Document:

Class A Warrant to Purchase Common Stock

 Exhibit 10.12 
 THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR BLUE SKY LAWS. THIS WARRANT AND THE COMMON SHARES ISSUABLE
UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS, OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO IRVINE SENSORS CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED. 
  

			
		 	Right to Purchase 411,000 shares of Common Stock of Irvine Sensors Corporation (subject to adjustment as provided herein)

 CLASS A COMMON STOCK PURCHASE WARRANT 
  

			
	No. 2006-A-002	  	            Issue Date: December 29, 2006

 IRVINE SENSORS CORPORATION, a corporation organized under the laws of the State of Delaware (the
“Company”), hereby certifies that, for value received, ALPHA CAPITAL ANSTALT, Pradafant 7, 9490 Furstentums, Vaduz, Lichtenstein, Fax: 011-42-32323196, or its assigns (the “Holder”), is entitled, subject to the
terms set forth below, to purchase from the Company at any time after the Issue Date until 5:00 p.m., Eastern time on the fifth (5th) anniversary of the Issue Date (the “Expiration Date”), up to 411,000 fully paid and nonassessable shares of Common Stock at a per share purchase price of $1.30. The aforedescribed purchase price per share, as
adjusted from time to time as herein provided, is referred to herein as the “Purchase Price.” The number and character of such shares of Common Stock and the Purchase Price are subject to adjustment as provided herein. The Company
may reduce the Purchase Price without the consent of the Holder. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Subscription Agreement (the “Subscription Agreement”), dated
December 29, 2006, entered into by the Company and Holders of the Class A Warrants. This Warrant is one of a series of similar Warrants issued pursuant to the Subscription Agreement. All such Warrants are referred to herein, collectively,
as the Class A Warrants. 
 As used herein the following terms, unless the context otherwise requires, have the following respective
meanings: 
 (a) The term “Company” shall include Irvine Sensors Corporation and any corporation which shall succeed or
assume the obligations of Irvine Sensors Corporation hereunder. 
 (b) The term “Common Stock” includes (a) the
Company’s Common Stock, $.01 par value per share, as authorized on the date of the Subscription Agreement, and (b) any other securities into which or for which any of the securities described in (a) may be converted or exchanged
pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise. 
 (c) The term “Other
Securities” refers to any stock (other than Common Stock) and other securities of the Company or any other person (corporate or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall have received, on
the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be issuable or shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 5 or otherwise.

 (d) The term “Warrant Shares” shall mean the Common Stock issuable upon exercise of this Warrant. 
  

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 1. Exercise of Warrant. 
 1.1. Number of Shares Issuable upon Exercise. From and after the Issue Date through and including the Expiration Date, the Holder hereof shall be
entitled to receive, upon exercise of this Warrant in whole in accordance with the terms of Subsection 1.2 or upon exercise of this Warrant in part in accordance with Subsection 1.3, shares of Common Stock of the Company, subject to adjustment
pursuant to Sections 3 and 4 and subject to the limitations set forth in Section 10. 
 1.2. Full Exercise. Subject to the
limitations set forth in Section 10, this Warrant may be exercised in full by the Holder hereof by delivery to the principal office of the Company of an original or facsimile copy of the form of subscription attached as Exhibit A hereto (the
“Subscription Form”) duly executed by such Holder, accompanied by payment, in cash, wire transfer or by certified or official bank check payable to the order of the Company, in the amount obtained by multiplying the number of shares
of Common Stock for which this Warrant is then exercisable by the Purchase Price then in effect. Notwithstanding anything to the contrary set forth herein, upon exercise of any portion of this Warrant in accordance with the terms hereof, the Holder
shall not be required to physically surrender this warrant to the Company unless (A) all the Warrants have been or are being exercised, or (B) the Holder has provided the Company with prior written notice (which notice may be included in
an exercise notice) requesting physical surrender and reissue of this Warrant. The Holder and the Company shall maintain records showing the principal, exercise amounts and dates of such exercises or shall use such other method, reasonably
satisfactory to the Holder and the Company, so as not to require physical surrender of this Warrant upon conversion. 
 1.3. Partial
Exercise. Subject to the limitations set forth in Section 10, this Warrant may be exercised in part (but not for a fractional share) by surrender of this Warrant in the manner and at the place provided in Subsection 1.2 except that the
amount payable by the Holder on such partial exercise shall be the amount obtained by multiplying (a) the number of whole shares of Common Stock designated by the Holder in the Subscription Form by (b) the Purchase Price then in effect. On
any such partial exercise and assuming delivery of the original Warrant to the Company, the Company, at its expense, will forthwith issue and deliver to or upon the order of the Holder hereof a new Warrant of like tenor, in the name of the Holder
hereof or as such Holder (upon payment by such Holder of any applicable transfer taxes and compliance with the other provisions herein) may request, for the whole number of shares of Common Stock for which such Warrant may still be exercised.

 1.4. Fair Market Value. Fair Market Value of a share of Common Stock as of a particular date (the “Determination
Date”) shall mean: 
 (a) If the Company’s Common Stock is traded on an exchange or is quoted on the NASDAQ Global Market, the
NASDAQ Global Select Market, the NASDAQ Capital Market or the American Stock Exchange, LLC, then the closing or last sale price, respectively, reported for the last business day immediately preceding the Determination Date; 
 (b) If the Company’s Common Stock is not traded on an exchange or on the NASDAQ Global Market, the NASDAQ Global Select Market, the NASDAQ Capital
Market or the American Stock Exchange, Inc., but is traded in the over-the-counter market, then the average of the closing bid and ask prices reported for the last business day immediately preceding the Determination Date; or 
 (c) Except as provided in clause (d) below, if the Company’s Common Stock is not publicly traded, then as the Holder and the Company agree, or
in the absence of such an agreement, by arbitration in accordance with the rules then standing of the American Arbitration Association, before a single arbitrator to be chosen from a panel of persons qualified by education and training to pass on
the matter to be decided; or 
  

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 (d) If the Determination Date is the date of a liquidation, dissolution or winding up, or any event
deemed to be a liquidation, dissolution or winding up pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common Stock pursuant to the charter in the event of such liquidation, dissolution or winding
up, plus all other amounts to be payable per share in respect of the Common Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all of the shares of Common Stock then issuable upon exercise of all of the
Warrants are outstanding at the Determination Date. 
 1.5. Company Acknowledgment. The Company will, at the time of the exercise of
the Warrant, upon the request of the Holder hereof acknowledge in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue to be entitled after such exercise in accordance with the provisions of this
Warrant. If the Holder shall fail to make any such request, such failure shall not affect the continuing obligation of the Company to afford to such Holder any such rights. 
 1.6. Trustee for Warrant Holders. In the event that a bank or trust company shall have been appointed as trustee for the Holder of the Warrants
pursuant to Subsection 3.2, such bank or trust company shall have all the powers and duties of a warrant agent (as hereinafter described) and shall accept, in its own name for the account of the Company or such successor person as may be
entitled thereto, all amounts otherwise payable to the Company or such successor, as the case may be, on exercise of this Warrant pursuant to this Section 1. 
 1.7 Delivery of Stock Certificates, etc. on Exercise; Restrictive Legend. The Holder hereof shall be deemed to be the record owner of the shares of Common Stock purchased upon exercise of this Warrant as of the
close of business on the date on which this Warrant shall have been surrendered and payment made for such shares as aforesaid, except that, if the date of such surrender and payment is on a date when the stock transfer books of the Company are
closed, such Holder shall be deemed to have become the record owner of such shares at the close of business on the next succeeding date on which the stock transfer books are open. As soon as practicable after the exercise of this Warrant in full or
in part, and in any event within five (5) business days thereafter (“Warrant Share Delivery Date”), the Company at its expense (including the payment by it of any applicable issue taxes) will cause to be issued in the name of
and delivered to the Holder hereof, or as such Holder (upon payment by such Holder of any applicable transfer taxes and compliance with the other provisions herein) may direct in compliance with applicable securities laws, a certificate or
certificates for the number of duly and validly issued, fully paid and nonassessable shares of Common Stock (or Other Securities) to which such Holder shall be entitled on such exercise, plus, in lieu of any fractional share to which such Holder
would otherwise be entitled, cash equal to such fraction multiplied by the then Fair Market Value of one full share of Common Stock, together with any other stock or other securities and property (including cash, where applicable) to which such
Holder is entitled upon such exercise pursuant to Section 1 or otherwise. The Company understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date could result in economic loss to the Holder. As
compensation to the Holder for such loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the Holder for late issuance of Warrant Shares upon exercise of this Warrant the amount of $100 per business day after the Warrant
Share Delivery Date for each $10,000 of Purchase Price of Warrant Shares for which this Warrant is exercised which are not timely delivered. The Company shall make any payments incurred under this Section in accordance with Section 1.9 herein
upon demand. Furthermore, in addition to any other remedies which may be available to the Holder, in the event that the Company fails for any reason to effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke
all or part of the relevant Warrant exercise by delivery of a written notice to such effect to the Company whereupon the Company and the Holder shall each be restored to their respective positions immediately prior to the exercise of the relevant
portion of this Warrant, except that the liquidated damages described above shall be payable through the date notice of revocation or rescission is given to the Company. Each certificate for Warrant Shares shall bear a restrictive legend in
substantially the form as follows, together 
  

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 with any additional legend required by (i) any applicable state securities laws and (ii) any securities
exchange upon which such Warrant Shares may, at the time of such exercise, be listed): 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR BLUE SKY LAWS. SUCH SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS, OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IRVINE SENSORS CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 Any certificate issued at any time in exchange or substitution for any certificate bearing such legend shall also bear such legend unless, in the opinion
of counsel for the Holder thereof (which counsel shall be reasonably satisfactory to counsel for the Company), the securities represented thereby are not, at such time, required by law to bear such legend. 
 1.8. Delivery of Unlegended Shares. 
 (a) Within five (5) business days (such fifth business day being the “Unlegended Shares Delivery Date”) after the business day on which the Company has received (i) a notice that Warrant Shares have been sold
pursuant to a Registration Statement (as defined in the Registration Rights Agreement) or in compliance with Rule 144 under the 1933 Act, (ii) a representation that the prospectus delivery requirements, or the requirements of Rule 144, as
applicable and if required, have been satisfied, (iii) copies of the front and back of the share certificates that Holder has delivered to the Company’s transfer agent representing the shares of Common Stock that have been sold, and
(iv) in the case of sales under Rule 144, customary representation letters of the Holder and/or Holder’s broker regarding compliance with the requirements of Rule 144 and a copy of the Form 144 filed by the Holder, the Company at its
expense, (y) shall deliver, and shall cause legal counsel selected by the Company to deliver to its transfer agent (with copies to Holder’s broker) an appropriate instruction and opinion of such counsel, directing the delivery of shares of
Common Stock without any 1933 Act legends including the legend set forth in Section 3 of the Subscription Agreement, reissuable pursuant to any effective and current Registration Statement or pursuant to Rule 144 under the 1933 Act (the
“Unlegended Shares”); and (z) cause the transmission of the certificates representing the Unlegended Shares, together with a legended certificate representing the balance of the submitted Warrant Shares certificate, if any, to
the Holder at the address specified in the notice of sale, via express courier, by electronic transfer or otherwise on or before the Unlegended Shares Delivery Date. 
 (b) In lieu of delivering physical certificates representing the Unlegended Shares, if the Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated
Securities Transfer program, upon request of a Holder, so long as the certificates therefor do not bear a legend and the Holder is not obligated to return such certificate for the placement of a legend thereon, the Company must cause its transfer
agent on or before the Unlegended Shares Delivery Date to electronically transmit the Unlegended Shares by crediting the account of Holder’s prime Broker with DTC through its Deposit Withdrawal Agent Commission system. 
 (c) The Company understands that a delay in the delivery of the Unlegended Shares after the Unlegended Shares Delivery Date could result in economic
loss to Holder. As compensation to Holder for such loss, the Company agrees to pay late payment fees (as liquidated damages and not as a penalty) to the Holder for late delivery of Unlegended Shares in the amount of $1.00 per business day after the
Unlegended Shares Delivery Date for each $100 of Purchase Price of the Unlegended Shares subject to the delivery default. If during any 360 day period, the Company fails to deliver Unlegended Shares as required by this Section 1.8 for an
aggregate of thirty (30) days, then each 
  

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 Holder or assignee holding Securities subject to such default may, at its option, require the Company, to the extent
permissible under law, to redeem all or any portion of the Warrant Shares subject to such default at a price per share equal to 120% of the Purchase Price of such Warrant Shares (“Unlegended Redemption Amount”). 
 (d) Damages payable in connection with Sections 1.7 and 1.8 will be due on the tenth Trading Day after such liquidated damages began to accrue and in
the case of Section 1.10, the tenth Trading Day after the Company has received such notice, and thereafter on the monthly anniversary of each such date. 
 1.9 Limitation on Liquidated Damages. Liquidated damages calculable under Section 1.8 of this Warrant shall not accrue for the same days that liquidated damages are accruing under Section 1.7 above in
relation to the same Warrant Shares. The maximum amount of liquidated damages or other payments in connection with Sections 1.7 and 1.8 shall not exceed 15% of the maximum amount of the Obligations (as defined in the Registration Rights Agreement)
outstanding as of the Issue Date. At the election of the Company, any liquidated damages or other amounts payable under Sections 1.7 or 1.8 may be paid in either (a) shares of Common Stock, the number of which shall be calculated by dividing
the total amount of liquidated damages (including any interest thereon) by the lesser of $1.75 or 60% of the average of the three lowest closing bid prices of the Common Stock as reported by Bloomberg L.P. for the Principal Market for the twenty
Trading Days preceding each required payment date; or (b) in cash or other immediately available funds. Liquidated damages payable pursuant to Sections 1.7 and 1.8 hereunder and pursuant to the Registration Rights Agreement may not exceed in
the aggregate, 945,507 shares of Common Stock. 
 1.10 Buy-In. In additional to any other rights available to the Holder, if the
Company fails to deliver to a Holder the Warrant Shares as required pursuant to this Warrant, within seven (7) business days after the Warrant Share Delivery Date and the Holder, or a broker on the Holder’s behalf, is required to purchase
(in an open market transaction) shares of Common Stock to deliver in satisfaction of a sale by such Holder of the Warrant Shares which the Holder was entitled to receive from the Company (a “Buy-In”), then the Company shall pay in
cash to the Holder (in addition to any remedies available to or elected by the Holder) the amount by which (A) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(B) the aggregate Purchase Price of the Warrant Shares required to have been delivered together with interest thereon at a rate of 15% per annum, accruing until such amount and any accrued interest thereon is paid in full (which amount
shall be paid as liquidated damages and not as a penalty). For example, if a Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to $10,000 of Purchase Price of Warrant Shares to have been
received upon exercise of this Warrant, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In. 
 1.11 Injunction. In the event a Holder shall have validly exercised this Warrant accordance with its terms and shall request delivery of Warrant
Shares as described in Sections 1.7 or 1.8, and the Company is required hereunder to deliver such Warrant Shares, the Company may not refuse to deliver such Warrant Shares based on any claim that such Holder or any one associated or affiliated with
such Holder has been engaged in any violation of law or terms of the Subscription Agreement (other than Holders’ representations necessary to comply with applicable state and federal securities laws), unless an injunction or temporary
restraining order from a court, on notice, restraining and or enjoining delivery of such Warrant Shares or exercise of all or part of said Warrant shall have been sought and obtained by the Company or at the Company’s request, and the Company
has posted a surety bond for the benefit of such Holder in the amount of 120% of the amount of the aggregate Purchase Price of the Warrant Shares which are subject to the injunction or temporary restraining order, which bond shall remain in effect
until the completion of arbitration/litigation of the dispute and the proceeds of which shall be payable to such Holder to the extent Holder obtains judgment in Holder’s favor. 
  

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 2. Cashless Exercise. 
 (a) If a Registration Statement (as defined in the Subscription Agreement) (“Registration Statement”) is effective and the Holder may
sell its shares of Common Stock upon exercise hereof pursuant to the Registration Statement, this Warrant may be exercisable in whole or in part for only cash, wire transfer or by certified or official bank check payable to the order of the Company
equal to the applicable aggregate Purchase Price, as set forth in Section 1 above. If no such Registration Statement is available, then commencing ninety days after the Issue Date, this Warrant may also be exercised at the option of the Holder
either in (i) cash, wire transfer or by certified or official bank check payable to the order of the Company equal to the applicable aggregate Purchase Price, (ii) by net exercise of the Warrants in accordance with Section (b) below
or (iii) by a combination of any of the foregoing methods, for the number of Common Stock specified in such form (as such exercise number shall be adjusted or limited to reflect any adjustment or limitation in the total number of shares of
Common Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other Securities)
determined as provided herein. 
 (b) Subject to Subsection 2(a) hereof, if the Fair Market Value of one share of Common Stock is greater
than the Purchase Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being
cancelled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Subscription Form in which event the Company shall issue to the holder a number of shares of Common Stock computed using the following
formula: 
  

									
		 	X=	 	Y (A-B)
		 		 	      A	  		  	
			
		 	Where X=	 	the number of shares of Common Stock to be issued to the Holder
			
		 	Y=	 	the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the date of
such calculation)
			
		 	A=	 	the average of the closing sale prices of one share of Common Stock for the five (5) Trading Days immediately prior to (but not including) the Exercise Date
			
		 	B=	 	Purchase Price (as adjusted to the date of such calculation)

 (c) For purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood and
acknowledged that the Warrant Shares issued in a solely cashless exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was
acquired by the Holder; provided that the holding period requirements under Rule 144 have not been amended to the contrary, after the Issue Date. 
 3. Adjustment for Reorganization, Consolidation, Merger, etc. 
 3.1. Reorganization, Consolidation, Merger, etc. In
case at any time or from time to time, the Company shall (a) effect a reorganization, (b) consolidate with or merge into any other person or 
  

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 (c) transfer all or substantially all of its properties or assets to any other person under any plan or arrangement
contemplating the dissolution of the Company, in which holders of Common Stock shall be entitled to receive shares, securities or other assets or property, then, in each such case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the Holder of this Warrant, on the exercise hereof as provided in Section 1, at any time after the consummation of such reorganization, consolidation or merger or the effective date of
such dissolution, as the case may be, shall receive, in lieu of the Common Stock (or Other Securities) issuable on such exercise prior to such consummation or such effective date, the stock and other securities and property (including cash) to which
such Holder would have been entitled upon such consummation or in connection with such dissolution, as the case may be, if such Holder had so exercised this Warrant, immediately prior thereto, all subject to further adjustment thereafter as provided
in Section 4. 
 3.2. Dissolution. In the event of any dissolution of the Company following the transfer of all or substantially
all of its properties or assets, the Company, prior to such dissolution, shall at its expense deliver or cause to be delivered the stock and other securities and property (including cash, where applicable) receivable by the Holder of the Warrants
after the effective date of such dissolution pursuant to this Section 3 to a bank or trust company (a “Trustee”) having its principal office in New York, NY, as trustee for the Holder of the Warrants. 
 3.3. Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) referred to in
this Section 3, this Warrant shall continue in full force and effect and the terms hereof shall be applicable to the Other Securities and property receivable on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding upon the issuer of any Other Securities, including, in the case of any such transfer, the person acquiring all or
substantially all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant as provided in Section 4. In the event this Warrant does not continue in full force and effect after
the consummation of the transaction described in this Section 3, then only in such event will the Company’s securities and property (including cash, where applicable) receivable by the Holder of the Warrants be delivered to the Trustee as
contemplated by Section 3.2. 
 3.4 Share Issuance. Until the Expiration Date, if the Company shall issue or agree to issue any
Common Stock except for the Excepted Issuances (as defined in the Subscription Agreement) or to the Holder of this Warrant, prior to the complete exercise of this Warrant, for a consideration less than the Purchase Price that would be in effect at
the time of such agreement or issuance, then, and thereafter successively upon each such agreement or issuance, the Purchase Price shall be reduced to such other lower price. For purposes of this adjustment, except for the Excepted Issuances, the
issuance or agreement to issue any security or debt instrument of the Company carrying the right to convert such security or debt instrument into Common Stock or of any warrant, right or option to purchase Common Stock shall result in an adjustment
to the Purchase Price upon such agreement or issuance of the above-described security, debt instrument, warrant, right, or option and again at any time upon any subsequent issuances of shares of Common Stock upon exercise of such conversion or
purchase rights provided that such issuance is at a price lower than the Purchase Price in effect upon such issuance. The Holder is granted, at the Holder’s election, registration rights, if any, granted in connection with such other issue.

 4. Extraordinary Events Regarding Common Stock. In the event that the Company shall (a) issue additional shares of the Common
Stock as a dividend or other distribution on outstanding Common Stock, (b) subdivide its outstanding shares of Common Stock, or (c) combine its outstanding shares of the Common Stock into a smaller number of shares of the Common Stock,
then, in each such event, the Purchase Price shall, simultaneously with the happening of such event, be adjusted by multiplying the then Purchase Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number of 
  

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 shares of Common Stock outstanding immediately after such event, and the product so obtained shall thereafter be the
Purchase Price then in effect. The Purchase Price, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described herein in this Section 4. The number of shares of Common Stock that the
Holder of this Warrant shall thereafter, on the exercise hereof as provided in Section 1, be entitled to receive shall be adjusted to a number determined by multiplying the number of shares of Common Stock that would otherwise (but for the
provisions of this Section 4) be issuable on such exercise by a fraction of which (a) the numerator is the Purchase Price that would otherwise (but for the provisions of this Section 4) be in effect, and (b) the denominator is
the Purchase Price in effect on the date of such exercise. 
 5. Certificate as to Adjustments. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the exercise of the Warrants, the Company at its expense will promptly cause its Chief Financial Officer or other appropriate designee to compute such adjustment or
readjustment in accordance with the terms of the Warrant and prepare a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based, including a statement of
(a) the consideration received or receivable by the Company for any additional shares of Common Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price and the number of shares of Common Stock to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Holder of the Warrant and any Warrant Agent of the Company (appointed pursuant to Section 12 hereof). 
 6. Reservation of Stock, etc. Issuable on Exercise of Warrant; Financial Statements. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of the Warrants, all shares of Common Stock (or Other Securities) from time to time issuable on the exercise of the Warrant. This Warrant entitles the Holder hereof to receive copies of all financial
and other information distributed or required to be distributed to the holders of the Company’s Common Stock. 
 7. Assignment;
Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights evidenced hereby, may be transferred by any registered holder hereof (a “Transferor”); provided that the transferee(s) is
an “accredited” investor as defined in Regulation D promulgated under the Securities Act of 1933, as amended, and agrees in writing to be bound by the terms and subject to the conditions of this Warrant, the Subscription Agreement and the
Registration Rights Agreement. On the surrender for exchange of this Warrant, with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor Endorsement Form”) and together with an opinion of
counsel reasonably satisfactory to the Company that the transfer of this Warrant will be in compliance with applicable securities laws, the Company at its expense, but with payment by the Transferor of any applicable transfer taxes, will issue and
deliver to or on the order of the Transferor thereof a new Warrant or Warrants of like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor Endorsement Form (each a “Transferee”), calling in the
aggregate on the face or faces thereof for the number of shares of Common Stock called for on the face or faces of the Warrant so surrendered by the Transferor. The Holder represents and warrants that such transfers shall not result in a public
distribution of the Warrant. 
 8. Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or security reasonably satisfactory in form and amount to the Company or, in the case of
any such mutilation, on surrender and cancellation of this Warrant, the Company at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor. 
  

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 9. Registration Rights. The Holder of this Warrant has been granted certain registration rights by
the Company. These registration rights are set forth in the Registration Rights Agreement entered into by the Company and the initial Holder of this Warrant. The terms of the Registration Rights Agreement are incorporated herein by this reference.

 10. Maximum Exercise. Notwithstanding anything herein to the contrary, in no event shall the Holder and other Holders of
Class A Warrants be permitted to exercise Warrants in excess of each such Holder’s Pro Rata Portion of Warrant Shares which a number of whole Warrant Shares that would exceed 19.99% of the Company’s Common Stock outstanding as of the
Issue Date (which 19.99% is agreed to be equal to but not less than 3,945,507 shares of Common Stock) (the “Cap”). In addition, the Holder shall not be entitled to exercise this Warrant on an exercise date in connection with that
number of Shares of Common Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially owned by the Holder and its affiliates on an exercise date, and (ii) the number of shares of Common Stock
issuable upon the exercise of this Warrant with respect to which the determination of this limitation is being made on an exercise date, and (iii) the number of shares of Common Stock issuable upon the conversion of convertible notes issued by
the Company and owned by the Holder, with respect to which the determination of this limitation is being made on an exercise date, which would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding
Common Stock on such date. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder.
Subject to the foregoing, the Holder shall not be limited to aggregate exercises which would result in the issuance of more than 4.99% but less than the Cap. The 4.99% limitation (but not the Cap) described in this paragraph may be increased upon
sixty-one (61) days prior written notice from the Holder to the Company to up to 9.99%. The Holder may allocate which of the equity of the Company deemed beneficially owned by the Subscriber shall be included in the 4.99% (or if waived, 9.99%)
amount described above and which shall be allocated to the excess above 4.99% (or if waived 9.99%) provided such allocations are consistent with applicable law. 
 11. Event of Default. It shall be a material default by the Company under the Transaction Documents if at any time the Holder is prevented from exercising any portion of the Warrant as a result of the
application of the Cap as described in Section 10 above. 
 12. Warrant Agent. The Company may, by written notice to the Holder
of the Warrant, appoint an agent (a “Warrant Agent”) for the purpose of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 1, exchanging this Warrant pursuant to Section 7, and
replacing this Warrant pursuant to Section 8, or any of the foregoing, and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office by such Warrant Agent. 
 13. Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat the registered
holder hereof as the absolute owner hereof and the Holder hereunder for all purposes, notwithstanding any notice to the contrary. 
 14.
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the
mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable overnight courier service that guarantees next business day delivery, with charges prepaid, or (iv) transmitted by hand delivery, or
facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective
(a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day by 5:00 pm local time where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day or if delivered after 5:00 pm local time where such notice is to be received) or (b)
  

 9 

 on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such
address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be: (i) if to the Company to: Irvine Sensors Corporation, 3001 Red Hill Avenue, Costa Mesa, CA 92650, Attn: Chief
Financial Officer, telecopier: (714) 444-8773, with a copy by telecopier only to: Dorsey & Whitney LLP, 38 Technology Drive, Irvine, CA 92618, Attn: Ellen S. Bancroft, Esq., telecopier: (949) 932-3601, and (ii) if to the
Holder, to the address and telecopier number listed on the first paragraph of this Warrant, with an additional copy by telecopier only to: Grushko & Mittman, P.C., 551 Fifth Avenue, Suite 1601, New York, New York 10176, telecopier number:
(212) 697-3575. 
 15. Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or terminated only by
an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. This Warrant shall be construed and enforced in accordance with and governed by the laws of New York. Any dispute
relating to this Warrant shall be adjudicated in New York County in the State of New York. The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. The invalidity or
unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 
 IN WITNESS WHEREOF,
the Company has executed this Warrant as of the date first written above. 
  

			
	IRVINE SENSORS CORPORATION
		
	By:	 	 /s/ JOHN C. CARSON

	Name:	 	John C. Carson
	Title:	 	President & CEO

  

 10 

 Exhibit A 
 FORM OF SUBSCRIPTION 
 (to be signed only on exercise of Warrant) 
 TO: IRVINE SENSORS CORPORATION 
 The undersigned, pursuant to the provisions
set forth in the attached Warrant (No.            ), hereby irrevocably elects to purchase (check applicable box): 
                          shares of the Common Stock covered by such Warrant; or

                         
shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth in Section 2. 
 The undersigned herewith makes
payment of the full purchase price for such shares at the price per share provided for in such Warrant, which is $                    . Such
payment takes the form of (check applicable box or boxes): 
             
$                     in lawful money of the United States; and/or 
              the cancellation of such portion of the attached Warrant as is exercisable for a total of
                     shares of Common Stock (using a Fair Market Value of
$                     per share for purposes of this calculation) in accordance with the cashless exercise procedure set forth in
Section 2. 
 The undersigned requests that the certificates for such shares be issued in the name of, and delivered to
                                        
                                        
                         whose address is
                                        
                                        
                                        
                                        
                             
 Number of Shares of Common Stock Beneficially Owned on the date of exercise: Less than five percent (5%) of the outstanding Common Stock of Irvine Sensors Corporation. 
 The undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby, the undersigned will not own in excess of the number of
shares of Common Stock permitted to be owned under Section 10 of this Warrant to which this notice relates. 
 The undersigned hereby represents and
warrants that the undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended, and that the undersigned is acquiring the Warrant Shares for its own account for investment
purposes only, and not for resale or with a view to distribution of such Warrant Shares or any part thereof. 
 The undersigned represents and warrants that
all offers and sales by the undersigned of the securities issuable upon exercise of the within Warrant shall be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”),
or pursuant to an exemption from registration under the Securities Act. 
  

									
	Dated:
                            	 		 		 	  

		 		 		 		 	(Signature must conform to name of Holder as specified on the face of the Warrant)
					
		 		 		 		 	  

					
		 		 		 		 	  

		 		 		 		 	(Address)

  

 11 

 Exhibit B 
 FORM OF TRANSFEROR ENDORSEMENT 
 (To be signed only on transfer of Warrant) 
 For value received, the undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees” the
right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of IRVINE SENSORS CORPORATION to which the within Warrant relates specified under the headings “Percentage Transferred” and
“Number Transferred,” respectively, opposite the name(s) of such person(s) and irrevocably constitutes and appoints
                     Attorney to transfer its respective right on the books of IRVINE SENSORS CORPORATION with full power of substitution in
the premises. 
  

					
	 Transferees
	  	 Percentage Transferred
	  	 Number Transferred

		  		  	
		  		  	
		  		  	

  

									
	Dated:                     ,
                        	 		 		 	  

		 		 		 		 	(Signature must conform to name of Holder as specified on the face of the Warrant)
				
	Signed in the presence of:	 		 		 	
				
	  
	 		 		 	  

	(Name)	 		 		 	  

		 		 		 		 	(address)
		 		 		 		 	
	ACCEPTED AND AGREED:	 		 		 	  

	[TRANSFEREE]	 		 		 		 	  

		 		 		 		 	(address)
		 		 		 		 	
	  
	 		 		 	
	(Name)Unsecured Subordinated Promissory Note

 Exhibit 10.13 
 UNSECURED SUBORDINATED PROMISSORY NOTE 
  

			
	$400,000.00 – Principal Amount	 	Issue Date – December 29, 2006

 1. Principal and Interest. For value received, IRVINE SENSORS CORPORATION, a Delaware
corporation (“Maker”), hereby promises to pay to the order of TIMOTHY LOONEY, an individual (“Payee”), whose address is 4306 Savannah, Parker, Texas, 75002, or such other address as the holder of this
Unsecured Subordinated Promissory Note (this “Note”) may designate in writing, the principal sum of $400,000.00, together with interest on the unpaid principal balance from time to time remaining at a rate per annum
(calculated on the basis of actual days elapsed, but computed as if each calendar year consisted of 360 days) which shall from day to day be equal to 11%. 
 2. Payment. The principal of and accrued interest on this Note shall be due and payable in full on the earlier of December 29, 2007, and the date the Senior Debt (hereinafter defined) is indefeasibly paid
in full. Payment shall be deemed made at the time the holder of this Note receives such payment, subject to the condition subsequent that any check or similar instrument is honored as drawn on sufficient funds. All amounts paid hereunder shall be
applied first to accrued and unpaid interest and then to principal. 
 3. Representations and Warranties. Maker represents and
warrants to Payee as follows: 
 (a) Existence, Etc. Maker is a corporation duly organized validly existing and in good standing under
the laws of the state of its organization and is duly qualified to do business and is in good standing in each other state where the failure to be so qualified and in good standing could reasonably be expected to have a material adverse effect on
the business, operations or condition (financial or otherwise) of Maker or on the ability of Maker to perform or comply with the terms and conditions of this note (such a material adverse effect being herein called a “Material Adverse
Effect”). 
 (b) Power and Authority. Maker has all requisite power and authority to own or lease its properties, to
conduct its business as now conducted and to execute, deliver and perform the Note. 
 (c) Authorization and Enforceability. The
execution, delivery and performance of the Note has been duly authorized by all necessary corporate action of Maker and requires no consent of any person or entity that has not been obtained, and the Note constitutes a valid and binding obligation
of Maker, enforceable in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws (hereinafter defined) and by general principles of equity. 
 (d) No Violation. The execution, delivery and performance of the Note does not and will not violate Maker’s charter, bylaws, or other
organizational documents, any laws applicable to Maker or any agreement to which Maker is a party or by which Maker is bound, except for violations of laws or agreements that could not reasonably be expected to have a 
  

 1 

 Material Adverse Effect. No consent or approval of any person or entity is required in connection with such execution,
delivery and performance, except as has been obtained and is in full force and effect. 
 (e) General. All financial statements,
reports and other information heretofore delivered by Maker to Payee, taken as a whole, do not contain any untrue statements of a material fact or omit to state any material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading. 
 4. Prepayment. Maker shall have the right to prepay all or any portion of
the principal hereof at any time without premium or penalty; provided, however, that with any prepayment Maker shall also pay all accrued but unpaid interest on the principal being prepaid. 
 5. Late Charge. If any payment of principal or interest hereunder is not paid when due, including upon acceleration hereof, interest under this
Note shall accrue from the date of the default until paid at a rate equal to the lesser of 18% per annum or the highest interest rate permitted by law (“Default Rate”). All payments of such late charges shall be made in
lawful money of the United States of America. 
 6. Subordination. Notwithstanding anything contained herein that may be to the
contrary, the payment of this Note and the rights and remedies of Payee and any other holder of this Note under this Note are subordinate to the payment of the Senior Debt, as defined in that certain Subordination Agreement of even date herewith,
among Payee, Longview Fund L.P. and Alpha Capital Anstalt, and are otherwise subject to such Subordination Agreement. 
 7. Event of
Default. Any one or more of the following events or occurrences shall constitute an event of default under this Note (“Event of Default”): 
 (a) Maker’s failure to pay any amount owed hereunder at the time and in the manner such payment is due, and such failure is not cured within ten (10) days after notice of such failure is given in accordance
with Paragraph 12 below. 
 (b) A breach by Maker of any other provision of this Note, and such breach is not cured within twenty
(20) days after notice of such breach is given in accordance with Paragraph 12 below. 
 (c) Maker shall (i) admit in writing its
inability to pay or otherwise fail to pay its debts generally as they become due, (ii) voluntarily seek consent to, or acquiesce in the benefit or benefits of any Debtor Relief Law, or (iii) be made the subject of any proceeding provided
for by any Debtor Relief Law that could suspend or otherwise affect any of the rights of the holder hereof and such proceeding should continue for sixty (60) days without dismissal or discharge. As used herein, “Debtor Relief
Laws” means the United States Bankruptcy Code, 11 U.S.C.§§ 101, et seq., and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization or similar
debtor relief laws from time to time in effect affecting the rights of creditors generally. 
 (d) The nonpayment when due of any material
indebtedness exceeding $250,000 owed by Maker (including the Senior Debt), or the occurrence of any event under any document or instrument evidencing, securing, or executed in connection with any such indebtedness which could give the holder thereof
the right to declare such indebtedness or any part thereof due prior to its scheduled maturity. 
  

 2 

 UPON THE OCCURRENCE OF AN EVENT OF DEFAULT, PAYEE MAY, SUBJECT TO THE SUBORDINATION PROVISIONS SET FORTH IN
PARAGRAPH 6, (A) BY WRITTEN NOTICE TO MAKER, DECLARE THE ENTIRE UNPAID PRINCIPAL BALANCE OF THIS NOTE, TOGETHER WITH ANY ACCRUED AND UNPAID INTEREST, IMMEDIATELY DUE AND PAYABLE, AND (B) PROCEED TO PROTECT AND ENFORCE ITS RIGHTS
EITHER BY SUIT IN EQUITY AND/OR BY ACTION AT LAW, OR BY OTHER APPROPRIATE PROCEEDINGS, WHETHER FOR THE SPECIFIC PERFORMANCE OF ANY AGREEMENT CONTAINED IN THIS NOTE OR IN AID OF THE EXERCISE OF ANY POWER OR RIGHT GRANTED BY THIS NOTE OR TO ENFORCE
ANY OTHER LEGAL OR EQUITABLE RIGHT OF THE PAYEE UNDER THIS NOTE. 
 8. Cumulative Rights. No delay on the part of Payee in the
exercise of any power or right under this Note shall operate as a waiver thereof, nor shall a single or partial exercise of any other power or right. Enforcement by the Payee of any right or remedy for the payment hereof shall not constitute any
election by it of remedies so as to preclude the exercise of any other remedy available to it. 
 9. Waivers. Maker, for itself and
its legal representatives, successors and assigns, expressly waives presentment, protest, demand, notice of dishonor, notice of nonpayment, notice of maturity, notice of protest, presentment for the purpose of accelerating maturity, and diligence in
collection. 
 10. Fees and Expenses. Maker shall pay all expenses and costs, including reasonable fees and out-of-pocket expenses of
attorneys (including Payee’s attorneys) and expert witnesses and costs of investigation, incurred by Payee (a) in connection with the negotiation of this Note and the related agreements between Payee and Maker, which are being executed
contemporaneously herewith, or (b) in connection with efforts to collect any amount due under this Note, including those incurred in post-judgment collection efforts and in any bankruptcy proceeding (including any action for relief from the
automatic stay of any bankruptcy proceeding). For purposes of this Paragraph, attorney’s out-of-pocket expenses shall include, but are not limited to, support staff costs, costs of preparing for litigation, computerized research, telephone and
facsimile transmission expenses, mileage, deposition costs, postage, duplicating, process service, videotaping and similar costs and expenses. 
 11. Modifications in Writing. No waiver or modification of any of the terms or provisions of this Note shall be valid or binding unless set forth in a writing signed by Maker and Payee, and then only to the extent therein
specifically set forth. 
 12. Notices. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed facsimile if sent during the normal business hours of the recipient, if not, then on the next business day; (iii) one
(1) business day after deposit with a nationally recognized overnight courier designating next business day delivery; or (iv) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid. All 
  

 3 

 communications shall be sent to the address or facsimile number as set forth on the signature page hereof or at such
other address as such party may designate by ten (10) days’ advance written notice to the other parties. 
 13. Entire
Agreement; Severability. This Note constitutes the full and entire understanding, promise and agreement between Maker and Payee with respect to the subject matter hereof, and it supersedes, merges and renders void every other prior written
and/or oral understanding, promise or agreement between Maker and Payee. If one or more provisions of this Note are held to be unenforceable under applicable law, such provision shall be excluded from this Note, the balance of the Note shall be
interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms, and the parties shall use good faith to negotiate a substitute, valid and enforceable provision that replaces the excluded provision and that
most nearly effects the parties’ intent in entering into this Note. 
 THIS NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. 
 14. Governing Law; Jurisdiction; Waiver of Jury Trial. This Note is being executed and delivered and is intended to be performed, in the State of Texas, and the laws of such state shall govern the construction,
validity, enforcement and interpretation hereof, except to the extent federal laws otherwise govern the validity, construction, enforcement and interpretation hereof. Maker hereby irrevocably (a) submits to the non-exclusive jurisdiction of any
United States Federal or State court sitting in Dallas County, Texas in any action or proceeding arising out of or relating to this Note, and (b) waives to the fullest extent permitted by law, any defense asserting an inconvenient forum in
connection therewith. TO THE EXTENT ALLOWED BY LAW, MAKER AND PAYEE EACH WAIVE JURY TRIAL IN ANY ACTION OR PROCEEDING RELATING TO THIS NOTE. 
 15. Headings. The headings of the paragraphs of this Note are inserted for convenience only and shall not be deemed to constitute a part hereof. 
 16. Successors and Assigns. All of the promises and agreements in this Note contained by or on behalf of Maker shall bind its successors and assigns, whether so expressed or not; provided, however, that Maker
may not, without the prior written consent of Payee, assign any rights, duties, or obligations under this Note. 
 17. Maximum Interest
Rate. Regardless of any provision contained herein, or in any other document executed in connection herewith, Payee shall never be entitled to receive, collect or apply, as interest hereon, any amount in excess of the maximum rate of interest
permitted to be charged from time to time by applicable law, and in the event Payee ever receives, collects or applies, as interest, any such excess, such amount which would be excessive interest shall be deemed a partial prepayment of the principal
hereof and treated hereunder as such; and, if the principal hereof is paid in full, any remaining excess shall forthwith be paid to Maker. In determining whether or not the interest paid or payable, under any specified contingency, exceeds the
highest lawful rate, Maker and Payee shall, to the maximum extent permitted under 
  

 4 

 applicable law, (a) characterize any non-principal payment as an expense, fee, or premium rather than as interest,
(b) exclude voluntary prepayments and the effects thereof, and (c) spread the total amount of interest throughout the entire contemplated term hereof; provided that if the indebtedness evidenced hereby is paid and performed in full prior
to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the maximum lawful rate, Payee shall refund to Maker the amount of such excess or credit the amount of such excess
against the principal hereof, and in such event, Payee shall not be subject to any penalties provided by any laws for contracting for, charging, or receiving interest in excess of the maximum lawful rate. 
 [Signature Page Follows] 
  

 5 

 This instrument may be executed in counterparts and delivered by facsimile, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, Maker has caused this
instrument to be duly executed as of the date first set forth above. 
  

					
	MAKER:	 	IRVINE SENSORS CORPORATION
			
		 	By:	 	 /s/ JOHN C. CARSON

		 	Name:	 	John C. Carson
		 	Title:	 	President & CEO
		 	Address:	 	3001 Red Hill Ave
		 		 	Costa Mesa, CA 92626
		 	Fax No.:	 	714-444-8823
			
	ACKNOWLEDGED AND AGREED:	 		 	
		
	PAYEE:	 	TIMOTHY LOONEY
		
		 	 /s/ TIMOTHY LOONEY

		 	Address:	 	4306 Savannah, Parker, Texas, 75002
		 	Fax No.:	 	817-348-2370

  

 6

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