Document:

Exhibit 10.22

 

EQUIPMENT LINE OF CREDIT TERM NOTE

 

	$752,543.15	July 31, 2018

 

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 SEVEN HUNDRED FIFTY TWO THOUSAND FIVE HUNDRED FORTY THREE and 15/100 ($752,543.15) 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 five and sixty-six one hundredth of one percent
(5.66%)("Interest Rate").

 

Beginning on August
31, 2018, 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 Fourteen Thousand Four Hundred Fifty Nine and 28/100 Dollars ($14,459.28) 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-

     

    

 

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-

     

    

 

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.

 

	 	DYNASIL CORPORATION OF AMERICA
	 	 
	 	By:	/s/ Robert Bowdring 
	 	Robert Bowdring, Chief Financial Officer

 

    	-3-Exhibit 10.23

 

LOAN DOCUMENT MODIFICATION
AGREEMENT

 

This Loan Document
Modification Agreement (this "Agreement") is made as of this 9th day of August, 2018, by and between
Middlesex Savings Bank, a banking corporation organized and existing under the laws of Massachusetts, of 6 Main Street, Natick,
Massachusetts 01760 "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) 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, pursuant
to and in accordance with the terms and conditions set forth herein, the Loan Agreement shall be further amended 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.

 

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 sentence of Section 1.1 of the Loan Agreement is hereby deleted in its entirety, and the following new first sentence is
substituted therefor:

 

"1.1    Loans and Notes.
The Lender agrees to extend to Borrower the following loans evidenced by the notes described herein:"

 

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

 

"1.1.3   Non-Revolving
Equipment Line of Credit/Demand Loan. A Non-Revolving Equipment Line of Credit/Demand Loan evidenced by a certain Equipment
Line of Credit Note (Non-Revolving) dated August_____, 2018, allowing advances aggregating not more than Seven Hundred Fifty Thousand
and 00/100 ($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, 2019, unless renewed by Lender
in writing.

 

Borrower
agrees to pay Lender all advances (each, an 'Advance'), whether pursuant to the Notes (defined below) 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 (i) eighty (80%) percent of the net purchase price (exclusive of any soft costs,
transportation or installation charges) of new equipment or (ii) 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, at
the Bank's discretion, 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."

 

3.            The
Loan Agreement is hereby amended to add the following new Section 1.1.4 thereto:

 

"1.1.3   
Term Loan. A term loan (the "Term Loan") evidenced by that certain Equipment Line of Credit Term Note from
Borrower to Lender in the original principal amount of Seven Hundred Fifty Two Thousand Five Hundred Forty Three and 15/100 ($752,543.15)
Dollars, dated July 31, 2018 (the 'Term Note'). The Term Note, the Line of Credit Note and the Equipment Line of Credit
Note, collectively are referred to as the 'Notes', as such Notes may be amended, restated modified or replaced from time
to time.

 

    	-2-

     

    

 

The principal
balance of the Term Loan, together with interest thereon, shall be payable in accordance with the Term Note. On any date on which
a payment of interest or principal is due thereunder, the Bank may charge the Borrower's loan account at the Bank with the amount
thereof. The failure of the Bank so to charge such loan account shall not relieve the Borrower of its obligations to make payments
in accordance with the Term Note. Interest shall be computed, and prepayment may be made in accordance with the Term Note."

 

4.            Section
4.9A of the Loan Agreement is hereby deleted in its entirety, and the following new Section 4.9A is substituted therefor:

 

"4.9A
Maximum Leverage. At the close of each fiscal quarter of the Borrower, and on a trailing four (4) quarter basis, Borrower shall
maintain Maximum Leverage of 2.5:1. For purposes of this Section 4.9A, the following terms shall have the defined meanings:

 

'Adjusted
EBITDA' shall mean, EBITDA, excluding therefrom non-cash and/or recurring expenditures or gains (as permitted), and the operating
income or loss of the Xcede joint venture that is consolidated into Borrower's financial results.

 

'Maximum
Leverage' shall mean that quotient equal to (a) the sum of (i) Senior Secured Debt plus (ii) Subordinated Debt, divided
by (b) Adjusted EBITDA."

 

5.            Prior
to the date of this Amendment, an Event of Default has occurred and is continuing as a result of Borrower's failure to adhere to
the requirements of the Minimum Debt Service Coverage Ratio set forth in Section 4.9 of the Loan Agreement, which requires that
the Borrower maintain a minimum debt service coverage ratio of not less than 1.20:1.0. Pursuant to the financial information which
Borrower provided to the Bank for the quarterly periods ending on (i) March 31, 2018, whereby Borrower reported a debt service
coverage ratio of .99:1.00, and (ii) June 30, 2018, whereby Borrower reported a debt service coverage ratio of 1.10:1.00, Borrower's
debt service coverage ratio failed to adhere to the requirements of Section 4.9 for such periods, thereby constituting separate
Events of Default under Section 6.1.3 of the Loan Agreement. The Bank hereby waives enforcement of its rights against the Borrower
arising from these Events of Default to the extent, and only to the extent, that the specific Events of Default occurred or existed
under the Agreement on or as of June 30, 2018. This waiver shall be effective only for the specific Events of Default listed above
and only through or as of the date specified above, and in no event shall this waiver be deemed to be a waiver of (a) enforcement
of the Bank's rights with respect to any other Event of Default now existing or hereafter arising, or (b) Borrower's compliance
with (i) the covenants or other provisions of the Agreement from and after the date specified above or (ii) any other covenants
or provisions thereof.

 

6.            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.

 

7.            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.

 

8.            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.

 

    	-3-

     

    

 

9.            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.

 

10.          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]

 

    	-4-

     

    

 

Executed under seal this 9th
day of August, 2018

 

	 	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/ Robert Bowdring 
	 	 	Robert Bowdring, Chief Financial Officer of each of the above named corporations

 

[Signature Page to Loan Modification
Agreement]

 

    	-5-

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