Document:

Exhibit 10.1

 

NINTH AMENDMENT TO CREDIT AGREEMENT AND CONSENT

 

THIS NINTH AMENDMENT TO CREDIT AGREEMENT AND
CONSENT (“Amendment”) is dated as of May 4, 2017, by and between Perceptron, Inc. (“Company”) and Comerica
Bank (“Bank”).

 

RECITALS:

 

A.   
Company and Bank entered into an Amended and Restated Credit Agreement dated as of November 16, 2010, as amended (“Agreement”).

 

B.    
Company and Bank desire to amend the Agreement as hereinafter set forth.

 

NOW, THEREFORE, the parties agree as follows:

 

1.     
Sections 2.1 and 2.3 of the Agreement are amended to read as follows:

 

“2.1Subject to the terms and conditions
of this Agreement and the Revolving Credit Note, Bank may, in its sole discretion, make Advances to Company at any time and from
time to time not to exceed Six Million Dollars ($6,000,000) in aggregate principal amount at any one time outstanding; provided
that the aggregate outstanding amount of Advances plus the Foreign Exchange Reserve shall never exceed the lesser of (a) Six Million
Dollars ($6,000,000) or (b) the borrowing formula under the Advance Formula Agreement. All of the Advances under this Section 2
shall be evidenced by the Revolving Credit Note under which Advances, repayments and readvances may be made, subject to the terms
and conditions of this Agreement, the Revolving Credit Note and the Advance Formula Agreement.

 

“2.3Company may request an Advance
under this Section 2 upon the delivery to Bank of a request for advance as provided in the Revolving Credit Note, subject to the
following:

 

(a)       the
principal amount of such Advance, plus the sum of the amount of all other outstanding Advances under this Section 2 and the Foreign
Exchange Reserve shall not exceed Six Million Dollars ($6,000,000); and

 

(b)       a
request for an Advance, once delivered to Bank, shall not be revocable by Company.”

 

2.     
Section 7.1(b) of the Agreement is amended to read as follows:

“(b)within thirty (30) days after
and as of the end of each month, consolidated balance sheets and statements of profit and loss of Company and its consolidated
Subsidiaries, together with a report listing investments in Subsidiaries;”

 

     

     

    

3.     
The “.” at the end of Section 7.1(g) is deleted and replaced with “; and”, and Section 7.1(h) is
added to the Agreement to read as follows:

 

“(h)within forty five (45) days
after and as of the end of each fiscal quarter of Company, a compliance certificate in form and detail satisfactory to Bank, certified
by the chief executive or chief financial officer of Company, certifying that, as of the date thereof, to the best of such officer’s
knowledge, no Event of Default, or condition or event which, with the giving of notice or the running of time, or both, would constitute
an Event of Default, shall have occurred and be continuing or exist, or if any of Event of Default, or condition or event which,
with the giving of notice or the running of time, or both, would constitute an Event of Default, shall have occurred and be continuing
or exist, specifying, in detail, the nature and period of existence thereof and any action taken or proposed to be taken by Company
in respect thereof, and also certifying as to whether Company is in compliance with any financial covenant(s) contained in this
Agreement and as more particularly described in said compliance certificate (which compliance certificate shall set forth, in reasonable
detail, the calculations and the resultant ratios or financial tests of the Company determined thereunder).”

 

4.     
Schedules 6.3, 6.9, 6.10 and 8.13 to the Agreement are deleted and replaced with attached Schedules 6.3, 6.9, 6.10 and 8.13.

 

5.     
Exhibit A to the Agreement is deleted and replaced with attached Exhibit A.

 

6.     
Company has informed Bank that, on or about January 11, 2017, (a) COORD3 Global, LLC (“COORD3”) was dissolved,
(b) all of COORD3’s assets (which, as of the date that COORD3 was dissolved, consisted of equity interests in Coord3 srl
and no other assets) were transferred to Company, and (c) Company transferred all of its equity interests in Coord3 srl to Perceptron
Europe B.V. pursuant to a Share Premium Contribution Agreement (collectively, the “Dissolution”). Bank consents to
the Dissolution.

 

7.     
Company hereby represents and warrants that, after giving effect to the amendments and consent contained herein, (a) execution,
delivery and performance of this Amendment and any other documents and instruments required under this Amendment or the Agreement
are within Company’s corporate powers, have been duly authorized, are not in contravention of law or the terms of Company’s
Articles of Incorporation or Bylaws, and do not require the consent or approval of any governmental body, agency, or authority;
and this Amendment and any other documents and instruments required under this Amendment or the Agreement, will be valid and binding
in accordance with their terms; (b) the continuing representations and warranties of Company set forth in Sections 6.1 through
6.5 and 6.7 through 6.12 of the Agreement are true and correct on and as of the date hereof with the same force and effect as made
on and as of the date hereof; (c) the continuing representations and warranties of Company set forth in Section 6.6 of the Agreement
are true and correct as of the date hereof with respect to the most recent financial statements furnished to the Bank by Company
in accordance with Section 7.1 of the Agreement; and (d) no Event of Default (as defined in the Agreement) or condition or event
which, with the giving of notice or the running of time, or both, would constitute an Event of Default under the Agreement, as
hereby amended, has occurred and is continuing as of the date hereof.

 

    	 	2	 

     

    

8.     
Except as expressly provided herein, all of the terms and conditions of the Agreement remain unchanged and in full force
and effect.

 

9.     
This Amendment shall be effective upon (a) execution of this Amendment by Company and the Bank, (b) execution of the Affirmation
of Guaranties set forth below, (c) execution and delivery by Company to Bank of a Revolving Credit Note in form satisfactory to
Bank, (d) execution and delivery by Company to Bank of an Advance Formula Agreement in form and substance satisfactory to Bank
and (e) execution and delivery of the documents on the attached closing agenda.

 

10.  Company
shall reimburse Bank for all costs and expenses, including attorneys’ fees, incurred by Bank in connection with the preparation
of this Amendment and the documents, instruments and agreements executed in connection herewith.

 

11.  This
Amendment may be executed in counterparts.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

 

 

 

 

 

 

 

    	 	3	 

     

    

IN WITNESS the due execution hereof as of the
day and year first above written.

 

	COMERICA BANK	 	PERCEPTRON, INC.

 

 

 

	By: /s/ Lydia R. Mansoor                             	 	By: /s/ David L. Watza                                    
	 	 	 
	Its: Officer                                                       	 	Its: President and Chief Executive Officer    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Ninth Amendment to Credit Agreement and Consent
(13321950)]

     

     

    

AFFIRMATION OF GUARANTIES

 

The undersigned, Guarantors under certain Guaranties
(“Guaranties”) dated October 24, 2002, as amended, and October 30, 2015 made by the undersigned in favor of Comerica
Bank (“Bank”) with respect to the liabilities and obligations of Perceptron, Inc. (“Borrower”) to Bank,
(i) affirm their obligations to Bank under their Guaranties and acknowledge that the Guaranties remain in full force and effect
in accordance with their terms, subject to no setoff, defense or counterclaim and (ii) confirm that this Affirmation is not required
by the terms of the Guaranties and need not be obtained in connection with any prior or future waivers or amendments or extensions
of additional credit to Borrower.

 

Dated: May 4, 2017

 

PERCEPTRON SOFTWARE TECHNOLOGY INC.

 

 

By: /s/ David L. Watza                                                 

 

 

Title: President and Chief Executive
Officer           

 

 

PERCEPTRON GLOBAL, INC.

 

 

 

By: /s/ David L. Watza                                                  

 

 

Title: President and Chief Executive
Officer            

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Closing Agenda]Exhibit 10.2

 

		Master Revolving Note

Prime Referenced Rate

Demand-Optional Advances (Business and Commercial
Loans Only)

 

 

	
        AMOUNT

         

        $6,000,000
	
        NOTE DATE

         

        May 4, 2017
	
        MATURITY DATE

         

        ON DEMAND

 

ON DEMAND (or as otherwise provided in this Note), FOR VALUE RECEIVED,
the undersigned promise(s) to pay to the order of COMERICA BANK (herein called “Bank”), at any office of the Bank in
the State of Michigan, the principal sum of SIX MILLION DOLLARS ($6,000,000), or so much of said sum as has been advanced and is
then outstanding under this Note, together with interest thereon as hereinafter set forth.

 

This Note is a note under which Advances, repayments and re-Advances
may be made from time to time, subject to the terms and conditions of this Note.

 

AT NO TIME SHALL THE BANK BE UNDER ANY OBLIGATION TO MAKE ANY
ADVANCES TO THE UNDERSIGNED PURSUANT TO THIS NOTE (NOTWITHSTANDING ANYTHING EXPRESSED OR IMPLIED IN THIS NOTE OR ELSEWHERE TO THE
CONTRARY, INCLUDING, WITHOUT LIMITATION, IF BANK SUPPLIES THE UNDERSIGNED WITH A BORROWING FORMULA) AND THE BANK, AT ANY TIME AND
FROM TIME TO TIME, WITHOUT NOTICE, AND IN ITS SOLE DISCRETION, MAY REFUSE TO MAKE ADVANCES TO THE UNDERSIGNED WITHOUT INCURRING
ANY LIABILITY DUE TO THIS REFUSAL AND WITHOUT AFFECTING THE UNDERSIGNED'S LIABILITY UNDER THIS NOTE FOR ANY AND ALL AMOUNTS ADVANCED.

 

Subject to the terms and conditions of this Note, each of the Advances
made hereunder shall bear interest at the Prime Referenced Rate plus the Applicable Margin.

 

Unless sooner demanded, accrued and unpaid interest on the unpaid
principal balance of each outstanding Advance hereunder shall be payable monthly, in arrears, on the first Business Day of each
month from the date made until the same is paid in full (whether in accordance with the terms hereof, by acceleration, or otherwise).
Interest accruing hereunder shall be computed on the basis of a year of 360 days, and shall be assessed for the actual number of
days elapsed, and in such computation, effect shall be given to any change in the interest rate as a result of any change in the
Prime Referenced Rate on the date of each such change.

 

Upon demand and from and after the occurrence of any Default hereunder,
and so long as any such Default remains unremedied or uncured thereafter, the Indebtedness outstanding under this Note shall bear
interest at a per annum rate of three percent (3%) above the otherwise applicable interest rate, which interest shall be payable
upon demand. In addition to the foregoing, a late payment charge equal to five percent (5%) of each late payment hereunder may
be charged on any payment not received by Bank within ten (10) calendar days after the payment due date therefor, but acceptance
of payment of any such charge shall not constitute a waiver of any Default hereunder.

 

In no event shall the interest payable under this Note at any time
exceed the maximum rate permitted by law.

 

THE MAXIMUM INTEREST RATE SHALL NOT EXCEED 25% PER ANNUM OR THE
HIGHEST APPLICABLE USURY CEILING, WHICHEVER IS LESS.

 

The amount and date of each Advance, the applicable interest rate
and the amount and date of any repayment shall be noted on Bank's records, which records shall be conclusive evidence thereof,
absent manifest error; provided, however, any failure by Bank to make any such notation, or any error in any such notation, shall
not relieve the undersigned of its/their obligations to repay Bank all amounts payable by the undersigned to Bank under or pursuant
to this Note, when due in accordance with the terms hereof.

 

The undersigned may request an Advance hereunder either (i) upon
the delivery to Bank of a written Request for Advance duly completed and executed by the undersigned (as herein provided) or, (ii)
to the extent applicable, pursuant to a request submitted through Bank’s Loan Management System (each a “Request”),
in each case, subject to the following: (a) Bank shall not have made demand hereunder and no Default, or any condition or event
which, with the giving of notice or the running of time, or both, would constitute a Default, shall have occurred and be continuing
or exist under this Note; (b) each such Request shall be delivered to Bank by 11:00 a.m. (Detroit, Michigan time) on the proposed
date of the requested Advance; (c) after giving effect to such Advance, the aggregate principal amount of Advances made under this
Note (excluding refundings and conversions of outstanding Advances) shall not exceed the Loan Amount; and (d) a Request, once delivered
or submitted to Bank, shall not be revocable by the undersigned; provided, however, as aforesaid, Bank shall not be obligated to
make any Advance under this Note.

 

    	 

     

    

In the event that the undersigned is unable to request Advances
hereunder through the Bank’s Loan Management System, Advances hereunder may be requested by delivery or submission to Bank
by hand delivery, first class mail, overnight courier, facsimile, email or other means of delivery acceptable to Bank, of a written
Request for Advance duly completed and executed by the undersigned. Advances hereunder may be requested in the undersigned’s
discretion by telephonic notice to Bank. Any Advance requested by telephonic notice shall be confirmed by the undersigned that
same day by submission to Bank of a written Request for Advance, as provided herein. The undersigned acknowledge(s) that if Bank
makes an Advance based on a request made by telephone, facsimile, email or other means of delivery (other than by hand delivery,
first class mail or overnight courier), it shall be for the undersigned's convenience and all risks involved in the use of any
such procedure shall be borne by the undersigned, and the undersigned expressly agree(s) to indemnify and hold Bank harmless therefor.
Bank shall have no duty to confirm the authority of anyone requesting an Advance by telephone, facsimile, email or any such other
means of delivery. In the event that the undersigned elect(s) to request Advances by telephonic notice, facsimile, email or other
means of delivery acceptable to Bank, the undersigned acknowledge(s) and agree(s) that Bank may impose or require such verification,
authentication and other procedures as Bank may require from time to time.

 

In the event that any payment under this Note becomes due and payable
on any day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and, to the
extent applicable, interest shall continue to accrue and be payable thereon during such extension at the rate set forth in this
Note.

 

All payments to be made by the undersigned to Bank under or pursuant
to this Note shall be in immediately available United States funds, without setoff or counterclaim, and in the event that any payments
submitted hereunder are in funds not available until collected, said payments shall continue to bear interest until collected.

 

The undersigned may prepay all or part of the outstanding balance
of any Indebtedness hereunder at any time without premium or penalty. Any prepayment hereunder shall also be accompanied by the
payment of all accrued and unpaid interest on the amount so prepaid.

 

If any Change in Law shall (a) subject Bank to any tax, duty or
other charge with respect to this Note or any Indebtedness hereunder, or shall change the basis of taxation of payments to Bank
of the principal of or interest under this Note or any other amounts due under this Note in respect thereof (except for changes
in the rate of tax on the overall net income of Bank imposed by the jurisdiction in which Bank's principal executive office is
located); or (b) impose, modify or deem applicable any reserve (including, without limitation, any imposed by the Board of Governors
of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or for the account of,
or credit extended by Bank, or shall impose on Bank or the foreign exchange and interbank markets any other condition affecting
this Note or the Indebtedness hereunder; and the result of any of the foregoing is to increase the cost to Bank of maintaining
any part of the Indebtedness hereunder or to reduce the amount of any sum received or receivable by Bank under this Note by an
amount deemed by the Bank to be material, then the undersigned shall pay to Bank, within fifteen (15) days of the undersigned’s
receipt of written notice from Bank demanding such compensation, such additional amount or amounts as will compensate Bank for
such increased cost or reduction. A certificate of Bank, prepared in good faith and in reasonable detail by Bank and submitted
by Bank to the undersigned, setting forth the basis for determining such additional amount or amounts necessary to compensate Bank
shall be conclusive and binding for all purposes, absent manifest error.

 

In the event that any Change in Law affects or would affect the
amount of capital or liquidity required or expected to be maintained by Bank (or any corporation controlling Bank), and Bank determines
that the amount of such capital or liquidity is increased by or based upon the existence of any obligations of Bank hereunder or
the maintaining of any Indebtedness hereunder, and such increase has the effect of reducing the rate of return on Bank's (or such
controlling corporation's) capital as a consequence of such obligations or the maintaining of such Indebtedness hereunder to a
level below that which Bank (or such controlling corporation) could have achieved but for such circumstances (taking into consideration
its policies with respect to capital adequacy and liquidity), then the undersigned shall pay to Bank, within fifteen (15) days
of the undersigned's receipt of written notice from Bank demanding such compensation, additional amounts as are sufficient to compensate
Bank (or such controlling corporation) for any increase in the amount of capital and/or liquidity and reduced rate of return which
Bank reasonably determines to be allocable to the existence of any obligations of the Bank hereunder or to maintaining any Indebtedness
hereunder. A certificate of Bank as to the amount of such compensation, prepared in good faith and in reasonable detail by the
Bank and submitted by Bank to the undersigned, shall be conclusive and binding for all purposes absent manifest error.

 

    	 	2	 

     

    

This Note and any other indebtedness and liabilities of any kind
of the undersigned (or any of them) to the Bank, and any and all modifications, renewals or extensions of it, whether joint or
several, contingent or absolute, now existing or later arising, and however evidenced and whether incurred voluntarily or involuntarily,
known or unknown, or originally payable to the Bank or to a third party and subsequently acquired by Bank including, without limitation,
any late charges; loan fees or charges; overdraft indebtedness; costs incurred by Bank in establishing, determining, continuing
or defending the validity or priority of any security interest, pledge or other lien or in pursuing any of its rights or remedies
under any loan document (or otherwise) or in connection with any proceeding involving the Bank as a result of any financial accommodation
to the undersigned (or any of them); and reasonable costs and expenses of attorneys and paralegals, whether inside or outside counsel
is used, and whether any suit or other action is instituted, and to court costs if suit or action is instituted, and whether any
such fees, costs or expenses are incurred at the trial court level or on appeal, in bankruptcy, in administrative proceedings,
in probate proceedings or otherwise (collectively “Indebtedness”), are secured by and the Bank is granted a security
interest in and lien upon all items deposited in any account of any of the undersigned with the Bank and by all proceeds of these
items (cash or otherwise), all account balances of any of the undersigned from time to time with the Bank, by all property of any
of the undersigned from time to time in the possession of the Bank and by any other collateral, rights and properties described
in each and every deed of trust, mortgage, security agreement, pledge, assignment and other security or collateral agreement which
has been, or will at any time(s) later be, executed by any (or all) of the undersigned to or for the benefit of the Bank (collectively
“Collateral”). Notwithstanding the above, (i) to the extent that any portion of the Indebtedness is a consumer loan,
that portion shall not be secured by any deed of trust or mortgage on or other security interest in any of the undersigned's principal
dwelling or in any of the undersigned's real property which is not a purchase money security interest as to that portion, unless
expressly provided to the contrary in another place, or (ii) if the undersigned (or any of them) has (have) given or give(s) Bank
a deed of trust or mortgage covering California real property, that deed of trust or mortgage shall not secure this Note or any
other indebtedness of the undersigned (or any of them), unless expressly provided to the contrary in another place, or (iii) if
the undersigned (or any of them) has (have) given or give(s) the Bank a deed of trust or mortgage covering real property which,
under Texas law, constitutes the homestead of such person, that deed of trust or mortgage shall not secure this Note or any other
indebtedness of the undersigned (or any of them) unless expressly provided to the contrary in another place.

 

Upon the occurrence of an Event of Default (under and as defined
in the Credit Agreement) (each a “Default” hereunder), then Bank may, at its option and without prior notice to the
undersigned (or any of them), cease advancing money or extending credit to or for the benefit of the undersigned under this Note
or any other agreement between the undersigned and Bank, terminate this Note as to any future liability or obligation of Bank,
but without affecting Bank's rights and security interests in any Collateral and the Indebtedness of the undersigned to Bank, declare
any or all of the Indebtedness to be immediately due and payable (notwithstanding any provisions contained in the evidence of it
to the contrary), sell or liquidate all or any portion of the Collateral, set off against the Indebtedness any amounts owing by
the Bank to the undersigned (or any of them), charge interest at the default rate provided in the document evidencing the relevant
Indebtedness and exercise any one or more of the rights and remedies granted to the Bank by any agreement with the undersigned
(or any of them) or given to it under applicable law. In addition, if this Note is secured by a deed of trust or mortgage covering
real property, then the trustor or mortgagor shall not mortgage or pledge the mortgaged premises as security for any other indebtedness
or obligations. This Note, together with all other indebtedness secured by said deed of trust or mortgage, shall become due and
payable immediately, without notice, at the option of the Bank, (i) if said trustor or mortgagor shall mortgage or pledge the mortgaged
premises for any other indebtedness or obligations or shall convey, assign or transfer the mortgaged premises by deed, installment
sale contract or other instrument, or (ii) if the title to the mortgaged premises shall become vested in any other person or party
in any manner whatsoever, or (iii) if there is any disposition (through one or more transactions) of legal or beneficial title
to a controlling interest of said trustor or mortgagor.

 

The undersigned hereby expressly acknowledge(s) and agree(s) that
this Note is a demand note and matures upon issuance, and that the Indebtedness hereunder shall be payable upon demand (unless
earlier payment is required in accordance with the terms and conditions of this Note), and that Bank may, at any time in its sole
and absolute discretion, without notice and without reason and whether or not any Default shall have occurred and/or exist under
this Note, without notice, demand that this Note and the Indebtedness hereunder be immediately paid in full. The Bank may from
time to time make demand for partial payments under this Note and these demands shall not preclude the Bank from demanding at any
time that this Note be immediately paid in full. Further, the demand nature of this Note shall not be deemed to be modified, limited
or otherwise affected by any reference to any Default in this Note, and to the extent that there are any references to any Default(s)
hereunder, such references are for the purpose of permitting Bank to accelerate any Indebtedness not on a demand basis and to receive
interest at the applicable default rate provided in the document evidencing the relevant Indebtedness.

 

    	 	3	 

     

    

The undersigned authorize(s) the Bank to charge any account(s) of
the undersigned (or any of them) with the Bank for any and all sums due hereunder when due; provided, however, that such authorization
shall not affect any of the undersigned’s obligation to pay to the Bank all amounts when due, whether or not any such account
balances that are maintained by the undersigned with the Bank are insufficient to pay to the Bank any amounts when due, and to
the extent that such accounts are insufficient to pay to the Bank all such amounts, the undersigned shall remain liable for any
deficiencies until paid in full.

 

If this Note is signed by two or more parties (whether by all as
makers or by one or more as an accommodation party or otherwise), the obligations and undertakings under this Note shall be that
of all and any two or more jointly and also of each severally. This Note shall bind the undersigned, and the undersigned's respective
heirs, personal representatives, successors and assigns.

 

The undersigned waive(s) presentment, demand, protest, notice of
dishonor, notice of demand or intent to demand, notice of acceleration or intent to accelerate, and all other notices, and agree(s)
that no extension or indulgence to the undersigned (or any of them) or release, substitution or nonenforcement of any security,
or release or substitution of any of the undersigned, any guarantor or any other party, whether with or without notice, shall affect
the obligations of any of the undersigned. The undersigned waive(s) all defenses or right to discharge available under Section
3-605 of the Uniform Commercial Code and waive(s) all other suretyship defenses or right to discharge. The undersigned agree(s)
that the Bank has the right to sell, assign, or grant participations or any interest in, any or all of the Indebtedness, and that,
in connection with this right, but without limiting its ability to make other disclosures to the full extent allowable, the Bank
may disclose all documents and information which the Bank now or later has relating to the undersigned or the Indebtedness. The
undersigned agree(s) that the Bank may provide information relating to this Note or relating to the undersigned to the Bank's parent,
affiliates, subsidiaries and service providers.

 

The undersigned agree(s) to pay or reimburse to Bank, or any other
holder or owner of this Note, on demand, any and all costs and expenses of Bank (including, without limit, court costs, legal expenses
and reasonable attorneys’ fees, whether inside or outside counsel is used, whether or not suit is instituted, and, if suit
is instituted, whether at the trial court level, appellate level, in a bankruptcy, probate or administrative proceeding or otherwise)
incurred in connection with the preparation, execution, delivery, amendment, administration, and performance of this Note and the
related documents, or incurred in collecting or attempting to collect this Note or the Indebtedness, or incurred in any other matter
or proceeding relating to this Note or the Indebtedness.

 

The undersigned acknowledge(s) and agree(s) that there are no contrary
agreements, oral or written, establishing a term of this Note and agree(s) that the terms and conditions of this Note may not be
amended, waived or modified except in a writing signed by an officer of the Bank expressly stating that the writing constitutes
an amendment, waiver or modification of the terms of this Note. As used in this Note, the word “undersigned” means,
individually and collectively, each maker, accommodation party, endorser and other party signing this Note in a similar capacity.
If any provision of this Note is unenforceable in whole or part for any reason, the remaining provisions shall continue to be effective.
THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF MICHIGAN, WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES.

 

For the purposes of this Note, the following terms have the following
meanings:

 

“Advance” means a borrowing requested by the undersigned
and made by Bank under this Note.

 

“Applicable Margin” means zero percent (0%) per annum.

 

“Business Day” means any day, other than a Saturday,
Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation, on which Bank is open
for all or substantially all of its domestic and international business (including dealings in foreign exchange) in Detroit, Michigan,
and, in respect of notices and determinations relating to the Daily Adjusting LIBOR Rate, also a day on which dealings in dollar
deposits are also carried on in the London interbank market and on which banks are open for business in London, England.

 

    	 	4	 

     

    

“Change in Law” means the occurrence, after the date
hereof, of any of the following: (i) the adoption or introduction of, or any change in any applicable law, treaty, rule or regulation
(whether domestic or foreign) now or hereafter in effect and whether or not applicable to Bank on such date, or (ii) any change
in interpretation, administration or implementation thereof of any such law, treaty, rule or regulation by any Governmental Authority,
or (iii) the issuance, making or implementation by any Governmental Authority of any interpretation, administration, request, regulation,
guideline, or directive (whether or not having the force of law), including, without limitation, any risk-based capital guidelines
or any interpretation, administration, request, regulation, guideline, or directive relating to liquidity. For purposes of this
definition, (x) a change in law, treaty, rule, regulation, interpretation, administration or implementation shall include, without
limitation, any change made or which becomes effective on the basis of a law, treaty, rule, regulation, interpretation administration
or implementation then in force, the effective date of which change is delayed by the terms of such law, treaty, rule, regulation,
interpretation, administration or implementation, and (y) the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Pub. L. 111-203, H.R. 4173) and all requests, rules, regulations, guidelines, interpretations or directives promulgated thereunder
or issued in connection therewith shall be deemed to be a “Change in Law”, regardless of the date enacted, adopted,
issued or promulgated, whether before or after the date hereof, and (z) all requests, rules, guidelines or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the United States regulatory authorities, in each case pursuant to Basel III, shall each be deemed to be a “Change in Law”,
regardless of the date enacted, adopted, issued or implemented.

 

“Credit Agreement” shall mean the Amended and Restated
Credit Agreement dated November 16, 2010 between undersigned and Bank, as amended, modified, revised or restated from time to time.

 

“Daily Adjusting LIBOR Rate” means, for any day, a per
annum interest rate which is equal to the quotient of the following:

 

		(a)	for any day, the per annum rate of interest determined on the basis of the rate for deposits in
United States Dollars for a period equal to one (1) month appearing on Page BBAM of the Bloomberg Financial Markets Information
Service at or about 11:00 a.m. (London, England time) (or as soon thereafter as practical) on such day, or if such day is not a
Business Day, on the immediately preceding Business Day. In the event that such rate does not appear on Page BBAM of the Bloomberg
Financial Markets Information Service (or otherwise on such Service) on any day, the “Daily Adjusting LIBOR Rate” for
such day shall be determined by reference to such other publicly available service for displaying eurodollar rates as may be reasonably
selected by Bank, or, in the absence of such other service, the “Daily Adjusting LIBOR Rate” for such day shall, instead,
be determined based upon the average of the rates at which Bank is offered dollar deposits at or about 11:00 a.m. (Detroit, Michigan
time) (or as soon thereafter as practical), on such day, or if such day is not a Business Day, on the immediately preceding Business
Day, in the interbank eurodollar market in an amount comparable to the principal amount of the Indebtedness outstanding hereunder
and for a period equal to one (1) month;

 

divided by

 

		(b)	1.00 minus the maximum rate (expressed as a decimal) on such day at which Bank is required to maintain
reserves on “Euro-currency Liabilities” as defined in and pursuant to Regulation D of the Board of Governors of the
Federal Reserve System or, if such regulation or definition is modified, and as long as Bank is required to maintain reserves against
a category of liabilities which includes eurodollar deposits or includes a category of assets which includes eurodollar loans,
the rate at which such reserves are required to be maintained on such category;

 

provided, however, and notwithstanding anything to
the contrary set forth in this Note, if at any time the Daily Adjusting LIBOR Rate determined as provided above would be less than
zero percent (0%), then the Daily Adjusting LIBOR Rate shall be deemed to be zero percent (0%) per annum for all purposes of this
Note. Each calculation by Bank of the Daily Adjusting LIBOR Rate shall be conclusive and binding for all purposes, absent manifest
error.

 

“Governmental Authority” means the government of the
United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including, without limitation, any supranational
bodies such as the European Union or the European Central Bank).

 

“Loan Amount” means the face amount of this Note as
set forth at the top of Page 1 hereof.

 

“Prime Rate” means the per annum interest rate established
by Bank as its prime rate for its borrowers, as such rate may vary from time to time, which rate is not necessarily the lowest
rate on loans made by Bank at any such time.

 

“Prime Referenced Rate” means, for any day, a per annum
interest rate which is equal to the Prime Rate in effect on such day, but in no event and at no time shall the Prime Referenced
Rate be less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent (2.50%) per annum. If, at
any time, Bank determines that it is unable to determine or ascertain the Daily Adjusting LIBOR Rate for any day, the Prime Referenced
Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and one-half percent (2.50%) per annum.

 

    	 	5	 

     

    

“Request for Advance” means a Request for Advance issued
by the undersigned under this Note in the form annexed to this Note as Exhibit “A”.

 

No delay or failure of Bank in exercising any right, power or privilege
hereunder shall affect such right, power or privilege, nor shall any single or partial exercise thereof preclude any further exercise
thereof, or the exercise of any other power, right or privilege. The rights of Bank under this Note are cumulative and not exclusive
of any right or remedies which Bank would otherwise have, whether by other instruments or by law.

 

THE UNDERSIGNED AND BANK, BY ACCEPTANCE OF THIS NOTE, ACKNOWLEDGE
THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED
BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY,
AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT
OF, OR IN ANY WAY RELATED TO, THIS NOTE OR THE INDEBTEDNESS.

 

 

 

[Remainder of page intentionally left blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	6	 

     

    

This Note amends, restates, supersedes and replaces that certain
Master Revolving Note (Demand) dated as of October 30, 2015, made in the principal amount of Ten Million Dollars ($10,000,000)
by the undersigned payable to the Bank, as amended (the “Prior Note”); provided, however, (i) the execution
and delivery by the undersigned of this Note shall not, in any manner or circumstance, be deemed to be a payment of, a novation
of or to have terminated, extinguished or discharged any of the undersigned’s indebtedness evidenced by the Prior Note, all
of which indebtedness shall continue under and shall hereinafter be evidenced and governed by this Note, and (ii) all Collateral
and guaranties securing or supporting the Prior Note shall continue to secure and support this Note.

 

This Note is dated and shall be effective as of the date set forth
above.

 

PERCEPTRON, INC.

 

 

 

By: /s/ David L. Watza                                         

SIGNATURE OF

 

Its: President and Chief Executive Office           

TITLE

 

 

 

	47827 Halyard Drive	 	Plymouth	 	Michigan	 	48170
	STREET ADDRESS	 	CITY	 	STATE	 	ZIP CODE

 

 

	For Bank Use Only	 
	
        OFFICER INITIALS

         
	
        LOAN GROUP NAME

         
	
        OBLIGOR NAME

         

        Perceptron, Inc.

	
        OFFICER ID. NO.

         
	
        LOAN GROUP NO.

         
	
        OBLIGOR NO.

         
	
        NOTE NO.

         
	
        AMOUNT

         

        $6,000,000

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