Document:

Exhibit
10.16

    

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (the “Agreement”) is made as of the 28th day of August, 2013 (the “Effective Date”) by and
between Aeroflex Incorporated, a Delaware corporation, with its principal office located at 35 South Service Road, Plainview, NY
11803 (together with its successors and assigns permitted hereunder, “Aeroflex”), John E. Buyko, who resides at 28
Beaumont Drive, Dix Hills, New York 11747 (hereinafter “Buyko” and together with Aeroflex, the “Parties”).

 

WITNESSETH:

 

WHEREAS, the Parties entered into
an Employment Agreement made and entered into as of August 15, 2007, as amended on December 31, 2008 and on November 2010 (the
“Prior Agreement”) under which the Parties agreed upon the terms pursuant to which Buyko would be employed by Aeroflex
as further described therein, and

 

WHEREAS, the Parties desire to amend
and restate the Prior Agreement in its entirety as set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually
acknowledged, the Parties agree as follows: 

 

		1.	DEFINITIONS.

 

(a)
         “Beneficiary”
shall mean the person or persons named by Buyko pursuant to Section 11 below or, in the event that no such person is named
who survives Buyko, his estate.

 

(b)
         “Board” shall mean the Board of Directors of Aeroflex.

 

(c)
          “Cause” shall mean:

 

(i)           Buyko’s
conviction of a felony;

 

(ii)
         continued failure of Buyko to perform his obligations under this Agreement
for a period of thirty (30) days following receipt of written notice to Buyko of such failure;

 

(iii)         willful
malfeasance or willful misconduct in connection with Buyko’s duties or any act or omission which is injurious to the financial
condition or business reputation of Aeroflex or its affiliates; or

 

(iv)         a
breach by Buyko of the provisions of Sections 8 or 9 below to the demonstrable and material detriment of Aeroflex.

 

    	 

    	 

    

 

Notwithstanding the foregoing, in no event
shall Buyko’s failure to perform the duties associated with his position caused by his Disability constitute Cause for his
termination.

 

(d)
         “Change in Control” shall mean the occurrence of a change
in the ownership or control of Aeroflex within the meaning of Section 280G of the Code and the regulations thereunder.

 

(e)
         “Code” shall mean the Internal Revenue Code of 1986, as
amended from time to time.

 

(f)
         “Disability” shall mean the illness or other mental or
physical disability of Buyko, as determined by a physician acceptable to Aeroflex and Buyko, resulting in his failure during the
Employment Term, as the case may be, (i) to perform substantially his applicable material duties under this Agreement for a period
of 90 consecutive days or 180 days in any 12 month period and (ii) to return to the performance of his duties within 30 days after
receiving written notice of termination. Notwithstanding the foregoing, no such condition shall be considered a “Disability,”
unless such condition also meets the requirements of being “Disabled” under Section 409A(a)(2)(C) of the Code.

 

(g)
         “Employment Term” shall mean the period specified in Section
2(b) below.

 

(h)
         “Fiscal Year” shall mean the 12-month period beginning
on July 1 and ending on the next subsequent June 30, or such other 12-month period as may constitute Aeroflex’s fiscal year
at any time hereafter.

 

(i)
         “Good Reason” shall mean, at any time during the Employment
Term, without Buyko’s prior written consent or his acquiescence:

 

(i)           reduction
in his then current Salary;

 

(ii)          reduction
in the bonus or incentive compensation opportunities available to Buyko;

 

(iii)         Aeroflex’s
failure to pay Buyko any amounts otherwise vested and due him hereunder or under any plan or policy of Aeroflex;

 

(iv)         substantial
diminution of Buyko’s duties or responsibilities;

 

(v)          assignment
to Buyko of duties substantially incompatible with his position as a senior executive officer; or

 

(vi)         relocation
of Aeroflex’s corporate headquarters to a location more than 35 miles from the location first above described.

 

    	-2-

    	 

    

 

provided, that the divesture by Aeroflex of
assets representing up to sixty percent (60%) of Aeroflex’s EBITDA shall not result in a diminution of Buyko’s duties
or responsibilities.

 

Buyko shall provide Aeroflex written notice
specifying such event or deficiency constituting Good Reason within ninety (90) days following Buyko’s knowledge of the occurrence
of such event and Aeroflex shall have thirty (30) days after receipt of such notice to cure the event or deficiency that would
result in Good Reason.

 

(j)
         “Salary” shall mean the annual salary provided for in
Section 3 below, as adjusted from time to time.

 

(k)
         “Spouse” shall mean, during the Employment Term, the woman
who as of any relevant date is legally married to Buyko.

 

(l)
         “Subsidiary” shall mean any corporation of which Aeroflex
owns,

 

directly or indirectly, more than 50 percent
of its voting stock.

 

		2.	EMPLOYMENT TERM, POSITIONS AND DUTIES.

 

(a)
         Employment of Buyko. Aeroflex hereby continues to employ Buyko, and
Buyko hereby accepts continued employment with Aeroflex, in the positions and with the duties and responsibilities set forth below
and upon such other terms and conditions as are hereinafter stated. Buyko shall render services to Aeroflex principally at Aeroflex’s
corporate headquarters, but he shall do such traveling on behalf of Aeroflex as shall be reasonably required in the course of the
performance of his duties hereunder.

 

(b)
         Employment Term. The Employment Term shall terminate on August 15,
2015. In addition, the Employment Term shall automatically terminate upon any termination of Buyko’s employment pursuant
to Section 5.

 

(c)
         Titles and Duties.

 

(i)          Until
the date of termination of his employment hereunder, Buyko shall be employed as the Executive Vice President of Aeroflex and President
of Aeroflex Microelectronics Solutions, reporting to the chief executive officer of Aeroflex and the Board. In his capacity as
Executive Vice President and President, Buyko shall have the customary powers, responsibilities and authorities of an executive
vice president of corporations of the size, type and nature of Aeroflex.

 

(ii)          During
the Employment Term, until a Change in Control, Buyko shall serve as a member of the Board of Directors of Aeroflex.

 

    	-3-

    	 

    

 

(d)
         Time and Effort.

 

(i)          Buyko
agrees to devote his best efforts and abilities and his full business time and attention to the affairs of Aeroflex in order to
carry out his duties and responsibilities under this Agreement.

 

(ii)          Notwithstanding
the foregoing, nothing shall preclude Buyko from (A) serving on the boards of a reasonable number of trade associations, charitable
organizations and/or businesses not in competition with Aeroflex, (B) engaging in charitable activities and community affairs and
(C) managing his personal investments and affairs; provided, however, that, such activities do not materially interfere with the
proper performance of his duties and responsibilities specified in Section 2(c) above.

 

		3.	SALARY.

 

(a)          Salary.
Buyko shall receive from Aeroflex an annual Salary, payable in accordance with the regular payroll practices of Aeroflex, in
a minimum amount of $425,000. The Board agrees to review Buyko’s Salary annually during the Employment Term and Buyko’s
Salary may be increased (but not decreased) by the Board in its sole discretion.

 

(b)          Salary
Increase. Any amount to which Buyko’s Salary is increased, as provided in Section 3(a) above or otherwise, shall not
thereafter be reduced without his consent, and the term “Salary” as used in this Agreement shall refer to his Salary
as thus increased. Pursuant to increases since the commencement of the Prior Agreement, Buyko’s annual Salary as of the Effective
Date, is $560,000.

 

(c)          Annual
Bonus.

 

(i)          For
the 2014 Fiscal Year, Buyko shall be eligible to receive an annual bonus of between 50% and 150% of his Base Salary based upon
the achievement of the Company’s EBITDA targets for the 2014 Fiscal Year as established by the Board. More particularly,
(i) 50% of Buyko’s 2014 Base Salary will be awarded to Buyko as a bonus if the Company’s 2014 EBITDA is equal to the
minimum 2014 EBITDA target established by the Board (the “Threshold EBITDA”); (ii) 100% of Buyko’s Base Salary
will be awarded as a bonus if the Company’s 2014 EBITDA is equal to the 2014 EBITDA Target established by the Board (the
“ EBITDA Target” or the “2014 Target Bonus”); and (iii) 150% of Buyko’s Base Salary will be awarded
to Buyko as a bonus if the Company’s 2014 EBITDA is equal to or greater than the maximum 2014 EBITDA Target established by
the Board (the “Maximum EBITDA”). Buyko’s 2014 bonus shall be determined by linear interpolation if the Company’s
2014 EBITDA is between the Threshold EBITDA and the EBITDA Target or between the EBITDA Target and the Maximum EBITDA, as the case
may be. No annual bonus will be paid if the Company’s 2014 EBITDA is below the Threshold EBITDA for the 2014 Fiscal Year.
The EBITDA Target shall be subject to equitable redetermination by the Board in the event of any divestiture, acquisition or other
extraordinary event and to such modification, as may be appropriate, to reflect various types of accounting adjustments that historically
and otherwise have been or are approved by the Compensation Committee.

 

    	-4-

    	 

    

 

(ii)         Beginning
with Fiscal Year 2015 and for each Fiscal Year thereafter, during the term of Buyko’s employment hereunder, Buyko shall be
eligible to earn an annual performance bonus (the “Performance Bonus”). The target amount of such annual bonus (if
any) will be 100% percent of Buyko’s Base Salary for the applicable fiscal year (the “Target Bonus”). The minimum
amount of such annual bonus will be 50% percent of Buyko’s Base Salary for the applicable fiscal year (the “Minimum
Bonus”) and the maximum amount of such annual bonus will be 150% percent of Buyko’s Base Salary for the applicable
fiscal year (the “Maximum Bonus”). The terms and conditions of the Performance Bonus will be as set forth in the Company’s
applicable performance bonus plan, as the Company may adopt from time to time.

 

(iii)        Any
annual bonus payable pursuant to this Section 3(c) shall be paid on or prior to March 15 of the year following the year such bonus
is earned.

 

		4.	EXPENSE REIMBURSEMENT; EMPLOYEE BENEFIT PLANS.

 

(a)          
Reimbursements. During the Employment Term, Buyko shall be entitled to prompt reimbursement by Aeroflex for all reasonable
out-of-pocket expenses incurred by him in performing services under this Agreement, upon his submission of such accounts and records
as may be reasonably required by Aeroflex. In addition, during the Employment Term, Buyko shall be entitled to a car allowance
of $750.00 per month, such amount to be paid monthly in accordance with the normal payroll practices of the Company.

 

(b)          Employee
Benefit Plans. During the Employment Term, Buyko shall be entitled to participate in all employee benefit plans and programs
that are made available to Aeroflex’s senior executives or to its employees generally, as such plans or programs may be in
effect from time to time, including, without limitation, pension and other retirement plans, profit-sharing plans, savings and
similar plans, group life insurance, accidental death and dismemberment insurance, travel accident insurance, hospitalization insurance,
surgical insurance, major and excess major medical insurance, dental insurance, short-term and long-term disability insurance,
sick leave (including salary continuation arrangements), holidays, vacation (not less than four weeks in any calendar year) and
any other employee benefit plans or programs that may be sponsored by Aeroflex from time to time, including plans that supplement
the above-listed types of plans, whether funded or unfunded.

 

		5.	TERMINATION OF EMPLOYMENT.

 

(a)          Termination
by Mutual Agreement. The Parties may terminate this Agreement by mutual agreement at any time. If they do so, Buyko’s
entitlements shall be as the Parties mutually agree.

 

(b)          General.
Notwithstanding anything to the contrary herein, in the event of termination of Buyko’s employment under this Agreement,
he or his Beneficiary, as the case may be, shall be entitled to receive (in addition to payments and benefits under subsections
(c) through (f) below, as applicable):

 

    	-5-

    	 

    

 

(i)          his
Salary through the date of termination;

 

(ii)         any
unused vacation from prior years;

 

(iii)        any
reimbursements payable in accordance with Section 4 above of any business expenses incurred by Buyko through the date of termination
buy not yet paid to him; and

 

(iv)          any
other compensation or benefits that have vested through the date of termination or to which he may then be entitled in accordance
with the applicable terms and conditions of each grant, award or plan.

 

(c)          Termination
due to Death. In the event that Buyko’s employment terminates due to his death, his Beneficiary shall be entitled, in
addition to the compensation and benefits specified in Section 5(b), to any annual bonus for the current Fiscal Year based on actual
performance of Aeroflex, prorated to the date of termination.

 

(d)          Termination
due to Disability. In the event of Disability, Aeroflex or Buyko may terminate Buyko’s employment. If Buyko’s employment
terminates due to Disability, he shall be entitled, in addition to the compensation and benefits specified in Section 5(b), to
any annual bonus for the current Fiscal Year based on actual performance of Aeroflex, prorated to the date of termination.

 

(e)          Termination
by Aeroflex for Cause. Aeroflex may terminate Buyko’s employment hereunder for Cause only upon written notice to Buyko
prior to any intended termination, which notice shall specify the grounds for such termination in reasonable detail. In the event
that Buyko’s employment is terminated for Cause, he shall be entitled only to the compensation and benefits specified in
Section 5(b).

 

(f)          Termination
Without Cause or by Buyko for Good Reason.

 

(i)          Termination
without Cause shall mean termination of Buyko’s employment by Aeroflex and shall exclude termination (A) due to death, Disability
or Cause or (B) by mutual agreement of Buyko and Aeroflex. Aeroflex shall provide Buyko 15 days’ prior written notice of
termination by it without Cause, and Buyko shall provide Aeroflex 30 days’ prior written notice of his termination for Good
Reason.

 

(ii)          In
the event of termination by Aeroflex of Buyko’s employment without Cause or of termination by Buyko of his employment for
Good Reason, subject to Buyko’s execution and nonrevocation of a general release in favor of Aeroflex, its affiliates and
their current and former officers, directors and employees, in substantially the form attached hereto as Exhibit A within 30 days
following the date of such termination, Buyko shall be entitled, commencing, notwithstanding any provision to the contrary in Sections
5(f)(ii)(A)-(C), on the 30th day following such termination of employment (provided that, payments or benefits that would otherwise
have been owed to Buyko prior to the 30th day after termination of employment shall be made to or on behalf of Buyko on the 30th
day after his termination of employment), in addition to the compensation and benefits specified in Section 5(b), to the following
payments and benefits:

 

    	-6-

    	 

    

 

(A)          his
Salary, payable for the remainder of the Employment Term (assuming Buyko’s employment had not terminated) at the rate in
effect immediately before such termination;

 

(B)          annual
bonuses for the remainder of the Employment Term (assuming Buyko’s employment had not terminated) (including a prorated bonus
for any partial Fiscal Year) equal to the average of the highest annual bonuses (not to exceed 3 years) awarded to him during the
Fiscal Years (not to exceed 10 years) commencing after August 15, 2007 (including, without limitation, any bonus awarded to Buyko
in the year of termination, which is unpaid as of the date of termination), such bonuses to be paid at the same time annual bonuses
are regularly paid by Aeroflex to Buyko; and

 

(C)          for
the continued benefit of Buyko and his eligible dependents, Aeroflex shall maintain in full force and effect until the earlier
of (A) December 31 of the second calendar year following the calendar year of termination or (B) Buyko’s commencement of
full-time employment with a new employer, at the same cost as is paid by similarly-situated continuing employees all medical and
health plans and programs for which Buyko was eligible immediately prior to the date of termination, provided that Buyko’s
continued participation is possible under the general terms and provisions of such plans and programs, and subject further to such
periodic changes in such plans and programs as are generally applicable to all participants in such plans and programs. Buyko will
be responsible for any income tax liability arising out of any continued participation in such health and medical plans and programs,
and no additional employment service credits shall be given for the period of such continued participation; and

 

(D)          other
benefits in accordance with applicable plans and programs of Aeroflex.

 

(iii)          Prior
written consent by Buyko to any of the events described in Section 1(i) above shall be deemed a waiver by him of his right to terminate
for Good Reason under this Section 5(f) solely by reason of the events set forth in such waiver.

 

(g)          Payments;
Compliance with Section 409A of the Code. Notwithstanding anything herein to the contrary, if (i) Buyko is to receive payments
or benefits under Section 5 by reason of his separation from service (as such term is defined in Section 409A of the Code) other
than as a result of his death, (ii) Buyko is a “specified employee” within the meaning of Code Section 409A for the
period in which the payment or benefits would otherwise commence, and (iii) such payment or benefit would otherwise subject Buyko
to any tax, interest or penalty imposed under Section 409A of the Code (or any regulation promulgated thereunder) if the payment
or benefit would commence within six months of a termination of Buyko’s employment, then such payment or benefit required
under Section 5 shall not commence until the first day which is at least six months after the termination of Buyko’s employment.
Such payments or benefits, which would have otherwise been required to be made over such six month period, shall be paid to Buyko
in one lump sum payment or otherwise provided to Buyko as soon as administratively feasible after the first day which is at least
six months after the termination of Buyko’s employment. Thereafter, the payments and benefits shall continue, if applicable,
for the relevant period set forth in Section 5. For purposes of this Agreement, all references to “termination of employment”
and other similar language shall be deemed to refer to Buyko’s “separation from service” as defined in Treasury
Regulation Section 1.409A-1(h).

 

    	-7-

    	 

    

 

		6.	NO DUTY TO MITIGATE; NO OFFSET.

 

Buyko shall not be required to mitigate damages
or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor will any payment hereunder
be subject to offset in the event Buyko does receive compensation for services from any other source.

 

		7.	PARACHUTES.

 

If, in connection with a Change in Control,
Aeroflex determines in good faith that any payments or benefits (whether made or provided pursuant to this Agreement or otherwise)
(each a “Payment”) provided to Buyko constitute “parachute payments” within the meaning of Section 280G
of the Code, and may be subject to an excise tax imposed pursuant to Section 4999 of the Code (the “Excise Tax”) or
to any similar tax imposed by state or local law, then the aggregate amount of Payments payable to Buyko shall be reduced to the
aggregate amount of Payments that may be made to Buyko without incurring an Excise Tax; provided, however, that such reduction
shall only be effected if the aggregate after-tax value of the Payments retained by Buyko (after giving effect to such reduction)
is equal to or greater than the aggregate after-tax value (after giving effect to the Excise Tax) of the Payments to Buyko without
any such reduction, as determined by Aeroflex’s auditors. Any such reduction in the preceding sentence shall be done first
by reducing any cash payments with the last payment reduced first; next any equity or equity derivatives that are included under
Section 280G of the Code at full value rather than accelerated value; next any equity or equity derivatives based on acceleration
value shall be reduced with the highest value reduced first (as such values are determined under Treasury Regulation Section 1.280G-1,
Q&A 24); finally any other non-cash benefits will be reduced.

 

		8.	CONFIDENTIAL INFORMATION.

 

(a)          General.

 

(i)          Buyko
understands and hereby acknowledges that as a result of his employment with Aeroflex he will necessarily become informed of and
have access to certain valuable and confidential information of Aeroflex and any of its Subsidiaries, joint ventures and affiliates,
including, without limitation, inventions, trade secrets, technical information, computer software and programs, know-how and plans
(“Confidential Information”), and that any such Confidential Information, even though it may be developed or otherwise
acquired by Buyko, is the exclusive property of Aeroflex to be held by him in trust solely for Aeroflex’s benefit.

 

    	-8-

    	 

    

 

(ii)          Accordingly,
Buyko hereby agrees that, during the Employment Term and thereafter, he shall not, and shall not cause others to, use, reveal,
report, publish, transfer or otherwise disclose to any person, corporation or other entity any Confidential Information without
prior written consent of the Board, except to (A) responsible officers and employees of Aeroflex or (B) responsible persons who
are in a contractual or fiduciary relationship with Aeroflex or who need such information for purposes in the interest of Aeroflex.
Notwithstanding the foregoing, the prohibitions of this clause (ii) shall not apply to any Confidential Information that becomes
of general public knowledge other than from Buyko or is required to be divulged by court order or administrative process; provided that
Buyko shall give prompt written notice to Aeroflex of such requirement, disclose no more information than is so required, and cooperate
with any attempts by Aeroflex to obtain a protective order or similar treatment.

 

(b)          Return
of Documents. Upon termination of his employment with Aeroflex for any reason, Buyko shall promptly deliver to Aeroflex all
plans, drawings, manuals, letters, notes, notebooks, reports, computer programs and copies thereof and all other materials, including
without limitation those of a secret or confidential nature, relating to Aeroflex’s business that are then in his possession
or control.

 

(c)          Remedies
and Sanctions. In the event that Buyko is found to be in violation of Section 8(a) or (b) above, Aeroflex shall be entitled
to relief as provided in Section 10 below.

 

		9.	NONCOMPETITION/NONSOLICITATION.

 

(a)          Prohibitions.
During Buyko’s employment with Aeroflex and until the later of (x) the period in which Buyko is entitled to continued
severance payments pursuant to Section 5 and (y) one year following the Buyko’s termination of employment for any reason,
Buyko shall not, without prior written authorization of the Board, directly or indirectly,

 

(i)          whether
individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in
any other capacity, other than on behalf of Aeroflex or a subsidiary, organize, establish, own, operate, manage, control, engage
in, participate in, invest in, permit his name to be used by, act as a consultant or advisor to, render services for (alone or
in association with any person, firm, corporation or business organization), or otherwise assist any person or entity that engages
in or owns, invests in, operates, manages or controls any venture or enterprise which engages or proposes to engage in any business
conducted by Aeroflex or any of its subsidiaries on the date of Buyko’s termination of employment or within twelve (12) months
of Buyko’s termination of employment in the geographic locations where Aeroflex and its subsidiaries engage or propose to
engage in such business;

 

(ii)          solicit
or induce any customer of Aeroflex to cease purchasing goods or services from Aeroflex or to become a customer of any competitor
of Aeroflex; or

 

    	-9-

    	 

    

 

(iii)          solicit
or attempt to solicit any employee of Aeroflex or any of its subsidiaries (a “Current Employee”) or any person who
was an employee of Aeroflex or any of its subsidiaries during the twelve (12) month period immediately prior to the date Buyko’s
employment terminates (a “Former Employee”) to terminate such employee’s employment relationship with Aeroflex
in order, in either case, to enter into a similar relationship with Buyko, or any other person or any entity or hire any employee
or Former Employee.

 

(b)          Remedies
and Sanctions. In the event that Buyko is found to be in violation of Section 9(a) above, Aeroflex shall be entitled to relief
as provided in Section 10 below.

 

(c)          Exceptions.
Notwithstanding anything to the contrary in Section 9(a) above, its provisions shall not be construed as preventing Buyko from
investing his assets in any business that is not a direct competitor of Aeroflex.

 

		10.	REMEDIES/SANCTIONS.

 

Buyko acknowledges that the services he is
to render under this Agreement are of a unique and special nature, the loss of which cannot reasonably or adequately be compensated
for in monetary damages, and that irreparable injury and damage may result to Aeroflex in the event of any breach of this Agreement
or default by Buyko. Because of the unique nature of the Confidential Information and the importance of the prohibitions against
competition and solicitation, Buyko further acknowledges and agrees that Aeroflex will suffer irreparable harm if he fails to comply
with his obligations under Section 8(a) or (b) above or Section 9(a) above and that monetary damages would be inadequate to compensate
Aeroflex for any such breach. Accordingly, Buyko agrees that, in addition to any other remedies available to either Party at law,
in equity or otherwise, Aeroflex will be entitled to seek injunctive relief or specific performance to enforce the terms (without
the posting of a bond), or prevent or remedy the violation, of any provisions of this Agreement. In addition, without limiting
Aeroflex’s remedies for any breach of any restriction on Buyko set forth in Sections 8(a) or (b) above or Section 9(a) above,
except as required by law, Aeroflex will have no obligation to pay or provide any of the amounts or benefits under Section 5 above.

 

		11.	BENEFICIARIES/REFERENCES.

 

Buyko shall be entitled to select (and change,
to the extent permitted under any applicable law) a Beneficiary or Beneficiaries to receive any compensation or benefit payable
under this Agreement following his death by giving Aeroflex written notice thereof; provided, however, that absent any then effective
contrary notice, his Beneficiary shall be his surviving Spouse. In the event of Buyko’s death, or of a judicial determination
of his incompetence, reference in this Agreement to Buyko shall be deemed to refer, as appropriate, to his Beneficiary, estate
or other legal representative.

 

    	-10-

    	 

    

 

		12.	WITHHOLDING TAXES.

 

All payments to Buyko or his Beneficiary under
this Agreement shall be subject to withholding on account of federal, state and local taxes as required by law.

 

		13.	INDEMNIFICATION AND LIABILITY INSURANCE.

 

Nothing herein is intended to limit Aeroflex’s
indemnification of Buyko, and Aeroflex shall indemnify him to the fullest extent permitted by applicable law consistent with Aeroflex’s
Certificate of Incorporation and By-Laws as in effect on the Effective Date, with respect to any action or failure to act on his
part while he is an officer, director or employee of Aeroflex or any Subsidiary. Aeroflex shall cause Buyko to be covered at all
times by directors’ and officers’ liability insurance on terms no less favorable than provided to other directors’
and officers’. Aeroflex shall continue to indemnify Buyko as provided above and maintain such liability insurance coverage
for him after the Employment Term for any claims that may be made against him with respect to his service as a director or officer
of Aeroflex.

 

		14.	EFFECT OF AGREEMENT ON OTHER BENEFITS.

 

The existence of this Agreement shall not
prohibit or restrict Buyko’s entitlement to participate fully in compensation, employee benefit and other plans of Aeroflex
in which senior executives are eligible to participate.

 

		15.	ASSIGNABILITY; BINDING NATURE.

 

This Agreement shall be binding upon and inure
to the benefit of the Parties and their respective successors, heirs (in the case of Buyko) and assigns. No rights or obligations
of Aeroflex under this Agreement may be assigned or transferred by Aeroflex except pursuant to (a) a merger or consolidation
in which Aeroflex is not the continuing entity or (b) sale or liquidation of all or substantially all of the assets of Aeroflex,
provided that the surviving entity or assignee or transferee is the successor to all or substantially all of the assets of Aeroflex
and such surviving entity or assignee or transferee assumes the liabilities, obligations and duties of Aeroflex under this Agreement,
either contractually or as a matter of law.

 

		16.	REPRESENTATIONS.

 

The Parties respectively represent and warrant
that each is fully authorized and empowered to enter into this Agreement and that the performance of its or his obligations, as
the case may be, under this Agreement will not violate any agreement between such Party and any other person, firm or organization.
Aeroflex represents and warrants that this Agreement has been duly authorized by all necessary corporate action and is valid, binding
and enforceable in accordance with its terms.

 

    	-11-

    	 

    

 

		17.	ENTIRE AGREEMENT.

 

Except to the extent otherwise provided herein,
this Agreement contains the entire understanding and agreement between the Parties concerning the subject matter hereof and supersedes
any prior agreements, whether written or oral, between the Parties concerning the subject matter hereof, including without limitation
the Prior Agreement, as amended. Payments and benefits provided under this Agreement are in lieu of any payments or other benefits
under any severance program or policy of Aeroflex to which Buyko would otherwise be entitled.

 

		18.	AMENDMENT OR WAIVER.

 

No provision in this Agreement may be amended
unless such amendment is agreed to in writing and signed by both Buyko and an authorized officer of Aeroflex. No waiver by either
Party of any breach by the other Party of any condition or provision contained in this Agreement to be performed by such other
Party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any
waiver must be in writing and signed by the Party to be charged with the waiver. No delay by either Party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof.

 

		19.	SEVERABILITY.

 

In the event that any provision or portion
of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions
of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law.

 

		20.	SURVIVAL.

 

The respective rights and obligations of the
Parties under this Agreement shall survive any termination of Buyko’s employment with Aeroflex.

 

		21.	GOVERNING LAW/JURISDICTION.

 

This Agreement shall be governed by and construed
and interpreted in accordance with the laws of New York, without reference to principles of conflict of laws.

 

		22.	NOTICES.

 

Any notice given to either Party shall be
in writing and shall be deemed to have been given when delivered either personally, by fax, by overnight delivery service (such
as Federal Express) or sent by certified or registered mail postage prepaid, return receipt requested, duly addressed to the Party
concerned at the address indicated below or to such changed address as the Party may subsequently give notice of.

 

If to Aeroflex or the Board:

 

Aeroflex Incorporated

35 South Service Road

Plainview, NY 11803

Attention: General Counsel

FAX: (516) 694-4823

 

    	-12-

    	 

    

 

With a copy to:

 

Veritas Capital Management II, LLC

660 Madison Avenue, 14th Floor

New York, New York 10021

Attention: Benjamin Polk

 

And a copy to:

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, NY 10022 

	Attention:	Michael Littenberg
	Telephone:	(212) 756-2000
	Fax:	(212) 593-5955

 

If to Buyko:

 

John E. Buyko

28 Beaumont Drive

Dix Hills, New York 11747

 

		23.	HEADINGS.

 

The headings of the sections contained in
this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision
of this Agreement.

 

		24.	COUNTERPARTS.

 

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

 

		25.	COMPLIANCE WITH CODE 409A.

 

It is intended that any expense reimbursement
made under this Agreement shall be exempt from Code Section 409A. Notwithstanding the foregoing, if any expense reimbursement shall
be determined to be ‘deferred compensation’ within the meaning of Code Section 409A, including without limitation any
reimbursement under Sections 4 and 5(f)(ii)(C), then the reimbursement shall be made to Buyko as soon as practicable after submission
of the reimbursement request, but no later than December 31 of the year following the year during which such expense was incurred.

 

    	-13-

    	 

    

 

[The
remainder of this page is intentionally left blank.]

 

    	-14-

    	 

    

 

IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first written above.

 

	 	EMPLOYEE:
	 	 	 
	WITNESS:_________________	/s/ John E. Buyko
	Name:	 John E. Buyko
	 	 	 
	 	AEROFLEX INCORPORATED
	 	 	 
	ATTEST:__________________	By:	/s/ Leonard J. Borow
	Name:	 	Name: Leonard J. Borow
	 	 	Title: President

 

    	-15-Exhibit 10.17

 

 AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) is made as of the 28th day of August, 2013 by and between Aeroflex Incorporated,
a Delaware corporation, with its principal office located at 35 South Service Road, Plainview, NY 11803 (together with its successors
and assigns permitted hereunder, the “Company”), and John Adamovich, Jr. (hereinafter the “Executive” and
together with the Company, the “Parties”).

 

WITNESSETH:

 

WHEREAS, the Parties entered into
an Executive Employment Agreement dated November 9, 2005 (the “Effective Date”), as amended on November 21, 2006, December
1, 2006, December 31, 2008, September 17, 2009, November 2010 and September 28, 2012 (collectively, the “Prior Agreement”)
under which the Parties agreed upon the terms pursuant to which the Employee would provide services to the Company as further described
therein, and

 

WHEREAS, the Parties desire to amend
and restate the Prior Agreement in its entirety as set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually
acknowledged, the Parties agree as follows:

 

1.          EMPLOYMENT
PERIOD. Subject to Section 3, the Company hereby agrees to employ the Executive, and the Executive hereby agrees to be
employed by the Company, in accordance with the terms and provisions of this Agreement, for the period commencing as of the Effective
Date and ending at midnight on September 17, 2013 (the “Initial Term”). After the Initial Term, this Agreement will
renew automatically for additional one (1) year periods (each a “Renewal Term”) unless either party provides written
notice of non-renewal at least ninety (90) days prior to the expiration of the Initial Term or any Renewal Term as the case may
be (the Initial Term and any Renewal Terms, collectively, the Employment Period”)

 

2.          TERMS
OF EMPLOYMENT.

 

(a)          Positions
and Duties.

 

(i)          During
the term of the Executive’s employment hereunder, the Executive shall serve as Chief Financial Officer of the Company and,
in so doing, shall report directly to the President and the Board of Directors of the Company. The Executive shall have such management,
supervisory and operational functions and other powers, functions and duties consistent with the Executive’s title and duties
as may from time to time reasonably be prescribed by the Board.

 

    	 

    	 

    

 

(ii)         During
the term of the Executive’s employment hereunder, and excluding any periods of vacation, paid holiday, and sick and personal
leave to which the Executive is entitled, the Executive agrees to devote substantially all of his business time to the business
and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder,
to use the Executive’s reasonable best efforts to perform faithfully, effectively and efficiently such responsibilities.
During the term of the Executive’s employment, it shall not be a violation of this Agreement for the Executive to (1) serve
on civic or charitable boards or committees, (2) serve, with the Board’s prior written approval (which may be withheld in
the sole discretion of the Board), on corporate boards or committees, (3) manage personal investments, and/or (4) serve as an officer
of one or more affiliates of the Company, including the Company’s parent, so long as such activities, either individually
or in the aggregate, do not significantly interfere with the performance of the Executive’s responsibilities as an employee
of the Company in accordance with this Agreement.

 

(b)          Compensation.

 

(i)          
Base Salary. During the term of the Executive’s employment hereunder, the Executive shall receive an annual salary
(the “Base Salary”) of Four Hundred Forty Thousand Dollars ($440,000), which shall be paid in accordance with the customary
payroll practices of the Company for services rendered as Chief Financial Officer of the Company.

 

(ii)         Bonus.

 

(1)         For
the 2014 Fiscal Year, the Executive shall be eligible to receive an annual bonus of between 33-1/3% and 100% of his Base Salary
based upon the achievement of the Company’s EBITDA targets for the 2014 Fiscal Year as established by the Board. More particularly,
(i) 33-1/3% of the Executive’s 2014 Base Salary will be awarded to the Executive as a bonus if the Company’s 2014 EBITDA
is equal to the minimum 2014 EBITDA target established by the Board (the “Threshold EBITDA”); (ii) 66-2/3% of the Executive’s
Base Salary will be awarded as a bonus if the Company’s 2014 EBITDA is equal to the 2014 EBITDA Target established by the
Board (the “ EBITDA Target” or the “2014 Target Bonus”); and (iii) 100% of the Executive’s Base Salary
will be awarded to the Executive as a bonus if the Company’s 2014 EBITDA is equal to or greater than the maximum 2014 EBITDA
Target established by the Board (the “Maximum EBITDA”). The Executive’s 2014 bonus shall be determined by linear
interpolation if the Company’s 2014 EBITDA is between the Threshold EBITDA and the EBITDA Target or between the EBITDA Target
and the Maximum EBITDA, as the case may be. No annual bonus will be paid if the Company’s 2014 EBITDA is below the Threshold
EBITDA for the 2014 Fiscal Year. The EBITDA Target shall be subject to equitable redetermination by the Board in the event of any
divestiture, acquisition or other extraordinary event and to such modification, as may be appropriate, to reflect various types
of accounting adjustments that historically and otherwise have been or are approved by the Compensation Committee.

 

(2)         Beginning
with Fiscal Year 2015 and for each Fiscal Year thereafter, during the term of the Executive’s employment hereunder, the Executive
shall be eligible to earn an annual performance bonus (the “Performance Bonus”). The target amount of such annual bonus
(if any) will be 66-2/3% percent of Executive’s Base Salary for the applicable fiscal year (the “Target Bonus”).
The minimum amount of such annual bonus will be 33-1/3% percent of Executive’s Base Salary for the applicable fiscal year
(the “Minimum Bonus”) and the maximum amount of such annual bonus will be 100% percent of Executive’s Base Salary
for the applicable fiscal year (the “Maximum Bonus”). The terms and conditions of the Performance Bonus will be as
set forth in the Company’s applicable performance bonus plan, as the Company may adopt from time to time.

 

    	-2-

    	 

    

 

(3)         Any
annual bonus payable pursuant to this Section 2(b)(ii) shall be paid on or prior to March 15 of the year following the year such
bonus is earned.

 

(iii)        Investment
Plans. During the term of the Executive’s employment hereunder, the Executive shall be entitled to participate in all
savings and retirement plans, practices, policies and programs (“Investment Plans”) appertaining to his position in
accordance with practices established by the Board, including 401K and supplemental life insurance plans, but Executive shall not
participate in the Company’s Supplemental Executive Retirement Plan.

 

(iv)        Welfare
Benefit Plans. During the term of the Executive’s employment hereunder, the Executive shall be eligible for participation
in and shall receive all benefits under welfare benefit plans, practices, policies and programs (“Welfare Plans”) provided
by the Company (including, without limitation, medical, prescription, dental, disability, salary continuance, group life, accidental
death and travel accident insurance plans and programs) to the extent applicable to executive employees generally in accordance
with practices established by the Board.

 

(v)         Expenses.
During the term of the Executive’s employment hereunder, the Executive shall be entitled to receive prompt reimbursement
for all reasonable expenses incurred by the Executive in performing his duties hereunder, including, without limitation, transportation,
hotel, and living expenses and other business and entertainment expenses, in accordance with the policies, practices and procedures
of the Company.

 

(vi)        Vacation
and Holidays. During each complete twelve month period of the Executive’s employment hereunder, the Executive shall be
entitled to 27 days of personal time off (“PTO”) and such paid holiday and leave time as are in accordance with the
plans, policies, programs and practices of the Company.

 

(vii)       Car
Allowance. The Company will provide the Executive with a car allowance in the amount of One Thousand ($1,000) per month, such
amount to be paid monthly in accordance with the normal payroll practices of the Company.

 

(c)          Deferred
Compensation Retirement Benefit.

 

(i)          Exclusive
of the Compensation provided in Subsection (b) of this Section 2, the Company shall pay to the Executive a deferred compensation
retirement benefit in the manner provided below, unless forfeited by the occurrence of any of the events of forfeiture specified
in subsection 2(c)(v)(1) and (2).

 

(ii)         The
Company shall credit, without proration, to a book reserve (the “Deferred Compensation Account”) established for this
purpose, $50,000 on the 1st day of December, 2006 and, thereafter, during the Employment Period, $50,000 on the 1st day of each
successive December provided that the Executive is then still employed by the Company on such date.

 

(1)         The
Deferred Compensation Account shall be notionally invested and reinvested in such bonds, mutual funds and securities as may be
selected, in its discretion, by the Board of Directors or, if delegated to do so, by the Compensation Committee (the “Board”).
In the exercise of the foregoing discretionary investment powers, the Board may engage investment counsel and, if it so desires,
may delegate to such counsel full or limited authority to select the assets in which the Deferred Compensation Account is to be
notionally invested.

 

    	-3-

    	 

    

 

(2)         The
Executive agrees on behalf of himself and his designated beneficiary to assume all risk in connection with any decrease in value
of the Deferred Compensation Account.

 

(3)         Title
to, and beneficial ownership of, any assets, whether cash or investments, which the Company may earmark to pay the deferred compensation
retirement benefit hereunder, shall at all times remain in the Company, and, accordingly, Executive and his designated beneficiary
shall not have any property interest whatsoever in any specific assets of the Company.

 

(iii)        The
benefits to be paid as deferred compensation (unless they are forfeited by the occurrence of any of the events of forfeiture specified
in subsection 2(c)(v)) below are as follows:

 

(1)         
If the Executive’s employment with the Company hereunder or otherwise is terminated on or after the Executive shall have
reached the Retirement Age, then, not earlier than a date 6 months thereafter, the Company shall pay to him in a single lump sum
payment, an amount equal to the fair market value of the Deferred Compensation Account (“Benefits”) as of the effective
date of termination. For purposes of this subparagraph 2(c), “Retirement Age” shall mean 58 years of age.

 

(2)         Subject
to subsection 2(c)(v)(1), (2) and (3) hereof, if the Executive’s employment is terminated for any reason other than death
or Disability but before the Executive shall have reached the Retirement Age, then the Deferred Compensation Account shall continue
to be notionally invested or held in cash as the Board, in its discretion, may determine, and no payment shall be made until the
Executive shall have reached the Retirement Age, at which time a payment of the Benefits, valued as of the date the Executive attained
the Retirement Age, shall be made to him in one lump sum payment. Notwithstanding the foregoing, if before reaching the Retirement
Age, the Executive should die, or if before reaching the Retirement Age, the Executive should become permanently “Disabled”,
as defined in Section 409A(a)(2)(C) of the Code, then the Benefits valued as of the date of death or Disability shall be made to
the Executive or his designated beneficiary as soon as administratively practicable following such date.

 

(3)         
If the Executive’s employment is terminated because of Disability (as defined in Section 3(a)) or death before he has reached
the Retirement Age and while he is in the employ of the Company, then, in a single lump sum payment, the Company shall pay the
Benefits to the Executive (in the event of his “Disability” as defined in Section 409A(a)(2)(C) of the Code) or to
his designated beneficiary (in the event of his death) in one lump sum payment as soon as administratively practicable following
such date.

 

(4)         
If the Executive’s designated beneficiary should die after the death of the Executive but before the required payment is
to be made by the Company, then the benefits, valued as the date of the death of the Executive, shall be paid to the estate of
such designated beneficiary.

 

    	-4-

    	 

    

 

(5)         
The beneficiary referred to above may be designated or changed by the Executive (without the consent of any prior beneficiary)
on a form provided by the Company and delivered to the Company at any time before the Executive’s death. If no such beneficiary
shall have been designated, or if no designated beneficiary shall survive the Executive, then, the benefits, valued as of the date
of death of the Executive, shall be paid to the Executive’s estate in one lump sum payment as soon as administratively practicable
following such date.

 

(6)         In
the event that the Company undergoes a “change in control event,” as such term is defined in Treasury Regulation §1.409A-3(i)(5)
and the Executive’s employment with the Company is terminated within two years after such event by (A) the Company other
than for death or Disability or any one or more of the reasons set forth in Section 3(b)(ii), (iii) or (iv), or (B) the Executive
for Good Reason, then, in either such case, the effective date of termination shall be deemed to be the Retirement Age and payments
shall be made to the Executive in the same manner and to the same extent as provided in subsection 2(c)(iii)(1).

 

(7)         
Notwithstanding anything herein to the contrary, if (i) the Executive is to receive payments or benefits under this Agreement by
reason of his separation from service (as such term is defined in Section 409A of the Code) other than as a result of his death,
(ii) the Executive is a “specified employee” within the meaning of Code Section 409A for the period in which the payment
or benefits would otherwise commence, and (iii) such payment or benefit would otherwise subject the Executive to any tax, interest
or penalty imposed under Section 409A of the Code (or any regulation promulgated thereunder) if the payment or benefit would commence
within six months of a termination of the Executive’s employment, then such payment or benefit required under this Agreement
shall not commence until the first day which is at least six months after the termination of the Executive’s employment.
Such payments or benefits, which would have otherwise been required to be made over such six month period, shall be paid to the
Executive in one lump sum payment or otherwise provided to the Executive as soon as administratively feasible after the first day
which is at least six months after the termination of the Executive’s employment. Thereafter, the payments and benefits shall
continue, if applicable, for the relevant period set forth in the applicable section of this Agreement. For purposes of this Agreement,
all references to “termination of employment” and other similar language shall be deemed to refer to the Executive’s
“separation from service” as defined in Treasury Regulation Section 1.409A-1(h).

 

(iv)        Nothing
contained in this Section 2(c) and no action taken pursuant thereto shall create or be construed to create a trust of any kind
or a fiduciary relationship between the Company and the Executive, his designated beneficiary or any other person. The Deferred
Compensation Account as may be notionally invested under the provisions of this Section 2(c) shall continue for all purposes to
be a part of the general funds of the Company, and no person other than the Company shall by virtue of the provisions of this Section
2(c) have any interest in the Deferred Compensation Account. To the extent that any person acquires a right to receive payments
from the Company under this Section 2(c), such right shall be no greater than the right of any unsecured general creditor of the
Company.

 

(v)         
Notwithstanding anything herein contained to the contrary, no payment of any then unpaid portion of the Deferred Compensation
Account shall be made, and all rights of Executive hereunder, his designated beneficiary, executors or administrators, or any
other person to receive such payments thereof, shall be forfeited if any of the following events shall have occurred: 

 

    	-5-

    	 

    

  

(1)         
The Executive shall have been terminated pursuant to Sections 3(b)(ii), (iii) or (iv) hereof.

 

(2)         
After the Executive ceases to be employed by the Company, he shall fail or refuse to abide by any terms, conditions or covenants
of this Agreement that are intended to survive, including, but not limited to, Sections 6, 7, and 8 hereof.

 

(3)         
The Executive shall have engaged, directly or indirectly, in any activity or otherwise shall have conducted himself in a manner
inimical to the best interests of the Company as reasonably determined by the Board in its discretion.

 

(vi)        
The right of the Executive or any other person entitled to the payment of deferred compensation retirement benefits under this
Section 2(c) shall not be assigned, transferred, pledged or encumbered without the prior express written consent of the Company,
except by will or by the laws of descent and distribution.

 

(vii)       
If the Board shall find that any person to whom any payment is to be made pursuant to this Section 2(c) is unable to care for his
affairs because of illness or accident, or is a minor, any payment due (unless a prior claim therefor shall have been made by a
duly appointed guardian, committee or other legal representative) may be made to the spouse, a child, a parent, or a brother or
sister, or to any person deemed by the Board to have incurred expense for such person otherwise entitled to payment in such manner
and proportions as the Board may determine. Any such payment shall be a complete discharge of the liabilities of the Company under
this Section 2(c).

 

(viii)      
Nothing contained herein shall be construed as conferring upon the Executive the right to continue in the employ of the Company
in any capacity.

 

(ix)         
Any benefits payable under this Section 2(c) shall not be deemed salary or other compensation to the Executive for the purpose
of computing benefits to which he may be entitled under any pension plan or other arrangement of the Company for the benefit of
its employees.

 

(x)          The
Board shall have full power and authority to interpret, construe, and administer the provisions of this Section 2(c), and the Board’s
interpretation and construction thereof as well as any actions taken thereunder, including, but not limited to, the valuation of
the Deferred Compensation Account and the determination of the amount or recipient of the payment to be made therefrom, shall be
binding and conclusive on all persons for all purposes. No member of the Board (or any Committee thereof) shall be liable to any
person for any action taken or omitted in connection with the interpretation and administration of this Section 2(c) unless attributable
to his own willful misconduct or gross negligence.

 

3.          TERMINATION
OF EMPLOYMENT.

 

(a)          Death
or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment
Period. If a Disability (as defined below) of the Executive has occurred during the Employment Period, the Company may give to
the Executive written notice in accordance with Section 13(b) hereunder of its intention to terminate the Executive’s employment.
In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such
notice by the Executive (the “Disability Effective Date”); provided, that within the 30 days after such receipt, the
Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement, “Disability”
shall mean the Executive’s inability to perform his duties and obligations hereunder for a period of 90 consecutive days
due to mental or physical incapacity as determined by a physician selected by the Company or its insurers and acceptable to the
Executive or the Executive’s legal representative (such agreement as to acceptability not to be withheld unreasonably). Notwithstanding
the foregoing, no such condition shall be considered a “Disability,” unless such condition also meets the requirements
of being “Disabled” under Section 409A(a)(2)(C) of the Code.

 

    	-6-

    	 

    

 

(b)          
Cause. The Company may terminate the Executive’s employment during the Employment Period for Cause or without Cause.
For purposes of this Agreement, “Cause” shall mean (i) a breach by the Executive of the Executive’s material
obligations under Section 2(a) which is not cured within ten (10) days of the receipt by the Executive of written notice thereof
from the Company; (ii) commission by the Executive of an act of fraud upon, or willful misconduct of a material nature toward,
the Company, as reasonably determined by a majority of the Board, (iii) a material breach by the Executive of Section 7, 8 or 9;
(iv) the conviction of the Executive of any felony or any misdemeanor involving moral turpitude (or a plea of nolo contendere thereto);
(v) the Executive being found liable in any civil proceeding for an act by the Executive constituting work place harassment; or
(vi) the willful and continuing failure of the Executive to carry out, or comply with, in any material respect any reasonable directive
of the Board consistent with the terms of this Agreement.

 

(c)          Termination
for Good Reason by the Executive. The Executive may terminate this Agreement for Good Reason and such termination shall constitute
a termination without Cause by the Company. “Good Reason” shall mean the occurrence of a breach by the Company of its
material obligations to the Executive, which breach is not cured within ten (10) Business Days of the receipt by the Company of
written notice thereof from the Executive.

 

(d)          Notice
of Termination. Any termination (i) by the Company, whether for Cause or without Cause, or (ii) the Executive, whether or not
for Good Reason, shall be communicated by Notice of Termination (as defined below) to the other party hereto given in accordance
with Section 13(b). For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates
the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail
the facts and circumstances, if any, claimed to provide a basis for termination of the Executive’s employment under the provision
so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies
the termination date. The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance
which contributes to a showing of Cause shall not waive any right of the Executive or the Company hereunder or preclude the Executive
or the Company from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder.

 

    	-7-

    	 

    

 

(e)          Date
of Termination. “Date of Termination” means (i) if the Executive’s employment is terminated by the Company
for Cause, the date of the Notice of Termination or any later date specified therein, as the case may be; (ii) if the Executive’s
employment is terminated by the Company other than for Cause, including by non-renewal pursuant to Section 1, the date on which
the Company notifies the Executive of such termination or any later date specified by the Board or, in the case of non-renewal,
the last day of the Employment Period; and (iii) if the Executive’s employment is terminated by reason of death or Disability,
the date of death of the Executive or the Disability Effective Date, as the case may be.

 

4.          OBLIGATIONS
OF THE COMPANY UPON TERMINATION.

 

(a)          Without
Cause. If during the Employment Period, the Company shall terminate the Executive’s employment without Cause (which,
for this purpose, shall include non-renewal), except in either such case within twenty-four (24) months following a Change in Control
(as defined below), the Company shall pay to the Executive or his heirs (1) within ten (10) days after the Date of Termination,
the sum of the Executive’s Base Salary through the Date of Termination, to the extent not theretofore paid, plus all accrued
PTO pay, unreimbursed business expenses and other accrued but unpaid compensation described in Section 2(b) above (the “Accrued
Obligations”); (2) any amount arising from the Executive’s participation in, or benefits under, any Investment Plans
(“Accrued Investments”), which amounts shall be payable in accordance with the terms and conditions of such Investment
Plans; (3) subject to Executive’s execution and nonrevocation of a general release in favor of Aeroflex, its affiliates and
their current and former officers, directors and employees, in substantially the form attached hereto as Exhibit A within 30 days
following the date of such termination (the “Release”), commencing, notwithstanding any provision to the contrary in
Sections 4(a)(3)(A)-(C), on the 30th day following such Date of Termination (provided that, payments or benefits that would otherwise
have been owed to Executive prior to the 30th day after the Date of Termination shall be made to or on behalf of Executive on the
30th day after the Date of Termination), (A) an amount equal to the Executive’s Base Salary payable for the one-year period
immediately following the Date of Termination as if the Executive had not been terminated and remained an employee through the
expiration of such period together with an amount equal to one times the Target Bonus; (B) the unpaid bonus, based on the Company’s
actual performance for the Fiscal Year in which the Date of Termination occurs, if any, prorated to the Date of Termination, such
bonus, if any, to be paid at the time that the Company pays bonuses, if any, to other senior executives of the Company; and (C)
the Executive and qualifying members of the Executive’s family shall be entitled to continue to participate, at the Company’s
expense, in the Company’s Welfare Plans, including medical, dental and prescription coverage, for said one-year period.

 

(b)          Death
or Disability. If the Executive’s employment is terminated by reason of the Executive’s death or Disability during
the Employment Period, the Company shall pay to his legal representatives (i) in a lump sum in cash within twenty (20) days after
the Date of Termination, the Accrued Obligations; (ii) the Accrued Investments which shall be payable in accordance with the terms
and conditions of the Investment Plans; and (iii) an annual bonus in the amount of the Target Bonus applicable for the Fiscal Year
in which the Executive’s death or Disability occurs, prorated to the Date of Termination, such bonus to be paid at the time
the Company pays such bonuses to other senior executives of the Company. In addition, the qualifying members of the Executive’s
family shall be entitled to continue their participation at the Company’s expense in the Company’s Welfare Plans for
a period of twelve (12) months after the Date of Termination.

 

    	-8-

    	 

    

 

(c)          Cause.
If the Executive’s employment shall be terminated by the Company for Cause during the Employment Period, the Company shall
have no further payment obligations to the Executive other than for payment of Accrued Obligations, Accrued Investments (which
shall be payable in accordance with the terms and conditions of the Investment Plans), and the continuance of benefits under the
Welfare Plans to the Date of Termination.

 

5.          Change
in Control. No benefits shall be payable hereunder unless there shall have been a Change in Control, as set forth below, and
the Executive’s employment by the Company shall thereafter have been terminated in accordance with Section 5(b) hereof.

 

(a)          Definition.
For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the following events after
the date of this Agreement:

 

(i)          the
acquisition, directly or indirectly, by a “person” (within the meaning of Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended from time to time, including rules thereunder and successor provisions and rules thereto (the “Exchange
Act”) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of more than 35% of the combined voting power of the voting securities of the Company entitled to vote generally in the election
of directors (the “Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change
in Control: (A) any acquisition by or from the Company or any corporation or other entity in which the Company owns or controls
directly or indirectly at least 50 percent of the total combined voting power represented by all classes of stock issued by such
corporation, or in the case of a noncorporate entity, at least 50% of the profits or capital interest in such entity (a “Subsidiary”),
or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (B) any acquisition
by an individual who as of the effective date of the Plan is a member of the Board, (C) any acquisition by any underwriter in any
firm commitment underwriting of securities to be issued by the Company, or (D) any acquisition by any corporation (or other entity)
if, immediately following such acquisition, 65% or more of the then outstanding shares of common stock (or other equity unit) of
such corporation (or other entity) and the combined voting power of the then outstanding voting securities of such corporation
(or other entity), are beneficially owned, directly or indirectly, by all or substantially all of the individuals or entities who,
immediately prior to such acquisition, were the beneficial owners of the then outstanding Voting Securities in substantially the
same proportions, respectively, as their ownership immediately prior to the acquisition of the stock and Voting Securities; or

 

(ii)         the
following individuals cease for any reason to constitute a majority of the Board: individuals who, as of the Effective Date, constitute
the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened
election contest, including, but not limited to, a consent solicitation relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the stockholders of the Company was approved and recommended
by a vote of at least two-thirds of the directors then still in office who either were directors on the effective date of the Plan
or whose appointment, election or nomination for election was previously so approved or recommended; or

 

(iii)        the
consummation of the sale or other disposition of all or substantially all of the assets of the Company, other than to an entity,
at least 65% of the Voting Securities of which are owned by Persons in substantially the same proportions as their ownership of
the Company immediately prior to such sale; or

 

    	-9-

    	 

    

 

(iv)        the
consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company
or any of its Subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the
issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination:
(A) more than 65% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving
Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership
of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”),
is represented by Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is
represented by shares into which such Corporation Voting Securities were converted pursuant to such Business Combination), and
(B) such voting power among the holders thereof is in substantially the same proportion as the voting power of such Voting Securities
among the holders thereof immediately prior to the Business Combination; or

 

(v)         the
consummation of a plan of complete liquidation or substantial dissolution of the Company, other than a liquidation or substantial
dissolution, which would result in the Voting Securities of the entity after such liquidation or dissolution, if any, continuing
to represent (whether by remaining outstanding or by being converted to voting securities of the surviving entity) 65% or more
of the Voting Securities or the voting power of the voting securities of such surviving entity outstanding immediately after such
liquidation or dissolution, and such voting power among the holders thereof is in substantially the same proportion as the voting
power of such Voting Securities among the holders thereof immediately prior to the such liquidation or dissolution; or

 

(vi)        the
sale, transfer, assignment, distribution or other disposition by the Company and/or one of its Subsidiaries, in one transaction,
or in a series of related transactions within any period of 18 consecutive calendar months (including, without limitation, by means
of the sale, transfer, assignment, distribution or other disposition of the capital stock of any Subsidiary or Subsidiaries), of
assets which account for an aggregate of 50% or more of the consolidated revenues of the Company and the Subsidiaries of the Company,
as applicable, as determined in accordance with U.S. generally accepted accounting principles, for the fiscal year most recently
ended prior to the date of such transaction (or, in the case of a series of transactions as described above, the first such transaction);
provided, however, that no such transaction shall be taken into account if substantially all the proceeds thereof (whether in cash
or in kind) are used after such transaction in the ongoing conduct by the Company and/or its Subsidiaries) of the business conducted
by the Company and/or its Subsidiaries prior to such transaction.

 

    	-10-

    	 

    

 

Notwithstanding the above, no event shall
be considered a Change in Control unless and until such purported Change in Control meets the requirements of a “change in
control event,” as set forth in Treasury Regulation §1.409A-3(i)(5).

 

(b)          Termination.
If any of the events described in Section 5(a) hereof constituting a Change in Control of the Company shall have occurred, the
Executive, if terminated during the twenty four (24) months following such Change in Control, shall be entitled to the benefits
provided in Section 5(c) hereof, unless such termination is due to the Executive’s death or Disability, or is by the Company
for Cause, or is by the Executive for other than Good Reason. In the event that, upon the occurrence of a Change in Control, the
Executive is eligible for retirement in accordance with the terms and conditions of any applicable corporate retirement plan or
program in effect immediately preceding such Change in Control, the Executive’s eligibility for immediate retirement benefits,
and any request therefor, shall not preclude the Executive’s receipt of severance benefits under Section 5(c) hereof as a
result of any termination without Cause or for Good Reason.

 

(c)          Severance
Benefits on Termination. If, after any Change in Control (as defined herein) shall have occurred, the Executive’s employment
shall be terminated during the twenty-four (24) months following the date of such Change in Control (A) by the Company other than
for death, Disability or Cause or (B) by the Executive for Good Reason, the Executive shall be entitled to certain severance benefits
(hereinafter the “Severance Benefits”) as provided below:

 

(i)          The
Company shall pay the Executive’s full base salary through the date of termination at the rate which is the higher of the
(then) current annual rate or the annual rate in effect immediately prior to the date of any Change in Control. The Company shall
also pay the Executive the amount, if any, of any unpaid earned annual bonus for the preceding fiscal year, as well as a pro rata
portion of the higher of (i) the earned annual bonus for the preceding fiscal year or (ii) the Target Bonus for the fiscal year
in which the termination of employment occurs. In addition, the Company shall continue in full force and effect through the date
of termination the Executive’s participation in all stock ownership, stock purchase or stock option plans, all health and
welfare benefit plans, and all insurance and disability plans as may be in effect at the date of the Change in Control. Any bonus
component of the Executive’s severance shall be paid in lump sum as soon as practical following such termination.

 

(ii)         Subject
to Sections 5(c)(iv) and 5(c)(v) hereof, the Company shall pay as Severance Benefits to the Executive on or before the fifth (5th)
day following the date of termination of employment, a lump sum payment (“the lump sum payment”) equal to two and fifty
one hundredths (2.50) times the sum of (A) the Executive’s base salary at the rate which is the higher of the (then) current
annual rate or the annual rate in effect immediately prior to the date of any Change in Control and (B) the Target Bonus. Such
lump sum payment shall be subject to all applicable Federal, state and local income and FICA taxes including all required withholding
amounts.

 

    	-11-

    	 

    

 

(iii)        For
the continued benefit of the Executive and the Executive’s eligible dependents, the Company shall maintain in full force
and effect until the earlier of (A) December 31 of the second calendar year following the calendar year of termination or (B) the
Executive’s commencement of full-time employment with a new employer, at the same cost as is paid by similarly-situated continuing
employees all medical and health plans and programs for which the Executive was eligible immediately prior to the date of termination,
provided that the Executive’s continued participation is possible under the general terms and provisions of such plans and
programs, and subject further to such periodic changes in such plans and programs as are generally applicable to all participants
in such plans and programs. The Executive will be responsible for any income tax liability arising out of any continued participation
in such health and medical plans and programs, and notwithstanding the provision of this Section 5(c)(iii), no additional employment
service credits shall be given for the period of such continued participation.

 

(iv)        Notwithstanding
the foregoing, if any payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or
distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to, or by reason of, any other agreement,
policy, plan, program or arrangement or the lapse or termination of any restriction on or vesting or exercisability of any payment
or benefit (each a “Payment”), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code
(or any successor provision thereto) or to any similar tax imposed by state or local law (the “Excise Tax”), then the
aggregate amount of Payments payable to the Executive shall be reduced to the aggregate amount of Payments that may be made to
the Executive without incurring an Excise Tax; provided, however, that such reduction shall only be effected if the aggregate after-tax
value of the Payments retained by Executive (after giving effect to such reduction) is equal to or greater than the aggregate after-tax
value (after giving effect to the Excise Tax) of the Payments to the Executive without any such reduction, as determined by the
Company’s auditors. Any such reduction in the preceding sentence shall be done first by reducing any cash payments with the
last payment reduced first; next any equity or equity derivatives that are included under Section 280G of the Code at full value
rather than accelerated value; next any equity or equity derivatives based on acceleration value shall be reduced with the highest
value reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24); finally any other non-cash
benefits will be reduced.

 

(v)         Notwithstanding
anything herein to the contrary, if (i) the Executive is to receive payments or benefits under this Agreement by reason of his
separation from service (as such term is defined in Section 409A of the Code) other than as a result of his death, (ii) the Executive
is a “specified employee” within the meaning of Code Section 409A for the period in which the payment or benefits would
otherwise commence, and (iii) such payment or benefit would otherwise subject the Executive to any tax, interest or penalty imposed
under Section 409A of the Code (or any regulation promulgated thereunder) if the payment or benefit would commence within six months
of a termination of the Executive’s employment, then such payment or benefit required under this Agreement shall not commence
until the first day which is at least six months after the termination of the Executive’s employment. Such payments or benefits,
which would have otherwise been required to be made over such six month period, shall be paid to the Executive in one lump sum
payment or otherwise provided to the Executive as soon as administratively feasible after the first day which is at least six months
after the termination of the Executive’s employment. Thereafter, the payments and benefits shall continue, if applicable,
for the relevant period set forth in the applicable section of this Agreement. For purposes of this Agreement, all references to
“termination of employment” and other similar language shall be deemed to refer to the Executive’s “separation
from service” as defined in Treasury Regulation Section 1.409A-1(h).

 

(vi)        If
the Agreement expires at the end of the Initial Term or any Renewal Term as a result of the issuance of a notice of non-renewal
by the Executive as contemplated in Section 1, the Company shall have no further obligations to the Executive other than the payment
of the Accrued Obligations and the Accrued Investments and the continuation of benefits under the Welfare Plans to the date of
termination.

 

    	-12-

    	 

    

 

6.          FULL
SETTLEMENT, MITIGATION. In no event shall the Executive be obligated to seek other employment or take any other action
by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall
not be reduced whether or not the Executive obtains other employment. Neither the Executive nor the Company shall be liable to
the other party for any damages in addition to the amounts payable under Sections 4 or 5 arising out of the termination of the
Executive’s employment prior to the end of the Employment Period; provided, however, that the Company shall be entitled to
seek damages for any breach of Sections 7, 8, or 9 or criminal misconduct.

 

7.          CONFIDENTIAL
INFORMATION.

 

(a)          The
Executive acknowledges that the Company and their affiliates have trade, business and financial secrets and other confidential
and proprietary information (collectively, the “Confidential Information”). As defined herein, Confidential Information
shall not include (i) information that is known to other persons or entities generally, (ii) information required to be disclosed
by the Executive pursuant to a subpoena or court order, or pursuant to a requirement of a governmental agency or law of the United
States of America or a state thereof or any governmental or political subdivision thereof, and (iii) information that the Executive
possessed on or prior to the Effective Date.

 

(b)          The
Executive agrees (i) to hold such Confidential Information in confidence and (ii) not to release such information to any person
(other than Company employees and other persons to whom the Company has authorized the Executive to disclose such information and
then only to the extent that such Company employees and other persons authorized by the Company have a need for such knowledge
or to the Executive’s attorneys, accountants and personal representatives for purposes of representing the Executive).

 

(c)          The
Executive further agrees not to use any Confidential Information for the benefit of any person or entity other than the Company
or as authorized by the Company.

 

(d)          As
used in this Section 7 and in Sections 8 and 9, “Company” shall include the Company and any of its subsidiaries.

 

8.          SURRENDER
OF MATERIALS UPON TERMINATION. Upon any termination of the Executive’s employment, the Executive shall immediately
return to the Company all copies, in whatever form, of any and all Confidential Information and other properties of the Company
and their affiliates which are in the Executive’s possession custody or control and shall cause any third parties to whom
he has entrusted such information whether or not in compliance with Section 7, to return such information to the Company.

 

9.          NON-COMPETITION.
During the Employment Period, the Executive will not, without the Company’s express written consent, engage in any other
employment or business activity directly related to the business in which the Company is at the time involved or actively considering
becoming involved, nor will the Executive engage in any other activities which conflict with his obligations to the Company. During
the Employment Period and (a) in the case of termination by the Company for Cause or termination by the Executive without Good
Reason, for one year after the Date of Termination, (x) directly or indirectly, either as principal, agent, employee, consultant,
officer, director, stockholder, or in any other capacity, engage in or have a financial interest in, any business, or the relevant
division or subsidiary of any such business, which is competitive with the business of the Company or any of its subsidiaries or
affiliates, provided, however, that the Executive’s ownership of not more than two percent (2%) of the outstanding stock
of a publicly traded company shall not be prohibited by this clause (x); (y) induce employees of the Company or any of its subsidiaries
or affiliates to join with the Executive in any capacity, direct or indirect, in any business in which the Executive may be or
become interested whether or not competitive with the Company; or (z) solicit customers of the Company. If any restriction set
forth in this Section is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period
of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over
the maximum period of time, range of activities or geographic areas as to which it may be enforceable.

 

    	-13-

    	 

    

 

10.         EFFECT
OF AGREEMENT ON OTHER BENEFITS. The existence of this Agreement shall not prohibit or restrict the Executive’s entitlement
to full participation in the executive compensation, employee benefit and other plans or programs appertaining to his position
in accordance with any policy or practice established by the Board.

 

11.         OWNERSHIP
AND DISCLOSURE OF INFORMATION, IDEAS, CONCEPTS, IMPROVEMENTS, DISCOVERIES AND INVENTIONS, AND ALL ORIGINAL WORKS OF AUTHORSHIP.
All information, ideas, concepts, improvements, discoveries and inventions, whether patentable or not, which are conceived, made,
developed or acquired by the Company or which are created by the Executive in the course and scope of his employment or which are
disclosed or made known to the Executive, individually or in conjunction with others, during the Executive’s employment by
the Company whether during or outside of usual working hours, and whether on the Company’s premises or not, and which relate
to the Company’s past, present or reasonably anticipated business, products or services (including all such information relating
to research, formulations, processes, computer programs, simulations, and data bases, manufacturing techniques, designs, financial
and sales models and other data, pricing and trading terms, evaluations, opinions, interpretations, the identity of customers or
their requirements or of key contacts within the customer’s organizations, or marketing and merchandising techniques), operating
and acquisition strategies, are and shall be (insofar as the Executive is concerned) the sole and exclusive property of the Company.
Moreover, all drawings, memoranda, notes, records, files, correspondence, drawings, manuals, models, specifications, computer programs,
maps and all other writings or materials of any type embodying any of such information, ideas, concepts, improvements, discoveries
and inventions are and shall be (insofar as the Executive is concerned) the sole and exclusive property of the Company.

 

12.         INDEMNIFICATION.
The Company shall indemnify and hold harmless the Executive from and against all liabilities and expenses (including amounts paid
in satisfaction of judgments, in compromise, as fines and penalties, and as counsel fees) (collectively, “Losses”)
incurred by the Executive in connection with the investigation, defense or disposition of any action, suit or other proceeding
in which the Executive may be involved or with which the Executive may be threatened (whether arising out of or relating to matters
asserted by third parties or incurred or sustained by the Executive in the absence of a third-party claim), by reason of his being
a director, officer or employee of the Company or of any subsidiary or affiliate of the Company, or that arises out of or results
from any act taken, or any failure to act, by the Executive which was, in his good faith judgment, in the best interests of the
Company, whether within the course of performance of his duties or otherwise; provided, however, that the Company shall not be
required to indemnify or hold the Executive harmless from any Losses which arise out of or result from the Executive’s gross
negligence or willful misconduct.

 

    	-14-

    	 

    

 

13.         MISCELLANEOUS.

 

(a)          This
Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to principles
of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. Whenever
the terms “hereof”, “hereby”, “herein”, or words of similar import are used in this Agreement,
they shall be construed as referring to this Agreement in its entirety rather than to a particular section or provision, unless
the context specifically indicates to the contrary. Any reference to a particular “Section” or “paragraph”
shall be construed as referring to the indicated section or paragraph of this Agreement unless the context indicates to the contrary.
The use of the term “including” herein shall be construed as meaning “including without limitation.” This
Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective
successors and legal representatives.

 

(b)          All
notices, requests, consents, and other communications under this Agreement shall be in writing and shall be delivered by hand,
overnight courier or given by electronic facsimile transmission or mailed by first class, certified mail, return receipt requested,
postage prepaid, addressed as follows:

 

	 	If to the Executive:	Mr. John Adamovich, Jr.
	 	 	29 Eakins Road
	 	 	 Manhasset, New York 11030
	 	 	Telecopier No.:  (516) 365-3078
	 	 	Telephone No.:  (516) 365-0507
	 	 	 
	 	with a copy to:	Mr. Lee D. Unternam
	 	 	Kurzman, Karelsen & Frank, LLP
	 	 	230 Park Avenue
	 	 	New York, New York 10169
	 	 	Telecopier No.:  (212) 599-1759
	 	 	Telephone No.:  (212) 867-9500
	 	 	 
	 	If to the Company:	Aeroflex Incorporated
	 	 	35 South Service Road
	 	 	P.O. Box 6022
	 	 	Plainview, New York 11803-0622
	 	 	Attention:  President
	 	 	Telecopier No.:  (516) 694-4823
	 	 	Telephone No.:  (516) 694-6700
	 	 	 
	 	with a copy to:	Moomjian, Waite & Coleman, LLP
	 	 	100 Jericho Quadrangle, Suite 225
	 	 	Jericho, New York 11753
	 	 	Telecopier No.:  (516) 937-5900
	 	 	Telephone No.:  (516) 937-5050

 

    	-15-

    	 

    

 

or to such other address as either party shall
have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received
by the addressee.

 

(c)          If
any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the
term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal,
invalid or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement
shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Agreement.

 

(d)          The
Company may withhold from any amounts payable under this Agreement such Federal, state or local taxes as shall be required to be
withheld pursuant to any applicable law or regulation.

 

(e)          The
Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure
to assert any right the Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right
or any other provision or right of this Agreement.

 

(f)          The
Executive acknowledges that money damages would be both incalculable and an insufficient remedy for a breach of Sections 7, 8 and
9 by the Executive and that any such breach would cause the Company irreparable harm. Accordingly, the Company, in addition to
any other remedies at law or in equity it may have, shall be entitled to seek equitable relief, including injunctive relief and
specific performance, in connection with a breach of Sections 7, 8 and 9 by the Executive.

 

(g)          The
provisions of this Agreement constitute the complete understanding and agreement, and supersede and entirely replace any other
agreement, between the parties with respect to the subject matter hereof.

 

(h)          This
Agreement may be executed in two or more counterparts.

 

(i)          As
used in this Agreement, “affiliate” means, with respect to a person, any other person controlling, controlled by or
under common control with the first person; the term “Control”, and correlative terms, means the power, whether by
contract, equity ownership or otherwise, to direct the policies or management of a person; and “person” means an individual,
partnership, corporation, limited liability company, trust or unincorporated organization, or a government or agency or political
subdivision thereof.

 

(j)          This
Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive
otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by the Executive’s heirs, successors, estate and legal representatives. This Agreement shall inure to the benefit of and
be binding upon the Company and its successors and assigns.

 

    	-16-

    	 

    

 

(k)          The
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined, its parent, Aeroflex Holding Corp., and any successor to
its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

 

14.         COMPLIANCE
WITH CODE SECTION 409A. It is intended that any expense reimbursement made under this Agreement shall be exempt from Code
Section 409A. Notwithstanding the foregoing, if any expense reimbursement shall be determined to be “deferred compensation”
within the meaning of Code Section 409A, including without limitation any reimbursement under Sections 2(b)(v), 4(a) and 5(c)(iii),
then the reimbursement shall be made to the Executive as soon as practicable after submission of the reimbursement request, but
no later than December 31 of the year following the year during which such expense was incurred.

 

[The remainder of
this page is intentionally left blank.]

 

    	-17-

    	 

    

 

IN WITNESS WHEREOF, the Executive has hereunto
set the Executive’s hand and, pursuant to the authorization from the Board, the Company has caused this Agreement to be executed
in its name on its behalf, all as of the day and year first above written.

 

	 	EXECUTIVE:
	 	 
		 /s/ John Adamovich, Jr. 
	 	John Adamovich, Jr.
	 	 
	 	AEROFLEX INCORPORATED
	 	 
		 /s/ Leonard Borow 
	 	Name: Leonard Borow
	 	Title: President

 

    	-18-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]