Document:

Exhibit
10.1 

 

THIS
NOTE HaS Not BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF
WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

 

SECURED PROMISSORY NOTE

 

 

	Principal Amount: $500,000	           New York, NY
	 	    December 28, 2018

 

 

FOR VALUE RECEIVED,
the undersigned, Enertec Systems 2001 Ltd., an Israeli corporation (the “Maker”), promises to pay to
the order of Dominion Capital LLC and its successors or assigns (collectively referred to as the “Payee”)
by the earlier of June 15, 2019 (the “Maturity Date”) or as otherwise provided pursuant to the terms
of this Promissory Note (the “Note”), the total principal sum of Five Hundred Thousand Dollars ($500,000),
together with accrued but unpaid interest and any other amounts due thereon, in accordance with the provisions hereof.

 

This Note is subject
to the following additional provisions:

 

		1.	Payment of Interest. The Maker shall pay interest to the Payee on the aggregate principal
amount of this Note at the rate of 10% per annum in cash. Interest payments hereunder shall be paid in arrears beginning on January
15, 2019 and on a monthly basis thereafter until the Note is paid in full. All accrued but unpaid interest on this Note as of the
Maturity Date shall be due and payable on each Amortization Payment Date (as defined below), on the Maturity Date or as otherwise
set forth herein.

 

		2.	Amortization Payment. On each of April 15, 2019, May 15, 2019 and June 15, 2019 (each, an
“Amortization Payment Date”), the Maker shall redeem one-third (1/3) of the outstanding principal amount
of this Note and accrued but unpaid interest thereon in cash. Any outstanding principal amount, accrued but unpaid interest on
this Note as of the Maturity Date and any other amounts due hereunder will be due and payable on the Maturity Date in cash.

 

    	 		 

     

    

 

		3.	Optional Prepayment. The Maker may, at its option and without penalty, prepay the principal
amount of this Note, any accrued but unpaid interest and any other amounts due under this Note, in whole or in part, upon five
(5) business days’ written notice to the Payee.

 

		4.	Payment in U.S. Dollars. The Maker shall pay all amounts due under this Note in lawful money
of the United States via wire transfer in accordance with such instructions as the Payee may provide the Maker from time to time.
All payments made by the Maker under this Note shall be applied first to any costs, expenses, and charges then payable by the Maker,
second to accrued default interest then due (if any), third to accrued interest then due and then to outstanding principal.

 

		5.	Events of Default.

 

(a)       “Event
of Default” means, wherever used herein, any of the events (whatever the reason for such event and whether such event
shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or
any order, rule or regulation of any administrative or governmental body) set forth below:

 

i.       Any
default in the payment of (A) the principal amount of this Note or (B) any liquidated damages and any other amounts owing to the
Payee on this Note, as and when the same shall become due and payable (whether on the Maturity Date, any Amortization Payment Date,
by acceleration or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above,
is not cured within seven (7) business days;

 

ii.       The
failure of the Maker to perform, keep, or observe any of its other covenants, conditions, promises, agreements or obligations set
forth herein and such failure is not cured, if possible to cure, within seven (7) business days;

 

iii.       Any
representation or warranty of the Maker made in this Note shall be untrue or incorrect in any material respect;

 

iv.       Any
default or event of default shall occur under that certain Performance Guaranty, dated December 28, 2018, by and among the Maker,
the Payee, DPW Holdings, Inc., Microphase Corporation and Ault & Company, Inc. (subject to any grace or cure period provided
therein);

 

v.       The
Maker shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement, factoring
agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness
for borrowed money or money due under any long term leasing or factoring arrangement that (A) involves an obligation greater than
$50,000, whether such indebtedness now exists or shall hereafter be created, and (B) results in such indebtedness becoming or being
declared due and payable prior to the date on which it would otherwise become due and payable;

 

    	 	-2-	 

     

    

 

vi.       If
judgment or liens for unpaid and overdue obligations aggregating to at least $50,000 are filed against the Maker, which remain
unvacated, unsatisfied or unbonded within forty-five (45) days after notice of filing;

 

vii.       The
commencement by or against the Maker of any case under the federal bankruptcy laws or any other proceeding under any other laws
relating to bankruptcy, insolvency, reorganization, arrangement, debt adjustment or debtor relief and such commencement, if involuntary,
shall not have been dismissed within sixty (60) days;

 

viii.       Any
assignment by the Maker for the benefit of its creditors;

 

ix.       The
appointment of a receiver, trustee, custodian or similar official for all or substantially all of the Maker’s property or
assets; or

 

x.       The
dissolution or liquidation of the Maker.

 

		6.	Remedies; Costs of Collection.

 

(a)       If
any Event of Default occurs that has not been cured, the outstanding principal amount of this Note, plus accrued but unpaid interest,
any liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the Payee’s
election, immediately due and payable in cash at the Mandatory Default Amount. “Mandatory Default Amount”
means the payment of one-hundred twenty-five percent (125%) of the outstanding principal amount of this Note and accrued and unpaid
interest hereon, in addition to the payment of all other amounts, costs, expenses and liquidated damages due in respect of this
Note. After the occurrence of any Event of Default that results in the eventual acceleration of this Note, the Maker shall pay
interest on all amounts outstanding under this Note at an additional interest rate equal to the lesser of 1.5% per month (18% per
annum) or the maximum rate permitted under applicable law.

 

(b)       Except
as set forth herein, upon the occurrence of any uncured Event of Default hereunder, the Payee need not provide, and the Maker hereby
waives, any presentment, demand, protest or other notice of any kind, and the Payee shall have the right to exercise any and all
rights afforded to a creditor under applicable law immediately and without expiration of any grace period. All of the Payee’s
rights and remedies, whether established hereby or by any other agreements, instruments or documents or by law, shall be cumulative
and may be exercised singly or concurrently. No remedy contained herein shall be deemed a waiver of compliance with the provisions
giving rise to such remedy and nothing herein shall limit the Payee’s right to pursue actual damages for any failure by the
Maker to comply with the terms of this Note. Amounts set forth or provided for herein with respect to payments and the like (and
the computation thereof) shall be the amounts to be received by the Payee and shall not, except as expressly provided herein, be
subject to any other obligation of the Maker (or the performance thereof). The Maker acknowledges that a breach by it of its obligations
hereunder will cause irreparable and material harm to the Payee and that the remedy at law for any such breach may be inadequate.
Therefore, the Maker agrees that, in the event of any such breach or threatened breach, the Payee shall be entitled, in addition
to all other available rights and remedies, at law or in equity, to seek and obtain such equitable relief, including but not limited
to an injunction restraining any such breach or threatened breach, without the necessity of showing economic loss and without any
bond or other security being required.

 

    	 	-3-	 

     

    

 

(c)       In
the event that the Payee takes action to collect amounts due under this Note or to otherwise enforce the provisions of this Note,
or there occurs any bankruptcy, or receivership of the Maker or other proceeding affecting creditors’ rights and involving
a claim under this Note, the Maker agrees to pay the reasonable and documented costs, expenses, attorney's and other fees incurred
by the Payee in connection with the enforcement of such Payee’s rights hereunder or adjudged by a court, including, without
limitation, (i) the cost of suit plus reasonable legal fees for instituting action to enforce payment of this Note in whole or
in part and (ii) the cost of suit plus reasonable legal fees in such case where any other litigation or controversy in connection
with this Note is instituted or defended.

 

		7.	Miscellaneous. 

 

 

(a)       Notices.
Any and all notices, service of process or other communications or deliveries required or permitted to be given or made pursuant
to any of the provisions of this Note shall be in writing and shall be deemed given and effective on the earliest of: (i) the date
of transmission, if such notice or communication is delivered via facsimile at the facsimile number or by email attachment at the
email address set forth below at or prior to 5:30 p.m. (Eastern Time) on a business day, (ii) the next business day after the date
of transmission, if such notice or communication is delivered via facsimile at the facsimile number or by email attachment at the
email address set forth below on a day that is not a business day or later than 5:30 p.m. (Eastern Time) on any business day, (iii)
the second (2nd) business day following the date of mailing, if sent by a U.S. nationally recognized overnight courier service
or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be:

 

If to the Payee, at:

 

Dominion Capital LLC

256 West 38th Street

15th Floor

New York, NY 10018

Attn: Mikhail Gurevich, Managing
Member

Tel: (212) 785-4681

Fax: (708) 844-2883

Email: mikhail@domcapllc.com

 

    	 	-4-	 

     

    

 

If to the Maker, at:

 

Enertec Systems 2001 Ltd.

Hanapach 8

Industrial Area 5

Karmiel, Israel

Attn: Nissim Ovadia

Tel: +972 (4) 958-5680

Fax: +972 (4) 988-0603

Email: nissim@enertec.co.il

 

or such other facsimile number,
email address or address as may be given by the parties in accordance with the notice provisions hereof.

 

(b)       Governing
Law; Waiver of Jury Trial. The parties acknowledge and agree that any claim, controversy, dispute or action relating in any
way to this Note and the provisions hereof shall be governed solely by the laws of the State of New York, without regard to any
conflict of laws doctrines. The parties irrevocably consent to being served with legal process issued from the state and federal
courts located in the City of New York, Borough of Manhattan (the “New York Courts”) and irrevocably
consent to the exclusive personal jurisdiction of the New York Courts. The parties irrevocably waive any objections to the personal
jurisdiction of the New York Courts. Said courts shall have sole and exclusive jurisdiction over any and all claims, controversies,
disputes and actions which in any way relate to this Note and the provisions hereof. The parties also irrevocably waive any objections
that the New York Courts constitute an oppressive, unfair, or inconvenient forum and agree not to seek to change venue on these
grounds or any other grounds. Nothing in this section shall affect or limit any right to serve process in any other manner permitted
by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(c)       Headings.
Section headings in this Note are included herein for purposes of convenience of reference only and shall not constitute a part
of this Note for any other purpose.

 

(d)       Amendments.
This Note may not be modified or amended in any manner except in a writing executed by the Maker and the Payee.

 

(e)       Waiver.
No failure or delay on the part of the Payee in the exercise of any power, right or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof
or of any other right, power or privilege, nor shall any waiver by the Payee of any such right or rights on any one occasion be
deemed a waiver of the same right or rights on any future occasion.

 

    	 	-5-	 

     

    

 

(f)       Usury.
If a law, which applies to this Note and which sets maximum loans, is finally interpreted in a court of law so that the interest
or other loan charges collected or to be collected in connection with this loan exceed the permitted limits under any applicable
law or statute, then: (i) any such charge shall be reduced by the amount necessary to reduce the charge to the permitted limit;
and (ii) any sums already collected from the Maker which exceeded permitted limits will be applied and shall be deemed to
have been payments in reduction of the principal balance of this Note.

 

(g)       Successors
and Assigns. Subject to applicable securities laws, this Note and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors and assigns of the Payee and the Maker, provided that the Maker can not assign
this Note or delegate any of its duties hereunder without the consent of the Payee.

 

(h)       Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a business day, such payment
shall be made on the next succeeding business day.

 

(i)       Severability.
Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Note shall be prohibited by or invalid under applicable 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 Note.

 

(j)       Secured
Note. The obligations of the Maker under this Note are secured by all assets of the Maker and each subsidiary of the Maker
pursuant to the Security Agreement, dated as of December 28, 2018, between the Maker, the subsidiaries of the Maker and the Payee.

 

 

 

 

[Signature Page Follows]

 

    	 	-6-	 

     

    

 

IN WITNESS WHEREOF,
this Note has been duly executed as of the date and year first above written.

 

 

	 	ENERTEC SYSTEMS 2001 LTD. 
	 	 
	 	 
	 	By: ____________________________________
	 	       Name: Amos Kohn
	 	       Title: Chairman of the Board of Directors

 

 

-7-Exhibit 10.2

 

THIS
NOTE HaS Not BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF
WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

 

SECURED PROMISSORY NOTE

 

 

	Principal Amount: $200,000	
        New York, NY

        December 28, 2018

 

 

 

FOR VALUE RECEIVED,
the undersigned, Microphase Corporation, a Delaware corporation (the “Maker”), promises to pay to the
order of Dominion Capital LLC and its successors or assigns (collectively referred to as the “Payee”)
by the earlier of March 31, 2019 (the “Maturity Date”) or as otherwise provided pursuant to the terms
of this Promissory Note (the “Note”), the total principal sum of Two Hundred Thousand Dollars ($200,000),
together with accrued but unpaid interest and any other amounts due thereon, in accordance with the provisions hereof.

 

This Note is subject
to the following additional provisions:

 

		1.	Payment of Interest. The Maker shall pay interest to the Payee on the aggregate principal
amount of this Note at the rate of 10% per annum in cash. Interest payments hereunder shall be paid in arrears beginning on January
15, 2019 and on a monthly basis thereafter until the Note is paid in full. All accrued but unpaid interest on this Note as of the
Maturity Date shall be due and payable on the Maturity Date or as otherwise set forth herein.

 

    	 		 

     

    

 

		2.	Mandatory Prepayment. Until this Note has been paid in full, no later than five (5) days
after sending an invoice to a customer in connection with a bona fide purchase order after the date hereof that contains
components paid for from the proceeds of this Note (the “Mandatory Prepayment Date”), the Maker shall
pay the Payee, from its revolving credit facility, the outstanding principal amount of this Note in an amount in cash equal to
seventy percent (70%) of the net cash received by the Maker from the invoiced products; provided that the Maker shall pay the Payee
the outstanding principal amount of this Note, accrued but unpaid interest and any other amounts due thereon by the Maturity Date
in accordance with the terms hereof. For the avoidance of doubt, the Mandatory Prepayment Date may, if triggered pursuant to this
Section 2, occur before the Maturity Date.

 

		3.	Optional Prepayment. The Maker may, at its option and without penalty, prepay the principal
amount of this Note, any accrued but unpaid interest and any other amounts due under this Note, in whole or in part, upon five
(5) business days’ written notice to the Payee.

 

		4.	Payment in U.S. Dollars. The Maker shall pay all amounts due under this Note in lawful money
of the United States via wire transfer in accordance with such instructions as the Payee may provide the Maker from time to time.
All payments made by the Maker under this Note shall be applied first to any costs, expenses, and charges then payable by the Maker,
second to accrued default interest then due (if any), third to accrued interest then due and then to outstanding principal.

 

		5.	Events of Default.

 

(a)       “Event
of Default” means, wherever used herein, any of the events (whatever the reason for such event and whether such event
shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or
any order, rule or regulation of any administrative or governmental body) set forth below:

 

i.       Any
default in the payment of (A) the principal amount of this Note or (B) any liquidated damages and any other amounts owing to the
Payee on this Note, as and when the same shall become due and payable (whether on the Maturity Date, the Mandatory Prepayment Date,
by acceleration or otherwise) which default, solely in the case of an interest payment or other default under clause (B) above,
is not cured within seven (7) business days;

 

ii.       The
failure of the Maker to perform, keep, or observe any of its other covenants, conditions, promises, agreements or obligations set
forth herein and such failure is not cured, if possible to cure, within seven (7) business days;

 

iii.       Any
representation or warranty of the Maker made in this Note shall be untrue or incorrect in any material respect;

 

iv.       Any
default or event of default shall occur under that certain Performance Guaranty, dated December 28, 2018, by and among the Maker,
the Payee, DPW Holdings, Inc., Enertec Systems 2001 Ltd. and Ault & Company, Inc. (subject to any grace or cure period provided
therein);

 

    	 	-2- 	 

     

    

 

v.       The
Maker shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement, factoring
agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness
for borrowed money or money due under any long term leasing or factoring arrangement that (A) involves an obligation greater than
$50,000, whether such indebtedness now exists or shall hereafter be created, and (B) results in such indebtedness becoming or being
declared due and payable prior to the date on which it would otherwise become due and payable;

 

vi.       If
judgment or liens for unpaid and overdue obligations aggregating at least $50,000 are filed against the Maker, which remain unvacated,
unsatisfied or unbonded within forty-five (45) days after notice of filing;

 

vii.       The
commencement by or against the Maker of any case under the federal bankruptcy laws or any other proceeding under any other laws
relating to bankruptcy, insolvency, reorganization, arrangement, debt adjustment or debtor relief and such commencement, if involuntary,
shall not have been dismissed within sixty (60) days;

 

viii.       Any
assignment by the Maker for the benefit of its creditors;

 

ix.       The
appointment of a receiver, trustee, custodian or similar official for all or substantially all of the Maker’s property or
assets; or

 

x.       The
dissolution or liquidation of the Maker.

 

		6.	Remedies; Costs of Collection.

 

(a)       If
any Event of Default occurs that has not been cured, the outstanding principal amount of this Note, plus accrued but unpaid interest,
any liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the Payee’s
election, immediately due and payable in cash at the Mandatory Default Amount. “Mandatory Default Amount”
means the payment of one-hundred twenty-five percent (125%) of the outstanding principal amount of this Note and accrued and unpaid
interest hereon, in addition to the payment of all other amounts, costs, expenses and liquidated damages due in respect of this
Note. After the occurrence of any Event of Default that results in the eventual acceleration of this Note, the Maker shall pay
interest on all amounts outstanding under this Note at an additional interest rate equal to the lesser of 1.5% per month (18% per
annum) or the maximum rate permitted under applicable law.

 

    	 	-3- 	 

     

    

 

(b)       Except
as set forth herein, upon the occurrence of any uncured Event of Default hereunder, the Payee need not provide, and the Maker hereby
waives, any presentment, demand, protest or other notice of any kind, and the Payee shall have the right to exercise any and all
rights afforded to a creditor under applicable law immediately and without expiration of any grace period. All of the Payee’s
rights and remedies, whether established hereby or by any other agreements, instruments or documents or by law, shall be cumulative
and may be exercised singly or concurrently. No remedy contained herein shall be deemed a waiver of compliance with the provisions
giving rise to such remedy and nothing herein shall limit the Payee’s right to pursue actual damages for any failure by the
Maker to comply with the terms of this Note. Amounts set forth or provided for herein with respect to payments and the like (and
the computation thereof) shall be the amounts to be received by the Payee and shall not, except as expressly provided herein, be
subject to any other obligation of the Maker (or the performance thereof). The Maker acknowledges that a breach by it of its obligations
hereunder will cause irreparable and material harm to the Payee and that the remedy at law for any such breach may be inadequate.
Therefore, the Maker agrees that, in the event of any such breach or threatened breach, the Payee shall be entitled, in addition
to all other available rights and remedies, at law or in equity, to seek and obtain such equitable relief, including but not limited
to an injunction restraining any such breach or threatened breach, without the necessity of showing economic loss and without any
bond or other security being required.

 

(c)       In
the event that the Payee takes action to collect amounts due under this Note or to otherwise enforce the provisions of this Note,
or there occurs any bankruptcy, or receivership of the Maker or other proceeding affecting creditors’ rights and involving
a claim under this Note, the Maker agrees to pay the reasonable and documented costs, expenses, attorney's and other fees incurred
by the Payee in connection with the enforcement of such Payee’s rights hereunder or adjudged by a court, including, without
limitation, (i) the cost of suit plus reasonable legal fees for instituting action to enforce payment of this Note in whole or
in part and (ii) the cost of suit plus reasonable legal fees in such case where any other litigation or controversy in connection
with this Note is instituted or defended.

 

		7.	Miscellaneous. 

 

 

(a)       Notices.
Any and all notices, service of process or other communications or deliveries required or permitted to be given or made pursuant
to any of the provisions of this Note shall be in writing and shall be deemed given and effective on the earliest of: (i) the date
of transmission, if such notice or communication is delivered via facsimile at the facsimile number or by email attachment at the
email address set forth below at or prior to 5:30 p.m. (Eastern Time) on a business day, (ii) the next business day after the date
of transmission, if such notice or communication is delivered via facsimile at the facsimile number or by email attachment at the
email address set forth below on a day that is not a business day or later than 5:30 p.m. (Eastern Time) on any business day, (iii)
the second (2nd) business day following the date of mailing, if sent by a U.S. nationally recognized overnight courier service
or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications
shall be:

 

    	 	-4- 	 

     

    

 

If to the Payee, at:

 

Dominion Capital LLC

256 West 38th Street

15th Floor

New York, NY 10018

Attn: Mikhail Gurevich, Managing
Member

Tel: (212) 785-4681

Fax: (708) 844-2883

Email: mikhail@domcapllc.com

 

If to the Maker, at:

 

Microphase Corporation

100 Trap Falls Rd. Ext

Suite 400

Shelton, CT 06484

Attn: James Ashman

Tel: (203) 913-0506

Fax: (203) 538-5558

Email: jashman@microphase.com

 

or such other facsimile number,
email address or address as may be given by the parties in accordance with the notice provisions hereof.

 

(b)       Governing
Law; Waiver of Jury Trial. The parties acknowledge and agree that any claim, controversy, dispute or action relating in any
way to this Note and the provisions hereof shall be governed solely by the laws of the State of New York, without regard to any
conflict of laws doctrines. The parties irrevocably consent to being served with legal process issued from the state and federal
courts located in the City of New York, Borough of Manhattan (the “New York Courts”) and irrevocably
consent to the exclusive personal jurisdiction of the New York Courts. The parties irrevocably waive any objections to the personal
jurisdiction of the New York Courts. Said courts shall have sole and exclusive jurisdiction over any and all claims, controversies,
disputes and actions which in any way relate to this Note and the provisions hereof. The parties also irrevocably waive any objections
that the New York Courts constitute an oppressive, unfair, or inconvenient forum and agree not to seek to change venue on these
grounds or any other grounds. Nothing in this section shall affect or limit any right to serve process in any other manner permitted
by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(c)       Headings.
Section headings in this Note are included herein for purposes of convenience of reference only and shall not constitute a part
of this Note for any other purpose.

 

    	 	-5- 	 

     

    

 

(d)       Amendments.
This Note may not be modified or amended in any manner except in a writing executed by the Maker and the Payee.

 

(e)       Waiver.
No failure or delay on the part of the Payee in the exercise of any power, right or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof
or of any other right, power or privilege, nor shall any waiver by the Payee of any such right or rights on any one occasion be
deemed a waiver of the same right or rights on any future occasion.

 

(f)       Usury.
If a law, which applies to this Note and which sets maximum loans, is finally interpreted in a court of law so that the interest
or other loan charges collected or to be collected in connection with this loan exceed the permitted limits under any applicable
law or statute, then: (i) any such charge shall be reduced by the amount necessary to reduce the charge to the permitted limit;
and (ii) any sums already collected from the Maker which exceeded permitted limits will be applied and shall be deemed to
have been payments in reduction of the principal balance of this Note.

 

(g)       Successors
and Assigns. Subject to applicable securities laws, this Note and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors and assigns of the Payee and the Maker, provided that the Maker can not assign
this Note or delegate any of its duties hereunder without the consent of the Payee.

 

(h)       Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a business day, such payment
shall be made on the next succeeding business day.

 

(i)       Severability.
Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Note shall be prohibited by or invalid under applicable 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 Note.

 

(j)       Secured
Note. The obligations of the Maker under this Note are secured by all assets of the Maker and each subsidiary of the Maker
pursuant to the Security Agreement, dated as of December 28, 2018, between the Maker, the subsidiaries of the Maker and the Payee.

 

 

 

 

[Signature Page Follows]

 

    	 	-6- 	 

     

    

 

IN WITNESS WHEREOF,
this Note has been duly executed as of the date and year first above written.

 

 

MICROPHASE CORPORATION 

 

 

By: ____________________________________

Name: James
Ashman

Title: Vice
President of Finance

 

 

-7-

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