Document:

EXHIBIT 10.2

 

Amendment Number Two

to

Employment Agreement with

Iroquois Federal Savings and Loan Association

This Amendment Number Two is hereby made to the Employment Agreement ("Agreement") by and between Iroquois Federal Savings and Loan Association (the "Bank") and Walter H. Hasselbring, III, President and Chief Executive Officer of the Bank (the "Executive") as of this 13th day of June, 2017, and is effective as of the 7th day of July, 2017.

WHEREAS, the Bank and Executive entered into an Employment Agreement, with an amended effective date as of July 7, 2016 ("Effective Date"); and

WHEREAS, the Bank and Executive desire to revise the Agreement to eliminate the Executive's ability to voluntarily terminate employment for any reason (other than Good Reason, as defined in the Agreement) within 30 days of a Change in Control (as defined) and receive the severance benefits set forth under Section 5 of the Agreement and to clarify certain health benefit related severance payment timing; and

WHEREAS, Section 15(a) provides that the Agreement may be modified by a written instrument signed by both parties.

NOW THEREFORE, BE IT RESOLVED, that the Agreement shall be modified as follows:

1. Section 4(c) of this Agreement shall be amended to revise the last sentence set forth therein to read as follows:

"If the Bank does not offer the Welfare Plans at any time after the Event of Termination or if Executive's participation in such plans would subject the Bank to excise taxes or penalties under applicable tax laws, then the Bank shall provide Executive with a payment equal to the premiums for such benefits for the period which runs until the earlier of (i) his death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii)  for a period of thirty-six months following the Event of Termination, with such amounts payable to Executive in a single cash lump sum distribution within thirty (30) days following Executive's Event of Termination or the date that the Bank is no longer able to provide such coverage, whichever is later; provided, however, if the Executive is a "Specified Employee," as defined in Treasury Regulation 1.409-1(i), then, solely to the extent required to avoid penalties under Section 409A of the Code, such payment shall be delayed until the first day of the seventh full 

 

 

month following the Executive's Date of Termination, and provided, further, that if paying any portion of this payment in a lump sum would violate Section 409A of the Code, then such portion of the payment shall be paid in the same amount and at the same time that the premium on such would otherwise have been paid and the remainder would be paid in a lump sum as set forth above."

2. Section 5(b) of this Agreement shall be amended to read as follows:

"If any of the events described in paragraph (a) of this Section 5, constituting a Change in Control, have occurred, Executive shall be entitled to the benefits provided for in paragraphs (c), (d), and (e) of this Section 5 upon his termination of employment  on or within twenty-four (24) months after the date the Change in Control occurs due to (i) Executive's dismissal, unless Executive's dismissal is for Just Cause as defined in Section 7 of this Agreement; or (ii) Executive's resignation upon not less than 30 days prior written notice given within a reasonable period of time (not to exceed 90 days) following any demotion, loss of title, office or significant authority or responsibility, reduction in annual compensation or benefits or relocation of his principal place of employment by more than thirty-five (35) miles from its location immediately prior to the Change in Control; provided, however, that such benefits shall be reduced by any payments made under Section 4 of this Agreement.  The Bank, or its successor, shall have 30 days to cure the condition giving rise to Executive's right to resign under clause (ii) above, provided that the Company may elect to waive said 30-day period."

3. Sections 4(c) and 5(d) of the Agreement are amended to revise the last sentence set forth therein to read as follows:

"If the Bank does not offer the Welfare Plans at any time after the Change in Control, the Bank shall provide Executive with a payment equal to the premiums for such benefits for the period which runs until the earlier of (i) his death; (ii) his employment by another employer other than one of which he is the majority owner; or (iii) the expiration of 36 months, with such amounts payable to Executive in a single cash lump sum distribution within thirty (30) days following Executive's Event of Termination or the date that the Bank is no longer able to provide such coverage, whichever is later; provided, however, if the Executive is a "Specified Employee," as defined in Treasury Regulation 1.409-1(i), then, solely to the extent required to avoid penalties under Section 409A of the Code, such payment shall be delayed until the first day of the seventh full month following the Executive's Date of Termination, and provided, further, that if paying any portion of this payment in a lump sum would violate Section 409A of the Code, then such portion of the payment shall be paid in the same amount and at the same time that the premium on such would otherwise have been paid and the remainder would be paid in a lump sum as set forth above."

 

 

4. In all other respects, the Agreement remains in full force and effect.

IN WITNESS WHEREOF,  the Bank and the Executive have executed this Amendment Number Two as of the day and date set forth above.

	ATTEST:	
IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION

/s/ Pamela J. Verkler____         /s/ Gary Martin____________________

WITNESS:                 WALTER H. HASSELBRING, III

/s/ Pamela J. Verkler____          /s/ Walter H. Hasselbring, III__________Exhibit
10.1

 

NOTE
SATISFACTION AGREEMENT

 

THIS
NOTE SATISFACTION AGREEMENT (this "Agreement"), dated as of this 9th day of June, 2017, is made and entered into
as of the later of the two signature dates below, by and between The Longview Fund, L.P. ( the "Lender")
and Sileas Corp., a company incorporated under the laws of the State of Delaware (the "Borrower").

 

The
Lender and Borrower may be referred to hereinafter from time to time individually as a "Party" and collectively
as "Parties".

 

WITNESSETH:

 

WHEREAS,
on February 20, 2009, Borrower issued to Lender a note in the principal amount of $13,524,405 (the “Note”), which was
most recently amended on May 29, 2015, and as a result of accrued and unpaid interest, then bore a principal balance of $18,022,329
and the current balance is $14,244,329; and

 

WHEREAS,
in addition to full recourse available to the Lender against the Borrower for payment of all amounts due under the Note, the Note
is also currently secured by 3,598,792 shares (“Shares”) of common stock of Optex Systems Holdings, Inc., a Delaware
corporation (the “Company”), which Shares are owned by Borrower;

 

WHEREAS,
the parties desire to address the satisfaction of all amounts due by Borrower to Lender as set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises, covenants and conditions herein contained, it is hereby agreed as follows:

 

SECTION
1 THE TRANSACTION

 

1.1 Conversion. Lender
hereby agrees to convert $3,358,538 of the amount due under the Note into 2,798,782 Shares by submitting a conversion notice to
Borrower simultaneously herewith for presentation to the Company in the form attached hereto as Exhibit A.

 

1.2 Cash Payment. Borrower
also agrees to make a reduction of $250,000.00 of the amount due under the Note by making a cash payment to Lender simultaneously
herewith.

 

1.3
Satisfaction of a Portion of the Note. Without the payment of any additional consideration, and simultaneously with 1.1
and 1.2 above, the Lender agrees to forgive, release, cancel and otherwise nullify $10,571,791of the amount due under the Note.

 

1.4
Remaining Amount due under the Note. Upon the occurrence of 1.1 through 1.3 above, the remaining amount due under the Note
shall be $64,000 which shall be paid in cash by the Borrower to the Lender on a quarterly basis, within five (5) days of the payment
of quarterly dividends by the Company, over the next four calendar quarters commencing on or about June 30, 2017.

 

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1.5
Release of Pledge. Immediately prior to the transactions set forth in 1.1 through 1.4 above, the Lender hereby releases
its pledge of the Shares owned by the Borrower and consents to the sale of 800,000 Shares to Danny Schoening and Karen Hawkins.

 

1.6
Each Party hereby represents and warrants to the other, as follows:

 

(a)
As of the consummation of the transactions contemplated in this Agreement, the Party has full and unrestricted legal right, power
and authority to enter into and perform all of its obligations under this Agreement. This Agreement, when executed and delivered
by or on behalf of a Party, shall constitute the valid and legally binding obligation of the Party, legally enforceable against
Party in accordance with its terms.

 

(b)
At the time of execution of this Agreement, the Party is not in possession of any material inside information of the Company.

 

(c) The
execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not result in a breach
by the Party of, or constitute a default by the Party under, any agreement, instrument, decree, judgment or order to which the
Party is a party or by which the Party may be bound.

 

(d) The
Party has the capacity to protect the Seller’s own interests in connection with the transactions contemplated hereby. The
Seller is capable of evaluating the potential risks and benefits of the transactions contemplated hereby. The Party has had the
opportunity to consult with their independent legal counsel and other advisors and waives any potential conflicts of interest or
right to further review.

 

(e) The
Party has had an opportunity to review with the Party’s tax advisers the federal, state, local and foreign tax consequences
of the transactions contemplated by this Agreement. The Party is relying solely on such advisers and not on any statements or representations
of the Company or any of its agents. The Party understands that the Party (and not the Company) shall be responsible for the Party’s
tax liability and any related interest and penalties that may arise as a result of the transactions contemplated by this Agreement.

 

SECTION
2 - Miscellaneous

 

2.1 Governing
Law; Jurisdiction. The construction, interpretation and performance of this Agreement shall be governed by the laws of the
State of Delaware. Any and all disputes which may arise between the Parties as a result of or in connection with this Agreement,
its interpretation, performance or breach shall be brought and enforced in the courts of the state of Delaware.

 

2.2 Successors
and Assigns. The provisions hereof shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors
and administrators of the Parties; provided, however, that no party may assign its rights hereunder without the prior written consent
of the other Parties.

 

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2.3 Entire
Agreement; Amendment. This Agreement, including its preamble and exhibits, and the other documents delivered pursuant thereto
constitute the full and entire understanding and agreement between the Parties with regard to the subject matters hereof and thereof
and supersede all prior agreements and understandings relating thereto. Neither this Agreement nor any term hereof may be amended,
waived, discharged or terminated except by an instrument in writing signed by all the Parties.

 

2.4 Notices.
All notices and other communications required or permitted to be given or sent hereunder shall be in writing and shall be deemed
to have been sufficiently given or delivered for all purposes if mailed by registered airmail, transmitted by facsimile, or delivered
by hand to the Parties' respective addresses set forth in the signature page hereto. All notices sent by registered mail shall
be deemed to have been received within seven (7) business days of posting. If delivered by hand, upon their delivery.

 

2.5 Delays
or Omissions. No delay or omission to exercise any right, power or remedy upon any breach or default under this Agreement shall
impair any such right, power or remedy of such holder nor shall it be construed to be a waiver of any such breach or default.

 

2.6 Waiver
of Default. No waiver with respect to any breach or default in the performance of any obligation under the terms of this Agreement
shall be deemed to be a waiver with respect to any subsequent breach or default, whether of similar or different nature. Any waiver,
permit, consent or approval of any kind or character shall be effective only if made in writing and only to the extent specifically
set forth in such writing. All remedies, either under this Agreement or by virtue of law or otherwise afforded to any holder, shall
be cumulative and not alternative.

 

2.7 Rights;
Severability. If any provision of this Agreement is held by an arbitrator or a court of competent jurisdiction to be unenforceable
under applicable law, then such provision shall be excluded from this Agreement and the remainder of this Agreement shall be interpreted
as if such provision were so excluded and shall be enforceable in accordance with its terms; provided, however, that in such event
this Agreement shall be interpreted so as to give effect, to the greatest extent consistent with and permitted by applicable law,
to the meaning and intention of the excluded provision as determined by such an arbitrator or court of competent jurisdiction.

 

2.8 Expenses.
Each part shall pay its own expenses, including legal expenses in connection with the transaction contemplated by this Agreement.

 

2.9 Titles
and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

 

2.10 Counterparts.
This Agreement may be signed in counterparts, each of which shall be deemed to be an original, and together shall constitute one
and the same instrument. The Parties may execute this Agreement via facsimile.

 

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IN
WITNESS WHEREOF, the Parties have executed this Stock Purchase Agreement as of the date first above-mentioned.

 

	THE LONGVIEW FUND, L.P.:	 	SILEAS CORP.:
	 	 	 	 	 
	By:	 	 	By:	 
	Address:	 	Address:
	 	 	 	 	 
	Date:	 	 	Date:	 

 

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