Document:

Exhibit 10.3

 

DEFAULT WAIVER AND FIRST AMENDMENT TO

AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT 

BY AND BETWEEN SENSUS HEALTHCARE, LLC

AND SILICON VALLEY BANK, DATED MAY 12,
2015

 

DEFAULT WAIVER AND FIRST AMENDMENT
TO

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

This Default Waiver
and First Amendment to Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into this 12th
day of May, 2015, and made effective as of March 12, 2015, by and between Silicon Valley Bank (“Bank”) and Sensus Healthcare,
LLC, a Delaware limited liability company (“Borrower”) whose address is 851 Broken Sound Parkway NW, Suite 215, Boca
Raton, FL 33487.

 

RECITALS

 

A.           Bank
and Borrower have entered into that certain Amended and Restated Loan and Security Agreement dated as of March 12, 2013 (as the
same may from time to time be amended, modified, supplemented or restated, the “Loan Agreement”). Bank has extended
credit to Borrower for the purposes permitted in the Loan Agreement.

 

B.           Borrower
is currently in default of the Loan Agreement for failing to comply with the financial covenant set forth in Section 6.7(b) of
the Loan Agreement for each month during Borrower’s 2014 fiscal year (the “Existing Defaults”).

 

C.           Borrower
has requested that Bank waive its rights and remedies against Borrower, limited specifically to the Existing Defaults. Although
Bank is under no obligation to do so, Bank is willing to not exercise its rights and remedies against Borrower related to the specific
Existing Defaults on the terms and conditions set forth in this Amendment, so long as Borrower complies with the terms, covenants
and conditions set forth in this Amendment.

 

D.           Borrower
has further requested that Bank amend the Loan Agreement to (i} reduce the amount available to be borrowed under the Revolving
Line, (ii) extend the maturity date, (iii) lower the interest rate payable on Advances, and (iv) make certain other revisions to
the Loan Agreement as more fully set forth herein. Bank has agreed to so amend certain provisions of the Loan Agreement, but only
to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties
set forth below.

 

AGREEMENT

 

Now, THEREFORE, in
consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

     

     

    

 

1.          Definitions.
Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 

2.          Waiver
of Covenant Defaults.

 

Bank hereby waives
Borrower’s Existing Defaults under the Loan Agreement. Bank’s waiver of Borrower’s compliance of these covenants
shall apply only to the foregoing periods. Accordingly, hereinafter, Borrower shall be in compliance with these covenants, as amended
by this Amendment.

 

Bank’s agreement
to waive the above-described defaults (1) in no way shall be deemed an agreement by the Bank to waive Borrower’s compliance
with the above-described covenants as of all other dates and (2) shall not limit or impair the Bank’s right to demand strict
performance of these covenants as of all other dates and (3) shall not limit or impair the Bank’s right to demand strict
performance of all other covenants as of any date.

 

3.           Amendments
to Loan Agreement.

 

3.1         Section
2.3 (Payment of Interest on Credit Extensions). Clauses (a) and (d) of Section 2.3 are amended in their entirety and replaced
with the following:

 

(a)          Interest
Rate. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating
per annum rate equal to one and three quarters percentage points (1.75%) above the Prime Rate, which interest shall be payable
monthly in accordance with Section 2.3(e) below.

 

(b)          Reserved.

 

3.2         Section
2.4 (Fees). The following new clauses (e) and (f) are hereby added to Section 2.4:

 

(a)          Loan
Fee. A fully earned, non-refundable loan fee of Ten Thousand Dollars ($10,000) which shall be payable as follows: Five Thousand
Dollars shall be due on the First Amendment Date, and an additional Five Thousand Dollars ($5,000) shall be due on the first anniversary
of the First Amendment Date.

 

(b)          Unused
Revolving Line Facility Fee. Payable quarterly in arrears, on the first day of each calendar quarter prior to the Revolving
Line Maturity Date, and on the Revolving Line Maturity Date, a fee (the “Unused Revolving Line Facility Fee”) in an
amount equal to one quarter of one percent (0.25%) per annum of the average unused portion of the Revolving Line, accruing from
and after the First Amendment Date. The unused portion of the Revolving Line, for purposes of this calculation, shall be calculated
on a calendar year basis and shall equal the difference between (x) the Revolving Line, and (y) the average for the period of the
daily closing balance of the Revolving Line outstanding.

 

     

     

    

 

3.3         Section
6.2 (Financial Statements, Reports, Certificates). Section 6.2(a) is amended in its entirety and replaced with the following:

 

(a)          Borrowing
Base Reports. Within thirty (30) days after the last day of each month, (i) aged listings of accounts receivable and accounts
payable (by invoice date); and (ii) a Deferred Revenue report (the “Borrowing Base Reports”);

 

3.4         Section
6.7 (Financial Covenants). Section 6.7 is amended in its entirety and replaced with the following:

 

3.5         Financial
Covenants. Maintain at all times, subject to periodic reporting as of the last day of the applicable month or quarter:

 

(a)          Adjusted
Quick Ratio. As of the last day of each month, an Adjusted Quick Ratio of at least 1.75 to 1.00.

 

(b)          Minimum
Trailing 3-Month EBITDA. As of the last day of each quarter set forth below, EBIIDA during such quarter of at least the following:

 

	Quarter Ended	EBITDA
	 	 
	June 30, 2015	($700,000)
	December 31, 2015	($500,000)
	March 31, 2015	$1,000
	September 30, 2015	$500,000
	March 31, 2016, and each quarter thereafter	To be determined based on review of Borrower’s 2016 board approved plan

 

3.6           Section
13 (Definitions). Clause (e) of the definition of Eligible Accounts is amended in its entirety and replaced with the following:

 

(e)          Accounts
owing from an Account Debtor which does not have its principal place of business in the United States, other than Accounts owing
from Eckert & Ziegler;

 

3.7           Section
13 (Definitions). The following terms and their respective definitions set forth in Section 13.l are amended in their entirety
and replaced with the following:

 

“Revolving Line”
is an aggregate principal amount equal to One Million Five Hundred Thousand Dollars ($1,500,000).

 

“Revolving Line
Maturity Date” is the date two (2) years from the First Amendment Date.

 

3.8           Section
13 (Definitions). The following terms and their respective definitions are hereby added to Section 13.1 in their appropriate
alphabetical order:

 

“First Amendment
Date” is May 12, 2015.

 

     

     

    

 

“Unused Revolving
Line Facility Fee” is defined in Section 2.4(f).

 

3.9           Section
13 (Definitions). The following terms and their respective definitions are hereby deleted from Section 13.1 in their entirety:

 

“Minimum Interest”

 

“Minimum Interest
Period”

 

3.10         Exhibit
C (Borrowing Base Certificate). Exhibit C to the Loan Agreement is amended in its entirety and replaced with Exhibit C
attached hereto.

 

3.11         Exhibit
D (Compliance Certificate). Exhibit D to the Loan Agreement is amended in its entirety and replaced with Exhibit D attached
hereto.

 

4.           Limitation
of Amendments.

 

4.1           The
amendments set forth in Section 3, above, are effective for the purposes set forth herein and shall be limited precisely as written
and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan
Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or in connection
with any Loan Document.

 

4.2           This
Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties,
covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall
remain in full force and effect.

 

5.           Representations
and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows:

 

5.1           Immediately
after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate
and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to
an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default other than the Existing
Defaults has occurred and is continuing;

 

5.2           Borrower
has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended
by this Amendment;

 

S.3 The organizational documents of Borrower
most recently delivered to Bank remain true, accurate and complete and have not been amended, supplemented or restated and are
and continue to be in full force and effect;

 

5.3           The
execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement,
as amended by this Amendment, have been duly authorized by all necessary action on the part of Borrower;

 

     

     

    

 

5.4           The
execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement,
as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any
contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental
or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;

 

5.5           The
execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement,
as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing,
recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on
Borrower, except as already has been obtained or made; and

 

5.6           This
Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation,
moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.

 

6.           Prior
Agreement. Except as expressly provided for in this Amendment, the Loan Documents are hereby ratified and reaffirmed and
shall remain in full force and effect. This Amendment is not a novation and the terms and conditions of this Amendment shall be
in addition to and supplemental to all terms and conditions set forth in the Loan Documents. In the event of any conflict or inconsistency
between this Amendment and the terms of such documents, the terms of this Amendment shall be controlling, but such document shall
not otherwise be affected or the rights therein impaired.

 

7.           Release
by Borrower

 

7.1           For
good and valuable consideration, Borrower hereby forever relieves, releases, and discharges Bank and its present or former employees,
officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands,
obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description
or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner
whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning
of time through and including the date of execution of this Amendment (collectively “Released Claims”). Without limiting
the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected
with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with
any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing.

 

7.2           In
furtherance of this release, Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California
Civil Code, which provides as follows:

 

     

     

    

 

“A general release
does not extend to claims which the creditor does not know or expect to exist in his favor at the time of executing the release,
which if known by him must have materially affected his settlement with the debtor.” (Emphasis added.)

 

7.3          By
entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter
discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention
of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected
or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release
was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason
thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it
is not relying upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this
release or with regard to any of such party’s rights or asserted rights.

 

7.4          This
release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or
other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release
contained herein constitutes a material inducement to Bank to enter into this Amendment, and that Bank would not have done so but
for Bank’s expectation that such release is valid and enforceable in all events.

 

7.5          Borrower
hereby represents and warrants to Bank, and Bank is relying thereon, as follows:

 

(a)          Except
as expressly stated in this Amendment, neither Bank nor any agent, employee or representative of Bank has made any statement or
representation to Borrower regarding any fact relied upon by Borrower in entering into this Amendment.

 

(b)          Borrower
has made such investigation of the facts pertaining to this Amendment and all of the matters appertaining thereto, as it deems
necessary.

 

(c)          The
terms of this Amendment are contractual and not a mere recital.

 

(d)          This
Amendment has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Amendment is
signed freely, and without duress, by Borrower.

 

(e)          Borrower
represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every other
matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to
any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Bank, defend and hold it harmless
from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of
any claims or matters released herein.

 

     

     

    

 

8.          Integration.
1bis Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations
or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties

 

about the subject matter of this Amendment
and the Loan Documents merge into this Amendment and the Loan Documents.

9.          Counterparts.
This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute
one and the same instrument.

 

10.         Effectiveness.
This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto,
(b) payment of the loan fee of Five Thousand Dollars ($5,000) due on the First Amendment Date in accordance with Section 2.4(e},
(c) the due execution and delivery to Bank of a completed Perfection Certificate of Borrower, and (d) payment of Bank’s legal
fees and expenses in connection with the negotiation and preparation of this Amendment.

 

11.         Governing
Law. This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance
with the laws of the State of Georgia.

 

[Signature page follows.]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be duly executed and delivered as of the date first written above.

 

	BANK	 	BORROWER
	 	 	 
	Silicon Valley Bank	 	Sensus Healthcare, LLC
	 	 	 	 	 
	By:	/s/  Ryan Roller	 	By:	/s/ Arthur Levine
	Name: 	Ryan Roller	 	Name: 	Arthur Levine
	Title:	VP	 	Title:	CFO

 

[signature page of Default Waiver and
First Amendment to Amended and Restated Loan and Security Agreement]

 

     

     

    

 

EXHIBIT C

BORROWING BASE CERTIFICATE

 

Borrower: Sensus Healthcare, LLC

Lender: Silicon Valley Bank

Commitment Amount:    $1,500,000

 

	ACCOUNTS RECEIVABLE	 
	1.	Accounts Receivable (invoiced) Book Value as of	$
	2.	Additions (Please explain on next page)	$
	3.	Less: Intercompany I Employee I Non-Trade Accounts	$
	4.	NET TRADE ACCOUNTS RECEIVABLE	$
	 	 	 
	ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)	 
	5.	90 Days Past Invoice Date	$
	6.	Credit Balances over 90 Days	$
	7.	Balance of 50% over 90 Day Accounts (Cross-Age or Current Affected)	$
	8.	Foreign Account Debtor Accounts (other than Eckert & Ziegler)	$
	9.	Foreign Invoiced and/or Collected Accounts Contra I Customer Deposit Accounts	$
	10.	U.S. Government Accounts .(w/o AOC)	$
	11.	Promotion or Demo Accounts; Guaranteed Sale or Consignment Sale Accounts	$
	12.	Accounts with Memo or Pre-Billings	$
	13.	Contract Accounts; Accounts with Progress I Milestone Billings	$
	14.	Accounts for Retainage Billings	$
	15.	Trust I Bonded Accounts	$
	16.	Bill and Hold Accounts	$
	17.	Unbilled Accounts	$
	18.	Non-Trade Accounts (If not already deducted above)	$
	19.	Accounts with Extended Term Invoices (Net 90-I-)	$
	20.	Chargebacks Accounts I Debit Memos	$
	21.	Product Returns/Exchanges	$
	22.	Disputed Accounts; Insolvent Account Debtor Accounts	$
	23.	Deferred Revenue (when AQR < 1.75:1.00)/ Other (Please explain on next page)	$
	24.	Concentration Limits	$
	25.	TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS	$
	26.	Eligible Accounts (#4 minus #26)	$
	27.	ELIGIBLE AMOUNT OF ACCOUNTS (80% of #27)	$
	 	 	 
	BALANCES	 	 
	28.	Maximum Loan Amount	$ 1,500,000
	29.	Total Funds Available [Lesser of #29 or #28]	$
	30.	Present balance owing on Line of Credit	$
	31.	RESERVE POSITTON (#30 minus #31)	$

 

[Continued
on following page.]

 

     

     

    

 

Explanatory comments from previous page:

 

 

 

 

 

 

 

 

 

The undersigned represents and warrants
that this is true, complete and correct, and that the information in this Borrowing Base Certificate complies with the representations
and warranties in the Loan and Security Agreement between the undersigned and Silicon Valley Bank.

 

	COMMENTS:	 	BANK USE ONLY
	 	 	 	 
	 	 	Received by: 	 
	 	 	 	AUTIIORIZED SIGNER
	By:	 	 	Date:	 
	 	Authorized Signer	 	Verified:	 
	Date:	 	 	 	AUTHORIZED SIGNER
	 	 	 	 
	 	 	Date:	 
	 	 	Compliance Status:          Yes          No

 

     

     

    

 

EXHIBIT D

COMPLIANCE CERTIFICATE

 

	TO:	SILICON VALLEY BANK	Date:	   

FROM: SENSUS HEALTHCARE, LLC

 

The undersigned authorized
officer of Sensus Healthcare, LLC (“Borrower”) certifies that under the terms and conditions of the Amended and Restated
Loan and Security Agreement between Borrower and Bank (the “Agreement”):

 

(1)         Borrower
is in complete compliance for the period ending with all required covenants except as noted below; (2) there are no Events of Default;
(3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted
below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already
are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly
referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each
of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal,
state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms
of Section 5.9 of the Agreement; and (5)         no Liens have been levied or claims
made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously
provided written notification to Bank.

 

Attached are the required
documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently
applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that
no borrowings may be requested at any time or date of determination that Borrower is not incompliance with any of the terms of
the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but
not otherwise defined herein shall have the meanings given them in the Agreement.

 

Please indicate compliance status by circling
Yes/No under “Complies” column.

 

	Renortin2 Covenant	 	Required	 	Complies
	 	 	 	 	 
	Monthly financial statements with Compliance Certificate	 	Monthly within 30 days	 	Yes No
	Annual financial statement (CPA Audited) + CC	 	FYE within 150 days	 	Yes No
	10-Q, 10-K and 8-K	 	Within 5 days after filing with SEC	 	Yes No
	Borrowing Base Certificate, NR & A/P Agings, Deferred Revenue Report	 	Monthly within 30 days	 	Yes No
	Annual Financial Projections	 	Within 45 days after FYE	 	Yes No

 

	Financial Covenant	 	Required	 	Actual	 	Complies
	 	 	 	 	 	 	 
	Maintain:	 	 	 	 	 	 
	Minimum Adjusted Quick Ratio (tested monthly);	 	1.75:1.00	 	  ______:1.00	 	Yes No
	Minimum Quarterly EBITDA (tested quarterly}:	 	 	 	 	 	 
	3/31/15	 	($700,000)	 	$                          	 	Yes No
	6/30/15	 	($500,000)	 	$                          	 	Yes No
	9/30/15	 	$1,000	 	$                          	 	Yes No
	12/31/15	 	$500,000	 	$                          	 	Yes No
	3/31/16 and thereafter	 	TBD	 	 	 	 

 

     

     

    

 

The following financial
covenant analyses and information set forth in Schedule I attached hereto are true and accurate as of the date of this Certificate.

 

The following are the
exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions to note.”)

 

 

 

 

 

	Sensus Healthcare, LLC	 	BANK USE ONLY
	 	 	By:	 
	 	 	 	Received by: 	 
	 	 	 	 	AUTHORIZED SIGNER
	By:	 	 	Name:	 
	Name:	 	 	Title:	 
	Title:	 	 	Date:	 
	 	 	Verified:	 
	 	 	 	AUTHORIZED SIGNER
	 	 	Date:	 
	 	 	Compliance Status:         Yes        No

 

     

     

    

 

Schedule 1 to Compliance Certificate

Financial Covenants of Borrower

 

In the event of a conflict
between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern.

 

Dated:____________________________ 

 

I.           Adjusted
Quick Ratio (Section 6.7(a))

 

	Required:	1.75:1.00
	 	 
	Actual:	____:1.00

 

	A.	Aggregate value of the unrestricted cash and Cash Equivalents of Borrower maintained with Bank	 	$___________
	 	 	 	 
	B.	Aggregate value of the net accounts receivable of Borrower	 	$___________
	 	 	 	 
	c.	Quick Assets (the sum of lines A and B)	 	$___________
	 	 	 	 
	D.	Aggregate value of Obligations to Bank	 	$___________
	 	 	 	 
	E.	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, and not otherwise reflected in line D above that matures within one (1) year	 	$___________
	 	 	 	 
	F.	Current Liabilities (the sum of lines D and E)	 	$___________
	 	 	 	 
	G.	Aggregate value of all amounts received or invoiced by Borrower in advance of performance under contracts and not yet recognized as revenue	 	$___________
	 	 	 	 
	H.	Line F minus line G	 	$___________
	 	 	 	 
	I.	Adjusted Quick Ratio (line C divided by line H)	 	____:1.00

 

Is line
I equal to or greater than 1.75:1:00?

 

	 	____ No, not in compliance	_____ Yes, in compliance

 

II.          Minimum
Quarterly EBITDA (Section 6.7(b))

 

Required: See chart below

 

	Quarter Ended	EBITDA
	March 31, 2015	($700,000)
	June 30, 2015	($500,000)
	September 30, 2015	$1,000
	December 31, 2015	$500,000
	March 31, 2016, and each quarter thereafter	To be determined based on review of Borrower’ s 2016 board-approved plan

 

     

     

    

 

Actual:

 

	A.	Net Income of Borrower for the quarter most recently ended	$
	 	 	 	 
	B.	To the extent included in the determination of Net Income	 
	 	 	 	 
	 	1.	The provision for income taxes	$
	 	 	 	 
	 	2.	Depreciation expense	$
	 	 	 	 
	 	3.	Amortization expense	$
	 	 	 	 
	 	4.	Net Interest Expense	$
	 	 	 	 
	 	5.	Reasonable add-backs for non-cash items (including, without limitation, stock compensation	$
	 	 	 	 
	 	6.	The sum of lines 1 through 5	$
	 	 	 	 
	 	c.	Quarterly EBITDA (line A plus line B.6)	$________

 

Is line C equal to or greater than the
appropriate amount set forth above?

 

	 	_____ No, not in compliance	_____ Yes, in complianceExhibit 10.4

 

ASSET PURCHASE AGREEMENT 

BY AND BETWEEN SENSUS HEALTHCARE, LLC 

AND TOPEX, INC., 

DATED AS OF APRIL 16, 2010

 

ASSET PURCHASE AND SALE AGREEMENT

 

THIS AGREEMENT, as dated
below, is made and entered into, by and between TOPEX, INC., a Connecticut corporation, located at 10 Precision Road, Danbury,
Connecticut, hereinafter referred to as “Seller” and SENSUS HEALTHCARE, LLC, a Florida limited liability company
located at 18659 Ocean Mist Drive, Boca Raton, Florida, hereinafter referred to as “Purchaser.” The Seller and Purchaser
are sometimes hereinafter collectively referred to as the “Parties.”

 

RECITALS:

 

Seller owns and operates
a medical product business that manufactures, markets and distributes the SRT-100, a superficial radio therapy system.

 

Seller has agreed to sell
to Purchaser and Purchaser has agreed to purchase from Seller the assets which are used or useful in connection with the business
associated with the SRT-100 (the “SRT-100 Business”), which assets are specifically itemized below, upon the terms
and subject to the conditions set forth herein.

 

Seller has agreed to continue
to manufacture SRT-100 systems for Purchaser and Purchaser has agreed to purchase SRT-100 system units from Seller after the Closing
as set forth herein, pursuant to the terms and conditions contained herein.

 

NOW THEREFORE, in consideration
of the mutual benefits accruing to the Parties under the provisions of this Agreement, the Parties hereby agree as follows:

 

1.           PURCHASE
AND SALE OF ASSETS. Subject to the terms and conditions contained herein and in reliance upon the warranties, representations
and obligations specifically set forth herein, Seller agrees to sell to Purchaser and Purchaser agrees to purchase from Seller,
Seller’s assets listed below pertaining to the SRT-100 Business, free from all liabilities, liens, encumbrances, and claims.
The assets to be sold hereby to Purchaser are limited to those items listed on the attached Schedule “A,” which may
hereinafter collectively be referred to as the “Assets.” Additionally, Purchaser acknowledges that it is not acquiring
any interest in any other asset of Seller not listed on Schedule “A.” Details concerning the support and guidance Seller
shall provide to Purchaser relative to the sale of the Assets and the SRT-100 Business are contained in Composite Exhibit “B.”

 

2.           PURCHASE
PRICE FOR ASSETS.

 

2.01         Purchase
Price. The Parties have agreed that the aggregate purchase price for the sale of the Assets to be transferred by
Seller to Purchaser, shall be equal to the sum of One Million Three Hundred Thousand ($1,300,000) Dollars, which is hereinafter
referred to as the “Purchase Price.”

 

     

     

    

 

2.02         Allocation
of Purchase Price. It is acknowledged between the Parties that the Purchase Price, as defined above, shall be allocated
as follows:

 

	Design Documents and Records	 	$	1,000,000	 
	Parts  inventory	 	 	60,000	 
	2 SRT-100 Units	 	$	84,000	 
	Contracts	 	 	6,000	 
	Patents,  approvals and marks	 	 	50,000	 
	Goodwill	 	 	100,000	 
	Total	 	$	1,300,000	 

 

Each of the Parties agrees
to utilize such allocations in reporting the consequences of this transaction on their Federal Income Tax Returns. In the event
the Closing occurs after April 30, 2010, the 2 SRT-100 Units referred to above will be excluded from the sale contemplated hereby
and the amount indicated above as allocated to those 2 Units shall be added to Goodwill.

 

3.           PAYMENT
OF PURCHASE PRICE. The Purchase Price as provided for in Section 2 above shall be payable as follows:

 

3.01         Cash
Payable at Closing. At the Closing, the sum of Seven Hundred Seventy-Five Thousand ($775,000) Dollars, as may be
increased pursuant to Section 4 below, shall be paid by Purchaser’s delivery to Seller of a bank check or bank wire transfer
in such amount.

 

3.02         Balance
of Purchase Price Payable at Closing. At the Closing, the balance of the Purchase Price ($525,000 as may be decreased
pursuant to Section 4 below), shall be paid by Purchaser’s execution and delivery to Seller of a Promissory Note for such
amount, hereinafter referred to as the “Note.” The Note shall accrue interest at the annual interest rate of the LIBOR
1 year rate, plus 2.5% (but never lower than the IRS imputed interest rate applicable to long term notes for the month in which
the transaction occurs - for purposes of clarity that rate is 4.35% for the month of March 2010) and be payable annually in an
amount equal to 10% of the gross sales revenues of the Purchaser resulting from sale or lease of SRT- 100 system Units. The Promissory
Note shall be secured by a Security Agreement and related UCC-1 Financing Statement applicable to all of business assets of Purchaser,
including the Assets being sold to Purchaser pursuant to the Agreement. The first annual payment shall be due one (1) year from
the date of Closing and continue on the same day of each subsequent year until the principal and all accrued interest payable under
the Note has been paid in full.

 

     

     

    

 

3.03         Additional
Payments Payable after Closing. Seller agrees to continue to manufacture and deliver to Purchaser after Closing
SRT-100 system Units upon Purchaser ‘s request. In that connection, Seller shall be entitled to the following payments in
connection with each SRT-100 system Unit Seller delivers to Purchaser after Closing: (i) Twenty Thousand ($20,000) Dollars for
Seller’s labor costs; and (ii) reimbursement of Seller’s actual material costs (estimated at $23,500 per unit). Payment
shall be due by Purchaser thirty (30) days from the date of invoice by Seller. Seller shall invoice Purchaser for its material
costs upon the purchase of the materials and for the labor cost upon its completion of a Unit at Seller’s location. Seller
agrees to produce at least ten (10) SRT-100 Units annually upon Purchaser ‘s request. Any default by Purchaser with respect
to any payments due Seller after Closing with respect to the SRT-100 System Units made for and delivered to Purchaser by Seller
shall be deemed a default under the Note and related Security Agreement and entitle Seller to pursue the collateral to be granted
to Seller by Purchaser at Closing as security for the Note. Seller shall retain copies of any records, items or information necessary
for Seller to continue to manufacture the SRT-100 Units for Purchaser. The provisions of this Section 3.03 shall survive the Closing.

 

4.           CLOSING
AND CASH PAYABLE UPON SIGNING AGREEMENT. This transaction shall close on or before June 30, 2010 (the “Closing”)
unless the Parties agree to extend the date of Closing. The Closing shall be held at the offices of Seller’s attorney on
the date of Closing, which shall be mutually agreed upon by the Parties but scheduled as soon as practicable after Purchaser indicates
to Seller that it has raised the funds necessary for Closing and is prepared to close. Time shall be of the essence with respect
to the date of Closing and the other dates set forth in this Section 4.

 

4.01         Cash
Payable upon Agreement execution. Upon Purchaser executing this Agreement, Purchaser shall arrange to deposit with
Seller a check in the sum of One Hundred Thousand ($100,000) Dollars, hereinafter referred to as the “Deposit,” which
shall under all circumstances (except as set forth below) be non-refundable and immediately available for use by Seller; however,
Seller agrees that it will apply the Deposit as needed toward the purchase of parts inventory, materials and other items related
to the SRT-100 Business to continue such SRT-100 Business as required in this Agreement through the Closing date. Notwithstanding
anything to the contrary set forth above, the Deposit shall be refundable (and be refunded) to Purchaser in the event Seller materially
breaches any of Seller’s representations and warranties set forth in this Agreement, or if Seller shall materially be or
become in material breach or default of this Agreement, or if Purchaser terminates this Agreement for cause.,

 

4.02         Closing
before June 1, 2010. If the Closing occurs on or before April 30, 2010, the amounts set forth above in Paragraphs
3.01 and 3.02 shall not change. However, if the Closing occurs between May 1. 2010, and May 31, 2010, the balance of the cash portion
of Purchase Price payable pursuant to paragraph 3.01 above shall be increased by One Hundred Thousand ($100,000) Dollars to Eight
Hundred Seventy-Five Thousand ($875,000) Dollars and the Note portion of the Purchase Price payable pursuant to paragraph 3.02
above shall be reduced by One Hundred Thousand ($100,00) Dollars to Four Hundred Twenty-Five Thousand ($425,000) Dollars.

 

4.03         Closing
after June 1, 2010. If the Closing occurs after June 1, 2010, the balance of the cash portion of the Purchase Price
payable pursuant to paragraph 3.01 above shall be increased to Nine Hundred Seventy-Five ($975,000) Dollars and the Note portion
of the Purchase Price payable pursuant to paragraph 3.02 above shall be reduced to Three Hundred Twenty-Five Thousand ($325,000)
Dollars.

 

4.04         2
SRT-100 Units. In the event the Closing occurs on a date after April 30, 2010, then the two (2) SRT-100 Units that
are listed on Schedule “A” as part of the Assets shall be excluded from the transaction contemplated by this Agreement.

 

     

     

    

 

4.05         Closing
after June 30, 2010. If Purchaser and Seller have not closed by June 30, 2010, and have not agreed to extend the
date of Closing, then this Agreement and the rights of Purchaser and Seller hereunder, except as noted herein, shall terminate.
Seller shall have no obligation to close after June 30, 2010 and shall have no obligation to return to Purchaser the Deposit under
any such circumstances.

 

5.           LIABILITIES.

 

5.01         Assumption
of Liabilities. At the Closing, Purchaser shall assume all future obligations for warranty claims relating to the
SRT-100 Business which arise and relate to time periods prior to or following the date of Closing. Furthermore, Purchaser shall
be responsible for all taxes and all other obligations which arise out of Purchaser’s operation of the SRT-100 Business from
and after the Closing.

 

5.02         No
Assumption of Liabilities. Except as expressly provided for herein, Purchaser shall not be obligated and will not
assume or become liable for any obligations or liabilities of the Seller or which relate to the SRT-100 Business prior to closing
(except as to warranty claims).

 

6.           ADJUSTMENTS.
The Purchase Price is not subject to adjustment irrespective of inventory levels or any other factor. Seller agrees, however, that
it will not sell inventory items to third parties separate and apart from sales of SRT-100 Units.

 

7.           REPRESENTATIONS
OF SELLER. Seller represents and warrants to Purchaser that, the following statements, representations and conditions
are true and correct as of the date of this Agreement and shall continue to be true and correct as of the Closing:

 

7.01         Good
Title. Seller is the owner of the Assets being conveyed to Purchaser, free and clear of any liens, claims, security
interests or other encumbrances, and has the right to sell and convey the Assets, and that Purchaser shall acquire good, merchantable
and marketable title to the Assets at Closing.

 

7.02         Equipment
and Fixtures. The equipment of the SRT-100 Business identified on Schedule “A” is now, and will at Closing
be, in good working order.

 

7.03         No
Litigation, No Taxes Due, Etc. There are no judgments, liens, actions or proceedings pending against Seller in any
court or by any governmental agency, Seller is not in default with respect to any judgment, order, writ, injunction, decree, rule
or regulation of any court or administrative agency relating to the SRT-100 Business, and no party has threatened to make any claims
against Seller or the SRT-100 Business.

 

7.04         Carry
on Business in Ordinary Course. Seller will operate the SRT-100 Business in the ordinary course by and through Closing.

 

7.05         Corporate
Status. Seller is a corporation duly organized and existing in good standing under the laws of the State of Connecticut
and has the corporate power to own its assets and carry on its business as now conducted.

 

     

     

    

 

7.06         Compliance
with Agreements and Instruments. The execution and delivery of this Agreement by Seller and the consummation of
the transactions contemplated hereby do not conflict with or violate its Articles or Bylaws, or any contract or agreement to which
Seller is a party, or by which Seller may be bound, except as expressly herein provided where various consents may be required,
and is not contrary to any order of any court.

 

7.07         Financials.
Seller has furnished Purchaser with a company prepared Income and Expense Statement related to the SRT-100 Business which Seller
represents is true and accurate.

 

7.08         Bill
of Sale. The bill of sale and instruments of assignment to be delivered at the Closing will transfer all of the
Assets, free of all encumbrances and liabilities, and will contain the usual warranties and affidavit of title (except as provided
for in Section 5.01 above). Itis expressly understood that specific instruments of assignment on the form required by the United
States Patent Office will be required in connection with the assignment of the patents listed on SCHEDULE “A” and Seller
expressly agrees to execute and assist in the filing of such separate assignment instruments.

 

7.09         Corporate
Actions. By the time of Closing, the Board of Directors and Stockholders of Seller will have approved Seller entering
into this Agreement and Seller’s performance thereunder, and will have authorized the execution and delivery hereof. This
Agreement constitutes a legal, valid and binding obligation of the Seller enforceable in accordance with its terms. On or prior
to the Closing, Seller shall provide Purchaser with copies of the resolutions by its Stockholders and Directors, authorizing this
Agreement and the transactions contemplated herein.

 

7.10         Patents.
Insofar as the patents listed on SCHEDULE “A” (the “Patents”) are concerned, Seller expressly hereby
represents and warrants that:

 

(a)          All
of the Patents are valid patents and are assignable to Purchaser;

 

(b)          No
challenges to the validity of the Patents are currently pending or threatened;

 

(c)          No
other party has made any claim that the Patents or any other part or element of the SRT-100 Business infringes upon any patent
or intellectual property rights of such party;

 

(d)          Seller
has no knowledge of any other patent or product of any third party which infringes upon any of the Patents;

 

(e)          Seller
has no knowledge of any defect in any Patent or any technology associated therewith that would permit any third party to circumvent
either of the Patents.

 

7.11         Leases.
None of the Assets are leased.

 

7.12         Sales
Taxes. At and as of the Closing date, Seller shall have paid all sales taxes, interest and penalties due and unpaid
by the Seller with respect to the SRT-100 Business to all applicable governmental authorities through the date of Closing.

 

     

     

    

 

7.13         Books
and Records. All books, records, data, materials and other information provided or to be provided to Purchaser by
Seller in connection with this Agreement are and will be true, accurate and complete in all material respects.

 

7.14         Compliance.
The SRT-100 Business as currently conducted to the knowledge of Seller is in compliance with all federal, state and local laws,
rules and regulations pertaining thereto.

 

7.15         Contracts.
Seller is not to its knowledge a party to any contract or agreement which will adversely affect the conduct of the SRT-100
Business following closing.

 

7.16         Sales
of SRT-100 Units. Seller shall not sell any SRT-100 Unit to any person or party other than Purchaser subsequent
to the Closing date.

 

The Seller shall indemnify,
defend and hold harmless the Purchaser from and against any and all losses, judgments, awards, damages, settlements, costs and
expenses, including without limitation attorney’s fees, sustained or incurred by the Purchaser as a result of the Seller’s
breach of any representation, warranty or covenant of the Seller contained herein or in any document executed and delivered at
the Closing or as a result of or arising out of any debt, obligation or liability of Seller or the SRT-100 Business which accrues
and relates to periods of time prior to the Closing (except as to warranty claims).

 

8.           REPRESENTATIONS
OF PURCHASER. Purchaser represents and warrants to Seller that, the following statements, representations and conditions
are true and correct as of the date of this Agreement and shall continue to be true and correct as of the Closing:

 

8.01         Limited
Liability Status. Purchaser is a limited liability company duly organized and existing in good standing under the
laws of the State of Florida, and by Closing will be authorized to do business in any state where it will carry on its business.

 

8.02         Compliance
with Agreements and Instruments. The execution and delivery of this Agreement by Purchaser and the consummation
of the transactions contemplated hereby by Purchaser will not conflict with or violate the Articles of Organization, Operating
Agreement or any contract or agreement to which Purchaser is a party, or by which Purchaser may be bound, except as herein provided
where various consents may be required, and is not contrary to any order of any court to which Purchaser is subject.

 

8.03         Limited
Liability Company Actions. By the time of Closing, the managers and members of Purchaser will have approved Purchaser
entering into this Agreement and the performance hereunder by Purchaser and will have authorized the execution and delivery hereof.
In that instance, on or prior to the Closing, Purchaser shall provide Seller with copies of the resolutions by its managers and
members authorizing the approval of this Agreement and the transactions contemplated herein.

 

8.04         Loss
of Business. Purchaser acknowledges that following the Closing or possibly even prior thereto, certain customers
of the SRT-100 Business may not wish to continue doing business with the SRT-100 Business or Purchaser. In that connection, Purchaser
acknowledges that Seller makes no warranty, guarantee or representation as to the SRT-100 Business’ ability to retain individual
customers after the Closing or prior to the Closing. Moreover, Purchaser acknowledges that the past performance of the SRT-100
Business with respect to sales may not be indicative of the future sales experienced by the SRT-100 Business and Purchaser after
the consummation of the transactions contemplated herein.

 

     

     

    

 

8.05         Information
to be held in Confidence. Until the Closing or in the event that the transaction contemplated by this Agreement
does not close, the Purchaser (1) will hold and will cause their members, managers, employees, accountants, representatives, affiliates,
agents, consultants and advisors to hold in strict confidence all information relating to the SRT-100 Business furnished to Purchaser
by Seller or its representatives in connection with the transaction contemplated by this Agreement as well as all information concerning
the SRT-100 Business or Seller contained in any analyses, computations, studies or other documents prepared by or on behalf of
Purchaser (collectively, the “Information”); provided that the Information shall not include any information which
can be shown to be or have become (i) generally available to the public other than as a result of a disclosure by Purchaser or
its members, managers, employees, accountants, representatives, agents, consultants or advisors or (ii) available to Purchaser
on a non-confidential basis from a source other than Seller; and (2) will not, release or disclose any Information to any other
party except in furtherance of the consummation of the transaction contemplated by this Agreement and so long as such parties are
informed of the confidential nature of the Information and agree to be bound by the terms and conditions of this paragraph 8.05.

 

8.06         Equipment
Used by Seller. Purchaser acknowledge that Seller utilizes certain equipment in manufacturing the SRT-100 Units
and such equipment is not included in the Assets being sold to Purchaser pursuant to this Agreement. Purchaser further acknowledges
that should Purchaser not request Seller to manufacture SRT-100 Units for it after Closing, it will need to acquire additional
equipment in order to manufacture the SRT-100 Units itself.

 

The Purchaser, shall indemnify,
defend and hold harmless the Seller from and against any and all losses, judgments, awards, damages, settlements, costs and expenses,
including without limitation attorney’s fees, sustained or incurred by the Seller as a result of the Purchaser’s breach
of any representation, warranty or covenant of the Purchaser contained herein or in any document executed and delivered at the
Closing or as a result of or arising out of any debt, obligation or liability of Purchaser or the SRT-100 Business which accrues
and relates solely to time periods (except for any warranty claims which shall be the responsibility of Purchaser) after Closing,
including but not limited to liabilities or obligations of the Seller specifically assumed by the Purchaser under or pursuant to
this Agreement.

 

9.           CONDITIONS
TO PURCHASER’S OBLIGATION TO CLOSE. Each of the Parties agrees to take whatever actions as may be necessary
or desirable to carry out the terms of this Agreement following the Closing. This Agreement is contingent upon the existence or
satisfaction of various conditions, as hereinafter set forth. If all of the conditions do not exist or have not been satisfied
by the date of Closing (or as otherwise set forth with respect to any specific condition), Purchaser will have the right to either
(i) terminate this Agreement by written notice to Seller and thereafter the Parties shall be relieved of all further obligations
and liabilities hereunder; (ii) grant an additional period of time in accordance with Section 4 above in which to such conditions
may be satisfied; (iii) pursue any remedy provided for herein or in any other provision of this Agreement; or (iv) Purchaser may
waive any condition and proceed to close the transaction. The Parties shall cooperate with each other with respect to the satisfaction
of all conditions; shall not prevent or hinder the satisfaction of any conditions; and the Party responsible for the satisfaction
of any condition shall proceed with due diligence and use such Party’s best efforts to satisfy such condition. The conditions
upon which this Agreement is contingent are as follows:

 

     

     

    

 

9.01         Obligations
of Seller. All of the obligations of Seller and the documents required to be obtained and/or furnished by Seller
shall have been performed, obtained and furnished within the time period required pursuant to the terms of this Agreement.

 

9.02         Compliance
with Agreement. All of the terms and conditions of this Agreement to be complied with and performed by any party
on or before the date of Closing, shall have been complied with and performed.

 

9.03         Representations
and Warranties. All representations and warranties of Seller and Purchaser shall be deemed to have been made again
on the Closing date and shall be true and correct.

 

9.04         Financing.
Purchaser shall have obtained the financing necessary to fully fund the Purchase Price; Purchaser shall use its reasonable
best efforts to obtain such financing.

 

9.05         Covenant
Not to Compete. In consideration of the sale hereby, and for no additional compensation, the Seller shall have executed
and entered into a NON-DISCLOSURE AND NON COMPETITION AGREEMENT in the form attached hereto as SCHEDULE “C”.

 

9.06         Consulting
Agreement. Anthony Pellegrino shall have entered into a satisfactory consulting Agreement with Purchaser to provide
Purchaser and Purchaser’s employees as needed, part-time with advisory and training services for a period of twenty-four
(24) months following the Closing for no compensation or remuneration. The Consulting Agreement shall further provide that Mr.
Pellegrino shall not be required to travel to perform any of his responsibilities under that Agreement. The precise duties and
level of services to be provided by Mr. Pellegrino are to be mutually agreed upon and are to be reasonable in consideration of
Mr. Pellegrino’s age and health, shall not be unduly burdensome upon him, and shall be subject to his final approval.

 

10.         SURVIVAL
OF REPRESENTATIONS. All representations, warranties and agreements of the Parties contained in this Agreement shall
survive the Closing.

 

11.         DOCUMENTS
TO BE DELIVERED BY SELLER. At the Closing, Seller shall deliver the following documents to Purchaser:

 

11.01         Bill
of Sale. A bill of sale, dated as of the Closing, covering all of the records, data, equipment, supplies, inventory
and other tangible property which comprises the Assets to be transferred hereunder, transferring all right, title and interest
in such property to Purchaser, and containing the usual warranties and affidavit of title.

 

     

     

    

 

11.02         Assignments.
Assignments, dated as of the Closing, of Seller ‘s Patents and Seller’s transferable operating licenses and permits
and all other intellectual property rights and other intangible property comprising a portion of the Assets, containing customary
warranties and affidavits of title.

 

11.03         Control.
Simultaneously with the delivery of such documents provided for above, Seller will take all such steps as may be requisite
to put Purchaser in actual possession, operation and control of the Assets and business to be transferred hereunder; and

 

11.04         Other
Documents. All other documents and instruments expressly or impliedly required by the terms of this Agreement.

 

Subsequent to the date
of Closing, and at the request of Purchaser, Seller will execute and deliver to Purchaser such other instruments of conveyance
and transfer and take such other action as Purchaser may reasonably require to more effectively convey, transfer to, invest in
Purchaser, and to put the Purchaser in possession of any of the properties or assets to be conveyed, transferred and delivered
to Purchaser hereunder.

 

12.         AMENDMENT.
This Agreement may be amended at any time by a writing executed by both Seller and Purchaser.

 

13.         DATE
OF AGREEMENT. The effective date of this Agreement shall be the last date the Agreement is signed by Seller and
Purchaser.

 

14.         BINDING
EFFECT. This Agreement shall be binding upon the Parties, their successors, assigns and heirs.

 

15.         COUNTERPARTS.
This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which, when taken together,
shall constitute one and the same document. The signature of either party to any counterpart shall be deemed a signature to, and
may be appended to, any other counterpart. Signature pages which are transmitted by or on behalf of the Parties by facsimile or
email shall be deemed to be originals.

 

16.         ATTORNEYS’
FEES. In the event either Party has to enforce its rights under this Agreement due to a breach by the other Party,
the prevailing Party in any such enforcement action shall be entitled to recover from the other Party, all costs it incurs in connection
with enforcing or defending, as the case may be, its rights hereunder, including but not limited to, all attorneys’ fees,
court costs and costs and fees of appeal.

 

17.         BROKER.
Purchaser and Seller represent and warrant to each other that they have not dealt with any broker in connection with this Agreement,
and the transaction set forth herein, and that they know of no broker who has claimed, or who has a right to claim a commission
in connection with this transaction.

 

18.         CONDITIONS
TO SELLER’S OBLIGATIONS. The obligations of Seller are subject to the delivery on or before the Closing of
the cash required to be paid and the execution as well as the delivery of the documents and fulfillment of other conditions by
Purchaser as outlined herein.

 

     

     

    

 

19.         CASUALTY.
Seller assumes all risk of destruction, loss or damage due to fire or other casualty up to the date of Closing.

 

20.         EXPENSES.
Each party hereto will pay the expenses incurred by it in connection with the preparation of and entering into this Agreement,
including counsel fees and expenses of their representatives, whether or not the transactions contemplated by this Agreement are
consummated.

 

21.         DEFAULT.
In the event of any breach of, or default under, this Agreement, the non-breaching or defaulting Party shall have the right of pursuing
any and all legal or equitable remedies available to such Party pursuant to the laws of the State of Connecticut, including, without
limitation, the right of pursuing specific performance.

 

22.         PASSING
OF TITLE. Legal title, equitable title and risk of loss with respect to the property and rights to be transferred
hereunder shall pass to Purchaser on the Closing, and risk of loss and opportunity for profit with respect to the operation of
the SRT-100 Business shall pass to Purchaser as of the Closing.

 

23.         GOVERNING
LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut.

 

24.         FURTHER
COOPERATION. From and after the date of this Agreement, each of the Parties hereto agrees to execute whatever additional
documentation or instruments as are necessary to carry out the intent and purposes of this Agreement.

 

     

     

    

 

IN WITNESS WHEREOF the
Purchaser has executed this Agreement on this 16th day of April, 2010.

 

	WITNESSES:	 	PURCHASER:
	 	 	 
	

 

	 	SENSUS HEALTHCARE, LLC, a Florida Limited Liability Company
	 	 	 
	
	 	By:	
        /s/ Joseph
        C. Sardano

	 	 	 	Joseph C. Sardano, its Manager

 

     

     

    

 

IN WITNESS WHEREOF the
Purchaser has executed this Agreement on this 16th day of April, 2010.

 

	WITNESSES:	 	SELLER:
	 	 	 
	
	 	TOPEX, INC., a Connecticut Corporation
	 	 	 
	
	 	By:	
        /s/ Anthony
        Pellegrino

	 	 	 	Anthony Pellegrino, Chairman of the Board

 

     

     

    

 

SCHEDULE “A”

 

		·	SRT 100 Inventory

		o	All parts inventory

		o	(2) finished SRT 100 systems

		·	Test fixtures for SRT 100 assemblies

		·	Design Documentation and Records pertaining to the manufacture of the SRT 100 system

		·	(2) Patents

		o	Radiation Therapy System with Risk Mitigation -US 7,372,940

		o	Radiation Therapy System Featuring Rotatable Filter Assembly -US 7,263,170

		·	All FDA and CE Mark approvals relating to the SRT 100 system

		·	All FDA and ISO 13485 related approvals transferable with the SRT 100 system

		·	All distributor agreements and customer related information

		·	Lists of TOPEX Vendors

		·	Applicable regulatory files

		·	Goodwill associated with the SRT-100 Business

		·	All manufacturers’, suppliers’ and other vendors’ warranties in effect with respect
to parts, equipment, systems and other aspects of the SRT-100 Business such that Purchaser shall have them available to utilize
in satisfying any warranty claim liabilities of Purchaser under Section 5.01 or otherwise

 

     

     

    

 

COMPOSITE

 

SCHEDULE “B”

 

SENSUS

Turnover Program

 

		Tab 1	Purpose and Scope of Program

Production

Service

Ongoing Program Support

 

		Tab 2	Documentation Transfer

Sales, Marketing,

Trade Show

Regulatory

Patents

Engineering and Production

External Documents

 

		Tab 3	Software /Hardware needed to work with SRT 100 Electronic
Files

 

		Tab 4	Special Equipment List - SRT 100 Calibration and Testing

 

SENSUS

Turnover Program - March 2010

 

Purpose

 

In order to allow for an
orderly turnover, the TOPEX infrastructure will be utilized as described during the “Transfer Period”.

 

The purpose of the turnover
program is to provide SENSUS all required training, ongoing sales, service and production continuity for an agreed to transfer
period and to provide SENSUS an orderly and timely transfer of information, documentation and any required training.

 

Program Scope

 

The following program scope
defines the key production and service activities that will be performed by TOPEX during the turnover transfer period.

 

Production

 

		§	Parts ordering

		§	Parts receiving

		§	Parts inspection

		§	Parts testing

		§	Pay invoices

 

     

     

    

 

		§	TOPEX will invoice SENSUS for parts received

		§	PC board assembly

		§	PC board testing

		§	Module assembly

		§	Module testing

		§	System assembly

		§	System set-up testing and calibration

		§	On-floor storage

		•	Perform daily warm-up procedure

		•	Perform daily RAD Check

		§	Prepare system for shipment

		•	Purge coolant from heat exchanger container and coolant lines

		•	Package all accessories and special kits

		•	Prepare packing list and shipping documents for domestic international destinations

		•	Disassemble the system x-ray treatment arm

		•	Crate entire system for shipping

		§	Create and maintain “Device History Files”

 

Service

 

		·	Receive service calls

		·	Prepare service reports

		·	Update the customer complaint file as required

		·	Take corrective action as required

		·	Provide installation assistance as required

		·	Provide Physicist energy measurement support as required

		·	Provide user training support as required

		·	Provide on-going customer technical service support

		·	Maintain adequate service inventory

 

Ongoing Program Support - During
the “Transfer Period”

 

Purchasing

 

		§	TOPEX to purchase parts for (10) ten systems plus additional spares where necessary

		§	TOPEX to pay supplier invoices

		§	TOPEX to invoice SENSUS for parts purchased at the invoice price

 

Manufacturing Support

 

		§	TOPEX to manufacture (10) ten systems for SENSUS

		§	TOPEX to invoice SENSUS a manufacturing charge of $20,000/system. Billable as agreed to.

		§	Estimated time for first delivery is the end of June, 2010. This assumes a TOPEX/SENSUS agreement
closing no later than the end of April, 2010. The (9) nine additional systems must be taken by SENSUS on or before October 1, 2010.
TOPEX will provide (1) one system per week if required.

 

     

     

    

 

		•	Training observations can begin with SENSUS engineers and manufacturing staff

		•	TOPEX to build, train, test and ship systems during this period

		§	SRT 100 Labeling change required -”Manufactured by TOPEX for SENSUS”

		§	Logo change required for system branding purposes

 

Document Maintenance and Creation

 

		•	Device Master Record

		•	Device History File

		•	Service Records

 

Coordinated News Release

 

		§	After final agreement completion

		§	Public, dealer network, key customer sites

 

Documentation Transfer

 

Sales, Marketing, Trade Show Support

 

		§	Provide all existing sales training materials and literature needed for transfer to SENSUS

		•	Sales training power point CD

		•	Product brochure

		•	Product feature pictorial

		•	Unique features and benefits

		•	Company and product overview power point

		•	Customer support business development materials

		•	Radiation safety features summary

		§	Trade shows materials

		•	All clinical images showing before, during and after treatment

		•	Trade show talking points - Physicists, Physicians, Therapists

		•	Vertical graphic product display - 80” x 33”

		§	ASRT applications training program -provides for CEU credit

		§	Domestic/International installed base user list

		§	List of dealer customer sites for short term sales closure

		§	May -National Skin Cancer Awareness month - 2008/2009 media articles

		§	CPT code reimbursement list

		§	Dr. Hesselgesser user testimonial

Clinical Support Papers

		•	Ionizing radiation therapy in Dermatology - H. Goldschmidt

		•	Radiotherapy of carcinomas of the skin overlying the cartilage of the nose - M. Caccialanza

		•	The role of kilovoltage x-rays in the treatment of skin cancers - European Oncological Disease
2006, V. Wolstenholme and JP Glees

		•	Soft x-ray therapy for cutaneous basal cell and squamous cell carcinomas - American Academy of
Dermatology, Ludwig Suter

		§	USA Government registrations - CCR, ORCA, CAGE, NACIS and FSC codes

 

     

     

    

 

		§	Skin cancer treatments - Advantages/Disadvantages

		§	World Geographic Skin Cancer projections through 2060

		§	The Need for Superficial Radiation Therapy -ref: NIH, ACS

		§	Media articles - Alternative to Surgery, Over 3,000 patients treated, MD Bylines, Auntminnie.com,
ASRT

		§	Specially built trade show crate

Dealer Agreements

		§	Provide dealer contact information

		•	Exclusive and non-exclusive dealers and territory list

		•	Provide list of independent representatives

Regulatory

		§	Regulatory Documents

		•	Device Master Record

		•	Device History File

		•	FDA, TUV, Health Canada - Certifications

		•	2010 FDA Certificate to Foreign Government - GMP Compliance

		•	Quality program

		o	Complaint handling system

		o	CAPA system - Corrective and Preventive Action

		o	Non-conforming material system

		o	All procedures required by QSRJGMP - Quality System Regulation

Patents

		§	Two patents

		•	Automatic Filter

		•	RAD Check

 

Engineering and Production

 

		§	Inventory

		•	Two completed production systems

		•	Production test fixtures - Heat exchanger, Input power, High voltage

		•	List of required radiation test equipment and production test equipment

		•	List of software programs required

		§	Internal Documents

		•	Production - Assembly instructions, schematics

		•	Purchasing - Suppliers

		•	Engineering - All schematics, technical documentation, theory of operation, x-ray tube data

		•	Mechanical detail drawings for custom fabricated parts

		•	Assembly drawings

		•	Editable source drawings for manual illustrations

		•	Software - All released documents for the base unit, control console and timer

		•	Special requirements software not for sale in the USA - South Africa, Switzerland

		§	MRP System (Material Requirement Planning)

		•	B.O.M. - Bill of Materials

		•	Master item list

		•	Schematics and drawings

 

     

     

    

 

		•	Component assembly family tree

External Documents

		•	Unpacking and initial set-up instructions

		•	Technical manual including service procedures, calibration procedures & electrical schematics

		•	User manual

		•	Physicist manual

		•	Preventive maintenance schedule

		•	Special Procedures

		o	Re-greasing HV Cables

		o	Generator Removal

		o	Applicator Mount

		o	Rear Panel Fan Installation

		•	Warranty and Out of Warranty Sites

 

     

     

    

 

SCHEDULE “C”

 

NON-DISCLOSURE AND NON-COMPETITION AGREEMENT

 

THIS AGREEMENT is made
and entered into as of the 16th day of April, 2010, by and among TOPEX, INC. (“Topex”), on the one
hand, and SENSUS HEALTHCARE, LLC (“Sensus”), on the other hand.

 

WHEREAS, Topex and Sensus
entered into that certain ASSET PURCHASE AND SALE AGREEMENT dated as of April 16, 2010 (“Purchase Agreement”);
and

 

WHEREAS, Topex has agreed
that it shall not compete with the SRT-100 Business operation (as defined in the aforesaid Purchase Agreement), nor shall it disclose
any Confidential Information pertaining to the SRT-100 Business in accordance with and pursuant to the provisions more particularly
set forth below;

 

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

 

1.          The
foregoing WHEREAS clauses are by this reference incorporated into this Agreement and made a part hereof.

 

2.          The
term “Confidential Information” as used herein shall mean all customer lists, distribution arrangements, customer contracts,
trade secrets, and other information and/or documentation utilized in connection with the SRT-100 Business.

 

3.          Topex
acknowledges and agrees that the Confidential Information is essential to the operation of the SRT-100 Business and that any disclosure
or unauthorized use thereof will cause irreparable harm or loss to Sensus. As a consequence of the foregoing, Topex agrees with
Sensus that it shall not, and its offices shall not disclose any Confidential Information to any other person, firm, corporation,
association or other entity for any reason or purpose whatsoever, and covenants and agrees for itself that neither it nor its officers
will use any of the Confidential Information in any manner to compete with Sensus and/or the SRT-100 Business or which would have
a material adverse effect on Sensus and/or the SRT-100 Business. It is agreed, however, that Confidential Information shall not
include any information which can be shown to be or have become generally available to the public other than as a result of a disclosure
by Topex or its officers, directors, employees, accountants, representatives, agents, consultants or advisors.

 

     

     

    

 

4.          Topex
further acknowledges and agrees that any competition by it or its officers with the SRT-100 Business or the activities of Sensus
relating thereto will also cause irreparable harm and loss to Sensus. As a consequence thereof, Topex agrees that for a period
of five (5) years from the date of the Closing of the purchase of Assets contemplated under the Purchase Agreement (the “Purchase
Agreement”), neither Topex nor its officers shall, either directly or indirectly, own, manage, operate, control, be employed
by, participate in, be an advisor or consultant to or be connected or involved in any manner whatsoever with the ownership, management,
operation or control of, any superficial radio therapy business, or any other business which is the same or similar to, or which
competes, or would be in competition with, the SRT-100 Business or any other business or activity of Sensus relating thereto or
connected therewith. Topex further covenants and agrees with Sensus that for the aforesaid time period neither Topex nor its officers
will directly or indirectly contact, either individually or on behalf of any other person, firm, company, limited liability company,
corporation or business entity, any current client or customer of the SRT-100 Business for the purpose of engaging in any activity
which would be competitive with or have an adverse effect upon the SRT-100 Business or the activities and operations of Sensus
relating thereto. Notwithstanding the foregoing, Topex may be requested to manufacture SRT-100 Units for Sensus pursuant to the
Purchase Agreement and no action or act of Topex, its officers, personnel, or other agents and representatives shall be considered
a violation of the terms hereof if such action or act was in furtherance of and/or necessary for Topex to fulfill its responsibilities
to Purchaser after the Closing contemplated by the Purchase Agreement.

 

5.          In
addition to any other rights or remedies available to Sensus for any breach of this Agreement, Sensus shall be entitled to an immediate
injunction restraining the breaching or defaulting party from disclosing any Confidential Information or competing with the SRT-100
Business or Sensus in any manner prohibited hereby, or from rendering any services to any person, firm, corporation, limited liability
company, association or other entity in a manner which would violate the terms hereof, without the need for Sensus having to prove
irreparable damages in order to obtain such remedy, and without Sensus having to post any bond in order to obtain such injunctive
or other remedies.

 

6.          This
Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns (provided
however, that nothing contained herein shall be construed as authorizing any party to assign any rights or obligations hereunder).
This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and may not be amended,
modified or terminated (unless otherwise expressly permitted pursuant to the provisions hereinabove contained) except by a written
instrument signed by each of the parties hereto. In the event any party commences any action or proceeding to enforce its rights
hereunder, the prevailing party or parties in any such action shall be entitled to recover all of their costs and expenses, including
reasonable attorneys fees, incurred in connection therewith from the non-prevailing party or parties, both in connection with the
original action relating thereto and any and all appeals therefrom. No party shall be construed as having waived any of its rights
hereunder unless such waiver shall be in writing signed by the party against whom such waiver is being sought. Neither the failure
of any party to exercise any power given such party hereunder or to insist upon strict compliance by any other party with its obligations
hereunder, nor any custom or practice of the parties at variance with the terms hereof, shall constitute a waiver of any party’s
right to demand exact compliance with the terms hereof. The parties agree that this Agreement is the result of negotiation by the
parties, each of whom was represented by counsel, and thus, this Agreement shall not be construed against any party hereto as the
drafter hereof. No representations, inducements, promises or agreements, oral or otherwise, between the parties relating to the
subject matter hereof not embodied herein or incorporated herein by reference shall be of any force or effect. This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which, when taken together,
shall constitute but one and the same instrument. Time shall be of the essence of this Agreement and each and every term and condition
hereof. All references herein to the singular shall include plural, and all references herein to the masculine gender shall include
the feminine and neuter genders, and vice versa.

 

     

     

    

 

IN WITNESS WHEREOF,
the parties have executed this instrument as of the date first above written.

 

	
	 	TOPEX, INC., a Connecticut Corporation
	 	 	 
	
	 	By:	
        /s/ Anthony
        Pellegrino

	 	 	 	Anthony Pellegrino, Chairman of the Board

 

	  
		SENSUS HEALTHCARE, LLC, a Florida Limited Liability Company
	 	 	 
	
	 	By:	
        /s/ Joseph
        C. Sardano

	 	 	 	Joseph C. Sardano, its Manager

 

     

     

    

 

SCHEDULE “D”

 

CONSULTING AGREEMENT

 

THIS AGREEMENT is
made this 28th day of June, 2010, by and between SENSUS HEALTHCARE, LLC, a Florida limited liability company (hereinafter
referred to as the “Company”), and ANTHONY PELLEGRINO (hereinafter referred to as the “Consultant”).

 

WITNESSETH:

 

The Consultant is an officer,
director and stockholder of Topex, Inc., the Corporation which sold to Company the SRT-100 business now operated by Company, and
in such capacity became intimately informed as to the operation of the SRT-100 business; and

 

The Consultant, as a term
of the Asset Purchase and Sale Agreement entered into by and between Topex, Inc., and Company (hereinafter referred to as “Asset
Purchase Agreement”), is required to enter into this Consulting Agreement with Company; and

 

The Company has determined
to engage the Consultant as a consultant, and the Consultant has agreed to render consulting services to·the Company, subject
to all of the terms and conditions as set forth herein.

 

NOW, THEREFORE, in consideration
the mutual covenants contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Company and Consultant hereto hereby agree as follows:

 

1.          Retention.
Company hereby retains Consultant as a part-time business consultant, and the Consultant agrees to render such service to the Company
as an independent contractor in order to fulfill the condition of closing set forth in paragraph 9.06 of the Asset Purchase Agreement,
upon all of the terms and conditions as set forth herein.

 

2.          Term.
The term of this Agreement shall commence on the date hereof and shall extend for a period of two (2) years thereafter, hereinafter
referred to as the (“Term”).

 

3.          Consideration.
The closing of the transaction contemplated by the Asset Purchase Agreement is the consideration for Consultant providing the services
noted hereunder without change, in that Consultant benefited by the occurrence of such closing.

 

4.          Scope
of Services. Consultant shall perform such advisory and consulting services, as are from time to time requested
by Company in order to assist Company in its transition with respect to operating the business acquired pursuant to the Asset Purchase
Agreement. However, all such services shall be on a part-time, as-needed basis and shall be reasonably related to transition the
Company faces relative to the operation of the acquired business. The Consultant shall not be required to become involved in or
to participate actively in day-to-day operations of Company, or to spend any minimum number of hours or days in performing such
services. The services of the Consultant may be performed over the telephone or at the business location of Consultant and Consultant
shall not be required to travel to meet his responsibilities hereunder. Any duties of consultant beyond what is described above
shall be subject to Consultant’s final approval and shall not be unreasonable in view of any health considerations relative
to Consultant that may arise during the term hereof.

 

     

     

    

 

5.          Independent
Contractor Status. The Company and Consultant agree that Consultant is being retained hereby as an independent contractor,
and that he will not be considered under the provisions of this Agreement or otherwise as having an employee status or as being
entitled to participate in any plans, arrangements or distributions by Company.

 

6.          Death
or Disability of Consultant. Notwithstanding anything contained herein to the contrary, in the event the Consultant
shall die or become disabled, such that he cannot perform his services as set forth in this Agreement for the remainder of the
term of this Agreement after such death or disability, the Company shall continue to make all payments provided for under the Asset
Purchase Agreement and shall not be entitled to any reduction in such payments as a result of Consultant not being able to complete
the term of this Agreement.

 

7.          Applicable
Law. This Agreement shall be subject to and governed by the laws of the State of Connecticut.

 

8.          Void
Provisions. In the event any part of this Agreement is found to be void, the remaining provisions of this Agreement
shall nevertheless be binding with the same effect as though the void parts were deleted.

 

9.          Amendment.
No modification of this Agreement shall be valid unless such modification is in writing and signed by the person or party against
whom charged.

 

10.         Waiver.
No waiver of any provision of this Agreement shall be valid unless in writing and signed by the person or party against whom charged.

 

11.         Entire
Agreement. This Agreement constitutes the entire agreement of the parties upon the subject matter covered herein.
All previous agreements, whether written or oral, shall be of no force or effect.

 

Company and Consultant
hereto have executed this agreement on the day and year first above written.

 

	 	Company:
	 	 
	 	SENSUS HEALTHCARE, LLC, a Florida Limited Liability Company
	 	 
	 	By:	
        /s/ Joseph
        C. Sardano

	 	 	Joseph C. Sardano, its Manager

 

	 	Consultant:
	 	 
	 	By:	
        /s/ Anthony
        Pellegrino

	 	 	Anthony Pellegrino

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