Document:

Exhibit 10.2

 

		Master Revolving Note	 

 

	
        AMOUNT

         

        $1,000,000.00
	
        NOTE DATE

         

        February 2, 2018
	
        MATURITY DATE

         

        January 1, 2020

 

1.          On
or before the maturity date set forth above (the "Maturity Date"), FOR VALUE RECEIVED, the undersigned promise(s) to
pay to the order of COMERICA BANK (herein called "Bank"), at any office of the Bank in the State of Michigan, the principal
sum of ONE MILLION and 00/100 DOLLARS ($1,000,000.00) or so much of said sum as has been advanced and is then outstanding under
this Note, together with interest thereon as hereinafter set forth.

 

2.          This
Note is a note under which Advances, repayments and re-Advances may be made from time to time, subject to the terms and conditions
of this Note.

 

3.          Subject
to the terms and conditions of this Note, each of the Advances made hereunder shall bear interest at the Applicable Interest Rate,
as determined under this Note.

 

4.          AT
NO TIME SHALL THE BANK BE UNDER ANY OBLIGATION TO MAKE ANY ADVANCES TO THE UNDERSIGNED PURSUANT TO THIS NOTE (NOTWITHSTANDING
ANYTHING EXPRESSED OR IMPLIED IN THIS NOTE OR ELSEWHERE TO THE CONTRARY, INCLUDING, WITHOUT LIMITATION, IF BANK SUPPLIES THE UNDERSIGNED
WITH A BORROWING FORMULA) IN THE EVENT THAT ANY DEFAULT, OR ANY CONDITION OR EVENT WHICH, WITH THE GIVING OF NOTICE OR THE RUNNING
OF TIME, OR BOTH, WOULD CONSTITUTE A DEFAULT, SHALL HAVE OCCURRED AND BE CONTINUING OR EXIST IN WHICH EVENT, BANK, AT ANY TIME
AND FROM TIME TO TIME, WITHOUT NOTICE, AND IN ITS SOLE DISCRETION, MAY REFUSE TO MAKE ADVANCES TO THE UNDERSIGNED WITHOUT INCURRING
ANY LIABILITY DUE TO THIS REFUSAL AND WITHOUT AFFECTING THE UNDERSIGNED'S LIABILITY UNDER THIS NOTE FOR ANY AND ALL AMOUNTS ADVANCED.

 

5.          Accrued
and unpaid interest on the unpaid principal balance of each outstanding Advance hereunder shall be payable monthly, in arrears,
on the first Business Day of each month, from the date made until the same is paid in full (whether in accordance with the terms
hereof, by acceleration, or otherwise). Interest accruing on the basis of the Prime Referenced Rate (to the extent applicable)
shall be computed on the basis of a year of 360 days, and shall be assessed for the actual number of days elapsed, and in such
computation, effect shall be given to any change in the Applicable Interest Rate as a result of any change in the Prime Referenced
Rate on the date of each such change. Interest accruing on the basis of the LIBOR-based Rate shall be computed on the basis of
a 360 day year and shall be assessed for the actual number of days elapsed from the first day of the Interest Period applicable
thereto but not including the last day thereof.

 

6.          From
and after the occurrence of any Default hereunder, and so long as any such Default remains unremedied or uncured thereafter, the
Indebtedness outstanding under this Note shall bear interest at a per annum rate of three percent (3%) above the otherwise Applicable
Interest Rate(s), which interest shall be payable upon demand. In addition to the foregoing, a late payment charge equal to five
percent (5%) of each late payment hereunder may be charged on any payment not received by Bank within ten (10) calendar days after
the payment due date therefor, but acceptance of payment of any such charge shall not constitute a waiver of any Default hereunder.

 

    	 	-1-	 

     

    

  

7.          In
no event shall the interest payable under this Note at any time exceed the maximum rate permitted by law.

 

8.          THE
MAXIMUM INTEREST RATE SHALL NOT EXCEED 25% PER ANNUM OR THE HIGHEST APPLICABLE USURY CEILING, WHICHEVER IS LESS.

 

9.          The
amount and date of each Advance, its Applicable Interest Rate, its Interest Period, if applicable, and the amount and date of any
repayment shall be noted on Bank's records, which records shall be conclusive evidence thereof, absent manifest error; provided,
however, any failure by Bank to make any such notation, or any error in any such notation, shall not relieve the undersigned
of its/their obligations to repay Bank all amounts payable by the undersigned to Bank under or pursuant to this Note, when due
in accordance with the terms hereof.

 

10.         The
undersigned may request an Advance hereunder, including the refunding of an outstanding Advance as the same type of Advance, either
(i) upon the delivery to Bank of a written Request for Advance duly completed and executed by the undersigned (as herein provided)
or, (ii) to the extent applicable, pursuant to a request submitted through Bank’s Loan Management System (each a “Request”),
in each case, subject to the following: (a) no Default, or any condition or event which, with the giving of notice or the running
of time, or both, would constitute a Default, shall have occurred and be continuing or exist under this Note; (b) each such Request
shall be delivered to Bank by 11:00 a.m. (Detroit, Michigan time) on the proposed date of the requested Advance; (c) the principal
amount of each LIBOR-based Advance shall be at least Two Hundred Fifty Thousand Dollars ($250,000.00) (or such lesser amount as
is acceptable to Bank in its sole discretion); (d) the proposed date of any refunding of any outstanding LIBOR-based Advance as
another LIBOR-based Advance shall only be on the last day of the Interest Period applicable to such outstanding LIBOR-based Advance;
(e) after giving effect to such Advance, the aggregate unpaid principal amount of Advances outstanding under this Note shall not
exceed the Loan Amount; and (f) a Request, once delivered or submitted to Bank, shall not be revocable by the undersigned.

 

11.         In
the event that the undersigned is unable to request Advances hereunder through the Bank’s Loan Management System, Advances
hereunder may be requested by delivery or submission to Bank by hand delivery, first class mail, overnight courier, facsimile,
email or other means of delivery acceptable to Bank, of a written Request for Advance duly completed and executed by the undersigned.
Advances hereunder may be requested in the undersigned’s discretion by telephonic notice to Bank. Any Advance requested by
telephonic notice shall be confirmed by the undersigned that same day by submission to Bank of a written Request for Advance, as
provided herein. The undersigned acknowledge(s) that if Bank makes an Advance based on a request made by telephone, facsimile,
email or other means of delivery (other than by hand delivery, first class mail or overnight courier), it shall be for the undersigned's
convenience and all risks involved in the use of any such procedure shall be borne by the undersigned, and the undersigned expressly
agree(s) to indemnify and hold Bank harmless therefor. Bank shall have no duty to confirm the authority of anyone requesting an
Advance by telephone, facsimile, email or any such other means of delivery. In the event that the undersigned elect(s) to request
Advances by telephonic notice, facsimile, email or other means of delivery acceptable to Bank, the undersigned acknowledge(s) and
agree(s) that Bank may impose or require such verification, authentication and other procedures as Bank may require from time to
time.

 

    	 	-2-	 

     

    

  

12.         If,
as to any outstanding LIBOR-based Advance, Bank shall not receive a timely Request, or telephonic notice, in accordance with the
foregoing requesting the refunding or continuation of such Advance as another LIBOR-based Advance for a specified Interest Period,
effective as of the last day of the Interest Period applicable to such outstanding LIBOR-based Advance, and as of the last day
of each succeeding Interest Period, the principal amount of such Advance which is not then repaid shall be automatically refunded
or continued as a LIBOR-based Advance having an Interest Period equal to the same period of time as the Interest Period then ending
for such outstanding LIBOR-based Advance, unless the undersigned is/are not entitled to request LIBOR-based Advances hereunder
or otherwise elect the LIBOR-based Rate as the basis for the Applicable Interest Rate for the principal Indebtedness outstanding
hereunder in accordance with the terms of this Note, or the LIBOR-based Rate is not otherwise available to the undersigned as the
basis for the Applicable Interest Rate hereunder for the principal Indebtedness outstanding hereunder in accordance with the terms
of this Note, in which case, the Prime Referenced Rate shall be the basis for the Applicable Interest Rate hereunder in respect
of such Indebtedness for such period, subject in all respects to the terms and conditions of this Note. The foregoing shall not
in any way whatsoever limit or otherwise affect any of Bank's rights or remedies under this Note upon the occurrence of any Default
hereunder, or any condition or event which, with the giving of notice or the running of time, or both, would constitute a Default.

 

13.         Subject
to the definition of an "Interest Period" hereunder, in the event that any payment under this Note becomes due and payable
on any day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and, to the
extent applicable, interest shall continue to accrue and be payable thereon during such extension at the rates set forth in this
Note.

 

14.         All
payments to be made by the undersigned to Bank under or pursuant to this Note shall be in immediately available United States funds,
without setoff or counterclaim, and in the event that any payments submitted hereunder are in funds not available until collected,
said payments shall continue to bear interest until collected.

 

15.         If
the undersigned make(s) any payment of principal with respect to any LIBOR-based Advance on any day other than the last day of
the Interest Period applicable thereto (whether voluntarily, by acceleration, required payment or otherwise), or if the undersigned
fail(s) to borrow any LIBOR-based Advance or fail(s) to refund an outstanding LIBOR-based Advance as a LIBOR-based Advance, in
any such case, after notice has been given by the undersigned (or any of them) to Bank in accordance with the terms of this Note
requesting such Advance, or such refunding, or if the undersigned fail(s) to make any payment of principal or interest in respect
of a LIBOR-based Advance when due, the undersigned shall reimburse Bank, on demand, for any resulting loss, cost or expense incurred
by Bank as a result thereof, including, without limitation, any such loss, cost or expense incurred in obtaining, liquidating,
employing or redeploying deposits from third parties, whether or not Bank shall have funded or committed to fund such Advance.
Such amount payable by the undersigned to Bank may include, without limitation, an amount equal to the excess, if any, of (a) the
amount of interest which would have accrued on the amount so prepaid, or not so borrowed or refunded, for the period from the date
of such prepayment or of such failure to borrow or refund, through the last day of the relevant Interest Period, at the applicable
rate of interest for said Advance(s) provided under this Note, over (b) the amount of interest (as reasonably determined by Bank)
which would have accrued to Bank on such amount by placing such amount on deposit for a comparable period with leading banks in
the interbank eurodollar market. Calculation of any amounts payable to Bank under this paragraph shall be made as though Bank shall
have actually funded or committed to fund the relevant LIBOR-based Advance through the purchase of an underlying deposit in an
amount equal to the amount of such Advance and having a maturity comparable to the relevant Interest Period; provided, however,
that Bank may fund any LIBOR-based Advance in any manner it deems fit and the foregoing assumptions shall be utilized only for
the purpose of the calculation of amounts payable under this paragraph. Upon the written request of the undersigned, Bank shall
deliver to the undersigned a certificate setting forth the basis for determining such losses, costs and expenses, which certificate
shall be conclusively presumed correct, absent manifest error. The undersigned may prepay all or any part of the outstanding balance
under this Note or any Indebtedness hereunder which is bearing interest based upon the Prime Referenced Rate at any such time without
premium or penalty. Any prepayment hereunder shall also be accompanied by the payment of all accrued and unpaid interest on the
amount so prepaid.

 

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16.         For
any LIBOR-based Advance, if Bank shall designate a LIBOR Lending Office which maintains books separate from those of the rest of
Bank, Bank shall have the option of maintaining and carrying such Advance on the books of such LIBOR Lending Office.

 

17.         If,
at any time, Bank determines that, (a) Bank is unable to determine or ascertain the LIBOR-based Rate, or (b) by reason of circumstances
affecting the foreign exchange and interbank markets generally, deposits in eurodollars in the applicable amounts or for the relative
maturities are not being offered to Bank for any applicable Advance or Interest Period, or (c) the Applicable Interest Rate will
not accurately or fairly cover or reflect the cost to Bank of maintaining any of the Indebtedness under this Note based upon the
LIBOR-based Rate, then Bank shall forthwith give notice thereof to the undersigned. Thereafter, until Bank notifies the undersigned
that such conditions or circumstances no longer exist, the right of the undersigned to request a LIBOR-based Advance and refund
an Advance as a LIBOR-based Advance shall be suspended, and the Prime Referenced Rate shall be the basis for the Applicable Interest
Rate for all Indebtedness hereunder during such period of time.

 

18.         If
any Change in Law shall make it unlawful or impossible for the Bank (or its LIBOR Lending Office) to make or maintain any Advance
with interest based upon the LIBOR-based Rate, Bank shall forthwith give notice thereof to the undersigned. Thereafter, (a) until
Bank notifies the undersigned that such conditions or circumstances no longer exist, the right of the undersigned to request a
LIBOR-based Advance and refund an Advance as a LIBOR-based Advance shall be suspended, and thereafter, the Prime Referenced Rate
shall be the basis for the Applicable Interest Rate for the Indebtedness hereunder during such period of time, and (b) if Bank
may not lawfully continue to maintain an outstanding LIBOR-based Advance to the end of the then current Interest Period applicable
thereto, the Prime Referenced Rate shall be the basis for the Applicable Interest Rate for the remainder of such Interest Period
with respect to such outstanding Advance.

 

19.         If
any Change in Law shall (a) subject Bank (or its LIBOR Lending Office) to any tax, duty or other charge with respect to this Note
or any Indebtedness hereunder, or shall change the basis of taxation of payments to Bank (or its LIBOR Lending Office) of the principal
of or interest under this Note or any other amounts due under this Note in respect thereof (except for changes in the rate of tax
on the overall net income of Bank or its LIBOR Lending Office imposed by the jurisdiction in which Bank's principal executive office
or LIBOR Lending Office is located); or (b) impose, modify or deem applicable any reserve (including, without limitation, any imposed
by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with
or for the account of, or credit extended by Bank (or its LIBOR Lending Office), or shall impose on Bank (or its LIBOR Lending
Office) or the foreign exchange and interbank markets any other condition affecting this Note or the Indebtedness hereunder; and
the result of any of the foregoing is to increase the cost to Bank of maintaining any part of the Indebtedness hereunder or to
reduce the amount of any sum received or receivable by Bank under this Note by an amount deemed by the Bank to be material, then
the undersigned shall pay to Bank, within fifteen (15) days of the undersigned’s receipt of written notice from Bank demanding
such compensation, such additional amount or amounts as will compensate Bank for such increased cost or reduction. A certificate
of Bank, prepared in good faith and in reasonable detail by Bank and submitted by Bank to the undersigned, setting forth the basis
for determining such additional amount or amounts necessary to compensate Bank shall be conclusive and binding for all purposes,
absent manifest error.

 

    	 	-4-	 

     

    

  

20.         In
the event that any Change in Law affects or would affect the amount of capital or liquidity required or expected to be maintained
by Bank (or any corporation controlling Bank), and Bank determines that the amount of such capital or liquidity is increased by
or based upon the existence of any obligations of Bank hereunder or the maintaining of any Indebtedness hereunder, and such increase
has the effect of reducing the rate of return on Bank's (or such controlling corporation's) capital as a consequence of such obligations
or the maintaining of such Indebtedness hereunder to a level below that which Bank (or such controlling corporation) could have
achieved but for such circumstances (taking into consideration its policies with respect to capital adequacy and liquidity), then
the undersigned shall pay to Bank, within fifteen (15) days of the undersigned's receipt of written notice from Bank demanding
such compensation, additional amounts as are sufficient to compensate Bank (or such controlling corporation) for any increase in
the amount of capital and/or liquidity and reduced rate of return which Bank reasonably determines to be allocable to the existence
of any obligations of the Bank hereunder or to maintaining any Indebtedness hereunder. A certificate of Bank as to the amount of
such compensation, prepared in good faith and in reasonable detail by the Bank and submitted by Bank to the undersigned, shall
be conclusive and binding for all purposes absent manifest error.

 

21.         This
Note and any other indebtedness and liabilities of any kind of the undersigned (or any of them) to the Bank, and any and all modifications,
renewals or extensions of it, whether joint or several, contingent or absolute, now existing or later arising, and however evidenced
and whether incurred voluntarily or involuntarily, known or unknown, or originally payable to the Bank or to a third party and
subsequently acquired by Bank including, without limitation, any late charges; loan fees or charges; overdraft indebtedness; costs
incurred by Bank in establishing, determining, continuing or defending the validity or priority of any security interest, pledge
or other lien or in pursuing any of its rights or remedies under any loan document (or otherwise) or in connection with any proceeding
involving the Bank as a result of any financial accommodation to the undersigned (or any of them); and reasonable costs and expenses
of attorneys and paralegals, whether inside or outside counsel is used, and whether any suit or other action is instituted, and
to court costs if suit or action is instituted, and whether any such fees, costs or expenses are incurred at the trial court level
or on appeal, in bankruptcy, in administrative proceedings, in probate proceedings or otherwise (collectively "Indebtedness"),
are secured by and the Bank is granted a security interest in and lien upon all items deposited in any account of any of the undersigned
with the Bank and by all proceeds of these items (cash or otherwise), all account balances of any of the undersigned from time
to time with the Bank, by all property of any of the undersigned from time to time in the possession of the Bank and by any other
collateral, rights and properties described in each and every deed of trust, mortgage, security agreement, pledge, assignment and
other security or collateral agreement which has been, or will at any time(s) later be, executed by any (or all) of the undersigned
to or for the benefit of the Bank (collectively "Collateral"). Notwithstanding the above, (i) to the extent that any
portion of the Indebtedness is a consumer loan, that portion shall not be secured by any deed of trust or mortgage on or other
security interest in any of the undersigned's principal dwelling or in any of the undersigned's real property which is not a purchase
money security interest as to that portion, unless expressly provided to the contrary in another place, or (ii) if the undersigned
(or any of them) has (have) given or give(s) Bank a deed of trust or mortgage covering California real property, that deed of trust
or mortgage shall not secure this Note or any other indebtedness of the undersigned (or any of them), unless expressly provided
to the contrary in another place, or (iii) if the undersigned (or any of them) has (have) given or give(s) the Bank a deed of trust
or mortgage covering real property which, under Texas law, constitutes the homestead of such person, that deed of trust or mortgage
shall not secure this Note or any other indebtedness of the undersigned (or any of them) unless expressly provided to the contrary
in another place.

 

    	 	-5-	 

     

    

  

22.         If
(a) the undersigned (or any of them) or any guarantor under a guaranty of all or part of the Indebtedness ("guarantor")
(i) fail(s) to pay this Note or any of the Indebtedness within five (5) days of when due, by maturity, acceleration or otherwise,
or fail(s) to pay any Indebtedness owing on a demand basis upon demand, which failure remains uncured for five (5) days after written
notice thereof; or (ii) fail(s) to comply with any of the terms or provisions of any agreement between the undersigned (or any
of them) or any guarantor and the Bank, and any such failure continues beyond any applicable grace or cure period, if any, expressly
provided with respect thereto; or (iii) become(s) insolvent or the subject of a voluntary or involuntary proceeding in bankruptcy,
or a reorganization, arrangement or creditor composition proceeding, (if a business entity) cease(s) doing business as a going
concern, (if a natural person) die(s) or become(s) incompetent, (if a partnership) dissolve(s) or any general partner of it dies,
becomes incompetent or becomes the subject of a bankruptcy proceeding, or (if a corporation or a limited liability company) is
the subject of a dissolution, merger or consolidation; or (b) any warranty or representation made by any of the undersigned or
any guarantor in connection with this Note or any of the Indebtedness shall be discovered to be untrue or incomplete; or (c) there
is any termination, notice of termination, or breach of any guaranty, pledge, collateral assignment or subordination agreement
relating to all or any part of the Indebtedness; or (d) there is any failure by any of the undersigned or any guarantor to pay
when due any of its indebtedness (other than to the Bank) or in the observance or performance of any term, covenant or condition
in any document evidencing, securing or relating to such indebtedness; or (e) the Bank deems itself insecure, believing that the
prospect of payment or performance of this Note or any of the Indebtedness is impaired or shall fear deterioration, removal or
waste of any of the Collateral; or (f) there is filed or issued a levy or writ of attachment or garnishment or other like judicial
process upon the undersigned (or any of them) or any guarantor or any of the Collateral, including, without limit, any accounts
of the undersigned (or any of them) or any guarantor with the Bank; then the Bank, upon the occurrence and at any time during the
continuance or existence of any of these events (each a "Default"), may, at its option and without prior notice to the
undersigned (or any of them), cease advancing money or extending credit to or for the benefit of the undersigned under this Note
or any other agreement between the undersigned and Bank, terminate this Note as to any future liability or obligation of Bank,
but without affecting Bank's rights and security interests in any Collateral and the Indebtedness of the undersigned to Bank, declare
any or all of the Indebtedness to be immediately due and payable (notwithstanding any provisions contained in the evidence of it
to the contrary), sell or liquidate all or any portion of the Collateral, set off against the Indebtedness any amounts owing by
the Bank to the undersigned (or any of them), charge interest at the default rate provided in the document evidencing the relevant
Indebtedness and exercise any one or more of the rights and remedies granted to the Bank by any agreement with the undersigned
(or any of them) or given to it under applicable law. In addition, if this Note is secured by a deed of trust or mortgage covering
real property, then the trustor or mortgagor shall not mortgage or pledge the mortgaged premises as security for any other indebtedness
or obligations. This Note, together with all other indebtedness secured by said deed of trust or mortgage, shall become due and
payable immediately, without notice, at the option of the Bank, (a) if said trustor or mortgagor shall mortgage or pledge the mortgaged
premises for any other indebtedness or obligations or shall convey, assign or transfer the mortgaged premises by deed, installment
sale contract or other instrument, or (b) if the title to the mortgaged premises shall become vested in any other person or party
in any manner whatsoever, or (c) if there is any disposition (through one or more transactions) of legal or beneficial title to
a controlling interest of said trustor or mortgagor.

 

23.         The
undersigned authorize(s) the Bank to charge any account(s) of the undersigned (or any of them) with the Bank for any and all sums
due hereunder when due; provided, however, that such authorization shall not affect any of the undersigned’s
obligation to pay to the Bank all amounts when due, whether or not any such account balances that are maintained by the undersigned
with the Bank are insufficient to pay to the Bank any amounts when due, and to the extent that such accounts are insufficient to
pay to the Bank all such amounts, the undersigned shall remain liable for any deficiencies until paid in full.

 

24.         If
this Note is signed by two or more parties (whether by all as makers or by one or more as an accommodation party or otherwise),
the obligations and undertakings under this Note shall be that of all and any two or more jointly and also of each severally. This
Note shall bind the undersigned, and the undersigned's respective heirs, personal representatives, successors and assigns.

 

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25.         The
undersigned waive(s) presentment, demand, protest, notice of dishonor, notice of demand or intent to demand, notice of acceleration
or intent to accelerate, and all other notices, and agree(s) that no extension or indulgence to the undersigned (or any of them)
or release, substitution or nonenforcement of any security, or release or substitution of any of the undersigned, any guarantor
or any other party, whether with or without notice, shall affect the obligations of any of the undersigned. The undersigned waive(s)
all defenses or right to discharge available under Section 3-605 of the Uniform Commercial Code and waive(s) all other suretyship
defenses or right to discharge. The undersigned agree(s) that the Bank has the right to sell, assign, or grant participations or
any interest in, any or all of the Indebtedness, and that, in connection with this right, but without limiting its ability to make
other disclosures to the full extent allowable, the Bank may disclose all documents and information which the Bank now or later
has relating to the undersigned or the Indebtedness. The undersigned agree(s) that the Bank may provide information relating to
this Note or relating to the undersigned to the Bank's parent, affiliates, subsidiaries and service providers.

 

26.         The
undersigned agree(s) to pay or reimburse to Bank, or any other holder or owner of this Note, on demand, any and all costs and expenses
of Bank (including, without limit, court costs, legal expenses and reasonable attorneys’ fees, whether inside or outside
counsel is used, whether or not suit is instituted, and, if suit is instituted, whether at the trial court level, appellate level,
in a bankruptcy, probate or administrative proceeding or otherwise) incurred in connection with the preparation, execution, delivery,
amendment, administration, and performance of this Note and the related documents, or incurred in collecting or attempting to collect
this Note or the Indebtedness, or incurred in any other matter or proceeding relating to this Note or the Indebtedness.

 

27.         The
undersigned acknowledge(s) and agree(s) that there are no contrary agreements, oral or written, establishing a term of this Note
and agree(s) that the terms and conditions of this Note may not be amended, waived or modified except in a writing signed by an
officer of the Bank expressly stating that the writing constitutes an amendment, waiver or modification of the terms of this Note.
As used in this Note, the word “undersigned” means, individually and collectively, each maker, accommodation party,
endorser and other party signing this Note in a similar capacity. If any provision of this Note is unenforceable in whole or part
for any reason, the remaining provisions shall continue to be effective. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF Michigan, WITHOUT REGARD TO CONFLICT OF LAWS
PRINCIPLES.

 

28.         For
the purposes of this Note, the following terms have the following meanings:

 

"Advance" means a borrowing requested
by the undersigned and made by Bank under this Note, including any refunding of an outstanding Advance as the same type of Advance
or, to the extent applicable, the conversion of any such outstanding Advance to another type of Advance.

 

"Applicable Interest Rate" means
the LIBOR-based Rate plus the Applicable Margin or (subject to the terms of this Note) the Prime Referenced Rate plus the Applicable
Margin, as selected by the undersigned from time to time or as otherwise determined in accordance with the terms and conditions
of this Note.

 

“Applicable Margin” means:

 

		(a)	in respect of the LIBOR–based Rate, four percent (4.00%) per annum; and

 

		(b)	to the extent applicable, in respect of the Prime Referenced
Rate, four percent (4.00%) per annum.

 

"Business Day" means any day,
other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute or regulation,
on which Bank is open for all or substantially all of its domestic and international business (including dealings in foreign exchange)
in Detroit, Michigan, and, in respect of notices and determinations relating to LIBOR-based Advances, the LIBOR-based Rate and
the Daily Adjusting LIBOR Rate, also a day on which dealings in dollar deposits are also carried on in the London interbank market
and on which banks are open for business in London, England.

 

    	 	-7-	 

     

    

  

“Change in Law” means the occurrence,
after the date hereof, of any of the following: (i) the adoption or introduction of, or any change in any applicable law, treaty,
rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not applicable to Bank on such date,
or (ii) any change in interpretation, administration or implementation thereof of any such law, treaty, rule or regulation by any
Governmental Authority, or (iii) the issuance, making or implementation by any Governmental Authority of any interpretation, administration,
request, regulation, guideline, or directive (whether or not having the force of law), including, without limitation, any risk-based
capital guidelines or any interpretation, administration, request, regulation, guideline, or directive relating to liquidity. For
purposes of this definition, (x) a change in law, treaty, rule, regulation, interpretation, administration or implementation shall
include, without limitation, any change made or which becomes effective on the basis of a law, treaty, rule, regulation, interpretation
administration or implementation then in force, the effective date of which change is delayed by the terms of such law, treaty,
rule, regulation, interpretation, administration or implementation, and (y) the Dodd-Frank Wall Street Reform and Consumer Protection
Act (Pub. L. 111-203, H.R. 4173) and all requests, rules, regulations, guidelines, interpretations or directives promulgated
thereunder or issued in connection therewith shall be deemed to be a “Change in Law”, regardless of the date enacted,
adopted, issued or promulgated, whether before or after the date hereof, and (z) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall each be deemed to be a "Change
in Law", regardless of the date enacted, adopted, issued or implemented.

 

“Daily Adjusting LIBOR Rate”
means, for any day, a per annum interest rate which is equal to the quotient of the following:

 

(a)          for
any day, the per annum rate of interest determined on the basis of the rate for deposits in United States Dollars for a period
equal to one (1) month appearing on Page BBAM of the Bloomberg Financial Markets Information Service at or about 11:00 a.m. (London,
England time) (or as soon thereafter as practical) on such day, or if such day is not a Business Day, on the immediately preceding
Business Day. In the event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets Information Service (or
otherwise on such Service) on any day, the “Daily Adjusting LIBOR Rate” for such day shall be determined by reference
to such other publicly available service for displaying eurodollar rates as may be reasonably selected by Bank, or, in the absence
of such other service, the “Daily Adjusting LIBOR Rate” for such day shall, instead, be determined based upon the average
of the rates at which Bank is offered dollar deposits at or about 11:00 a.m. (Detroit, Michigan time) (or as soon thereafter as
practical), on such day, or if such day is not a Business Day, on the immediately preceding Business Day, in the interbank eurodollar
market in an amount comparable to the applicable principal amount of Indebtedness outstanding hereunder and for a period equal
to one (1) month;

 

divided by

 

(b)          1.00
minus the maximum rate (expressed as a decimal) on such day at which Bank is required to maintain reserves on "Euro-currency
Liabilities" as defined in and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such
regulation or definition is modified, and as long as Bank is required to maintain reserves against a category of liabilities which
includes eurodollar deposits or includes a category of assets which includes eurodollar loans, the rate at which such reserves
are required to be maintained on such category;

 

    	 	-8-	 

     

    

  

provided, however, and notwithstanding
anything to the contrary set forth in this Note, if at any time the Daily Adjusting LIBOR Rate determined as provided above would
be less than zero percent (0%), then the Daily Adjusting LIBOR Rate shall be deemed to be zero percent (0%) per annum for all purposes
of this Note. Each calculation by Bank of the Daily Adjusting LIBOR Rate shall be conclusive and binding for all purposes, absent
manifest error.

 

“Governmental Authority” means
the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without limitation,
any supranational bodies such as the European Union or the European Central Bank).

 

"Interest Period" means, with
respect to a LIBOR-based Advance, a period of one (1) month, two (2) months, or three (3) months, as selected by the undersigned
(and which period is acceptable to Bank in its sole discretion), or as otherwise determined pursuant to and in accordance with
the terms of this Note, commencing on the day a LIBOR-based Advance is made or the day an Advance is converted to a LIBOR-based
Advance or the day an outstanding LIBOR-based Advance is refunded or continued as another LIBOR-based Advance for an applicable
Interest Period, provided that any Interest Period which would otherwise end on a day which is not a Business Day shall be extended
to the next succeeding Business Day, except that if the next succeeding Business Day falls in another calendar month, the Interest
Period shall end on the next preceding Business Day, and when an Interest Period begins on a day which has no numerically corresponding
day in the calendar month during which such Interest Period is to end, it shall end on the last Business Day of such calendar month.
In the event that any LIBOR-based Advance is at any time refunded or continued as another LIBOR-based Advance for an additional
Interest Period, such Interest Period shall commence on the last day of the preceding Interest Period then ending.

 

"LIBOR-based Advance" means an
Advance of which the Applicable Interest Rate is based on the LIBOR-based Rate.

 

"LIBOR-based Rate" means a per
annum interest rate which is equal to the quotient of the following:

 

(a)          the
LIBOR Rate;

 

divided by

 

(b)          1.00
minus the maximum rate (expressed as a decimal) during such Interest Period at which Bank is required to maintain reserves on "Euro-currency
Liabilities" as defined in and pursuant to Regulation D of the Board of Governors of the Federal Reserve System or, if such
regulation or definition is modified, and as long as Bank is required to maintain reserves against a category of liabilities which
includes eurodollar deposits or includes a category of assets which includes eurodollar loans, the rate at which such reserves
are required to be maintained on such category.

 

"LIBOR Lending Office" means
Bank's office located in the Cayman Islands, British West Indies, or such other branch of Bank, domestic or foreign, as it may
hereafter designate as its LIBOR Lending Office by notice to the undersigned.

 

    	 	-9-	 

     

    

 

"LIBOR Rate" means, with respect
to any Indebtedness outstanding under this Note bearing interest on the basis of the LIBOR-based Rate, the per annum rate of interest
determined on the basis of the rate for deposits in United States Dollars for a period equal to the relevant Interest Period for
such Indebtedness, commencing on the first day of such Interest Period, appearing on Page BBAM of the Bloomberg Financial Markets
Information Service at or about 11:00 a.m. (London, England time) (or as soon thereafter as practical), two (2) Business Days prior
to the first day of such Interest Period. In the event that such rate does not appear on Page BBAM of the Bloomberg Financial Markets
Information Service (or otherwise on such Service), the "LIBOR Rate" shall be determined by reference to such other publicly
available service for displaying eurodollar rates as may be reasonably selected by Bank, or, in the absence of such other service,
the "LIBOR Rate" shall, instead, be determined based upon the average of the rates at which Bank is offered dollar deposits
at or about 11:00 a.m. (Detroit, Michigan time) (or as soon thereafter as practical), two (2) Business Days prior to the first
day of such Interest Period in the interbank eurodollar market in an amount comparable to the principal amount of the respective
LIBOR-based Advance which is to bear interest on the basis of such LIBOR-based Rate and for a period equal to the relevant Interest
Period; provided, however, and notwithstanding anything to the contrary set forth in this Note, if at any time the
LIBOR Rate determined as provided above would be less than zero percent (0%), then the LIBOR Rate shall be deemed to be zero percent
(0%) per annum for all purposes of this Note (the “LIBOR 0% Floor”), except for any portion of any outstanding
Advance(s) hereunder or any principal Indebtedness outstanding under this Note which, at any such time, is/are subject to any Specified
Hedging Agreement, in which case, the LIBOR Rate for such portion of such Advance(s) and Indebtedness shall be determined without
giving effect to the LIBOR 0% Floor. Each calculation by Bank of the LIBOR Rate shall be conclusive and binding for all purposes,
absent manifest error.

 

“Loan Amount” means the face
amount of this Note as set forth at the top of Page 1 hereof.

 

"Prime Rate" means the per annum
interest rate established by Bank as its prime rate for its borrowers, as such rate may vary from time to time, which rate is not
necessarily the lowest rate on loans made by Bank at any such time.

 

"Prime Referenced Rate" means,
for any day, a per annum interest rate which is equal to the Prime Rate in effect on such day, but in no event and at no time shall
the Prime Referenced Rate be less than the sum of the Daily Adjusting LIBOR Rate for such day plus two and one-half percent (2.50%)
per annum. If, at any time, Bank determines that it is unable to determine or ascertain the Daily Adjusting LIBOR Rate for any
day, the Prime Referenced Rate for each such day shall be the Prime Rate in effect at such time, but not less than two and one-half
percent (2.50%) per annum.

 

"Request for Advance" means a
Request for Advance issued by the undersigned under this Note in the form annexed to this Note as Exhibit "A".

 

“Specified Hedging Agreement”
means any agreement or other documentation between the undersigned (or any of them) and Bank providing for an interest rate swap
that does not provide for a minimum rate of zero percent (0%) with respect to determinations of the LIBOR Rate for the purposes
of such interest rate swap (e.g., determines the floating amount by using the “negative interest rate method” rather
than the “zero interest rate method” in the case of any such interest rate swap made under any master agreement or
other documentation published by the International Swaps and Derivatives Association, Inc.).

 

29.         No
delay or failure of Bank in exercising any right, power or privilege hereunder shall affect such right, power or privilege, nor
shall any single or partial exercise thereof preclude any further exercise thereof, or the exercise of any other power, right or
privilege. The rights of Bank under this Note are cumulative and not exclusive of any right or remedies which Bank would otherwise
have, whether by other instruments or by law.

 

    	 	-10-	 

     

    

  

30.         THE
UNDERSIGNED AND BANK, BY ACCEPTANCE OF THIS NOTE, ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT
IT MAY BE WAIVED UNDER CERTAIN CIRCUMSTANCES. TO THE EXTENT PERMITTED BY LAW, EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY
TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY
JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS NOTE OR THE INDEBTEDNESS.

 

[Signature Page
Follows]

 

    	 	-11-	 

     

    

  

This Note is dated and shall be effective
as of the date set forth above.

 

	ADDRESS:	BORROWER:
	 	 	 
	80 Red Schoolhouse Road	BHT FINANCIAL LLC
	Chestnut Ridge, New York 10977	 	 
	 	By:	BioHiTech Global, Inc.
	 	Its:	Member
	 	 	 
	 	 	By:	 
	 	 	Name: 	Brian C. Essman
	 	 	Title: 	Chief Financial Officer

 

	For Bank Use Only	 
	
        LOAN OFFICER INITIALS

         
	
        LOAN GROUP NAME

         
	
        OBLIGOR NAME

         

	
        LOAN OFFICER I.D. NO.

         
	
        LOAN GROUP NO.

         
	
        OBLIGOR NO.

         
	
        NOTE NO.

         
	
        AMOUNT

        $1,000,000.00

         

 

    	 	-12-	 

     

    

  

EXHIBIT “A”

REQUEST FOR ADVANCE

 

The undersigned hereby
request(s) COMERICA BANK (“Bank”) to make a LIBOR-based Advance to the undersigned on _______________, in the amount
of ____________________ Dollars ($__________) under the Master Revolving Note dated as of ____________ ___, 2018, issued by the
undersigned to said Bank in the face amount of One Million and 00/100 Dollars ($1,000,000.00) (the “Note”).
The Interest Period for the requested Advance, if applicable, shall be _______________ (________) * month(s). In the event that
any part of the Advance requested hereby constitutes a refunding of an outstanding Advance, the amount to be refunded is _________________________
Dollars ($____________), and the last day of the Interest Period for the amounts being refunded hereunder, if applicable, is _______________.

 

The undersigned represent(s),
warrant(s) and certify(ies) that no Default, or any condition or event which, with the giving of notice or the running of time,
or both, would constitute a Default, has occurred and is continuing under the Note, and none will exist upon the making of the
Advance requested hereunder. The undersigned further certify(ies) that upon advancing the sum requested hereunder, the aggregate
principal amount outstanding under the Note will not exceed the face amount thereof. If the amount advanced to the undersigned
under the Note shall at any time exceed the face amount thereof, the undersigned will immediately pay such excess amount, without
any necessity of notice or demand.

 

The undersigned hereby
authorize(s) Bank to disburse the proceeds of the Advance being requested by this Request for Advance by crediting the account
of the undersigned with Bank separately designated by the undersigned, unless this Request for Advance is being submitted for a
conversion of all or any part of any outstanding Advance(s), in which case, such proceeds shall be deemed to be utilized, to the
extent necessary, to convert that portion stated above of the existing outstandings under such Advance(s).

 

Capitalized terms used
but not otherwise defined herein shall have the respective meanings given to them in the Note.

 

Dated this _____ day
of _______________.

  

	BHT FINANCIAL LLC	 
	 	 	 
	By:	BioHiTech Global, Inc.	 
	Its:	Member	 
	 	 	 
	 	By:	 	 
	 	Name: 	Brian C. Essman	 
	 	Title: 	Chief Financial Officer	 
	 	 	  	 

		*	 For a LIBOR-based Advance, insert the applicable Interest
Period (i.e., “one (1)”, “two (2)” or “three (3)” months).

 

    	 	-13-Exhibit 10.3

 

[FORM OF]

FIRST AMENDMENT TO ORIGINAL ISSUE DISCOUNT

CONVERTIBLE PROMISSORY NOTE

 

This First Amendment to
Original Issue Discount Convertible Promissory Note (the “Amendment”) is dated ____________ __, 2018 by and between
BIOHITECH GLOBAL, INC., a publicly-owned Delaware corporation (the “Company”) having its principal offices at
80 Red Schoolhouse Road, Suite 101, Chestnut Ridge, NY 10977 and the person or persons executing this Agreement (the “Holder”)
(collectively, the “Parties” and individually, a “Party”).

 

WHEREAS, the Company
and the Holder entered into that certain Securities Purchase Agreement (“Purchase Agreement”) for an Original Issue
Discount Convertible Promissory Note in the aggregate principal amount set forth on the signature page hereto (the “Note”);

 

WHEREAS,
the Company and the Holder desire to amend certain terms and conditions of the Note as set forth in this Amendment;

 

WHEREAS, capitalized
terms not defined herein shall have the meaning ascribed to therein in the Purchase Agreement or the Note;

 

NOW THEREFORE, in
consideration of the foregoing and the mutual representations, warranties, covenants, and agreements herein contained, the Company
and the Holder agree as follows:

 

1.           Acknowledgement.
Except as expressly modified and superseded by this Agreement, the terms and provisions of the Purchase Agreement and the Note
and any instruments executed in connection therewith are hereby ratified and confirmed and shall continue in full force and effect.
Except as expressly modified and superseded by this Agreement, each of the Parties hereto specifically ratifies all representations
and warranties made in the Purchase Agreement and the Note and certifies that the representations and warranties made therein remain
true and correct as if the representations and warranties.

 

2.           Amendment. Pursuant to the provisions of Section 4.3 of the Note, the
following provisions of the Note are hereby amended as follows:

 

(a)          The
term “Maturity Date,” as set forth in the first paragraph of the Note, is hereby amended from May 24, 2018 to May 24,
2019.

 

(b)          Section
1.1 of the Note is hereby amended and replaced in its entirety with the following:

 

1.1          Conversion
of Note. The following provisions shall govern the conversion into shares of Common Stock of any and all amounts due under
this Note.

 

     

     

    

 

(a)          Mandatory
Conversion. On the date that the Company’s Common Stock first trades on The Nasdaq Stock Market or NYSE MKT (the “Listing
Date”), the Company shall convert all of the outstanding and unpaid principal amount of this Note into fully paid and
non-assessable shares of Common Stock (a “Conversion”), as such Common Stock exists on the Issue Date, or any shares
of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at
a conversion price per share of Three Dollars ($3.00) per share of Common Stock (subject to equitable adjustments for stock splits,
stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary
of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events) (the “Conversion
Price”).

 

(b)          Conversion
Right. Prior to the Listing Date, the Holder shall have the right from time to time, following the date of this Note in respect
of the remaining outstanding principal amount of this Note to convert all or any part of the outstanding and unpaid principal amount
of this Note into fully paid and non-assessable shares of Common Stock (a “Conversion”), as such Common Stock exists
on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter
be changed or reclassified at the Conversion Price.

 

(c)          Manner
of Conversion. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing
the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice
of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by
the Holder in accordance with Section 1.2 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or
by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York
time on such conversion date (the “Conversion Date”). The term “Conversion Amount” means, with respect
to any conversion of this Note, the sum of (1) the principal amount of this Note to be converted in such conversion plus
(2) at the Holder’s option, accrued and unpaid interest, if any, on such principal amount at the interest rates provided
in this Note to the Conversion Date, plus (3) at the Holder’s option, Default Interest, if any, on the amounts referred
to in the immediately preceding clauses (1) and/or (2).

 

3.            Miscellaneous.

 

(a) The Company and the
Holder hereby covenant that this Agreement is intended to and does contain and embody herein all of the understandings and agreements,
both written or oral, of the Company and the Holder with respect to the subject matter of this Agreement, and that there exists
no oral agreement or understanding, express or implied liability, whereby the absolute, final and unconditional character and nature
of this Agreement shall be in any way invalidated, empowered or affected. There are no representations, warranties or covenants
other than those set forth herein.

 

     

     

    

 

(b) The headings of this
Agreement are for convenient reference only and they shall not limit or otherwise affect the interpretation or effect of any terms
or provisions hereof.

 

(c) Agreement shall not
be changed or terminated except as set forth herein. All of the terms and provisions of this Agreement shall be binding upon and
inure to the benefit of and be enforceable by and against the successors and assigns of the Company and the heirs, executors, administrators
and assigns of the Holder.

 

(d) A modification or
waiver of any of the provisions of this Agreement shall be effective only if made in writing and executed with the same formality
as this Agreement. The failure of either the Company or the Holder to insist upon strict performance of any of the provisions of
this Agreement shall not be construed as a waiver of any subsequent default of the same or similar nature, or of any other nature
or kind.

 

(e) The various provisions
of this Agreement are severable from each other and from the other provisions of this Agreement, and in the event that any provision
in this Agreement shall be held invalid or unenforceable by a court of competent jurisdiction, the remainder of this Agreement
shall be fully effective, operative and enforceable.

 

(f) Pronouns used herein
are to be interpreted as referring to both the masculine and feminine gender.

 

(g) This Agreement shall
be construed and interpreted in accordance with the laws of the State of Delaware without reference to conflict of laws principle.
The parties agree that in the event of a laws controversy arising out of the interpretation, construction, performance or breach
of this Agreement, any and all claims arising out of, or relating to, this Agreement shall be submitted by arbitration according
to the Commercial Arbitration Rules of the American Arbitration Association located in New York City before a single arbitrator.
Notwithstanding the prior sentence, any other action commenced by either party herein shall be venued in the appropriate court
of competent jurisdiction located in the county of New York, State of New York.

 

(h) This Agreement may
be executed in one or more counterparts each of which shall be deemed an original and all of which together shall be deemed to
be one and the same instrument.

 

(The rest of this page left intentionally
blank.)

 

     

     

    

 

	 	 
	 	Name of Holder
	 	 
	 	Principal Amount of Note: $____________
	 	 
	 	 
	 	Signature of Holder
	 	 
	 	 
	 	Name of the Authorized Signatory
	 	(If Applicable)

 

	AGREED TO AND ACCEPTED:	 
	 	 
	As of _________________, 2018	 
	 	 
	BIOHITECH GLOBAL, INC.	 
	 	 
	By: 	 	 
	 	Name:  	 
	 	Title:

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