Document:

Exhibit 10.1

 

NEITHER
THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”). THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION
HEREOF HAVE BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE
RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

SECOND AMENDED
AND RESTATED PROMISSORY NOTE

 

	Principal Amount: up to $1,400,000	Dated February 5, 2016
	 	New York, New York

 

DT Asia Investments Limited, a
company incorporated in the British Virgin Islands (the “Maker”), promises to pay to the order of DeTiger Holdings
Limited or its registered assigns or successors in interest (the “Payee”),
or order, the principal sum of up to One Million Four Hundred Thousand Dollars ($1,400,000) (the “Principal Amount”)
in lawful money of the United States of America, on the terms and conditions described below.  This promissory note (the
“Note”) amends and restates that certain Promissory Note, dated September 13, 2015, and as amended and restated
on December 1, 2015 (the “Original Note”). All payments on this Note shall be made by check or wire transfer
of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate
by written notice in accordance with the provisions of this Note.

 

1.           Principal.
Subject always to Section 7A, the principal balance of this Note shall be payable on the earlier of: (i) June 30, 2016; or
(ii) the date on which Maker consummates its initial business combination (the “Business Combination”) (as
described in the prospectus contained in Maker’s registration statement on Form S-1 filed with the Securities and Exchange
Commission in connection with Maker’s initial public offering (the “IPO”)). The principal balance may
be prepaid at any time.

 

2.           Interest. No interest shall accrue
on the unpaid principal balance of this Note.

 

3.           Drawdown Requests. The
principal of this Note may be drawn down from time to time prior to the earlier of: (i) June 30, 2016; or (ii) the date on which
Maker consummates its Business Combination, upon written request from Maker to Payee (each, a “Drawdown Request”).
The Parties agree that the issuance of this Note and assumption of an initial principal balance of Nine Hundred Thousand Dollars
($900,000), constitutes full repayment of the Original Note, which had an unpaid principal balance of Nine Hundred Thousand Dollars
($900,000), as of the date of this Note. Each subsequent Drawdown Request must state the amount to be drawn down, and must not
be an amount less than One Thousand Dollars ($1,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request
no later than five (5) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns
collectively under this Note is One Million and Four Hundred Thousand Dollars ($1,400,000). Once an amount is drawn down under
this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be
due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments
shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without
limitation) reasonable attorneys’ fees, and then to the reduction of the unpaid principal balance of this Note.

 

     

     

    

 

4.           Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due
under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

5.           Optional Conversion.

 

(a)        Upon consummation of the Business Combination
and at the Payee’s option, at any time prior to payment in full of the principal balance of this Note, the Payee may elect
to convert up to Five Hundred Thousand Dollars ($500,000) (the “Convertible Principal”) of the Note into that
number of units (the “Units”) equal to: (i) the portion of the principal amount of the Note being converted
pursuant to this Section 5, divided by (ii) $10.00, rounded up to the nearest whole number. Each Unit shall have the same terms
and conditions as the private units issued simultaneously with the Maker’s IPO.

 

(b)        Upon any complete or partial conversion
of the Convertible Principal of this Note: (i) such principal amount shall be so converted and such converted portion of this Note
shall become fully paid and satisfied, (ii) the Payee shall surrender and deliver this Note, duly endorsed, to Maker or such other
address which Maker shall designate against delivery of the Units, (iii) Maker shall promptly deliver a new duly executed Note
to the Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for all or
any portion of the surrendered Note described in Section 5(a), Maker shall deliver to Payee the Units, which shall bear such legends
as are required, in the opinion of counsel to Maker or by any other agreement between Maker and the Payee and applicable state
and federal securities laws.

 

(c)        The Maker shall pay any and all issue and
other taxes that may be payable with respect to any issue or delivery of the Units upon conversion of this Note pursuant hereto;
provided, however, that the Payee shall pay any transfer taxes resulting from any transfer requested by the Payee in connection
with any such conversion.

 

    	 	2	 

     

    

 

6.           Events of Default. The following
shall constitute an event of default (“Event of Default”):

 

(a)        Failure to Make Required
Payments. Failure by Maker to pay the obligations due pursuant to this Note within five (5) business days of the date specified
above.

 

(b)        Voluntary Bankruptcy,
Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation
or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee,
custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of
any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the
taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)        Involuntary Bankruptcy,
Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary
case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or
liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days.

 

7.           Remedies. Subject always to Section
7A:

 

(a)        Upon the occurrence of an
Event of Default specified in Section 6(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately
and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

(b)        Upon the occurrence of an
Event of Default specified in Sections 6(b) and 6(c), the unpaid principal balance of this Note, and all other sums payable with
regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of
Payee.

 

7A.         Limited Recourse. Notwithstanding any
other term or provision of this Note (but without prejudice to Section 13), in the event that the unpaid principal balance of this
Note or any other sum payable hereunder becomes due from Maker prior to the consummation of a Business Combination (including as
a consequence of any Event of Default under Section 6), the obligation to pay such amount shall be limited to the extent of the
assets of the Maker remaining or which would remain following the payment of all other liabilities of the Maker, whether actual,
prospective or contingent, existing at the time such amount becomes due, and the Payee (and its registered assigns or successors
in interest) shall have no other recourse or claim against the Maker or any of its assets for any amount in excess of the amount
of such remaining assets and the obligation of the Maker to pay any part of the unpaid principal balance or other any other sum
which would remain unpaid as a result of this Section 7A shall be deemed extinguished.

 

    	 	3	 

     

    

 

8.           Waivers. Maker waives presentment for
payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections
in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any
present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such
property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process,
or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained
by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired
by Payee.

 

9.           Unconditional Liability. Maker hereby
waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note,
and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected
in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents
to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment
or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto
without notice to Maker or affecting Maker’s liability hereunder.

 

10.         Notices. All notices, statements or other
documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered personally or sent by first
class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated
in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be
designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such
party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so
transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

11.         Construction. THIS NOTE SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE BRITISH VIRGIN ISLANDS, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

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

 

13.         Trust
Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim
of any kind (“Claim”) in or to any distribution of or from the trust account (“Trust Account”)
established by Maker in which the proceeds of the IPO and the proceeds of the sale of the units issued in the private placement
that occurred prior to the IPO, as described in greater detail in the registration statement and prospectus filed in connection
with the IPO, were deposited, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against
the Trust Account for any reason whatsoever.

 

14.         Amendment; Waiver. Any amendment
hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee. 

 

15.         Assignment.
This Note may not be assigned by the Payee.

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF, Maker, intending to be legally bound
hereby, has caused this Note to be duly executed and delivered as a deed on the day and year first above written.

	 	Executed as a deed by
	 	DT ASIA INVESTMENTS LIMITED
	 	 	 
	 	Acting by: 	/s/ Stephen N. Cannon
	 	Name: 	 Stephen N. Cannon
	 	Title:   	Director and Chief Executive Officer

 

 

5EX-1045

		

			Exhibit 10.45

		

		

			 

		

		
			 
		

		
			Initial Usage Date:  12/1/15
		

		
			 
		

		
			NON-QUALIFIED STOCK OPTION AGREEMENT TERMS – BOARD OF DIRECTORS
UNDER THE PERCEPTRON, INC. 2004 STOCK INCENTIVE PLAN
		

		
			 
		

		
			THESE STOCK OPTION AGREEMENT TERMS pertain to stock options granted effective _________, under the 2004 Stock Incentive Plan (the “Plan”) as detailed in the accompanying Notice of Grant of Stock Options and Option Agreement (the “Notice”) between Perceptron, Inc., a Michigan corporation (the “Corporation”), and the member of the Board of Directors named in the Notice (the “Optionee”).  A copy of the 2004 Stock Incentive Plan is not attached hereto but is available upon written request made to the Secretary of the Corporation.
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			Grant of Option.  Subject to the terms and conditions hereof, the Corporation hereby grants to the Optionee an option to purchase from the Corporation up to, but not exceeding in the aggregate, the number of shares of the Corporation’s Common Stock detailed in the accompanying Notice at the price per share designated in the Notice.  This option is not intended to constitute an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code (“Code”).

			
	
			
				 2.
			

			
	
			
			Right to Exercise Option.  Unless otherwise indicated in the Notice, the Optionee may purchase from the Corporation on and after the first anniversary of the date of grant, 33 1/3%  of the shares covered by this option, and on each succeeding one year anniversary thereof may exercise an additional 33 1/3% of the shares covered by the option, so that on the third anniversary of the date of grant this option shall be fully exercisable. To the extent not exercised, installments shall accumulate and the Optionee may exercise them in whole or in part in any subsequent period.  Unless a shorter period is specified in the Notice under the “Expiration” column, and notwithstanding any provision of this Agreement, no portion of this option shall be exercisable on or after the tenth anniversary of the date of grant.  The Committee (as defined in the Plan), in its sole discretion, may accelerate the time at which this option may be exercised in whole or in part.

			
	
			
				 3.
			

			
	
			
			Termination of Service.  If, prior to the date that this option shall first become exercisable, the Optionee ceases to serve as a member of the Board of Directors of the Corporation and is not otherwise employed by the Corporation or any of its subsidiaries as an employee or independent contractor, the Optionee’s right to exercise this option shall terminate and all rights hereunder shall cease.  As used in this Agreement, the term “subsidiary” of the Corporation means any “subsidiary corporation” as defined in Section 424(f) of the Code and the term “disability” means “total and permanent disability,” as defined in Section 22(e) of the Code.

		
			If, on or after the date that this option shall first become exercisable, the Optionee, for any reason other than death or disability, ceases to serve as a member of the Board of Directors of the Corporation and is not otherwise employed by the Corporation or any of its subsidiaries as an employee or independent contractor, the Optionee shall have the right to exercise this option to the extent that it shall have been exercisable and unexercised on the date of such termination of services, at any time on or before the earlier of: (i) the expiration date of the option, or (ii) three (3) months after the date of such termination of employment, subject to any other limitation on the exercise of such option in effect at the date of exercise.
		

		
			If, on or after the date that this option shall first become exercisable, the Optionee, due to death or disability, ceases to serve as a member of the Board of Directors of the Corporation and is not otherwise employed by the Corporation or any of its subsidiaries as an employee  or independent contractor, the Optionee or the executor or administrator of the estate of the Optionee (as the case may be) or the person or persons to whom the option shall have been transferred by will or by the laws of descent and distribution, shall have the right to exercise this option, at any time on or before the earlier of: 
		

		 

		

			1

		

 

		

			Exhibit 10.45

		

		

			 

		

			
	
			
				 (a)
			

			
	
			
			the expiration date of the option, or,

			
	
			
				 (b)
			

			
	
			
			one (1) year from the date of the Optionee’s death or disability, to the extent that it was exercisable and unexercised on the date of the Optionee’s death or disability, subject to any other limitation on exercise in effect at the date of exercise.

		
			The transfer of the Optionee from one corporation to another among the Corporation and any of its subsidiaries, or a leave of absence with the written consent of the Corporation, shall not be a termination of services for purposes of this option.
		

			
	
			
				 4.
			

			
	
			
			Acceleration of Vesting.  Notwithstanding the provisions of Section 2 “Right to Exercise Option” and Section 3 “Termination of Service” of this Agreement, (i) in the event of a termination by the Corporation of the Optionee’s membership on the Board of Directors or failure to renominate the Optionee for election to the Board of Directors, or voluntary resignation by the Optionee from the Board of Directors at the request of the Board of Directors, following a change in Control of the Company, (ii) failure of the Optionee to be reelected to the Board of Directors after being renominated for election by the Board of Directors, or (iii) in the event of a Change in Control, any portion of this option that is then not exercisable shall become immediately exercisable.  For purposes hereof, a “Change in Control” shall be deemed to have occurred in the event of (i) a merger involving the Corporation in which the Corporation is not the surviving corporation (other than a merger with a wholly-owned subsidiary of the Corporation formed for the purpose of changing the Corporation's corporate domicile); (ii) a share exchange in which the shareholders of the Corporation exchange their stock in the Corporation for stock of another corporation (other than a share exchange in which all or substantially all of the holders of the voting stock of the Corporation, immediately prior to the transaction, exchange, on a pro rata basis, their voting stock of the Corporation for more than 50% of the voting stock of such other corporation); (iii) the sale of all or substantially all of the assets of the Corporation; or (iv) any person or group of persons (as defined by Section 13(d) of the Securities Exchange Act of 1934, as amended) (other than any employee benefit plan or employee benefit trust benefiting the employees of the Corporation) becoming a beneficial owner, directly or indirectly, of securities of the Corporation representing more than fifty (50%) percent of either the then outstanding Common Stock of the Corporation, or the combined voting power of the Corporation's then outstanding voting securities.

		
			In the event of a Change of Control, the Committee may, in its sole discretion and without the consent of the Optionee, cancel this option in exchange for a payment with respect to each vested share of Common Stock as provided in Section 9.2(b) of the Plan.
		

			
	
			
				 5.
			

			
	
			
			Exercise of Option.

			
	
			
				 (a)
			

			
	
			
			At any time that this option may be exercised as provided in this Agreement, the Optionee may exercise any portion of this option which is then exercisable, in whole or in part, by delivery to the Corporation of a written notice, in the form attached hereto, signed by the Optionee.

			
	
			
				 (b)
			

			
	
			
			In addition, the Optionee shall deliver, on the date of exercise:

			
	
			
				 (i)
			

			
	
			
			cash equal to the purchase price of the shares being purchased,

			
	
			
				 (ii)
			

			
	
			
			such documents as are or may be required under the terms of Section 2.4(b) of the Plan to effect a cashless exercise, except to the extent that the Corporation determines that the Optionee is not permitted to use a cashless exercise under applicable law, or 

			
	
			
				 (iii)
			

			
	
			
			Permitted Shares with a Fair Market Value (as defined in the Plan and determined as of the date of exercise of the option) and equal to the purchase price of the shares being purchased and in accordance with Section 2.4 of the Plan (the “Delivered Shares Method”).

			
	
			
				 (c)
			

			
	
			
			“Permitted Shares” are shares of Corporation Common Stock to be delivered to pay the exercise price of the option (the “Delivered Shares”):

		 

		

			2

		

 

		

			Exhibit 10.45

		

		

			 

		

			
	
			
				 (i)
			

			
	
			
			which have been owned by the Optionee for at least six months prior to the date of delivery, or,

			
	
			
				 (ii)
			

			
	
			
			if they have not been owned by the Optionee for at least six months prior to the date of delivery, the Optionee then owns, and has owned for at least six months prior thereto, a number of shares of Corporation Common Stock at least equal in number to the Delivered Shares. 

			
	
			
				 (d)
			

			
	
			
			Shares which have been counted during the prior six months as owned by the Optionee for purposes of determining whether the Optionee may exercise options to purchase Common Stock pursuant to the Delivered Shares Method:

			
	
			
				 (i)
			

			
	
			
			may not be used as Delivered Shares, and

			
	
			
				 (ii)
			

			
	
			
			may not be counted as owned by the Optionee for purposes of making calculations under the Delivered Shares Method.

			
	
			
				 6.
			

			
	
			
			Compliance with Securities Laws.  Anything to the contrary herein notwithstanding, the Corporation's obligation to sell and deliver stock under this option is subject to such compliance with federal and state laws, rules and regulations applying to the authorization, issuance or sale of securities, and applicable stock exchange requirements, as the Corporation deems necessary or advisable.  

			
	
			
				 7.
			

			
	
			
			Non-Assignability.  The option hereby granted shall not be transferable by the Optionee other than by will or the laws of descent and distribution, and the option may be exercised during the Optionee’s lifetime only by the Optionee.  Any transferee of the option shall take the same subject to the terms and conditions of this Agreement.  No such transfer of the option shall be effective to bind the Corporation unless the Corporation shall have been furnished with written notice thereof and a copy of the will and/or such other evidence as the Corporation may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions of this Agreement.  No assignment or transfer of this option, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, except a transfer by the Optionee by will or by the laws of descent and distribution, shall vest in the purported assignee or transferee any interest or right herein whatsoever.

			
	
			
				 8.
			

			
	
			
			Disputes.  As a condition of the granting of the option granted hereby, the Optionee and the Optionee's successors and assigns agree that any dispute or disagreement which shall arise under or as a result of this Agreement shall be determined by the Committee in its sole discretion and judgment and that any such determination and any interpretation by the Committee of the terms of this Agreement shall be final and shall be binding and conclusive for all purposes. 

			
	
			
				 9.
			

			
	
			
			Adjustments.  In the event of any stock dividend, subdivision or combination of shares, reclassification, or similar transaction affecting the shares covered by this option, determined by the Committee to be covered by this Section 9, a proposed dissolution or liquidation of the Corporation, a merger of the Corporation with or into another corporation where the Corporation is not the surviving corporation, but its stock is exchanged for stock of the parent Corporation of the other party to the merger, the sale of substantially all of the assets of the Corporation, the reorganization of the Corporation or other similar transaction determined by the Committee to be covered by this Section 9, a proposed spin-off or a transfer by the Corporation of a portion of its assets resulting in the employment of the Optionee by the spin-off entity or the entity acquiring assets of the Corporation,  the rights of the Optionee shall be as provided in Section 9.1 of the Plan and any adjustment therein provided shall be made in accordance with Section 9.1 of the Plan.  

			
	
			
				 10.
			

			
	
			
			Rights as Shareholder.  The Optionee shall have no rights as a shareholder of the Corporation with respect to any of the shares covered by this option until the issuance of a stock certificate or certificates upon the exercise of the option in full or in part, and then only with respect to the shares represented by such certificate or certificates.  

		 

		

			3

		

 

		

			Exhibit 10.45

		

		

			 

		

			
	
			
				 11.
			

			
	
			
			Notices.  Every notice relating to this Agreement shall be in writing and if given by mail shall be given by registered or certified mail with return receipt requested.  All notices to the Corporation shall be delivered to the Secretary of the Corporation at the Corporation's headquarters or addressed to the Secretary of the Corporation at the Corporation's headquarters.  All notices by the Corporation to the Optionee shall be delivered to the Optionee personally or addressed to the Optionee at the Optionee’s last residence address as then contained in the records of the Corporation or such other address as the Optionee may designate.  Either party by notice to the other may designate a different address to which notices shall be addressed.  Any notice given by the Corporation to the Optionee at the Optionee’s last designated address shall be effective to bind any other person who shall acquire rights hereunder.

			
	
			
				 12.
			

			
	
			
			“Optionee” to Include Certain Transferees.  Whenever the word “Optionee” is used in any provision of this Agreement under circumstances where the provision should logically apply to any other person or persons to whom the option, in accordance with the provisions of Section 6 hereof, may be transferred, the word “Optionee” shall be deemed to include such person or persons.

			
	
			
				 13.
			

			
	
			
			Governing Law.  This Agreement has been made in and shall be construed in accordance with the laws of the State of Michigan, without regard to its choice of law rules.

			
	
			
				 14.
			

			
	
			
			Provisions of Plan Controlling.  The provisions hereof are subject to the terms and provisions of the Plan, copies of which are available for review upon request.  In the event of any conflict between the provisions of this option and the provisions of the Plan, the provisions of the Plan shall control, except to the extent that the provisions of this option limit or restrict the rights of the Optionee to a greater extent than set forth in the Plan.

			
	
			
				 15.
			

			
	
			
			Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

			
	
			
				 16.
			

			
	
			
			Captions.  The captions to the sections and subsections contained in this Agreement are for reference only, do not form a substantive part of this Agreement and shall not restrict or enlarge substantive provisions of this Agreement.

			
	
			
				 17.
			

			
	
			
			Parties in Interest.  This Agreement shall bind and shall inure to the benefit of the parties hereto, their respective permitted successors and assigns.

			
	
			
				 18.
			

			
	
			
			Complete Agreement.  This Agreement shall constitute the entire agreement between the parties hereto and shall supersede all proposals, oral or written, and all other communications between the parties relating to the subject matter of this Agreement.

			
	
			
				 19.
			

			
	
			
			Modifications.  The terms of this Agreement cannot be modified except in writing and signed by each of the parties hereto.

			
	
			
				 20.
			

			
	
			
			Severability.  In the event that any one or more of the provisions of this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

			
	
			
				 21.
			

			
	
			
			Withholding.  The Optionee hereby authorizes the Corporation to withhold from his compensation or agrees to tender the applicable amount to the Corporation to satisfy any requirements for withholding of income and employment taxes in connection with the exercise of the option granted hereby.

		
			 
		

		
			 
		

		

		

		 

		

			4

		

 

		

			Exhibit 10.45

		

		

			 

		

		NOTICE OF EXERCISE OF NON-QUALIFIED STOCK OPTION
UNDER THE PERCEPTRON, INC.
2004 STOCK INCENTIVE PLAN
		

		
			 
		

		
			Perceptron, Inc.
		

		
			47827 Halyard Drive 
		

		
			Plymouth,  MI    48170 
		

		
			 
		

		
			Dear Sir:
		

		
			 
		

		
			A non-qualified stock option was granted to me on            to purchase            shares of Perceptron, Inc. Common Stock at a price of $        .   per share.
		

		
			 
		

		
			I hereby elect to exercise my non-qualified stock option with respect to            shares for an aggregate purchase price of $        .  .  I hereby elect to pay for such shares as follows:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Personal Check

					
					
						$

					
					
						 

				
	
					
						Cash

					
					
						$

					
					
						 

				
	
					
						Bank Draft

					
					
						$

					
					
						 

				
	
					
						Money Order

					
					
						$

					
					
						 

				
	
					
						Cashless Exercise

					
					
						$

					
					
						     

				
	
					
						Perceptron Common Stock

					
					
						$

					
					
						 

				
	
					
						Tax Withholding

					
					
						$

					
					
						     

				
	
					
						TOTAL

					
					
						$

					
					
						 

				

		
			 
		

		
			[A personal check [or cash, bank draft or money order] for the purchase price is enclosed herewith.]
		

		
			 
		

		
			[Documents as are required to effect a cashless exercise are enclosed.]
		

		
			 
		

		
			[I hereby elect to exercise my stock option with respect to            shares through a combination of cash payments and shares of Perceptron, Inc. Common Stock, as described on the attached Exhibit A.  A personal check for the purchase price to be paid in cash is enclosed herewith.  Certificates for            shares of Perceptron, Inc. Common Stock are enclosed herewith, along with a duly executed stock power in proper form for transfer, with all signatures properly guaranteed by a national bank or member firm of the NYSE or AMEX.  I represent that the shares of Perceptron, Inc. Common Stock enclosed herewith have been owned by me for more than six months or I currently own more than            shares of Perceptron, Inc. Common Stock which have been owned by me for more than six months.  Such shares have not been counted during the prior six months as owned by me for purposes of determining whether I may exercise options to purchase Common Stock pursuant to the Delivered Shares Method.]
		

		
			 
		

		
			[I represent that the shares of stock that I am purchasing upon this exercise of my option are being purchased for investment purposes and not with a view to resale.  This representation shall not be binding upon me if the shares of Common Stock that I am purchasing are subject to an effective Registration Statement under the Securities Act of 1933.]
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Optionee:

					
					
						 

					
					
						 

					
					
						Date:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]