Document:

FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

 EXHIBIT 10.3 
  
 FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 AGREEMENT made as of the 23rd day of September, 2003, between BENTHOS, INC. a Massachusetts corporation with a usual place of business situated at 49 Edgerton
Drive, North Falmouth, Massachusetts 02556 (the “Company”) and SAMUEL O. RAYMOND, of One Point De Chene Avenue, Rockport, Massachusetts 01966 (the “Executive”). 
  
 WITNESSETH: 
  
 WHEREAS, the Company and the Executive are parties to a certain Employment Agreement, dated September 24, 1990, as amended on November 30, 1993, December 16, 1996
and January 24, 1997 (the “Employment Agreement”); and 
  
 WHEREAS, in connection with the Employment Agreement, Benthos and the Executive entered into a certain Collateral Assignment Split-Dollar Life Insurance Agreement, effective as of December 17, 1996 (the “Split-Dollar Agreement”);
and 
  
 WHEREAS, the Split-Dollar Agreement was terminated pursuant to a
certain Agreement, dated July 24, 2003, among the Company, the Executive and Nixie Raymond, Trustee of the Samuel O. Raymond 1996 Irrevocable Insurance Trust, the owner of the life insurance policy that was governed by the Split-Dollar Agreement;
and 
  
 WHEREAS, the Company and the Executive want to amend the Employment
Agreement to reflect the termination of the Split-Dollar Agreement. 
  
 NOW,
THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive, intending to be legally bound, hereby mutually agree as follows:

  
 1. Paragraph 20 of the Employment Agreement is deleted in its entirety.

  
 2. The Company and the Executive hereby ratify, approve and confirm the
Employment Agreement as amended hereby. 
  
 IN WITNESS WHEREOF, the Company
and the Executive have executed this instrument as an instrument under seal as of the day and year first above written. 
  

	 Company:
	 	 BENTHOS, INC.

			
	 	 	 By:
	 	 \s\ Ronald L. Marsiglio

	 	 	 	 	 Ronald L. Marsiglio,
 Chief Executive Officer and President

		
	 Executive:
	 	 \s\ Samuel O. Raymond

	 	 	 Samuel O. RaymondFOURTH AMENDMENT TO CREDIT AGREEMENT

 EXHIBIT 10.40 
  
 FOURTH AMENDMENT TO CREDIT AGREEMENT 
  
 This Fourth Amendment to Credit Agreement is made as of this 3rd day of November, 2003, by and between Cape Cod Bank and Trust Company, NA (“Lender”), a National Association, with offices at 2 Barlows Landing Road, Pocasset, Massachusetts 02559 and Benthos, Inc. (“Borrower”),
a Massachusetts corporation with its principal place at 49 Edgerton Drive, North Falmouth, Massachusetts 02556. 
  
 RECITALS: 
  
 A.
Borrower and Lender entered into a certain Credit Agreement dated August 18, 1999, as amended by a First Amendment to Credit Agreement and Amendment to Revolving Note and Term Note dated March 23, 2001, as further amended by a Second Amendment to
Credit Agreement dated December 12, 2001, and as further amended by a Third Amendment to Credit Agreement dated January 29, 2003 (the “Credit Agreement”) regarding: (i) a Commercial Variable Rate Revolving or Draw Note dated August 18,
1999, as amended by an Amendment dated December 8, 2000, a Second Amendment dated March 23, 2001, a Third Amendment dated July 9, 2001, a Fourth Amendment dated December 12, 2001, and a Fifth Amendment dated January 29, 2003 (the “Revolving
Note”), (ii) a Commercial Variable Rate Promissory Note August 18, 1999, as amended by an Amendment dated October 17, 2000, a Second Amendment dated March 23, 2001 and a Third Amendment dated December 12, 2001 (the “Term Note”), and
(iii) other instruments and agreements executed in conjunction therewith; 

 B. Borrower and Lender now desire to further amend the Credit Agreement and to further amend the Term Note as set
forth herein and in a separate amendment of even date herewith to said Term Note. 
  
 AGREEMENTS: 
  
 Now, therefore, in consideration of
the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Lender and the Borrower hereby agree as follows: 
  
 1. Capitalized terms used herein shall have the meaning given to them in the Credit Agreement unless separately defined herein.

  
 2. Section 3.04(a) of the Credit Agreement is hereby deleted and
replaced with the following paragraph: 
  
 “Section
3.04 Amortization of Term Loan: 
  

	 	(a)	 	The borrower shall make monthly payments of principal and interest on the Term Loan in accordance with the provisions of the Term Note” 

  
 3. Except as provided herein, the Credit Agreement, as previously amended, shall remain
unchanged. The Credit Agreement as previously amended and as further amended hereby is hereby ratified and confirmed. 
  

	 Witness:
	 	 BENTHOS, INC.

			
	 \s\ Pamela J. Falotico

	 	 By:
	 	 \s\ Ronald L. Marsiglio

	 	 	 Name:
	 	 Ronald L. Marsiglio

	 	 	 Title:
	 	 Chief Executive Officer and President

		
	 Witness:
	 	 CAPE COD BANK AND TRUST COMPANY, NA

			
	 \s\ Stephen Sooy

	 	 By:
	 	 \s\ Timothy F. Kelleher III

	 	 	 Name:
	 	 Timothy F. Kelleher III

	 	 	 Title:
	 	 Senior Vice President

  

 2SECOND AMENDMENT OF PURCHASE AND SALE AGREEMENT

 EXHIBIT 10.50 
  
 SECOND 
  
 AMENDMENT 
  
 OF

  
 PURCHASE AND SALE AGREEMENT 
  
 AGREEMENT made as of the 11th day of August, 2003, among BENTHOS, INC., a Massachusetts
corporation (“Benthos”); LEUMAS, LLC, a Delaware limited liability company (‘Leumas”); EVETS, LLC, a Delaware limited liability company (“Evets”) (Benthos, Leumas and Evets are sometimes hereinafter collectively
referred to as “Seller”); and the FALMOUTH ECONOMIC DEVELOPMENT & INDUSTRIAL CORPORATION, a Massachusetts economic and development corporation organized pursuant to M. G. L. c 121C by vote at the Falmouth Annual Town Meeting on April
7, 1981 (“Buyer”). 
  
 WITNESSETH: 
  
 WHEREAS, Seller and Buyer executed and delivered a certain Purchase and Sale Agreement,
dated March 21, 2003, as amended on June 30, 2003, with respect to the sale by Seller to Buyer of approximately 26.12 acres of real estate and the improvements thereon situated off North Falmouth Highway-Route 28A-Falmouth, Massachusetts (the
“Agreement”); and 
  
 WHEREAS, Seller and Buyer want to further
amend the Agreement and reduce such amendment to writing. 
  
 NOW,
THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer, intending to be legally bound, hereby mutually agree as follows: 
  
 1. Section 6 (a) of the Rider to the Agreement, entitled “South Side Parcel”
is deleted in its entirety and the following is substituted therefor: 
  
 “ (a) South Side Parcel. Buyer’s obligations hereunder with respect to the South Side Parcel are contingent upon Buyer obtaining satisfactory financing for the purchase of the South Side Parcel on or before September 2,
2003 (the “South Side Parcel Contingency Financing Date”). Buyer shall pursue such financing in good faith and with due diligence under the circumstances. If Buyer, having used such due diligence fails to obtain a firm commitment for such
loan by 5:00 p.m. on the South Side Parcel Financing Contingency Date, Buyer may terminate this Agreement by written notice to the Seller as provided in Section 12 of this Rider, received by Seller on or before 5:00 p.m. on the South Side Parcel
Financing Contingency Date, in which event all deposits hereunder shall be promptly returned to Buyer and this Agreement shall be null and void without further 
  

 -1- 

 
recourse of the parties. Buyer’s failure to give timely written notice of termination as aforesaid shall be conclusively deemed to constitute Buyer’s waiver
of the right to terminate this Agreement for failure to obtain financing pursuant to this Section 6. 
  
 2. Section 6 (b) of the Rider to the Agreement, entitled “North Side Parcel” is deleted in its in its entirety and the following is substituted therefor:

  
 “6 (b) North Side Parcel. Seller’s obligations
hereunder with respect to the North Side Parcel are contingent upon Buyer obtaining satisfactory financing for the purchase of the North Side Parcel on or before September 2, 2003, provided that, in the event of any unforeseen or additional material
costs, considerations or restrictions not reasonably anticipated by Buyer that are adopted by the Planning Board, as hereinafter defined, and included in the approval of the Planning Board, Buyer shall have an additional fifteen (15) day period
following endorsement of the Definitive Subdivision Modification Plan, to obtain the final approval of its lender of its financing commitment (the “North Side Parcel Financing Contingency Date”). The Buyer shall pursue such financing in
good faith and with due diligence under the circumstances. Such due diligence shall include the filing with the Planning Board of an application for approval of the Definitive Subdivision Modification Plan, as hereafter defined, within ten (10) days
of the endorsement of the ANR Plan, as hereinafter defined, by the Planning Board. If Buyer, having used such due diligence fails to obtain a firm commitment for such loan by 5:00 p.m. on the North Side Parcel Financing Contingency Date, Buyer may
terminate this Agreement by written notice to Seller, as provided in Section 12 of this Rider, received by Seller on or before 5:00 p.m. on the North Side Parcel Financing Contingency Date, in which event all deposits hereunder with respect to the
North Side Parcel shall be promptly returned to Buyer and this Agreement shall be null and void without further recourse of the parties. Buyer’s failure to give timely written notice of termination as aforesaid shall be conclusively deemed to
constitute Buyer’s waiver of the right to terminate this Agreement with respect to the North Side Parcel for failure to obtain financing pursuant to this Section 6.” 
  
 3. A new Section 6 (c) is added to the Agreement and shall be as follows: 
  
 “6 (c) Certain Definitions. 
  
 (i) “Final Roadway Documents” shall collectively mean the
Town of Falmouth Planning Board (the “Planning Board”) Decision (the “Decision”) and covenant (the “Covenant”) for a certain roadway plan, dated February 10, 2003, as revised April 14, 2003 (the “Roadway
Plan”), as deemed approved by Buyer, unless Buyer provides to Seller written objections, in accordance with the provisions of Section 12 of this Rider, within five (5) days following receipt by Buyer of copies of the executed Covenant, Decision
and endorsed Roadway Plan. 
  

 -2- 

 (ii) “Road Costs” shall collectively mean the road costs which Buyer shall obtain within
ten business (10) days of receipt by Buyer of the Final Roadway Documents, and which shall be deemed approved by Buyer unless Buyer objects in writing to Seller to such costs within said ten (10) day period, as provided in Section 12 of this Rider.

  
 (iii) “ANR Plan” shall the ANR Plan
reflecting the South Side Parcel as endorsed by the Planning Board.” 
  
 4. Section 6B (a) entitled “South Side Parcel” is deleted in its entirety and the following is substituted therefor: 
  
 “(a) South Side Parcel. September 22, 2003.” 
  
 5. Section 6B (c) (ii) of the Rider to the Agreement, is amended by deleting the date of “September 1, 2003” in the second
line thereof and substituting the date of “September 22, 2003” therefor. 
  
 6. This Amendment may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 
  
 7. Seller and Buyer hereby ratify, approve and confirm the Agreement as amended and
hereby acknowledge that the Agreement is in full force and effect. 
  

	 Seller:
	 	 BENTHOS, INC.

			
	 	 	 By
	 	 \s\ Ronald L. Marsiglio

	 	 	 	 	 Ronald L. Marsiglio, President

		
	 	 	 LEUMAS, LLC

			
	 	 	 By:
	 	 \s\ Ronald L. Marsiglio

	 	 	 	 	 Ronald L. Marsiglio, Manager

		
	 	 	 EVETS, LLC

			
	 	 	 By:
	 	 \s\ Ronald L. Marsiglio

	 	 	 	 	 Ronald L. Marsiglio, Manager

  

 -3- 

	 Buyer:
	 	FALMOUTH ECONOMIC DEVELOPMENT & INDUSTRIAL CORPORATION
			
	 	 	 By:
	 	 \s\ Harlyn O. Halvorson

	 	 	 	 	 Harlyn O. Halvorson, Chairman

			
	 	 	 By:
	 	 \s\ Richard H. Campbell

	 	 	 	 	 Name:

			
	 	 	 By:
	 	 \s\ Robert F. Stanley

	 	 	 	 	 Name: Robert F. Stanley

			
	 	 	 By:
	 	 \s\ Mary Pat Flynn

	 	 	 	 	 Name:

  

 -4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]