Document:

Exhibit 10.14

 

 

EMPLOYMENT AGREEMENT

 

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is entered into by and between SpectraScience, Inc., a Minnesota corporation (the “Company”), and Michael Oliver
(“Executive”), effective January 1, 2013 (the “Effective Date”).

 

RECITALS

 

WHEREAS, Executive currently is employed by SpectraScience as
its President and Chief Executive Officer.

 

WHEREAS, the Company wishes to provide Executive with certain
severance payments and benefits, as described below, to which Executive is not otherwise entitled, in exchange for the promises
and restrictions described in this Agreement.

 

AGREEMENTS

 

NOW, THEREFORE,
in consideration of the mutual covenants set forth herein, and for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

1. Position. The Company
will employ Executive as its President & Chief Executive Officer. In this position, Executive will serve the Company faithfully
and to the best of Executive’s ability. Executive will devote his full business and professional time, attention and energies
to the performance of Executive’s duties with the Company, and Executive agrees to comply with the Company’s policies,
procedures, rules, regulations and programs. Executive may devote time to outside board or advisory positions as pre-approved by
the Company’s Board of Directors (the “Board”). Executive will render such business and professional services
in the performance of such duties, consistent with Executive’s position within the Company, as will be reasonably assigned
to Executive by the Board of Directors. Executive will be based in San Diego, California and will travel as needed, including to
collaborator and partner locations, academic medical centers, banking and other conferences, and other locations as necessary or
advisable in performance of Executive’s duties.

 

2. Term of Employment.
Executive and the Company agree that Executive will be employed at-will and that Executive’s employment with the Company
will continue until terminated pursuant to Section 5 of this Agreement.

 

3. Compensation. During
Executive’s employment with the Company, the Company will provide Executive with the following compensation:

 

a. Base Salary. The Company
will pay Executive a base salary of $325,000 per year, to be reviewed approximately annually by the Board and adjusted from time
to time as determined by the Board in its discretion, and payable in accordance with the Company’s standard payroll policies,
but no less frequently than monthly. Notwithstanding the foregoing, from the Effective Date of this Agreement until the closing
of a round (or multiple rounds) of equity (or debt convertible into equity) financing resulting in gross proceeds to the Company
in excess of $2,000,000 in any one transaction or $3,000,000 in the aggregate (a “Qualified Financing”), Executive
will be paid a base salary of $225,000 per year, payable in accordance with the Company’s standard payroll policies, but
no less frequently than monthly. Upon closing of the Qualified Financing, Executive’s rate of compensation will be increased
to the $325,000 annualized rate described above and Executive will be paid a bonus equal to the difference between the base salary
actually paid to Executive from the Effective Date of this Agreement until the closing of the Qualified Financing and the amount
Executive would otherwise have been paid during such period at the $325,000 annualized rate, such bonus to be paid within 30 days
of the closing of the Qualified Financing.

 

    	 

    	 

    

b. Annual Bonus. During Executive’s
employment with the Company, Executive will be eligible to earn an annual bonus of up to fifty percent (50%) of Executive’s
then-current base salary (prorated for partial years) for achievement of reasonable Company and individual performance-related
goals to be defined by the Board. The exact payment terms of a bonus, if any, are to be set by the Compensation Committee of the
Board of Directors (the “Compensation Committee”), as authorized by the Company’s Board of Directors in its sole
discretion. To earn a bonus under this Section 3.b., Executive must be employed by the Company on the last day of the Company’s
fiscal year. The bonus, if earned, will be paid within thirty (30) days after receipt by the Compensation Committee of the
Company’s final year-end financial statements.

 

c. Taxes. All compensation
and benefits provided by the Company to Executive (including but not limited to Executive’s base salary and annual bonus),
will be subject to required and authorized deductions and withholdings.

 

4. Employee Benefits. During
Executive’s employment with the Company, Executive will be entitled to participate in any employee benefit plans, health
insurance plans, life insurance plans, disability income plans, retirement plans, expense reimbursement plans and other benefit
plans that the Company may from time to time have in effect for its executive-level employees. Executive’s participation
will be subject to the terms of the applicable plan documents and applicable policies of the Company. Nothing in this Agreement
will require the Company to adopt group insurance, employee benefit, and/or retirement plans or restrict the Company’s right
to amend, modify, or terminate such plans at any time, including during Executive’s employment. Executive will be eligible
for twenty (20) days of paid time off per full calendar year (prorated for partial years), in addition to standard holidays,
in accordance with the Company’s policies in effect from time to time.

 

5. Termination. Executive’s
employment by the Company will terminate as follows:

 

a. By mutual written agreement of the parties.

 

b. Automatically upon the death of Executive
or the insolvency or bankruptcy of the Company.

 

c. By Executive without Good Reason or
by the Company without Cause upon ninety (90) days’ written notice of termination.

 

d. By the Company with Cause immediately
upon written notice of termination. For purposes of this Agreement, “Cause” will mean:

 

    	 

    	 

    

 

		i.	Executive’s material breach of any material term of this Agreement or any other Agreement between the parties, failure
to carry out his duties or good faith directives from the Company, or violation of the Company’s policies or procedures;

 

		ii.	Any willful or deliberate misconduct;

 

		iii.	Any act of fraud, embezzlement, dishonesty, misappropriation or breach of fiduciary duty by Executive relating to the Company
or its agents, business partners, or stockholders; and

 

		iv.	Executive’s commission of (A) a felony, or (B) a misdemeanor involving moral turpitude, whether or not against the Company
and whether or not committed in the scope of Executive’s employment.

 

e. By Executive for Good Reason upon written
notice to the Company, with a copy to the Board, within thirty (30) calendar days of the event constituting Good Reason. Upon receipt
of such notice, the Company will have thirty (30) calendar days to cure such event. If the Company does not cure such event to
the reasonable satisfaction of Executive within such thirty-day period, Executive must terminate within thirty (30) calendar days
thereafter in order for Executive’s termination to be for Good Reason. For purposes of this Agreement, “Good Reason”
will mean:

 

		i.	The assignment of Executive to a position other than President & CEO without Executive’s consent and which results
in a material diminution of Executive’s authority, duties, or responsibilities;

 

		ii.	A material reduction by the Company of Executive’s Salary at any time without Executive’s consent;

 

		iii.	Executive being required to relocate to an office location more than fifty (50) miles from Executive’s current office
in San Diego, California. Should Executive be required and agree to relocate to an office location more than 50 miles from Executive’s
current office in San Diego, California, all reasonable moving expenses to relocate Executive’s office and private residence
will be paid for and billed directly to Company, with all reimbursements being requested and made within one (1) year after
being incurred; or

 

		iv.	Any other material breach by the Company of any material provision of this Agreement.

 

f. Except as provided in Section 7, after
the effective date of termination, Executive will not be entitled to any compensation, bonuses, benefits, or payments whatsoever
except for base salary earned through his last day of employment and any accrued benefits.

 

6. Pay in Lieu of Notice.
If either the Company or Executive terminates Executive’s employment, the Company, in its discretion, may treat Executive’s
termination as effective at any earlier date during any required notice period if Company continues to pay Executive’s then-current
base salary for the unexpired portion of the applicable notice period.

 

    	 

    	 

    

 

7. Severance Pay and Benefits.
If (1) Executive is involuntarily terminated by the Company without Cause or Executive terminates his employment for Good Reason,
and (2) Executive executes (and does not rescind) a release of claims in a form supplied by the Company (the “Release”),
then the Company will provide Executive the following severance pay and benefits:

 

a. Severance pay in an amount equal to
twelve (12) months’ of Executive’s then current base salary, subject to required and authorized deductions and withholdings,
which will be paid at regular payroll intervals over the course of the 12-month period immediately following the effective date
of Executive’s termination and commencing upon the first scheduled payroll cycle immediately following the date the Release
is executed and no longer subject to revocation (the “Separation Effective Date”). The first such cash payment will
include payment of all amounts that otherwise would have been due prior to the Separation Effective Date had such payments commenced
immediately upon the termination of Executive’s employment.

 

b. Provided Executive elects pursuant to
COBRA to continue to participate in the Company’s group health and dental insurance plans, to pay COBRA premiums for health
and dental insurance coverage under the plans for the 12-month period immediately following the effective date of the termination
.. The Company will discontinue payments under this Section 7.b if and at such time as Executive is eligible to enroll in a new
employer’s group health and/or dental programs, as applicable, and Executive agrees to promptly provide the Company notice
if he becomes eligible to enroll in the group health and/or dental programs of a new employer. If the Company determines, in its
sole discretion, that payment of the COBRA premiums under this Section 7.b would result in a violation of the nondiscrimination
rules of Section 105(h)(2) of the Internal Revenue Code or any statute or regulation of similar effect (including but not limited
to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then
in lieu of paying the COBRA premiums, the Company may instead elect to pay Executive on the first day of each month, a fully taxable
cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (the “Special Severance Payment”),
for each remaining month during which Executive is entitled to receive payment of the COBRA premiums under this Section 7.b. Executive
may, but is not obligated to, use the Special Severance Payment toward the cost of COBRA premiums. The Company has the right to
modify or terminate its group insurance plans at any time and Executive will have the same right to participate in the Company’s
group insurance plans only as is provided on an equivalent basis to the Company’s employees.

 

8. Change of Control.

 

a. If, within the 12-month period following
a Change of Control, Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, then,
in addition to the severance obligations due to Executive under Section 7 above, an additional one hundred percent (100%) of the
Executive’s then current salary less withholding taxes shall be paid on the date of termination and one hundred percent (100%)
of any then-unvested shares under Company stock options then held by Executive will vest upon the date of such termination and
the period of time for their exercise will be at the discretion of the Company, provided that no option will be exercisable after
expiration of its original term. It may be necessary for Executive to exercise such shares on the day of Change in Control, and
the Company will use its best efforts to provide Executive with a reasonable period of advance written notice in such event.

 

    	 

    	 

    

 

b. For purposes of this Agreement, “Change
of Control” means:

 

		i.	after the date hereof, any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)) becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more
of the total voting power represented by the Company’s then outstanding voting securities; or

 

		ii.	the date of the consummation of a merger or consolidation of the Company with any other corporation or entity that has been
approved by the stockholders of the Company, other than a merger or consolidation that would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent more than fifty percent (50%) of the total voting
power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or
consolidation; or

 

		iii.	the date of the consummation of the sale or disposition of all or substantially all of the Company’s assets.

 

9. Confidentiality and Assignment
of Inventions Agreement. In further consideration of the severance payments and benefits described in this Agreement, and
as term and condition of Executive’s continued employment with the Company, Executive agrees to execute and abide by the
terms of the Confidentiality and Assignment of Inventions Agreement attached hereto as Exhibit A.

 

10. Code Section 409A.
Notwithstanding any other provision of this Agreement to the contrary, the parties to this Agreement intend that this Agreement
will satisfy the applicable requirements, if any, of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder (collectively hereinafter referred to as “409A”) in a manner that will preclude the imposition of additional
taxes and interest imposed under 409A. The parties agree that the Agreement will be amended (as determined by the Company in consultation
with Executive) to the extent necessary to comply with 409A, as amended from time to time, and the notices and other guidance of
general applicability issued thereunder. Notwithstanding anything in this Agreement to the contrary, if any amounts that become
due under this Agreement on account of Executive’s termination of employment constitute “nonqualified deferred compensation”
within the meaning of 409A, payment of such amounts will not commence until Executive incurs a Separation from Service, as defined
under 409A). If, at the time of Executive’s termination of employment under this Agreement, Executive is a “specified
employee” (within the meaning of 409A), any amounts that constitute “nonqualified deferred compensation” within
the meaning of 409A that become payable to Executive on account of Executive’s Separation from Service (including any amounts
payable pursuant to the preceding sentence) will not be paid or commence earlier than the first day of the seventh month following
the date of Executive’s termination of employment (the “409A Suspension Period”). Within fourteen (14) calendar
days after the end of the 409A Suspension Period, Executive will be paid a lump sum equal to any payments delayed because of the
preceding sentence. Thereafter, Executive will receive any remaining benefits as if there had not been an earlier delay. Each payment
due under this Agreement is treated as a separate payment for purposes of Treasury Regulations Sections 1.409A-1(b)(4)(F) and 1.409A-2(b)(2).

 

    	 

    	 

    

 

11. Governing Law. This
Agreement will be governed by and construed in accordance with the laws of the state of Minnesota.

 

12. Assignment. This Agreement
will be assignable by the Company and the terms of this Agreement automatically will inure to the benefit of the Company and its
successors and assigns.

 

13. Captions. The captions
set forth in this Agreement are for convenience only and will not be considered as part of this Agreement or as in any way limiting
or amplifying the terms and conditions hereof.

 

14. Entire Agreement. This
Agreement incorporates the entire understanding between the parties as to its subject matter and supersedes all prior agreements
and understandings relating to such subject matter. This Agreement may not be canceled, modified, or otherwise changed except by
another written agreement signed by Executive and the Chairman of the Board.

 

15. Waivers. The Company’s
action in not enforcing a breach of any part of this Agreement will not prevent the Company from enforcing it as to the breach
or any other breach of this Agreement. No waiver of this Agreement will be binding upon the Company unless agreed to in writing
signed by the Chairman of the Board.

 

16. Severability. If any
provision of this Agreement is held invalid or unenforceable by a court, the Company and Executive agree that that part should
be modified by the court to make it enforceable to the maximum extent possible. If the part cannot be modified, then that part
should be severed and the other parts of this Agreement will remain enforceable.

 

17. Notices. Any and all
notices referred to herein will be deemed properly given only if in writing and delivered personally to the intended recipient,
or the recipient’s home address in the case of Executive, or sent postage prepaid, by certified mail, to the party to whom
notice is being given, as follows:

 

		a.	To the Company, to the attention of the Board of Directors of the Company, at the Company’s administrative office or
at such other address as the Company will specify in writing to Executive; or

 

		b.	To Executive at his home address as it then appears on the records of the Company, it being the duty of Executive to keep the
Company informed of a current home address at all times.

 

18. Counterparts. More
than one counterpart of this Agreement may be executed by the parties hereto, and each fully executed counterpart will be deemed
an original.

 

    	 

    	 

    

 

With the intention of being bound hereby,
the parties have executed this Agreement as of the date set forth above.

 

 

	 	 	EXECUTIVE
	 	 
	 	 
	Dated: 10 Jan 2014	By: 	/s/ Michael Oliver	 
	 	 	 

 

 

	 	 	SPECTRASCIENCE, INC.
	 	 
	 	 
	Dated: 10 Jan 2014	By: 	/s/ M McWilliams	 
	 	 	Its: Chairman of the
BoardARC
Group Worldwide 8-K

 

Exhibit 10.32

 

FIRST AMENDMENT TO
CREDIT AGREEMENT

 

This FIRST AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”), is entered into as of June 25, 2014, by and among ARC Group Worldwide,
Inc., a Utah corporation (the “Parent”), the Lenders (as defined below) party hereto, and RBS Citizens, N.A.,
as Administrative Agent (as defined below).

 

RECITALS:

 

WHEREAS, the Parent,
the Borrowers party thereto, the lenders from time to time party thereto (the “Lenders”), and RBS Citizens,
N.A., as administrative agent (in such capacity, the “Administrative Agent”) and Collateral Agent, are parties
to the Credit Agreement, dated as of April 7, 2014 (as in effect from time to time, the “Credit Agreement”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement; and

 

WHEREAS, the Parent
and the Borrowers wish to amend the Credit Agreement on the terms set forth herein; and

 

WHEREAS, the Administrative
Agent and the Lenders party hereto are willing to amend, or consent to the amendment of, the Credit Agreement, all as provided
herein.

 

NOW THEREFORE, in consideration
of the premises and the agreements herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

 

Section 1. Interpretation.

 

1.1             
Interpretation. This Amendment shall be construed and interpreted in accordance with the rules of construction set
forth in Sections 1.02, 1.03, 1.04, 1.05 and 1.06 of the Credit Agreement.

 

Section 2. Amendments
to Credit Agreement.

 

2.1             
Amendment of Section 1.01 (Defined Terms).

 

(a)               
Addition of New Definition. Section 1.01 of the Credit Agreement is hereby amended by adding the following
definition in the proper alphabetical order:

 

““Kecy
Acquisition” means the acquisition by ARC Metal Stamping, LLC, a Delaware limited liability company and a wholly
owned subsidiary of the Parent (“AMS”), of substantially all of the assets of Kecy Corporation, a Michigan corporation
(“Kecy”), pursuant to that certain Asset Purchase Agreement, dated as of June 25, 2014, by and among Kecy, AMS,
Munson Holding, LLC, a Michigan limited liability company, and, in a limited capacity, the Parent.”

 

    	First Amendment to Credit Agreement

    	 

    (b)              
Amendments of Existing Definition. (i) The definition of “Consolidated EBITDA” set forth
in Section 1.01 of the Credit Agreement is hereby amended by adding the following sentence at the end of the last paragraph
thereof:

 

“In
addition, in calculating Consolidated EBITDA for any Test Period that includes the fiscal quarter in which the Kecy Acquisition
is consummated, Consolidated EBITDA shall be calculated on a pro forma basis to reflect cost savings, not to exceed $1,202,000
in the aggregate, relating to payments to Raymond Cox and David Zerbey prior to the Kecy Acquisition (but without duplication of
any item set forth in clauses (b)(i) through (b)(ix) of such definition, and only to the extent the items reflected in such
cost savings had been included in the calculation of Consolidated Net Income for such Test Period).”

 

(ii)              
The definition of “Permitted Acquisition” set forth in Section 1.01 of the Credit Agreement
is hereby amended by adding the words “other than in the case of the Kecy Acquisition” at the beginning of clause (v)(b)(ii)
of such definition.

 

(c)               
Amendment of Section 7.03(k) (Investments). Section 7.03(k) of the Credit Agreement is hereby amended
by replacing the words “a Borrower” with the words “the Parent”.

 

(d)              
Amendment of Subsection 7.03(c) (Indebtedness). Clause (ii) of Section 7.03(c) of the Credit Agreement
is hereby restated in its entirety to read as follows:

 

“(ii) the
Loan Parties and any Subsidiaries of the Parent that are not Loan Parties, in an aggregate principal amount not to exceed $500,000
at any time outstanding to such Subsidiaries that are not Loan Parties; provided that all such Indebtedness of any Loan
Party to a Person that is not a Loan Party shall be subject to the Intercompany Subordination Agreement.”

 

(e)               
Schedule 6.17 (Post-Closing Actions). Schedule 6.17 of the Credit Agreement is hereby replaced with
Schedule 6.17 hereto.

 

Section 3.Consent.

 

The Required Lenders
consent to the repayment of prepayment, in full, by the Parent of the Indebtedness of the Parent under the Loan Agreement, dated
June 16, 2014 between AFT-Hungary Korlátolt Feleösségü Társaság, as lender, and the
Parent, as Borrower, in the original principal amount of $4,500,000, in accordance with the terms thereof as in effect on the date
hereof, notwithstanding any provision of the Loan Documents to the contrary, provided that no such repayment or prepayment
may be made if, before or after giving effect thereto, any Default or Event of Default shall have occurred and be continuing, including
on a Pro Forma Basis after giving effect thereto.

 

    	First Amendment to Credit Agreement

    	 

    Section 4.Effectiveness.

 

4.1             
Conditions Precedent. The effectiveness of this Amendment is subject to the satisfaction of the following conditions
precedent:

 

(a)               
this Amendment shall have been (i) executed by the Parent, the Administrative Agent and the Required Lenders and (ii) acknowledged
by each of the other Loan Parties, and in each case, counterparts hereof as so executed or acknowledged shall have been delivered
to the Administrative Agent, sufficient in number for distribution to the Administrative Agent, each Lender and the Parent;

 

(b)              
the Administrative Agent shall have received such assurances, certificates, documents, consents or opinions as the Administrative
Agent, the Issuing Bank or any Lender reasonably may require.

 

(c)               
the Loan Parties shall have paid all reasonable legal fees and expenses of the Administrative Agent in connection with the
preparation, negotiation and execution of this Amendment and the other documents being executed or delivered in connection therewith,
and for which they have received invoices at least one Business Day prior to the date the other conditions in this section have
been satisfied; and

 

(d)              
after giving effect to this Amendment, all of the representations and warranties set forth in Section 6 below and
in the Credit Agreement will be true and correct in all material respects (without duplication of any materiality qualifier contained
therein) on and as of the date hereof as though made on and as of the date hereof, except to the extent that such representations
and warranties expressly related to an earlier date, in which case such representations and warranties shall be true and correct
in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier date and no Default
or Event of Default shall exist.

 

4.2             
Amendment Effective Date. This Amendment shall be effective on the date (the “First Amendment Effective
Date”) upon which the conditions precedent set forth in Section 4.1 above are satisfied.

 

Section 5. Affirmation.

 

The Borrowers and the
Guarantors hereby consent and agree to and acknowledge and affirm the terms of this Amendment. The Borrowers and the Guarantors
hereby further agree that their respective obligations under the Credit Agreement, the Guarantee and Security Agreement and the
other Loan Documents shall remain in full force and effect and be unaffected hereby.

 

    	First Amendment to Credit Agreement

    	 

    Section 6. Representations
and Warranties. Each Loan Party hereby represents and
warrants to the Administrative Agent and the Lenders party hereto as follows:

 

6.1             
Power and Authority. It has all requisite power and authority to execute and deliver this Amendment and perform its
obligations hereunder.

 

6.2             
Authorization. It has taken all necessary corporate or limited liability company action, as applicable, to duly authorize
the execution and delivery of this Amendment and this Amendment has been duly executed and delivered by its duly authorized officer
or officers.

 

6.3             
Non-Violation. The execution and delivery of this Amendment and the performance and observance by it of the provisions
hereof (a) do not violate or contravene its Organization Documents or any applicable Laws or (b) conflict with or result in a breach
or contravention of any provision of, or constitute a default under, any other agreement, instrument or document binding upon or
enforceable against it.

 

6.4             
Validity and Binding Effect. Upon satisfaction of the conditions set forth in Section 4.1 above, this
Amendment shall constitute a legal, valid and binding agreement of such Loan Party, enforceable against it in accordance with its
terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity and principles of
good faith and fair dealing.

 

6.5             
Representations and Warranties in Credit Agreement. The representations and warranties of each Loan Party contained
in the Credit Agreement as modified hereby are true and correct in all material respects (without duplication of any materiality
qualifier contained therein) on and as of the date hereof as though made on and as of the date hereof, except to the extent that
such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall
be true and correct in all material respects (without duplication of any materiality qualifier contained therein) as of such earlier
date.

 

6.6             
No Consent. No consent, exemption, authorization or approval of, registration or filing with, or any other action
by, any Governmental Authority is required in connection with this Amendment or the execution, delivery, performance, validity
or enforceability of this Amendment, except consents, exemptions, authorizations, approvals, filings and actions which have been
obtained or made and are in full force and effect.

 

6.7             
No Event of Default. No Default or Event of Default exists before, nor will occur immediately after, giving effect
to this Amendment or as a result of observing any provision hereof.

 

    	First Amendment to Credit Agreement

    	 

    Section 7. Miscellaneous.

 

7.1             
Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

 

7.2             
Survival of Representations and Warranties. All representations and warranties made hereunder shall survive the execution
and delivery of this Amendment.

 

7.3             
Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

7.4             
Headings. The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect
the interpretation of this Amendment.

 

7.5             
Loan Documents Unaffected. Each reference to the Credit Agreement in any Loan Document shall hereafter be construed
as a reference to the Credit Agreement as modified hereby. Except as herein otherwise specifically provided, this Amendment shall
not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party
under, the Credit Agreement or any other Loan Document, nor alter, modify, amend or in any way affect any provision of the Credit
Agreement or any other Loan Document, including, without limitation, the guarantees, pledges and grants of security interests,
as applicable, under each of the Collateral Documents, all of which are ratified and affirmed in all respects and shall continue
in full force and effect. This Amendment is a Loan Document.

 

7.6             
Entire Agreement. This Amendment, together with the Credit Agreement and the other Loan Documents, integrates all
the terms and conditions mentioned herein or incidental hereto and supersede all oral representations and negotiations and prior
writings with respect to the subject matter hereof.

 

7.7             
Acknowledgments. Each Loan Party hereby acknowledges that:

 

(a)               
it has consulted and been advised by its own legal counsel in the negotiation, execution and delivery of this Amendment
and the other Loan Documents and it has consulted its own accounting, regulatory and tax advisors to the extent it has deemed appropriate;

 

(b)              
it is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
by this Amendment and by the other Loan Documents;

 

    	First Amendment to Credit Agreement

    	 

    (c)               
neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Loan Party arising out
of or in connection with this Amendment or any of the other Loan Documents, and the relationship between the Administrative Agent
and the Lenders, on one hand, and the Loan Parties, on the other hand, in connection herewith or therewith is solely that of debtor
and creditor;

 

(d)              
the Lenders have no obligation to the Loan Parties or any of their respective Affiliates with respect to the transactions
contemplated by this Amendment and by the other Loan Documents, except any obligations expressly set forth in this Amendment and
in the other Loan Documents;

 

(e)               
the Lenders and their Affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of the Loan Parties and their respective Affiliates, and the Lenders have no obligation to disclose any of such interests
to the Loan Parties or any of their respective Affiliates; and

 

(f)               
no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Lenders or among the Loan Parties and the Lenders.

 

7.8             
Counterparts. This Amendment may be executed by the parties hereto separately in one or more counterparts, each of
which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same
agreement. Transmission by a party to another party (or its counsel) via facsimile or electronic mail of a signed copy of this
Amendment (or a signature page of this Amendment) shall be as fully effective as delivery by such transmitting party to the other
parties hereto of a counterpart of this Amendment that had been manually signed by such transmitting party.

 

7.9             
Governing Law. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). TO THE FULLEST EXTENT PERMITTED BY LAW,
THE PARENT, EACH BORROWER, AND EACH GUARANTOR BY ITS ACKNOWLEDGMENT HEREOF HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM
TO ASSERT THAT THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK GOVERNS THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS.

 

    	First Amendment to Credit Agreement

    	 

    7.10         
Jury Trial Waiver. EACH OF THE PARTIES TO THIS AMENDMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS (INCLUDING,
WITHOUT LIMITATION, ANY AMENDMENTS, WAIVERS OR OTHER MODIFICATIONS RELATING TO ANY OF THE FOREGOING), OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY.

 

[Signature page
follows]

 

    	First Amendment to Credit Agreement

    	 

    IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as
of the date first above written.

 

	 	 	ARC GROUP WORLDWIDE, INC.
	 	 	 
	 	 	By:	/s/ Drew Kelley
	 	 	Name:	Drew Kelley
	 	 	Title:	Chief Financial Officer

    	First Amendment to Credit Agreement

    	 

    	 	 	RBS CITIZENS, N.A., as Administrative Agent, Collateral Agent, Sole Lead Arranger, Sole Bookrunner and as a Lender
	 	 	 
	 	 	By:	/s/ Clifford Mellor
	 	 	Name:	Clifford Mellor
	 	 	Title:	Senior Vice President

    	First Amendment to Credit Agreement

    	 

    	 	 	CAPITAL ONE, NATIONAL ASSOCIATION, as Syndication Agent and as a Lender
	 	 	 
	 	 	By:	/s/ Andrew J. Bella
	 	 	Name:	Andrew J. Bella
	 	 	Title:	Sr. Vice President

    	First Amendment to Credit Agreement

    	 

    	 	 	TD BANK, N.A., as a Lender
	 	 	 
	 	 	By:	/s/ Eric Sebille
	 	 	Name:	Eric Sebille
	 	 	Title:	Vice President

    	First Amendment to Credit Agreement

    	 

    	
        Acknowledged and agreed:

         
	 
	
        ADVANCED FORMING
        TECHNOLOGY, INC., 

         

        as a Borrower

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    		 
	
        ARC WIRELESS, INC.,
        

         

        as a Borrower

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    		 
	
        flomet llc,

         

        as a Borrower

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    

 

 

	
        GENERAL FLANGE &
        FORGE LLC,

         

        as a Borrower

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    	
        tekna seal llc,

         

        as a Borrower

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    	
        3d material technologies,
        llc,

         

        as a Borrower

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    	
        ARC GROUP WORLDWIDE,
        INC.,

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    	
        ARC WIRELESS, llc,

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    	
        Thixoforming LLC,

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    	
        Arc mETAL sTAMPING,
        llc,

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    	
        ADVANCE TOOLING CONCEPTS,
        LLC,

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    	
        QUADRANT METALS TECHNOLOGIES
        LLC,

         
	 
	 	 
	 	 
	 	 	 
	By:	/s/ Drew Kelley	 
	Name:	Drew Kelley	 
	Title:	Chief Financial Officer	 

    	First Amendment to Credit Agreement

    	 

    Schedule 6.17

 

    	First Amendment to Credit Agreement

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