Document:

Exhibit 10.4

 

	 	

 

	 
	Crude Oil Transportation Agreement
	 

  

Between

 

CENIT
TRANSPORTE AND LOGÍSTICA DE HIDROCARBUROS S.A.S.

 

and

 

PETROLIFERA
PETROLEUM (COLOMBIA) LIMITED

 

Bogotá,
D.C., December 1st of 2014

 

    	 

    	 

    

  

	 	

 

General Information

 

	Date of Execution	Bogotá, December 1st of 2014

 

	Contract No.	DC - Crude Oil Transportation Agreement – 004– 2014

 

	SENDER	PETROLIFERA PETROLEUM (COLOMBIA) LIMITED
	N.I.T	900.139.306-1

 

	Transporter	Cenit Transporte and Logística de Hidrocarburos S.A.S.
	N.I.T	900.531.210-3

 

Economic Conditions 

 

	Fee	0.5539 USD / Barrel
	Monetary Condition 	Not Applicable

 

Sender’s Contracted Capacity

 

	Crude Oil	10,000 BPDC
	Capacity modality 	Subject to the existence of Excess Capacity
	Payment Modality	Ship and Pay
	Term of Provision of the Service	Twelve (12) months

 

Existing Route – Entry and
Exit Points

 

	Type of Point	Point Description
	Existing Route	Mansoyá - Orito
	Point of Entry	Orito: Entry valve to scrapers trap at PK 35 +400 of the OMO

	Exit Point	Orito: Main tanks’ entry valve

 

    	 

    	 

    

  

	 	

 

TABLE OF CONTENTS

 

	Clause  1.	Definitions and Interpretation	7
	 	 	 
	Clause  2.	Purpose	8
	 	 	 
	Clause  3.	Service	8
	 	 	 
	Section 3.01	– Description of the Service:	8
	Section 3.02	– Nominations of the Sender	8
	Section 3.03	– Delivery and Withdrawal of the Crude Oil	8
	Section 3.04	– Custody of the Crude Oil	9
	Section 3.05	– Sender’s Contracted Capacity	10
	Section 3.06	– Disposal of the Not - Utilized Capacity	10
	Section 3.07	– Quality Specifications’ Adjustments	10
	 	 	 
	Clause  4.	Term for the Provision of the Service and Extensions	11
	 	 	 
	Section 4.01	– Term for the Provision of the Service:	11
	Section 4.02	– Term Extension:	11
	 	 	 
	Clause  5.	Price and Terms of payment of the Service	12
	 	 	 
	Section 5.01	– Amount of the Agreement	12
	Section 5.02	–  Modality of Payment of the Service	12
	Section 5.03	– Fee	12
	Section 5.04	– Payment and Invoicing	12
	Section 5.05	– Transportation Tax	13
	Section 5.06	– Adjustments of the Invoicing for Service	14
	Section 5.07	Objections	14
	Section 5.08	– Common Invoicing Issues	15
	 	 	 
	Clause  6.	Guarantee	16
	 	 	 
	Section 6.01	– Amount and Term of the Guarantee	16
	Section 6.02	– Enforceability of the Guarantee	16
	Section 6.03	– Term of the Guarantee and Renewals	17
	Section 6.04	– Conditions of the Guarantee	17
	 	 	 
	Clause  7.	Representations of the Parties	17
	 	 	 
	Section 7.01	– Representations of the Sender	17
	Section 7.02	– Representations of Cenit	18
	 	 	 
	Clause  8.	Responsibility	19
	 	 	 
	Clause  9.	Licenses, Permits and Authorizations	20
	 	 	 
	Clause  10.	Exclusion of Labor Relationship	20
	 	 	 
	Clause  11.	Indemnities	21
	 	 	 
	Clause  12.	Suspension of Service	23
	 	 	 
	Section 12.01	– Suspension attributable to the Sender	23

 

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	Section 12.02	– Suspension due to Justified Events	23
	 	 	 
	Clause  13.	Direct Payment with Crude Oil owned by the Sender	24
	 	 	 
	Clause  14.	Corporate Governance Code and Money Laundering Policies	24
	 	 	 
	Clause  15.	Transparency Commitment	24
	 	 	 
	Clause  16.	Validity	25
	 	 	 
	Section 16.01	– Term	25
	Section 16.02	– Early Termination by Cenit	25
	Section 16.03	– Early Termination by the Sender	26
	 	 	 
	Clause  17.	Liquidation	26
	 	 	 
	Clause  18.	Assignment of the Contractual Position	27
	 	 	 
	Section 18.01 	– Assignment by the Sender of the Contractual Position	27
	Section 18.02	– Assignment by Cenit	28
	 	 	 
	Clause  19.	Confidentiality	28
	 	 	 
	Clause  20.	Default	29
	 	 	 
	Clause  21.	Notifications	29
	 	 	 
	Section 21.01	– Requirements	29
	Section 21.02	– Effects of the Notifications	29
	Section 21.03	– Change of the Address for the Service of Notices	29
	Section 21.04	– Address for the Service of Notices	29
	 	 	 
	Clause  22.	Law Applicable	30
	 	 	 
	Clause  23.	Resolution of Controversies	30
	 	 	 
	Clause  24.	Integrity of the Agreement and Amendments	30
	 	 	 
	Section 24.01	– Integrity of the Agreement	30
	Section 24.02	– Amendments	31

 

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TABLE
OF ANNEXES

 

	Annex A Definitions	33
	Annex B Entry and Exit Points	36
	Annex C Quality of the Crude Oil to be Transported	37
	Annex D Model of the Stand - By Letter of Credit	39
	Annex E Direct Payment Terms and Conditions  (Clause  13)	41

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

CRUDE OIL TRANSPORTATION AGREEMENT

 

This Crude Oil Transportation Agreement
is entered into today, the 1st of December of 2014 (the “Execution Date”):

 

		(1)	CENIT TRANSPORTE AND LOGÍSTICA DE HIDROCARBUROS S.A.S., a Colombian simplified shares’
commercial company, domiciled in the city of Bogotá, incorporated by private document of the 15th of June of
2012 and registered in the commercial record on the same date, with commercial registration number No. 02224959 (hereinafter, “Cenit”
or the “Transporter”), legally represented by Eugenio Gómez Hoyos, identified as it appears next to his signature
acting in his capacity as General Attorney, according to the power of attorney granted by public deed No. 1910 of the 3rd
of July of 2013 of Notary 51 of the city of Bogotá representative duly empowered to enter into this act; and

 

		(2)	PETROLIFERA PETROLEUM (COLOMBIA) LIMITED a company organized and existing according to the
laws of the Cayman Islands, acting through its Colombian branch office established with its main place of business in the city
of Bogotá established by Public Deed number 1682 of the 2ndof March of 2007 before the 6th Notary
of the City of Bogotá, with commercial registration No. 01681481 (hereinafter, the “SENDER”) jointly represented
for the execution of this Agreement by Adrian Coral and Alejandra Escobar Herrera, identified as it appears next to their signatures,
authorized for such purposes according to the certificate of existence and incumbency issued by the Chamber of Commerce of Bogotá
(collectively with Cenit, the “Parties” and, each one of them, a “Party” or the “Party”).

 

The Parties have agreed to enter into this
Agreement which will be governed by the terms and conditions stipulated in the clauses set forth below, after the following

 

RECITALS:

 

		1.	Whereas, Cenit is the
owner of the Private - Use Pipeline called Mansoyá - Orito (OMO) (hereinafter, the “Pipeline”).

 

		2.	Whereas, the SENDER
requires the transportation service for Crude Oil Owned by the SENDER through the Pipeline, which meets the Quality Specifications
demanded by Cenit in Annex D to this Agreement.

 

		3.	Whereas, Cenit agrees
to provide the transportation service in the terms and conditions established in this Agreement and the SENDER expressly accepts
that said service will be provided under the “Ship and Pay” modality, and provided according to the provisions of the
Transporter’s Manual, applicable to this Agreement.

 

		4.	CENIT’S Transporter’s Manual, CENIT’S Compliance
Manual, CENIT’S Corporate Governance Manual, as well as CENIT’S Ethics Code, which are published in the following website
www.cenit-transporte.com as well as in CENIT’S Transporter Bulletin, apply to this Agreement. Cenit ́s Transporter ́s
Manual can only be modified by Cenit in strict compliance with the applicable laws.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

Based on the foregoing considerations,
the Parties have agreed to enter into this Agreement, which will be governed by the following:

 

CLAUSES

 

		Clause 1.	Definitions and Interpretation

 

		(a)	Unless otherwise established, the capitalized terms in this Agreement shall have the meaning given
to them in Annex A hereto. Likewise, the terms defined in the Transporter’s Manual Applicable to this Agreement. In the event
of conflict between the Definitions contained in Annex A of this Agreement and those set forth in the Transporter’s Manual,
those established in Annex A shall prevail.

 

		(b)	The headings of the Clauses and of the Sections of this Agreement are included exclusively for
reference and for simple convenience purposes, but do not limit, define or describe in any way the scope and the intention of the
contents of each one of the respective Clauses or Sections.

 

		(c)	A reference to a “Clause”, “Section” or “Annex” is a reference
to a clause, section or annex of this Agreement, unless expressly stated otherwise.

 

		(d)	The words employed in this Agreement in singular include the plural and the plural includes the
singular. In a similar manner, a reference to a gender includes the references to the other gender.

 

		(e)	When the words “include” or “including” are utilized in this Agreement,
it shall be construed that the respective lists are declarative and not exclusive.

 

		(f)	All the references to this Agreement mean this Agreement, including all the annexes thereof. The
words “in this”, “of this”, “to this” and “under this” as well as other similar
expressions, refer to this Agreement as a whole and not to an Article, Annex, Section or another subdivision in particular.

 

		(g)	The Parties have taken part in the negotiation and drafting of the clauses of this Agreement based
on the general model published by Cenit in the BTO, and therefore in case of a doubt or controversy in the construal or application
of any of its clauses, the Parties acknowledge and accept that the Agreement has been freely negotiated according to the own analyses
made by each one of the parties on it.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		Clause 2.	Purpose

 

Cenit agrees, within the terms and conditions
established in this Agreement and its annexes, to transport Crude Oils owned by the Sender delivered to Cenit, from the Point of
Entry and up to the Exit Point, for up to the Sender’s Contracted Capacity (as it is defined below). The Sender, in consideration,
agrees to pay to Cenit the Fee in the modality of “ship and pay” for the number of barrels actually transported in
the respective Operation Month and that it is entitled to transport under the Sender’s Contracted Capacity according to Clause
5 of this Agreement.

 

		Clause 3.	Service

 

		Section 3.01	– Description of the Service:

 

		(a)	The scope of Cenit’s obligations under this Agreement is
limited to: (i) to receive the Crude Oil which complies with the Quality Specifications set forth in Annex C and the requirements
set forth in this Agreement, at the Point of Entry, for up to the Contracted Capacity established in Section 3.05; (ii) to transport,
custody, transship and to perform the haulage of the Crude Oil owned by the Sender through the Pipeline up to the Exit Point for
up to the Sender’s Contracted Capacity established in Section 3.05; (iii) to make available to the Sender or to whoever the
Sender authorizes, at the Exit Point, the equivalent of the Crude Oil owned by the Sender initially delivered by it, adjusted according
to the provisions of this Agreement and the Transporter’s Manual; and (iv) the temporary and operative storage necessary
for the provision of the services described above (the “Service”).

 

		(b)	The Service does not include: the segregated transportation of
Crude Oil owned by the Sender, non – operational storage service, the provision of the loading and offloading in docking
areas, treatment of Crude Oils, storage in export ports or pumping stations, loading, or the provision of port services. It is
the responsibility of the Sender to have the infrastructure required to perform the aforementioned activities or to hire the respective
services. Cenit does not assume under this Agreement any responsibility whatsoever for the lack or failure of the services that
the Sender must have to carry out the activities nor included in the Service.

 

		(c)	The Service will be provided in the terms established in this
Agreement and its annexes, which are integral part of this Agreement.

 

		Section 3.02	– Nominations
of the Sender

 

The SENDER agrees to make the Nominations
in compliance with the Nomination Process established in the Transporter’s Manual. CENIT shall not be obliged to honor extemporaneous
Nominations of the SENDER according to the provisions of the Transporter’s Manual.

 

		Section 3.03	– Delivery and Withdrawal of the Crude Oil

 

		(a)	The Sender shall have the obligation to deliver to Cenit, at
the Point of Entry, the number of Barrels established in the Transportation Program for the relevant Month of Operation. 

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(b)	Cenit may abstain, and such abstention will not mean any responsibility
whatsoever on Cenit’s part, from receiving the Crude Oil owned by the Sender when: (i) the Crude Oil does not meet the Quality
Specifications set forth in Annex C to this Agreement; (ii) the Crude Oil is not included in the respective Scheduled Capacity
of the relevant Transportation Program according to the ranges established in this Contract and the Transporter’s Manual;
and (iii) there are no agreements of the Sender in force entered into by the Sender does not have the facilities or the services
that allow the delivery of the Crude Oil at the Exit Point or its transfer to another transportation, export, storage or disposal
system.

 

		(c)	Cenit commits to make available to the Sender at the Exit Point,
according to the Transportation Program, the equivalent of the Crude Oil that Cenit would have received from the Sender at the
point of entry: (i) adjusted according to the procedure for Volumetric Compensation by Quality established in the Transporter’s
Manual, less (ii) any reduction in weight or volume due to Non – Identifiable Losses, as determined by the Transporter’s
Manual; or (iii) reduction or loss of Crude Oil derived from the occurrence of any Justified Event that prevents Cenit from making
available to the Sender all the Crude Oil received.

 

		(d)	The Sender commits to receive and to withdraw the Crude Oil,
directly or through a person empowered to do so, at the Exit Point, as determined in the Transportation Program of the relevant
Month of Operations, according to the provisions of this Agreement. In the event that the Sender empowers a third party to receive
or withdraw the Crude Oil to be delivered by Cenit, it must take all necessary measures to that person receives the Crude Oil according
to the provisions of this Agreement, and in all cases the Sender will be responsible for the removal of the Crude Oil, as well
as of the compliance with all the obligations and duties established in this Agreement. In case that the Sender or the third party
designated to do so do not remove Crude Oil at the Exit Point, the provisions established in the Transporter’s Manual will
apply.

 

		(e)	Before the Nomination, and for the purposes of withdrawing the
Crude Oil, the Sender must enter into Agreements with other transporters or with port operators, as it may be required, to ensure
the delivery of the Crude Oils at the Exit Point without affecting the operation of the Pipeline. For these purposes, at Cenit’s
discretion, the Sender must evidence the contracted capacity for the evacuation or handling of the Crude Oil, through any of the
pipelines or ports after the Pipeline’s Exit Point which allows it to evacuate the Crude Oil, including, and if such is the
case, the contracted capacity of evacuation of the recipient that it has named. 

 

		Section 3.04	– Custody of the Crude Oil

 

Cenit commits has the obligation of custody
of the Crude Oil as from the instant in which the Sender delivers it to Cenit at the Point of Entry, and up to the instant in which
Cenit makes available to the Sender or to the person empowered by it, of the equivalent of the Crude Oil at the Exit Point, according
to the Transportation Program for the relevant Month of Operation. In the event that the Sender or the recipient appointed by it
does not receive the Crude Oil at the Exit Point under the terms and conditions set forth in the Transporter’s Manual, Cenit’s
responsibility to maintain the custody of the Crude Oil will cease and, without prejudice to the acknowledgement of the payments
that the Sender must make in favor of Cenit in the terms set forth in this Agreement.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		Section 3.05	– Sender’s Contracted Capacity

 

		(a)	Throughout the Term for the Provision of the Service, the Sender shall be entitled to a contracted
capacity subject to the existence of Excess Capacity for the transportation of Crude Oil owned by the Sender for up to 10,000
BPDC (the “Contracted Capacity”), provided that the Quality Specifications of the Crude Oil owned by the Sender
meet those established in this Agreement.

 

		(b)	If the Sender were to nominate a volume higher than its Contracted Capacity (the “Additional
Capacity”), said capacity will be subject to the existence of Excess Capacity and it must be subject to the Nomination
Process established in the Transporter’s Manual for the Excess Capacity.

 

		(c)	It will not be considered as breach of the Agreement and it will not generate any responsibility
whatsoever for Cenit the non – acceptance of the Nomination that, due to Additional Capacity, makes the Sender, when such
rejection is due to the lack of Excess Capacity or, if there is Excess Capacity, it is not enough to accept all the Additional
Capacity nominated.

 

		Section 3.06	– Disposal of the Not - Utilized Capacity

 

		(a)	The Not - Utilized Capacity (as this term is defined below) will be offered by Cenit as part of
the Excess Capacity in the Month of Operation in which it takes place.

 

		(b)	It is construed as Not - Utilized Capacity the part or all the Contracted Capacity of a sender
that: (i) is not Nominated by the sender; (ii) had been Nominated and accepted in the Scheduled Capacity, but that will not be
utilized by the sender; or (iii) has not been used in the terms of Resolution 72 145 of the 7th of May of 2014 for the
Released Capacity (the “Not - Utilized Capacity”).

 

		(c)	The utilization on Cenit’s part of the Not - Utilized Capacity according to the provisions
of Section 3.06(a) above will not generate any right of compensation or any other right in favor of the senders.

 

		Section 3.07	– Quality Specifications’ Adjustments

 

		(a)	The Parties acknowledge and accept that the Effective Capacity of the Pipeline can have variations
as a function of the quality of the Crude Oil delivered by the Sender.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(b)	In the event that the Sender nominates for transportation Crude Oil that does not meet the Quality
Specifications established in Annex C, which together with all the Crude Oils nominated in the Pipeline may generate a reduction
of the Effective Capacity of the Pipeline, or can affect or be disadvantageous for the quality of the other Crude Oils to be delivered
for transportation on the Pipeline, Cenit will consider this effect and it could be reflected in a reduction of the capacity to
be assigned to the Sender as a consequence of the change of Quality Specifications and that will not vary or reduce the amount
payable by the Sender, in the terms and conditions set forth by Clause 5 of this Agreement.

 

		(c)	In the event that the Sender delivers for the provision of the Service Crude Oil that does not
meet the Quality Specifications set forth in Annex C and that affects the Effective Capacity of the Pipeline, the Sender accepts,
provided that it is operationally possible, that a smaller amount will be transported due to the change of quality of the Crude
Oil to be delivered or that the Service will not be provided if such change of the quality of the Crude Oil prevents its transportation
without varying or reducing the amount payable by the Sender, in the terms and conditions set forth in Clause 5 of this Agreement.

 

Notwithstanding the foregoing,
the Sender will be the sole responsible for the impacts that may occur because of the delivery of a quantity different from the
one nominated, in relation to the mix of Crude Oil transported by Cenit to the other Senders of the Pipeline, and therefore, as
from this moment, the Sender ensures and guarantees that it will hold Cenit harmless for this reason if any claim, damage cost
or loss derived from affecting the blend occurs.

 

		Clause 4.	Term for the Provision of the Service and Extensions

 

		Section 4.01	– Term for the Provision of the Service:

 

		(a)	The initial term for the provision of the Service for up to the Contracted Capacity corresponds
to twelve (12) months as from the first day of December of two thousand and fourteen (2014). Such term will be automatically extended
by equal or (sic) successive twelve (12) – month periods according to the provisions of Section 4.02 (hereinafter the initial
term and its extensions shall be called the “Term for the Provision of the Service”).

 

		(b)	Without prejudice to the provisions of 0 above, the Term for the Provision of the Service will
end in the cases of early termination of the Agreement as peer the provisions of Clause 16.

 

		Section 4.02	– Term Extension:

 

		(a)	The Term for the Provision of the Service established in Section 4.02 of the Agreement will be
automatically extended by successive twelve (12) – month periods, unless one of the Parties informs the other of its desire
not to extend the Agreement. The non - extension notice must be given, in writing, at least three (3) months before the date of
termination of the Term for the Provision of the Service. Once the notice of the intention not to extend the Agreement has been
given, it shall be construed that the same will terminate on the last day of the Term for the Provision of the Service.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(b)	Unless the Parties agree otherwise, the terms and conditions
established in this Agreement will be applicable to the provision of the Service during any of its extensions.

 

		Clause 5.	Price and Terms of payment of the Service

 

		Section 5.01	– Amount of the Agreement

 

The amount of this Agreement is undetermined.
Its final value will correspond to the total value of the product of the addition of all the invoices issued by Cenit for the payment
of the Fee and it will be established once it is ended and the final settlement thereof is made according to the provisions of
Clause 17 of this Agreement.

 

Under no circumstances may the Sender be
exonerated or released from its responsibility to pay the Fee for the number of barrels actually transported in the respective
Month of Operation during the Term for the Provision of the Service as per the provisions of this Agreement.

 

		Section 5.02	–  Modality
of Payment of the Service

 

The Agreement is made under the “Ship
and Pay” modality, so the Sender, throughout the Term for the Provision of the Service, has the obligation to pay to Cenit
all the Fee established in Section 5.03 of this Agreement, times the number of Barrels effectively transported in the respective
Month of Operation.

 

		Section 5.03	– Fee

 

The Sender agrees, irrevocably and
unconditionally, by the execution of this Agreement to the payment of the fee approved by the Ministry of Mines and Energy
for each Barrel effectively transported under the Sender’s Contracted Capacity namely the sum of US$ 0.5539 per Barrel
(the “Fee”). The Fee must be paid by the Sender pursuant to the provisions of Section 5.04 of this
Agreement.

 

“The Fee will be readjusted on an
annual basis, on the first (1st) day of July of every year using the formula for the calculation of the so – called
“Factor Φ” which has been defined by Resolutions No. 72 146 of the 7th of May of 2014 and 72 216
of 2014  “whereby the methodology for the determination of fees for the transportation of Crude Oil through pipelines
is established”, enacted by the Ministry of Mines and Energy, as amended, supplemented or replaced from time to time.

 

		Section 5.04	– Payment and Invoicing

 

		(a)	Invoicing: Cenit will send to the Sender no later than on the twentieth (20th)
day of each Calendar Month, the invoice with the amount that the Sender must pay for the Service.

 

		(b)	Amount Payable by the Sender: The Sender irrevocably and unconditionally agrees to pay for
the Service the sum of money resulting from the multiplication of the Fee, by the number of Barrels nominated and accepted for
the Month of Operation, without prejudice to the credit notes contemplated by Section 5.06.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(c)	Frequency and Term for the Payment: The Sender irrevocably and unconditionally agrees to
pay the sums of money established in Section 5.04(b), on a monthly basis (as applicalbe), within thirty (30) Days after the date
in which Cenit produces the invoice for the provision of the Service.

 

		(d)	Currency of Payment: The payments will be made in Colombian pesos using the arithmetic average
of the Representative Market Rate certified by the Financial Superintendence or the entity that takes its place, of the first day
of the month that corresponds to the Service invoice.

 

		(e)	Place of Payment: The Sender must make the payment by bank deposit or transfer into any
of the bank accounts that Cenit, as the holder, informs to the Sender in each invoice.

 

		Section 5.05	– Transportation Tax

 

		(a)	The Sender shall be responsible for the transportation tax as per the provisions of the regulations
in force. The calculation of the amount payable as transportation tax on the Sender’s charge will be made based on the “Net
Standard Volume” (“NSV”) without considering the compensation reported in the Volumetric Compensation
by Quality of the Pipeline and certified by the independent inspector at the Point of Entry of the Pipeline.

 

		(b)	The process for the payment of the transportation tax will be performed by Cenit in its capacity
as Transporter. However, the amount determined according to the legal procedure in force will be paid to Cenit by the Sender.

 

		(c)	The transportation tax will be invoiced on a quarterly basis, independent from the invoices for
the Service, no later than twenty (20) Days after the closing of the Volumetric Compensation by Quality of the last month of the
quarter, by the issuance of an invoice or equivalent document in Colombian pesos charged to the Sender, based on the NSV to which
the Volumetric Compensation by Quality has not been applied. The Sender irrevocably agrees to pay the invoice or equivalent document
in Colombian Pesos within fifteen (15) Days after the filing of the invoice or bill issued by Cenit. The objections to the invoice
will not interrupt the term for the payment of the invoice. The delays in the payment thereof will generate late payment interest.

 

		(d)	For information purposes, Cenit will send to the Sender the information of the estimate of the
amount of the transportation tax every month, on the last day of the month after the closing of the Volumetric Compensation by
Quality at the latest.

 

		(e)	The adjustments in the invoicing or equivalent document related to the Transportation tax, will
be made when: (i) there are adjustments in the amount charged to the Sender, derived from the calculation received by the Ministry
of Mines and Energy; or (ii) there are adjustments due to objections to the invoices, as per the procedure set forth by the Parties.
Those adjustments will be acknowledged and offset by Cenit against the amounts of the liquidation of the immediately subsequent
quarter.

 

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		Section 5.06	– Adjustments of the Invoicing for Service

 

		(a)	Cenit will make adjustments of the invoices based on the “Gross Standard Volumes” reported
in the CVC of each Pipeline and certified by the Independent Inspector of the Pipeline’s Entry Point.

 

		(b)	Cenit will make adjustments of the invoices based on the volumes invoiced and the volumes actually
transported. If as a result of the adjustment the subject matter of this item it is determined that the SENDER made an excess payment
for the Service, CENIT will compensate the SENDER by generating a credit note for the amounts paid in excess, in favor of the SENDER,
to be credited to the invoices issued for the services provided under this Agreement or under other agreements entered into by
the SENDER and CENIT. In case that the Term for the Provision of the Service hereunder has ended or if there is no other contractual
relationship between CENIT and the SENDER, CENIT will pay back the excess amount within thirty (30) business days after the acknowledgement
made by CENIT. If, on the contrary, it paid an amount lower than the one that it should have paid for volumes actually offloaded,
CENIT will issue the respective adjustment invoice, which must be paid within thirty (30) Days after the date in which it was issued,
using the TRM of the first day of provision of the Service to which the adjustment corresponds; the TRM must be certified by the
Financial Superintendence or the entity that takes its place.

 

		Section 5.07	Objections

 

Without prejudice of making the respective
payment within the term established in Section 5.04(c) and 5.05 (c), if the Sender does not agree with any invoice presented by
Cenit, it will so inform to the latter in writing. The Parties will act in a prompt and joint manner to determine the reason of
the difference within a term of fifteen (15) business Days after the communication of the Sender, which must be submitted by the
Sender with all the vouchers or evidences to support the objection.

 

		(a)	If the objection is accepted, the Parties will observe the following rules:

 

		(i)	If the Parties find that the Sender paid in excess, and provided that the Term for the Provision
of the Service has not ended, Cenit will acknowledge it to the Sender generating a credit note for the Service in favor of the
Sender to be credited in the invoicing issued for the services provided under this Agreement or under other agreements between
the Sender and Cenit. In case that the Term for the Provision of the Service under this Agreement has ended or if there are no
other contractual relationships between Cenit and the Sender, Cenit will pay back the excess amount charged within thirty (30)
business Days after the acknowledgement by Cenit.

 

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		(ii)	If the Parties determine that the Sender paid an amount lower than the one determined in the invoice,
the Sender will pay to Cenit within thirty (30) Days after the expiration of the term mentioned in the first part of Section 5.07
all the amounts owed to Cenit.

 

		(b)	In case that Cenit does not accept the objection presented by the Sender, once the term established
in the first part of Section 5.07 has lapsed, it will so inform to the Sender in writing within the next fifteen (15) business
days, giving the explanations required and attaching all pertinent supporting data; and of the discrepancy between the Parties
persist, the mechanisms for the resolution of controversies set forth in this Agreement will be activated.

 

		Section 5.08	– Common Invoicing Issues

 

		(a)	Late Payment: the delay in the payment of any invoice, as per the provisions of this clause,
will generate the payment, on the charge of the Sender, of late payment interests at the maximum rate legally allowed for commercial
late payment interest calculated from the date in which the relevant invoice had to be paid and until the actual payment thereof
by the Sender. The interest will be calculated and paid in Colombian pesos using the average Representative Market Rate of the
Days in which the late payment interest accrues.

 

		(b)	Late Payment Interest Invoices: The invoices for the payment of late payment interest as
per the preceding sub - section must be paid by the Sender no later than thirty (30) Days after the date of issuance thereof by
Cenit in the terms of this Section.

 

		(c)	Source of Payment: The amounts deposited by the Sender in any of Cenit’s bank accounts
must come from the Sender’s own accounts who, in a written document at the beginning of the Agreement will certify the origin
of its funds. The foregoing is pursuant to Cenit’s Compliance Manual.

 

		(d)	Invoices’ Review: Cenit, in order to facilitate and streamline the verification of
the invoices by the Sender, will send, by electronic mail, in PDF format, to the electronic address determined by the Sender in
this Agreement, a copy of the respective invoices.

 

		(e)	Invoice Date: For all the purposes of this Agreement, it shall be construed that an invoice
has been presented by Cenit to the Sender on the date in which the same has been sent by electronic mail or fax to the electronic
address or to the fax number set forth in this Agreement. Simultaneously, or on the next day, Cenit will forward the originals
of the invoices with the respective supporting data to the offices of the Sender. The Sender agrees to receive the invoice once
it is filed by Cenit.

 

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		Clause 6.	Guarantee

 

		Section 6.01	– Amount and Term of the Guarantee

 

		(a)	In order to guaranty the compliance with the Sender’s payment obligations under this Agreement,
including the payment of the invoices issued by Cenit as well as the late payment interest generated by the default of the Sender,
the Sender agrees to establish in favor of Cenit as insured and Beneficiary and to deliver to Cenit, a Guarantee within thirty
(30) Days after this Agreement’s Execution Date for an amount equivalent to three (3) months of Service, amount that is obtained
from multiplying the Fee by the Sender’s Contracted Capacity, by ninety (90) Days, with a term if at least fifteen (15) months
(the “Guarantee”).

 

		(b)	The Sender mat establish any of the following modalities of Guarantee:

 

		(i)	A surety covering the payment of the Services, issued by an insurance company legally established
in Colombia and duly authorized by the Financial Superintendence to operate in the country.

 

If this is the modality of Guarantee
chosen by the Sender, within the term established in this Section for its delivery, the Sender must deliver to Cenit the certificate
issued by the insurance company evidencing the payment of one hundred per cent (100%) of the respective premium; or;

 

		(ii)	An irrevocable Stand - By Letter of Credit payable upon demand issued by (i) a banking establishment
authorized to operate in Colombia with credit rating of at least A+ for its long – term debt in pesos, or (ii) a foreign
financial entity that has representation or a confirming and paying bank in Colombia, with long – term debt risk rating in
dollars not worse than that of the external sovereign debt of Colombia issued according to the International Standby Practices
(ISP98) of the International Chamber of Commerce, for which it may use the form contained in Annex D to this Agreement.

 

		Section 6.02	– Enforceability of the Guarantee

 

		(a)	Cenit may enforce the Guarantee, in whole on in part and on demand, when faced with a breach of
the payment obligations of the Sender under Agreement.

 

		(b)	For the case of the insurance policy, the Guarantee may be made effective when the Sender breaches
any of the payment obligations assumed with Cenit, by virtue of the Agreement, against the presentation of one of the following
documents to the insurance company: (i) the claim filed by Cenit with the insurance company; or (ii) in the event of a dispute
between the parties, a copy of the decision that settles it and certification of Cenit stating that the Sender has not complied
with any obligation derived from the Agreement or it has not complied with the payment obligation determined by the competent judge
within the term set forth by it.

  

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		Section 6.03	– Term of the Guarantee and Renewals

 

		(a)	Notwithstanding the fact that the Guarantee is issued according to the terms of Section 6.01 of
this Agreement, the Sender must have at all times and maintain in force the Guarantee during the term of the Provision of the Service
plus ninety (90) Days. The Sender must renew the Guarantee for the Term for the Provision of the Service, as per the rules established
in the preceding items as correspond to a surety or to “Stand - by” letters of credit, at least thirty (30) Days before
the end of the initial term or its extension, as the case may be. Likewise, for purposes of the renewal of the Guarantee for the
Term for the Provision of the Service, it may change the modality, namely, switching from surety to Stand - By Letter of Credit
or vice versa.

 

		(b)	It will be a condition indispensable for the provision of the Service to establish and maintain
the Guarantee for the Term for the Provision of the Service. In consequence, Cenit may suspender the provision of the Service or
terminate the Agreement in an early manner when the Guarantee for the Term for the Provision of the Service is not in force or
when it is not renewed for at least thirty (30) Days before the initial term thereof or of its extension, as the case may be, and
that will not release the Sender from its payment obligations and other obligations derived from this Agreement.

 

		Section 6.04	– Conditions of the Guarantee

 

		(a)	In the case of local financial institutions, the Guarantee must expressly state that the issuer
waives the benefit of excussion contemplated in article 2.383 of the Civil Code. In the case of Guarantees issued by foreign financial
institutions, it must express that it is on demand and irrevocable and the benefit of excussion or similar ones must be waived.

 

		(b)	The performance bond (surety) will not expire due to the lack of payment of the premium or because
of unilateral revocation thereof, and its text must state it.

 

		(c)	If the insurance company or entity that grants the Guarantee establishes any percentage as deductible
and makes it effective in the case of a loss, the amount to be cancelled will be assumed by the Sender.

 

		(d)	The deductions made by the company issuing the Guarantee will be on the Sender’s charge so
Cenit shall receive the total amount charged within the insured values.

 

		Clause 7.	Representations of the Parties

 

		Section 7.01	– Representations of the Sender

 

The Sender represents, in favor and to
the benefit of Cenit, that:

 

		(a)	It is a company with presence in the Republic of Colombia, established according to the Colombian
legislation.

 

		(b)	Is fully qualified according to the laws of the Republic of Colombia, its corporate by –
laws and other provisions of a corporate nature to enter into this Agreement and comply with the obligations acquired by virtue
of it, and the execution and performance thereof have been authorized according to all the corporate requirements and other corresponding
authorizations.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(c)	The execution and performance of the Agreement is not a breach or default of the terms or provisions
of any agreement or contract in which it is party, its by – laws, or any law, regulation or court order.

 

		(d)	This Agreement is a valid and binding obligation of the Sender and is enforceable according to
the terms and conditions thereof, excepting for the general rights of the creditors under reorganization or business liquidation
proceedings.

 

		(e)	Knows and accepts the Transporter’s Manual of the Pipeline in all of its terms, which is
integrally applicable to this Agreement.

 

		(f)	It is not a person or entity that has been forbidden to enter into transactions or negotiations
for persons of the United States of America, under any of the programs of sanction of the United States of America by the Office
of Foreign Assets Control (“OFAC”) of the Treasury Department of the United States of America; or that has been included
or is included in future within the sanctions imposed, among other, under the U. N. Security Council, the European Union or Switzerland.

 

		(g)	Understands that this Agreement is subject to the legislation in force, Resolution 72145 of 2014
and Resolution 72146 of 2014, or those that amend, add to or repeal them, as well as to the Transporter’s Manual and its
annexes, all of which it knows.

 

		Section 7.02	– Representations of Cenit

 

Cenit represents, in favor and to the benefit
of the Sender, that:

 

		(a)	It is a simplified shares’ company incorporated in the Republic of Colombia, according to
the Colombian legislation, dedicated, among other things, to the construction, operation and maintenance of the Pipelines.

 

		(b)	It is fully qualified according to the laws of the Republic of Colombia, its corporate by –
laws and other provisions of a corporate nature to enter into this Agreement and to comply with the obligations acquired by virtue
of it, and the execution and performance thereof have been authorized according to all the corporate requirements and other corresponding
actions.

 

		(c)	The execution and performance of the Agreement is not a breach or default of the terms or provisions
of any agreement or contract in which it is party, its by – laws, or any law, regulation or court order.

 

		(d)	This Agreement is a valid and binding obligation of Cenit and is enforceable according to the terms
and conditions thereof, excepting for the general rights of the creditors under reorganization or business liquidation proceedings.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(e)	It is not a person or entity that has been forbidden to enter into transactions or negotiations
for persons of the United States of America, under any of the programs of sanction of the United States of America by the Office
of Foreign Assets Control (“OFAC”) of the Treasury Department of the United States of America; or that has been included
or is included in future within the sanctions imposed, among other, under the U. N. Security Council, the European Union or Switzerland.

 

		(f)	Understands that this Agreement is subject to the legislation in force, Resolution 72145 of 2014
and Resolution 72146 of 2014, or those that amend, add to or repeal them, as well as to the Transporter’s Manual and its
annexes, all of which it knows.

 

		Clause 8.	Responsibility

 

Each Party will be responsible for the
losses or damages caused to the other Party for the failure to comply with its obligations under this Agreement and its Annexes,
in the terms established in this clause.

 

Without prejudice to the foregoing and
to all other responsibilities established in the Transporter’s Manual, the Parties will be answerable as follows:

 

		(a)	None of the parties will be liable to the other, under no circumstances whatsoever, for any indirect,
special or consequential damages

 

		(b)	In case of Non – Identifiable in excess to those identified in the Transporter’s Manual
or the legal provision that amend them, attributable to CENIT, CENIT will indemnify the damages suffered by the SENDER. For such
purposes, the Parties represent, accept and understand that unless the loss or damage or Non – Identifiable Losses that exceed
the percentages established in the Transporter’s Manual caused by willful misconduct or gross negligence of CENIT, CENIT
will only be answerable (i) for direct damages up to seventy five per cent (75% of the Declared Value of the Crude Oil Barrels
lost, and (ii) as loss of profit duly proven, for up to twenty five per cent (25%) of the amount that must be indemnified by CENIT
according to the provisions of sub - paragraph (i) above. All of the foregoing provided that the damages are duly proven.

 

		(c)	In the case of losses or damages derived from the fact that CENIT has not transported the capacity
Nominated by the SENDER and accepted by CENIT, it will pay, as direct damages and loss of profit, duly proven, up to a maximum
sum of money equivalent to one hundred per cent (100%) of the Fee, multiplied by each number of Barrels that were not transported.
This limitation will not be applicable in the cases of willful misconduct or gross negligence of CENIT.

 

		(d)	In the cases of losses or damages derived from causes other than those established in sub - paragraphs
(a) and (b) above for causes attributable to Cenit, it will be answerable only for direct loss and loss of profit for a sum of
money of up to 100% of the Fee multiplied by the number of barrels nominated by the SENDER for the Month of Operation in which
the damage or loss occurred. The foregoing limitation will not apply in the cases of willful misconduct or gross negligence of
CENIT.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(e)	The compliance with the legal obligations that correspond to each one of the Parties, including,
but not limited to those related to the personnel, the compliance of environmental provisions, those related to the legality of
the intellectual property rights, of the tax provisions or other similar ones, is on the charge and the sole responsibility of
the Party to which said obligation corresponds and its breach will only affect that Party.

 

		(f)	The fact that one of the parties does not enforce any of the provisions of this contract from the
other at any time will not be deemed as a waiver of the enforcement of such stipulation, unless it is so notified by the other
Party. No waiver to argue a breach of this Agreement will be deemed as a waiver to enforce any other breach.

 

		(g)	The Parties represent that they know the public order and security situation of the areas in which
the agreement will be implemented, in whole or in part, and each Party assumes its sole and exclusive responsibility for the risks
derived from such conditions and, therefore, they cannot bring any claim or action whatsoever against the other Party for damages,
losses, injuries, suffered by that other Party in its assets or property, its personnel, agents, contractors, subcontractors (including
employees or factors) because of the public order and safety conditions.

 

		Clause 9.	Licenses, Permits and Authorizations

 

The Parties agree to have or obtain and
keep in force all the licenses, permits and authorizations required for the compliance with the purpose of the Agreement. Each
Party will be individually answerable for all the risks, fines, sanctions or damages that accrue because of the lack of any license,
permit or authorization that it has the obligation to obtain and in that sense it will indemnify and hold harmless and defend the
other party for that fact before the authorities, judges and third parties.

 

		Clause 10.	Exclusion of Labor Relationship

 

		(a)	This Agreement establishes a relationship that is exclusively commercial between the Parties, associated
to the provision of the Service, so this Agreement does not configure labor or subordination relationship, or intermediation whatsoever
between the Parties, or between any one of them and the personnel that, by virtue of the Agreement, each Party designates for the
compliance thereof.

 

		(b)	Each Party and its subcontractors, and the workers of both of them, will not have labor subordination
to the other Party, and will not be intermediaries thereof and will have full technical, administrative and management autonomy,
in respect of their obligations under this Agreement. Therefore, each Party will assume all risks, utilizing their own means and
hiring the personnel required for the performance of this Agreement and, in the execution and timely performance thereof it will
strictly comply with its labor obligations as the true and only employer of its workers, as the case may be. Each Party agrees
to hold the other Party harmless from any claim it receives because of the breach of the aforementioned provisions. Hence, the
execution of this Agreement does not constitute the establishment of a franchise, joint venture, or company, and it does
not create a relationship of employee or commercial agent between the Parties.

 

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		(c)	None of the Parties is authorized to act in the name or on behalf of the other, unless expressly
authorized in writing.

 

		Clause 11.	Indemnities

 

		(a)	Indemnity of each Party: Without prejudice to the provisions of Clause 8 of this Agreement,
both the Sender and Cenit, in an independent manner, will be answerable one to another for any and all direct and foreseeable damages
that are attributable to their sole responsibility or to that of their employees or factors throughout the term of the Agreement
or as a consequence thereof, and commit to protect and fully release the other Party and its managers, employees and agents, from
all and / or any claims, lawsuits or actions, responsibility, costs, expenses, damage or loss derived from acts that are attributable
to its sole responsibility or to that of its employees or factors.

 

		(b)	Procedure: In case that any of the Parties seeks to be held harmless because of the indemnification
obligations set forth in this Clause, the claimant Party interested in it must notify the other Party (hereinafter, the “Debtor
Party”) in a timely manner of the existence of the process, claim or loss.

 

		(c)	In case of judicial requirements, the claimant Party must answer the lawsuit in a timely manner
and implead the Debtor Party, as the case may be, unless the Parties by mutual consent reach a direct agreement. The Debtor Party
cannot argue or file a remedy regarding the existence of an arbitration clause in this Agreement.

 

		(d)	In the case of administrative proceedings, the claimant Party must file on time the relevant remedies
before the government.

 

		(e)	The Parties may agree at any time that the Debtor Party assumes directly the judicial or administrative
defense of the claimant Party. In such event, the claimant Party will give all the cooperation and assistance to the Debtor Party
in the adoption of measures and actions necessary or convenient in the course of the proceedings, including the granting of powers
of attorney.

 

		(f)	The Parties agree that neither the claimant Party nor the Debtor Party may conciliate, settle or
in any way consent or commit in any issue of the proceeding regarding which the claimant Party seeks to be indemnified or defended
by the Debtor Party, without the prior consent of the other Party, unless the settlement, conciliation or consent includes the
unconditional release of the Claimant Party or of the Debtor Party, as the case may be, from any responsibility derived from the
procedure. The aforementioned consent cannot be unreasonably refused or delayed by the party from whom it was asked that such consent
would be given.

 

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		(g)	The claimant Party and the Debtor Party must maintain a close and permanent coordination regarding
the situation and the state of any action or means of defense that the claimant Party had filed or started. If by agreement of
the Parties, the Debtor Party assumed the defense in a direct manner, it must maintain the claimant Party informed of the state
and progress of the proceedings. Likewise, the claimant Party must inform the Debtor Party of the state and progress of the procedure.

 

		(h)	Once the procedure has concluded, as the case may be, the Debtor Party will have the obligation
to pay the claimant Party within a term of no more than sixty (60) Days, counted from the date in which the Debtor Party receives
the written communication of the claimant Party regarding the conclusion of the procedure, the amount established in the resolution,
judgment, arbitration award or act that ends the proceedings, including all interest, late payment interest and penalties applicable,
as determined in the respective act.

 

		(i)	In case that the decision of the Debtor Party is not to start or bring actions or means of defense
of, is such is the case, not to make the defense and respective clarifications, the Debtor Party will proceed to pay to the claimant
Party the amount that corresponds according to the notification of the claim of third parties received, being, as of the date of
payment, fully released from any liability for said procedure or requirement.

 

		(j)	The strategy of defense must see that the claimant Party is not affected because of losses or other
damages. In case that these preemptive measures, annex or similar measures affecting the operations of the claimant Party are decreed,
the Debtor Party will carry out the legal activities required in order to lift or suspend such measures, and it must act with due
diligence and swiftness.

 

		(k)	Regarding any claim of the claimant Party, according to the provisions of this Agreement, the Debtor
Party must make the respective payment:

 

		(i)	Within sixty (60) Days after the date in which the claim was made, in case that it refers to an
issue regarding which there is no controversy whatsoever between the Parties; or

 

		(ii)	Within sixty (60) Days after the date of the firm act that decides about, or the agreement reached
regarding the claim, in case that there is controversy among the Parties in respect thereof.

 

		(l)	The Parties agree to cooperate to the fullest extent possible in respect to any claim of third
parties by virtue of this Agreement.

 

If after the date in which
the respective judicial or administrative proceedings have ended there is a controversy between the Parties regarding the indemnity
obligation, the same will be solved using the mechanisms established in Clause 23 of this Agreement.

 

		(m)	Impleader: Based on this clause, and if deemed as necessary, any of the Parties may implead
the other Party in any type of proceedings brought against it.

 

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		(n)	Special Indemnity of the Sender: The Sender shall release and hold Cenit harmless for any
damage or loss suffered by Cenit as a consequence of the lack of receipt of the Crude Oil at the Exit Point.

 

		Clause 12.	Suspension of Service

 

		Section 12.01	– Suspension attributable to the Sender

 

		(a)	Cenit will have the right to suspend the Service, when faced with events that represent the breach
of any of the payment obligations of the Sender. For such purposes, a communication sent by Cenit to the Sender notifying of the
default, explaining the reasons thereof and contributing the relevant evidences or supporting data will suffice. Cenit grants to
the Sender a term of five (5) Days to cure the breach (the “Grace Period”). If upon the expiration of the Grace
Period the Sender has not cured the default, Cenit may suspend the Service and in no case the Sender will be entitled to any indemnification
whatsoever. The restart of the provision of the Services shall be subject to the prior written approval of Cenit.

 

		(b)	The suspension of the Service does not release or exonerate the Sender from its obligation
to pay the Fee for the barrels actually transported.

 

		Section 12.02	– Suspension
due to Justified Events

 

In case of occurrence of a Justified Event
that suspends or affects i whole or in part the provision of the Service:

 

		(a)	Cenit must give notice of the occurrence thereof to the sender, in writing, no later than twenty
four (24) hours after the time in which it is aware of the occurrence of the Justified Event, committing to send a report within
the next five (5) business days.

 

		(b)	Cenit must do all reasonable things required to reestablish, as soon as practicable, the Service
and the compliance with the obligations of the Agreement. Likewise, it must use all reasonable efforts to minimize or mitigate
any delay or additional costs that may occur, and keep the Sender informed of the progress.

 

		(c)	If the suspension of the Service is due to a defect typical of, or inherent to, the Crude Oil or
negligence imputable to the Sender, the Sender will be answerable according to the provisions of Clause 8 of this Agreement.

 

		(d)	Once the circumstances that caused the Event cease, Cenit will send a notification to the Sender
for the purposes of notifying the resumption of the Service, also resuming, in an automatic manner, the obligation to pay.

 

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		Clause 13.	Direct Payment with Crude Oil owned by the Sender

 

		(a)	Without prejudice to any other right or prerogative, Cenit may apply the provisions of Article
60 of Law 1676 of 2013; provided that the Sender is in breach of (i) its payment obligations derived from this Agreement; or (ii)
its obligation to establish and maintain the Guarantee, according to Clause 6, for the purposes of satisfying the defaulted obligation
through the direct payment with the Crude Oils owned by the Sender, in the terms established in Annex E of this Agreement.

 

		(b)	For the purposes of exercising the direct payment, Cenit shall have the obligation to send a Provisional
Notice to the Sender, once thirty (30) Days as from the date in which the Sender failed to comply with its payment obligation have
lapsed, without having cured said default.

 

		(c)	Cenit may directly pay itself if, ten (10) Days after the date of the Provisional Notice, the Sender
has not cured its default.

 

		(d)	The costs and all other expenses incurred by Cenit for these purposes shall be on the sole charge
of the Sender.

 

		Clause 14.	Corporate Governance Code and Money Laundering Policies

 

The Sender commits to:

 

		(a)	The Sender agrees to uphold and abide by the Corporate Governance Code and Cenit’s Ethics’
Code.

 

		(b)	Each one of the parties agree to report to the other the incidents or issues that may affect its
image and / or that of Cenit, within three (3) Business Days after the occurrence thereof, in order to handled them in a consensual
manner.

 

		Clause 15.	Transparency Commitment

 

The Parties commit to:

 

		(a)	To maintain appropriate conducts and controls to guaranty an ethic performance in agreement with
the regulations in force.

 

		(b)	To refrain from making (directly or indirectly, or through employees, representatives, affiliates
or contractors), payments, loans, gifts, gratuities, commissions to employees, directors, managers, contractors or suppliers of
Cenit, public servants, members of bodies elected by popular vote, or political parties, in order to induce such persons to do
something or to make a decision or to use their influence in order to contribute in obtaining or keeping businesses in relation
to the Agreement.

 

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		(c)	To refrain from generating inaccurate records or data, or from disseminating information that affects
the image of the other Party when it is based on assumptions that have not been proven.

 

		(d)	To prevent any situation that could generate a conflict of interest.

 

		(e)	To communicate in a mutual and reciprocal manner any departure from the line of conduct set forth
in this clause.

 

Sole Paragraph

 

The Sender declares that it knows and accepts
Cenit’s Ethics’ Code. In case that Cenit determines that the Sender has incurred in conducts that are in breach of
this clause, it may terminate this Agreement.

 

		Clause 16.	Validity

 

		Section 16.01	– Term

 

This Agreement will be in force on the
Date of Execution and will remain in force throughout the Term for the Provision of the Service and until its final winding up
by the Parties, unless it is terminated according to Section 16.02 of this Agreement.

 

		Section 16.02	– Early Termination by Cenit

 

Cenit may terminate this Agreement in an
early manner in case that the Sender seriously breaches the obligations derived from it. For the early termination to proceed due
to a serious breach, Cenit will give notice of default to the Sender in a written communication sent to the address registered
in this Agreement in which it will inform of the fact that generated the breach. For the purposes of this clause, it is consider
as a serious breach:

 

		(a)	Excepting in the cases of force majeure, fortuitous event or act of a third party, or by liability
attributable to Cenit, to deliver less than ninety five per cent (95%) of the Crude Oil nominated by the Sender and accepted by
Cenit in a Nomination Month, two (2) times during one same Calendar Year, provided that such situation has affected the Scheduled
Capacity and the compliance with Cenit’s obligations with other senders ad / or Third Parties. . Each event of default in
the terms herein established will be notified to the Sender in writing within thirty (30) Days after the end of the Month of Operation
in which the default occurred.

 

		(b)	To be overdue for more than fifteen (15) Days in the payment of the invoices issued by Cenit pursuant
to this Agreement.

 

		(c)	The unauthorized assignment of the Agreement by the Sender.

 

		(d)	The voluntary dissolution and liquidation of the Sender.

 

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Sole Paragraph

 

The Sender acknowledges that, without prejudice
to what has been established in this article, any breach of the Agreement may give Cenit the right to apply the sums of money and
fines established in the Transporter’s Manual, to enforce the Guarantee, as well as to request the indemnification of the
damages caused to it by the respective breach.

 

		Section 16.03	– Early Termination by the Sender

 

		(a)	The voluntary dissolution and liquidation of Cenit.

 

		(b)	If at any time during the Term for the Provision of the Service, Cenit does not provide the Service
for a period that exceeds of three (3) months, continuous and uninterrupted, because of a Justified Event.

 

		(c)	Due to the breach of Cenit’s obligations.

 

		Clause 17.	Liquidation

 

		(a)	Once the performance of the Agreement has concluded or the Term for the Provision of the Service
has expired, the Parties will use their best efforts to proceed to the liquidation of the Agreement.

 

		(b)	The Parties will proceed with the liquidation of the Agreement by mutual consent in a term of one
hundred and twenty (120) Days after the date of expiration of the Term for the Provision of the Service. For these purposes, Cenit
will send to the Sender a proposal of liquidation of the Agreement on which the Sender will make the observations or suggestions
that it considers pertinent.

 

		(c)	The Parties will see that the liquidation minutes expressly state:

 

		(i)	The declaration about the compliance with the obligations on the charge of each one of the Parties
because of the performance of the Agreement; and

 

		(ii)	The agreements, conciliations and settlements made by the Parties to end the divergences presented
and to be able to be mutually declared in the clear.

 

		(d)	Once the Agreement has been liquidated by mutual consent, each Party will pay the other Party the
fees or the sums of money that for any other reason it owes and results from the final liquidation thereof, once the respective
deductions have been made.

 

		(e)	The exercise of liquidation of the Agreement the subject of this Clause will not prevent the Parties
from resorting to the mechanism for the resolution of controversies established in Clause 23 of this Agreement when they consider
it pertinent. Likewise, in the event that the Parties are not able to complete the liquidation of the Agreement and if there are
payment obligations pending at the time of its termination, the Party that so considers may resort to such mechanism for its enforceability
and the exercise of the liquidation will not be considered as a requirement to proceed with the exercise of the relevant actions.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		Clause 18.	Assignment of the Contractual Position

 

The Sender may assign the contractual position
by means of the release of capacity through the total or partial assignment of its contractual position pursuant to the rules established
in this Clause.

 

		Section 18.01	– Assignment by the Sender of the Contractual Position

 

		(a)	The Sender cannot assign, in whole or in part, its contractual position in this Agreement, or the
rights and obligations contained in it, without the prior written consent of Cenit.

 

		(b)	In the event in which the assignment is authorized by Cenit, the assignee must assume all the rights
and obligations in the same terms established in this Agreement.

 

		(c)	The assignment can be authorized by Cenit when the Sender evidences to Cenit, in a sufficient manner,
that:

 

		(i)	The assignee is a legal entity duly incorporated and the term thereof is not lower than the term
of the Agreement and three (3) more years, for which it must deliver the documents that evidence: (1) the legal existence of the
legal entity that corresponds to the assignee Sender, (2) the capacity of the assignee Sender to assume the rights and obligations
of the Agreement, and (3) the legal capacity of the person that will represent the assignee Sender in the execution of the assignment
agreement;

 

		(ii)	The assignee has an adequate financial capacity to cover the obligations derived from the Agreement,
for which it must lodge with Cenit a certificate signed by the legal representative (or whomever takes its place)) and the statutory
auditor (and if there is not statutory auditor, by a certified public accountant) whereby the assignee Sender represents that,
as of the thirty first (31st) of December of the year immediately before the assignment, it equity is equivalent to
or higher than three (3) times the amount resulting from multiplying (1) the Sender’s Contracted Capacity, times (2) the
Fee, times (3) the number of Days of Service remaining until the termination of the Agreement;

 

		(iii)	In case that the assignee Sender does not have this equity, it can furnish a certificate issued
by the legal representative (or whomever takes its place) and the statutory auditor (and if there is not statutory auditor, by
a certified public accountant) of an Affiliate of the assignee Sender, expressing the existence of that equity at the aforementioned
date;

 

		(iv)	The assignee is the owner of Crude Oil;

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(v)	The assignee is not a person or entity that has been forbidden to enter into transactions or negotiations
for persons of the United States of America, under any of the programs of sanction of the United States of America by the Office
of Foreign Assets Control (“OFAC”) of the Treasury Department of the United States of America; or that has been included
or is included in future within the sanctions imposed, among other, under the U. N. Security Council, the European Union or Switzerland,
and

 

		(vi)	The assignee grants the Guarantee.

 

		(d)	Any total or partial assignment of the contractual position in
the terms of this Section, will be effective on the Month of Operation after the date in which the assignment takes place and the
foregoing cannot affect the programming of the transportation service.

 

Sole Paragraph

 

In case that the assignee Sender does not
meet all the conditions established in this section, Cenit may authorize such assignment under the condition that the assignor
Sender is joint and severally liable with the assignee for all past, present and future obligations of this Agreement throughout
the term of the Agreement and until its liquidation.

 

		Section 18.02	– Assignment
by Cenit

 

Cenit may assign in whole or in part the
Agreement, as well as any right or obligation contained in it, where the Sender’s authorization will not be necessary and
provided that the assignee is not a person or entity that has been forbidden to enter into transactions or negotiations for persons
of the United States of America, under any of the programs of sanction of the United States of America by the Office of Foreign
Assets Control (“OFAC”) of the Treasury Department of the United States of America; or that has been included or is
included in future within the sanctions imposed, among other, under the U. N. Security Council, the European Union or Switzerland.

 

		Clause 19.	Confidentiality

 

		(a)	The Parties agree to mutually furnish all the technical, commercial, legal and other information
that they may require for the performance of this Agreement.

 

		(b)	The Parties mill maintain, and agree that their shareholders, employees, board members, representatives,
administrators, Affiliates and the shareholders, employees, board members, representatives, administrators thereof, will maintain
in strict confidentiality all the information that they may have or obtain with this Agreement, in the understanding that the foregoing
will not apply to: (i) information that is available or that is disclosed to the general public, provided that it has not been
disclosed by any of the Parties or any of their shareholders, employees, board members, representatives, administrators, Affiliates
and the shareholders, employees, board members, representatives, administrators thereof, with the consent of the other Party; or
(ii) information the divulgation of which is required by a law or regulation applicable, ruling or arbitration award.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(c)	The confidentiality obligation agreed in this Clause 19 will be in force (i) during the entire
term of validity of this Agreement and two (2) more years, or (ii) in case of early termination thereof, up to two (2) more years
as from the date in which the Agreement is terminated in the terms of Section 16.02.

 

		Clause 20.	Default

 

The Parties expressly waive the formalities
of the requirement to be declared in default in case of delay or omission in the compliance of the obligations contracted under
this Agreement, and therefore, to be judicially reconvened to be in default. For these purposes, the Parties expressly accept that
the written communication that the complied Party addresses to the Party in default will suffice.

 

		Clause 21.	Notifications

 

		Section 21.01	– Requirements

 

The communications and invoices between
the Sender and Cenit that are sent because of this Agreement will require, for their validity, to be in writing and that according
to the will of the Party that issues them, are personally delivered, or transmitted by electronic mail or any other means through
which its sending and receipt can be proven.

 

		Section 21.02	– Effects
of the Notifications

 

All the communications will be considered
as received and will have effects on the date of receipt, if personally delivered, or twenty four (24) hours after the transmission
date, if transmitted by fax, electronic mail or any other means through which its sending and receipt can be proven, provided that
the confirmation is received within the next three (3) Days.

 

		Section 21.03	– Change of the Address for the Service of Notices

 

Each Party may change their address for
the purposes herein established, giving prior written communication to the other Party fifteen (15) Days before the date planned
for the change.

 

		Section 21.04	– Address for the Service of Notices

 

All the notifications and communications
that the parties must make because of the performance of this Agreement, will be made to the following addresses:

 

Cenit:

 

	Address	Carrera 9 No. 76 – 49 Piso 4, Bogotá D.C.
	Phone	(571) 3198800 Extension 18642
	Fax	(571) 3198799
	E - mail	juan.huertas@cenit-transporte.com

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

The Sender:

 

	Address	Calle 113 No. 7-80 Torre AR, Piso 17
	Phone	(571) 6585757
	Fax	(571) 2139327
	E - mail	juanbuitrago@grantierra.com

  

		Clause 22.	Law Applicable

 

This Agreement will be governed by the
laws of the Republic of Colombia, with the exclusion of its rules regarding conflict of laws.

 

		Clause 23.	Resolution of Controversies

 

Any controversy related to this Agreement
or arising from it will be subject to national institutional arbitration, managed by the Arbitration and Conciliation Center of
the Chamber of Commerce of Bogotá, according to the following rules:

 

		(a)	The tribunal will be made up by three (3) arbitrators appointed by the Parties by mutual consent
and, in the absence of agreement, by the Arbitration and Conciliation Center of the Chamber of Commerce of Bogotá by draw
from the A List of Arbitrators of said Center, upon request of any of the parties;

 

		(b)	The arbitration proceedings will be governed by the regulations in force in Colombia for national
institutional arbitration;

 

		(c)	The venue of the tribunal will be Bogotá, D.C., Colombia;

 

		(d)	The award must be given in law.

 

		Clause 24.	Integrity of the Agreement and Amendments

 

		Section 24.01	– Integrity of the Agreement

 

		(a)	This Agreement contains the integral and total terms accepted and agreed by the Parties to govern
the legal business of transportation agreed by them, in respect of the Contracted Capacity and the Service.

 

		(b)	If any provision of the Agreement is forbidden, becomes null, acknowledged as inefficacious or
cannot be enforceable according to the legislation in force, all other provisions will survive with full binding and mandatory
effects for the Parties, unless the forbidden, null, inefficacious or unenforceable provision is essential in a way that the interpretation
or compliance thereof is not possible. In such cases, the Parties agree to negotiate, in good faith, a valid clause the purpose
of which is the same of the same of the null, invalid or unenforceable provision or provisions.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

		(c)	The fact that any of the Parties does not make the other comply with any of the provisions of this
Agreement at any time, will not be considered as a waiver of the compliance with such stipulation, unless it is notified to the
other Party in writing. No waiver to invoke a breach of this Agreement will be considered as a waiver to invoke any other breach.

 

		(d)	The special conditions of the deal between the Parties are those established in this Agreement,
and therefore they supplement the provisions of the Transporter’s Manual.

 

		(e)	The following documents are integral part of the Agreement:

 

Annex
A Definitions

Annex
B Entry and Exit Points

Annex
C Quality of the Crude Oil to be Transported

Annex
D Model of the Stand - By Letter of Credit

Annex
E Direct Payment Terms and Conditions (Clause 13)

 

		(F)	Likewise, all the
                                         norms and procedures that Cenit has established for the performance of the activities
                                         the subject of this Agreement are integral part of this Agreement, including
                                         CENIT’S Transporter’s Manual, CENIT’S Compliance Manual, CENIT’S
                                         Corporate Governance Manual, as well as CENIT’S Ethics Code.

 

		Section 24.02	– Amendments

 

Only the amendments to this Agreement that
are evidenced in a document signed by both Parties will be valid. The Transporter’s Manual may be mended by Cenit according
to the regulations in force, and its changes are binding once informed to the Sender.

 

[SPACE INTENTIONALLY LEFT BLANK]

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

In witness thereof, it is signed in two
(2) identical counterparts, in the city of Bogotá D. C., on the first day of the month of December of 2014.

 

	CENIT	 	THE SENDER	 
	 	 	 	 
	/s/ Eugenio Gomez Hoyos	 	/s/ Adrian Coral	 
	 	 	 	 
	EUGENIO GÓMEZ HOYOS	 	ADRIAN CORAL	 
	C.C. No. 79.121.780 of Fontibón	 	C.C. No. 79.601.050	 
	General Attorney	 	Legal Representative	 
	 	 	 	 
	 	 	/s/ Alejandra Escobar	 
	 	 	 	 
	 	 	ALEJANDRA ESCOBAR	 
	 	 	C.C. 52.646.943	 
	 	 	Legal Representative	 

 

agreement
dc- crude transportation agreement 004-2014

 

    	32

    	 

    

  

	Contrato
de Descargue de Crudo	
	Attachment C
	Entry and Exit Point

 

Annex A

Definitions

 

The Definitions contained in this Annex
A will be applied to the Agreement and to any addendum signed, as well as to any other Annex or communication crossed between the
Parties. Likewise, the Definitions in the Transporter’s Manual are part of the Agreement.

 

Affiliate: Means, in respect of
any person, any other person, directly or indirectly Controlled by said person, Controller of said person or subject to the common
Control of said person.

 

Cenit: Has the meaning established
in the heading of this Agreement.

 

Additional Capacity: Capacity that
corresponds to the volumes in excess of the Sender’s Contracted Capacity.

 

Sender’s Contracted Capacity:
Has the meaning determined in Section 3.05 of this Agreement.

 

Released Capacity:
For a Month of Operation, it means the portion of the Sender’s Contracted Capacity and / or capacity of the owner that the
senders or owners are willing to cede in the Secondary Market in the terms prescribed in the regulations in force, in this Agreement
and in the Transporter’s Manual.

 

Not - Utilized Capacity: Has
the meaning determined in Section 3.06.

 

Excess Capacity:
Means, for a given period, the difference between the Effective Capacity and the addition of: (i) the capacity of the preemptive
Right, (ii) the owner’s capacity; and (iii) the Pipeline’s contracted capacity.

 

Corporate Governance Code:
It is the Corporate Governance Code of Cenit applicable to this Agreement.

 

Agreement: It is this Crude Oil
Transportation Agreement.

 

Control: Means the capacity of one
person to submit to its will the decisions of other person or persons. It is assumed if the subordination assumptions of articles
261 and 262 of the Colombian Commerce Code are present.

 

Crude Oil owned by the Sender: Means
the Crude Oil produced by the Sender or its Affiliates and / or the Crude Oil acquired in any other way by the Sender and /or its
Affiliates.

 

Quality Specifications: Means the
Quality Specifications that the Crude Oil must have for its transportation through the Pipeline which are described in Annex C
to the Agreement.

 

Execution Date: Haas the meaning
given to said term in the heading of this Agreement.

 

Guarantee: Has the meaning determined
in Section 6.01 of this Agreement.

 

agreement
dc- crude transportation agreement 004-2014

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

Transporter’s Manual: Is the
document the purpose of which is to establish the general conditions for the transportation of Crude Oil owned by the senders through
the Pipeline, fully applicable to this greement.

 

Secondary Market: Means the market
whereby Senders and Third parties acquire Released Capacity offered in the BTO, by means of total or partial assignments of Released
Capacity, entered into with Senders who have Sender’s Contracted Capacity.

 

NSV: Has the meaning determined
in Section 5.05(a) of this Agreement.

 

Pipeline: Means the set of facilities
and assets that make up the private – use system for the transportation and haulage of Crude Oil between Mansoyá and
Orito, according to the higher description set forth in Clause 3 of the Transporter’s Manual.

 

Party or Parties: Means Cenit
or the Sender, or both, according to the context in which the term is used.

 

Debtor Party: Has the meaning determined
in Clause 11(b) of this Agreement.

 

Grace Period: Has the meaning determined
in Section 12.01 Clause 12 of this Agreement.

 

Term for the Provision of the Service:
Has the meaning determined in Section 4.01 of this Agreement.

 

Nomination Process: Is the Nomination
Process established in the Transporter’s Manual that the Sender agrees to uphold by virtue of the Agreement.

 

Point of Entry: Will be the Points
of Entry described in Annex B to this Agreement.

 

Exit Point: Will be the Exit Points
described in Annex B to this Agreement.

 

Sender: Means PETROLIFERA PETROLEUM
(COLOMBIA) LIMITED as it has been identified at the beginning of the Agreement.

 

Service: Has the meaning determined
in Section 3.01(a) of this Agreement.

 

Fee: Has the meaning determined
in Section 5.03 of this Agreement.

 

Representative Market Rate: it is
the economic indicator that discloses the daily level of the official foreign exchange rate in the Colombian spot foreign currency
market, which corresponds to the arithmetic average of the weighed average U. S. Dollar sale and purchase rates of the interbank
operations and transfers carried out by the intermediaries of the foreign exchange market that have been authorized by the Foreign
Exchange Statute, and which is certified by the Financial Superintendence of Colombia.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

Declared Value: (i) For the Crude
Oil of the Vasconia Blend type, it will be the average of the daily closing quotes for the Vasconia Crude Oil, as per the publication
made by Argus during the Month of Operation, (ii) For the Crude Oil of the Castilla Blend type, it will be the average of the daily
closing quotes for the Castilla Crude Oil, as per the publication made by Argus during the Month of Operation (in all cases, the
arithmetic average will be used rounded to four decimal figures), and (iii) for Crude Oil other than those mentioned in sub - sections
(i) and (ii) above, which does not have quotation in Argus or another similar publication , it will be determined using the Specific
Gravity (SG) average, determined as a function of the API gravity , and sulphur contents (%S) of the Crude Oil to be assessed,
according to the quality and quantity report of the Month of Operation, of the Crude Oil the price of which is to be determined,
according to the following formula:

 

Price per Barrel in Dollars = b0 + (b1*SG)
+ (b2*%S)

 

Where:

 

b0 = Petroleum base price

b1 = price adjustment coefficient per SG

b2 = price adjustment coefficient per sulphur
contents (%S)

 

The figures for b0, b1 and b2 utilized
in this formula will be those obtained in the process of valuation if Crude Oils in the Volumetric Compensation by Quality of the
reference Month of Operation, according to the routine procedures established by the Transporter.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

Annex B

Entry and Exit Points

 

		1.	Mansoyá – Orito Pipeline (OMO):

  

	Point

#	 	Type of Point	 	Point Name
	1	 	Point of Entry	 	Entry valve to scrapers trap at PK 35 +400 of the OMO.

	2	 	Exit Point	 	Orito main tanks’ entry valve.

  

    	36

    	 

    

  

	Contrato de Descargue de Crudo	
	Annex J
	Terms y Conditions del Pago Directo

 

Annex C

Quality of the Crude Oil to be Transported

 

PRODUCTS' PROPERTIES

 

	PARAMETER	 	Norma ASTM	 	Unit
	API	 	D-1298	 	°API min 60°F	28
	°API max 60°F	30
	% BSW	 	D-4377/D-473	 	% vol	0,5
	SALT	 	D - 3230	 	PTB	20
	VISCOSITY	 	D - 445	 	Maximum in cSt 30°C	45
	ACIDITY	 	D - 664	 	Maximum in mg KOH / g	0,8
	RECEIPT TEMPERATURE	 	 	 	Maximum in °F	Not to exceed of 120°F
	VAPOR PRESSURE	 	D - 323	 	Reid vapor Pressure	
        Not to exceed of

        11 lb / Pug2

	FLUIDITY POINT	 	D - 5853	 	No greater in °C	Not greater than 12°C

  

Quality Specifications of the Hydrocarbon

 

According to the provisions of the Transporter’s
Manual:

 

		·	The Quality of the Crude Oil set forth in this Annex, corresponds to the quality that the final
blend of Crude Oil to be delivered by the Sender must have. In the event that the Crude Oil delivered by the Sender does not meet
the Crude Oil Quality set forth in this Annex and that it requires the purchase of diluents to make blends or any other type of
expense to make its transportation feasible, the Sender must request the approval of Cenit before the Delivery for transportation
by Cenit.

 

		·	It is the responsibility of the Sender to guarantee that it has the right to deliver or to make
others deliver in its name the Crude Oil that Cenit receives at the Point of Entry. The Sender will hold Cenit harmless in good
faith, released for responsibility for any claim, action or damage that could arise from lawsuits, claims or administrative, judicial
and extrajudicial actions of third parties that dispute the ownership or possession of the Crude Oil being transported.

 

		·	Cenit reserves the right to receive or
not the Crude Oil Owned by the Sender that does not meet the minimum values specified; in case that it receives it, the Sender
will pay to the Transporter the costs incurred in the analysis and in the eventual treatment of said Crude Oil to bring it to the
specifications required or to implement the scheme required for its transportation. 

 

agreement
dc- crude transportation agreement 004-2014

 

    	37

    	 

    

  

	Crude Oil Transportation Agreement Ship and Pay	

 

		·	Cenit reserves the right to request, reject
or approve the injection, at any point of the Pipeline of products such as corrosion inhibiters, fluidity point depressors, friction
reducers or any other additive on the Crude Oil to be transported. The Sender will pay Cenit the costs incurred in the analysis
and in the eventual treatment of this Crude Oil to bring it to the specifications required or to implement the scheme required
for its transportation. 

 

		·	Cenit reserves the right to transport
the Crude Oil Owned by the Sender that exceeds the limits determined by the Transporter for organic chloride, sand, dust, dirt,
glues, impurities, other objectionable substances or other composites with physical or chemical characteristics that, in the exclusive
determination of the Transporter, can mean that the Crude Oil is not easily transportable, may damage the Pipeline, or may interfere
with the transportation and the delivery. The Sender will pay Cenit the costs incurred in the analysis and in the eventual treatment
of this Crude Oil to bring it to the specifications required or to implement the scheme required for its transportation. 

 

		·	The Transporter, acting in a reasonable
manner and in good faith, will have the right to suggest any change of the minimum quality specifications of the Crude Oil Owned
by the Sender, from time to time, according to the operational practices, which may be necessary or adequate, including, but not
limited to, to prevent material damages or the material degradation of the Effective Capacity of the Pipeline, to prevent personal
injuries or damages to the property or the environment. Any change of specification must be subject to an express written agreement
of the Parties.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

Annex D

Model of the Stand - By Letter of Credit

 

Letter of Credit No. [●]

 

	ISSUANCE PLACE AND DATE:	[●]
	END DATE:	[●]
	NOMINAL VALUE:	US$ [●]
	ISSUING BANK:	[●]
	BENEFICIARY:	CENIT TRANSPORTE Y LOGÍSTICA DE HIDROCARBUROS S. A. S.
	PRINCIPAL:	[●]

  

Please be hereby advised that on account
of [●] (the “Principal”), a company incorporated
according to the laws of [●] the bank [●]
(the “Bank”) we have issued in favor of Cenit TRANSPORTE Y LOGÍSTICA DE HIDROCARBUROS S. A. S., with
commercial registration No. 02224959 (the “Beneficiary”), irrevocable Stand - By Letter of Credit payable upon
demand (the “Letter of Credit”) to back the payment of the obligations, money related or otherwise, of the Principal
under the Crude Oil Transportation Agreement entered into with the Beneficiary and dated [●]
(the “Agreement”), up to the face value set forth above (the “Guaranteed Obligations”).

 

This Letter of Credit will remain in force
from the [●] of [●]
of 20[●] until the date [●]
([●]) calendar days after the [●]
of [●] of [●].

 

It is construed that the responsibility
of the Bank, derived from this Letter of Credit, is limited, solely and exclusively, to the amounts and during the terms set forth
in the heading of the Letter of Credit.

 

In case of default of the Principal of
any or all of the Guaranteed Obligations, the Beneficiary, according to the provisions of the Agreement, must report such default
to the Bank in its offices located at [●], within the term
of this Letter of Credit. On the same date of receipt of the aforementioned communication by the Bank, the Bank will proceed directly
to pay, in an unconditional manner to the order of the Beneficiary the sums of money set forth in the document of communication
of the default on the part of the Beneficiary, without exceeding, at any time, of the total guaranteed value, against this Letter
of Credit, in (i) pesos, the legal tender of the Republic of Colombia, or (ii) dollars of the United States of America. In case
that the Beneficiary utilizes this Guarantee in a partial manner, the unused amount will continue guaranteeing the Guaranteed Obligations
and it may be requested by the Beneficiary in case of default of the Principal up to the end date set forth above.

 

If no default communication as determined
is received within the term of validity of this Letter of Credit, the Bank’s responsibility derived from it will cease.

 

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	Crude Oil Transportation Agreement Ship and Pay	

 

The communication in which the Bank is
informed of the breach of the Guaranteed Obligations will consist of a document duly signed by the legal representative of the
Beneficiary, in its condition as spokesperson of the Beneficiary, or whoever takes its place, expressing the Principal’s
breach of the Guaranteed Obligations and requesting the total or partial payment of this Guarantee. Said communication must mention
the number of this Letter of Credit and the amount for which it is being utilized. In case that the Beneficiary opts for utilizing
this Letter of Credit in pesos, the legal tender of the Republic of Colombia, the amount of the nominal value of the Letter of
Credit shall be translated at the Foreign Exchange Representative Market Rate certified by the Financial Superintendence of Colombia
for the date in which the communication is sent to the Bank.

 

This document will be governed by the International
Stand - by Practices (ISP98) of the International Chamber of Commerce.

 

    	40

    	 

    

 

	Crude Oil Transportation Agreement Ship and Pay	

 

Annex E

Direct Payment Terms and Conditions (Clause 13)

 

In order to comply with the provisions
of Law 1676 of 2013, and to proceed with the direct payment established in Clause 13 of this Agreement, the Parties agree the following:

 

		1.	Maximum Amount Covered: The maximum amount covered by the guarantee given by the Sender,
calculated according to the stipulations of Section 6.01 of this Agreement.

 

		2.	Description of the Goods: The goods given as guarantee comprise all the Crude Oils delivered
at the Point of Entry to Cenit and that are under the custody of Cenit for as long as the default of the Secured Obligations by
the Sender persists, as well as the goods derived from or attributable to the same.

 

		3.	Secured Obligations: The Sender guarantees with the aforementioned goods the compliance
with each and all the obligations established in this Agreement, including, but not limited to, the payment of the Fee, the establishment
and delivery of the Guarantee, when the same must be established according to the provisions of Clause 6 of this Agreement, and
the obligations established in the Transporter’s Manual.

 

		4.	Procedure: In the same way and without prejudice to the provisions contained in Article
60 of Law 1676 of 2013, the Parties agree to carry out the following procedure:

 

		(a)	Five (5) Days after the partial or total default of an obligation guaranteed by the Sender, Cenit
shall have the obligation to send a Provisional Notice to the Sender, giving it a term of ten (10) Days for the Sender to cure
such default, paying all the interest accrued at the maximum rate allowed by the law.

 

		(b)	Upon the expiration of the ten (10) – Day term without the Sender having complied with the
obligation due, Cenit may proceed to settle its credit, including the interest that may have accrued, directly with the Crude Oil
owned by the Sender for the amount of the valuation made according to the provisions of sub - paragraph (c) below.

 

		(c)	The direct payment made by Cenit will be made considering the value resulting from the valuation
made by an expert witness chosen by draw from the list established for those purposes by the Superintendence of Companies, which
will be binding for the Sender and for Cenit and will be made at the time of delivery or appropriation of the Crude Oil by the
Sender.

 

In the event that the value
of the Crude Oils as determined by the Expert Witness exceeds the amount of the obligation due, Cenit must give back the respective
balance, minus costs and expenses, at a point agreed by the parties by mutual consent.

 

* * *

 

    	41EX-10.1

 Exhibit 10.1 
  

 
  

STOCK PURCHASE AGREEMENT 

By and Among 
 ASTRONICS
CORPORATION, 
 and 

PLANESITE HOLDINGS, INC., 

and 
 THE ROBERT
ABBINANTE TRUST DATED OCTOBER 14, 2009, 
 THE ABBINANTE 2013 IRREVOCABLE TRUST # 1, 

THE ABBINANTE 2013 IRREVOCABLE TRUST #2 

and 
 ROBERT ABBINANTE

 Dated as of December 23, 2014 
  

 
  

 SCHEDULES 
  

			
	 Schedule
	  	 Description

	 1.1(a)
	  	Accounts Payable
	 1.1(b)
	  	Accounts Receivable
	 1.1(c)
	  	Accrued Liabilities
	 1.1(d)
	  	Sale Event Compensation Plans
	 1.1(e)
	  	Inventory
	 3.1
	  	Ownership of Shares
	 3.2
	  	Foreign Qualifications
	 3.4(a)
	  	Violations and/or Breaches
	 3.4(b)
	  	Required Consents and Approvals
	 3.5(a)
	  	Capitalization
	 3.6
	  	Subsidiaries and Investments
	 3.7
	  	Financial Statements
	 3.7(b)
	  	Deviations from GAAP
	 3.8
	  	Liabilities
	 3.9(a)
	  	Tangible Personal Property
	 3.9(b)
	  	Liens on Tangible Personal Property
	 3.12(a)
	  	Contracts
	 3.12(b)
	  	Loss Contracts
	 3.12(c)
	  	Government Contracts
	 3.13
	  	Litigation
	 3.14
	  	Tax Matters
	 3.15
	  	Insurance
	 3.16(c)
	  	Intellectual Property; Grants of Licenses
	 3.16(d)
	  	Third Party Intellectual Property
	 3.17
	  	Compliance with Laws, Orders and Permits
	 3.18(b)
	  	Disputed Obligations
	 3.19
	  	Inventory
	 3.20
	  	Suppliers and Customers
	 3.21(a)
	  	Personnel Matters
	 3.21(d)
	  	Immigration Matters
	 3.22(a)
	  	Employee Plans
	 3.23
	  	Environmental Matters
	 3.24
	  	Affiliate Transactions
	 3.25
	  	Bank Accounts; Powers of Attorney
	 3.26
	  	Permits
	 3.27
	  	Absence of Certain Changes
	 3.28
	  	Brokers’ or Finders’ Fees
	 3.29(a)
	  	Product Warranties
	 3.29(c)
	  	Extended Warranties
	 3.31(a)
	  	Import and Export Licenses
	 3.31(b)
	  	Import and Export Disclosures
	 3.31(d)
	  	Import and Export Disclosures

  
 i 

 STOCK PURCHASE AGREEMENT 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”) dated as of December 23, 2014 (the “Signing Date”) by
and among ASTRONICS CORPORATION, a New York corporation (“Purchaser”), PLANESITE HOLDINGS, INC., an Illinois corporation (“Planesite”), the stockholders of Planesite signatory hereto (such stockholders are sometimes
hereinafter referred to individually as a “Stockholder” and, collectively as the “Stockholders”) and Robert Abbinante (“Abbinante”). 

W I T N E S S E T H: 

WHEREAS, the Stockholders own all of the issued and outstanding shares of stock in Planesite (the
“Shares”); and 
 WHEREAS, Planesite holds all of the issued and outstanding
shares of stock in Armstrong Aerospace, Inc., an Illinois corporation (“Armstrong”); and 

WHEREAS, Armstrong holds all of the issued and outstanding shares of stock in Armstrong Aerospace DISC, Inc., an Illinois
corporation (“Armstrong DISC” and together with Planesite and Armstrong, the “Companies” and each a “Company”); and  

WHEREAS, the Companies are engaged in the business of aviation engineering, certification, design, and manufacture of
technologies for aircrafts (the “Business”); and 
 WHEREAS, the Stockholders desire to sell, and the
Purchaser desires to purchase, all of the Shares pursuant to the terms of this Agreement; and 
 WHEREAS, it is the intention
of the parties hereto that, upon consummation of the transactions contemplated by this Agreement, the Purchaser will own directly all of the issued and outstanding Shares and all equity and voting interest in Planesite. 

NOW, THEREFORE, IT IS AGREED: 

ARTICLE I 
 DEFINITIONS 

Section 1.1 Defined Terms. When used in this Agreement, the following terms will have the respective meanings
specified below. 
 “Accounts Payable” means (i) all bona fide accounts payable of a Company (exclusive of
Accrued Liabilities, unpaid Transaction Costs, Indebtedness and accounts payable of such Company to Affiliates of such Company) and (ii) all checks written on bank accounts of any Company prior to the Closing Date which have not cleared as of
the Signing Date. Schedule 1.1(a) sets forth a list of the Accounts Payable as of the Signing Date, which Schedule shall be updated by the Companies in accordance with Section 5.12 as of a date within two (2) Business Days
prior to the Closing Date. 
 “Accounts Receivable” means all bona fide accounts receivable of a Company,
whether billed or unbilled (exclusive of any accounts receivable of such Company from Affiliates of such Company). Schedule 1.1(b) sets forth a list of the Accounts Receivable as of the Signing Date, which Schedule shall be updated by the
Companies in accordance with Section 5.12 as of a date within two (2) Business Days prior to the Closing Date.  

 “Accrued Liabilities” means all accrued expenses of a Company (exclusive
of Accounts Payable, unpaid Transaction Costs and Indebtedness). Schedule 1.1(c) sets forth a list of the Accrued Liabilities as of November 30, 2014, which Schedule shall be updated by the Companies in accordance with
Section 5.12 as of a date within two (2) days prior to the Closing Date. 
 “Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person; provided, however, that, for the purposes of this definition, “control”
(including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise and provided, further, that an Affiliate of any Person will also include (i) any Person that directly or
indirectly owns more than five percent (5%) of any class of capital stock or other equity interest of such Person, (ii) any officer, director, trustee or beneficiary of such Person, (iii) any spouse, parent, sibling or descendant of
any Person described in clauses (i) or (ii) above, and (iv) any trust for the benefit of any Person described in clauses (i) through (iii) above or for any spouse, issue or lineal descendant of any Person described in
clauses (i) through (iii) above. Notwithstanding anything herein to the contrary, Armstrong AeroMod, LLC, an Illinois limited liability company, shall not be deemed an Affiliate of any Company. 

“Books and Records” means originals or true copies of all operating data and records of the Companies including,
without limitation, financial, accounting and bookkeeping books and records, purchase and sale orders and invoices, sales and sales promotional data, advertising materials, marketing analyses, past and present price lists, past and present customer
service files, credit files, warranty files, batch and product serial number records and files, written operating methods and procedures, specifications, operating records and other information related to the Companies’ assets, properties and
rights, reference catalogues, insurance files, personnel records, records relating to potential acquisitions and other records, on whatever media, pertaining to the Companies or its business or operations, or to customers or suppliers of, or any
other parties having contracts or other business relationships with, the Companies. 
 “Business Day” means
any day, other than a Saturday, Sunday or a day on which banks are permitted or required by law to be closed in the State of Illinois. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations
promulgated thereunder. Section references to the Code are to the Code as in effect at the date of this Agreement. 

“Confidential Information” means any information concerning the organization, business or finances of a Company or of
any third party which any Company is currently under an obligation to keep confidential or that is currently maintained by a Company as confidential, including, without limitation, confidential or secret processes, products, technology, know-how,
merchandising and advertising programs and plans, suppliers, services, techniques, customers and plans with respect to a Company; provided, however, that notwithstanding anything in the foregoing, the term “Confidential Information” shall
not include information that (i) is or becomes generally available to the public, other than as a result of disclosure by the Stockholders, Abbinante, or their Representatives in violation of this Agreement, or (ii) becomes available to
the Stockholders, Abbinante, or their Representatives from a Person other than the Purchaser or a Company on a non-confidential basis, provided that such Person was not known by the Stockholders, Abbinante, or
their Representatives to be bound by an obligation of confidentiality to the Purchaser or a Company or its Representatives with respect to such information, or (iii) is required to be disclosed pursuant to a subpoena or court order. 

  
 3 

 “Contract(s)” means the contracts, agreements, purchase orders, proposals
and commitments, whether written or oral, which are currently in effect and to which a Company is a party or by which it or its assets or properties are bound, including, without limitation, contracts, agreements, purchase orders, proposals and
commitments: 
 (i) which contain restrictions with respect to payment of dividends or any other distribution in respect of the
capital stock or other equity interests of a Company; 
 (ii) relating to capital expenditures or other purchases of material, supplies,
equipment or other assets or properties (other than purchase orders for Inventory or supplies in the Ordinary Course of Business) with respect to a Company in excess of $5,000 individually, or $10,000 in the aggregate; 

(iii) involving a loan (other than Accounts Receivable from trade debtors in the Ordinary Course of Business) or advance to (other than travel
and entertainment allowances to the employees of a Company extended in the Ordinary Course of Business), or investment in, any Person or relating to the making of any such loan, advance or investment; 

(iv) involving Indebtedness; 

(v) under which any Person (other than a Company) has directly or indirectly guaranteed Indebtedness; 

(vi) granting or evidencing a Lien on any properties or assets of a Company; 

(vii) regarding the employment of any individual; 

(viii) providing for any management, consulting, financial advisory or any other similar service; 

(ix) limiting the ability of a Company to engage in any line of business or to compete with any Person; 

(x) (including letters of intent) involving the future disposition or acquisition of assets or properties, or any merger, consolidation or
similar business combination transaction, whether or not enforceable; 
 (xi) involving any joint venture, partnership, strategic alliance,
stockholders’ agreement, co-marketing, co-promotion, co-packaging, joint development or similar arrangements; 
 (xii) involving any
resolution or settlement of any actual or threatened litigation, arbitration, claim or other dispute; 
 (xiii) involving a confidentiality,
standstill or similar arrangement; 

  
 4 

 (xiv) involving leases or subleases of personal property to which a Company is a party (as
lessee or lessor) and involving an annual base rental payment in excess of $25,000; 
 (xv) involving the payment or receipt by a Company of
$25,000 or more which are not cancelable by such Company without penalty on thirty (30) days’ or less notice; 
 (xvi) containing
a “most favored nation” clause or similar provision; 
 (xvii) granting a power of attorney or other similar grant of agency; and

 (xviii) all other Contracts that are material to the Business. 

“Current Real Property” means the land and buildings at 1437 Harmony Court, Itasca, Illinois and 1377 Industrial
Drive, Itasca, Illinois (other than the buildings and improvements owned by Armstrong), each leased by Armstrong pursuant to the applicable Lease. 

“Damages” means any and all losses, liabilities, claims, damages, demands, lost profits, amounts due from judgments or
Proceedings, assessments, costs and expenses, including interest, penalties, reasonable attorney’s fees and any and all reasonable out-of-pocket expenses incurred by an Indemnified Party in investigating, preparing or defending against any
Proceeding, commenced or threatened or any claim. Damages will not be deemed to include any punitive damages, incidental damages, consequential damages, special damages, indirect damages, or diminution in value damages, except to the extent a Person
is required to pay such damages to a third party in connection with a matter for which such Person is otherwise entitled to indemnification under this Agreement. 

“Environmental Claim” means any notice of violation, notice of potential or actual responsibility or liability, claim,
suit, action, judgment, demand, fine, penalty, directive or order (including those for contribution and/or indemnity) by any Governmental or Regulatory Authority or other Person for any damage (including, but not limited to, personal injury,
tangible or intangible property damage, natural resource damage, indirect or consequential damages, governmental costs, investigative costs, removal, mitigation, response or remediation costs, nuisance, pollution, contamination or other adverse
effects on the environment), fines, penalties or restrictions or conditions on any Permit resulting from or relating to (i) any alleged injury or threat of injury to health, safety or the environment, (ii) the presence of, a Release or
threatened Release of, or exposure to, any Hazardous Substances, (iii) the generation, manufacture, processing, distribution, use, handling, transportation, storage, treatment or disposal of any Hazardous Substances, or (iv) non-compliance
with any Environmental Laws or any term or condition of any Environmental Permit. 
 “Environmental Law”
means any existing Law, Order or other requirement of law, including any principle of common law, or binding agreement with any Governmental or Regulatory Authority, relating to the protection of human health, natural resources or the environment,
or to the manufacture, use, transport, treatment, storage, disposal, release or threatened release of any Hazardous Substances.  

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and
regulations promulgated thereunder. Section references to ERISA are to ERISA as in effect at the date of this Agreement. 

  
 5 

 “Estimated Tax Gross Up” means the Tax Gross Up paid by the Purchaser to
the Stockholders on the Closing Date as estimated in good faith and mutually agreed by the Purchaser and the Stockholders at least two (2) Business Days prior to the Closing Date. 

“Final Tax Gross Up” means the Tax Gross Up as reflected in the Final Gross Up Schedule as finally determined in
accordance with Section 2.4. 
 “Government Contract” means a Contract between a Company and a
Governmental or Regulatory Authority, or a prime contractor or subcontractor thereof. 
 “Governmental or Regulatory
Authority” means any instrumentality, subdivision, court, administrative agency, commission, official or other authority of the United States or any other country or any state, province, prefect, municipality, locality or other government
or political subdivision thereof, or any quasi-governmental or private body exercising any regulatory, taxing, legislative, judicial, quasi-judicial, importing or other governmental or quasi-governmental authority. 

“Hazardous Substances” means: (i) any material, substance, chemical, waste, product, derivative, compound,
mixture, solid, liquid, mineral or gas, in each case, whether naturally occurring or manmade, that is hazardous, acutely hazardous, toxic, or words of similar import or regulatory effect under Environmental Laws, including, but not limited to, the
definition of “contaminant,” “pollutant,” “hazardous substances,” “hazardous wastes,” “hazardous materials,” “extremely hazardous wastes,” “restricted hazardous wastes,”
“toxic substances,” or “toxic pollutants”; and (ii) any petroleum or petroleum-derived products, radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam
insulation, and polychlorinated biphenyls. 
 “Indebtedness” means, without duplication, (i) any obligations of
a Company for borrowed money (including all obligations for principal, interest, premiums, penalties, fees, expenses and breakage costs) or indebtedness of a Company issued or incurred in substitution or exchange for obligations for borrowed money,
(ii) all Accounts Payable or other debts due and owing from a Company to its Affiliates, (iii) the amount of customer advances, less $850,000, (iv) amounts owing by a Company as deferred purchase price for property or services (other
than trade payables incurred in the Ordinary Course of Business), (v) any obligations of a Company evidenced by any note, bond, debenture or other debt security, (vi) any obligations of a Person other than a Company secured by a Lien
against (A) the Shares or (B) any right, title and interest in and to the Business, properties, assets and rights of any kind, whether tangible or intangible, real or personal, and owned by a Company or in which a Company has any interest,
(vii) any obligations or commitments of a Company to repay deposits or other amounts advanced by and owing to third parties (other than customer advances), (viii) any obligations of a Company under capital leases, (ix) other than
bonuses payable pursuant to the terms of the Sale Event Compensation Plans set forth on Schedule 1.1(d), any obligations of a Company which would become due and owing under any employment, severance, bonus, commission, non-competition or
similar agreement upon the execution of this Agreement or the consummation of the transactions contemplated hereby, (x) accrued royalties, (xi) funded letters of credit and (xii) all obligations of the types described in clauses
(i) through (xi) above of any Person other than a Company, the payment of which is guaranteed, directly or indirectly, by a Company. Indebtedness will not, however, include (i) Accounts Payable, (ii) Accrued Liabilities, and
(iii) the endorsement of negotiable instruments for collection in the Ordinary Course of Business. 

  
 6 

 “Indemnifiable Claim” or “Indemnifiable Claims” means
(i) Purchaser Indemnifiable Claim(s) when used in the context of a Purchaser Indemnified Party as the Indemnified Party, and/or (ii) Stockholder Indemnifiable Claim(s) when used in the context of a Stockholder Indemnified Party as the
Indemnified Party. 
 “Indemnified Party” means (i) a Purchaser Indemnified Party when used in the context of an
Indemnifiable Claim under Section 8.2(a) and/or (ii) a Stockholder Indemnified Party when used in the context of an Indemnifiable Claim under Section 8.2(b). 

“Indemnifying Party” means (i) the Stockholders, jointly and severally, in connection with a Purchaser Indemnifiable
Claim and (ii) the Purchaser in connection with a Stockholder Indemnifiable Claim. 
 “Intellectual
Property” means all intellectual property owned, leased or used by a Company to conduct the Business including, without limitation, (i) all inventions (whether patentable or unpatentable and whether or not reduced to practice), all
improvements thereto, and all patents, patent applications, and patent disclosures, together with all reissuances, continuations, continuations-in-part, revisions, extensions, and re-examinations thereof, (ii) all trademarks, service marks,
trade dress, logos, trade names, and corporate names, together with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations, and renewals in connection
therewith, (iii) all copyrightable works, all copyrights, and all applications, registrations and renewals in connection therewith, (iv) all mask works and all applications, registrations, and renewals in connection therewith, (v) all
trade secrets and confidential business information (including ideas, research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications, customer and
supplier lists, pricing and cost information, and business and marketing plans and proposals), (vi) all computer software (including data and related documentation and including software installed on hard disk drives) other than generally
available commercial off-the-shelf computer software subject to shrinkwrap or clickwrap licenses and (vii) all copies and tangible embodiments of any of the foregoing (in whatever form or medium). 

“Inventory” means all raw material, work-in-process and finished goods inventory of a Company. Schedule 1.1(e) sets
forth the Inventory as of November 30, 2014, which Schedule shall be updated by the Companies in accordance with Section 5.12 as of December 31, 2014. Purchaser acknowledges that the Inventory provided as of November 30,
2014 is an estimate only and not subject to any physical inventory examination conducted by the Companies as of such date. 

“Law” means any existing statute, law, ordinance, rule or regulation of any Governmental or Regulatory Authority.

 “Lease” means that certain (i) Lease Agreement, dated as of January 1, 2013, by and between Harmony Court
Properties, LLC and Armstrong, related to the Current Real Property located at 1437 Harmony Court, Itasca, Illinois; and (ii) Lease Agreement, dated as of January 1, 2013, by and between Harmony Court Properties III, LLC and Armstrong,
related to the Current Real Property located at 1377 Industrial Drive, Itasca, Illinois. 
 “Liens” means
liens, security interests, options, rights of first refusal, claims, easements, mortgages, charges, indentures, deeds of trust, rights of way or similar encumbrances. 

  
 7 

 “Material Adverse Change” or “Material Adverse Effect”
means, (i) when used with respect to a Company or the Business, any change or effect that individually or in the aggregate is material and adverse to such Company, taken as a whole, or (ii) when used with respect to the Purchaser, any
materially adverse change in or effect on (including any material delay) the ability of the Purchaser to perform its obligations hereunder; provided that none of the following shall be deemed to constitute, and shall not be taken into
account in determining whether there has been, a Material Adverse Change or Material Adverse Effect: (A) the execution, delivery, announcement or pendency of this Agreement or the transactions contemplated by this Agreement; (B) conditions
generally affecting the industry in which the Business participates or the United States economy as a whole so long as such conditions do not affect the Business in a disproportionate manner as compared with businesses in the same industry
(C) compliance with the terms of, or the taking of any action required by this Agreement; (D) any change in accounting requirements or principles, any change in foreign currency exchange rates, or any change in applicable Laws or the
interpretation thereof by a Governmental or Regulatory Authority; (E) changes that are the result of acts of war, armed hostilities, acts of terrorism, or natural disasters, whether or not pursuant to the declaration of a national emergency or
war; (F) changes resulting from the disruption of financial, banking, or securities markets (including any decline in the price of any security or any market index); (G) changes in laws, rules, regulations, orders, or other binding
directives issued by any Governmental or Regulatory Authority; and (H) changes resulting from any existing event, occurrence, or circumstance with respect to which the Companies have disclosed on the Schedules. 

“Order” means any judgment, order, injunction, decree, writ, permit or license of any Governmental or Regulatory
Authority or any arbitrator. 
 “Ordinary Course of Business” means an action taken by a Person if such action is
consistent with the past practices of such Person and/or taken in the ordinary course of such Person’s business. 

“Permits” means all permits, licenses, consents, franchises, approvals and other authorizations (and any pending
applications for issuance or renewal thereof) required from any Governmental or Regulatory Authority or other Person with respect to a Company or the operation of the Business and necessary to conduct the Business as presently conducted. 

“Permitted Liens” means (i) Liens for Taxes and other similar governmental charges and assessments which are not
yet due and payable or that are being contested in good faith and, in each case, for which adequate reserves have been established in accordance with GAAP, (ii) Liens of landlords and Liens of carriers, warehousemen, mechanics and materialmen
and other like liens arising in the Ordinary Course of Business for sums not yet due and payable; and (iii) Liens on the underlying interest of the landlord or lessor of any property leased by a Company (to the extent such Company is not in
default under such lease). 
 “Person” means and includes an individual, a partnership, a joint venture, a
corporation, a limited liability company, a limited liability partnership, a trust, an incorporated organization and a Governmental or Regulatory Authority. 

“Proceeding” means any claim, demand, action, suit, litigation, dispute, audit, Order, writ, injunction, judgment,
assessment, decree, grievance, arbitration, mediation or other proceeding, whether civil, criminal, administrative or investigative. 

  
 8 

 “Release” means any actual release, spilling, leaking, pumping, pouring,
emitting, emptying, discharging, injecting, escaping, leaching, dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient air (indoor or outdoor), surface water,
groundwater, land surface or subsurface strata or within any building, structure, facility or fixture). 

“Representative” means any officer, director, manager, principal, attorney, accountant, agent, employee or other
representative of any Person. 
 “Rights” means (i) warrants, options, restricted stock, performance
units, convertible securities and other similar arrangements or commitments which obligate a Company to issue or dispose of any of its capital stock and (ii) stock appreciation rights, performance units and other similar stock-based rights,
whether they obligate a Company to issue equity securities or other securities or to pay cash. 

“Subsidiary” means, with respect to any Person, (i) any corporation more than 50% of whose stock of any class or
classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation will have or might have voting power by
reason of the happening of any contingency) is owned by such Person directly or indirectly through one or more Subsidiaries of such Person and (ii) any partnership, limited liability company, association, joint venture or other entity in which
such Person, directly or indirectly, through one or more Subsidiaries of such Person, has more than a 50% equity interest or more than 50% of the voting control. 

“Tangible Personal Property” means all of the tangible personal property (other than Inventory) owned or leased by a
Company or in which a Company has any interest, including, without limitation, production and processing equipment, warehouse equipment, computer hardware, furniture and fixtures, tooling, transportation equipment, leasehold improvements, supplies
and other tangible assets, together with any transferable manufacturer or vendor warranties related thereto. 
 “Tax
Return” means any return, report, information return or other document (including any related or supporting information and, where applicable, profit and loss accounts and balance sheets) with respect to Taxes required to be filed with any
Governmental or Regulatory Authority. 
 “Taxes” means all taxes, assessments, charges, duties, fees, levies
or other governmental charges, including all U.S. and non-U.S. federal, state, local and other income, franchise, profits, capital gains, capital stock, transfer, sales, use, occupation, property, excise, severance, windfall profits, stamp, license,
payroll, withholding and other taxes, assessments, charges, duties, fees, levies or other similar governmental charges (whether payable directly or by withholding and whether or not requiring the filing of a Tax Return), all estimated taxes,
deficiency assessments, additions to tax, penalties and interest and will include any liability for such amounts as a result either of being a Stockholder of a combined, consolidated, unitary or affiliated group or of a contractual obligation to
indemnify any Person or other entity for such amounts. 
 “Transaction Costs” means all fees, costs and
expenses paid or accrued by the Stockholders and/or a Company in connection with the transactions contemplated by this Agreement, including, without limitation, the fees and expenses of attorneys, accountants, consultants and financial advisers.

  
 9 

 “Transaction Documents” means this Agreement (including the Schedules and
Schedule Updates), the Escrow Agreement and all other instruments and agreements to be executed and delivered hereunder and thereunder. 

Section 1.2 Additional Defined Terms. In addition to the terms defined in Section 1.1, the following
terms will have the respective meanings assigned thereto in the sections indicated below. 
  

			
	 DEFINED TERMS
	  	 SECTION

	“Aggregate Cap”	  	8.3(a)
	“Agreed Claims”	  	8.4
	“Agreement”	  	Preamble
	“Armstrong”	  	Recitals
	“Armstrong DISC”	  	Recitals
	“Balance Sheet”	  	3.7(a)
	“Balance Sheet Date”	  	3.7(a)
	“Business”	  	Recitals
	“Claim Notice”	  	8.4(a)
	“Closing”	  	2.3
	“Closing Date”	  	2.3
	“Closing Payment”	  	2.2(a)
	“Company” or “Companies”	  	Recitals
	“Employee”	  	3.21(a)
	“Employee Plans”	  	3.22(a)
	“Escrow Account”	  	2.2(b)
	“Escrow Account 1”	  	2.2(b)
	“Escrow Account 2”	  	2.2(b)
	“Escrow Agent”	  	2.2(b)
	“Escrow Agreement”	  	2.2(b)
	“Escrow Amount”	  	2.2(b)
	“Estimated Tax Gross Up”	  	5.13(b)
	“FAR”	  	3.12(c)(i)
	“Final Gross Up Schedule”	  	2.4(b)
	“Financial Statements”	  	3.7(a)
	“General Cap”	  	8.3(a)
	“GoGo Receivable”	  	2.2
	“Gross Up Arbitrator”	  	2.4(b)
	“Initial Allocation Schedule”	  	2.4(a)
	“Initial Gross Up Schedule”	  	2.4(a)
	“Objecting Stockholder(s)”	  	2.4(b)
	“Planesite”	  	Recitals
	“Pre-Closing Taxes	  	5.9(e)
	“Pre-Closing Tax Periods”	  	5.3(a)
	“Purchaser Indemnifiable Claim”	  	8.2(a)
	“Purchaser Indemnified Party”	  	8.2(a)
	“Purchase Price”	  	2.2
	“Purchaser”	  	Preamble
	“Schedule Update”	  	5.12
	“Section 338(h)(10) Election(s)”	  	5.13(a)

  
 10 

			
	“Shares”	  	Recitals
	“Stockholder(s)”	  	Preamble
	“Stockholder Indemnifiable Claim”	  	8.2(b)
	“Stockholder Indemnified Party”	  	8.2(b)
	“Straddle Tax Periods”	  	5.9(b)
	“Tax Gross Up”	  	5.13(b)
	“Threshold”	  	8.3(a)

 Section 1.3 Construction. In this Agreement, unless the context otherwise requires:

 (a) any reference in this Agreement to “writing” or comparable expressions includes a reference to facsimile or e-mail
transmission or comparable means of communication; 
 (b) words expressed in the singular number will include the plural and vice versa,
words expressed in the masculine will include the feminine and neuter gender and vice versa; 
 (c) references to Articles, Sections,
Schedules and Recitals are references to articles, sections, schedules and recitals of this Agreement; 
 (d) reference to “day” or
“days” are to calendar days; 
 (e) this Agreement or any other agreement or document will be construed as a reference to this
Agreement or, as the case may be, such other agreement or document as the same may have been, or may from time to time be, amended, varied, novated or supplemented; and 

(f) “include,” “includes,” and “including” are deemed to be followed by “without limitation” whether or
not they are in fact followed by such words or words of similar import. 
 Section 1.4 Schedules and Exhibits. The
Schedules to this Agreement are incorporated into and form an integral part of this Agreement. 
 Section 1.5
Knowledge. Where any representation or warranty contained in this Agreement is expressly qualified by reference to the “knowledge of the Company” or “knowledge of the Companies,” such knowledge means (i) the
actual knowledge of Robert Abbinante and M. Chryss Crockett, in each case after due inquiry with Shawn Raybell, Natalie Blachowicz, Steve Keysor, Dominick Zaccaro, and Anthony Colletti. 

ARTICLE II 
 SALE OF SHARES

 Section 2.1 Sale of Shares. On the terms, and subject to the conditions, set forth in this Agreement, the
Stockholders agree to sell, assign, transfer and deliver to the Purchaser on the Closing Date, and the Purchaser agrees to purchase from the Stockholders on the Closing Date, the Shares. The certificates or other documentation representing the
Shares held by each Stockholder will be delivered to the Purchaser at the Closing by such Stockholder, duly endorsed in blank, or accompanied by such other instruments of transfer as are reasonably acceptable to the Purchaser, in each case, with all
necessary transfer tax and other revenue stamps, acquired at such Stockholder’s expense, affixed and canceled. 

  
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 Section 2.2 Consideration. The aggregate consideration for the Shares
shall be (a) FIFTY MILLION DOLLARS ($50,000,000.00) minus the aggregate amount of the gross purchase price agreed upon by the parties following the Signing Date for the purchase of the Current Real Property and the property located at 1431
Harmony Court, Itasca, Illinois from the owners thereof to the Purchaser, plus the sum of (i) the Final Tax Gross Up and (ii) any amount remaining unpaid as of the Closing Date from GoGo, LLC with respect to the Company’s
invoice numbers 9057-57 and 9539-35 to GoGo, LLC dated November 17, 2014 and November 18, 2014, respectively (such unpaid amount being the “GoGo Receivable”), minus (b) the sum of (i) the aggregate amount
of the Indebtedness, if any, and (ii) the aggregate amount of the unpaid Transaction Costs (together, the “Purchase Price”). At Closing the Purchaser will: 

(a) pay an amount equal to (i) FIFTY MILLION DOLLARS ($50,000,000.00) minus the aggregate amount of the gross purchase price agreed upon
by the parties following the Signing Date for the purchase of the Current Real Property and the property located at 1431 Harmony Court, Itasca, Illinois from the owners thereof to the Purchaser, plus the Estimated Tax Gross Up, minus
(ii) the sum of (x) the aggregate amount of the Indebtedness, if any, and (y) the aggregate amount of the unpaid Transaction Costs (the “Closing Payment”), payable by wire transfer of immediately available funds to an
account identified to the Purchaser by the Stockholders; 
 (b) deliver to an escrow agent mutually agreed upon by the parties (the
“Escrow Agent”) an amount equal to THREE MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($3,750,000)(the “Escrow Amount”), for deposit into an escrow account (the “Escrow Account”), in accordance with
the terms of an escrow agreement to be mutually agreed upon by the Purchaser, the Stockholders and the Escrow Agent (the “Escrow Agreement”); provided that if the GoGo Receivable has not been received by the Company in full prior to
the Closing Date, the Escrow Amount shall be increased by the amount of the GoGo Receivable remaining unpaid and the Escrow Agreement shall provide that the Escrow Amount related to the GoGo Receivable shall be held in a separate account from the
other funds comprising the Escrow Amount, with the GoGo Receivable being “Escrow Account 1” and the remaining Escrow Amount being “Escrow Account 2” for the purposes of this Agreement. The Escrow Amount so deposited
will be applied by the Escrow Agent in accordance with the terms and conditions of this Agreement and the Escrow Agreement. Subject to and in accordance with the terms and conditions of this Agreement and the Escrow Agreement, the Purchaser and the
Stockholders will jointly direct the Escrow Agent to release to the Stockholders as follows: 
 (i) if the Escrow Amount includes the GoGo
Receivable, the funds in Escrow Account 1 at such time as GoGo, LLC has paid the Company any portion of the GoGo Receivable (provided that the parties agree that any part of the GoGo Receivable remaining unpaid as of February 16, 2015 shall be
released back to Purchaser); 
 (ii) the portion of the then-available Escrow Amount in Escrow Account 2 in excess of $1,875,000 on the date
that is twelve (12) months from the Closing Date; provided, however, if pending claims with respect thereto exceed $1,875,000 on such date, the Escrow Agent shall be directed to release only the portion of Escrow Amount 2 in
excess of the aggregate of such claims; and 
 (iii) the then-available Escrow Amount in Escrow Account 2, less any pending claims or unpaid
claims with respect thereto, on the date that is eighteen (18) months from the Closing Date. 

  
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 Any portion of the Escrow Amount not paid to the Stockholders but released to the Purchaser will
be deemed to be a reduction in the Purchase Price; and 
 Section 2.3 Closing. The closing of the transactions
contemplated by this Agreement (the “Closing”) will take place via the electronic exchange of documents (by facsimile or electronic mail transmission) (i) three Business Days following the satisfaction or waiver of all
conditions to the obligations of the parties to consummate the Closing set forth in Article VI and VII (other than conditions in connection with actions to be taken at the Closing itself), or (ii) at such other time and place as the parties may
agree in writing (the date that the Closing actually takes place, the “Closing Date”). Notwithstanding the foregoing, the effective time of the Closing will be deemed to have occurred at 12:01 a.m., Chicago, Illinois time, on the
Closing Date, it being the intent of the parties that the business of the Company on the Closing Date will be for the account of the Purchaser. 

Section 2.4 Adjustment of Tax Gross Up. 

(a) Not later than one hundred eighty (180) days after the Closing Date, the Purchaser shall deliver to the Stockholders an initial
appraisal of the consolidated assets of the Companies, prepared by an appraisal firm of national repute approved by the Stockholders (which approval shall not be unreasonably withheld), together with a preliminary computation of the allocation of
Purchase Price and all other items properly included in “aggregate deemed sale price” and “adjusted grossed-up basis” within the meaning of Treasury Regulation Section 1.338-4 and Treasury Regulation Section 1.338-5
(the “Initial Allocation Schedule”). At that time, the Purchaser shall also deliver to Stockholders its computation of the Final Tax Gross-Up amount based on the Initial Allocation Schedule (the “Initial Gross Up
Schedule”) and shall provide Stockholders with such information as the Stockholders may request relating to Purchaser’s determination of the Initial Allocation Schedule and Initial Gross Up Schedule. 

(b) The Stockholders shall have a thirty (30) day review period following the receipt of the Initial Allocation Schedule and the Initial
Gross-Up Schedule. In the absence of any written objection to such schedules by the Stockholders to the Purchaser, the computations set forth in the Initial Allocation Schedule shall become final (those final computations, the “Final
Allocation”), the Initial Gross Up Schedule shall become the “Final Gross Up Schedule,” and the Purchaser shall pay to the Stockholders the Final Tax Gross Up payment as provided below. If any Stockholder (an
“Objecting Stockholder”) objects to the content of the Initial Allocation Schedule or Initial Gross Up Schedule and the preliminary computation of the Final Tax Gross Up payment therein, the Purchaser and the Objecting
Stockholder(s) shall promptly endeavor to reach agreement as to the Final Allocation, the Final Gross Up Schedule and the resulting Final Tax Gross Up payment. In the event that all Objecting Stockholders and the Purchaser are unable to reach
agreement within thirty (30) days, the Purchaser and the Objecting Stockholders shall submit the matter to a nationally recognized U.S. independent public accounting firm mutually agreed upon by the Purchaser and the Objecting Stockholders (the
“Gross Up Arbitrator”) for determination of the Final Allocation and Final Gross-Up Schedule. The Gross Up Arbitrator’s determination must be made within sixty (60) days after the expiration of the aforesaid 30-day period.
The Gross Up Arbitrator’s determination of the Final Allocation and Final Gross Up Schedule will be restricted as 

  
 13 

 
to scope to address only those matters as to which Purchaser and the Objecting Stockholder(s) have not reached agreement. The Gross Up Arbitrator’s determination of the Final Allocation and
the Final Gross Up Schedule shall be final and binding on the Purchaser and the Objecting Stockholders, and all expenses of the Gross Up Arbitrator shall be borne 50% by the Purchaser and 50% by the Objecting Stockholders. 

(c) Upon the final determination of the Final Allocation and Final Gross Up Schedule pursuant to the provisions of Section 2.4(b),
(i) if the Estimated Tax Gross Up exceeds the Final Tax Gross Up, the Stockholders shall, jointly and severally, pay the excess to the Purchaser by wire transfer of immediately available funds within five (5) Business Days of the date the
Final Tax Gross Up is finally determined and (ii) if the Final Tax Gross Up exceeds the Estimated Tax Gross Up, the Purchaser shall pay the excess to the Stockholders, allocated among the Stockholders as set forth in the Final Gross up
Schedule, by wire transfer or delivery of other immediately available funds within five (5) Business Days of the date the Final Tax Gross Up is finally determined. The Final Tax Gross Up will not be subject to further adjustment after the
amount thereof has been finally determined pursuant to this Section 2.4. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS 

Except as set forth in the correspondingly numbered Schedules or Schedule Updates (even if a representation or warranty in this Article III
does not contain a reference to such Schedules or Schedule Updates), the Companies and the Stockholders (i) severally and not jointly, as to itself with respect to representations and warranties concerning itself only, and (ii) jointly and
severally with respect to representations and warranties concerning the Companies, represent and warrant to the Purchaser that the representations and warranties contained in this Article III, together with the information set forth in Schedules and
Schedule Updates, are correct and complete as of the Signing Date and the Closing Date. 
 Section 3.1 Ownership of
Shares. Each Stockholder is the lawful owner, beneficially and of record of the Shares set forth opposite his, her or its name on Schedule 3.1, free and clear of all Liens. The delivery to the Purchaser of the Shares pursuant to this
Agreement will transfer to the Purchaser good and valid title to all of the issued and outstanding equity securities and voting interests of Planesite, free and clear of all Liens. 

Section 3.2 Existence and Good Standing. Each Company (i) is a corporation duly organized, validly existing and
in good standing under the laws of the State of Illinois, (ii) has all requisite power and authority to own its property and to carry on its business as now conducted, and (iii) to the knowledge of such Company, is duly qualified to do
business and is in good standing in each jurisdiction in which the character or location of the properties owned, leased or operated by it or the nature of the business conducted by it makes such qualification necessary. A list of the jurisdictions
in which the Company is qualified to do business as a foreign entity is set forth in Schedule 3.2. 
 Section 3.3
Authority and Enforceability. Each Stockholder has the legal capacity and all necessary power and authority and has taken all action necessary to authorize, execute and deliver the Transaction Documents, to consummate the transactions
contemplated thereby, and to perform its obligations under the Transaction Documents. No other action on the part of any Stockholder is required to authorize the execution and delivery of the Transaction Documents and to consummate

  
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the transactions contemplated thereby other than any consents or resolutions required to be delivered in connection with this Agreement. The Transaction Documents, when delivered in accordance
with the terms hereof and thereof, assuming the due execution and delivery of this Agreement and each such other document by the other parties hereto and thereto, will have been duly executed and delivered by the Stockholders and will be valid and
binding obligations of each Stockholder, enforceable against it in accordance with their respective terms, except to the extent that their enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and to general equitable principles. 
 Section 3.4
Consents and Approvals; No Violations. 
 (a) Except as set forth in Schedule 3.4(a), the execution and delivery
by each Stockholder of the Transaction Documents will not, and the consummation by the Stockholders of the transactions contemplated thereby will not result in a violation or breach of, conflict with, constitute (with or without due notice or lapse
of time or both) a default (or give rise to any right of termination, cancellation, payment, or acceleration) under, or result in the creation of any Lien on any of the properties or assets of any Company under: (i) any provision of the
organizational documents of the Company; (ii) subject to obtaining and making any of the approvals, consents, notices and filings referred to in paragraph (b) below, any Law or Order applicable to the Company or by which any of his, her or
its properties or assets may be bound; or (iii) any of the terms, conditions or provisions of any Contract. 
 (b) Except as set forth
in Schedule 3.4(b) and except for the fact that the Shares to be sold to the Purchaser hereunder have not been registered under the Securities Act of 1933, as amended or under any state securities law and may not be resold or transferred by
the Purchaser except in compliance therewith, no consent, approval or action of, filing with or notice to any Governmental or Regulatory Authority or other Person is necessary or required (i) under any of the terms, conditions or provisions of
any Law or Order applicable to any Stockholder or any Company or by which any Stockholder or any Company or any of their respective assets or properties may be bound, (ii) under any of the terms, conditions or provisions of any Contract or
(iii) for the execution and delivery of the Transaction Documents by the Stockholders or the performance by the Stockholders of their respective obligations thereunder or the consummation of the transactions contemplated thereby. 

Section 3.5 Capitalization. 

(a) The Shares (i) constitute all of the issued and outstanding Shares of Planesite, (ii) are owned beneficially and of record by the
Stockholders, (iii) have been duly authorized and validly issued, (iv) are fully paid and non-assessable and (v) are not subject to, nor were they issued in violation of, any preemptive rights. No other equity securities of Planesite
are issued, outstanding or reserved for issuance. Except as set forth in Schedule 3.5(a), there are no outstanding or authorized Rights or other equity or voting interest in Planesite pursuant to which Planesite is or may become obligated to
issue, deliver or sell, or cause to be issued, delivered or sold, Shares or other equity or voting interest in Planesite or any securities convertible into, exchangeable for, or evidencing the right to subscribe for or acquire, any Shares or other
equity or voting interest in Planesite. 

  
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 (b) There are no agreements or commitments to which the Stockholders or Planesite is a party or
by which any of them are bound to (i) repurchase, redeem or otherwise acquire any outstanding equity securities or voting interest in Planesite or any other Person or (ii) vote or dispose of any Shares or other equity or voting interest in
Planesite. There are no irrevocable proxies or voting agreements with respect to any Shares or other equity or voting interest in Planesite. 

Section 3.6 Subsidiaries and Investments. Except as set forth on Schedule 3.6, none of the Companies owns,
directly or indirectly, any capital stock of, or other equity, ownership, proprietary or voting interest in, any Person. Except as set forth on Schedule 3.6, the shares of each Subsidiary held by the applicable Company (i) constitute all
of the issued and outstanding shares of such Subsidiary, (ii) are owned beneficially and of record by such Company, free and clear of all Liens, (iii) have been duly authorized and validly issued, (iv) are fully paid and
non-assessable and (v) are not subject to, nor were they issued in violation of, any preemptive rights. No other equity securities of such Subsidiary are issued, outstanding or reserved for issuance. Except as set forth in Schedule 3.6,
there are no outstanding or authorized Rights or other equity or voting interest in such Subsidiary pursuant to which any Company is or may become obligated to issue, deliver or sell, or cause to be issued, delivered or sold, shares or other equity
or voting interest in such Subsidiary or any securities convertible into, exchangeable for, or evidencing the right to subscribe for or acquire, any shares or other equity or voting interest in such Subsidiary. 

Section 3.7 Financial Statements. 

(a) The Companies have furnished the Purchaser with (i) the unaudited balance sheets of the Companies as of December 31, 2012, and
the related unaudited statements of income for the year ended December 31, 2012, (ii) the audited balance sheets of the Companies as of December 31, 2013, and the related audited statements of income, changes in stockholders’
equity and cash flows for the year ended December 31, 2013, and (iii) the unaudited balance sheet of the Companies as of November 30, 2014 and the related unaudited statement of income for the eleven months then ended. The unaudited
balance sheet of the Companies as at November 30, 2014, is hereinafter referred to as the “Balance Sheet” and November 30, 2014 is hereinafter referred to as the “Balance Sheet Date.” The financial
statements referred to in clauses (i), (ii), and (iii) above, including any footnotes thereto, are collectively referred to as the “Financial Statements.” 

(b) The Financial Statements are complete in all material respects, are based on and consistent with the Books and Records of the Companies in
all material respects, are true and correct in all material respects, and fairly present (i) the financial condition of the Company at the dates thereof and (ii) the results of the Companies’ operations and cash flows and the changes
in its financial condition for the periods presented. The audited balance sheets of the Companies as of December 31, 2013, and the related audited statements of income, changes in stockholders’ equity and cash flows for the year ended
December 31, 2013, and the Balance Sheet, were prepared in all material respects in accordance United States generally accepted accounting principles as in effect from time to time, consistently applied. 

Section 3.8 Liabilities. The Companies have no material claims, obligations, liabilities or Indebtedness, whether
absolute, accrued, contingent or otherwise, except for (i) claims, obligations, liabilities or Indebtedness set forth in the Financial Statements, or specifically disclosed in the footnotes thereto (ii) the Accrued Liabilities,
(iii) the Accounts Payable, (iv) future obligations under the Contracts, and (v) liabilities and obligations incurred between the Balance Sheet Date and the Closing Date in the Ordinary Course of Business of the Company (none of which
results from, arises out of or relates to any breach of contract, breach of contractual warranty, tort, infringement or violation of law). 

  
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 Section 3.9 Tangible Personal Property. 

(a) Schedule 3.9(a) sets forth, as of the date hereof, (i) the Companies’ depreciation schedule setting forth each item of
Tangible Personal Property owned by any Company, and (ii) a list of each item of Tangible Personal Property leased by any Company having an annual rental in excess of $10,000. Except as set forth in Schedule 3.9(a), there is no Tangible
Personal Property used in the operation of the Business other than the Tangible Personal Property reflected in the Balance Sheet or thereafter acquired, except for Tangible Personal Property disposed of in the Ordinary Course of Business since the
Balance Sheet Date. Except as set forth in Schedule 3.9(a), all of the Tangible Personal Property is located at the Current Real Property and there is no Tangible Personal Property used by any Company in the operation of the Business located
at the Current Real Property which is not owned or leased by a Company. 
 (b) Except as set forth in Schedule 3.9(b), the Companies
have good title to or, in the case of leased assets, a valid leasehold interest in, free and clear of all Liens except Permitted Liens, all of the Tangible Personal Property. 

(c) The Companies own or have the exclusive right to use the Tangible Personal Property necessary for the conduct of the Business as currently
conducted. 
 Section 3.10 Books and Records. The Books and Records contain accurate records of all meetings of,
and material action taken by (including action taken by written consent), the stockholders and directors of each Company. All of the records, systems, controls, data or information of the Companies, recorded, stored, maintained, operated or
otherwise wholly or partly dependent on or held by any means (including all means of access thereto and therefrom) are under the exclusive ownership and direct control of the Companies. 

Section 3.11 Current Real Property. The Companies do not own, nor have they ever owned any real property. The Leases
are the only leases, subleases or other agreements relating to the use or occupancy of real property to which any the Company is a party or bound. The Company has a valid leasehold interest in the real property described in each Lease, free and
clear of any and all Liens except Permitted Liens. Each Lease (a) is in full force and effect; (b) all rents and additional rents due to date on the Lease have been paid; (c) Armstrong has been in peaceable possession since the
commencement of the original term of the Lease and is not in material default thereunder; (d) no waiver, indulgence or postponement of Armstrong’s obligations thereunder has been granted by the lessor, and (e) to the knowledge of the
Company, there exists no material default or event, occurrence, condition or act (including the transfer of the Shares) which, with the giving of notice, the lapse of time or the happening of any further event or condition, would give rise to a
right of termination or any liability on the part of Armstrong. 
 Section 3.12 Contracts. 

(a) Schedule 3.12(a) sets forth a true and complete list of the Contracts. Each Contract is in full force and effect and there exists no
(i) default or event of default by any Company or, to the knowledge of the Company, any other party to any such Contract with respect to any material term or provision of any such Contract or (ii) event, occurrence, condition or act
(including 

  
 17 

 
the consummation of the transactions contemplated by this Agreement) which, with the giving of notice, the lapse of time or the happening of any other event or condition, would become a default
or event of default by any Company party thereto or, to the knowledge of the Company, any other party thereto, with respect to any material term or provision of any such Contract. 

(b) Except as set forth on Schedule 3.12(b), no Company is a party to any Contract where the cost of completion of such Contract would
be reasonably expected to exceed the balance of monies to be paid by a customer or other Person to such Company under such Contract. 
 (c)
Each Government Contract that a Company is a party to is listed on Schedule 3.12(c). Except as set forth on Schedule 3.12(c): 

(i) With respect to each Government Contract (A) the Company party thereto has complied in all material respects with all terms and
conditions and all applicable Law, (B) neither the United States government nor any prime contractor or subcontractor thereof or other Person has notified the Company party thereto in writing that such Company has breached or violated any Law,
certification, representation, clause, provision or requirement pertaining to any such Government Contract, (C) such Company has not received any written notice of termination for convenience, notice of termination for default, cure notice or
show cause notice pertaining to any such Government Contract, (D) all Cost or Pricing Data (as defined in Federal Acquisition Regulation (“FAR”) Section 15.401) and other information submitted by such Company or such
Company’s subcontractors, if any, in support of such Government Contract, or modification thereto, was, as of the date of price agreement or payment submission, current, accurate and complete, (E) as of the Signing Date, other than in the
Ordinary Course of Business, no cost incurred by such Company pertaining to any such Government Contract has been questioned or challenged, is the subject of any audit or investigation or has been disallowed by any Governmental or Regulatory
Authority, and (F) as of the date of this Agreement, other than in the Ordinary Course of Business, no payments due to such Company pertaining to any such Government Contract has been withheld or set off, nor has any written claim been made to
withhold or set off money, and such Company is entitled to all payments received to date with respect thereto. 
 (ii) (A) No Company nor,
to the knowledge of the Company, any officer, director or employee of a Company is, or since January 1, 2008 has been, under administrative, civil or criminal investigation, indictment or information by Governmental or Regulatory Authority or
under any audit or investigation by a Company with respect to any alleged act or omission arising under or relating to any Government Contract, offer or bid, and (B) no Company has made a voluntary disclosure with respect to any alleged
irregularity, mischarging, misstatement, or omission arising under or related to any Government Contract, offer or bid that has led or would be reasonably likely to lead, either before or after the Closing Date, to any of the consequences set forth
in clauses (A) or (B) above or any other damage, penalty assessment, recoupment or payment or disallowance of cost. 
 (iii) No
Company, nor to the knowledge of the Company, any officer, director or employee of any Company, has been suspended, proposed for disbarment or debarred from participation in the award of any Government Contract, offer or bid with the United States
government or any other Governmental or Regulatory Authority (excluding for this purpose ineligibility to bid on certain Government Contracts due to generally applicable bidding requirements). To the knowledge of the Company, there exist no facts or
circumstances that would be reasonably likely to result in the institution of suspension or debarment Proceedings or the finding of non-responsibility or ineligibility on the part of the Company or any of its officers, consultants or stockholders.

  
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 Section 3.13 Litigation. Except as set forth in Schedule 3.13,
there is no Proceeding pending or, to the knowledge of the Company, threatened by any Governmental or Regulatory Authority or any other Person, against or affecting any Company, or any of its assets or rights. No Company is subject to any Order.

 Section 3.14 Taxes. Except as set forth on Schedule 3.14: 

(a) each Company has properly and timely filed all federal and all other material Tax Returns that are required to be filed by it, all of which
were accurately prepared and completed in full compliance with all applicable Laws; 
 (b) all Taxes owing by the Companies have been fully
paid (or properly accrued in accordance with GAAP). The provision for Taxes on the Financial Statements is sufficient for all accrued and unpaid Taxes as of the date of such Financial Statements; 

(c) each Company has complied with all Laws relating to the payment and withholding of Taxes and has, within the time and manner prescribed by
Law, withheld and paid over to the proper tax authorities all amounts required to be withheld and paid over by it; 
 (d) no pending or, to
the knowledge of the Company, threatened audit, Proceeding, examination or litigation or similar claim has been commenced or is presently pending with respect to any Taxes or Tax Return of any Company; 

(e) since January 1, 2008, no written claim has been made by any tax authority in a jurisdiction where a Company does not file a Tax
Return that such Company is or may be subject to taxation in that jurisdiction; 
 (f) no outstanding written agreements, consents or waivers
to extend the statutory period of limitations applicable to the assessment of any Taxes or deficiencies against a Company, and no power of attorney granted by a Company with respect to any Taxes is currently in force; there is no Tax Lien against
any Company or any assets of the Company, except for Permitted Liens; 
 (g) the Stockholders have previously delivered or made available to
the Purchaser (A) complete and accurate copies of all Tax Returns of the Companies for the prior three (3) tax years; (B) all audit reports, letter rulings, technical advice memoranda and similar documents issued by any tax authority
relating to the United States Federal, state, local or foreign Taxes due from or with respect to the Companies and (C) any closing agreements entered into by any Company with any tax authority in each case existing on the date hereof; 

(h) no Company is presently, and has never previously been, a United States real property holding corporation (as defined in
Section 897(c)(2) of the Code) during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code; 
 (i) no Company
has been required to include in income any adjustment pursuant to Section 481 of the Code by reason of a voluntary change in accounting method initiated by such Company, and the Internal Revenue Service has not initiated or proposed any such
adjustment or change in accounting method; 

  
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 (j) no Company is a party to any agreement that would require it to make any payment that would
constitute an “excess parachute payment” for purposes of Sections 280G and 4999 of the Code; 
 (k) no Company is a party to any
Tax allocation or sharing agreement; 
 (l) Planesite has made a valid S-election under Section 1362 of the Code and all such elections
required under analogous provisions of state and local Law; Armstrong has made a valid QSSS-election under Section 1361 of the Code and all such elections required under analogous provisions of state and local Law. All such elections were
effective for the first tax year of the applicable Company since its incorporation and remain in full force and effect through the date hereof. No Company has had any ineligible stockholders that would disqualify or adversely affect any of such
elections; 
 (m) Armstrong DISC has made a valid IC-DISC election under Section 992 of the Code and has made all such elections
required under analogous provisions of state and local Law; all such elections were effective for the first tax year of Armstrong DISC since its incorporation and remain in full force and effect through the date hereof; and 

(n) no Company is subject to Section 1374 Tax. 

Section 3.15 Insurance. Set forth in Schedule 3.15 is a list and general description of each insurance policy
that covers a Company (including self-insurance), specifying as to each policy (i) the carrier, (ii) policy number, (iii) coverage limits and deductibles, (iv) expiration date, (v) the current annual premiums, (vi) type
of coverage provided and (vii) whether such policy is claims or occurrence based. To the knowledge of the Company, such policies are in full force and effect, all premiums heretofore due and payable thereon have been paid, and each Company is
otherwise in compliance in all material respects with the terms and provisions of such policies. No Company is in default under any of the insurance policies set forth in Schedule 3.15 (or required to be set forth in Schedule 3.15)
and, to the knowledge of the Company, there exists no event, occurrence, condition or act (including the transfer of the Shares pursuant to the terms of this Agreement) which, with the giving of notice, the lapse of time or the happening of any
other event or condition, would reasonably be expected to become a default thereunder. No Company has received any written notice of cancellation or non-renewal of any such policy or arrangement nor, to the knowledge of the Company, has the
termination of any such policies or arrangements been threatened. To the knowledge of the Company, there exists no event, occurrence, condition or act which, with the giving of notice, the lapse of time or the happening of any other event or
condition, would reasonably be expected to entitle any insurer to terminate or cancel any such policies. Schedule 3.15 also sets forth a list of all pending claims and the claims history for each Company during the past five (5) years
(including with respect to insurance obtained during such period but not currently maintained). 
 Section 3.16
Intellectual Property. 
 (a) The Companies own, or have the right to use, all Intellectual Property necessary for the conduct of the
Business as currently conducted. To the knowledge of the Company, no claim has been asserted or is pending by any Person against any Company challenging or questioning such Company’s use of any such Intellectual Property or the validity or
effectiveness of any such Intellectual Property, nor, to the knowledge of the Company, does any valid basis for any such claim exist. 

  
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 (b) To the knowledge of the Company, no Company has interfered with, infringed upon,
misappropriated or otherwise come into conflict with any Intellectual Property rights of third parties, and in the last five (5) years, no Company has received any charge, complaint, claim, demand or other notice in writing alleging any such
interference, infringement, misappropriation or violation (including any claim that it must license or refrain from using any intangible property rights of any third party) which has not been resolved. To the knowledge of the Company, no third party
has interfered with, infringed upon, misappropriated or otherwise come into conflict with any of the Intellectual Property. 
 (c)
Schedule 3.16(c) identifies (i) all issuances and registrations of Intellectual Property owned by the Company, (ii) each application thereof owned by or issued to a Company and (iii) each license, sublicense or other agreement
which the Company has granted to any third party with respect to any of its Intellectual Property. Each such issuance, registration and application has been duly and validly registered in, filed in or issued by, the official governmental registrars
and/or issuers (or officially recognized issuers) of patents, trademarks, copyrights or Internet domain names, in the appropriate jurisdictions. Except as set forth on Schedule 3.16(c), (i) each such registration, filing and/or issuance
(A) has not been abandoned, canceled or otherwise compromised, (B) has been maintained effective by all requisite filings, renewals and payments and (C) remains in full force and effect as of the date hereof and (ii) with respect
to each item of Intellectual Property required to be identified in Schedule 3.16(c): (A) a Company possesses all right, title and interest in and to the item, free and clear of any Liens except Permitted Liens, (B) the item is not
subject to any outstanding Order, (C) no Proceeding is pending or, to the knowledge of the Company, threatened which challenges the legality, validity, enforceability, use or ownership of the item and (D) other than routine indemnities
given to distributors, sales representatives, dealers and customers, no Company has any current obligations to indemnify any Person for or against any interference, infringement, misappropriation, or other conflict with respect to the item. 

(d) Schedule 3.16(d) identifies each item of Intellectual Property that any third party owns and that a Company uses pursuant to a
license, sublicense or other agreement (other than commercially available off-the shelf licenses). Except as set forth on Schedule 3.16(d), with respect to each item of Intellectual Property required to be identified in Schedule
3.16(d): (i) each license, sublicense or other agreement covering the item is enforceable and, following the Closing, will continue to be enforceable on substantially similar terms and conditions, except to the extent that their
enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and to general equitable principles, (ii) no Company nor, to the
knowledge of the Company, any other party to a license, sublicense or other agreement is in breach or default, and, to the knowledge of the Company, no event has occurred which, with notice or lapse of time, would reasonably be expected to
constitute a breach or default or permit early termination, modification or acceleration thereunder, (iii) no Company nor, to the knowledge of the Company, any other party to a license, sublicense or other agreement has repudiated any provision
thereof, (iv) to the knowledge of the Company, the underlying item of Intellectual Property is not subject to any outstanding Order, (v) no Proceeding is pending or, to the knowledge of the Company, threatened against any Company which
challenges the legality, validity, enforceability or use of the underlying item of Intellectual Property and (vi) no Company has granted any sublicense or similar right with respect to any license, sublicense or other agreement. 

  
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 Section 3.17 Compliance with Laws. Except as set forth on Schedule
3.17, since January 1, 2008, each Company (and its assets and properties) has complied and is in compliance with all applicable Laws, Orders and Permits, except for such non-compliance which, individually or in the aggregate, would not have
a Material Adverse Effect on such Company. No Company has received any written notice to the effect that, or otherwise been advised that, it or any of its assets and/or properties are not in compliance with any applicable Law, Order or Permit and
there are no presently existing facts, circumstances or events which, with notice or lapse of time, would result in violations of any applicable Law, Order or Permit which, individually or in the aggregate, would have a Material Adverse Effect on
such Company. 
 Section 3.18 Accounts Receivable; Accounts Payable; Accrued Liabilities. 

(a) All of the Accounts Receivable have arisen from bona fide transactions and, to the knowledge of the Company, each is the valid and
enforceable obligation of the obligor thereto, except to the extent that their enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally and to general equitable principles. To the knowledge of the Company, none of such Accounts Receivable is subject to any valid counterclaim or right of set-off. 

(b) The Accounts Payable and Accrued Liabilities have arisen in bona fide arm’s length transactions in the Ordinary Course of Business.
Except as set forth in Schedule 3.18(b), since January 1, 2013, there are no unpaid invoices or bills representing amounts alleged to be owed by any Company, or other alleged payment obligations of any Company, that a Company has
disputed or determined to dispute or refuse to pay. 
 Section 3.19 Inventory. Except as set forth in Schedule
3.19, (i) the Inventory is in the physical possession of the Companies and (ii) none of the Inventory has been pledged as collateral or otherwise is subject to any Lien (other than any Lien imposed as a matter of law) or is held on
consignment from others. The Inventory was acquired or produced by the Companies in the Ordinary Course of Business. Except as reflected in a reserve for obsolete Inventory reflected in the Financial Statements, the finished goods included in
Inventory are generally good and merchantable and are of a quality and quantity presently generally useable and salable by the Companies in the Ordinary Course of Business. 

Section 3.20 Suppliers and Customers. Schedule 3.20 sets forth the top ten (10) customers and suppliers
of the Companies, based on aggregate dollar sales volume, for the period beginning on January 1, 2014 and ending on the Signing Date. To the knowledge of the Company, the relationship of the Companies with each such supplier and customer is a
good commercial working relationship, and no such supplier or customer has canceled or otherwise terminated, or threatened to cancel or otherwise terminate, its relationship with the applicable Company. No Company has received any written notice
that any such supplier or customer may cancel or otherwise materially and adversely modify its relationship with such Company or limit its services, supplies or materials to such Company, or its usage or purchase of the services and products of the
Companies either as a result of the transactions contemplated hereby or otherwise. Except as set forth in Schedule 3.20, to the knowledge of the Company, no customer of any Company has any re-stocking rights or similar right to return any
non-defective products to such Company for reimbursement or credit. 

  
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 Section 3.21 Personnel. 

(a) Schedule 3.21(a) identifies for each current employee of the Companies (an “Employee”), his or her name, position
or job title, base salary or wages, bonus or other compensation earned in the year ended December 31, 2013 and his or base salary or wages for 2014 on an annualized basis. 

(b) (i) The Companies do not have any obligations under any written or oral labor agreement, collective bargaining agreement or other agreement
with any labor organization or employee group, (ii) to the knowledge of the Company, no Company is currently engaged in any unfair labor practice and there is no unfair labor practice charge or other employee-related or employment-related
complaint pending or, to the knowledge of the Company, threatened against any Company before any Governmental or Regulatory Authority, (iii) there is currently no labor strike, labor disturbance, slowdown, work stoppage or other material labor
dispute or arbitration pending or, to the knowledge of the Company, threatened against any Company and no material grievance currently being asserted, (iv) no Company has experienced a labor strike, labor disturbance, slowdown, work stoppage or
other material labor dispute at any time during the three (3) years immediately preceding the date of this Agreement and (v) to the knowledge of the Company, there are no claims against any Company by any Person for unpaid wages, wrongful
termination, accidental injury or death, sexual harassment or discrimination or violation of any Law and, to the knowledge of the Company, no valid basis for any such claim exists. 

(c) Each Company has classified each individual who currently performs services for or on behalf of such Company as a contractor or employee in
accordance with all applicable Laws. 
 (d) Except as set forth on Schedule 3.21(d), each Company has on file a valid Form I-9 for
each Employee employed by it and for each Employee hired by it on or after November 7, 1986. All Employees are (i) United States citizens or lawful permanent residents of the United States, (ii) aliens whose right to work in the
United States is unrestricted, (iii) aliens who have valid, unexpired work authorization issued by the U. S. Department of Homeland Security or (iv) aliens who have been continually employed by the Company since November 6, 1986.
Except as set forth on Schedule 3.21(d), with respect to its Employees, no Company has been the subject of an immigration compliance or employment visit from, nor has it been assessed any fine or penalty by, or been the subject of any Order
of, the United States Department of Labor or the U. S. Department of Homeland Security. 
 Section 3.22 Employee
Benefit Plans.  
 (a) Schedule 3.22(a) sets forth a list of all “employee benefit plans” (as defined in
Section 3(3) of ERISA), whether or not subject to ERISA and all other employment, compensation, consulting, bonus, stock option, restricted stock grant, stock purchase, other cash or stock-based incentive, profit sharing, savings, retirement,
disability, insurance, severance, retention, change in control, deferred compensation and other compensatory plans, policies, programs, agreements or arrangements sponsored, maintained, contributed to or required to be contributed to, or entered
into or made by any Company with or for the benefit of, or relating to, any current or former Employee, director or other independent contractor of, or consultant to, any Company and with respect to which any Company has or may have any direct or
indirect liability (together, the “Employee Plans”). 

  
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 (b) To the knowledge of the Company, the Companies have provided the Purchaser true and complete
copies of (i) all Employee Plans, together with all amendments thereto, (ii) the latest Internal Revenue Service determination letters obtained with respect to any Employee Plan intended to be qualified under Section 401(a) or 501(a)
of the Code, (iii) the two most recent annual actuarial valuation reports, if any, (iv) the two most recently filed Forms 5500 together with all related schedules, if any, (v) the “summary plan description” (as defined in
ERISA), if any, and all modifications thereto communicated to Employees, (vi) any trust or other funding governing documents for vehicles maintained as part of any Employee Plan, and (vii) the two most recent annual and periodic
accountings of related plan assets. 
 (c) Since January 1, 2008, no Company, nor any of its directors, officers, Employees or agents,
has, with respect to any Employee Plan, engaged in or been a party to any “prohibited transaction” (as defined in Section 4975 of the Code or Section 406 of ERISA), which could result in the imposition of either a penalty
assessed pursuant to Section 502(i) of ERISA or a tax imposed by Section 4975 of the Code, in each case applicable directly or indirectly (through an indemnification obligation or otherwise) to any Company or any Employee Plan. 

(d) Since January 1, 2008, all Employee Plans have been administered in all material respects in accordance with their terms and in
compliance with Law. No compensation paid or required to be paid under any Employee Plan is or will be subject to additional tax under Section 409A(1)(B) of the Code. 

(e) There are no pending or, to the knowledge of the Company, threatened claims, arbitrations, regulatory or other Proceedings (other than
routine claims for benefits), relating to any of the Employee Plans, or the assets of any trust for any Employee Plan. 
 (f) Each Employee
Plan intended to qualify under Section 401(a) of the Code, and the trusts created thereunder intended to be exempt from tax under the provisions of Section 501(a) of the Code has received a favorable determination or opinion letter from
the Internal Revenue Service which is currently in effect. To the knowledge of the Company, nothing has occurred since the date of the determination letter that would adversely affect the qualification or tax exempt status of such Employee Plan and
its related trust. 
 (g) All contributions or payments required to be made prior to the Closing Date under the terms of any Employee Plan
will have been made prior to the Closing Date. Contributions that are not yet due on or before the Closing Date have been accrued on the Financial Statements. 

(h) The Companies do not contribute to, nor within the six-year period ending on the date hereof has it contributed or been obligated to
contribute to, any plan, program or agreement which is a “multiemployer plan” (as defined in Section 3(37) of ERISA) or which is subject to Section 412 of the Code or Section 302 or Title IV of ERISA. 

(i) No Employee Plan provides medical, surgical, hospitalization, death or similar benefits (whether or not insured) for current or former
Employees, directors, consultants or other personnel of the Companies for periods extending beyond their retirement or other termination of service (other than group health plan continuation coverage mandated by Law). 

  
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 (j) No condition exists that would prevent the Companies from amending or terminating any
Employee Plan providing health or medical benefits in respect of any active Employee other than an amendment or termination required by Law. 

Section 3.23 Environmental Matters. Except as set forth in Schedule 3.23, (i) the Companies are now, and
at all times prior to the Closing Date have been, in compliance in all material respects with all applicable Environmental Laws, and have obtained, and are in compliance with, all Permits required under all applicable Environmental Laws;
(ii) there are no claims, Proceedings, investigations or actions by any Governmental or Regulatory Authority or other Person or entity pending, or to the knowledge of the Companies, threatened, against any Company under any Environmental Law or
Permit; (iii) to the knowledge of the Companies, there are no facts, circumstances or conditions relating to the past or present business or operations of any Company, or any real property or improvements now or formerly owned, leased, used,
operated or occupied by any Company, that could reasonably be expected to give rise to an Environmental Claim; (iv) there has been no Release of Hazardous Substances at, on, under, in, to or from any real property or assets currently or
formerly owned, leased, operated or used by the Companies; (v) the Company has not retained or assumed, by contract or operation of law, any liability or obligation of any other Person under or relating to any Environmental Law; and,
(vi) the Companies have provided or otherwise made available all environmental reports, studies, records, and other similar documents with respect to the Business or to any real property or improvements now or formerly owned, leased, used,
operated or occupied, which are in its control and possession. 
 Section 3.24 Affiliate Transactions. Except as
set forth in Schedule 3.24, there are no Contracts, liabilities or obligations between any Company, on the one hand, and any of its Affiliates on the other hand and (ii) neither any Company nor any of the Stockholders, nor Abbinante,
possesses, directly or indirectly, any financial interest in, or is a shareholder, director, officer, member, manager or employee of, any Person which is a client, supplier, customer, lessor, lessee, or competitor or potential competitor of any
Company. Ownership of securities of a company whose securities are registered under the Securities and Exchange Act of 1934, as amended, of 1% or less of any class of such securities will not be deemed to be a financial interest for purposes of this
Section 3.24. 
 Section 3.25 Bank Accounts; Powers of Attorney. Set forth in Schedule 3.25 is
an accurate and complete list showing (i) the name and address of each bank in which each Company has an account or safe deposit box, and the names of all Persons authorized to draw thereon or to have access thereto and (ii) the names of
all Persons, if any, holding powers of attorney from any Company and a summary statement of the terms thereof. 
 Section 3.26
Permits. Schedule 3.26 contains a complete and accurate list of all material Permits obtained or possessed by the Companies that are currently in effect, the date each Permit was last granted to the relevant Company and the
current term of each Permit. The Companies have obtained and possess all Permits and has made all registrations or filings with or notices to any Governmental or Regulatory Authority necessary for the lawful conduct of its business as presently
conducted, or necessary for the lawful ownership of the its assets and properties or the operation of its business as presently conducted, except where the failure to obtain any such Permit or make such registration, filing or notice would not
result in a Material Adverse Effect. All such Permits are in full force and effect. The Companies are in compliance with all such Permits except for such non-compliances that would not, individually or in the aggregate, have a Material Adverse
Effect on the Companies. Any applications for the renewal of any such Permit which are due prior to the Closing 

  
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Date will be timely made or filed by the Companies prior to the Closing Date. No Proceeding to modify, suspend, revoke, withdraw, terminate or otherwise limit any such Permit is pending or, to
the knowledge of the Company, threatened, and to the knowledge of the Company, no valid basis for any such Proceeding, including the transactions contemplated hereby, exists. No administrative or governmental action or Proceeding has been taken or,
to the knowledge of the Company, threatened in connection with the expiration, continuance or renewal of any such Permit and, to the knowledge of the Company, no valid basis for any such Proceeding exists. 

Section 3.27 Absence of Changes. Except as set forth in Schedule 3.27, since the Balance Sheet Date there has
not been a Material Adverse Change with respect to any Company and, to the knowledge of the Company, no fact, circumstance or event exists or has occurred which would, individually or in the aggregate, result in a Material Adverse Change with
respect to any Company, and the Companies have not: 
 (a) increased the compensation payable (including, but not limited to, wages,
salaries, bonuses or any other remuneration) or to become payable to any Employee, officer or agent; 
 (b) made any bonus, profit sharing,
pension, retirement or insurance payment, distribution or arrangement to or with any Employee, officer, personnel, consultant or agent, except for payments that were already accrued or contemplated prior to the Balance Sheet Date or cash dividends
paid to the Stockholders prior to Closing; 
 (c) loaned any money to any Person or guaranteed any loan to, or liability or obligation of,
any Person, except for advances of expenses to Employees in the Ordinary Course of Business; 
 (d) entered into, materially amended or
become subject to any Contract or any contract or agreement outside the Ordinary Course of Business; 
 (e) permitted any of its properties
or assets to be subject to any Lien (other than Permitted Liens); 
 (f) sold, transferred, leased, licensed or otherwise disposed of any
assets or properties except for (i) sales of Inventory in the Ordinary Course of Business and (ii) leases or licenses entered into in the Ordinary Course of Business; 

(g) permitted any Permit or Company-owned Intellectual Property to lapse, other than in the Ordinary Course of Business; 

(h) acquired any business or Person, by merger or consolidation, purchase of substantial assets or equity interests, or by any other manner, in
a single transaction or a series of related transactions, or entered into any Contract, letter of intent or similar arrangement (whether or not enforceable) with respect to the foregoing; 

(i) made any capital expenditure or commitment therefor in excess of $25,000 individually or $50,000 in the aggregate or otherwise acquired any
assets or properties (other than Inventory in the Ordinary Course of Business) or entered into any Contract, letter of intent or similar arrangement (whether or not enforceable) with respect to the foregoing; 

  
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 (j) entered into, materially amended or become subject to any joint venture, partnership,
strategic alliance, stockholders’ agreement that would apply to or be binding on Purchaser after Closing, co-marketing, co-promotion, co-packaging, joint development or similar arrangement; 

(k) written-off as uncollectible any notes or Accounts Receivable, except write-offs in the Ordinary Course of Business charged to applicable
reserves; 
 (l) granted any special conditions with respect to any Accounts Receivable other than in the Ordinary Course of Business; 

(m) failed to pay any Account Payable on a timely basis in the Ordinary Course of Business; 

(n) canceled or waived any claims or rights in excess of $50,000; 

(o) made any change in any method of accounting or auditing practice; 

(p) paid, discharged, settled or satisfied any claims, liabilities or obligations (absolute, accrued, asserted), other than payments,
discharges or satisfactions in the Ordinary Course of Business; 
 (q) conducted its cash management customs and practices (including the
collection of receivables and payment of payables) other than in the Ordinary Course of Business; 
 (r) received notice from any customer,
supplier, Governmental or Regulatory Authority or any other Person which could reasonably be expected to give rise to, or result in, a Material Adverse Effect on any Company; 

(s) made any change to its articles or certificate of incorporation, by-laws or other governing instruments or 

(t) entered into any contract or letter of intent with respect to (whether or not binding), or otherwise committed or agreed, whether or not in
writing, to do any of the foregoing (other than with the Purchaser). 
 Section 3.28 Brokers’ or Finders’
Fees. Except as set forth on Schedule 3.28, no agent, broker, Person or firm acting on behalf of the Stockholders, the Companies or any of its Affiliates is, or will be, entitled to any commission or brokers’ or finders’ fees
from any Company or the Purchaser or any of their respective Affiliates, in connection with any of the transactions contemplated by this Agreement. 

Section 3.29 Product Warranties. 

(a) Schedule 3.29(a) contains a form of each standard product warranty relating to products produced or sold by any Company or services
performed by any Company which will be in effect on the Closing Date. 
 (b) To the knowledge of the Company, no material defect exists in
any design, materials, manufacture or otherwise in any products designed, manufactured, marketed or sold by any Company during the past seven (7) years and no defect in, or replacement of, any such products which could give rise to any material
claim. 

  
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 (c) Except as provided in any of the standard product warranties described in
Section 3.29(a) and as otherwise set forth in Schedule 3.29(c), no Company has sold any products or services which are subject to an extended warranty of any Company beyond twelve (12) months and which warranty has not yet
expired. 
 Section 3.30 Absence of Questionable Payments. No Company has, nor to the knowledge of the Company,
has any of its stockholders, directors, officers, agents, Employees or any other Persons acting on its behalf, (i) used any funds for unlawful contributions, unlawful gifts, unlawful entertainment or other unlawful expenses relating to
political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to foreign or domestic political parties or campaigns, (iii) accepted or received any unlawful contributions, payments,
expenditures or gifts or (iv) otherwise taken any action that would cause any Company to be in violation of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable Law of similar effect. 

Section 3.31 Export Control Regulations. 

(a) Schedule 3.31(a) contains a true and complete list of (i) all current and active import and export licenses issued by the
United States government for the products imported or exported by the Companies and for the procurement by any Company of materials related to the manufacture of its products; (ii) a complete and current accounting of licensing exemptions used
by the Companies for products being imported or exported; and (iii) all export related agreements, including, but not limited to, technical assistance agreements, manufacturing license agreements, distribution and warehousing agreements with
any non-U.S. entity for the manufacture of export-controlled designs or for the transfer of technical information between any Company and a non-U.S. Person. 

(b) Schedule 3.31(b) contains a true and complete list of all voluntary disclosures made, currently in process or proposed for
submission to the U.S. Government by any Company with respect to import and export matters. 
 (c) No current or past violation of the
regulations of the United States or of any foreign government as related to the import or export of the products of any Company has occurred. 

(d) The Companies have an Export Compliance Program that has been administered in such a manner so as to reasonably assure that the Companies
have been conducted in compliance with the U.S. Government regulations regarding the export of commercial and defense related products and technology. 

Section 3.32 Full Disclosure. This Agreement (including the Schedules and any Schedule Updates) does not
(i) contain any representation or warranty of or relating to the Companies or the Stockholders that is false or misleading with respect to any material fact, or (ii) omit to state any material fact necessary in order to make such
representations, warranties and information contained and to be contained herein and therein (in the light of the circumstances under which such representations, warranties and information were or will be made or provided) not false or misleading.

  
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 Section 3.33 No Outside Reliance. Notwithstanding anything contained in
this Agreement, neither the Companies nor the Stockholders are making any representation or warranty, express or implied, beyond those expressly given in this Agreement, including, without limitation, any implied warranty or representation as to
condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets of any Company. Without limiting the generality of the foregoing, it is understood that any cost estimates, financial or other projections
or other predictions that may be contained or referred to in the Schedules, Schedule Updates, as well as any information, documents or other materials (including any such materials contained in the “data room” or otherwise reviewed by the
Purchaser) or management presentations that have been or shall hereafter be provided to the Purchaser or any of the Purchaser’s Representatives are not and shall not be deemed to be representations or warranties of the Companies or the
Stockholders, and no representation or warranty is made as to the accuracy or completeness of any of the foregoing except as may be expressly set forth in this Agreement. Except as otherwise expressly set forth in this Agreement, any equipment and
vehicles of the Companies are furnished “as is”, “where is” without any other representation or warranty of any nature whatsoever. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser represents and warrants to the Stockholders that the representations and warranties contained in this Article IV are correct and
complete as of the Signing Date and the Closing Date. 
 Section 4.1 Existence and Good Standing. The Purchaser
(i) is a corporation duly organized, validly existing and in good standing under the laws of the State of New York, (ii) has all requisite corporate power and authority to own its property and to carry on its business as now conducted,
(iii) is duly qualified to do business and is in good standing in each jurisdiction in which the character or location of the properties owned, leased or operated by it or the nature of the business conducted by it makes such qualification
necessary, except for such jurisdictions where the failure to be so qualified or licensed and in good standing would not have a Material Adverse Effect on the Purchaser. 

Section 4.2 Authority and Enforceability. The Purchaser has all necessary power and authority and has taken all
action necessary to authorize, execute and deliver the Transaction Documents, to consummate the transactions contemplated thereby, and to perform its obligations under the Transaction Documents. No other action on the part of the Purchaser is
required to authorize the execution and delivery of the Transaction Documents and to consummate the transactions contemplated thereby. The Transaction Documents, when delivered in accordance with the terms hereof, assuming the due execution and
delivery of this Agreement and each such other document by the other parties hereto and thereto, will have been duly executed and delivered by the Purchaser and will be valid and binding obligations of the Purchaser, enforceable against it in
accordance with their respective terms, except to the extent that their enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and
to general equitable principles. 

  
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 Section 4.3 Consents and Approvals; No Violations. 

(a) The execution and delivery of this Agreement by the Purchaser do not, the execution and delivery by the Purchaser of the other instruments
and agreements to be executed and delivered by the Purchaser as contemplated hereby will not and the consummation by the Purchaser of the transactions contemplated hereby and thereby will not result in a violation or breach of, conflict with,
constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation, payment or acceleration) under, or result in the creation of any Lien upon any of the properties or assets of the
Purchaser under: (i) any provision of the certificate of incorporation or by-laws of the Purchaser; (ii) subject to obtaining and making any of the approvals, consents, notices and filings referred to in paragraph (b) below, any Law
or Order applicable to the Purchaser or by which any of its properties or assets may be bound (iii) any written or oral contract, agreement, commitment or other obligation to which the Purchaser is a party, or by which any of its properties or
assets is bound. 
 (b) No consent, approval or action of, filing with or notice to any Governmental or Regulatory Authority or other Person
is necessary or required under any of the terms, conditions or provisions of any Law or Order, any written or oral contract, agreement, commitment or other obligation to which the Purchaser is a party or by which any of its properties or assets is
bound, for the execution and delivery of the Transaction Documents by the Purchaser, the performance by the Purchaser of its obligations thereunder or the consummation of the transactions contemplated thereby. 

Section 4.4 Brokers’ or Finders’ Fees. No agent, broker, person or firm acting on behalf of Purchaser is,
or will be, entitled to any commission or brokers’ or finders’ fees from the Company, the Stockholders, or their Affiliates, in connection with any of the transactions contemplated by this Agreement. 

Section 4.5 Full Disclosure. This Agreement (including the Schedules) does not (i) contain any representation,
warranty or information of or relating to the Purchaser that is false or misleading with respect to any material fact, or (ii) omit to state any material fact necessary in order to make such representations, warranties and information contained
and to be contained herein and therein (in the light of the circumstances under which such representations, warranties and information were or will be made or provided) not false or misleading. 

Section 4.6 Certain Proceedings. There is no pending Proceeding that has been commenced against the Purchaser that
challenges, or may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the transactions contemplated by this Agreement and, to the knowledge of the Purchaser, no such Proceeding has been threatened. 

Section 4.7 Availability of Funds. The Purchaser has cash available or has existing borrowing facilities that
together are sufficient to enable it to consummate and perform all of the transactions contemplated by this Agreement. 

Section 4.8 Securities Representation. The Purchaser is acquiring the Shares for its own account for the purpose of
investment and not with a view to or for sale in connection with any distribution thereof (as such term is defined in Section 2(a)(11) of the Securities Act of 1933, as amended (the “Securities Act”)). The Purchaser understands
that the Shares have not been registered under the Securities Act or any applicable state securities laws and cannot be sold unless subsequently registered under the Securities Act and any applicable state securities laws or an exemption from such
registration is available. The Purchaser is an “accredited investor” as such term is defined in Rule 501(a) under the Securities Act. 

  
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 ARTICLE V 

COVENANTS 
 Section 5.1
Public Announcements. Neither the Companies, the Stockholders nor the Purchaser shall, nor shall any of their respective Affiliates, without the approval of the other parties, issue any press releases or otherwise make any public
statements with respect to the transactions contemplated by this Agreement, except as may be required by applicable Law or regulation or by obligations pursuant to any listing agreement with any national securities exchange. 

Section 5.2 Investigation by the Purchaser. During the period beginning on the date of this Agreement and ending on
the Closing Date, the Purchaser and each of its Representatives will continue to conduct a review of the Companies and the Business. In connection with such review, Abbinante and the Stockholders shall grant, and shall cause the Companies to grant,
to the Purchaser and each of Purchaser’s Representatives full access to the Books and Records, property, assets and personnel (with a Representative of the Companies present) of the Companies upon reasonable prior notice and during normal
business hours. In connection with such review, Abbinante and the Stockholders agree, upon reasonable prior notice, to (i) cooperate with the Purchaser and each of the Purchaser’s Representatives, (ii) provide all information, and all
documents and other data relating to such information, reasonably requested by the Purchaser or any Representative of the Purchaser and (iii) permit the Purchaser and each of the Purchaser’s Representatives to inspect any assets of the
Companies or the Business. 
 Section 5.3 Notifications, Consents and Approvals. As soon as practicable, the
Purchaser and the Stockholders shall commence all reasonable actions to obtain the consents and approvals (including, but not limited to, those approvals, consents, orders, registrations, declarations and filings marked with an asterisk in
Schedule 3.4(b)) and to make the filings required to consummate the transactions contemplated by this Agreement. 

Section 5.4 Conduct Pending Closing. From the date of this Agreement to the Closing Date, and except as otherwise
specifically consented to or approved by the Purchaser in advance in writing, such consent or approval not to be unreasonably withheld or delayed, the Stockholders agree as follows: 

(a) Abbinante and the Stockholders shall cause the Companies to carry on their businesses substantially in the same manner as heretofore
conducted and shall not engage in any transaction or activity, enter into or amend any agreement or make any commitment except in the Ordinary Course of Business; 

(b) Abbinante and the Stockholders shall use reasonable commercial efforts to preserve the Companies’ existence and business organization
intact and to preserve the Companies’ businesses, properties, assets and relationships with their personnel, suppliers, customers and others with whom they have business relations; 

(c) Abbinante and the Stockholders shall cause the Companies to not (A) grant any special conditions with respect to any Account
Receivable other than in the ordinary course of business consistent with past practice, (B) fail to pay any Account Payable on a timely basis in the Ordinary Course of Business consistent with past practice, (C) make or commit to make any
capital expenditures in excess of $10,000 in the aggregate without the prior written consent of the Purchaser or (D) start up or acquire any new business or product line which is not similar to or directly complementary to any existing business
or product line; 

  
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 (d) Abbinante and the Stockholders shall cause the Companies to not (A) increase the
compensation payable (including, but not limited to, wages, salaries, bonuses or any other remuneration) or to become payable to any officer, employee or agent, other than in accordance with its usual practices; (B) make, or make any commitment
to make, any bonus to any officer, employee or agent, or (C) enter into or amend any employment agreements; provided that the foregoing shall not restrict the Companies from paying bonus compensation in accordance with its usual practices (and
not related to the transactions contemplated herein) and which has been accrued; 
 (e) Abbinante and the Stockholders shall cause the
Companies to (A) settle any and all related party liabilities, (B) terminate any related party transactions or agreements, and (C) pay all declared or accrued dividends; 

(f) Abbinante and the Stockholders shall cause the Companies to distribute all cash and cash equivalents to the Stockholders, except for cash
necessary to cover outstanding checks as of the Closing Date; 
 (g) Abbinante and the Stockholders shall cause the Companies to not enter
into any settlement with respect to any Proceeding against or relating to the Company; 
 (h) Abbinante and the Stockholders shall cause the
Companies to not make any changes to their organizational documents; 
 (i) Abbinante and the Stockholders shall cause the Companies to not
issue, sell, or buy any Rights or securities of any Company; 
 (j) Abbinante and the Stockholders shall cause the Companies to not become a
party to any agreement, and not become subject to any Law or Governmental Order, that requires or may require the Company to issue, sell, or buy any Rights or securities of the Company; 

(k) Abbinante and the Stockholders shall cause the Companies to not enter into any agreement limiting the ability of the Companies to engage in
any line of business or to compete with any Person; 
 (l) Abbinante and the Stockholders shall not voluntarily take any action or cause the
Companies to take any action, or voluntarily fail to take any action or cause the Company to voluntarily fail to take any action the failure of which would cause any representation or warranty of the Stockholders contained in this Agreement to be
breached or untrue in any material respect, other than as required by Law; and 
 (m) Abbinante and the Stockholders shall cause the
Companies to liquidate and dissolve Armstrong DISC pursuant to Section 332 of the Code and pay all dividends accrued prior to Closing. 

  
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 Section 5.5 Notification of Certain Matters.  

(a) The Stockholders shall give prompt written notice to the Purchaser of (i) any fact or circumstance, or any occurrence or failure to
occur of any event of which the Stockholders have knowledge, which fact, circumstance, occurrence or failure causes or, with notice of the lapse of time, would cause any representation or warranty of the Stockholders contained in this Agreement to
be breached or untrue or inaccurate in any respect any time from the date of this Agreement to the Closing Date and (ii) any failure of the Stockholders or the Companies to comply with or satisfy any covenant, condition or agreement to be
complied with or satisfied by the Stockholders under this Agreement. 
 (b) The Purchaser shall give prompt written notice to the
Stockholders of (i) any fact or circumstance, or any occurrence or failure to occur of any event of which the Purchaser has knowledge, which fact, circumstance, occurrence or failure causes or, with notice of the lapse of time, would cause any
representation or warranty of the Stockholders contained in this Agreement to be breached or untrue or inaccurate in any respect any time from the date of this Agreement to the Closing Date and (ii) any failure of the Purchaser to comply with
or satisfy any covenant, condition or agreement to be complied with or satisfied by the Purchaser under this Agreement. 

Section 5.6 No Negotiation. Until such time as this Agreement may be terminated pursuant to Section 9.1,
Abbinante and the Stockholders shall not, and shall cause the Companies not to, directly or indirectly, solicit, initiate, encourage or entertain any inquiries or proposals from, or discuss or negotiate with any Person other than the Purchaser or
its Representatives relating to an acquisition or other disposition of the Shares or the assets, properties and rights of the Companies. 

Section 5.7 Access to Records and Personnel. For a period of six (6) years after the Closing Date, the
Stockholders and their Representatives will have reasonable access to (including the right to make copies of) all Books and Records of the Companies to the extent that such access may reasonably be required in connection with matters relating to
(i) all matters as to which the Stockholders are required to provide or entitled to receive indemnification under this Agreement, (ii) the preparation of any Tax Returns required to be filed by the Stockholders with respect to any period,
whether ending prior to, on or after the Closing; or (iii) otherwise in connection with any audit or investigation by any Governmental or Regulatory Authority or other reasonable need of a Stockholder. Such access will be afforded by the
Purchaser upon receipt of reasonable advance notice and during normal business hours, provided such access does not unduly disrupt the Purchaser’s normal business operations. The Stockholders will be solely responsible for any costs or expenses
incurred by them pursuant to this Section 5.7. If the Purchaser wishes to dispose of any Books and Records prior to the expiration of the six-year period, the Purchaser will, prior to such disposition, give the Stockholders a reasonable
opportunity, at the Stockholders’ expense, to segregate and remove such Books and Records as the Stockholders may select. 

Section 5.8 Further Assurances. Subject to the terms and conditions set forth in this Agreement, each of the parties
hereto shall use its commercially reasonable efforts (subject to, and in accordance with, applicable Law) to take promptly, or cause to be taken, all actions, and to do promptly, or cause to be done, and to assist and cooperate with the other
parties in doing, all things necessary, proper or advisable under applicable Laws to consummate and make effective the sale of the Shares hereunder and the other transactions contemplated by this Agreement including (i) the obtaining of all
necessary actions or non-actions, waivers, consents and approvals from Governmental or Regulatory Authorities and the making of all necessary registrations and filings and the taking of all steps as may be necessary to obtain an approval or waiver
from, or to avoid a Proceeding by, any Governmental or Regulatory Authority, (ii) the obtaining of all necessary consents, approvals or waivers from third parties, (iii) the defending of any lawsuits or other legal proceedings, whether
judicial or administrative, challenging this Agreement or the consummation of the transactions contemplated by this Agreement and (iv) the execution and delivery of any additional instruments necessary to consummate the transactions
contemplated by this Agreement. 

  
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 Section 5.9 Tax Matters. The following provisions will govern the
allocation of responsibility for certain Tax matters following the Closing Date: 
 (a) Pre-Closing Returns. The Stockholders shall,
at the Stockholders’ expense, (i) prepare or cause to be prepared and file or cause to be filed all Tax Returns for the Companies for periods ending prior to or including the Closing Date which have not yet been filed as of the Closing
Date, including the S short year (as described in Section 5.9(d); (ii) pay or cause to be paid all Tax reported, or required to be reported, on such Tax Returns for the pre-Closing Tax Returns; (iii) include any income or gain
recognized as a result of Section 5.13 in the Companies’ and the Stockholders’ pre-Closing Tax Returns; and (iv) cause to be prepared all such Tax Returns consistent with the past practice of the Companies, except as
otherwise required by applicable Law; provided, however, that for the avoidance of doubt and to the extent permitted by applicable Law, all deductions related to or arising out of the transactions contemplated by this Agreement shall
be treated as arising on or before the Closing Date. At least thirty (30) days prior to the date on which each such Tax Return is filed (including any applicable extensions), the Stockholders shall submit such Tax Return to the Purchaser for
the Purchaser’s review and approval, which approval shall not be unreasonably withheld or delayed. Notwithstanding the above, all expense, including fines, late fees and additional Taxes, resulting from or arising out of amendments to the
Companies’ Tax Returns filed by or on behalf of the Stockholders for periods prior to the Closing Date shall be the obligation of, and be paid by, the Stockholders. 

(b) Post-Closing Returns. The Purchaser shall, at Purchaser’s expense, prepare or cause to be prepared and file or cause to be
filed all Tax Returns for the Companies for all periods beginning after the Closing Date. 
 (c) Tax Periods Beginning Before and Ending
After the Closing Date. The Purchaser will prepare or cause to be prepared and file or cause to be filed any Tax Returns of the Companies for Tax periods which begin before the Closing Date and end after the Closing Date (“Straddle Tax
Periods”). Except as otherwise required by applicable Law, such Tax Returns will be prepared in a manner consistent with Tax Returns prepared and filed by the Company prior to the Closing Date. At least thirty (30) days prior to the
date on which each such Tax Return is filed (including any applicable extensions), the Purchaser shall submit such Tax Return to the Stockholders for the Stockholders’ review and approval, which approval shall not be unreasonably withheld or
delayed. For purposes of this Section 5.9, in the case of any Taxes that are imposed on a periodic basis and are payable for a taxable period that includes (but does not end on) the Closing Date, the portion of such Taxes which relates
to the portion of such taxable period ending on the day immediately preceding the Closing Date will (i) in the case of any Taxes other than Taxes based upon or related to income, be deemed to be the amount of such Tax for the entire taxable
period multiplied by a fraction the numerator of which is the number of days in the taxable period ending on the day immediately preceding the Closing Date and the denominator of which is the number of days in the entire taxable period and
(ii) in the case of any Tax based upon or related to income or receipts be deemed equal to the amount which would be payable if the relevant taxable period ended on the day immediately preceding the Closing Date. All determinations necessary to
give effect to the foregoing allocations will be made in a manner consistent with prior practices of the Companies. 

  
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 (d) S Termination Year. Items of income, gain, loss, deduction and credit shall be
allocated between the S short year (as defined in Section 1362(e)(1)(A) of the Code) and the C short year (as defined in Section 1362(e)(1)(B) of the Code) pursuant to Section 1.1362-3(b)(2) of the Code. 

(e) Payment of Taxes. To the extent such Taxes are not accrued on the Companies’ books and records and balance sheet as of the
Closing, the Stockholders will be liable for the timely payment of all Taxes for Pre-Closing Tax Periods and the portion of Taxes for Straddle Tax Periods which relate to the period ending on the day immediately preceding the Closing Date
(collectively, “Pre-Closing Taxes”). 
 (f) Conduct and Notice of Audits. After the Closing, the Stockholders and the
Purchaser shall (i) provide to the other party such information relating to the Companies as the Stockholders or the Purchaser may reasonably request with respect to Tax matters and (ii) cooperate with each other in the conduct of any
audit or other proceeding with respect to any Tax involving the Companies and shall retain or cause to be retained all Books and Records pertinent to the Companies for each taxable period or portion thereof ending on or prior to the Closing Date
until the expiration of the applicable statute of limitations (giving effect to any and all extensions and waivers). If any party to this Agreement receives any written notice from any taxing authority proposing an adjustment to any Tax for which
any other party hereto may be obligated to indemnify under this Agreement, such party shall give prompt written notice thereof to the other that describes such proposed adjustment in reasonable detail; the failure to give such notice, however, shall
not reduce the obligations of a party hereunder unless, and to the extent that, such failure prejudices the rights of the other party to contest such Tax. 

(g) Amendment of Tax Returns. Without the prior written consent of the Stockholders, the Purchaser will not amend or permit the
Companies to amend any Tax Return relating to a taxable period (or portion of such taxable period) ending on or prior to the Closing Date. The Stockholders shall have the right to amend a pre-Closing Tax Return; provided that at least thirty
(30) days prior to the date on which each such amended Tax Return is filed, the Stockholders shall submit such amended Tax Return to the Purchaser for the Purchaser’s review and approval, which approval shall not be unreasonably withheld
or delayed. 
 Section 5.10 Confidentiality. 

(a) Commencing on the date hereof and continuing for a period of five (5) years thereafter, (i) Abbinante and the Stockholders will
not divulge, transmit or otherwise disclose (except as legally compelled by court order, and then only to the extent required, after prompt notice to the Purchaser of any such order), directly or indirectly, any Confidential Information with respect
to the Companies and/or the Business and (ii) Abbinante and the Stockholders will not use, directly or indirectly, any Confidential Information for the benefit of anyone other than the Purchaser or the Business. 

(b) Commencing on the date hereof and thereafter, Abbinante and the Stockholders will not take any action intended to disparage or damage the
reputation of the Companies, the Purchaser or their respective Affiliates, directors, officers or personnel, or to engage in any other action that is intended to injure or hinder the business relationships of the Business. 

  
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 (c) It is the desire and intent of the parties to this Agreement that the provisions of this
Section 5.10 will be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. If any particular provisions or portion of this Section 5.10 will
be adjudicated to be invalid or unenforceable, this Section 5.10 will be deemed amended to delete therefrom such provision or portion adjudicated to be invalid or unenforceable, such amendment to apply only with respect to the operation
of such Section in the particular jurisdiction in which such adjudication is made. 
 (d) The parties recognize that the performance of the
obligations under this Section 5.10 by Abbinante and the Stockholders is special, unique and extraordinary in character, and that in the event of the breach by Abbinante or any Stockholder of the terms and conditions of this
Section 5.10, the Purchaser and the Companies will be entitled, if they so elect, to seek Damages for any breach of this Section 5.10 from Abbinante or the breaching Stockholder and/or to enforce the specific performance
thereof by such breaching Stockholder. 
 (e) The parties acknowledge and agree that Damages in the event of a breach of any of the
provisions of this Section 5.10 would be difficult, if not impossible, to ascertain and it is therefore agreed that the Purchaser, in addition to and without limiting any other remedy or right it may have, will have the right to seek an
injunction or other equitable relief in any court of competent jurisdiction enjoining any such breach. Abbinante and the Stockholders further agree that the Purchaser will not be required to post a bond or other security in connection with the
issuance of any such injunction. 
 Section 5.11 Non-Competition and Non-Solicitation. 

 (a) In consideration of the Purchase Price payable hereunder, Abbinante agrees for a period of five (5) years after his
separation from employment with the Purchaser or the Company, and each Stockholder agrees that for a period of five (5) years after the Closing Date, he or it will not, on behalf of himself, herself, or any other Person: 

(i) within any jurisdiction or marketing area in which the business of the Purchaser or its Subsidiaries is conducted (x) with respect to
Abbinante, at the time of his separation from employment with the Purchaser, and (y) with respect to the Stockholders, on the Closing Date, directly or indirectly own, manage, operate or control, be employed by (whether as an employee,
consultant or advisor) or otherwise engage in any business of the type and character engaged in and competitive with the business of the Purchaser or its Subsidiaries. For these purposes, ownership of securities of less than five percent
(5%) of any class of securities of a public company will not be considered to be competition with the Purchaser’s or any of its Subsidiaries’ business; or 

(ii) induce or attempt to induce any potential customer, supplier, licensee or other business relation of the Purchaser or its Subsidiaries
not to transact business with the Purchaser or a Subsidiary of the Purchaser in connection with the business of the Purchaser or its subsidiaries or to transact business with another company in lieu of doing business with the Purchaser or any of its
Subsidiaries in connection with the business of the Purchaser and its Subsidiaries; 
 (iii) solicit for himself, herself, itself or any
Person (other than the Purchaser or any of its Subsidiaries) the business of any Person, in lieu of doing business with the Purchaser or any of its Subsidiaries, that is or was a customer, supplier, licensee or other business relation of the
Purchaser or any of its Subsidiaries (x) with respect to Abbinante, within two (2) years 

  
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prior to the date of his separation from employment with the Purchaser, and (y) with respect to the Stockholders, within two (2) years prior to the date of this Agreement or in any way
intentionally interfere with the relationship between the Purchaser or any of its Subsidiaries and any such Person; or 
 (iv) knowingly
induce, attempt to induce, or in any way knowingly interfere with the relationship between the Purchaser or any of its Subsidiaries and any Employee; or solicit, employ or otherwise contract for services of any Employee of the Purchaser or any of
its Subsidiaries. 
 (b) For purposes of this Section 5.11, the business of the Purchaser and its Subsidiaries shall be the
business of the Purchaser and its Subsidiaries as conducted (x) with respect to Abbinante, on the date of his separation of employment with the Purchaser, and (y) with respect to the Stockholders, on the date of this Agreement. 

(c) It is the desire and intent of the parties that the provisions of this Section 5.11 will be enforced to the fullest extent
permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. If any particular provisions or portion of this Section 5.11 is adjudicated to be invalid or unenforceable, this
Section 5.11 will be deemed amended to delete therefrom such provision or portion adjudicated to be invalid or unenforceable, such amendment to apply only with respect to the operation of such Section in the particular jurisdiction in
which such adjudication is made. 
 (d) The parties recognize that the performance of the obligations under this Section 5.11 by
Abbinante and the Stockholders is special, unique and extraordinary in character, and that in the event of the breach by Abbinante or a Stockholder of the terms and conditions of this Section 5.11, the Purchaser will be entitled, if it
so elects, to obtain Damages for any breach of this Section 5.11, or to enforce the specific performance thereof by Abbinante or a breaching Stockholder or to enjoin Abbinante or a breaching Stockholder from performing services for any
Person. 
 (e) The parties acknowledge and agree that Damages in the event of a breach of any of the provisions of this
Section 5.11 would be difficult, if not impossible, to ascertain and it is therefore agreed that the Purchaser, in addition to and without limiting any other remedy or right it may have, will have the right to seek an injunction and/or
other equitable relief in any court of competent jurisdiction enjoining any such breach. Abbinante and the Stockholders further agree that the Purchaser will not be required to post a bond or other security in connection with the issuance of any
such injunction. 
 Section 5.12 Update of Schedules. From time to time prior to the Closing Date, the
Stockholders may provide updates (“Schedule Updates”) of all Schedules attached hereto to reflect changes thereto, including changes to any representations and warranties in Article III as to which no Schedules have been
created as of the date hereof but as to which a Schedule would have been required to have been created on or before the date hereof if such changes had existed on the date hereof; provided, however, that the Stockholders shall deliver
such Schedule Updates not less than two (2) Business Days prior to the Closing Date in accordance with the provisions of Section 10.5 and shall provide any additional information with respect to such Schedule Updates that the
Purchaser may reasonably request within one (1) Business Day after such request. If any Schedule Update represents a material change from the Schedule provided on the Signing Date, the Purchaser may terminate this Agreement in reliance on
Section 9.1. Any Schedule Updates delivered to 

  
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Purchaser shall not be deemed to modify the representations and warranties herein for purposes of determining whether or not the conditions to Closing set forth in Section 6.1 has
been satisfied, but shall be deemed to modify the representations and warranties herein for purposes of determining any claims for indemnification pursuant to Section 8.2(a)(i). 

Section 5.13 Section 338(h)(10) Election.  

(a) With respect to the acquisition of the Shares hereunder, the Purchaser and each Stockholder will make a timely election under
Section 338 of Code (and any corresponding elections under State or local tax law) (collectively, the “Section 338(h)(10) Elections”). The Stockholders and the Purchaser shall (i) take, and cooperate with each other to
take, all actions necessary and appropriate (including filing such forms (Form 8883), returns, elections (including Form 8023), schedules and other documents as may be required) to effect and preserve timely Section 338(h)(10) Elections in
accordance with Section 338 of the Code and Treasury Regulations Section 1.338(h)(10)-1 or any successor provisions and any comparable provisions arising out of State or local tax law, and (ii) the Stockholders and the Purchaser shall
report the sale of the Shares pursuant to this agreement consistent with the Section 338(h)(10) Election and shall take no position contrary thereto or inconsistent therewith in any Tax Return, any discussion with or Proceeding before any
taxing authority, or otherwise. No party shall revoke, withdraw, or modify the Section 338(h)(10) Election. The Purchaser and the Stockholders agree that the Purchase Price and liabilities of the Companies will be allocated among the assets of
the Companies for all purposes on IRS Form 8883. The Purchaser, the Companies and the Stockholder will all file Tax Returns (including amended returns and claims for refund) and information reports in a manner consistent with such election. 

(b) The Purchaser shall increase the Purchase Price in the amount (such amount, the “Tax Gross Up”) necessary to compensate
the Stockholders on an after-tax basis for any Taxes payable by the Stockholders in excess of the Taxes payable as if the Section 338(h)(10) Elections had not been made. The Tax Gross Up shall be calculated using the highest federal and state
income Tax rates then in effect for ordinary income, recapture income and capital gain income. The after-tax effect of the allocation of the Purchase Price among the assets, including the amount allocated to the covenant not to compete, shall be
taken into account in calculating the Tax Gross Up. Any Tax Gross Up paid will be treated as additional Purchase Price for all provisions of this Agreement. The final Tax Gross Up amount (the Final Tax Gross Up) shall be determined pursuant to
Section 2.4 herein. 
 (c) The Form 8883 shall be agreed to by the Purchaser and the Stockholders as soon as practicable after
final determination of the Final Gross Up pursuant to Section 2.4(b). In the event of an adjustment to the Purchase Price in accordance with this Agreement, such adjustment shall be made to the Purchase Price paid for the assets of the
Companies. The Parties will file all Tax Returns (including amended Tax Returns and claims for refund) and information reports in a manner consistent with such allocation. 

(d) The Purchaser shall pay the Tax Gross Up to the Stockholders pursuant to Section 2.2, subject to adjustment pursuant to
Section 2.4. 
 (e) Any income Tax refunds that are received by the Purchaser or the Companies, and any amounts credited against
income Tax to which the Purchaser or the Companies become entitled in a Tax period ending after the Closing Date, that relate to Tax periods or portions of such periods ending on or before the Closing Date shall be for the account of the
Stockholders. The Purchaser shall pay over to the Stockholders any such refund or the amount of any such credit within five (5) days after actual receipt of such refund or application of such credit against Taxes. 

  
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 Section 5.14 Armstrong AeroMod, LLC. Abbinante shall dispose of any
direct or indirect interest in Armstrong AeroMod, LLC, an Illinois limited liability company, within one year after the Closing Date, in a manner and on terms and conditions reasonably acceptable to the Purchaser. 

ARTICLE VI 

CONDITIONS TO THE PURCHASER’S OBLIGATIONS 

The purchase of the Shares by the Purchaser on the Closing Date is conditioned on satisfaction by the Stockholders, or waiver by the
Purchaser, at or prior to the Closing, of the following conditions: 
 Section 6.1 Representations and Warranties.
Each of the representations and warranties of the Companies and the Stockholders contained in this Agreement, after giving effect to the Schedules but not the Schedule Updates, shall be true and correct in all material respects on and as of the
Closing Date as though made on and as of the Closing Date (except for representations and warranties that are made as of a specific date, which shall be true and correct in all material respects as of that date), and the Stockholders shall have
delivered to the Purchaser a certificate of the Stockholders, dated the Closing Date, to such effect. 
 Section 6.2
Agreements and Covenants. The Companies and the Stockholders shall have performed or complied with all agreements and covenants required by this Agreement to be performed or complied with by them on or prior to the Closing Date, and
the Stockholders shall have delivered to the Purchaser a certificate of the Stockholders, dated the Closing Date, to such effect. 

Section 6.3 Good Standing Certificate. The Stockholders shall have delivered to Purchaser certificates of existence
and/or good standing for each Company from the Secretary of State of the State of Illinois dated within thirty (30) days of the Closing Date. 

Section 6.4 No Material Adverse Change. Since the Signing Date, there shall have been no Material Adverse Change
with respect to the Business, and no events, facts or circumstances shall have occurred which would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change, and the Stockholders shall have delivered to the
Purchaser a certificate of the Stockholders, dated the Closing Date, to such effect. 
 Section 6.5 No Litigation.
No Proceedings shall have been instituted or, to the knowledge of the Companies, threatened before a court or other Governmental or Regulatory Authority to restrain or prohibit or materially delay any of the transactions contemplated hereby, and the
Stockholders shall have delivered to the Purchaser a certificate of the Stockholders, dated the Closing Date, to such effect. 

Section 6.6 Delivery of Shares. Each Stockholder shall have delivered to the Purchaser, and the Purchaser shall have
received, one or more certificates or assignments representing, in the aggregate, the number of Shares owned by him, her or it, or, if such certificates or assignments are not available, an affidavit attesting to the loss of such documents
accompanied by an indemnity acceptable to Purchaser in its sole discretion. 

  
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 Section 6.7 No Claim Regarding Share Ownership or Proceeds. There will
not have been made or threatened by any Person any claim asserting that such Person (i) is the holder or the beneficial owner of, or has the right to acquire or to obtain beneficial ownership of, any Shares, or any other voting, equity or
ownership interest in, the Company or (ii) is entitled to all or any portion of the Purchase Price payable to the Stockholders for the Shares. 

Section 6.8 Consents and Approvals. All governmental and third-party consents, waivers and approvals, if any,
disclosed in Schedule 3.4(b) or otherwise necessary to permit the consummation of the transactions contemplated by this Agreement shall have been received or waived by Purchaser. 

Section 6.9 Statutes; Orders. No Law or Order of any kind shall have been enacted, entered, promulgated or enforced
by any court or Governmental or Regulatory Authority since the Signing Date that would prohibit or materially delay the consummation of the transactions contemplated by this Agreement or has the effect of making them illegal. 

Section 6.10 Proceedings. All proceedings to be taken in connection with the transactions contemplated by this
Agreement and all documents incident thereto shall be reasonably satisfactory in form and substance to the Purchaser and its counsel, and Purchaser shall have received copies of all such documents and other evidences as it or its counsel may
reasonably request in order to establish the consummation of such transactions and the taking of all proceedings in connection therewith. 

Section 6.11 Minute Book and Stock Records. The Stockholders will have delivered to the Purchaser the original
minute book and stock records of the Companies. 
 Section 6.12 Pay-Off Letters; Lien Releases. All Indebtedness
of the Company as of the Closing Date shall have been repaid (as evidenced by customary pay-off letters from the holders of such Indebtedness delivered to the Purchaser by the Stockholders) and all arrangements reasonably satisfactory to the
Purchaser providing for lien releases, canceled notes and other documents reasonably requested by the Purchaser prior to Closing shall have been made. The Stockholders shall have delivered to the Purchaser duly executed releases of liens releasing
all of the assets of the Companies from all Liens except Permitted Liens. 
 Section 6.13 Satisfactory Due Diligence.
The Purchaser and its Representatives shall be satisfied in their reasonable discretion with their due diligence review of the Companies with respect to (i) the Companies’ compliance in all material respects with state and local Tax
reporting in jurisdictions other than Illinois, (ii) confirming that the internal, unaudited income statement of the Companies for the period ended December 31, 2014 and the internal, unaudited balance sheet of the Companies as of
December 31, 2014 are materially consistent with the results of operations as of the Balance Sheet Date, and (iii) the historical depositing of materials within the designated Salt Creek floodplain/water shed along the northern property
border of 1437 Harmony Court, including, but not limited to, any specific removal, remediation, or mitigation actions taken to address such materials, as well as any associated issues pertaining to the Company’s stormwater permitting status at
such site, including, but not limited to, any ongoing obligations due to such status, such as monitoring and maintenance obligations. 

  
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 Section 6.14 Resignations. The Companies shall have delivered to the
Purchaser the resignation of each officer and director of the Companies, in their capacities as officers and directors, and not as employees, as the Purchaser shall have specified. 

Section 6.15 Delivery of Section 338(h)(10) Election Forms. The Stockholders shall have delivered to the
Purchaser all required forms, returns, elections, schedules and other documents necessary for the Section 338(h)(10) Election no later than two (2) days prior to the Closing Date. 

Section 6.16 Escrow Agreement. The Stockholders shall have delivered to the Purchaser a duly executed counterpart of
the Escrow Agreement. 
 Section 6.17 Real Property Matters. The Stockholders shall have delivered to the
Purchaser: (i) evidence of the consummation of the sale of the Current Real Property and the real property located at 1431 Harmony Court, Itasca, Illinois, from the owners thereof to Purchaser; and (ii) termination of the Leases. 

Section 6.18 Termination of Employment Agreements. The Stockholders shall have delivered to the Purchaser evidence
of (i) the termination of the Employment Agreement, dated as of January 21, 2013, by and between Armstrong and Chryss Crockett, such termination to include an acknowledgment by Chryss Crockett that all options referenced in such Employment
Agreement are terminated and that no shares of stock in any Company were issued to her; and (ii) the termination of the Employment Agreement dated as of January 1, 2014, by and between Armstrong and Dominick Zaccaro. 

Section 6.19 Bank Account Numbers. The Stockholders shall have delivered to the Purchaser a list of all of the
Companies’ bank account numbers and safe deposit box numbers. 
 Section 6.20 Frustration of Closing
Conditions. The Purchaser may not rely on the failure of any condition set forth in this Article VI to be satisfied if such failure was caused by the Purchaser’s failure to act in good faith or the Purchaser’s failure to use its
commercially reasonable efforts to cause the Closing to occur. 
 ARTICLE VII 

CONDITIONS TO StockHOLDERS’ OBLIGATIONS 

The sale of the Shares by the Stockholders on the Closing Date is conditioned upon satisfaction by the Purchaser, or waiver by the Stockholders in writing, at
or prior to the Closing, of the following conditions: 
 Section 7.1 Representations and Warranties. Each of the
representations and warranties of the Purchaser contained in this Agreement shall have been true and correct in all material respects on and as of the Closing Date as though made on and as of the Closing Date (except for representations and
warranties that are made as of a specific date, which shall be true and correct in all material respects as of that date), and the Purchaser shall have delivered to the Stockholders a certificate of the Purchaser, dated the Closing Date, to such
effect. 
 Section 7.2 Agreements and Covenants. The Purchaser shall have performed or complied with all
agreements and covenants required by this Agreement to be performed or complied with by it on or prior to the Closing Date, and the Purchaser shall have delivered to the Stockholders a certificate of the Purchaser, dated the Closing Date, to such
effect. 

  
 41 

 Section 7.3 No Litigation. No Proceedings shall have been instituted or
threatened before a court or other Governmental or Regulatory Authority to restrain or prohibit any of the transactions contemplated hereby, and the Purchaser shall have delivered to Stockholders a certificate of the Purchaser, dated the Closing
Date, to such effect. 
 Section 7.4 Consents and Approvals. All governmental and third-party consents, waivers
and approvals, if any, necessary to permit the consummation of the transactions contemplated by this Agreement shall have been received. 

Section 7.5 Statutes; Orders. No Law or Order of any kind shall have been enacted, entered, promulgated or enforced
by any court or Governmental or Regulatory Authority which prohibits the consummation of the transactions contemplated by this Agreement or has the effect of making them illegal. 

Section 7.6 Proceedings. All proceedings to be taken in connection with the transactions contemplated by this
Agreement and all documents incident thereto shall be reasonably satisfactory in form and substance to the Stockholders and their counsel, and the Stockholders shall have received copies of all such documents and other evidences as they or their
counsel may reasonably request in order to establish the consummation of such transactions and the taking of all proceedings in connection therewith. 

Section 7.7 Escrow Agreement. The Purchaser shall have delivered to the Stockholders a duly executed counterpart of
the Escrow Agreement. 
 Section 7.8 Real Property Matters. The Purchaser shall have delivered to the Stockholders
evidence of the consummation of the sale of the Current Real Property and the real property located at 1431 Harmony Court, Itasca, Illinois, from the owners thereof to Purchaser. 

Section 7.9 Frustration of Closing Conditions. The Stockholders and the Companies may not rely on the failure of any
condition set forth in this Article VII to be satisfied if such failure was caused by the Stockholders’ or the Companies’ failure to act in good faith or the Stockholders’ or the Companies’ failure to use its commercially
reasonable efforts to cause the Closing to occur. 
 ARTICLE VIII 

SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION 

Section 8.1 Survival of Representations; Survival of Covenants. 

(a) Except as set forth in subparagraph (b) below, the respective representations and warranties of the parties contained in this
Agreement will survive the Closing for a period of eighteen (18) months after the Closing Date. 
 (b) The representations and
warranties contained in: 
 (i) Section 3.1 (Ownership of Shares), Section 3.2 (Existence and Good Standing),
Section 3.3 (Authority and Enforceability), Section 3.5 (Capitalization), Section 3.6 (Subsidiaries and Investments) and Section 3.28 (Brokers’ or Finders’ Fees) will survive the Closing
indefinitely; 

  
 42 

 (ii) Section 3.14 (Taxes) and Section 3.23 (Environmental Matters) will
survive the Closing until sixty (60) days after the expiration of the applicable statute of limitations period (after giving effect to any waivers and extensions thereof); and 

(iii) Section 4.1 (Existence and Good Standing, Section 4.2 (Authority and Enforceability) and Section 4.4
(Brokers’ or Finders’ Fees) will survive the Closing indefinitely. 
 (c) Except as otherwise specifically provided in this
Agreement, all covenants, agreements and obligations in this Agreement will survive the Closing indefinitely. 
 Section 8.2
Indemnification. 
 (a) Subject to the limitations set forth in this Article VIII, the Stockholders will jointly
and severally, indemnify and hold harmless the Purchaser and its Affiliates, officers, directors, agents, employees, successors, representatives and assigns (each, a “Purchaser Indemnified Party”) from and against any and all
Damages asserted against, resulting to, imposed upon, or incurred or suffered by any Purchaser Indemnified Party, directly or indirectly resulting from or arising out of any of the following (each, a “Purchaser Indemnifiable
Claim”): 
 (i) any inaccuracy in or breach of any of the representations or warranties, taking into account the Schedules and the
Schedule Updates, made by the Stockholders in this Agreement or any other Transaction Document; 
 (ii) any breach or non-performance of any
covenant, agreement or obligation to be performed by the Stockholders pursuant to this Agreement or any other Transaction Document; 
 (iii)
any Indebtedness; 
 (iv) any Transaction Costs; 

(v) any Environmental Claim based on or arising from materials having been deposited within the designated Salt Creek floodplain water shed
along the northern property border in contravention of Environmental Laws or any Permit; (b) failing to address, mitigate, or remediate any historic deposit of materials deposited within the designated Salt Creek floodplain water shed along the
northern property border, to the extent required by any Governmental or Regulatory Authority, Environmental Law, or Permit; and (c) any instance of non-compliance with regard to any obligations regarding the Company’s existing stormwater
permitting status, including any attendant obligations associated with addressing, monitoring, or mitigating any wetland area installed due to the prior deposit of materials within the designated Salt Creek floodplain water shed along the northern
property border; and 
 (vi) any Pre-Closing Taxes but only to the extent not otherwise reflected in the Balance Sheet subject to
Section 3.14 of this Agreement. 

  
 43 

 (b) Subject to the limitations set forth in this Article VIII, the Purchaser will
indemnify and hold harmless the Stockholders and their respective Affiliates, successors, representatives and assigns (each, a “Stockholder Indemnified Party”) from and against any and all Damages asserted against, resulting to,
imposed upon, or incurred or suffered by any Stockholder Indemnified Party directly or indirectly resulting from or arising out of any of the following (each, a “Stockholder Indemnifiable Claim”): 

(i) any inaccuracy in or breach of any of the representations or warranties made by the Purchaser in this Agreement or any other Transaction
Document; 
 (ii) any breach or non-performance of any covenant, agreement or obligation to be performed by the Purchaser pursuant to this
Agreement or any other Transaction Document; 
 (iii) the operations of the Companies from and after the Closing; and 

(iv) any Taxes other than Pre-Closing Taxes not otherwise reflected in the Balance Sheet. 

(c) The obligations to indemnify and hold harmless pursuant to Sections 8.2(a) and 8.2(b) will survive the consummation of the
transactions contemplated by this Agreement for the time periods set forth in Section 8.1, except for claims for indemnification asserted prior to the end of such periods, which claims will survive until final resolution thereof. 

Section 8.3 Limitation on Indemnification. 

(a) Except as set forth in this Section 8.3(a) or in Section 8.3(b) below, the maximum personal liability of all of the
Stockholders to the Purchaser with respect to Purchaser Indemnifiable Claims will be an aggregate amount equal to $7,500,000 (the “General Cap”); provided, however, that the General Cap shall not apply with respect to
Purchaser Indemnifiable Claims arising from any breach or inaccuracy of any representation and warranty in Section 3.21 (Personnel), Section 3.22 (Employee Benefit Plans) and Section 3.23 (Environmental Matters).
The maximum personal liability of all of the Stockholders to the Purchaser with respect to Purchaser Indemnifiable Claims inclusive of Purchaser Indemnifiable Claims arising from any breach or inaccuracy of any representation and warranty in
Section 3.21 (Personnel), Section 3.22 (Employee Benefit Plans) and Section 3.23 (Environmental Matters) will be an amount equal to $12,500,000 (the “Aggregate Cap”). In addition, the Stockholders
will have no liability (for indemnification or otherwise) (i) with respect to any individual claim the Damages of which are less than $10,000 and (ii) unless and until the aggregate of all Damages with respect to all aggregate claims
exceeds $500,000 (the “Threshold”); provided, however, that once the aggregate amount of such Damages exceeds the Threshold, the Stockholders will be liable only for the entire amount of Damages in excess of the
Threshold. 
 (b) Notwithstanding the provisions of Section 8.3(a) above, any Damages with respect to a Purchaser Indemnifiable
Claim arising from any breach or inaccuracy of any representation and warranty in Section 3.1 (Ownership of Shares), Section 3.2 (Existence and Good Standing), Section 3.3 (Authority and Enforceability), and
Section 3.5 (Capitalization), Section 3.14 (Taxes) and Section 3.28 (Brokers’ or Finders’ Fees), as well as Damages with respect to a Purchaser Indemnifiable Claim under Sections 8.2(a)(ii)
through Section 8.2(a)(vi) or which arises from Fraud, will not be subject to or applied toward the Threshold, the General Cap or the Aggregate Cap, and the Purchaser Indemnified Parties will be entitled to indemnification for the entire
amount of Damages 

  
 44 

 
with respect thereto without regard to the General Cap or the Aggregate Cap. The term “Fraud” shall mean a final determination of a court of competent jurisdiction that an
applicable party has committed fraud under applicable Law against another party in connection with any representations, warranties or covenants made herein or in any schedule, exhibit or certificate delivered pursuant hereto. 

(c) The maximum personal liability of the Purchaser to the Stockholders with respect to Stockholder Indemnifiable Claims will be the General
Cap. In addition, the Purchaser will have no liability (for indemnification or otherwise) with respect to claims until the total of all Damages with respect to all aggregate claims exceeds the Threshold; provided, however, that once
the aggregate amount of such Damages exceeds the Threshold, the Purchaser will be liable only for the entire amount of Damages in excess of the Threshold. 

(d) Notwithstanding the provisions of Section 8.3(c) above, any Damages with respect to a Stockholder Indemnifiable Claim arising
from any breach or inaccuracy of any representation and warranty in Section 4.1 (Existence and Good Standing), Section 4.2 (Authority and Enforceability) and Section 4.4 (Brokers’ or Finders’ Fees), as
well as Damages with respect to a Stockholder Indemnifiable Claim under Sections 8.2(b)(ii) through Section 8.2(b)(iv), will not be subject to or applied toward the Threshold or the Cap, and the Stockholder Indemnified Parties
will be entitled to indemnification for the entire amount of Damages with respect thereto without regard to the Threshold or General Cap. 

(e) The Stockholders will not have any rights, hereunder or otherwise, to indemnification or contribution from the Company with respect to any
matter, and the Stockholders hereby release the Company from any liability arising out of or in connection with any such claim; provided, however, that, subject to the limitations set forth in this Section 8.3, the
foregoing release is not intended to affect in any way the Stockholders’ right to be indemnified by the Purchaser pursuant to Sections 8.2(b). 

(f) Notwithstanding anything herein to the contrary, no party hereto shall be entitled to indemnification or reimbursement under any provision
of this Agreement for any amount to the extent such party has been indemnified or reimbursed for such amount under any other provision of this Agreement or by any third Person. 

(g) The amount of any claims for Damages which indemnification is provided under this Article VIII shall be (i) net of any amounts
recovered by an Indemnified Party under insurance policies with respect to such claims, and (ii) reduced to take account of any net Tax benefit realized by the Indemnified Party (including as a result of any basis adjustment) arising from the
incurrence or payment of any such claims. If, after the Indemnifying Party has indemnified the Indemnified Party for any part of such claims, the Indemnified Party recovers any such claims under insurance policies, then the Indemnified Party shall
reimburse the Indemnifying Party the amount previously paid by the Indemnifying Party to the Indemnified Party for such claims, up to the amount recovered by the Indemnified Party for such claims. 

(h) The Indemnified Party shall act in a commercially reasonable manner in mitigating any claims for Damages that may provide the basis for an
indemnifiable claim (that is, the Indemnified Party shall respond to such claims in the same manner that it would respond to such claims in the absence of the indemnification provided for in this Agreement). Any request for indemnification of
specific costs shall include invoices and supporting documents containing reasonably detailed information about the claims for which indemnification is being sought. 

  
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 Section 8.4 Indemnification Procedure. 

(a) Within a reasonable period of time after the incurrence of any Damages by an Indemnified Party seeking indemnification under
Section 8.2(a) or Section 8.2(b) hereof, such Indemnified Party will deliver to the Indemnifying Party a written notice of claim (a “Claim Notice”), which Claim Notice will: 

(i) state that the Indemnified Party has paid or properly accrued Damages or anticipates that it will incur liability for Damages for which
such Indemnified Party is entitled to indemnification pursuant to this Agreement; and 
 (ii) specify in reasonable detail each individual
item of Damages included in the amount so stated, the date such item was paid or properly accrued, the basis for any anticipated liability and the nature of the misrepresentation, breach of warranty, breach of covenant or claim to which each such
item is related and the computation of the amount to which such Indemnified Party claims to be entitled hereunder. 
 (b) In the event that
the Indemnifying Party objects to the indemnification of an Indemnified Party in respect of any claim or claims specified in any Certificate, the Indemnifying Party will, within ten (10) days after receipt by the Indemnifying Party of such
Claim Notice, deliver to the Indemnified Party a notice to such effect and the Indemnifying Party and the Indemnified Party will, within the twenty (20) day period beginning on the date of receipt by the Indemnified Party of such objection,
attempt in good faith to agree upon the rights of the respective parties with respect to each of such claims to which the Indemnifying Party will have so objected. If the Indemnified Party and the Indemnifying Party succeed in reaching agreement on
their respective rights with respect to any of such claims, the Indemnified Party and the Indemnifying Party will promptly prepare and sign a memorandum setting forth such agreement. Should the Indemnified Party and the Indemnifying Party be unable
to agree as to any particular item or items or amount or amounts during such twenty (20) day period, then the Indemnified Party and the Indemnifying Party will submit such dispute to a court of competent jurisdiction for determination. The
party which receives a final judgment in such dispute will be indemnified and held harmless for all reasonable attorney and consultant’s fees or expenses by the other party. 

(c) Claims for Damages specified in any Claim Notice to which an Indemnifying Party does not object in writing within ten (10) days of
receipt of such Claim Notice, claims for Damages covered by a memorandum of agreement of the nature described in Section 8.4(b), claims for Damages the validity and amount of which have been the subject of judicial determination as
described in Section 8.4(b) and claims for Damages the validity and amount of which have been the subject of a final judicial determination, or have been settled with the consent of the Indemnifying Party, as described in
Section 8.5, are hereinafter referred to, collectively, as “Agreed Claims.” Within thirty (30) days of the determination of the amount of any Agreed Claims, to the extent not paid from the Escrow Account in the
event of a Purchaser Indemnifiable Claim, the Indemnifying Party will pay to the Indemnified Party an amount equal to the Agreed Claim by wire transfer in immediately available funds to the bank account or accounts designated by the Indemnified
Party in a written notice to the Indemnifying Party not less than three (3) Business Days prior to such payment. 

  
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 Section 8.5 Third Party Claims. If a claim by a third party is made
against any Indemnified Party, and if such Indemnified Party intends to seek indemnity with respect thereto under this Article VIII, such Indemnified Party will promptly notify in writing the Indemnifying Party of such claims pursuant to
Section 8.4; provided, that the failure to so notify will not relieve the Indemnifying Party of its obligations hereunder, except to the extent that the Indemnifying Party is actually and materially prejudiced thereby. The
Indemnifying Party will have thirty (30) days after receipt of such notice to assume the conduct and control, through counsel reasonably acceptable to the Indemnified Party at the expense of the Indemnifying Party, of the settlement or defense
thereof; provided, however, that (i) the Indemnifying Party will permit the Indemnified Party to participate in such settlement or defense through counsel chosen by such Indemnified Party, provided that the fees and expenses of
such counsel will be borne by such Indemnified Party and (ii) the Indemnifying Party will promptly be entitled to assume the defense of such action only to the extent the Indemnifying Party acknowledges its indemnity obligation and assumes and
holds such Indemnified Party harmless from and against the full amount of any Damages resulting therefrom subject to the limitations set forth in this Agreement; provided, further, that the Indemnifying Party will not be entitled to
assume control of such defense and will pay the reasonable fees and expenses of counsel retained by the Indemnified Party if (i) the Indemnified Party and the Indemnifying Party agree, reasonably and in good faith, that such third-party claim
would give rise to Damages which are more than 150% of the amount then remaining indemnifiable by such Indemnifying Party pursuant to this Article VIII; (ii) the claim for indemnification relates to or arises in connection with any
criminal Proceeding, (iii) the claim seeks an injunction or equitable relief against the Indemnified Party; (iv) the Indemnified Party has been advised in writing by counsel that a reasonable likelihood exists of a conflict of interest
between the Indemnifying Party and the Indemnified Party; or (v) upon petition by the Indemnified Party, the appropriate court rules that the Indemnifying Party failed or is failing to vigorously prosecute or defend such claim. Any Indemnified
Party will have the right to employ separate counsel in any such action or claim and to participate in the defense thereof, but the fees and expenses of such counsel will not be at the expense of the Indemnifying Party unless (i) the
Indemnifying Party has failed, within a reasonable time after having been notified by the Indemnified Party of the existence of such claim as provided in the preceding sentence, to assume the defense of such claim, (ii) the employment of such
counsel has been specifically authorized in writing by the Indemnifying Party, or (iii) the named parties to any such action (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party and such Indemnified
Party has been advised in writing by its counsel that there may be one or more legal defenses available to the Indemnified Party which either are not available to the Indemnifying Party, or are available to the Indemnifying Party but the assertion
of which would be adverse to the interests of the Indemnified Party. So long as the Indemnifying Party is reasonably contesting any such claim in good faith, the Indemnified Party will not pay or settle any such claim. Notwithstanding the foregoing,
the Indemnified Party will have the right to pay or settle any such claim, provided, however, that in such event it waives any right to indemnity therefor by the Indemnifying Party for such claim unless the Indemnifying Party has
consented to such payment or settlement. If the Indemnifying Party does not notify the Indemnified Party within thirty (30) days after the receipt of the Indemnified Party’s notice of a claim of indemnity hereunder that it elects to
undertake the defense thereof, the Indemnified Party will have the right to contest, settle or compromise the claim but will not thereby waive any right to indemnity therefor pursuant to this Agreement. The Indemnifying Party will not, except with
the consent of the Indemnified Party, enter into any settlement that is not entirely indemnifiable by the Indemnifying Party pursuant to this Article VIII and does not include as an unconditional term thereof the giving by the Person or
Persons asserting such claim to all Indemnified Parties of an unconditional release from all liability with respect to such claim or consent to entry of any judgment. 

  
 47 

 The Indemnifying Party and the Indemnified Party will cooperate with each other in all reasonable respects in
connection with the defense of any claim, including making available records relating to such claim and furnishing, without expense to the Indemnifying Party and/or its counsel, such employees of the Indemnified Party as may be reasonably necessary
for the preparation of the defense of any such claim or for testimony as witnesses in any Proceeding relating to such claim. 

Section 8.6 Exclusive Remedies. In the absence of Fraud, the indemnification provisions set forth in this Article
VIII shall provide the exclusive remedy for breach of any covenant, agreement, representation or warranty set forth in this Agreement or any other Transaction Document. The parties shall not be entitled to a rescission of this Agreement, or to any
further indemnification rights or other claims of any nature whatsoever in respect thereof (whether by contract, common law, statute, law, regulation or otherwise, including, without limitation, under the Racketeer Influence and Corrupt
Organizations Act of 1970, as amended), all of which the parties hereby waive. 
 ARTICLE IX 

TERMINATION 

Section 9.1 Termination Events. This Agreement may, by written notice given prior to or at the Closing, be
terminated: 
 (a) by either the Purchaser, on the one hand, or the Stockholders, on the other hand, if a material breach of any provision of
this Agreement has been committed by the other party and such breach has not been waived in writing; 
 (b) by the Purchaser if any of the
conditions in Article VI have not been satisfied as of the Closing Date or if satisfaction of such condition is or becomes impossible (other than through the failure of the Purchaser to comply with its obligations under this Agreement) and
the Purchaser has not waived such condition in writing on or before Closing; 
 (c) by the Stockholders if any of the conditions in
Article VII have not been satisfied as of the Closing Date or if satisfaction of such condition is or becomes impossible (other than through the failure of the Stockholders to comply with its obligations under this Agreement) and the
Stockholders have not waived such condition in writing on or before Closing; 
 (d) by the mutual written consent of the Purchaser and the
Stockholders; or 
 (e) by either the Purchaser or the Stockholders if the Closing has not occurred (excluding a delay resulting from failure
of the party seeking to terminate this Agreement to comply fully with its obligations under this Agreement) on or before January 31, 2015, or such later date as the parties may agree upon in writing. 

Section 9.2 Effect of Termination. Each party’s right of termination under Section 9.1 is in
addition to any other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an election of remedies. Except for the obligations contained in Section 5.10(b) and the next sentence, if
this Agreement is terminated pursuant to Section 9.1, all further obligations of the parties under this Agreement will terminate. Notwithstanding the termination of this Agreement, the Purchaser will not take any action intended to
disparage or damage the reputation of the Companies, the Stockholders, or Abbinante, their respective Affiliates, directors, officers or 

  
 48 

 
personnel, or to engage in any other action that is intended to injure or hinder the business relationships of the Business. Notwithstanding the foregoing, if the Agreement is terminated pursuant
to Section 9.1(e), termination shall be the sole and exclusive remedy and no party shall have any additional rights or remedies available to it. 

ARTICLE X 

MISCELLANEOUS 

Section 10.1 Expenses. The Purchaser shall pay all documentary, stamp, sales, transfer, excise or other similar
Taxes incurred in connection with this Agreement, the Transaction Documents, and the transactions contemplated hereby (but not any income Taxes imposed on Stockholders), and the filing of any Tax return with respect to such Taxes. Other than as
described in the first sentence of this Section 10.1, whether or not the transactions contemplated by this Agreement are consummated, the parties hereto will pay all of their own expenses relating to the transactions contemplated by this
Agreement, including the fees and expenses of their respective counsel and financial advisers. The fees and expenses of the Escrow Agent will be paid one-half by the Purchaser and one-half by the Stockholders. 

Section 10.2 Governing Law; Venue. The interpretation and construction of this Agreement, and all matters relating
hereto, will be governed by the laws of the State of Illinois applicable to agreements executed and to be performed solely within such State, without regard to principles of conflicts of law of any jurisdiction. Any proceeding seeking to enforce any
provision of, or based on any right arising out of, this Agreement shall be brought against any of the parties in the circuit courts located in Chicago, Illinois, or, if it has or can acquire jurisdiction, in the United States District Court for the
Northern District of Illinois, and each of the parties consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such proceeding and waives any objection to venue laid therein. Process in any proceeding referred to
in the preceding sentence may be served on any party anywhere in the world. 
 Section 10.3 Waiver of Jury Trial.
Purchaser, Planesite, Abbinante and the Stockholders hereby waive, to the fullest extent permitted by applicable Law, any right it may have to a trial by jury in respect of any litigation as between the parties directly or indirectly arising out of,
under or in connection with this Agreement or the transactions contemplated hereby or disputes relating hereto. Purchaser, Planesite, Abbinante and the Stockholders each (i) certify that no representative, agent or attorney of the other party
has represented, expressly or otherwise that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledge that it and the other parties have been induced to enter into this Agreement by,
among other things, the mutual waivers and certifications in this Section 10.3. 
 Section 10.4 Table of
Contents; Captions. The table of contents and the Article and Section captions used herein are for reference purposes only, and will not in any way affect the meaning or interpretation of this Agreement. 

Section 10.5 Notices. Any notice or other communication required or permitted under this Agreement will be deemed to
have been duly given (i) three (3) Business Days following deposit in the mails if sent by registered or certified mail, postage prepaid, (ii) when sent if sent by facsimile transmission if receipt thereof is confirmed by telephone,
(iii) when delivered, if delivered personally to the intended recipient and (iv) two (2) Business Days following deposit with a nationally recognized overnight courier service, in each case addressed as follows: 

  
 49 

 if to the Stockholders or Planesite, a single notice, to: 

Robert Abbinante 
 542 N.
Ellsworth Avenue 
 Addison, Illinois 60101 

with a copy (which shall not constitute notice or service of process) to: 

Huck Bouma PC 
 1755 S.
Naperville Road 
 Suite 200 

Wheaton, Illinois 60189 
 Attn:
David D. O’Sullivan, Esq. 
 Facsimile: 630-221-1756 

and if to the Purchaser, to 

Astronics Corporation 
 130
Commerce Way 
 East Aurora, NY 14052 

Attn: Chief Financial Officer 

Facsimile: 716-655-0309 
 or such
other address or number as is furnished in writing by any such party. 
 Section 10.6 Assignment; Parties in
Interest. This Agreement may not be transferred, assigned, pledged or hypothecated by any party hereto without the express written consent of the other party hereto, other than by operation of law; provided, however, that the
Purchaser may assign its rights, interests and obligations hereunder to any direct or indirect wholly owned Subsidiary or to any Affiliate and provided, further, that if the Purchaser makes any assignment referred to above, the
Purchaser will remain liable under this Agreement. This Agreement is binding upon and will inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns. 

Section 10.7 Counterparts; Facsimile Signatures. This Agreement may be executed in two (2) or more
counterparts, all of which taken together will constitute one (1) instrument. The parties agree that this Agreement may be executed by facsimile transmission and that the reproduction of signatures by facsimile or similar device will be treated
as binding as if originals, and each party agrees and undertakes to provide the other party with a copy of the Agreement bearing original signatures forthwith upon demand by the other party. 

Section 10.8 Entire Agreement; Amendments. This Agreement, including the Schedules and the Exhibits hereto, and the
other documents referred to herein which form a part hereof, contains the entire understanding of the parties hereto with respect to the subject matter contained herein and therein. This Agreement supersedes all prior agreements and understandings
between the parties with respect to such subject matter. This Agreement may not be changed, and any of the terms, covenants, representations, warranties and conditions cannot be waived, except pursuant to an instrument in writing signed by the
Purchaser and the Stockholders or, in the case of a waiver, by the party waiving compliance. 

  
 50 

 Section 10.9 Severability. If any term, provision, agreement, covenant
or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, agreements, covenants and restrictions of this Agreement will remain in
full force and effect and will in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a
determination, the parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a reasonably acceptable manner in order that the transactions contemplated hereby may be
consummated as originally contemplated to the fullest extent possible. 
 Section 10.10 Independence of Covenants and
Representations and Warranties. All covenants hereunder will be given independent effect so that if a certain action or condition constitutes a default under a certain covenant, the fact that such action or condition is permitted by another
covenant will not affect the occurrence of such default, unless expressly permitted under an exception to such initial covenant. In addition, all representations and warranties hereunder will be given independent effect so that if a particular
representation or warranty proves to be incorrect or is breached, the fact that another representation or warranty concerning the same or similar subject matter is correct or is not breached will not affect the incorrectness or a breach of such
initial representation or warranty. 
 Section 10.11 Third-Party Beneficiaries. Each party hereto intends that
this Agreement will not benefit or create any right or cause of action in or on behalf of any Person other than the parties hereto and the Indemnified Parties. 

Section 10.12 No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting
of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by all parties hereto, and no presumption or burden of proof will arise favoring or disfavoring any
party by virtue of the authorship of any provision of this Agreement. 
 [ signature page follows ] 

  
 51 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed as
of the day and year first above written. 
  

							
	            PURCHASER:	 		 	ASTRONICS CORPORATION
				
		 		 	By:	 	/s/ David C. Burney
		 		 	Name: David C. Burney
		 		 	Title: Executive Vice President
			
	            PLANESITE: 	 		 	PLANESITE HOLDINGS, INC.
				
		 		 	By:	 	/s/ Robert Abbinante
		 		 	Name: Robert Abbinante
		 		 	Title: CEO
			
	            STOCKHOLDERS:	 		 	 THE ROBERT ABBINANTE TRUST DATED

OCTOBER 14, 2009

				
		 		 	By: 	 	/s/ Robert Abbinante
		 		 		 	Robert Abbinante, Trustee
		 		 		 	
			
		 		 	THE ABBINANTE 2013 IRREVOCABLE TRUST # 1,
				
		 		 	By:	 	/s/ Robert Abbinante
		 		 		 	Robert Abbinante, Trustee
		 		 		 	
			
		 		 	THE ABBINANTE 2013 IRREVOCABLE TRUST #2
				
		 		 	By:	 	/s/ MaryPaula I. Abbinante
		 		 		 	MaryPaula I. Abbinante, Trustee
		 		 		 	
			
		 		 	ABBINANTE:
			
		 		 	 /s/ Robert Abbinante

		 		 	Robert Abbinante

  
 52

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