Document:

Exhibit 10.01

 

AMENDMENT

 

TO

 

NOTE PURCHASE AGREEMENT 

 

This Amendment to the
Note Purchase Agreement, dated as of July 31, 2012, as amended, (this “Amendment”), is entered into as of January
3, 2018 (subject to the satisfaction of the conditions set forth in Section 3 below, the “Effective Date”),
by and between Dynasil Corporation of America, a Delaware corporation (the “Company”), and Massachusetts Capital
Resource Company (the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, the
Company and the Purchaser are parties to that certain Note Purchase Agreement, dated as of July 31, 2012, (as amended to date and
as amended hereby and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Purchase
Agreement”);

 

WHEREAS, pursuant
to the Purchase Agreement the Company issued and sold to the Purchaser the Company’s Note, due 2017, in the original outstanding
principal amount of $3,000,000 (the “Note”);

 

WHEREAS, the
Company has requested the Purchaser to amend certain provisions of the Purchase Agreement and the Note; and

 

WHEREAS, the
Purchaser is willing to make such amendments, all on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound, hereby agree as follows:

 

		1.	Defined Terms. Capitalized terms used but not defined herein shall have the respective meanings
ascribed to such terms in the Purchase Agreement.

 

		2.	Amendment to Purchase Agreement and Note. Upon satisfaction of the conditions to effectiveness
set forth in Section 3 below:

 

(a)         As
of and from the Effective Date of this Amendment, Section 1.04(a) of the Purchase Agreement is amended in its entirety to read
as follows:

 

“(a) Required Redemptions.
Beginning on and with November 30, 2018, and on the last day of each calendar month thereafter through and including July 31, 2019,
the Company will redeem, without premium, $41,380.95 in principal amount of the Notes, or such lesser amount as may be then outstanding,
together with all accrued and unpaid interest then due on the amount so redeemed. On the stated or accelerated maturity of the
Notes, the Company will pay the principal amount of the Notes then outstanding together with all accrued and unpaid interest then
due thereon. No optional redemption of less than all of the Notes shall affect the obligation of the Company to make the redemptions
required by this subsection.”

 

    	 		 

     

    

 

(b)         As
of and from January 1, 2018, the first paragraph of the Notes shall be amended by increasing the interest rate from “six
percent (6%) per annum” to “seven percent (7%) per annum” and by deleting the phrase “provide however,
that if at any time the Company shall be in violation of the Consolidated Fixed Charge Coverage Ratio as amended by this Amendment
such interest rate shall immediately thereupon and from such date revert back to ten percent (10%) per annum”.

 

		3.	Conditions. The effectiveness of this Amendment is subject to the following conditions:

 

(a)       the
execution and delivery of this Amendment by the Company and the Purchaser;

 

(b)       Middlesex
Savings Bank shall have consented to this Amendment and the provisions contained herein;

 

(c)       the
execution of the acknowledgement of this Amendment by each guarantor whose name appears at the end of this Amendment;

 

(d)       the
Purchaser shall have received a certificate of the Company certifying certified copies of all documents evidencing other necessary
corporate or other action and governmental approvals, if any, with respect to this Amendment and the Note; and

 

(e)       the
Company shall have paid the Purchaser all fees, costs and expenses of the Purchaser in connection with this Amendment, including,
without limitation, reasonable fees, costs and expenses of counsel.

 

		4.	Representations and Warranties. The Company hereby represents and warrants to the Purchaser
as follows:

 

(a)       the
Company is a corporation, duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation;

 

(b)       the
Company has the power and authority to execute, deliver and perform its obligations under this Amendment, the Purchase Agreement
and the Note;

 

(c)       the
execution, delivery and performance by the Company of this Amendment, the Purchase Agreement and the Note have been duly authorized
by all necessary corporate action and does not and will not require any registration with, consent or approval of, notice to or
action by, any Person (including any governmental agency);

 

    	 	2	 

     

    

 

(d)       this
Amendment, the Purchase Agreement, the Note, and any other loan documents executed in connection herewith and therewith (the “Loan
Documents”) to which the Company or any of its subsidiaries or affiliates is a party, as each Loan Document is amended
by this Amendment, constitute the legal, valid and binding obligation of the Company and such subsidiaries and affiliates, enforceable
against such person in accordance with its terms;

 

(e)       after
giving effect to this Amendment, (i) no Event of Default exists or shall exist under the Purchase Agreement, and (ii) no event
of default exists or shall exist under the Company’s or any of its subsidiaries’ or affiliates’ loan agreements
with any bank or financial institution;

 

(f)       after
giving effect to this Amendment, all representations and warranties by the Company contained in the Purchase Agreement and the
Note are true and correct in all material respects as of the date hereof, except to the extent made as of a specific date, in which
case each such representation and warranty shall be true and correct as of such date; and

 

(g)       by
its signature below, the Company agrees that it shall constitute an Event of Default if any representation or warranty made herein
is untrue or incorrect in any material respect as of the date when made or deemed made.

 

		5.	Agreement in Full Force and Effect as Amended. Except as specifically amended hereunder,
the Purchase Agreement, the Note, and other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed
as so amended. Except as expressly set forth herein, this Amendment shall not be deemed to be a waiver, amendment or modification
of any provisions of the Purchase Agreement or any other Loan Document or any right, power or remedy of the Purchaser, nor constitute
a waiver of any provision of the Purchase Agreement or any other Loan Document, or any other document, instrument and/or agreement
executed or delivered in connection therewith or of any Event of Default under any of the foregoing, in each case, whether arising
before or after the date hereof or as a result of performance hereunder or thereunder. This Amendment also shall not preclude the
future exercise of any right, remedy, power, or privilege available to the Purchaser whether under the Purchase Agreement, the
Note, the other Loan Documents, at law or otherwise and nothing contained herein shall constitute a course of conduct or dealing
among the parties hereto. All references to the Purchase Agreement shall be deemed to mean the Purchase Agreement as amended hereby.
This Amendment shall not constitute a novation or satisfaction and accord of the Purchase Agreement and/or other Loan Documents,
but shall constitute an amendment thereof. The parties hereto agree to be bound by the terms and conditions of the Purchase Agreement,
the Note, and Loan Documents as amended by this Amendment, as though such terms and conditions were set forth herein. Each reference
in the Purchase Agreement to “this Agreement,” “hereunder,” “hereof,” “herein”
or words of similar import shall mean and be a reference to the Purchase Agreement as amended by this Amendment, and each reference
herein or in any other Loan Document to the “Purchase Agreement” shall mean and be a reference to the Purchase Agreement
as amended and modified by this Amendment.

 

    	 	3	 

     

    

 

 

		6.	Counterparts. This Amendment may be executed by one or more of the parties to this Amendment
and any number of separate counterparts, each of which when so executed, shall be deemed an original and all said counterparts
when taken together shall be deemed to constitute but one and the same instrument.

 

		7.	Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of
the Company and its successors and assigns and the Purchaser and its successors and assigns.

 

		8.	Further Assurance. The Company hereby agrees from time to time, as and when requested by
the Purchaser, to execute and deliver or cause to be executed and delivered, all such documents, instruments and agreements and
to take or cause to be taken such further or other action as the Purchaser may reasonably deem necessary or desirable in order
to carry out the intent and purposes of this Amendment, the Purchase Agreement, the Note, and the Loan Documents.

 

		9.	GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

 

		10.	Severability. Wherever possible, each provision of this Amendment shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Amendment shall be prohibited by or
invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating
the remainder of such provision or the remaining provisions of this Amendment.

 

[Remainder of Page Intentionally Left Blank;
Signature Page Follows]

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed this Amendment as of the date set forth above.

 

	 	DYNASIL CORPORATION OF AMERICA
	 	 	 
	 	By	/s/ Robert J. Bowdring
	 	 	Robert J Bowdring, Chief Financial Officer
	 	 	 
	 	MASSACHUSETTS CAPITAL RESOURCE COMPANY
	 	 	 
	 	By:	/s/ Suzanne L. Dwyer
	 	 	Suzanne L. Dwyer, Vice President

 

 

 

Each
of the undersigned, hereby agrees to the foregoing changes and hereby confirms its Unconditional Guaranty, dated July 31, 2012
as amended, issued by the undersigned in favor of Massachusetts Capital Resource Company.

 

	 	DYNASIL BIOMEDICAL CORPORATION
	 	 	 
	 	By:	/s/ Robert J. Bowdring
	 	 	
        Robert J Bowdring, Treasurer 

	 	 	 
	 	EVAPORATED METAL FILMS CORPORATION
	 	 	 
	 	By:	/s/ Robert J. Bowdring
	 	 	Robert J Bowdring, Treasurer
	 	 	 
	 	OPTOMETRICS CORPORATION
	 	 	 
	 	By:	/s/ Robert J. Bowdring
	 	 	Robert J Bowdring, Treasurer
	 	 	 
	 	RADIATION MONITORING DEVICES, INC.
	 	 	 
	 	By:	/s/ Robert J. Bowdring
	 	 	Robert J Bowdring, Treasurer
	 	 	 
	 	RMD INSTRUMENTS CORPORATION
	 	 	 
	 	By:	/s/ Robert J. Bowdring
	 	 	Robert J Bowdring, Treasurer

 

[Signature Page to the Amendment to Note
Purchase Agreement]Exhibit

Exhibit 10.26

2017 STOCK COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS 

(Amended and Restated as of January 1, 2018)
Section 1. Purpose; Definitions. 
The purposes of the Plan are (i) to assist the Company in promoting a greater identity of interest between the Company’s Non-Employee Directors and the Company’s shareholders; and (ii) to assist the Company in attracting and retaining Non-Employee Directors by affording them an opportunity to share in the future successes of the Company. 
For purposes of the Plan, the following terms are defined as set forth below: 
		
	(a)
	“Award” means the grant under the Plan of Common Stock. 

		
	(b)
	“Board” means the Board of Directors of the Company. 

		
	(c)
	“Committee” means the Nominating and Corporate Governance Committee of the Board or a subcommittee thereof, any successor thereto or such other committee or subcommittee as may be designated by the Board to administer the Plan. 

		
	(d)
	“Common Stock” means the Common Stock of the Company. 

		
	(e)
	“Company” means Philip Morris International Inc., a corporation organized under the laws of the Commonwealth of Virginia, or any successor thereto. 

		
	(f)
	“Deferred Stock” means an unfunded obligation of the Company, represented by an entry on the books and records of the Company, to issue one share of Common Stock on the date of distribution. 

		
	(g)
	“Deferred Stock Account” means the unfunded deferred compensation account established by the Company with respect to each participant who elects to participate in the Deferred Stock Program in accordance with Section 6 of the Plan. 

		
	(h)
	“Deferred Stock Program” means the provisions of Section 6 of the Plan that permit participants to defer all or part of any Award. 

		
	(i)
	“Fair Market Value” means, as of any given date, the mean between the highest and lowest reported sales prices of the Common Stock on the New York Stock Exchange-Composite Transactions or, if no such sale of Common Stock is reported on such date, the fair market value of the Common Stock as determined by the Committee in good faith. 

		
	(j)
	“Non-Employee Director” means each member of the Board who is not a full-time employee of the Company or of any corporation in which the Company owns, directly or indirectly, stock possessing at least 50% of the total combined voting power of all classes of stock entitled to vote in the election of directors in such corporation, and “eligible Non-Employee Director” has the meaning provided in Section 3 of the Plan. 

		
	(k)
	“Plan” means this 2017 Stock Compensation Plan for Non-Employee Directors, as amended from time to time. 

1

		
	(l)
	“Plan Year” means the period commencing at the opening of business on the day on which the Company’s Annual Meeting of Shareholders is held and ending on the day immediately preceding the day on which the Company’s next Annual Meeting of Shareholders is held. 

Section 2. Administration. 
The Plan shall be administered by the Committee, which shall have the power to interpret the Plan and to adopt such rules and guidelines for carrying out the Plan and appoint such delegates as it may deem appropriate. The Committee shall have 
the authority to adopt such modifications, procedures and subplans as may be necessary or desirable to comply with the laws, regulations, compensation practices and tax and accounting principles of the countries in which Non-Employee Directors reside or are citizens of and to meet the objectives of the Plan. 
Any determination made by the Committee in accordance with the provisions of the Plan with respect to any Award shall be made in the sole discretion of the Committee, and all decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company and Plan participants. 
Section 3. Eligibility. 
Only Non-Employee Directors (except for Dr. Frederik Paulsen) shall be eligible to be granted Awards under the Plan. 
Section 4. Common Stock Subject to the Plan. 
The total number of shares of Common Stock reserved and available for distribution pursuant to the Plan shall be 1,000,000. 
In the event of any merger, share exchange, reorganization, consolidation, recapitalization, reclassification, distribution, stock dividend, stock split, reverse stock split, split-up, spin-off, issuance of rights or warrants or other similar transaction or event affecting the Common Stock, the Committee is authorized to and shall make such adjustments or substitutions with respect to the Plan and to Awards authorized thereunder as it deems appropriate to reflect the occurrence of such event, including, but not limited to, adjustments (A) to the aggregate number and kind of securities reserved for issuance under the Plan, (B) to the Award amounts set forth in Section 5(a), and (C) to the number and kind of securities subject to outstanding Deferred Stock obligations. In connection with any such event, the Committee is also authorized to provide for the payment of any outstanding Deferred Stock obligations in cash, provided that any such payment shall comply with the requirements of Internal Revenue Code Section 409A. 
Section 5. Awards. 
		
	(a)
	Annual Awards. On the first day of each Plan Year, each eligible Non-Employee Director serving as such immediately after the Annual Meeting held on such day shall receive an Award of Common Stock having a Fair Market Value equal to $175,000 (with any fractional share being rounded up to the next whole share) or such other amount as the Committee determines in its discretion. If an eligible Non-Employee Director first becomes a member of the Board on a day other than the first day of a Plan Year, the Committee may, in its discretion, make a pro-rated Award to such eligible Non-Employee Director. 

		
	(b)
	Terms of Awards. Awards pursuant to Section 5(a) are eligible for participation in the Deferred Stock Program. 

Section 6. Payments and Payment Deferrals. 
		
	(a)
	Each Plan participant may elect to participate in the Deferred Stock Program with respect to Awards granted under Section 5(a). The Deferred Stock Program shall be administered in accordance with the terms of this Section 6, provided that the Committee may modify the terms of the Deferred Stock Program or may require deferral of the payment of Awards under such rules and procedures as it may establish. Any deferral election shall be made at a time and for such period as shall satisfy the requirements of Internal Revenue Code Section 409A(a)(4). 

2

		
	(b)
	Any election to have the Company establish a Deferred Stock Account shall be made in terms of integral multiples of 25% of the number of shares of Common Stock that the participant otherwise would have been granted on each date of grant, shall be made no later than the last day of the calendar year immediately preceding the date of grant (or in the case of a participant who is first becoming eligible for this Plan and any other Plan required to be aggregated with this Plan under Internal Revenue Code Section 409A and the regulations and other guidance thereunder, no later than 30 days after the participant first becomes eligible and before the date of grant), and shall specify the time and form of distribution of the participant’s Deferred Stock Account in a manner complying with Internal Revenue Code Section 409A(a)(2) and (3). Any such election shall remain in effect for purposes of the Plan until the participant executes (i) a new election applicable to any grants to be made in years after the year in which the new election is made or (ii) an election not to participate in the Deferred Stock Program for grants in such future years. New elections pursuant to clause (i) of the preceding sentence may be made only to the extent permitted under rules and procedures established by the Committee taking into account administrative feasibility and other constraints. 

		
	(c)
	The Deferred Stock Account of a participant who elects to participate in the Deferred Stock Program shall be credited with shares of Deferred Stock equal to the number of shares of Common Stock that the participant elected to receive as Deferred Stock. The Deferred Stock Account shall thereafter be credited with amounts equal to the cash dividends that would have been paid had the participant held a number of shares of Common Stock equal to the number of shares of Deferred Stock in the participant’s Deferred Stock Account, and any such amounts shall be treated as invested in additional shares of Deferred Stock. 

		
	(d)
	If as a result of adjustments or substitutions in connection with an event described in the second paragraph of Section 4 of this Plan or as a result of the transfer of the transferred accounts, a participant has received or receives with respect to Deferred Stock credited to the participant’s Deferred Stock Account rights or amounts measured by reference to stock other than Common Stock, (i) such rights or amounts shall be treated as subject to elections made, crediting of the participant’s account, and any other matters relating to this Plan in a manner parallel to the treatment of Deferred Stock under the Plan, provided that any crediting of amounts to reflect dividends with respect to such other stock shall be treated as invested in additional Deferred Stock rather than such other stock, and (ii) within 12 months following the event described in Section 4, the participant shall be offered the opportunity to convert the portion of his or her account measured by reference to such other stock to Deferred Stock with the same Fair Market Value (rounded as necessary to reflect fractional shares) as of the date of such conversion. 

		
	(e)
	Any election by a participant for his or her Deferred Stock Account to be paid upon his or her separation from service as a member of the Board shall be applied in accordance with Internal Revenue Code Section 409A. No separation from service shall be deemed to occur until the participant ceases to serve on the Board. 

		
	(f)
	The Deferred Stock Program shall be administered under such rules and procedures as the Committee may from time to time establish, including rules with respect to elections to defer, beneficiary designations and distributions under the Deferred Stock Program. Notwithstanding anything in this Plan to the contrary, all elections to defer, distributions, and other aspects of the Deferred Stock Program shall be made in accordance with and shall comply with Internal Revenue Code Section 409A and any regulations and other guidance thereunder. 

Section 7. Plan Amendment and Termination. 
The Board may amend or terminate the Plan at any time without shareholder approval, including, but not limited to, any amendments necessary to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and any regulations and other guidance thereunder; provided, however, that no amendment shall be made without shareholder approval if such approval is required under applicable law, regulation, or stock exchange rule, or if such amendment would increase the total number of shares of Common Stock that may be distributed under the Plan (subject to adjustment pursuant to Section 4 of the Plan). 

3

Section 8. Transferability. 
Unless otherwise required by law, Deferred Stock shall not be transferable or assignable other than by will or the laws of descent and distribution. 

Section 9. Unfunded Status of Plan. 
It is presently intended that the Plan constitute an “unfunded” plan for incentive and deferred compensation. The Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or make payments; provided, however, that, unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of the Plan. 
Section 10. General Provisions. 
		
	(a)
	The Committee may require each person acquiring shares of Common Stock pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the shares without a view to the distribution thereof. The certificates for such shares may include any legend that the Committee deems appropriate to reflect any restrictions on transfer. 

All certificates for shares of Common Stock or other securities delivered under the Plan shall be subject to such stock transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission (or any successor agency), any stock exchange upon which the Common Stock is then listed, and any applicable Federal, state or foreign securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
		
	(b)
	Nothing contained in the Plan shall prevent the Company from adopting other or additional compensation arrangements for Non-Employee Directors. 

		
	(c)
	Nothing in the Plan shall confer upon any grantee the right to continued service as a member of the Board. 

		
	(d)
	No later than the date as of which an amount first becomes includable in the gross income of the participant for income tax purposes with respect to any Award the participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any Federal, state, local or foreign taxes of any kind that are required by law or applicable regulation to be withheld with respect to such amount. Unless otherwise determined by the Committee, withholding obligations arising from an Award may be settled with Common Stock, including Common Stock that is part of, or is received upon exercise of the Award that gives rise to the withholding requirement. The obligations of the Company under the Plan shall be conditional on such payment or arrangements, and the Company, shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the participant. The Committee may establish such procedures as it deems appropriate, including the making of irrevocable elections, for the settling of withholding obligations with Common Stock. 

		
	(e)
	The terms of this Plan shall be binding upon and shall inure to the benefit of any successor to Philip Morris International Inc. and any permitted successors or assigns of a grantee. 

		
	(f)
	The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. Recipients of an Award are deemed to submit to the exclusive jurisdiction and venue of the Federal or state courts of Virginia, to resolve any and all issues that may arise out of or relate to the Plan or any Award. Notwithstanding anything in this Plan to the contrary, the Plan shall be construed to reflect the intent of the Company that all elections to defer, distributions, and other aspects of the Plan shall comply with Internal Revenue Code Section 409A and any regulations and other guidance thereunder. 

4

		
	(g)
	If any provision of the Plan is held invalid or unenforceable, the invalidity or unenforceability shall not affect the remaining parts of the Plan, and the Plan shall be enforced and construed as if such provision had not been included. 

		
	(h)
	The Plan shall be effective May 3, 2017. Except as otherwise provided by the Board, no Awards shall be made after the Awards made immediately following the 2027 Annual Meeting of Shareholders. 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00279-of-00352.parquet"}]]