Document:

ex_422855.htm

Exhibit 10.2

 

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS [*****], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

ADDENDUM NO. 7 DATED 09 SEPTEMBER AUGUST 2022

 

to

 

CONTRACT FOR THE PROVISION OF AN FPSO

 

for

 

the Etame Field

 

dated 20th August 2001 (as amended, supplemented and novated as described below)

 

-between-

 

Vaalco Gabon S.A. ("Company")

 

-and-

 

Tinworth Pte. Limited ("Contractor")

 

-and-

 

Tinworth Gabon S.A. ("Operator")

 

 

We refer to:

 

	 	
			A.

				
			the Contract for the Provision of an FPSO dated 20 August 2001 (the "Original Contract") and made between (i) Vaalco Gabon (Etame), Inc. ("Vaalco") and (ii) Tinworth Limited ("Tinworth") in respect of the provision of the FPSO "PETROLEO NAUTIPA";

			

 

 

	 	
			B.

				
			Addendum No. 1 to the Original Contract dated 12 October 2001 and made between (i) Vaalco and (ii) Tinworth;

			

 

 

	 	
			C.

				
			Amendment No. 1 to the Original Contract (as amended) entered into on 28 June 2002 and made between (i) Vaalco and (ii) Tinworth;

			

 

 

	 	
			D.

				
			Addendum No. 1 dated 31 March 2005 to the Original Contract (as amended) and made between (i) Vaalco and (ii) Tinworth;

			

 

 

	 	
			E.

				
			a Deed of Assignment and Novation dated 13 December 2005 (the "2005 Novation Agreement") and made between (i) Tinworth (as Seller) (ii) Vaalco (as Charterer) and (iii) the Contractor (as Buyer), by which the Original Contract (as amended and supplemented by the above-mentioned Addenda and Amendment Agreement) was novated to and in favour of the Contractor (the Original Contract, as so amended and supplemented, as novated by the 2005 Novation Agreement, being referred to as the "2005 Novated Contract");

			

 

 

	 	
			F.

				
			Addendum No. 2 to the 2005 Novated Contract dated 16 October 2007 ("Addendum No. 2") and made between (i) Vaalco and (ii) the Contractor;

			

 

 

	 	
			G.

				
			Addendum No. 3 to the 2005 Novated Contract (as amended and supplemented by Addendum No. 2) dated 29 June 2012 ("Addendum No. 3") and made between (i) Vaalco and (ii) the Contractor;

			

 

 

	 	
			H.

				
			Addendum No. 4 to the 2005 Novated Contract (as amended and supplemented by Addendum No. 2 and Addendum No. 3) entered into on 29 June 2012 (expressed to take effect as of 1 January 2012) and made between (i) Vaalco and (ii) Tinworth (as supplemented by a letter addressed by the Contractor to the Company dated 1 February 2013, "Addendum No. 4");

			

 

 

	 	
			I.

				
			An agreement entered into on 31 December 2012 (the "Assumption Agreement") and made between (i) Vaalco, (ii) the Contractor and (iii) the Operator by which it was agreed that, on and with effect from 1 January 2012, the Operator would assume responsibility for the provision of certain services under the 2005 Novated Contract (as amended and supplemented by Addendum No. 2, Addendum No. 3 and Addendum No. 4) and the Contractor would remain responsible for provision of the FPSO;

			

 

 

	 	
			J.

				
			Addendum No. 5 to the 2005 Novated Contract (as amended and supplemented by Addendum No. 2, Addendum No. 3 and Addendum No. 4) entered into on 4 March 2016 ("Addendum No. 5") and made between (i) Vaalco, (ii) the Contractor and (iii) the Operator;

			

 

 

	 	
			K.

				
			a Deed of Novation dated 22 June 2017 (the "Novation Agreement") and made between (i) the Contractor, (ii) the Operator, (iii) Vaalco (as the original party) and (iv) the Company (as new party), by which the 2005 Novated Contract (as amended and supplemented by the above­ mentioned Addenda and Amendment Agreement) was novated to and in favour of the Company (the 2005 Novated Contract, as so amended and supplemented, as novated by the Novation Agreement, being referred to as the "Novated Contract"); and

			

 

 

	 	
			L.

				
			Addendum No. 6 to the Novated Contract entered into on 22 October 2020 between (i) the Company, (ii) the Contractor and (iii) the Operator.

			

 

The Novated Contract as amended by Addendum No. 6 being referred to in this Addendum as the "Contract".

 

 

IT IS HEREBY AGREED as follows -

 

	 	
			1.

				
			Words and expressions defined in the Contract shall have the same meaning when used in this Addendum unless amended pursuant to this Addendum. For the purposes of this Addendum the expression "Effective Date" shall mean 20 August 2022.

			

 

 

	 	
			2.

				
			On and with effect from the Effective Date, the Contract shall be, and is hereby amended, as follows:

			

 

 

	 	
			a)

				
			The following defined terms are hereby inserted in Article 1:

			

 

	
			"Completion Date

				
			The later to occur of (i) the Demobilisation Date and (ii) the date on which all authorisations and permits required for the FPSO and Contractor Group's equipment, materials and supplies related to the FPSO to leave Gabonese waters have been obtained in accordance with Article 16.3."

			
	
			"Demobilisation Work Scope

				
			The works, services and activities which need to be performed following the Production Cessation Date before the FPSO can be permanently demobilised from the FPSO Site as provided in Appendix A, Section D (Demobilzation)."

			
	
			[*****]

				
			[*****]

			
	
			"Production Cessation Date

				
			23:59 Gabon local time on October 4, 2022 by which time all production must cease in order for the Demobilisation Work Scope to commence."

			

 

 

	 	
			b)

				
			The definition of "Contract Period" in Article 1 is hereby deleted in full and replaced with the following:

			

 

	
			"Contract Period

				
			Shall have the meaning set out in Article 10.1."

			

 

 

	 	
			c)

				
			The definition of "Demobilisation Date" in Article 1 is hereby deleted in full and replaced with the following:

			

 

	
			"Demobilisation Date

				
			The date on which the towage of the FPSO from the FPSO Site to anchorage or the bay area nearshore Gabon (such location to be agreed between the Parties), following completion of the Demobilisation Work Scope, has been completed."

			

 

 

	 	
			d)

				
			Article 10.1 is hereby deleted in full and replaced with the following:

			

 

 

"10.1         The Contract Period shall be the period beginning at the Commencement Date and ending on the Completion Date."

 

 

	 	
			e)

				
			Article 10.2 is hereby deleted in full.

			

 

 

	 	
			f)

				
			Article 10.3 is hereby deleted in full.

			

 

 

	 	
			g)

				
			Article 11 (Redelivery) is hereby deleted in full and replaced with the following:

			

 

 

"11.1         The FPSO shall, as soon as practical following the completion of the Demobilisation Work Scope (unless lost or a constructive total loss or under requisition or as otherwise provided in Articles 30 and 31) be towed by the Contractor and/or Operator from the FPSO Site, and off of the ETAME MARIN PSC area, by no later than 31 March 2023 (unless prevented by any Company breach of Contract). Demobilisation shall be in accordance with Appendix A, Section D, and compensated as per Appendix B, Section 7.

 

 

11.2         The Company shall undertake the responsibility in cost and time to ensure that (i) all oil cargoes are offloaded and (ii) the FPSO is safely disconnected from the risers and umbilicals (as the case may be) latest within 30 calendar days of the Production Cessation Date and Operator shall provide all reasonable assistance to Company to effect same.

 

 

11.3         The Company shall make available to Contractor and/or Operator, within two weeks of Contractor's and/or Operator's written request to Company, the necessary marine spread, under contract by the Company at the time, for any required removal activities to be carried out by the Contractor and/or Operator including but not limited to disconnection and retrieval (whether before or after the Demobilisation Date) of the mooring system and towage of the FPSO from the FPSO Site to anchorage or the bay area nearshore Gabon (such location to be agreed between the Parties). The cost of using any such marine spread (including fuel costs) for such Contractor and/or Operator activities for up to eight (8) calendar days shall be borne by the Company. The direct and documented cost of using any such marine spread (including fuel costs) for such Contractor and/or Operator activities for any period beyond eight (8) calendar days, shall be borne by Operator subject always to an aggregate cap of USD25,000 per day per vessel including fuel, which shall reimburse the Company following receipt from the Company of the supporting documents for such costs incurred by Company up to an aggregate cap of USD25,000 per day per vessel including fuel. Any use of the marine spread by Contractor and/or Operator beyond eight (8) calendar days shall take into consideration the operational requirements of the Company and Contractor and/or Operator. The Company and Contractor and/or Operator shall execute a sub-charter covering the period during which Contractor and/or Operator utilize the marine spread.

 

 

11.4         [*****]

 

 

11.5         Unless laws and regulations applicable at the FPSO Site prohibit such abandonment, the Company agrees that the Operator and the Contractor may in their sole discretion abandon the mooring chains, anchor legs and anchors following disconnection of the FPSO. In the event the Contractor and/or Operator is (i) legally obligated or (ii) in Contractor's and/or Operator's discretion, wishes to recover the mooring chains, anchor legs and/or anchors, the Company shall allow the Contractor

 

and/or Operator access to the FPSO Site and provide the necessary marine spread for such recovery works in accordance with Article 11.3.

 

 

	 	
			h)

				
			The second sentence of Article 18.2 is hereby deleted in full and replaced with the following"

			

 

 

[*****]

 

 

	 	
			i)

				
			Appendix A, Section D (Demobilization) is hereby deleted in full and replaced with the following:

			

 

 

"D.         DEMOBILISATION

 

Upon completion of the Demobilisation Work Scope the Contractor shall disconnect the FPSO from the mooring system and demobilise the FPSO from the FPSO Site using marine spread to be provided by Company in accordance with Article 11.3.

 

 

The Company shall arrange for full and final offloading of all oil cargoes to be completed within 30 calendar days of the Production Cessation Date so as to allow Contractor free tankage to facilitate tank cleaning and flushing operations.

 

 

The Demobilisation Work Scope shall be completed on completion of all the following events:

 

 

	 	
			●

				
			The Production Cessation Date has occurred and production has ceased;

			

 

	 	
			●

				
			All subsea lines have been flushed;

			

 

	 	
			●

				
			Risers and umbilicals have been disconnected;

			

 

	 	
			●

				
			Process plant has been degassed and pronounced non-hazardous and gas-free;

			

 

	 	
			●

				
			Final offloading has taken place and cargo tanks have been COWed and/or flushed, as appropriate;

			

 

	 	
			●

				
			[*****]

			

 

	 	
			●

				
			All other works as set out in Annex 1 to Addendum No. 7 (Responsibilities Matrix).

			

 

 

	 	
			j)

				
			Appendix B, Section 2 (Operating Day Rate) as previously amended is hereby deleted in full. The Parties agree that the Operating Day Rate applicable from and including the Effective Date until and including the Production Cessation Date (regardless of whether actual production ceases prior to the Production Cessation Date) shall be [*****]. Contractor and/or Operator shall ensure the FPSO maintains storage capacity necessary for Company to offload a minimum of 600,000 barrels from the Effective Date through to 25 September 2022 at the latest, by which date the Company shall have completed offtake of the majority of the oil cargo quantities on board at that time. For the avoidance of any doubt, Tariffs (as per Addendum No. 4) shall remain payable by Company to the Contractor.

			

 

 

	 	
			k)

				
			Appendix B, Section 7 is hereby deleted in full and replaced with the following:

			

 

 

[*****]

 

 

In addition, the Company shall pay the Operator [*****]("Demob Day Rate") from and including 5 October 2022 until and including 2 January 2023 regardless of whether the Completion Date has occurred."

 

 

	 	
			3.

				
			The FPSO's current class certificate is due to expire on 2 November 2022. Extension or renewal of the current class certificate is required in order for the Demobilisation Work Scope to be completed. The Contractor undertakes to plan and pay for a class certificate extension or renewal in accordance with Classification Society rules. Based on recent discussions between the Contractor and the Classification Society, inter alia, an underwater inspection in lieu of dry-docking ("UWILD") will need to be completed by 20 October 2022 at the latest. The Contractor shall use reasonable endeavours to minimise the reduction in production and/or offloading attributable to any class related inspections and/or works which take place prior to the Production Cessation Date and, schedule the UWILD and other any class related inspections and/or works to take place after the Production Cessation Date. The Company undertakes to co-operate in good faith with the Contractor in achieving the re-classification of the FPSO, including inter alia to allow the Contractor management of the FPSO's tanks and systems so that maintenance, inspections and/or testing can be undertaken. The Company shall pay the Operator's and Contractor’s direct and documented costs for the marine spread (including but not limited to fuel costs, divers costs and dive gear costs) required for the UWILD following receipt from the Operator and/or Contractor of the supporting documents for such costs incurred up to a maximum of USD 460,000 ("UWILD Costs").

			

 

 

	 	
			4.

				
			The Company hereby agrees that it shall remain responsible for (i) the supply of goods and services and (ii) payment for goods and services, marked as falling within Company's responsibility pursuant to Appendix A – Attachment 1 (Schedule of Responsibilities) to the Contract and Annex 1 to Addendum No. 7 (Responsibilities Matrix) through 2 January 2023. In the event of a conflict, the provisions of Annex 1 to Addendum No. 7 (Responsibilities Matrix) shall prevail. In the event of a conflict between any provisions in the body of Addendum No. 7 and the provisions in Annexes, the provisions in the body of Addendum No. 7 shall prevail.

			

 

 

	 	
			5.

				
			Vaalco Energy Inc. (the "Vaalco Guarantor"), by signing this Addendum hereby confirms its approval to the matters set out in the forgoing provisions of this Addendum and affirms its Guarantee dated 22 June 2017 (the "Vaalco Guarantee"), which shall remain in full force and effect, and further agrees and confirms that all references in the Vaalco Guarantee to the Contract shall be construed as if they were references to the Contract as defined in this Addendum.

			

 

 

	 	
			6.

				
			The Company shall procure that each of the Co-venturers in writing confirms its approval to the matters set out in the forgoing provisions of this Addendum including, without limitation, the amendments to the Contract and affirms the guarantee issued by each of the Co-venturers in favour of the Contractor, and further that each of the Co-venturers agrees and confirms that all references in the said guarantee to the Contract shall be construed as if they were references to the Contract as defined in and amended by this Addendum.

			

 

 

	 	
			7.

				
			The provisions of Article 34 (Law and Jurisdiction) of the Contract shall apply to this Addendum.

			

 

 

	 	
			8.

				
			All the provisions of the Contract shall (save and except as provided in this Addendum) remain in full force and effect.

			

 

 

	 	
			9.

				
			This Addendum shall be deemed to be an integral part of, and read as one with, the Contract.

			

 

 

	 	
			10.

				
			This Addendum may be executed in counterparts, each of which, when executed, shall be an original, and the counterparts together shall constitute one and the same instrument; provided that no party shall be bound by this Addendum unless and until all parties have executed a counterpart.

			

 

 

[Remainder of page intentionally left blank. Signature page follows.]

 

 

 

 

 

IN WITNESS WHEREOF, each of the following have each executed this Addendum on the date stated at the beginning of it.

 

 

Signed for and on behalf of

 

VAALCO GABON S.A.

 

 

/s/ Thor Pruckl

 

_______________________

 

Name: Thor Pruckl

 

Title: EVP

 

 

 

 

Signed for and on behalf of

 

VAALCO ENERGY INC.

 

 

/s/ George Maxwell

 

_______________________

 

Name: George Maxwell

 

Title: CEO

 

 

Signed for and on behalf of

 

TINWORTH PTE. LIMITED

 

 

/s/ Kei Ikeda

 

_______________________

 

Name: Kei Ikeda

 

Title: Director

 

 

 

 

Signed for and on behalf of

 

TINWORTH GABON S.A.

 

 

/s/ Elmo Davids

 

_______________________

 

Name: Elmo Davids

 

Title: Asset Manager

 

 

 

 

 

 

ANNEX 1

 

RESPONSIBILITY MATRIX

 

 

FPSO PETROLEO NAUTIPA DISCONNECTION & DEMOBILIZATION          

 

RESPONSIBILITY MATRIX & SCOPE OF WORK

 

 

[*****]Exhibit
10.1

 

 

July
14, 2022

 

Michael
Murray

 

Dear
Michael,

 

It
is my pleasure to offer you a position as Chief Executive Officer of Kopin Corporation (“Kopin”). I am certain your experience
will greatly enhance Kopin’s capabilities.

 

Your
base bi-weekly rate of pay will be $17,307.69 which will be paid bi-weekly in accordance with Kopin’s standard payroll practices
and is equal to a gross annual salary of $450,000.

 

In
addition, upon commencement of employment, we will grant you eight hundred thousand (800,000) restricted stock units representing eight
hundred thousand (800,000) shares of Kopin’s common stock upon commencement of employment. The eight hundred thousand (800,000)
restricted stock units will vest at the rate of 20% on each of the first five December 10th anniversaries occurring after December 10,
2022.You will also be eligible, based on performance, to receive one hundred and thirty-five thousand (135,000) restricted stock units
in December 2022 which will be subject to similar vesting conditions as the restricted stock unit grants for other officers of Kopin
which is typically at the rate of 25% on each of the first four December 10th anniversaries occurring after December 10, 2022. The grant
of these restricted stock units will be made under, and pursuant to the terms of, the 2020 Equity Incentive Plan (the “Plan”)
and Kopin’s standard restricted stock unit agreement, subject to formal approval by Kopin’s Compensation Committee. You must
be employed with Kopin on the applicable vesting date for the restricted stock units to vest.

 

During
your continued employment for fiscal years following 2022, you will be eligible to receive additional cash and equity annual bonuses
and long-term awards, subject to formal approval by Kopin’s Compensation Committee (“Annual Award”). The form (i.e..,
cash or equity) of the Annual Award and all other terms and conditions will be determined by the Compensation Committee. The actual amount
of your Annual Award in any fiscal year shall be determined by the Compensation Committee based upon competitive market data at that
time and your performance based on predefined performance or other metrics. For illustration purposes only, based on an analysis of the
competitive market place and the Company’s current stock price the range of performance based annual awards would be in the range
$375,000 to $450,000.

 

We
are pleased to pay you a discretionary sign-on/retention bonus in the gross amount of $100,000 (“Bonus Payment”). You agree
that, if you do not remain continuously employed by Kopin for a period of one (1) year from your start date, you will repay to Kopin
the Bonus Payment in full, within thirty (30) calendar days following your termination from employment except in the case of a termination
of your employment due to death or disability or Change in Control.

 

You
will be eligible for Kopin’s standard benefit package and to participate in all applicable group employee benefit plans or programs
offered by Kopin on the same basis as other Westborough employees, in accordance with the terms of those benefit plans or programs, as
they may be amended from time to time. Current benefits for which you are eligible include one hundred and twenty (120) hours paid vacation
per year which accrues pro-rata monthly, forty (40) hours of annual sick time which accrues pro-rata each pay period, 401K plan, medical,
dental, vision and life insurance, as well as the established holiday schedule. Please note that paid vacation cannot be taken within
the first three months of employment unless previously agreed upon. Nothing in this offer letter shall preclude Kopin or any of its affiliates
from terminating or amending any employee benefit plan or program from time to time.

 

Kopin
Corporation 125 North Drive, Westborough, MA 01581 Tel: 508.870.5959 Fax: 508.870.0660 www.Kopin.com

 

Kopin
Confidential 

 

    	 

    	 

    

 

In
the event of your termination of employment by Kopin without Cause (defined in Appendix 1 attached to this offer letter) upon or within
twelve (12) months following a Change of Control (defined in Appendix 1 attached to this offer letter), and provided you execute and
do not revoke a separation agreement and general release of any and all claims against Kopin and all related parties with respect to
all matters arising out of your employment by Kopin, and the termination thereof (“Release”), you will receive, in lieu of
any payments under any severance plan or program for employees or executives, (i) a lump sum payment within sixty (60) days following
the termination date equal to the greater of $450,000 and your annualized base salary immediately prior to your termination, (ii) any
outstanding equity awards that you hold on the termination date that vest based solely on continued service and would have vested over
the following twelve (12) months if not for the termination of employment will become vested, (iii) a lump sum payment within sixty (60)
days following the termination date equal to the COBRA premiums that you would pay if you had elected continued health coverage under
Kopin’s health plan for you and your eligible dependents for the twelve (12) months following your termination date, based on the
COBRA rates in effect at the termination date and (IV) if you are terminated without Cause as a result of a Change in Control occurs
within one (1) year of your commencement of employment you will not be required to repay the sign-on/retention bonus.

 

Effective
as of the date of any termination of employment, you will resign from all Kopin-related positions, including as an officer and director
of Kopin and its parents, subsidiaries and affiliates.

 

In
the event of a change in ownership or control under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”),
if it shall be determined that any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of
the Code) to or for your benefit, whether paid or payable or distributed or distributable pursuant to the terms of this offer letter
or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of Section 280G
of the Code, the aggregate present value of the Payments covered by this offer letter shall be reduced (but not below zero) to the Reduced
Amount (defined below) if and only if the Accounting Firm (described below) determines that the reduction will provide you with a greater
net after-tax benefit than would no reduction. No reduction shall be made unless the reduction would provide you with a greater net after-tax
benefit. The determinations shall be made as follows:

 

(i)
The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of
Payments under this offer letter without causing any Payment under this offer letter to be subject to the Excise Tax (defined
below), determined in accordance with Section 280G(d)(4) of the Code. The term “Excise Tax” means the excise tax imposed
under Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.

 

(ii)
Payments contemplated under this offer letter shall be reduced on a nondiscretionary basis in such a way as to minimize the
reduction in the economic value deliverable to you. Where more than one Payment has the same value for this purpose and they are
payable at different times, they will be reduced on a pro rata basis.

 

(iii)
All determinations to be made with respect to the analysis under 280G of the Code shall be made by an independent certified public
accounting firm selected by Kopin and agreed to by you immediately prior to the change-in-ownership or -control transaction (the
“Accounting Firm”). The Accounting Firm shall provide its determinations and any supporting calculations both to Kopin
and to you. Any such determination by the Accounting Firm shall be binding upon Kopin and you.

 

All
payments under this offer letter shall be made subject to applicable tax withholding, and Kopin shall withhold from any payments hereunder
all federal, state and local taxes as Kopin is required to withhold pursuant to any law or governmental rule or regulation. You shall
bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect to any payment received hereunder.

 

    	Page 2 of 6

    	 

    

 

This
offer letter and the compensation payable hereunder shall be subject to any applicable clawback or recoupment policies, share trading
policies, and other policies that may be implemented by the Kopin Board of Directors from time to time with respect to officers of Kopin.

 

This
offer letter is intended to comply with section 409A of the Internal Revenue Code of 1986, as amended (the “Section 409A”),
and its corresponding regulations, or an exemption thereto, and payments may only be made under this offer letter upon an event and in
a manner permitted by Section 409A, to the extent applicable, including the six-month delay for specified employees. Severance benefits
under this offer letter are intended to be exempt from Section 409A under the “short-term deferral” exception. For purposes
of Section 409A of the Code, each payment hereunder shall be treated as a separate payment. In no event may you, directly or indirectly,
designate the fiscal year of a payment. Notwithstanding any provision of this offer letter to the contrary, in no event shall the timing
of the your execution of the Release, directly or indirectly, result in your designating the fiscal year of payment of any amounts of
deferred compensation subject to Section 409A, and if a payment that is subject to execution of the Release could be made in more than
one taxable year, payment shall be made in the later taxable year.

 

This
offer is contingent upon you not having any other agreement with another employer or similar arrangements that imposes any restriction
on your employment with Kopin. By signing below, you certify that you are not a party to any other such agreement and that your acceptance
of this offer will not breach any obligation to any other party. If you have such an agreement, please immediately provide a copy to
Kopin for review. You further certify that you are not aware of any situation creating or appearing to create a conflict of interest
between you and Kopin.

 

While
employed by Kopin, you agree to devote your full time, attention, energy, knowledge, and skills to carrying out your duties and responsibilities,
which you promise to perform faithfully, diligently and to the best of your ability. Throughout your employment with Kopin, you will
be subject to and required to comply with such policies and procedures as Kopin may establish from time to time, including, but not limited
to, those set forth in Kopin’s employee handbook, a copy of which will be provided to you on the first day of your employment with
Kopin.

 

By
signing this letter, you understand and agree your employment is “at will,” meaning that either party can terminate the relationship
at any time with or without cause and with or without notice. This letter is not intended, nor should it be considered, as a contract
of employment. Rather, the terms contained herein are a summary of our initial employment relationship and are subject to later modification
by Kopin. Neither length of employment nor any express or implied representations can alter the at-will employment relationship, which
can be modified only by a written agreement setting forth a specific term of employment and signed by the Chairman of the Board.

 

This
offer is contingent upon verification of proof of authorization to obtain employment in the United States as required by the Immigration
Reform and Control Act of 1986. On your first day of work, please bring two documents with you; one for identification (i.e., driver’s
license or state issued identification card with photograph) and one for work authorization (i.e., U.S. birth certificate, U.S. passport,
or a social security card without work restrictions).

 

You
acknowledge that this offer letter represents the entire agreement between you and Kopin with respect to the subject matter hereof and
supersedes any and all prior agreements or understanding between you and Kopin, whether written or verbal,

 

    	Page 3 of 6

    	 

    

 

This
offer letter shall be governed by, and construed and enforced in accordance with, the substantive and procedural laws of Massachusets
without regard to rules governing conflicts of law.

 

To
accept this offer of employment, please sign and date both copies of this letter. Please return one executed copy to Lindi Lee, Human
Resources Director. Acceptance of this offer is required no later than July 22, 2022 and is contingent on completion of our standard
New Hire processes including acceptable background check and personal references. It is our wish that you will join Kopin Corporation
no later than September 1, 2022.

 

This
offer of employment is further contingent upon Kopin receiving from you all required signed new-hire documents, including the attached
restrictive covenants agreement.

 

	 	Sincerely,
	 	 
	 	/s/
    Richard Sneider
	 	Richard
    Sneider
	 	Chief
    Financial Officer

 

	Agreed
    to and accepted by:	 
	 	 
	/s/
    Michael A. Murray	 
	Michael
    A. Murray	 

 

    	Page 4 of 6

    	 

    

 

Appendix
1

 

“Cause”
shall mean your: (1) breach of this offer letter or any confidentiality, nonsolicitation, noncompetition or inventions assignment agreement
with Kopin and its affiliates; (2) commission of an act of dishonesty, fraud, embezzlement or theft; (3) engagement in conduct that causes,
or is likely to cause, material damage to the property or reputation of Kopin and it affiliates; (4) failure to perform satisfactorily
the material duties of your position (other than by reason of disability) after receipt of a written warning from the Board; (5) conviction
of, or written admission or plea of nolo contendere to, a felony or crime of moral turpitude ; (6) willful contravention of written instructions
of the Board of Directors of Kopin or (6) material failure to comply with Kopin code of conduct or employment policies.

 

“Change
in Control” shall mean:

 

(i)
The acquisition by any individual, entity, or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) (a “Person”) of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of either (1) the then outstanding shares of the
common stock of the Kopin(“Stock”), or (2) the combined voting power of the then outstanding securities of the Employer
ordinarily having the right to vote at elections of directors (“Outstanding Employer Voting Securities”); provided,
however, that the following acquisitions shall not constitute a Change in Control under this paragraph(i): (A) any acquisition
directly from the Employer (excluding an acquisition by virtue of the exercise of a conversion privilege), (B) any acquisition by
the Employer or by any corporation controlled by the Employer; (C) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Employer or any corporation controlled by the Employer; or (D) any acquisition by any corporation
pursuant to a consolidation or merger, if, following such consolidation or merger, the conditions described in clauses (1), (2) and
(3) of paragraph (iii) below are satisfied; or

 

(ii)
Individuals who, as of the date hereof or of the most recent renewal hereof, constitute the Kopin Board of Directors (the
“Incumbent Board”) ceasing for any reason (other than in connection with his or her voluntary resignation or election
not to stand for re-election or arising out of a change in the Incumbent Board due to regulatory compliance reasons) to constitute
at least a majority of the Board of Directors; provided, however, that any individual becoming a director (other than a director
designated by a Person who has entered into an agreement with the Employer to effect a transaction described in paragraph (i) above
or paragraph (iii) below subsequent to the date hereof whose election, or nomination for election by the Employer’s
shareholders, was approved by a vote or resolution of at least a majority of the directors then composing the Incumbent Board shall
be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in
Rule 14a-1l of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board of Directors; or

 

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(iii)
The consummation of the transactions contemplated by a resolution of the Board of Directors approving an agreement of consolidation
of the Employer with or merger of the Employer into another corporation or business entity in each case, unless, following such
consolidation, or merger, (1) more than fifty percent (50%) of, respectively, the then outstanding shares of common stock of the
corporation resulting from such consolidation or merger and/or the combined voting power of the then outstanding voting securities
of such corporation or business entity entitled to vote generally in the election of directors (or other persons having the general
power to direct the affairs of such entity) is then beneficially owned, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the Stock and Outstanding Employer Voting Securities
immediately prior to such consolidation or merger in substantially the same proportions as their ownership, immediately prior to
such consolidation or merger, of the Stock and Outstanding Employer Voting Securities, as the case may be, (2) no Person (excluding
the Employer, any employee benefit plan (or related trust) of the Employer or such corporation or other business entity resulting
from such consolidation or merger) and any Person beneficially owning, immediately prior to such consolidation or merger, directly
or indirectly, fifty percent (50%) or more of the Stock or Outstanding Employer Voting Securities, as the case may be, beneficially
owns, directly or indirectly, fifty percent (50%) or more of, respectively, the then outstanding shares of common stock of the
corporation resulting from such consolidation or merger and/or the combined voting power of the then outstanding voting securities
of such corporation or business entity entitled to vote generally in the election of its directors (or other persons having the
general power to direct the affairs of such entity) and (3) at least a majority of the members of the board of directors (or other
group of persons having the general power to direct the affairs of the corporation or other business entity) resulting from such
consolidation or merger were members of the Incumbent Board at the time of the execution of the initial agreement providing for such
consolidation or merger; provided, that any right to receive compensation pursuant to this definition which shall vest by reason of
the action of the Board of Directors pursuant to this paragraph (iii) shall be divested upon (A) the rejection of such agreement of
consolidation or merger by the stockholders of the Employer or (B) its abandonment by either party thereto in accordance with its
terms; or

 

(iv)
The consummation of the transactions contemplated by the adoption by the requisite majority of the whole Board of Directors, or by
the holders of such majority of stock of the Employer as is required by law or by the Certificate of incorporation or By-Laws of the
Employer as then in effect, of a resolution or consent authorizing (1) the dissolution of the Employer or (2) the sale or other
disposition of all or substantially all of the assets of the Employer, other than to a corporation or other business entity with
respect to which, following the such sale or other disposition, (A) more than fifty percent (50%) of, respectively, the then
outstanding shares of common stock of such corporation and/or the combined voting power of the outstanding voting securities of such
corporation or other entity to vote generally in the election of its directors (or other persons have the general power to direct
its affairs) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Stock and Outstanding Employer Voting Securities immediately prior to such sale or
other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of
the Stock and/or Outstanding Employer Voting Securities, as the case may be, (B) no Person (excluding the Employer and any employee
benefit plan (or related trust) of the Employer or such corporation or other business entity) and any Person beneficially owning,
immediately prior to such sale or other disposition, directly or indirectly, fifty percent (50%) or more of the Stock and/or
Outstanding Employer Voting Securities, as the case may be, beneficially owns, directly or indirectly, fifty percent (50%) or more
of, respectively, the then outstanding shares of common stock of such corporation and/or the combined voting power of the then
outstanding voting securities of such corporation or other business entity entitled to vote generally in the election of directors
(or other persons having the general power to direct its affairs), and (C) at least a majority of the members of the board of
directors or group of persons having the general power to direct the affairs of such corporation or other entity were members of the
Incumbent Board at the time of the execution of the initial agreement of action of the Board of Directors providing for such sale or
other disposition of assets of the Employer; provided, that any right to receive compensation pursuant to this definition which
shall vest by reason of the action of the Board of Directors or the stockholders pursuant hereto shall be divested upon the
abandonment by the Employer of such dissolution, or such sale of or other disposition of assets, as the case may be.

 

    	Page 6 of 6

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