Document:

Exhibit 10.2

 

EXECUTION VERSION

 

ADDENDUM TO MASTER
PURCHASE AND SALE AGREEMENT

 

ADVANCE RATE

 

Factor shall advance up to eighty percent
(80%) of the face amount of each Account Receivable for a period of 90 days. On a case by case basis and at Factor’s
sole discretion, Factor may choose to advance funds on certain debtors for up to 120 days.

 

DISCOUNT RATE

Factor’s discount rate shall be
eighty-eight hundredths of one percent (.88%) of the face amount of each Account Receivable for twenty-five (25) days
and at the Factor’s option, such Account Receivable may be refactored for two (2) twenty-five (25) day periods
at the discount rate of eighty-eight hundredths of one percent (.88%) per period, subject to prorating from the date of
payment.

The Seller hereby agrees that in the event
the Prime Rate as published by Branch Banking and Trust Company, Greenville, South Carolina should increase above 3.25%
percent, this rate increase shall be borne by the Seller. This modification shall be made by adjusting the Factor’s discount
rate by the incremental increase in the Prime Rate.

 

MINIMUM AND MAXIMUM

 

The minimum aggregate amount to be factored
under this Agreement shall be $3,000,000 per calendar quarter (“quarterly minimum”). It is agreed that
Factor has the right, should the amount factored in any calendar quarter be less than $3,000,000, to receive a minimum quarterly
fee, based upon the discount rate stated herein (.88%), on the difference between the total amount factored and the quarterly
minimum. It is further understood and agreed that the maximum amount funded by Factor at any one time shall not exceed $5,000,000.

 

TERMINATION FEE

Seller may terminate the Master Purchase
and Sale Agreement at any time, for any reason, upon 3 days written notice to Factor. A termination which occurs prior to the end
of any term set forth in the Master Purchase and Sale Agreement is referred to as an “Early Termination”. Upon any
Early Termination of this Agreement by Seller or any Early Termination of this Agreement by Factor upon the occurrence of an Event
of Default, Seller shall immediately pay Factor a termination fee of 5% of the Total Facility Limit ($250,000) if terminated within
the first 6 months of the Agreement, or 3% of the Total Facility Limit ($150,000) if terminated thereafter. Upon the effective
date of termination, all of Seller’s obligations (including the aforementioned termination fee), whether incurred under this
Agreement or any amendment or supplement thereto or otherwise, shall become immediately due and payable without notice or demand.

 

(Signature page to Follow)

    	 

    	 

    

 

OP-TECH Environmental Services, Inc.

Seller

 

By: /s/ Michael McCall

(Signature)

Michael McCall 

(Print)

 

 

Date: May 30, 2013

 

NOTARIZATION

STATE OF New York, COUNTY OF
Onondaga

 

The foregoing instrument was acknowledged before
me this 30th day of May, 2013, by

Michael McCall individually, and who identified
himself as Treasurer, He is personally known to me or has produced a NYdriver’s license as identification and did take the
oath. He is the signer of the foregoing instrument and did acknowledge to me that he/she executed the same freely and voluntarily.

 

 

      Necole
Bower                         /s/
Necole Bower                             6/8/2013              

Printed Name                            Notary
Signature                    My commission expires

 

Necole Bower

Notary Public, State of New York

Qual in Onon. Co. No. 01BO6207051

Commission Expires June 8, 2013

 

 

 

 

 

 

 

Accord Financial, Inc.

Factor

 

By: /s/ Matthew Panosian

(Signature)

 

 

Matthew Panosian

(Print)

 

 

Date: May 30, 2013Exhibit 10.3

 

EXECUTION VERSION

 

PROMISSORY NOTE

 

Date: June 18, 2013

 

 

FOR VALUE RECEIVED,
the undersigned, OP-TECH Environmental Services, Inc., a Delaware corporation (the “Borrower”), promises to
pay to the order of Accord Financial, Inc., its successors or assigns (“Accord”) at 25 Woods Lake Road, Suite
102, Greenville, South Carolina 29607, or at such other place or to such other party or parties as Accord may from time to time
designate, up to the principal sum of One Million and No/100 Dollars ($1,000,000.00) or so much as may be outstanding hereunder
from time to time with interest at the Interest Rate, as hereinafter defined.

The “Interest
Rate” shall mean a floating rate of interest equal to Branch Banking and Trust Company’s Prime Rate plus twelve and
three-quarters percent (12.75%) per annum, calculated on the basis of a year of 360 days, and shall accrue from and after the date
Accord funds any principal hereunder.

All payments
of principal and interest shall be payable in lawful money of the United States of America, which shall be legal tender in payment
of all debts and dues, public and private, at the time of payment. Interest shall accrue daily and, if not sooner paid, be payable
on the earlier of (i) the last day of each month commencing June 30, 2013 or (ii) the date of each funding under the Master Agreement
(as hereinafter defined) from and after the date hereof. Principal shall be repaid monthly in the amount of $27,777.78 per month
on the last day of each month commencing June 30, 2013, with a final payment of all outstanding principal and interest due on the
earlier of (i) June 30, 2016; or (ii) the date on which the Master Agreement is terminated (the “Maturity Date”).
To the extent available, payments of principal and interest shall be withheld from proceeds of factoring due to Borrower from Accord
under the Master Purchase and Sale Agreement between Borrower and Accord (“Master Agreement”) dated as of May
30, 2013.

This Promissory
Note ("Note") is secured by a lien on certain collateral (“Collateral”) pursuant to a Security
Agreement between Borrower and Accord dated June 18, 2013 (“Security Agreement”).

This Note may
be prepaid in whole or in part at any time without penalty. Prepayments shall first be applied to accrued interest and then to
other amounts due under this Note or under the Master Agreement.

If this Note
is placed in the hands of an attorney for collection or is collected through any legal proceedings the undersigned promises to
pay a reasonable attorney’s fee and all costs associated with such collection. In the event that the Borrower shall default
upon the covenants contained in this Note or under the Master Agreement, Accord shall have the right to enforce this Note in accordance
with its terms by such means and remedies as are provided by law or equity.

The Borrower
waives presentment, protest and demand, notice of protest, demand and dishonor and nonpayment of this Note. None of the rights
and remedies of Accord are to be waived or affected by failure or delay to exercise them.

This Note shall
be governed as to validity, interpretation, construction, effect and in all other respects by the laws and decisions of the State
of South Carolina without giving effect to the doctrines and laws relation to choice of law and conflicts of law of such state.

If any term
or provision of this Note or the application thereof shall to any extent be invalid or unenforceable, the remainder of this Note
or the application of such terms to persons or circumstances other than those to which any provision is held invalid or unenforceable
shall not be affected thereby.

This Note may
not be modified orally but only by an agreement in writing signed by the party against whom enforcement of any such modification
is sought. The remedies set forth herein in all instances are not exclusive but are cumulative and in addition to all other remedies
which may exist.

The failure
to pay any part of the principal or interest when due on this Note or to fully perform any covenant, obligation or warranty on
this or on any other liability to Accord, including but not limited to any obligation under the Security Agreement or the Master
Agreement shall be a material default hereunder and under the Master Agreement and this Note and other debts due Accord by Borrower
shall immediately become due and payable without notice, at the option of Accord. In addition, upon default, Accord may pursue
its full legal remedies at law or equity.

In order to
induce Accord to make advances hereunder, Borrower hereby represents and warrants to Accord as follows:

i.                   
Good Standing. Borrower is a corporation, duly organized, validly existing and in good standing under the laws of
Delaware and has the power and authority to own its property and to carry on its business in each jurisdiction in which Borrower
does business.

ii.                 
Authority and Compliance. Borrower has full power and authority to execute and deliver this Note, the Security Agreement,
and all related documents (the “Loan Documents”) and to incur and perform the obligations provided for therein,
all of which have been duly authorized by all proper and necessary action of the appropriate governing body of Borrower. No consent
or approval of any public authority or other third party is required as a condition to the validity of any Loan Document, and Borrower
is in compliance with all laws and regulatory requirements to which it is subject.

iii.               
Binding Agreement. This Note and the other Loan Documents executed by Borrower constitute valid and legally binding
obligations of Borrower, enforceable in accordance with their terms.

iv.               
Litigation. There is no proceeding involving Borrower pending or, to the knowledge of Borrower, threatened before
any court or governmental authority, agency or arbitration authority, except as disclosed to Accord in writing and acknowledged
by Accord prior to the date of this Note, which if adversely determined is likely to have a material adverse effect on Borrower,
its business, finances or assets or which challenges the transaction contemplated in the Loan Documents.

v.                 
No Conflicting Agreements. There is no operating agreement, article, charter, bylaw, stock provision, partnership
agreement or other document pertaining to the organization, power or authority of Borrower and no provision of any existing agreement,
mortgage, indenture or contract binding on Borrower or affecting its property, which would conflict with or in any way prevent
the execution, delivery or carrying out of the terms of this Note and the other Loan Documents.

vi.               
Ownership of Assets. Borrower has good title to the Collateral and the Collateral is free and clear of liens, except
those granted to Accord and as disclosed to Accord in writing prior to the date of this Note.

vii.             
Taxes. All taxes and assessments due and payable by Borrower have been paid or are being contested in good faith
by appropriate proceedings and the Borrower has filed all tax returns which it is required to file, unless subject to a valid extension
of time to file.

WAIVERS. To
the extent permitted by law, Borrower hereby irrevocably waives any right it may have to a trial by jury in respect of any litigation
directly or indirectly at any time arising out of, under or in connection with this Note or any transaction contemplated hereby
or associated herewith. Borrower irrevocably waives, to the maximum extent not prohibited by law, any right it may have to claim
or recover in any such litigation any special, exemplary, punitive or consequential damages, or damages other than, or in addition
to, actual damages. Borrower certifies that no party hereto nor any representative or agent or counsel for any party hereto has
represented, expressly or otherwise, or implied that such party would not, in the event of litigation, seek to enforce the foregoing
waivers. Borrower acknowledges that Accord has been induced to enter into this Note and the transactions contemplated hereby, in
part, as a result of the mutual waivers and certifications contained in this paragraph.

    	 

    	 

    

IN WITNESS
WHEREOF, the undersigned through its authorized officer has executed this Promissory Note on June 18, 2013.

WITNESS:                                                                           OP-TECH Environmental Services,
Inc.

      
(SEAL)

/s/ Daniel P. George                                                                               By:
/s/ Charles B. Morgan

Daniel P. George                                                                                   Its:
Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]