bank has been induced to enter into this Agreement by, among other things, this waiver**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 <u>No Marshaling</u>. The Bank shall be under no obligation to marshal any assets in favor of Borrower or any other Person or against or in payment of any or all of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 <u>Participants</u>. Bank may grant participations in the Line of Credit to such institutional entities as Bank may, from time to time, select**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 <u>Costs and Expenses; Dishonored Payments</u>. The Borrower agrees to pay on demand all reasonable (i) costs and expenses (including, without limitation, legal fees) of the Bank in connection with the closing of the Line of Credit, the preparation of the Loan Documents and any amendments or modifications of any of the Loan Documents subsequent to the date hereof, (ii) filing fees payable in connection with the execution and delivery of this Agreement and each of the other Loan Documents and perfection of any liens, pledges or security interests, (iii) costs and expenses (including, without limitation, the reasonable fees and out-of-pocket expenses of legal counsel and independent public accountants) incurred by the Bank in connection with interpreting, administering, preserving, enforcing or exercising any rights or remedies under this Agreement and the other Loan Documents, all whether or not legal action is instituted, with interest at the rate charged under the Note upon an Event of Default from the date of expenditure by Bank until said sums have been paid by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17 <u>No Liability</u>. Any term or condition of this Agreement or of the other Loan Documents to the contrary notwithstanding, Bank shall not have, and by its execution and acceptance of this Agreement hereby expressly disclaims, any obligation or responsibility for the management, conduct, or operation of the business and affairs of Borrower, notwithstanding the grant or denial of any approval or consent by the Bank under any of the Loan Documents, nor the specification by the Bank of any requirements by the Bank for the administration of the Line of Credit or the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 <u>Loan Audit Compliance; Post-Closing Conditions</u>. (a) The Loan, including all subsequent renewals and extensions thereof, will be subject to a POST-CLOSING QUALITY CONTROL DOCUMENTATION REVIEW. The Borrower, if requested by Bank, agrees to cooperate fully and adjust for clerical errors on any and all documents or instruments executed in connection with the making of the Line of Credit, and to execute and deliver all such further instruments as the Bank may reasonably require to effectuate more perfectly the intent of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Borrower has failed to deliver to Bank any document, approval or opinion required as a condition to the Loan, Bank's funding of the Loan shall not constitute a waiver of such requirement. A list of required items not delivered by Borrower to Bank as of the date hereof is attached hereto; a failure to deliver any such item within the time period specified shall constitute an Event of Default hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 <u>USA PATRIOT Act Notice</u>. Lender hereby notifies the Borrower, which term for purposes of this paragraph shall include any individual(s) opening any account on behalf of the Borrower, that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name, date of birth (for an individual Borrower) and street address of the Borrower together with other documentation that will allow Lender to identify the Borrower in accordance with the USA PATRIOT Act. Such other documentation may include a valid driver's license and/or other identifying documents. The Borrower shall, promptly following a request by the Lender, provide all documentation and other information that the Lender requests in order to comply with its ongoing obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20 <u>Release of Collateral</u>. Provided no Event of Default has occurred and is continuing hereunder, upon: (i) the cancellation of Bank's reimbursement obligations to USBank wih resect to the USBank Letter of Credit, and (ii) the payment in full of all fees owed by Borrower with respect thereto, the Borrower shall be entitled to release of the cash collateral pledged to secure the same under the Account Pledge and Security Cash Collateral (Cash Collateral) of Kopin Corporation of even date herewith, except to the extent that the Rockland Letter of Credit is not then 100% fully cash-collateralized, in which case Bank may retain in pledge an amount sufficient to satisfy such cash-collateralization requirement.

[Signature page follows.]

IN WITNESS WHEREOF, the Borrowers have executed this Agreement as a sealed instrument and delivered it to Bank as of the date first above written.

**BORROWERS:**

---

| | | | |
|:---|:---|:---|:---|
| KOPIN CORPORATION | KOPIN CORPORATION | KOPIN TARGETING CORPORATION | KOPIN TARGETING CORPORATION |
| By | /s/ Erich Manz | By: | /s/ Erich Manz |
| Name | Erich Manz | Name: | Erich Manz |
| Title: | CFO & Treasurer | Title: | CFO & Treasurer |

---

**BANK:** 

---

| | |
|:---|:---|
| ROCKLAND TRUST COMPANY | ROCKLAND TRUST COMPANY |
| By: | /s/ Craig O'Hare |
| Name: | Craig O'Hare |
| Title: | Vice President |

---

*Loan Agreement (Non-Revolving Line of Credit)*

## Exhibit 10.2

**Exhibit 10.2**

![](ex10-2_001.jpg)

**CONTINUING REIMBURSEMENT AGREEMENT FOR LETTERS OF CREDIT**

This Continuing Reimbursement Agreement for Letters of Credit is made effective this _2__ day of _October__, 2025 by and between **Rockland Trust Company** ("Bank") and **KOPIN CORPORATION** ("Applicant").

In consideration of the issuance by Bank of one or more Credits, Applicant agrees that the following terms shall apply to each Application and each Credit issued by Bank.

**1. <u>The Credit</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, Applicant may request Bank to issue one or more letters of credit (each, a "Credit") substantially in accordance with the terms of any application (each, an "Application") submitted to Bank by Applicant. All Credits will be deemed irrevocable unless otherwise stated in an Application. Bank may sell, assign or participate all or any part of its rights and obligations under this Agreement, the Application and the Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bank hereby is authorized to set forth in the Credit the terms appearing in the Application, with such modifications as Bank in its discretion may determine are appropriate or necessary and are not materially different from such terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All communications relating to the Credit will be sent at Applicant's risk. Bank shall have no responsibility for any inaccuracy of translation, or any error or delay in transmission or delivery by mail, electronic mail, telecommunication or any other method outside of Bank's reasonable control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Bank shall not be in any way responsible for the performance of any beneficiary's obligations to Applicant or for the form, sufficiency, accuracy, genuineness, authority of person signing, falsification or legal effect, of any documents required by the Credit if such documents appear in order on their face. Whether the documents conform to the terms of the Credit and whether any demand is timely and in proper form shall be independently determined by Bank in its sole discretion, which determination shall be final and binding on Applicant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to Section 7(b), Bank may in its discretion honor Applicant's request to increase the amount of the Credit, extend the time for making and honoring of demands under the Credit and otherwise modify the terms and conditions governing the Credit. In the event of any extension of the maturity or time for negotiation or presentation of the drafts or documents or any other modification of the terms or provisions of, or increase in the amount of, the Credit at the request or with the consent of Applicant, this Agreement shall be binding upon Applicant with regard to (i) the Credit as so increased or otherwise modified, (ii) drafts, documents and property covered thereby, (iii) any action taken by Bank in accordance with such extension, increase or other modification, and (iv) any draft paid by Bank which is dated on or before the expiration of any time limit expressed in the Credit, regardless of when drawn or presented for payment and when or whether negotiated, provided the required documents are presented prior to the expiration of the Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Applicant shall promptly review all information, documents and instruments delivered to Applicant from time to time by Bank, including any Credits upon issuance and any amendments and all related presentations and negotiations, and shall notify Bank within five banking days after receipt if Applicant claims that Bank has failed to comply with Applicant's instructions or Bank's obligations with respect to the Credit, has wrongfully honored or dishonored any presentation under the Credit or claims any other irregularity. If Applicant does not so notify Bank within such time period, Applicant shall be conclusively deemed to have waived and shall be precluded from asserting such claim(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the event a Letter of Credit is collateralized under an Line of Credit from Bank to Applicant and In the event Bank, within its sole discretion, declines to renew the Line of Credit beyond the expiration date of such letter of credit, then the Applicant agrees to pledge to Bank within 5 days after notification by Bank cash collateral in an amount equal to the Letter of Credit. Applicant shall execute any and all documentation required by Bank to grant a security interest in such pledged cash collateral and required for proper perfection of such security interest. Unless and until all necessary documentation for such pledge shall be received by Bank, Applicant agrees Bank shall be under no obligation to discharge any existing security interests held as collateral for the Line of Credit.

2. **<u>Reimbursement Obligations</u>**. Applicant promises to pay Bank on demand at the address specified in the Application for Credit in the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The amount of each draft or other request for payment (hereinafter called a "draft") drawn under the Credit (whether drawn before, on or, if in accordance with the law applicable to the Credit, after the expiration date stated in the Credit). For amounts payable in United States currency, Applicant agrees to reimburse Bank in United States currency. For amounts payable in other currencies, Applicant agrees to reimburse Bank an equivalent amount in United States currency at Bank's then current selling rate for such foreign currencies or Applicant will reimburse Bank by sending the foreign currency amount due Bank by wire transfer to the account and location designated by Bank, or at Bank's option, in any other currency, place, form and manner acceptable to Bank. Upon request, Applicant will pay Bank in advance, in United States currency, all sums necessary for Bank to pay all such drafts upon presentation whether payable in United States currency or otherwise. If the draft is a time draft, Applicant shall make payment without demand sufficiently in advance of its maturity to enable Bank to arrange for funds to reach the place of payment when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All commissions, at the rate fixed by Bank, shall be payable from time to time at such intervals as Bank may require and shall be nonrefundable, whether or not the Credit is drawn upon, reduced in time or amount or otherwise modified. Applicant also agrees to pay all of Bank's other fees and charges related to Credits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All taxes, levies, imposts, duties, charges, fees, deductions or withholdings of any nature whatsoever paid or incurred by Bank in connection with this Agreement, the Credit or any related transactions, and any liability with respect thereto (including but not limited to interest, penalties and expenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest on all amounts due under this Agreement from the applicable due date until paid will be variable at the per annum rate fixed from time to time by Bank. Interest shall be calculated on the basis of a 360-day year and the actual number of days elapsed until demand is made for payment in which case interest will be payable upon such demand. Interest accrued hereunder shall be due and payable on the first day of each calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Applicant hereby authorizes Bank to automatically deduct from any of its accounts with Bank or to draw from any available line of credit of the Borrower with the bank, all amounts which become due to Bank under this Agreement. Applicant will pay all fees on the account which result from the automatic deductions, including any overdraft/NSF charges. If for any reason Bank does not charge the account for any amount due, or if an automatic deduction is reversed, the amount due is still owing to Bank as set forth herein.

3. **<u>Security and Insurance</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As security for payment of any and all of Applicant's obligations to Bank and without limiting the rights of the Bank under any security agreement or document governing collateral which Applicant may have with the Bank, any Credit or any other indebtedness of Applicant to Bank, Applicant hereby grants Bank a continuous and continuing interest in (i) all property of Applicant or in which Applicant has an interest (including, but not limited to, all bank accounts Applicant maintains with Bank and all proceeds thereof) and which is now or hereafter for any reason in the possession or control of, or in transit to Bank, or the agent or bailee thereof, and (ii) any and all bills of lading, other documents of title, policies, certificates of insurance, chattel paper, and general intangibles accompanying or relative to a Credit or any drafts drawn thereunder, and any and all inventory, goods and other property shipped under, in connection with or relative to a Credit or any drafts drawn thereunder. In addition to all other rights which Bank may have, Applicant hereby authorizes Bank to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by Bank to or for the credit or the account of Applicant against any and all of the obligations of Applicant now or hereafter existing under this Agreement, irrespective of whether Bank shall have made any demand under this Agreement and although such deposits, indebtedness or obligations may be unmatured or contingent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time Bank requires collateral (or additional collateral), Applicant will, on demand, assign and deliver to Bank as security for any and all obligations of Applicant now or hereafter existing under this Agreement collateral of a type and value satisfactory to Bank or make such cash payment as Bank may require and execute and deliver to Bank such security agreements, pledge agreements, or other documents requested by Bank covering such collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At Bank's request, Applicant will execute and does hereby authorize the Bank to file without the Applicant's signature any financing statements and other documents or instruments as Bank may require to perfect the security interests granted or contemplated hereunder and will pay the cost of any filings in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For commercial credits, Applicant shall keep any property described in the Credit adequately covered by insurance satisfactory to Bank, issued by companies satisfactory to Bank, and at Bank's request will furnish certificates or evidence thereof and will assign insurance policies or certificates to Bank and make losses, adjustments or proceeds payable to Bank. If any such policies procured by Applicant fails to provide for payment of the loss thereunder, Applicant hereby makes the loss payable to Bank under such policy and assigns to Bank all proceeds of such policy and agrees to accept proceeds of all insurance as Bank's agent and to hold same in trust for Bank, and forthwith to deliver the same to Bank, with Applicant's endorsement where necessary, and Bank or any of Bank's officers are hereby irrevocably empowered, with power of substitution, to endorse any check in the name of Applicant received in payment of any loss or adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Bank shall not be liable for any failure to collect or demand payment of, or to protest or give any notice of non-payment of, any collateral or any part thereof or for any delay in so doing, nor shall Bank be under any obligation to take any action whatsoever with respect to the collateral or any part thereof. Bank shall use reasonable care in the custody and preservation of the collateral in Bank's possession but need not take any steps to preserve rights against prior parties or to keep the collateral identifiable. Bank shall have no obligation to comply with any recording, re- recording, filing, re-filing or other legal requirement necessary to establish or maintain the validity, priority or enforceability of, or Bank's right in and to, the collateral, or any part thereof. Bank may exercise any right of Applicant with respect to any collateral. Bank may endorse Applicant's name on any and all notes, checks, drafts, bills of exchange, money orders or commercial paper included in the collateral or representing the proceeds thereof.

4. **<u>Default and Remedies</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Time is of the essence in this Agreement. The occurrence of any of the following shall be an Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Default in payment or performance of any of Applicant's obligations hereunder or under any promissory note or other agreement between Bank and Applicant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Default under any security documents securing Applicant's obligations hereunder, whether executed by Applicant or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Levy or proceeding against any property of Applicant or any guarantor of Applicant's obligations hereunder ("Guarantor");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Death, dissolution, termination of existence, insolvency or business failure of, appointment of a receiver for any part of the property of, assignment for the benefit of creditors by, commencement of any proceeding under any bankruptcy or insolvency laws by or against, or entry of judgment against, Applicant or any Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any warranty, representation or statement made or furnished to Bank by Applicant or any Guarantor proves to have been false in any material respect when made or furnished;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any event which gives the holder of any debt obligation of Applicant or any Guarantor the right to accelerate its maturity, whether or not such right is exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any guaranty of Applicant's obligations hereunder ceases to be, or is asserted by any person not to be, in full force and effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any material adverse change in the financial condition or management of Applicant or any Guarantor, or if Bank for any reason in good faith, deems itself insecure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the occurrence of any Event of Default and at any time thereafter, Bank at its option and in addition to all other rights of Bank under this Agreement, any related agreement and applicable law, may (i) without notice or demand declare the amount for which the Credit was issued and any other amounts owing hereunder immediately due and payable; and (ii) exercise any and all rights and remedies of a secured party under the Uniform Commercial Code and other applicable law.

5. **<u>Certain Warranties</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Applicant warrants that the execution, delivery and performance of this Agreement are within its authority and are not in contravention of law, of any terms of any agreement, instrument, order or judgment to which Applicant is a party or by which it or its property may be bound or of any provision of its charter document or bylaws, and that it has obtained all necessary approvals and consents therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Applicant represents and warrants that any Credit, and transactions related thereto, shall be in compliance with any federal, state, local and foreign laws, regulations, treaties or customs applicable to Bank or Customer, including without limitation the regulations promulgated by Office of Foreign Assets Control (OFAC), and any other foreign or domestic legal restriction on doing business with certain individuals or countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Applicant will procure promptly all necessary licenses for the export, import, shipping or warehousing of, or payment for property covered by the Credit and will comply with all foreign and U.S. laws, rules and regulations (including exchange control regulations) now or hereafter applicable to the transaction related to the Credit or applicable to the execution, delivery and performance by Applicant of this Agreement.

6. **<u>Changes to Laws and Regulations</u>**. If any adoption of or change in law or regulation, or in the interpretation or administration thereof by any official authority shall impose on Bank any tax, charge, fee, deduction or withholding of any kind whatsoever, or shall impose or modify any reserve requirements, standards regarding capital adequacy or any other conditions affecting this Agreement or the Credit, and the result of any of the foregoing shall be to increase the cost to Bank of issuing and maintaining the Credit, reduce the amount of any sum receivable by Bank hereunder or reduce the rate of return on Bank's capital, then Applicant shall pay to Bank upon demand such additional amount or amounts as Bank may specify to be necessary to compensate Bank for such additional costs incurred or reduction suffered.

7. **<u>General Terms and Conditions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Application shall be subject to all terms and conditions of this Agreement. In addition, this Agreement shall apply to each Credit issued or confirmed by Bank at the request of Applicant, including, without limitation, all Credits (if any) previously opened and outstanding on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other term hereof, Applicant understands and agrees that the Credit can be revoked or amended only with the consent of the beneficiary of the Credit, Bank and any confirming bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Applicant requests Bank to issue a Credit for the account of a third party, whether affiliated with Applicant or otherwise (the "Account Party"), the Account Party shall have no rights against Bank. Bank may deal with Applicant as if Applicant were the named Account Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Applicant shall give Bank prior written notice of any change of name, address or place of business. Any notice of any nature by Applicant to Bank must be given at Bank's office to which the application was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The singular includes the plural. If Applicant consists of more than one person, the obligations of Applicant hereunder are joint and several and are binding upon any marital community of which any Applicant is a member. This Agreement shall be binding on Applicant, its successors and assigns, and shall inure to the benefit of Bank or Bank's successors, transferees and assigns. Notwithstanding the foregoing, Applicant may not assign its rights under this agreement without Bank's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the title appearing on any Credit instrument, the rights and obligations of Bank and Applicant with respect to the Credit shall be as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Application and/or the Credit will set forth which rules or customs apply to the corresponding Credit. Such rules and customs may include, but are not limited to, the International Standby Practices, as published by the International Chamber of Commerce ("ISP") or the Uniform Customs and Practice for Documentary Credits, as published by the International Chamber of Commerce ("UCP"). In any event, the rules or practices set forth in the Credit are incorporated herein and shall govern the Credit. This Agreement and the Credit shall be governed by the internal laws of the State in which the credit was issued and the United States of America (the "Governing Laws"), except to the extent such laws are inconsistent with the rules adopted in the Application as set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) When possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Applicant hereby indemnifies and agrees to defend and hold harmless Bank, its officers, directors, agents, successors and assigns, from and against any and all liabilities, claims, demands, losses and expenses (including without limitation legal costs and attorney fees incurred in any appellate proceeding, proceeding under the bankruptcy code or receivership and post-judgment attorney fees incurred in enforcing any judgment), arising from or in connection with this Agreement, the Credit or any related transaction, except to the extent such claims arise from Bank's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any action, inaction or omission taken or suffered by Bank under or in connection with the Credit or any relative drafts, documents or property, if in good faith and in conformity with foreign or United States laws, regulations or customs applicable thereto, shall be binding upon Applicant and shall not place Bank under any resulting liability to Applicant. Without limiting the generality of the foregoing, Bank may act in reliance upon any oral, telephonic, telegraphic, electronic or written request or notice believed in good faith to have been authorized by Applicant, whether or not in fact given or signed by an authorized person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Bank's waiver of any right on any occasion or occasions shall not be construed as a bar or waiver of any other right or of such right on any other occasion. Applicant hereby waives and agrees not to assert any defense under any applicable statute of limitations, to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Without notice to any Applicant and without affecting Bank's rights or Applicant's obligations, Bank may deal in any manner with any person who at any time is liable for, or provides any collateral for, any obligations of Applicant to Bank. Without limiting the foregoing, Bank may impair, release (with or without substitution of new collateral) and fail to perfect a security interest in, any collateral provided by any person; and sue, fail to sue, agree not to sue, release, and settle or compromise with, any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Except as otherwise provided herein or in any Credit, all notices and other communications required or permitted to be given to any party hereto shall be in writing or an electronic medium that is retrievable in a perceivable form and shall be deemed given when delivered by hand, electronically, by overnight courier, or when deposited in the United States mail, postage prepaid, addressed as set forth in the Application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Whether or not litigation or arbitration is commenced, Applicant promises to pay all attorney fees and other costs and expenses incurred by Bank in collecting overdue amounts or construing or enforcing any provision of this Agreement or the Credit, including but not limited to reasonable attorney fees at trial, in any arbitration, appellate proceeding, proceeding under the bankruptcy code or receivership and post-judgment attorney fees incurred in enforcing any judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) If the Credit is issued pursuant to a loan agreement or other separate agreement, the terms of such other agreement shall control in the event of a conflict between the terms of this Agreement and such other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) This Agreement is a continuing agreement and shall remain in effect until terminated, amended or replaced. This Agreement may be terminated by Applicant or Bank by giving notice of termination to the other and may be amended or replaced by a written agreement signed by Applicant and accepted by Bank; provided, however that no such termination, amendment or replacement shall alter or affect the undertaking of Applicant or Bank with respect to any Credit issued, or commitment to issue, prior to such termination, amendment or replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) This Agreement, as supplemented by the laws, rules and customs incorporated herein by subpart (g) to this part, and as supplemented by the terms of the Application, if any, constitutes the entire understanding between Bank and Applicant with respect to the matters treated herein and specifically supersedes any prior or contemporaneous oral agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Nothing in this Agreement shall be construed as imposing any obligation on Bank to issue any Credit. Each Credit shall be issued by Bank in its sole discretion and at its sole option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Bank is authorized, but not obligated, to record electronically or otherwise any telephone and other oral communications between Bank and Applicant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) All terms and conditions on the attached Schedule 1, and any replacement Schedule 1 are hereby incorporated herein. Applicant may change the provisions of Schedule 1 by executing and delivering a new Schedule 1 to Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) In the event Applicant submits an Application or other instruction by facsimile transmission or any other form of transmission by electronic means such as transmission by pdf (each, a "Faxed Document"), Applicant agrees: (i) each Faxed Document shall be deemed to be an original document and shall be effective for all purposes as if it were an original; (ii) Applicant shall retain the original of any Faxed Document and shall deliver it to Bank upon request; (iii) if Applicant sends Bank a manually signed confirmation of a Faxed Document, Bank shall have no duty to compare it to the previously received Faxed Document nor shall it have any liability or duty to act should the contents of the written confirmation differ therefrom. Any manually signed confirmation of a Faxed Document must be conspicuously marked "Previously transmitted by facsimile". Bank will not be liable for issuance of duplicate letters of credit or amendments thereto that result from Bank's receipt of confirmations not so marked; (iv) Bank cannot effectively determine whether a particular facsimile request is valid. Therefore Applicant shall have sole responsibility for the security of using facsimile transmissions and for any authorized or unauthorized Faxed Document received by Bank, purportedly on behalf of Applicant.

8. **<u>Force Majeure</u>**. In the event any Credit issued by the Bank pursuant to this Agreement expires by its terms on a date which occurs during a period of time the Bank experiences an interruption of its normal course of business operations as a result of, directly or indirectly, any Act of God, riots, civil commotions, insurrections, wars, acts of terrorism, epidemic, pandemic, or other casualty, any law, order, or requirement of any governmental agency or authority, strikes or lockouts or any other causes beyond the control of the Bank, the Applicant expressly agrees that the time for the Bank to effect payment to the Beneficiary under any such Credit may be extended to a period of time not to exceed 30 days after the Bank resumes its normal business operations.

9. **<u>IMPORTANT NOTICE</u>**<u>.</u> ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING PREPAYMENT OF A DEBT INCLUDING VERBAL PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE.

Bank assumes no liability or responsibility for the consequences arising out of delay and/or loss in transit of any message, letter or documentation, or for delay, mutilation, destruction or other error arising in the transmission of any document. In no event shall Bank be liable for any special, indirect or consequential damages. IN ANY CASE, CONTROVERSY OR MATTER WHICH ARISES OUT OF, OR IS IN RESPECT OF, THIS AGREEMENT OR THE CREDIT, OR ANY OTHER INSTRUMENT IN CONNECTION WITH THE CREDIT, WHETHER NOW EXISTING OR HEREAFTER ARISING, THE APPLICANT KNOWINGLY, VOLUNTARILY AND INTENTIONALLY: (A) WAIVES ANY RIGHT TO AND AGREES NOT TO BRING, COMMENCE, OR OTHERWISE TAKE ANY ACTION TO TRANSFER ANY PROCEEDING INCLUDING WITHOUT LIMITATION COURT ACTION, ARBITRATION, MEDIATION, ADMINISTRATIVE PROCEEDING OR OTHERWISE AGAINST THE BANK, OTHER THAN IN THE COMMONWEALTH OF MASSACHUSETTS; (B) WAIVES ANY NOW EXISTING AND/OR HEREAFTER ARISING RIGHT TO A TRIAL BY JURY; AND (C) WAIVES ANY NOW EXISTING AND/OR HEREAFTER ARISING RIGHT TO ANY CONSEQUENTIAL, PUNITIVE, SPECIAL, EXEMPLARY AND/ OR INCIDENTAL DAMAGES.

Applicant acknowledges receipt of a completed copy of this Agreement.

IN WITNESS WHEREOF, this Agreement has been executed and delivered as of the day and year first above written.

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| | | | |
|:---|:---|:---|:---|
| **APPLICANT:** | **APPLICANT:** | **BANK:** | **BANK:** |
|  |  | **Rockland Trust Company** | **Rockland Trust Company** |
| By: | /s/ Erich Manz | By: | /s/ Craig O'Hare |
| Name: | Erich Manz | Name: | Craig O'Hare |
| Title: | CFO &Treasurer | Title: | Vice President |

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**SCHEDULE 1**

**AUTHORIZATION**

**CONTINUING REIMBURSEMENT AGREEMENT FOR LETTERS OF CREDIT**

The provisions of this Schedule 1 are hereby incorporated into and made a part of the Continuing Reimbursement Agreement for Letters of Credit ("Agreement") executed by and between **ROCKLAND TRUST COMPANY**, ("Bank") and **KOPIN CORPORATION** ("Applicant"), dated ______________, 2025. Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any one of the persons whose name, title and signature appears below is authorized to give instructions to Bank and to execute and/or transmit Applications, requests for amendments, requests for extensions and other communications of any nature regarding any Credit issued by Bank for Applicant.

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| | | |
|:---|:---|:---|
| **NAME** | **TITLE** | **SIGNATURE** |
| MICHAEL MURRAY | CEO | |
| ERICH MANZ | CFO & Treasurer | |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The following persons are entitled to waive discrepancies contained in documents presented under a Credit. (Applicant understands that upon any such waiver, Applicant is obligated to reimburse Bank to the same extent as if the documents fully complied with the terms of the Credit.):

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| | | |
|:---|:---|:---|
| **NAME** | **TITLE** | **TELEPHONE NUMBER** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Bank is instructed to automatically deduct from Account No. **[___________________]** all amounts which become due under the Agreement. Should there be insufficient funds in this account to reimburse Bank, Bank is authorized to deduct any remaining amounts due from any of Applicant's accounts with Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Schedule 1 shall be effective upon receipt by Bank. Bank may rely on this Schedule I until it has been revoked in writing by Applicant and Bank has a reasonable opportunity to act on any such revocation.

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| | | | |
|:---|:---|:---|:---|
| **APPLICANT:** | **APPLICANT:** | **BANK:** | **BANK:** |
| **BORROWER NAME** | **BORROWER NAME** | **ROCKLAND TRUST COMPANY** | **ROCKLAND TRUST COMPANY** |
| By: | /s/ Erich Manz | By: | /s/ Craig O'Hare |
| Name: | Erich Manz | Name: | Craig O'Hare |
| Title: | CFO& TREASURER | Title: | VICE PRESIDENT |
| Date: | ______________, 2025 | Date: | ______________, 2025 |

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