Document:

Exhibit 10.1

 

SECOND
Amendment TO AmenDed and Restated LOAN AGREEMENT and SECOND Amendment to promissory note

 

This SECOND
Amendment TO Amended and Restated LOAN AGREEMENT AND SECOND Amendment TO PROMISSORY NOTE (this “Agreement”)
is made as of March 18th, 2022, by and among RANOR, INC., a Delaware corporation (“Ranor”), Stadco
New Acquisition, LLC, a Delaware limited liability company (the “Initial Stadco Borrower”), STADCO,
a California corporation (“Stadco”), Westminster Credit Holdings, LLC,
a Delaware limited liability company (“Westminster”; together with Ranor, Initial Stadco Borrower and Stadco,
jointly and severally, each a “Borrower” and collectively, the “Borrowers”), and BERKSHIRE BANK,
a savings bank organized and existing under the laws of the Commonwealth of Massachusetts (“Lender”), successor by
merger to Commerce Bank & Trust Company, in the following circumstances:

 

A.            Lender
has made (i) a term loan to Ranor in the original principal amount of $2,850,000.00 (the “Ranor Term Loan”), which
Ranor Term Loan is evidenced by that certain Promissory Note dated December 20, 2016, made by Ranor in favor of Lender in the stated
principal amount of $2,850,000.00 (as amended by the First Amendment as hereafter defined and as further amended, amended and restated,
supplemented or otherwise modified from time to time, the “Ranor Term Note”), which Ranor Term Loan matures on March 18,
2022, (ii) a revolving line of credit loan to the Borrowers in the maximum principal amount of $5,000,000.00 (the “Line
of Credit”), which Line of Credit is evidenced by that certain Second Amended and Restated Promissory Note dated August 25,
2021, made by the Borrowers in favor of Lender in the stated principal amount of $5,000,000.00 (the “Line of Credit Note”)
and (iii) a term loan to the Initial Stadco Borrower, Stadco and Westminster in the original principal amount of $4,000,000.00 (the
 “Stadco Term Loan” and together with the Ranor Term Loan and the Line of Credit, collectively, the “Loans”),
which Stadco Term Loan is evidenced by that certain Promissory Note dated August 25, 2021, made by the Initial Stadco Borrower, Stadco
and Westminster in the stated principal amount of $4,000,000.00 (the “Stadco Term Note” and together with the Ranor
Term Note and the Line of Credit Note, collectively, the “Notes”). The Notes are governed by the Amended and Restated
Loan Agreement by and between Borrowers and Lender dated August 25, 2021 (as amended by that certain First Amendment to Amended and
Restated Loan Agreement and First Amendment to Promissory Note (the “First Amendment”) dated as of December 17,
2021, and as further amended, amended and restated, supplemented or otherwise modified from time to time, the “Loan Agreement”).
Any capitalized terms used but not expressly defined herein shall be given the same meaning given to such term in the Loan Agreement.

 

B.            Borrowers
have requested that Lender extend the maturity of the Ranor Term Loan and Lender has agreed to such modification on the terms and subject
to the conditions set forth herein.

 

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

 

1.     
        Amendment to Loan Agreement. The Loan Agreement is
hereby amended as follows:

 

     

     

    

 

1.1           Appendix
I of the Loan Agreement is hereby amended by deleting the definition of “Ranor Term Loan Maturity Date” and inserting
the following definition in place thereof and substituted therefor:

 

“Ranor Term Loan Maturity Date.
June 16, 2022.”

 

2.             Amendment
to Promissory Note. The Ranor Term Note is hereby amended as follows:

 

2.1           The
second sentence of the second paragraph on page 1 of the Ranor Term Note is hereby deleted in its entirety and the following is inserted
in place thereof and substituted therefor:

 

“Commencing on January 20,
2017, and on the 20th day of each month thereafter, the Borrower shall make monthly payments of principal and interest in the
amount of $19,260.46 each, with all outstanding principal and accrued interest due and payable on June 16, 2022.”

 

3.             Conditions
Precedent. The effectiveness of this Agreement is conditioned upon the occurrence of the following events, or the Lender’s receipt
of the following items, as applicable, in each case in form and content acceptable to the Lender:

 

3.1           a
fully-executed counterpart of this Agreement from the Borrowers and the Tech Guarantor, in form satisfactory to the Lender; and

 

3.2           receipt
by Lender of payment of all reasonable and documented fees and expenses incurred in connection with this Agreement for which invoices
have been presented to the Borrowers, including, without limitation, all reasonable legal fees and expenses.

 

4.             All
security for the Loans and Notes now existing or hereafter granted to Lender, including without limitation all security evidenced, granted
or governed by the Loan Agreement as amended hereby, the Security Agreements, the Mortgage, and any guaranty given in connection with
the Loans or Notes, shall be security for the Loans, as amended hereby, and the Notes and for all obligations of Borrower under this Agreement,
under the Notes and under the Loan Agreement, as previously amended and as amended by this Agreement.

 

5.             All
references to the Loan Agreement and the Ranor Term Note, respectively, wherever, whenever or however made or contained, are hereby deemed
to be references to the Loan Agreement and the Ranor Term Note, respectively, as previously modified and as modified by this Agreement.
By signing this Agreement in the space indicated below, each Borrower hereby affirms and restates all of the covenants and agreements
made and set forth in the Loan Agreement and does hereby warrant, represent and covenant that the representations and warranties in the
Loan Agreement are true, accurate and complete in all material respects on and as of the date hereof (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). ALL OF THE PROVISIONS OF THE LOAN AGREEMENT, AS AMENDED HEREBY, REMAIN IN FULL
FORCE AND EFFECT.

 

    2

     

    

 

6.             By
signing this Agreement on behalf of the Borrowers in the space designated below, the individual so signing represents and warrants to
Lender that he or she has full power and authority to execute this Agreement and to bind such Borrower, and that all corporate actions
necessary to authorize and approve execution of this Agreement, and by such individual, have been taken prior to the execution hereof.

 

7.             This
Agreement shall be binding upon and shall inure to the benefit of Borrowers and Lender, and their respective successors and assigns. This
Agreement has been made in the Commonwealth of Massachusetts and shall be governed, construed, applied and enforced in accordance with
the laws of said Commonwealth without resort to its conflict of laws rules. Wherever possible, each provision of this Agreement shall
be interpreted in such a manner as to be effective and valid under applicable law; should any portion of this Agreement be declared invalid
for any reason in any jurisdiction, such declaration shall have no effect upon the remaining portions of this Agreement; furthermore,
the entirety of this Agreement shall continue in full force and effect in all jurisdictions and said remaining portions of this Agreement
shall continue in full force and effect in the subject jurisdiction as if this Agreement had been executed with the invalid portions thereof
deleted.

 

8.             IN
THE EVENT THAT LENDER BRINGS ANY ACTION OR PROCEEDING IN CONNECTION HEREWITH IN ANY COURT OF RECORD OF MASSACHUSETTS OR THE UNITED STATES
IN MASSACHUSETTS, EACH BORROWER HEREBY IRREVOCABLY CONSENTS TO AND CONFERS PERSONAL JURISDICTION OF SUCH COURT OVER SUCH BORROWER BY SUCH
COURT. IN ANY SUCH ACTION OR PROCEEDING, EACH BORROWER HEREBY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS AND AGREES
THAT SERVICE THEREOF MAY BE MADE UPON SUCH BORROWER BY MAILING A COPY OF SUCH SUMMONS, COMPLAINT OR OTHER PROCESS BY CERTIFIED MAIL
TO SUCH BORROWER AT ITS ADDRESS REFERENCED IN THE LOAN AGREEMENT. EACH BORROWER AND LENDER HEREBY WAIVE TRIAL BY JURY IN ANY LITIGATION
IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT OR ANY INSTRUMENT OR DOCUMENT DELIVERED IN CONNECTION
HEREWITH, OR THE VALIDITY, PROTECTION, INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF, OR ANY OTHER CLAIM OR DISPUTE HOWSOEVER
ARISING BETWEEN BORROWERS AND LENDER.

 

9.             This
Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile, email or other electronic format (.pdf or .tif) shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

(Signatures appear on the following page)

 

    3

     

    

 

IN WITNESS WHEREOF, the parties
hereto, by their duly authorized representatives, have executed this Agreement on the date first above written.

 

	 	RANOR, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Thomas Sammons
	 	Name:	Thomas Sammons
	 	Title:	Vice President – Finance
	 	 	 
	 	Stadco New Acquisition, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Thomas Sammons
	 	Name:	Thomas Sammons
	 	Title:	Chief Financial Officer
	 	 	 
	 	Westminster Credit Holdings, LLC
	 	 	 
	 	 	 
	 	By:	/s/ Thomas Sammons
	 	Name:	Thomas Sammons
	 	Title:	Chief Financial Officer
	 	 	 
	 	Stadco
	 	 	 
	 	 	 
	 	By:	/s/ Thomas Sammons
	 	Name:	Thomas Sammons
	 	Title:	Assistant Secretary
	 	 	 
	 	BERKSHIRE BANK
	 	 	 
	 	 	 
	 	By:	/s/ Thomas McCarthy
	 	Name:	Thomas McCarthy
	 	Title:	Vice President – Commercial Lending

 

[Signature Page to Second Amendment]

 

    

     

    

 

CONSENT OF GUARANTOR

 

The undersigned Guarantor
of the Obligations of the Borrowers as further described in the Loan Agreement and that certain Amended and Restated Unlimited Guaranty
dated as of August 25, 2021 by such Guarantor in favor of the Lender (the “Guaranty”) hereby consents to the execution
of the foregoing Agreement, hereby waives any claims, offsets or defenses which might otherwise arise by reason of the execution of the
foregoing, and hereby ratifies and affirms the Guaranty, and all agreements securing such Guaranty, all of which shall remain in full
force and effect until Borrowers’ Obligations have been paid and performed in full to Lender’s satisfaction. The undersigned
Guarantor hereby agrees that, as of the date hereof, it has no claim or defense of any kind by way of offset or otherwise to the payment
and satisfaction in full of Borrowers’ or the undersigned Guarantor’s obligations under said documents or to the extent that
such a claim or defense may exist, the undersigned hereby waives it in consideration of the execution of the Agreement. The undersigned
Guarantor further waives any and all defenses arising by reason of (a) any and all amendments or modifications of any documents or
instrument, (b) any and all alterations, accelerations, extensions or other changes in the time or manner of payment or performance
of Obligations, (c) the release, substitution or addition of any collateral or any guarantees, (d) any failure of the Lender
to give notice of default to Borrowers or the undersigned Guarantor, (e) any failure of the Lender to pursue any Borrower or any
of its property with due diligence, (f) any failure of the Lender to resort to collateral or to remedies which may be available to
it, (g) any and all defenses arising out of the relationship of the undersigned to Borrowers, and none of the defenses shall operate
to release the undersigned as guarantor, (h) all rights of Borrowers, and (i) the benefit of all other principles or provisions
of law, statutory or otherwise, which are or might be in conflict with the terms hereof.

 

The failure or refusal
of the undersigned Guarantor to execute this Consent of Guarantor shall not void such Guarantor’s Obligations, nor shall such failure
or refusal be grounds for any relief of the undersigned Guarantor from its Obligations.

 

Guarantor:

 

TECHPRECISION CORPORATION

 

	By:	/s/ Thomas Sammons
	Name:	Thomas Sammons
	Title:	Chief Financial OfficerExhibit 10.1

 

Promissory Note

 

FOR VALUE RECEIVED, Rapid Line Inc. of Gieldowa 4а, Warsaw 01-211,
Poland, (“Borrower”), promises to pay to Globalz LLC of U Hranic 3419, Prague, Czech Republic 10 000 (“Lender”),
thirty four thousand US Dollars ($34,000) (“Borrowed Money”) in principal, plus interest at a rate of 10% (“Interest”)
annually on the unpaid balance as set forth herein.

 

1. PAYMENT TERMS: The Borrower shall
pay a lump sum with accrued and unpaid interest and all other charges, costs and expenses before January 15, 2025.

 

 2. TERM : The term of this Loan begins from January 15, 2022 and ends at on January 15, 2025.

 

 3. SECURITY (Pick Only One):

 

☒  This
Note is Unsecured.

 

☐ This
Note is Secured by a trust deed on Borrower’s Property described as ___________________________ hereinafter known as the
“Security”, which shall transfer to the possession and ownership of the Lender IMMEDIATELY pursuant to Section 6A of
this Note. The Security may not be sold or transferred without the Lender’s consent until the Due Date. If Borrower breaches
this provision, Lender may declare all sums due under this Note immediately due and payable, unless prohibited by applicable law.
The Lender shall have the sole-option to accept the Security as full- payment for the  Borrowed Money without further liabilities or
obligations. If the market value of the Security does not exceed the Borrowed Money, the Borrower shall remain liable for the balance
due while accruing interest at the maximum rate allowed by law.

 

4. PREPAYMENT
: Borrower may prepay the loan, with Interest, without any penalty.

 

5. ALLOCATION OF PAYMENTS : Payments
shall be first credited any late fees due, then to interest due and any remainder will be credited to principal.

 

6. ACCELERATION : Lender may require
Borrower to pay the entire balance of the unpaid principal and accrued interest immediately if the Borrower is more than 30 days late
in making a payment.

 

7. ATTORNEYS’ FEES AND COSTS
: If the Lender prevails in any action to collect on this note, Borrower shall pay Lender’s reasonable costs and attorneys’
fees.

 

8. STATE LAW : This note shall
be governed in accordance with the laws of the State of Wyoming.

 

9. MODIFICATIONS : Any modifications
of or amendments to the terms herein shall be made in writing by all of the parties hereto.

 

10. NOTICE :
Any notices required or permitted to be given hereunder shall be given in writing and shall be delivered (a) in person, (b) by
certified mail, postage prepaid, return receipt requested, (c) by facsimile, or (d) by a commercial overnight courier that
guarantees next day delivery and provides a receipt, and such notices shall be made to the parties at the addresses listed
below.

 

SIGNATURES

 

This agreement was signed on the January 15, 2022 by
the following:

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