Document:

Exhibit 10.30

 

LOAN DOCUMENT MODIFICATION AGREEMENT

 

This Loan Document
Modification Agreement (this "Agreement") is made as of this 23rd day of December, 2019, by and between Middlesex
Savings Bank, a banking corporation organized and existing under the laws of Massachusetts, of 6 Main Street, Natick, Massachusetts
01760 (the "Lender"), and Dynasil Corporation of America of 313 Washington Street, Suite 403, Newton, Massachusetts
02458 (the "Borrower"); and Optometrics Corporation of 8 Nemco Way, Ayer, Massachusetts 01432, Radiation Monitoring
Devices, Inc. of 44 Hunt Street, Watertown, Massachusetts 02472, RMD Instruments Corp. of 44 Hunt Street, Watertown, Massachusetts
02472, Evaporated Metal Films Corp. of 239 Cherry Street, Ithaca, New York 14850, and Dynasil Biomedical Corp. of 44 Hunt Street,
Watertown, Massachusetts 02472 (collectively, the "Guarantors").

 

WHEREAS, on
May 1, 2014 Lender made a loan (the "Loan") to Borrower evidenced by a Revolving Line of Credit Note dated May
1, 2014 from Borrower to Lender in the original principal amount of Four Million and 00/100 ($4,000,000.00) Dollars (the "LOC
Note");

 

WHEREAS, as
security for the payment and performance of Borrower's obligations under the LOC Note, Borrower and Guarantors executed and delivered
to Lender, (i) a Loan and Security Agreement dated May 1, 2014, by and between the Borrower and the Lender (the "Loan Agreement"),
(ii) UCC-1 Financing Statements covering the Collateral described in the Loan Agreement and filed with the Secretary of State of
the Commonwealth of Massachusetts, State of New York and State of Delaware (the "UCC-1 Financing Statements"),
(iii) Entity Guaranty and Security Agreements, all dated May 1, 2014 from Guarantors to Lender (the "Guaranties"),
(iv) a Stock Pledge Agreement by Borrower in favor of Lender dated May 1, 2014 (the "Stock Pledge"); and (v) a
Subordination Agreement dated as of May 1, 2014 given by Massachusetts Capital Resource Company ("MCRC") to Lender
(the "MCRC Subordination") by which all debt of Borrower to MCRC (the "Junior Debt") is subordinated
to all Obligations of Borrower to Lender. Collectively, the Loan Agreement, the UCC-1 Financing Statements, the Guaranties, the
Stock Pledge, and the MCRC Subordination are referred to, together with various other documents referred to therein, as the same
may be amended from time to time, as the "Security Instruments";

 

WHEREAS, Borrower
and Lender amended the terms of the Loan pursuant to a Loan Document Modification Agreement dated September 29, 2015, by adding
or modifying certain financial covenants by Lender, granting to Borrower consent to pay-down or pay-off certain amounts of the
Junior Debt, and by adding an option on the part of Borrower to term out a certain amount of Advances made to Borrower under the
LOC Note;

 

WHEREAS, Borrower
and Lender further amended the terms of the Loan pursuant to a Second Amendment of Loan Agreement dated December 2, 2016, to (i)
provide for Borrower to pay dividends under certain circumstances, (ii) make a distribution to Dynasil Biomedical Corp. to invest
in Xcede Technologies, and (iii) modify the debt service coverage covenant;

 

WHEREAS, Borrower
and Lender further amended the terms of the Loan pursuant to a Loan Document Modification Agreement dated May 16, 2017, by modifying
the Advance Period Termination Date as set forth therein, and providing for an equipment line of credit in favor of the Borrower
(the "Equipment Line of Credit"), as evidenced by a certain Equipment Line of Credit Master Note (Non-Revolving)
in the maximum principal amount of One Million and 00/100 ($1,000,000.00) Dollars (the "Equipment Line of Credit Note");
and

 

     

     

    

 

WHEREAS, the
Borrower and Lender further amended the terms of the Loan pursuant to a Loan Document Modification Agreement dated August 13, 2018
for the purposes of (i) renewing and modifying the Equipment Line of Credit and replacing the Equipment Line of Credit Note, and
(ii) modifying the Maximum Funded Debt Ratio set forth in the Loan Agreement; and

 

WHEREAS, the
Borrower and the Lender further amended the Loan Agreement pursuant to a Loan Document Modification Agreement dated August 5, 2019
(the "August 5, 2019 Modification Agreement"), to increase the percentage of Eligible Accounts Receivable available
for borrowing under the Revolving Line of Credit Note from 80% to 85% and to eliminate Eligible Unbilled Receivables as a category
for the Borrower obtaining Advances under the Revolving Line of Credit effective April 30, 2019, and to modify the Equipment Line
of Credit; and

 

WHEREAS, pursuant to
the terms set forth in the August 5, 2019 Modification Agreement, the Loan Agreement was further amended to change the definitions
used to calculate the Debt Service Coverage Ratio in Section 4.9 and the Maximum Leverage Ratio in Section 4.9A (to add back up
to Seven Hundred Fifty Thousand and 00/100 ($750,000.00) Dollars of certain Go-Dark Expenses) from the twelve (12) month testing
periods ending June 30, 2019 and September 30, 2019, and to consent to new subordinated indebtedness in the maximum amount of Two
Million and 00/100 ($2,000,000.00) Dollars (Section 3.2), with payments of interest and principal to be included in the calculation
of the Debt Service Coverage Ratio (Section 4.9); and

 

WHEREAS, pursuant to
the terms set forth herein, the Loan Agreement shall be further amended to extend the Advance Period Termination Date, provide
for a new Equipment Line of Credit, to create a new Equipment Line of Credit Note and to amend the Line of Credit Note to add an
interest rate tied to a LIBOR Benchmark Rate (as defined herein).

 

NOW, THEREFORE,
in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, it is hereby agreed as follows:

 

1.           The first paragraph of Section 1.1.2 of the Loan Agreement is hereby deleted in its entirety, and the following new first
paragraph is substituted therefor:

 

"1.1.2Revolving
Line of Credit Loan. A Revolving Line of Credit Loan, evidenced by a Revolving Line of Credit Note dated May 1, 2014, allowing
advances aggregating not more than Four Million and 00/100 ($4,000,000.00) Dollars (the 'Line of Credit Note'). The availability
of Advances under the Revolving Line of Credit Loan shall expire on April 30, 2022, unless renewed by the Lender in writing. Such
date, as it may be so extended, is referred to as the 'Advance Period Termination Date' upon which date all outstanding
principal and unpaid interest shall become due and payable."

 

    	 	- 2 -	 

     

    

 

2.           The Line of Credit Note is hereby amended to provide a LIBOR Benchmark option for the interest rate in addition to the Lender's
Prime Rate by deleting the section entitled "Variable Rate; Payments" on Pages 1 and 2 of the Line of Credit Note
in its entirety and substituting the following therefor:

 

"Variable
Rate; Payments: The unpaid principal of this Note from time to time outstanding shall bear interest, at Borrower's election,
computed on the basis of the actual number of days elapsed over a year assumed to have three hundred sixty (360) days, at an annual
rate equal to either (i) the Lender's Prime Rate, but in no event less than three and one-quarter of one (3.25%) percent, or (ii)
the LIBOR Benchmark Rate (as defined below), plus two and one-half of one (2.50%) percent per annum.

 

As used herein,
Lender's Prime Rate means the rate from time to time announced and made effective by the Lender as its Prime Rate; the Prime Rate
hereunder shall change as Lender's Prime Rate changes and any such change shall be effective on the announcement date by Lender
of such change.

 

As used in
this Note, the following terms shall have the following meanings:

 

'Business
Day' means any day which is neither a Saturday nor Sunday nor a legal holiday on which commercial banks are authorized or required
to be closed in Boston, Massachusetts.

 

'Interest
Period' means, initially, the period commencing on December ____, 2019, and ending on December 31, 2019, and thereafter, commencing
on the first day of each month and ending on the last day of such month.

 

'LIBOR
Benchmark Rate' means relative to any Interest Period, the offered rate for delivery in two (2) London Banking Days (as defined
below) of deposits of U.S. Dollars which the ICE Benchmark Administration fixes as its LIBOR Benchmark Rate and which is published
by Bloomberg (or such other commercially available service providing quotations of ICE LIBOR, as designated by the Lender from
time to time) as of 11:00 a.m. London time on the day on which the Interest Period commences, and for a period approximately equal
to such Interest Period. If the first day of any Interest Period is not a day which is both a (i) Business Day, and (ii) a day
on which United States dollar deposits are transacted in the London interbank market (a 'London Banking Day'), the LIBOR
Benchmark Rate shall be determined in reference to the next preceding day which is both a Business Day and a London Banking Day.
If for any reason the LIBOR Benchmark Rate is unavailable and/or the Lender is unable to determine the LIBOR Benchmark Rate for
any Interest Period, the LIBOR Benchmark Rate shall be deemed to be equal to the Bank's Prime Rate, but in no event less than three
and one-quarter of one (3.25%) percent per annum.

 

Beginning
on December 31, 2019, and on the last day of each and every month thereafter during the term of this Note, Borrower shall make
payments of interest monthly in arrears on outstanding Advances.

 

    	 	- 3 -	 

     

    

 

Upon the
occurrence of the Advance Period Termination Date, as set forth in the Loan and Security Agreement, or upon any Event of Default
under any of the Security Instruments, all unpaid principal and all accrued and unpaid interest under this Note shall be immediately
due and payable without presentment, demand, protest, notice of protest or other notice of dishonor of any kind, all of which are
hereby expressly waived. No course of dealing or delay in accelerating the maturity of this Note or in taking any other action
with respect to any Event of Default shall affect Lender's rights to take action with respect thereto, and no waiver as to any
one Event of Default shall affect any of Lender's rights as to any other Event of Default.

 

Principal
not paid when due hereunder shall bear interest at the rate set forth above from the date due until so paid and shall be due and
payable upon demand, whether or not an Event of Default has occurred. Payments hereunder shall be applied first to interest then
due on the unpaid balance of principal and then to such principal."

 

3.           The Loan Agreement is hereby further amended by deleting Section 1.1.3 in its entirety and substituting the following new
Section 1.1.3 therefor:

 

"1.1.3Non-Revolving
Equipment Line of Credit/Demand Loan. A Non-Revolving Equipment Line of Credit/Demand Loan evidenced by a Non-Revolving Equipment
Line of Credit/Demand Note dated December 23, 2019, allowing advances aggregating not more than Seven Hundred Fifty Thousand ($750,000.00)
Dollars (the 'Equipment Line of Credit Note'). Subject to the demand of Lender, the availability of credit under the Non-Revolving
Equipment Line of Credit/Demand Loan shall expire on April 30, 2022, unless renewed by Lender in writing. Such Equipment Line of
Credit Note and all Term Notes executed pursuant thereto, together are referred to as the 'Notes', as such Notes may be
modified, extended and/or amended from time to time.

 

Borrower
agrees to pay Lender all advances (each, an 'Advance'), whether pursuant to the Notes or otherwise, all of which, together
with all other indebtedness, liabilities and commitments which Borrower owes to Lender, whether (a) arising under this Agreement
or otherwise, (b) now existing or hereafter arising, or (c) direct or indirect, absolute or contingent, joint or several, due or
not due, are referred to as the 'Obligation(s)'.

 

All advances
under the Equipment Line of Credit Note are being made upon the terms contained in this Agreement, the Notes and any other Security
Instruments (as defined herein), the terms of which are incorporated herein.

 

No Advance
under the Equipment Line of Credit shall exceed eighty (80%) percent of the net purchase price (exclusive of any soft costs, transportation
or installation charges) of new equipment or eighty (80%) percent of the Net Orderly Liquidation Value of used equipment. The term
'Net Orderly Liquidation Value' or 'NOLV' means the value of equipment that is estimated to be recoverable in an
orderly liquidation of such equipment, stated at cost under a court authorized going out of business sale, net of liquidation expenses,
such value to be as determined from time to time by Lender in its commercially reasonable discretion or by a qualified appraisal
company selected by Lender (excluding all shipping and related soft costs) of the equipment, expenditures or improvements referred
to therein."

 

    	 	- 4 -	 

     

    

 

4.           Borrower and Guarantors confirm that the Security Instruments, as amended by or added to in connection with this Agreement,
constitute the valid and enforceable obligations of Borrower and Guarantors, and that neither Borrower nor Guarantors has any existing
claims, defenses or rights of setoff with respect thereto.

 

5.           Borrower and Guarantors hereby warrant and represent that the statements set forth in the recitals above are true and correct,
and that all representations and warranties made by Borrower and Guarantors in the Security Instruments continue to be true and
correct in all material respects.

 

6.           It is further agreed that this Agreement shall not, in any manner, release, relinquish, or otherwise affect the liens, security
interests, and rights created by or arising under the Security Instruments or its priority over other liens, charges, or encumbrances
affecting the Collateral referred to therein (except by extending such lien to secure, inter alia, any and all new obligations
created hereby and pursuant to the Equipment Line of Credit Note and the Term Note) or Borrower’s or Guarantors' liability
thereunder; and all other terms, conditions and covenants therein contained which are not hereby amended, are hereby ratified and
confirmed as previously written.

 

7.           Borrower and Guarantors hereby acknowledge that there are and were no oral or written representations, warranties, understandings,
stipulations, agreements or promises made by any party or by any agent, employee or other representative of any party, pertaining
to the subject matter of this Agreement which have not been incorporated herein. No
express or implied consent to any further modifications involving any of the matters set forth in the Security Instruments or herein
shall be inferred or implied by Lender's execution of this Agreement. Any further modification of the Loan Agreement shall require
the express written approval of Lender. No provision hereof shall be modified or limited except by a written instrument signed
by the parties hereto, expressly referring hereto and to the provision so modified or limited.

 

8.           Except as expressly amended and modified by this Agreement all of the terms and conditions of the Security Instruments shall
remain in full force and effect.

 

[Signature Page to Follow]

  

    	 	- 5 -	 

     

    

 

Executed under seal
this 23rd day of December, 2019.

 

	 	MIDDLESEX SAVINGS BANK	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Tony Zhang	 
	 	 	Tony Zhang, Senior Vice President	 
	 	 	 	 
	 	DYNASIL CORPORATION OF AMERICA	 
	 	OPTOMETRICS CORPORATION	 
	 	RADIATION MONITORING DEVICES, INC.	 
	 	RMD INSTRUMENTS CORP.	 
	 	EVAPORATED METAL FILMS CORP.	 
	 	DYNASIL BIOMEDICAL CORP.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Holly Hicks	 
	 	 	Holly Hicks, Chief Financial Officer of each of the above named corporations	 

 

[Signature Page to Loan Modification
Agreement]

   

    	 	- 6 -Exhibit 10.31

 

EQUIPMENT LINE OF CREDIT MASTER NOTE

(NON-REVOLVING)

 

	$750,000.00	December 23, 2019

 

FOR VALUE RECEIVED,
the undersigned DYNASIL CORPORATION OF AMERICA, a Delaware corporation, with a principal place of business and a mailing address
of 313 Washington Street, Suite 403, Newton, Massachusetts 02458 (the "Borrower"), promises to pay to MIDDLESEX
SAVINGS BANK, a Massachusetts banking corporation, at its principal office at 6 Main Street, Natick, Massachusetts 01760 (the "Lender"),
OR TO ITS ORDER, the principal sum of Seven Hundred Fifty Thousand 00/100 ($750,000.00) DOLLARS, or such lesser amount as may actually
be advanced (the "Equipment Line of Credit") as provided in a Loan Modification Agreement (the "Agreement")
of even date herewith between Borrower and Lender, together with interest on the unpaid balance thereof from the date hereof until
paid computed on the basis of the actual number of days elapsed over a year assumed to have 360 days, at the rate and in the manner
hereinafter provided in lawful money of the United States of America.

 

Payments: Absent
demand, beginning on December 31, 2019 and on the last day of each month thereafter for the twenty-four (24) month period ending
December 31, 2021, unless extended by the Lender in writing (the "Advance Period Termination Date"), the Borrower
shall make payments of interest monthly in arrears on outstanding principal at an annual rate equal to the Lender's Prime Rate,
per annum. As used herein, Lender’s "Prime Rate" means the rate from time to time announced and made effective
by the Lender as its Prime Rate; the Prime Rate hereunder shall change as Lender's Prime Rate changes and any such change shall
be effective on the announcement date by Lender of such change.

 

Draw Down Period.
Prior to the Advance Period Termination Date, the available principal balance of the Equipment Line of Credit shall be reduced
by the principal amount of each advance (whether or not evidenced by a Term Note), when and as advanced.

 

Term-Out Provision.
 On the date of each advance or annually on December 31, 2020 and on the Advance Period Termination Date, the Borrower shall
term-out all outstanding balances under the Equipment Line of Credit, and make payments on the entire amount of outstanding principal
and accrued and unpaid interest, in an initial amount calculated to fully amortize such amount over 5 years, at a fixed interest
rate equal to the then Federal Home Loan Bank 5/5 Amortizing Advance Rate plus 2.50%, with payments of principal and interest commencing
on and continuing on the same day of each month for a total of sixty (60) such payments, with the due date of the last payment
to be the Maturity Date. Repayment shall be evidenced by certain Equipment Line of Credit Term Notes, substantially in the form
of Schedule A attached hereto and incorporated herein, to be executed and delivered by the Borrower to the Lender (each a "Term
Note").

 

Loans made hereunder
may be repaid but not re-borrowed, and the entire balance of principal, accrued interest, and other fees and charges shall be due
and payable on the Advance Period Termination Date (unless converted to a Term Note) or unless extended by the Lender in writing.

 

 

 

    	 	- 1 -	 
	Dynasil Corporation of America	 	 
	Term and ELOC Loans dated December 23, 2019	 	Borrower’s Initials ______

     

    

 

Late Charge:
Whenever any installment of principal and interest due hereunder shall not be paid within fifteen (15) days of its due date, the
Borrower shall pay in addition thereto as a late charge, five percent (5%) of the amount of any such installment.

 

Security: This
Note is secured by a first priority security interest in all assets of the Borrower, pursuant to a Loan and Security Agreement
dated May 1, 2014, as modified by seven (7) Loan Modification Agreements (the "Loan Agreement"), which assets
are located at 313 Washington Street, Suite 403, Newton, Massachusetts 02458. Such documents, together with various other instruments
securing this Note (the terms and provisions of all of which are incorporated herein by reference) are hereinafter referred to
as the "Security Instruments".

 

Default: An
Event of Default under any of the Security Instruments shall constitute an Event of Default hereunder, and such events of default
include, but are not limited to, the failure of Borrower to make any payments of principal, interest or other charge on demand
or when due hereunder.

 

Upon the occurrence
of an Event of Default, the Lender may, at its option, without notice or demand, declare the unpaid principal and all accrued interest
under this Note to be immediately due and payable without presentment, demand, protest, notice of protest or other notice of dishonor
of any kind, all of which are hereby expressly waived. No course of dealing or delay in accelerating the maturity of this Note
or in taking any other action with respect to any Event of Default shall affect Lender's rights to take action with respect thereto,
and no waiver as to any one Event of Default shall affect any of Lender's rights as to any other Event of Default.

 

All payments will be
applied first to any charges, costs, expenses or late fees outstanding, then to unpaid accrued interest, and any balance to principal.

 

In no event shall interest
payable hereunder exceed the highest rate permitted by applicable law. To the extent any interest received by Lender exceeds the
maximum amount permitted, such payment shall be credited to principal, and any excess remaining after full payment of principal
shall be refunded to the Borrower. This Note evidences borrowings under the Agreement and is secured by and entitled to the benefits
of the provisions of the Agreement and any other instruments or documents executed in connection therewith.

 

Setoff: Any
deposits or other sums at any time credited by or due from the holder to the Borrower or Guarantors (as defined in the Agreement)
and any securities or other property of Borrower or Guarantors in the possession or custody of the holder may at all times be held
and treated as collateral security for the payment of this Note and any and all other liabilities, direct or indirect, absolute
or contingent, due or to become due, now existing or hereafter arising, of said respective Borrower or Guarantors to the holder.
The holder hereof on or after default in payment hereof may apply such deposits or other sums to said Obligations and sell any
such securities or other property at broker's board or at public or private sale without demand, notice or advertisement of any
kind, all of which are hereby expressly waived.

 

    	 	- 2 -	 
	Dynasil Corporation of America	 	 
	Term and ELOC Loans dated December 23, 2019	 	Borrower’s Initials ______

     

    

 

Default Rate:
Lender shall have the option of imposing, and Borrower shall pay upon billing therefore, an interest rate which is four percent
(4%) per annum above the interest rate otherwise payable hereunder ("Default Rate"): (a) while any monetary default
exists and is continuing, during that period between the due date and the date of payment; (b) following any Event of Default,
unless and until the Event of Default is waived by Lender; and (c) after the Maturity Date.

 

Collection Costs:
If this Note shall not be paid in full upon demand, the Borrower agrees to pay all costs and expenses of collection, including
court costs and reasonable attorneys' fees.

 

Waiver: The
Borrower agrees, by making this Note or by making any agreement to pay any of the indebtedness evidenced by this Note, to waive
presentment for payment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this Note, and consents
without notice or further assent (a) to the substitution, exchange or release of the collateral securing this Note or any part
thereof at any time, (b) to the acceptance by the holder or holders at any time of any additional collateral or security for or
other guarantors of this Note, (c) to the modification or amendment at any time, and from time to time of this Note, the Loan Agreement
or any Security Instrument hereinabove referred to, and any instrument securing this Note, at the request of any person liable
hereon, (d) to the granting by the holder hereof of any extension of the time for payment of this Note or for the performance of
the agreements, covenants and conditions contained in this Note, the Loan Agreement or any Security Instrument hereinabove referred
to, or any instrument securing this Note, at the request of any other person liable hereon, and (e) to any and all forbearances
and indulgences whatsoever; and such consent shall not alter or diminish the liability of any person.

 

Jury Trial Waiver:
Borrower and Lender mutually hereby knowingly, voluntarily and intentionally waive the right to a trial by jury in respect of any
litigation based on this Note, arising out of, under or in connection with the Agreement, the Loan and Security Agreement or any
other Security Instruments contemplated to be executed in connection herewith, or any course of conduct, course of dealings, statements
(whether verbal or written) or actions of any party. This waiver constitutes a material inducement for Borrower and Lender to enter
into the transactions contemplated hereby.

 

The Borrower has received
a copy of this Note.

 

This Note shall be
the joint and several obligation of the Borrower and all sureties, guarantors and endorsers, and shall be binding upon them and
their respective successors and assigns and each or any of them.

 

[Signature Page to Follow]

 

    	 	- 3 -	 
	Dynasil Corporation of America	 	 
	Term and ELOC Loans dated December 23, 2019	 	Borrower’s Initials ______

     

    

 

IN WITNESS WHEREOF,
the Borrower has executed this Note as an instrument under seal, as of the day and year first above written.

 

	Signed in the presence of:	DYNASIL CORPORATION OF AMERICA	 
	 	 	 	 
	 	 	 	 
	          Patricia
    A. Johnson	By:	/s/ Holly Hicks	 
	Witness	 	Holly Hicks, Chief Financial Officer	 

 

 

    	 	- 4 -	 
	Dynasil Corporation of America	 	 
	Term and ELOC Loans dated December 23, 2019	 	Borrower’s Initials ______

     

    

 

SCHEDULE A

 

EQUIPMENT LINE OF CREDIT TERM NOTE

 

	$_________________________	__________________, 20___

 

FOR VALUE RECEIVED,
the undersigned, with a principal place of business located at, 313 Washington Street, Suite 403, Newton, Massachusetts 02458 (hereinafter
called the "Borrower"), promises to pay to MIDDLESEX SAVINGS BANK, a Massachusetts banking corporation, at its
principal office at 6 Main Street, Natick, Massachusetts 01760 (hereinafter called the "Lender"), OR TO ITS ORDER,
the principal sum of [________________________________] ($ ____________) DOLLARS, or such lesser amount as may actually be advanced,
with interest on the unpaid balance hereof from the date hereof until paid, at the rate and in the manner hereinafter provided,
in lawful money of the United States of America.

 

Fixed Rate; Payments:
The unpaid principal of this Note from time to time outstanding shall bear interest, computed on the basis of the actual number
of days elapsed over a year assumed to have 360 days, at an annual rate equal to [the Federal Home Loan Bank 5/5 Amortizing Advance
Rate plus 2.50%] ("Interest Rate").

 

Beginning on [__________________,
20___], and on the same day of each and every month thereafter during the term hereof, Borrower shall make monthly payments of
principal and interest in the amount of [________________________________] Dollars ($ ____________) each. Principal not paid when
due hereunder shall bear interest at the rate set forth above from the date due until so paid. Each payment shall be applied first
to interest then due on the unpaid balance of principal and then to such principal.

 

Such monthly payments
shall be based upon a five (5) year amortization schedule.

 

All indebtedness evidenced
by this Note shall be due and payable five (5) years from the date hereof (the "Maturity Date"), unless such date
is extended in a written agreement executed by Borrower and Lender.

 

Late Charge:
Whenever any installment of principal and interest due hereunder shall not be paid within fifteen (15) days of its due date, the
Borrower shall pay in addition thereto as a late charge, five percent (5%) of the amount of any such installment.

 

Security: This
Note is secured by a first priority security interest in all assets of the Borrower, pursuant to a Loan and Security Agreement
dated May 1, 2014, as amended, between Borrower and Lender (the "Loan and Security Agreement"), which assets are
located at 313 Washington Street, Suite 403, Newton, Massachusetts 02458, and a Stock Pledge Agreement from Borrower regarding
one hundred thirty (130) shares of Hilger Crystals Limited dated May 1, 2014. All of Borrower’s obligations to the Lender
however characterized (the "Obligations") are guaranteed pursuant to each Entity Guaranty and Security Agreement,
all dated May 1, 2014, from Optometrics Corporation, Radiation Monitoring Devices, Inc., RMD Instruments Corp, Evaporated Metal
Films Corp. and Dynasil Biomedical Corp. (the "Guarantors") (hereinafter, each a "Guaranty").
Such documents, together with various other instruments securing this Note (the terms and provisions of all of which are incorporated
herein by reference) are hereinafter referred to as the "Security Instruments".

 

    	 	- 1 -	 
	Dynasil Corporation of America	 	 
	Term and ELOC Loans dated December 23, 2019	 	Borrower’s Initials ______

     

    

 

Default: An
Event of Default under any of the Security Instruments shall constitute an Event of Default hereunder, and such events of default
include, but are not limited to, the failure of Borrower to make any payments of principal, interest or other charge when due hereunder.
Upon the occurrence of an Event of Default, the Lender may, at its option, without notice or demand, declare the unpaid principal
and all accrued interest under this Note to be immediately due and payable without presentment, demand, protest, notice of protest
or other notice of dishonor of any kind, all of which are hereby expressly waived. No course of dealing or delay in accelerating
the maturity of this Note or in taking any other action with respect to any Event of Default shall affect Lender's rights to take
action with respect thereto, and no waiver as to any one Event of Default shall affect any of Lender's rights as to any other Event
of Default.

 

Setoff: Any
deposits or other sums at any time credited by or due from the holder to the Borrower or Guarantors and any securities or other
property of Borrower or Guarantors in the possession or custody of the holder may at all times be held and treated as collateral
security for the payment of this Note and any and all other liabilities, direct or indirect, absolute or contingent, due or to
become due, now existing or hereafter arising, of said respective Borrower or Guarantors to the holder. The holder hereof on or
after default in payment hereof may apply such deposits or other sums to said Obligations and sell any such securities or other
property at broker's board or at public or private sale without demand, notice or advertisement of any kind, all of which are hereby
expressly waived.

 

Default Rate:
Lender shall have the option of imposing, and Borrower shall pay upon billing therefore, an interest rate which is four percent
(4%) per annum above the interest rate otherwise payable hereunder ("Default Rate"): (a) while any monetary default
exists and is continuing, during that period between the due date and the date of payment; (b) following any Event of Default,
unless and until the Event of Default is waived by Lender; and (c) after the Maturity Date.

 

Collection Costs:
If this Note shall not be paid in full upon demand, the Borrower agrees to pay all costs and expenses of collection, including
court costs and reasonable attorneys' fees.

 

Prepayment:
Borrower may make partial or a full prepayment of principal due hereunder without penalty, provided however, that as to full prepayments
made with funds provided by another lending institution, a prepayment charge will be applicable for the first three (3) year period
of the loan. The charge will be equal to three (3%) percent of the amount of principal prepaid for the first such year, two (2%)
percent for the second such year, and one (1%) percent for the third such year.

 

    	 	- 2 -	 
	Dynasil Corporation of America	 	 
	Term and ELOC Loans dated December 23, 2019	 	Borrower’s Initials ______

     

    

 

Waiver: The
Borrower agrees, by making this Note or by making any agreement to pay any of the indebtedness evidenced by this Note, to waive
presentment for payment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this Note, and consents
without notice or further assent (a) to the substitution, exchange or release of the collateral securing this Note or any part
thereof at any time, (b) to the acceptance by the holder or holders at any time of any additional collateral or security for or
other guarantors of this Note, (c) to the modification or amendment at any time, and from time to time of this Note, the Loan and
Security Agreement hereinabove referred to, and any instrument securing this Note, at the request of any person liable hereon,
(d) to the granting by the holder hereof of any extension of the time for payment of this Note or for the performance of the agreements,
covenants and conditions contained in this Note, the Loan and Security Agreement hereinabove referred to, or any instrument securing
this Note, at the request of any other person liable hereon, and (e) to any and all forbearances and indulgences whatsoever; and
such consent shall not alter or diminish the liability of any person.

 

Jury Trial Waiver:
Borrower and Lender mutually hereby knowingly, voluntarily and intentionally waive the right to a trial by jury in respect of any
litigation based on this Note, arising out of, under or in connection with the Loan and Security Agreement or any other Security
Instruments contemplated to be executed in connection herewith, or any course of conduct, course of dealings, statements (whether
verbal or written) or actions of any party. This waiver constitutes a material inducement for Borrower and Lender to enter into
the transactions contemplated hereby.

 

The Borrower has received
a copy of this Note.

 

This Note shall be
the joint and several obligation of the Borrower and all sureties, guarantors and endorsers, and shall be binding upon them and
their respective successors and assigns and each or any of them.

 

IN WITNESS WHEREOF,
the Borrower has executed this Note as an instrument under seal, as of the day and year first above written.

 

Signed in the presence of:DYNASIL CORPORATION
OF AMERICA

 

 

	 	 	By:	 	 
	Witness	 	 	Holly Hicks, Chief Financial Officer	 

 

    	 	- 3 -	 
	Dynasil Corporation of America	 	 
	Term and ELOC Loans dated December 23, 2019	 	Borrower’s Initials ______

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