Document:

Exhibit 10.2

 

Prepared
by and return to:

Susan
M. Dees

Legal
Assistant

Marvin
W. Bingham, Jr., PA

14811
NW 140th Street Post Office Box 1930

Alachua,
FL 32616

386-462-5120

File
Number: 15-218

 

____________________
[Space Above This Line For Recording Data] ___________________

 

MORTGAGE

 

This
Indenture, Made this January 21, 2016 by and between Crit, Inc. DBA Commercial Gates & Electric whose address
is 1120 SW 6th Avenue, Trenton, FL, hereinafter called the Mortgagor, and CTD Holdings, Inc. whose address is 14120
NW 126th Terrace, Alachua, FL 32615, hereinafter called the Mortgagee:

 

The
terms “Mortgagor” and “Mortgagee” shall include heirs, personal representatives, successors, legal representatives
and assigns, and shall denote the singular and/or the plural, and the masculine and/or the feminine and natural and/or artificial
persons, whenever and wherever the context so admits or requires.

 

Witnesseth,
that the said Mortgagor, for and in consideration of the aggregate sum named in the promissory note, a copy of which is attached
hereto and made a part hereof, the receipt of which is hereby acknowledged, does grant, bargain and sell to the said Mortgagee,
his successors and assigns, in fee simple, the following described land, situate, lying and being in Alachua County, Florida,
to-wit:

 

The
NW 1/4 of the SE 1/4 of Section 8, Township 9 South, Range 17 East, Alachua County, Florida.

 

Together
with road right-of-way easement over the West 30.00 feet of the NE 1/4 of Section 8, Township 9 South, Range 17 East, Alachua
County, Florida.

 

And
the said Mortgagor does hereby fully warrant the title to said land, and will defend the same against the lawful claims of all
persons whomsoever.

 

Provided
always, that if said Mortgagor, his successors or assigns, shall pay unto the said Mortgagee, his successors or assigns, that
certain promissory note, of which a true and correct copy is attached, and Mortgagor shall perform, comply with and abide by each
and every stipulation, agreement, condition and covenant of said promissory note and of this mortgage, and shall duly pay all
taxes, all insurance premiums reasonably required, all costs and expenses including reasonable attorneys fees that Mortgagee may
incur in collecting money secured by this mortgage, and also in enforcing this mortgage by suit or otherwise, then this mortgage
and the estate hereby created shall cease and be null and void.

 

     

     

    

 

Mortgagor
hereby covenants and agrees:

 

		1.	To
                                         pay the principal and interest and other sums of money payable by virtue of said promissory
                                         note and this mortgage, or either, promptly on the days respectively the same severally
                                         come due.

 

		2.	To
                                         keep the buildings now or hereafter on the land insured for fire and extended coverage
                                         in a sum at least equal to the amount owed on the above described promissory note, and
                                         name the Mortgagee as loss payees, and to furnish Mortgagee with a copy of all current
                                         policies. If Mortgagor does not provide Mortgagee with copies of the policies showing
                                         Mortgagee as loss payees after 14 days written demand by Mortgagee, then Mortgagee may
                                         purchase such insurance and shall add any payments made for such policy to the principal
                                         balance owed on the mortgage, and such payments shall accrue interest at the maximum
                                         rate of interest allowed by law. In the event any sum of money becomes payable under
                                         such policy, Mortgagee, his legal representatives or assigns, shall have the option to
                                         receive and apply the same on account of the indebtedness hereby secured or to permit
                                         Mortgagor to receive and use it or any part thereof for repair or replacement, without
                                         hereby waiving or impairing any equity, lien or right under or by virtue of this mortgage.
                                         In the event of loss Mortgagor shall give immediate notice to Mortgagee.

 

		3.	To
                                         permit, commit or suffer no waste, impairment or deterioration of the property, or any
                                         part thereof.

 

		4.	To
                                         permit no other lien or mortgage to be placed ahead of this mortgage.

 

		5.	Mortgagor
                                         shall provide proof of payment of annual real estate taxes by March 15, for the preceding
                                         years taxes. In the event that Mortgagor does not pay the taxes by such date, the Mortgagee
                                         may pay the taxes and the full amount of such payment by Mortgagee shall be added to
                                         the principal balance owed on the mortgage, and shall accrue interest at the maximum
                                         rate allowed by law.

 

		6.	The
                                         Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having
                                         jurisdiction thereof for the appointment of a receiver, and such court shall forthwith
                                         appoint a receiver, and such receiver shall have all the broad and effective functions
                                         and powers in anywise entrusted by a court to a receiver, and such appointment shall
                                         be made by such court as an admitted equity and a matter of absolute right to said Mortgagee.
                                         The rents, profits, income, issues, and revenues shall be applied by such receiver according
                                         to the lien of this mortgage.

 

		7.	If
                                         any of the sums of money due and owing to Mortgagee under the terms of the promissory
                                         note and this mortgage, including but not limited to any advance made by Mortgagee for
                                         the payment of insurance or taxes, are not paid within 15 days after the same become
                                         due and payable, or if each of the stipulations, agreements, conditions and covenants
                                         of the promissory note and this mortgage, or either, are not fully performed or complied
                                         with the aggregate sum owed on the promissory note shall become due and payable forthwith
                                         or thereafter at the option of Mortgagee, his successors, legal representatives, or assigns.

 

    2

     

    

 

This
mortgage and the note hereby secured shall be construed and enforced according to the laws of the State of Florida.

 

The
principal sum secured hereby, along with any interest to be paid in accordance with the terms of the note secured hereby, shall
immediately become due and payable without notice, if a transfer of title to the premises by sale or otherwise is made without
the Mortgagee’s written consent, while this mortgage remains a lien thereon, at the option of Mortgagee, his successors,
legal representatives, or assigns.

 

Executed
at Alachua County, Florida on the date written above.

 

Signed,
sealed and delivered in the presence of:

 

	 	 	 	Crit,
    Inc. DBA Commercial Gates & Electric
	 	 	 	 	 
	 	 	By:	/s/
    Gregory Pyle
	Witness
    Name:	 	 	 	Greg
    Pyle, President
	 	 	 	 	 
	 	 	 	 
	Witness
    Name:	 	 	 	 

 

(Corporate
Seal)

 

 

3Exhibit 10.1

 

  

 

 

 

 

PURCHASE
AGREEMENT

ACQUSITION OF DYNAMAC’S PROPRIETARY LINE OF

 

RF AND MICROWAVE
TEST & MEASUREMENT PRODUCTS

 

 

 

 

 

     

     

    

 

 

PURCHASE
AGREEMENT

 

This Purchase Agreement
(this “Agreement”) is entered into as of January 21, 2016 by and between Microphase Instruments, LLC, a Delaware limited
liability company (the “Purchaser”) with offices at 100 Trap Falls Road Extension, Suite 400, Shelton, CT 06484 and
Dynamac, Inc., an Illinois corporation (the “Seller”) with offices at 1229 Capitol Drive, Addison, IL 60101. Microphase
and Dynamac are also each hereinafter referred to individually as “a Party” and together as “the Parties”.
Certain terms used herein have the definitions set forth in Schedule A attached hereto.

 

RECITALS

 

WHEREAS, the Parties
desire that, as of the date hereof, each and every other agreement or understanding, oral or written, between the Parties relating
to purchase, acquisition, strategic partnership, or joint venture involving test & measurement products of the Seller, including
without limitation that certain Business Agreement between the Purchaser and the Seller, dated August 8, 2014, is hereby superseded
in its entirety and replaced with this Agreement.

 

WHEREAS, the Purchaser
desires to acquire the Seller’s entire line of proprietary radio frequency (RF) and microwave test and measurement products,
all associated accessories, all housings, cases and packaging designs and materials, and all intellectual property rights.

 

WHEREAS, the Seller
desires to sell to the Purchaser the Seller’s entire line of proprietary RF and microwave test and measurement products,
all associated accessories, all housings, cases and packaging designs and materials, and all intellectual property rights.

 

WHEREAS, as of the
date hereof, the Purchaser has paid the Seller $50,000 (the “Offset Amount”) which shall be used toward the purchase
price in accordance with the terms of the Agreement.

 

NOW THEREFORE, for
good and valuable consideration, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:

 

1.Purchase and
Sale; Purchase Price.

 

		a.	Subject to the terms and conditions set forth herein, at the Closing, the Seller shall sell, assign,
transfer, convey and deliver to the Purchaser, and the Purchaser shall purchase from the Seller, free and clear of any Encumbrances,
all of the Seller’s right, title and interest in, to and under the Assets (as defined below). The Seller shall not transfer
or assign to the Purchaser, and the Purchaser shall not accept, any liabilities and obligations arising from or relating to Assets
and all such obligations and liabilities shall remain with the Seller.

 

		b.	The aggregate purchase price for the Assets (as defined below) shall be $2,500,000 (the “Purchase
Price”).

 

 

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		c.	$500,000 (the “Initial Amount”) shall be paid or deemed paid, as applicable, to the
Seller by wire transfer of immediately available funds to an account designated in writing by Seller to Purchaser as follows:

 

		i.	The Offset Amount has already been paid by the Purchaser to the Seller as of the date of this Agreement
and shall be deemed a payment by the Purchaser to the Seller towards the Initial Amount.

 

		ii.	$350,000 shall be paid to the Seller immediately following the execution of this Agreement (the
“Execution Payment”).

 

		iii.	$100,000 shall be paid to the Seller not later than one month following the execution of this Agreement.

 

		d.	$2,000,000 (the “Second Phase Payments”) shall be paid to the Seller by wire transfer
of immediately available funds to an account designated in writing by Seller to Purchaser under one of the following two options
in the Purchaser’s sole discretion:

 

		i.	The Purchaser may pay $2,000,000 on August 22, 2016; or

 

		ii.	The Purchaser may pay the following amounts (which include interest on the Second Phase Payments)
on the following dates:

 

	Amount (US$)	Due Date
	550,000	August 22, 2016
	550,000	February 22, 2017
	550,000	August 22, 2017
	550,000	February 22, 2018

 

 

All payments by the Purchaser to the Seller
shall be made payable to KLH Properties, LLC, an Illinois corporation (“KLH”), or such other party as the Seller may
designate in advance in writing to the Purchaser. For the avoidance of doubt, this Agreement is for the sole benefit of the Parties
and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon
any other person or entity, including without limitation KLH, any legal or equitable right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement.

 

2.Late Fees.
In the event that the Purchaser fails to make any payment required hereby on or before the date the same is due (a “Defaulted
Payment”), as specified in Section 1 hereof, the Purchaser agrees to pay to the Seller $100 per day in late fees. Late fees
shall accrue and shall be added to the Defaulted Payment (but shall not accrue interest) until the Purchaser makes the Defaulted
Payment, including all accrued late fees in whole.

 

3.Continued
Default and Foreclosure.

 

		a.	If the failure by the Purchaser to make defaulted payments and all accrued fees and interests continues
for more than 60 days (the “Continued Default Date”) the Purchaser shall be considered in continued default (“Continued
Default”).

 

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		b.	If less than or equal to $1,050,000 in aggregate payments have been made by the Purchaser to the
Seller, then Seller, upon a Continued Default, in order to protect its interests, may in its own discretion elect to receive the
Assets from the Purchaser in lieu of any further payments or obligations owed by the Purchaser to the Seller hereunder or otherwise
(a “Foreclosure”). To make such election, the Seller shall provide written notice to the Purchaser that it intends
to receive the Assets (a “Foreclosure Notice”).

 

		c.	After receipt of a Foreclosure Notice, the Purchaser shall:

 

		i.	return or otherwise convey the Assets, including without limitation all inventory, test equipment,
blue prints and drawings both in hardcopy and in software forms that are included therein, to the Seller within a commercially
reasonable amount of time;

 

		ii.	not copy or reverse engineer any product included in the Assets; and

 

		iii.	not to sell or market any product in the Assets that is returned to the Seller under the Purchaser’s
brand.

 

		d.	Upon Foreclosure the Seller shall retain all cash payments received from the Purchaser prior to
the Continued Default Date (the “Liquidated Damages Amount”). In consideration of the retention of the Liquidated Damages
Amount, the Seller, on behalf of itself and its Affiliates, officers, directors, shareholders, members, successors and assigns
(collectively, “Releasors”) agrees to release, waive and forever discharge the Purchaser and its Affiliates, officers,
directors, shareholders, members, successors and assigns (collectively, “Releasees”) of and from any and all claims
of every kind and nature whatsoever, whether now known or unknown, which any of such Releasors may have against any of such Releasees
for, upon, or by reason of any matter, cause, or thing whatsoever through the date of the Foreclosure Notice.

 

		e.	If more than $1,050,000 in aggregate payments have been made by the Purchaser to the Seller, then
Seller, upon a Continued Default, may pursue all available remedies at law and equity against Purchaser for breach of contract
hereunder, but shall not have the right to elect a Foreclosure.

 

4.The Assets.
The Assets to be conveyed under this Agreement shall consist of the following:

 

		a.	all technology including all engineering samples and prototypes, preproduction units and their
associated accessories (the “Product Line”, including without limitation as set forth in Appendix A),

 

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		b.	all trade secrets, drawings, blue prints, manufacturing processes, and other know-how related to
the Product Line,

 

		c.	all registered intellectual property arising from or relating to the Product Line (the “Registered
Intellectual Property”, including without limitation as set forth in Appendix B),

 

		d.	all invention disclosures and/or patent applications (the “Invention Disclosures”,
including without limitation as set forth in Appendix C),

 

		e.	all test equipment relating to the Product Line (the “Test Equipment”, including without
limitation as set forth in Appendix D), and

 

		f.	all other tangible and intangible assets including custom machined parts, third party manufactured
parts, cases and packaging materials owned by the Seller that are used in, or necessary for the design, manufacture and shipment
of products relating to the Product Line (the “Parts Inventory”, including without limitation as set forth in Appendix
E).

 

5.Closing; Delivery.

 

		a.	The Closing of the transaction contemplated in this Agreement (the “Closing”) is to
take place January 21, 2016 contemporaneously with the execution of the Purchase Agreement.

 

		b.	At the Closing, the Purchaser shall deliver to Seller the Execution Payment.

 

		c.	Not less than seven (7) days after the Closing, Seller shall deliver to the Purchaser the following:

 

		i.	a bill of sale in form and substance satisfactory to the Purchaser (the “Bill of Sale”)
and duly executed by Seller, transferring the tangible personal property included in the Purchased Assets to the Purchaser;

 

		ii.	all existing originals and copies of blueprints, drawings, plans, process descriptions, manufacturing
instructions, etc. relating to the Assets;

 

		iii.	assignments in form and substance satisfactory to the Purchaser (the “Intellectual Property
Assignments”) and duly executed by Seller, transferring all of Seller’s right, title and interest in and to the Registered
Intellectual Property and the Invention Disclosures to the Purchaser; and

 

		iv.	such other customary instruments of transfer, assumption, filings or documents, in form and substance
reasonably satisfactory to the Purchaser, as may be required to give effect to this Agreement.

 

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		d.	Within two weeks after the signing of this Agreement the Seller shall deliver to the Purchaser
the Assets, Test Equipment, and the Inventory as defined in Appendices A, D, and E hereof at such location as the Purchaser may
designate in writing to the Seller.

 

6.Representations
and Warranties of the Seller.

 

		a.	Organization and Qualification of Seller. Seller is a corporation duly organized, validly existing
and in good standing under the Laws of the state of Illinois and has full corporate power and authority to own, operate or lease
the properties and assets now owned, operated or leased by it and to carry on the Business as currently conducted.

 

		b.	Authority of Seller. Seller has full corporate power and authority to enter into this Agreement,
to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Seller
of this Agreement, the performance by Seller of its obligations hereunder and the consummation by Seller of the transactions contemplated
hereby have been duly authorized by all requisite corporate action on the part of Seller. This Agreement has been duly executed
and delivered by Seller, and (assuming due authorization, execution and delivery by the Purchaser) this Agreement constitutes a
legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms.

 

		c.	No Conflicts; Consents. The execution, delivery and performance by Seller of this Agreement, and
the consummation of the transactions contemplated hereby, do not and will not: (a) conflict with or result in a violation or breach
of, or default under, any provision of the certificate of incorporation, by-laws or other organizational documents of Seller; (b)
conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to Seller, the Business
or the Assets; (c) require the consent, notice or other action by any Person under, conflict with, result in a violation or breach
of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result
in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any contract or permit to which
any of the Assets are subject; or (d) result in the creation or imposition of any Encumbrance on the Assets. No consent, approval,
permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect
to Seller in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby.

 

		d.	Title to Purchased Assets. Seller has good and valid title to, or a valid leasehold interest in,
all of the Assets. All Assets are free and clear of Encumbrances.

 

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		e.	Condition and Sufficiency of Assets. The machinery, equipment, and other items of tangible personal
property included in the Assets are in good operating condition and repair, and are adequate for the uses to which they are being
put, and none are in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not material
in nature or cost.

 

		f.	Intellectual Property.

 

		i.	All required filings and fees related to the Registered Intellectual Property have been timely
filed with and paid to the relevant Governmental Authorities and authorized registrars, and all Registered Intellectual Property
are otherwise in good standing. Seller has provided the Purchaser with true and complete copies of file histories, documents, certificates,
office actions, correspondence and other materials related to all Registered Intellectual Property.

 

		ii.	The consummation of the transactions contemplated hereunder will not result in the loss or impairment
of or payment of any additional amounts with respect to, nor require the consent of any other Person in respect of, the Purchaser’s
right to own, use or hold for use any Intellectual Property as owned, used or held for use in the conduct of the Business as currently
conducted.

 

		iii.	Seller’s rights in the Assets are valid, subsisting and enforceable. Seller has taken all
reasonable steps to maintain the Assets and to protect and preserve the confidentiality of all trade secrets included in the Assets,
including requiring all Persons having access thereto to execute written non-disclosure agreements.

 

		iv.	The Assets as currently or formerly owned, licensed or used by Seller, have not infringed, misappropriated,
diluted or otherwise violated, and have not, do not and will not infringe, dilute, misappropriate or otherwise violate, the Intellectual
Property or other rights of any Person. No Person has infringed, misappropriated, diluted or otherwise violated, or is currently
infringing, misappropriating, diluting or otherwise violating, any Assets.

 

		v.	There are no Actions (including any oppositions, interferences or re-examinations) settled, pending
or threatened (including in the form of offers to obtain a license): (i) alleging any infringement, misappropriation, dilution
or violation of the Intellectual Property of any Person by Seller in connection with the Business; (ii) challenging the validity,
enforceability, registrability or ownership of any Assets or Seller’s rights with respect to any Assets; or (iii) by Seller
or any other Person alleging any infringement, misappropriation, dilution or violation by any Person of any Assets. Seller is not
subject to any outstanding or prospective Governmental Order (including any motion or petition therefor) that does or would restrict
or impair the use of any Assets.

 

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		g.	Full Disclosure. No representation or warranty by Seller in this Agreement or any certificate or
other document furnished or to be furnished to the Purchaser pursuant to this Agreement contains any untrue statement of a material
fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which
they are made, not misleading.

 

7.Representations
and Warranties of the Purchaser.

 

		a.	Organization and Qualification of the Purchaser. The Purchaser is a limited liability company duly
organized, validly existing and in good standing under the Laws of the state of Delaware.

 

		b.	Authority of the Purchaser. The Purchaser has full limited liability company power and authority
to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The
execution and delivery by the Purchaser of this Agreement, the performance by the Purchaser of its obligations hereunder and the
consummation by Seller of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the
part of Seller. This Agreement has been duly executed and delivered by the Purchaser, and (assuming due authorization, execution
and delivery by Seller) this Agreement constitutes a legal, valid and binding obligation of Seller enforceable against the Purchaser
in accordance with its terms.

 

8.Indemnification

 

		a.	Survival. Subject to the limitations and other provisions of this Agreement, the representations
and warranties contained herein shall survive the Closing and shall remain in full force and effect until the date that is twelve
(12) months from the Closing. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to
the extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration
date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation or warranty
and such claims shall survive until finally resolved.

 

		b.	Indemnification by Seller. Subject to the other terms and conditions of this Section 11, Seller
shall indemnify and defend each of the Purchaser and its Affiliates and their respective Representatives (collectively, the “Purchaser
Indemnitees”) against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for,
any and all Losses incurred or sustained by, or imposed upon, the Purchaser Indemnitees based upon, arising out of, with respect
to or by reason of:

 

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		i.	any inaccuracy in or breach of any of the representations or warranties of Seller contained in
this Agreement, or in any certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement, as of the date
such representation or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except
for representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined
with reference to such specified date);

 

		ii.	any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller
pursuant to this Agreement or any certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement; and

 

		iii.	any Liabilities of the Seller or any of its Affiliates of any kind or nature whatsoever.

 

		c.	Certain Limitations. The indemnification provided for in this Section 8 shall be subject to the
following limitations:

 

		i.	Seller shall not be liable to the Purchaser Indemnitees for indemnification under Section 8.b until
the aggregate amount of all Losses in respect of indemnification under Section 8.b exceeds one percent (2%) of the Purchase Price
(the “Basket”), in which event Seller shall be required to pay or be liable for all such Losses from the first dollar.

 

		ii.	The aggregate amount of all Losses for which Seller shall be liable pursuant to Section 8.b shall
not exceed the Purchase Price (the “Cap”), provided, however, that the Cap shall not apply to Losses involving any
fraud, intentional misrepresentation or willful misconduct of or by the Seller or any director, officer, employee or Representatives
of the Seller.

 

		d.	Indemnification Procedures. A Purchaser Indemnitee seeking indemnification under this Section 8
shall give the Seller: (i) prompt notice of the relevant claim; provided, however, that failure to provide such notice shall not
relieve the Seller from its liability or obligation hereunder except to the extent of any material prejudice directly resulting
from such failure; and (ii) reasonable cooperation, at the Seller’s expense, in the defense of such claim. The Seller shall
have the right to control the defense and settlement of any such claim; provided, however, that the Seller shall not, without the
prior written approval of the Purchaser Indemnitee, settle or dispose of any claims in a manner that affects the Purchaser Indemnitee’s
rights or interests. The Purchaser Indemnitee shall have the right to participate in the defense at its own expense.

 

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9.Non-Assertion.
The Seller on behalf of itself and its Affiliates hereby covenants that it shall not bring any claim against (a) the Purchaser
or its Affiliates alleging that the development, manufacture, sale, offer for sale, use, import, distribution or other disposal
of any products, systems and services related to the Assets infringes any of the Seller’s or its affiliates’ intellectual
property, or (b) any third party, alleging that the manufacture (on behalf of the Purchaser or its Affiliates), sale, offer for
sale, use, import, distribution or other disposal of any products, systems and services related to the Assets infringes any intellectual
property of the Seller or its Affiliates.

 

10.Expenses.

 

		a.	Each party shall be solely responsible for any fees or expenses that it incurs in connection with
the transaction described herein including, without limitation, attorney and accountant fees, broker and investment banker fees,
fees associated with filings for government approval, any other consultant fees or any other fees incurred by such party in connection
with the transaction described herein.

 

		b.	The parties hereby waive compliance with the provisions of any bulk sales, bulk transfer or similar
Laws of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Assets to the Purchaser;
it being understood that any Liabilities arising out of the failure of Seller to comply with the requirements and provisions of
any bulk sales, bulk transfer or similar Laws of any jurisdiction will be borne solely by Seller.

 

11.Further Assurances.
Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such
additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry
out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

12.Confidentiality

 

		a.	The Purchaser and the Seller have previously signed a mutual Non-Disclosure Agreement prohibiting,
among other things, the disclosure to third parties of the existence or terms of this Agreement. In addition, the Purchaser and
the Seller each agree that after the Closing, none of them or their respective officers, directors, agents, employees or other
representatives shall disclose (other than to their officers, directors, lawyers, accountants and other representatives who shall
keep such information confidential) any of the terms of this Agreement; provided, however, that either the Purchaser or the Seller
may disclose such matters to the extent it determines such disclosure is reasonably necessary in connection with obtaining governmental
and third party approvals in support of this Agreement and any party may disclose such matters as to which it determines disclosure
by law to make a public disclosure is required by applicable law. Notwithstanding the foregoing, if one of the parties becomes
required by law to make a public disclosure regarding this transaction, the parties will cooperate in drafting press releases and
other public documents.

 

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		b.	From and after the Closing, unless the Seller validly provides a Foreclosure Notice, Seller shall,
and shall cause its Affiliates to, hold, and shall use its reasonable best efforts to cause its or their respective Representatives
to hold, in confidence any and all information, whether written or oral, concerning the Business, except to the extent that Seller
can show that such information (a) is generally available to and known by the public through no fault of Seller, any of its Affiliates
or their respective Representatives; or (b) is lawfully acquired by Seller, any of its Affiliates or their respective Representatives
from and after the Closing from sources which are not prohibited from disclosing such information by a legal, contractual or fiduciary
obligation. If Seller or any of its Affiliates or their respective Representatives are compelled to disclose any information by
judicial or administrative process or by other requirements of Law, the Seller shall promptly notify the Purchaser in writing and
shall disclose only that portion of such information which the Seller is advised by its counsel in writing is legally required
to be disclosed, provided that the Seller shall use reasonable best efforts to obtain an appropriate protective order or other
reasonable assurance that confidential treatment will be accorded such information.

 

13.Non-Competition.
The Seller agrees that for a period of five (5) years after the Closing the Seller shall not engage in the design, development,
manufacture, and sales and marketing of radio frequency and microwave test and measurement products specifically resembling products
in physical form, performance or function as defined in Section 6 and Appendix A hereof for the Seller or any third party.

 

14.Miscellaneous.

 

		a.	Burden and Benefit. Subject to the provisions hereof, the covenants and agreements contained herein
shall be binding upon and inure to the benefit of the heirs, executors, administrators, successors and assigns of the respective
parties hereto. Neither party may assign its rights or obligations hereunder without the prior written consent of the other party.
Any person or business entity acquiring or claiming an interest in the Seller or the Purchaser, in any manner whatsoever, shall
be subject to and bound by all terms, conditions and obligations hereof to which his or its predecessor in interest was subject
or bound, without regard to whether such a person or business entity has executed a counterpart hereof or any other document contemplated
hereby. No Person shall have any rights or obligations greater than those set forth herein.

 

		b.	Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder
shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b)
when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by
facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient,
and on the next Business Day if sent after normal business hours of the recipient or (d) on the third day after the date mailed,
by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective
parties at the addresses set forth in the preamble to this Agreement.

 

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		c.	Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in
any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement
or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or
other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

		d.	Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented
by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective
unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed
as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar
or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any
right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.

 

		e.	Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with
the internal laws of the State of Connecticut without giving effect to any choice or conflict of law provision or rule (whether
of the State of Connecticut or any other jurisdiction). Any legal proceeding arising out of or based upon this Agreement shall
be instituted in the federal courts or the courts of the state of Connecticut in each case located in Fairfield County, and each
party irrevocably submits to the exclusive jurisdiction of such courts in any such proceeding.

 

		f.	Specific Performance. The parties agree that irreparable damage would occur if any provision of
this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance
of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity.

 

		g.	Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed
to be an original copy and all of which together shall constitute one agreement binding on all parties hereto, notwithstanding
that all the parties shall not have signed the same counterpart.

 

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IN WITNESS WHEREOF,
each of the undersigned hereby (a) executes this Agreement; (b) confirms its agreement with the provisions and covenants herein
provided; and (c) agrees to be bound by this Agreement. 

 

 

	SELLER	 	PURCHASER	 
	 	 	 		 
	DYNAMAC,
    INC.	 	MICROPHASE INSTRUMENTS, LLC	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	/s/ Kent
    Higgins	 	By: 	/s/ Michael Ghadaksaz	 
	 	 	 	 	 	 
	Name:	Kent Higgins	 	Name:	Michael Ghadaksaz	 
	Title:	President	 	Title: 	Manager	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

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SCHEDULE A

 

Definitions

 

“Action” means any claim, action,
cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons,
subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

 

“Affiliate” of a Person means
any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with, such Person. The term “control” (including the terms “controlled by” and “under common
control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Encumbrance” means any charge,
claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security interest,
mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction on
use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Governmental Authority” means
any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government
or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority (to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any
arbitrator, court or tribunal of competent jurisdiction.

 

    14 

     

    

 

“Governmental Order” means
any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

 

“Intellectual Property” means
all intellectual property and industrial property rights and assets, and all rights, interests and protections that are associated
with, similar to, or required for the exercise of, any of the foregoing, however arising, pursuant to the Laws of any jurisdiction
throughout the world, whether registered or unregistered, including any and all: (a) trademarks, service marks, trade names, brand
names, logos, trade dress, design rights and other similar designations of source, sponsorship, association or origin, together
with the goodwill connected with the use of and symbolized by, and all registrations, applications and renewals for, any of the
foregoing; (b) internet domain names, whether or not trademarks, registered in any top-level domain by any authorized private registrar
or Governmental Authority, web addresses, web pages, websites and related content, and URLs; (c) works of authorship, expressions,
designs and design registrations, whether or not copyrightable, including copyrights, author, performer, moral and neighboring
rights, and all registrations, applications for registration and renewals of such copyrights; (d) inventions, discoveries, trade
secrets, business and technical information and know-how, databases, data collections and other confidential and proprietary information
and all rights therein; (e) patents (including all reissues, divisionals, provisionals, continuations and continuations-in-part,
re-examinations, renewals, substitutions and extensions thereof), patent applications, and other patent rights and any other Governmental
Authority-issued indicia of invention ownership (including inventor’s certificates, petty patents and patent utility models);
(f) software and firmware, including data files, source code, object code, application programming interfaces, architecture, files,
records, schematics, computerized databases and other related specifications and documentation; (g) semiconductor chips and mask
works; (h) royalties, fees, income, payments and other proceeds now or hereafter due or payable with respect to any and all of
the foregoing; and (i) all rights to any Actions of any nature available to or being pursued by Seller to the extent related to
the foregoing, whether accruing before, on or after the date hereof, including all rights to and claims for damages, restitution
and injunctive relief for infringement, dilution, misappropriation, violation, misuse, breach or default, with the right but no
obligation to sue for such legal and equitable relief, and to collect, or otherwise recover, any such damages.

 

“Law” means any statute, law,
ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law
of any Governmental Authority.

 

“Losses” means losses, damages,
liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever kind, including
reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing any
insurance providers.

 

“Person” means an individual,
corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust,
association or other entity.

 

“Representative” means, with
respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants and other
agents of such Person.

 

 

    15

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