Document:

EXHIBIT
10.18

 

Research
and Development Services Agreement

 

This
Agreement is made and entered into as of this 8th day of August, 2018 by and between Vicon Industries, Inc., having a principal
place of business at 135 Fell Court, Hauppauge, New York (hereinafter referred to as “Vicon” or “Parent”)
and Cemtrex, Inc., having a principal place of business at 19 Engineers Lane, Farmingdale, New York 11735, and its subsidiaries.
(hereinafter referred to as “Cemtrex”).

 

WHEREAS:
(i) Cemtrex is the principal shareholder of Vicon, (ii) the Chief Executive Officer of Cemtrex serves as the Chief Executive Officer
of Vicon, and (iii) the principal shareholder of Cemtrex, who serves as a director of Cemtrex, also serves as a director of Vicon.

 

WHEREAS:
Vicon, through its Israeli based Vicon Systems Limited subsidiary, has been engaged in the development of the Valerus and ViconNet
branded Video Management Systems (VMS), among other things, pursuant to an R&D Services Agreement between Vicon and its subsidiaries.

 

WHEREAS:
Vicon has determined to transition the development services for Valerus and the VMS to Cemtrex, as a lower cost alternative.

 

WHEREAS:
Cemtrex has been engaged to provide Vicon with contract software development services and herein the parties desire to formalize
their arrangement in this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

 

Article
1 - Definitions

 

“Consideration”
shall mean Development Costs.

 

“Development
Costs” in this Agreement shall mean standard monthly resources rates of Cemtrex reasonably required to perform Services
contained in this Agreement. Such expenses may include, but not be limited to, payroll, payroll related benefits, supplies, capital
assets in the form of depreciation, facilities, utilities, administrative costs and all other expenses of Cemtrex. Cemtrex will
provide certain staff resources on a full-time basis for Vicon and others on an hourly basis as required to perform Services.

 

“Parties”
shall mean Vicon and Cemtrex and their respective subsidiaries and affiliates.

 

“Proprietary
Information” shall mean all information disclosed to, created by, or known by the Parties as a consequence of this Agreement,
whether before, on, or after the date of this Agreement, or through the performance of services by Cemtrex and/or its subsidiaries
on behalf of Vicon prior to or under this Agreement, including any and all confidential or proprietary knowledge, data or information
related to the Technology. By way of illustration but not limitation, Proprietary Information includes the Technology and information
regarding plans for research, development, new products, marketing and selling, business plans, budgets and work plans. Proprietary
Information shall not include any information Cemtrex obtains from third parties that is already in the public domain.

 

“Proprietary
Rights” shall mean all Technology rights throughout the world.

 

“Services”
shall mean all research and development activities conducted by Cemtrex and/or its subsidiaries in accordance with the terms
contained herein.

 

“Technology”
shall mean all trade secrets, patents, patent applications, copyrights, inventions, ideas, processes, formulas, source and
object codes, prototypes, data, programs, algorithms, know-how, improvements, discoveries, development, designs, techniques and
any other intellectual property which have been assigned to or may hereafter be developed by Cemtrex and/or its subsidiaries under
this Agreement, including any and all existing and future products developed based upon said Technology.

 

    	 	 	 

    	 

    

 

Article
2 - Research and Development Services

 

2.1
Research and Development Services - Vicon and Cemtrex hereby formalize Vicon’s engagement of Cemtrex and its subsidiaries
to assume substantial development of Vicon’s VMS products and associated physical products such as cameras, NVRs, etc. Cemtrex
has assigned and will assign such resources as may be necessary in order to develop, maintain, enhance and expand such product
lines. All Technology developed, or which may be developed by Cemtrex and/or its subsidiaries, whether or not specifically requested
by Vicon, shall be regarded as developed at the request and on behalf of Vicon.

 

2.2
The Services shall be performed by Cemtrex and/or its subsidiaries in accordance with the highest professional standard and procedures
applicable to the Services, and in accordance with instructions received from time to time from Vicon. Cemtrex warrants that it
has or will have the requisite technical and professional knowledge, know-how, expertise, skills, talents and experience required
in order to perform the Services in a professional and efficient manner and that such Services will be performed in accordance
with acceptable industry standards.

 

2.3
The precise scope of Services and time for performance of such Services by Cemtrex and/or its subsidiaries shall be determined
by Vicon after consultation with Cemtrex. A “Work Plan” and financial operating “Budget” will be formulated
by which Cemtrex will conduct its Services. From time to time, but not less often than annually at September 30 th of
each year, Vicon and Cemtrex shall review the Work Plan and Budget then in effect to determine whether any changes in the objectives
and projected costs of Services to be performed are required. Vicon recognizes that Cemtrex develops software under an agile development
framework and as a requirement of the agile nature of the development authorizes Cemtrex to make reasonable immaterial adjustments
to the “Budget” in order to deliver Services in a timely manner without prior notice.

 

2.4
Within 60 days after the end of each six months period ending March 31 and September 30 th during the term of this
Agreement, Cemtrex shall provide Vicon with a detailed report of Services performed in such preceding six months period, the results
of such Services and the status of Development Costs incurred compared with the Budget. Within 30 days after the termination of
this Agreement, Cemtrex shall provide Vicon with, among its other obligations herein, a detailed report of Services performed
from the last period reported through the date of termination and a final status of Development Costs incurred for the period.
In addition, upon termination of this Agreement for any reason, Cemtrex shall provide reasonable assistance to Vicon in the transition
of the development and support services to be provided hereunder to Vicon or an entity designated by Vicon.

 

Article
3 - Consideration

 

3.1
In consideration of Cemtrex’s Services and obligations covered by this Agreement, Vicon undertakes to pay Cemtrex its Development
Costs

 

3.2
The Consideration will be payable net due after the receipt by Vicon of any invoice from Cemtrex detailing the Development Costs
incurred by Cemtrex during the preceding calendar month. Payments will be made in U.S. Dollars by bank transfer of immediately
available funds to Cemtrex’s specified local bank account. Cemtrex shall be responsible for all tax, sales tax and other
taxes and duties imposed on Cemtrex and its subsidiaries in performance of the Services hereunder.

 

Article
4 - Ownership of the Technology

 

4.1
Cemtrex hereby assigns to Vicon all its rights, title and interest in and to any and all Technology and any Proprietary Rights
created, developed, conceived, reduced to practice, authored or delivered by Cemtrex or its subsidiaries in connection with the
performance of the Services hereunder, whether developed or delivered prior to or following the date of this Agreement. Such assignment
shall be regarded as having been made by force of this Agreement immediately upon the creation of the Technology or Proprietary
Rights without any necessity for further action by Cemtrex or Vicon.

 

4.2
Cemtrex acknowledges that all original works of authorship which are part of the Technology and which are protectable by copyright
and which could qualify as “works made for hire” are “works made for hire” pursuant to United States Copyright
Act (17 U.S.C., Section 101), and the applicable laws of India or other relevant jurisdictions. If any work does not qualify as
a work for hire it will be immediately assigned to Vicon pursuant to this Agreement without need for additional consideration
or documentation.

 

    	 	 	 

    	 

    

 

4.3
Cemtrex will assist Vicon in every proper way to obtain, and from time to time enforce, United States, Indian, and other Proprietary
Rights relating to the Technology in any and all countries. To that end, Cemtrex will (and, if necessary, will cause its employees
and contractors to) execute, verify and deliver such documents and perform such other acts as Vicon may reasonably request for
use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof.
In addition, Cemtrex will (and will cause its employees and contractors if necessary to) execute, verify and deliver assignments
of such Proprietary Rights to Vicon or its designee.

 

4.4
Cemtrex undertakes that, in the creation of the Technology, it will not improperly use or disclose any confidential information
or trade secrets, if any, of any third party to whom it has an obligation of confidentiality unless such third party consents
to such use in a way which does not encumber the Technology or create any possibility of future encumbrance and further undertakes
that it will not knowingly use in the creation of the Technology any trade secret, patent, copyright, or other intellectual property
right of any third party unless such third party consents to such use in a way which does not encumber the Technology or create
any possibility of future encumbrance. Cemtrex represents that the Services hereunder and the Technology, to the best of its knowledge,
shall not infringe or be subject to the intellectual property rights of any third party or require a license from any third party.

 

4.5
Cemtrex herein represents and warrants that no other third party or entity other than Vicon has any right, title or interest in
the Technology or Proprietary Information.

 

4.6
The Technology is the exclusive property of Vicon. Only with Vicon’s written consent, Cemtrex will have the right to market
and sell under license from Vicon, all or certain of the products developed based upon the Technology solely within agreed upon
worldwide territories in consideration for a royalty payment to be negotiated by the parties.

 

4.7
Cemtrex warrants that it will not use Open Source Software in its development without the express written consent of Vicon and
that it will adhere to now and in the future all official terms and conditions of such usage. Open Source Software shall mean:

 

(a)
any software that requires as a condition of use, modification and/or distribution of such software, that such software: (i) be
disclosed or distributed in source code form; (ii) be licensed for the purpose of making derivative works; (iii) may only be redistributed
free from enforceable intellectual property rights; and/or (b) any software that contains, is derived from, or statically or dynamically
links to, any software specified under (a).

 

Article
5 - Non-disclosure and Safeguard of Software Code

 

5.1
At all times during the period when this Agreement is in force and thereafter, Cemtrex and its employees and contractors will
hold in strictest confidence and will not disclose, use, lecture upon, publish or otherwise share with third parties, any of the
Proprietary Information except as may be required by law or court order.

 

5.2
Cemtrex and its subsidiaries shall not make use of the Proprietary Information other than as necessary to perform the Services
and shall not disclose any of the Proprietary Information or part thereof to any third party except employees, agents or sub-contractors
who have a need to know such information for the purpose of performing the Services.

 

5.3
Cemtrex shall upon termination of this Agreement, or upon request of Vicon, promptly deliver all tangible copies of any Proprietary
Information or any other documentation relating to the Technology and Services therewith to Vicon.

 

5.4
Cemtrex shall provide Vicon “confidentiality agreements”, in form satisfactory to Vicon, from Cemtrex’s and
its subsidiaries’ employees and contractors that restrict their use and dissemination of Proprietary Information during
and after their employment or consultancy and, which agreements are expressly enforceable by Vicon. Prior to disclosing any Proprietary
Information to a third party, Cemtrex shall first obtain Vicon’s consent and deliver to Vicon an executed confidentiality
agreement from such third party.

 

    	 	 	 

    	 

    

 

5.5
Cemtrex shall perform Technology backup procedures according to customary industry practices to safeguard Vicon’s Technology.
Such procedures shall include, but not be limited to, providing Vicon with a copy of source code for all VMS software revisions
and in process works in executable form along with development management information.

 

Article
6 - Term and Termination

 

6.1
This Agreement will remain in full force and effect for a period of ten (10) years from the date of this Agreement unless terminated
by (a) either Party for any reason upon six (6) months written notice (b) mutual consent of the Parties or (c) a material breach
of any of the terms or conditions herein by either of the Parties, which have not been remedied within ninety (90) days after
written notice thereof from the other party. The provisions of Articles 4, 5 and 7 shall survive any termination or expiration
of this Agreement.

 

Article
7 - General Provisions

 

7.1
To the extent any product is made, in whole or in part, to Vicon’s design specifications or instructions, Vicon shall indemnify
and hold harmless Cemtrex from all third party claims brought against Cemtrex arising out of the development of such products
by Cemtrex as long as such products were made in strict conformance with the design specification or instructions from Vicon,
and such damages did not result from the breach of this Agreement by Cemtrex.

 

7.2
Vicon agrees that, during the term of this Agreement and for a period of one (1) year thereafter, that it will not, without the
express written approval of Cemtrex, offer employment or engagement (whether as an employee, independent contractor or consultant)
to any of Cemtrex’s employees or independent contractors that became known to Vicon as a result of this Agreement; provided,
however, that the foregoing provision will not prevent Vicon from (a) conducting general recruitment solicitations not specifically
directed at the Cemtrex’s employees or contractors, or (b) employing any person responding to such solicitation.

 

7.3
This Agreement constitutes the entire agreement between the Parties with respect to the subject matter contained therein and supersedes
and replaces all prior agreements, understandings, writings and discussions between the Parties as to the subject matter hereof.

 

7.4
This Agreement may not be amended, altered or modified except by a written instrument signed and duly executed by both Parties.

 

7.5
This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to its conflict
of laws rules and the State and Federal courts located in the State of New York shall have sole and exclusive jurisdiction over
any and all disputes which shall arise under or in any way be connected with this Agreement. Cemtrex consents to the jurisdiction
of such courts in any proceeding by Vicon or its assignee as to any dispute relating to this Agreement.

 

7.6
Should any part of this Agreement be held unenforceable or in conflict with the applicable laws, rules, regulations or orders
of any applicable jurisdiction, the invalid or unenforceable part or provision shall be replaced with a provision which accomplishes,
to the fullest extent possible, the original purpose of such part or provision in a valid and enforceable manner, and the balance
of this Agreement shall remain in full force and effect.

 

7.7
Neither this Agreement nor any right or obligation arising herein may be assigned by Cemtrex in whole or in part, without the
prior written consent of Vicon, which consent may be withheld in the absolute discretion of Vicon.

 

7.8
All notices and other communications required or desired to be given or sent under this Agreement by either of the Parties shall
be in writing, in the English Language, and shall be deemed to have been given on the date of delivery as confirmed by third party
delivery confirmation receipt. Notice to either Party should be addressed to its then acting Chief Executive Officer in the case
of Cemtrex and the Chief Operating Officer in the case of Vicon, at the addresses designated above.

 

[Signature
Page Follows]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement hereunder as of the date set forth above.

 

On
behalf of:

 

Vicon
Industries, Inc. (“Vicon”)

 

	Signature:
    	/s/
    John M. Badke	 
	By:
    	John
    M. Badke	 
	Title:
    	Chief
    Operating Officer	 

 

Cemtrex,
Inc. (“Cemtrex”)

 

	Signature:
    	/s/
    Saagar Govil	 
	By:
    	Saagar
    Govil	 
	Title:
    	Chief
    Executive OfficerExhibit
10.1

 

FIFTH
AMENDMENT TO OFFICE LEASE

 

THIS
FIFTH AMENDMENT TO OFFICE LEASE (this “Amendment”) is entered into as of this 10th day of January,
2019, by and between VTR LS 4320 FOREST PARK, LLC, a Delaware limited liability company (“Landlord”), as successor-in-interest
to Cortex West Development I, LLC (“Original Landlord”), and STEREOTAXIS, INC., a Delaware corporation (“Tenant”).

 

RECITALS

 

A.
WHEREAS, Original Landlord and Tenant entered into that certain Office Lease dated as of November 15, 2004, as amended by that
certain First Amendment to Office Lease dated as of November 30, 2007, that certain Second Amendment to Office Lease dated as
of May 1, 2013, that certain Third Amendment to Office Lease dated as of August 14, 2013, and that certain Fourth Amendment to
Office Lease dated October 1, 2015 (collectively, and as the same may have been heretofore further amended, amended and restated,
supplemented or modified from time to time, the “Existing Lease”) whereby Tenant leases from Landlord certain
space on the first, second and third floors of the west wing (the “Premises”) of the building located at 4320
Forest Park Boulevard, St. Louis, Missouri (the “Building”).

 

B.
WHEREAS, Original Landlord assigned the Existing Lease to Landlord pursuant to that certain Assignment and Assumption of Leases
dated as of September 10, 2012.

 

C.
WHEREAS, Tenant exercised its second and final Renewal Option (“Final Renewal Option”), pursuant to Section
3.3 of the Existing Lease, to renew the term of the Lease (“Final Renewal Term”), and Landlord and Tenant executed
a Letter Agreement dated as of December 19, 2018 (the “Letter Agreement”) in connection with the Final Renewal
Term.

 

D.
WHEREAS, Landlord and Tenant desire to modify and amend the Existing Lease pursuant to the Letter Agreement and only in the respects
and on the conditions hereinafter stated.

 

AGREEMENT

 

NOW
THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows:

 

1.
Incorporation; Definitions. The foregoing Recitals are hereby incorporated in this Amendment and made a part hereof by
this reference. For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Existing Lease
and Letter Agreement unless otherwise defined herein. The Existing Lease, as amended by this Amendment, is referred to collectively
herein as the “Lease.”

 

    	 

     

    

 

2.
Term. Pursuant to the Final Renewal Option exercised by Tenant, the term of the Lease is hereby extended to December 31,
2021.

 

3.
Annual Base Rent. Commencing on January 1, 2019 and during the first year of the Final Renewal Term, Tenant shall make
monthly payments in an amount equal to 1/12th of Annual Base Rent, with Annual Base Rent calculated as follows: (a)
$35.65 per rentable square foot for the Office Space consisting of 57,426 rentable square feet; plus (b) $19.76 per rentable square
foot for the Production/Assembly Space consisting of 11,738 rentable square feet. After the first year of the Final Renewal Term,
Annual Base Rent will be increased each year during the Final Renewal Term at the rate of 2.25% of the Annual Base Rent charged
the preceding year. Tenant shall pay to Landlord the Annual Base Rent for the Premises during the Final Renewal Term in the manner
prescribed and otherwise in accordance with the terms and provisions of the Existing Lease. The Annual Base Rent set forth herein
includes the leasing commission equal to 3% of the Annual Base Rent due during the Final Renewal Term (for a total commission
payable by Landlord to Tenant’s Broker during the Final Renewal Term of $202,753) with payment due within 10 business days
of execution and delivery of this Amendment.

 

4.
Adjustments to Annual Base Rent. Tenant shall continue to pay to Landlord Tenant’s Pro Rata Share of Expenses (and
all other sums of money due and owing under the Lease) as provided in the Existing Lease subject to a new Expense Stop established
with the 2019 base year representing the 2018 operating Expenses escalated by 3%. Tenant shall pay these sums in the manner prescribed
and otherwise in accordance with the terms and provisions of the Existing Lease.

 

5.
Parking. During the Final Renewal Term, Landlord has the right to relocate 80 of the 100 parking spaces referenced in Section
21.17 of the Existing Lease to the locations noted on the site plan attached hereto as Exhibit A, for the purpose of constructing
a new parking garage. Tenant will not be charged for parking during the Final Renewal Term unless Tenant elects to return to the
residential garage parking before expiration of the Final Renewal Term in which case Tenant will pay market rate for such parking
in the residential garage for the balance of the Final Renewal Term.

 

6.
Broker. Tenant represents and warrants that it has not dealt with any broker or agent in the negotiation for or the obtaining
of this Amendment other than Cresa St. Louis (“Tenant’s Broker”) and agrees to reimburse, indemnify,
save, defend (at Landlord’s option and with counsel reasonably acceptable to Landlord, at Tenant’s sole cost and expense)
and hold harmless the Landlord for, from and against any and all cost or liability for compensation claimed by any broker or agent,
other than Tenant’s Broker, employed or engaged by it or claiming to have been employed or engaged by it.

 

7.
Condition of Premises. Tenant acknowledges that (a) it is in possession of and is fully familiar with the condition of
the Premises and, notwithstanding anything contained in the Lease to the contrary, agrees to take the same in its condition “as
is” as of the first day of the Final Renewal Term, and (b) Landlord shall have no obligation to alter, repair or otherwise
prepare the Premises for Tenant’s continued occupancy for the Final Renewal Term or to pay for any improvements to the Premises,
except as may be expressly provided in the Lease. 

 

    	2

     

    

 

8.
No Default. Tenant and Landlord represent, warrant and covenant to each other that, to the best of the knowledge of each
party, neither Landlord nor Tenant are in default of any of their respective obligations under the Lease and no event has occurred
that, with the passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder.

 

9.
Effect of Amendment. Except as modified by this Amendment, the Existing Lease and all the covenants, agreements, terms,
provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. In the event of
any conflict between the terms contained in this Amendment and the Existing Lease, the terms herein contained shall supersede
and control the obligations and liabilities of the parties. From and after the date hereof, the term “Lease”
as used in the Lease shall mean the Existing Lease, as modified by this Amendment.

 

10.
Successors and Assigns. Each of the covenants, conditions and agreements contained in this Amendment shall inure to the
benefit of and shall apply to and be binding upon the parties hereto and their respective heirs, legatees, devisees, executors,
administrators and permitted successors and assigns and sublessees. Nothing in this section shall in any way alter the provisions
of the Lease restricting assignment or subletting.

 

11.
Miscellaneous. This Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions
of the paragraphs and subparagraphs in this Amendment are inserted and included solely for convenience and shall not be considered
or given any effect in construing the provisions hereof. All exhibits hereto are incorporated herein by reference. Submission
of this instrument for examination or signature by Tenant does not constitute a reservation of or option for a lease, and shall
not be effective as a lease, lease amendment or otherwise until execution by and delivery to both Landlord and Tenant.

 

12.
Entire Agreement. This Amendment sets forth the entire agreement between Landlord and Tenant with respect to the matters
set forth herein.

 

13.
Modification. This Agreement may not be altered, changed or modified except by a writing signed by all of the Parties.

 

14.
Authority. Both parties guarantee, warrant and represents that the individual or individuals signing this Amendment have
the power, authority and legal capacity to sign this Amendment on behalf of and to bind all entities, corporations, partnerships,
limited liability companies, joint venturers or other organizations and entities on whose behalf such individual or individuals
have signed.

 

15.
Electronic Signatures; Counterparts. This Amendment may be executed by electronic signature process (such as DocuSign)
and in one or more counterparts, each of which shall, for all purposes, be deemed an original and fully enforceable as an original.
All such counterparts, taken together, shall constitute one and the same agreement even though all of the parties may not have
executed the same counterpart of this Agreement.

 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

    	3

     

    

 

IN
WITNESS WHEREOF, Landlord and Tenant have executed this Amendment as of the date and year first above written.

 

	 	LANDLORD:
	 	 	 
	 	VTR
    LS 4320 FOREST PARK, LLC,
	 	a
    Delaware limited liability company 
	 	 	 
	 	By:	/s/
    Dave Liu
	 	Name:	Dave
    Liu
	 	Title:	Authorized
    Signatory
	 	 	 
	 	TENANT:
	 	 	 
	 	STEREOTAXIS,
    INC.,
	 	A
    Delaware corporation
	 	 	 
	 	By:	/s/
    Marty Stammer 
	 	Name:	Marty
    Stammer
	 	Title:	CFO

 

    	 

     

    

 

EXHIBIT
A

 

(Site
Plan)

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