Document:

Exhibit 10.1

 

 

 

Paycheck Protection Program Promissory
Note and Agreement

Wells Fargo SBA Lending

Borrower Names:

	Emcore Corporation	 
	 	 
	 	 
	 	 
	 	 

 

Important Notice: This Instrument
Contains A Confession Of Judgment Provision Which Constitutes A Waiver Of Important Rights You May Have As A Debtor And Allows
The Creditor To Obtain A Judgment Against You Without Any Further Notice. Venue Will Be In The City Of Richmond.

 

Paycheck Protection Program Promissory Note and Agreement

 

		1.	Parties To Agreement And Acceptance

This Wells Fargo Paycheck Protection Promissory
Note and Agreement (“Agreement”) governs the Wells Fargo Paycheck Protection Loan (“Loan”) that Wells Fargo
Bank, N.A. (“we” or “Lender”) is providing to you (if a sole proprietor) or your business organization,
Borrower(s) listed above, (such a sole proprietor or business organization are referred to in this Agreement as “Customer”,
 “you”, and “your” or “Borrower”) and your designated representatives. The Loan is established
under the terms and conditions of the SBA program of the United States Small Business Administration (“SBA”) and the
USA CARES Act (2020)(H.R. 748)(15 U.S.C 636 et seq.) (the “Act”) and the
availability of the Loan is expressly contingent on funds being available from the SBA under the Act to guaranty this Loan. You
agree to be bound by and comply with each and every following term and condition of this Agreement. Lender agrees, based on the
terms and conditions and relying upon the representations and warranties set forth in this Agreement, to make available to Borrower
the Loan as more fully described herein.

 

		2.	Promise to Pay

Borrower promises to pay to Lender, or order, the principal
amount of $6,488,157,
together with interest on the outstanding principal balance. Borrower

will pay Lender at Lender's address shown in this Agreement
or at such other place as Lender may designate in writing.

 

		3.	Interest

Interest will accrue on the outstanding principal
balance at a fixed rate of 1.00%. Interest will be calculated as described in the Interest Accrual Basis paragraph below.

 

		4.	Interest Accrual Basis

Interest shall be computed
on an actual/365 simple interest basis; that is, by multiplying the applicable interest rate, times the outstanding principal balance,
times the actual number of days the principal is outstanding and dividing by a year of 365 days.

 

		5.	Repayment

Payments shall be due and payable monthly in the amount
of $273,159.65 commencing 11/01/2020
and continuing on Day 03 of each month thereafter

until maturity. The Loan shall mature two (2)
years from the date of this Agreement 05/03/2022,
at which time all unpaid principal, accrued interest, and any other unpaid amounts shall be due and payable in full. Unless otherwise
agreed, all sums received from Borrower may be applied to interest, fees, principal, or any other amounts due to Lender in any
order at Lender's sole discretion.

 

As discussed further herein, the Borrower may apply
for the loan to be forgiven in whole or in part.

 

     

     

    

 

If any portion of the principal
and/or interest payments are forgiven by the Lender, upon forgiveness, the remaining balance of the loan will be reamortized over
the remaining term with the entire principal balance remaining unpaid, along with all accrued and unpaid interest, due and payable
upon the Maturity Date.

 

		6.	Permissible Use

The Account will be used for only for purposes authorized
by the Act, specifically the Paycheck Protection Program contained within such Act.

In no event shall the Loan
be used for any transaction that is illegal under any applicable law. You represent that you (if a sole proprietor) and your business
organization are not a Money Service Business as defined by federal law, or have identified yourself to Lender as such a business
and have complied with all applicable laws, rules and regulations governing such businesses.

 

		7.	Forgiveness

The Borrower will not be
responsible for any loan payment if Borrower provides to Lender, in its sole and absolute discretion, sufficient documentation
that (i) the Borrower used all of the loan proceeds for forgivable purposes described below and (ii) employee and compensation
levels are maintained.

The actual amount of loan forgiveness will depend,
in part, on the total amount of payroll costs, payments of interest on mortgage obligations incurred before February 15, 2020,
rent payments on leases dated before February 15, 2020, and utility payments under service agreements dated before February 15,
2020, over the eight-week period following the date of the loan. Not more than 25 percent of the loan forgiveness amount may be
attributable to non-payroll costs. The following is an exhaustive list of forgivable purposes:

		1)	payroll costs (as defined in the Act and in 2.f.);

		2)	costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and
insurance premiums;

		3)	mortgage interest payments (but not mortgage prepayments or principal payments);

		4)	rent payments;

		5)	utility payments;

		6)	interest payments on any other debt obligations that were incurred before February 15, 2020; and/or

		7)	refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020.

 

		8.	Late Charges

For each payment of principal, interest, and/or
fees which has not been paid in full within fifteen days after its date due, Borrower will pay to Lender a late charge of $15.00
or five percent (5%) of the amount due, whichever is greater. Borrower acknowledges and agrees that the amount of this late fee
is reasonable with respect to this Loan, taking into account Lender's expectation of timely receipt of payments with regard to
the favorable pricing of this Loan, and the operational, administrative and regulatory burdens flowing from late payments and delinquencies.
To the extent this late fee or any other fee or charge set forth in this Agreement may be prohibited or exceed any limit provided
by any present or future applicable law, such fee or charge shall be reduced to the

maximum amount allowed.

 

		9.	Prepayment

Borrower may prepay principal of the Loan at any
time, in any amount, without penalty.

 

		10.	Default

The following constitute defaults under this Agreement:

 

		1)	a payment is not made when it is due;

		2)	the terms of this Agreement are breached in any way;

		3)	Customer defaults under the terms of any other obligation to Lender;

		4)	a bankruptcy petition is filed by or against Customer or any of Customer’s owners;

		5)	a significant change occurs in the ownership or organizational structure of Customer or in the
type or volume of such Customer’s business or the death of a Customer;

		6)	Customer becomes insolvent or is dissolved, or Lender otherwise believes in good faith that the
prospect of payment and/or performance under this Agreement;

		7)	payments to the Loan are returned or reversed for any reason;

		8)	Customer fails to submit required information the Lender deems necessary.

 

		11.	Remedies

In the event of any Default or failure to meet any
condition under the preceding paragraphs, or upon any termination of a Loan, Lender may, at its option and without prior notification:

 

		1)	close any and all Loans to all use, as well as any other accounts for which the Customer is liable to Lender;

		2)	accelerate payment of the full balance on any or all Loans as well as any or all other accounts
for which the Customer is liable to Lender, and thereby require immediate payment of the full balance, including, without limitation
any Late Charges or any other charges or fees of any kind due Lender.

		3)	Lender may exercise its right of set-off against any obligation Lender owes to you, including
a set-off to the extent permitted by law against any deposit account(s) you have with Lender.

 

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		12.	Borrower hereby certifies and represents that:

		1)	Borrower is eligible to receive a loan under the rules in effect at the time the loan is made that have been issued by the
Small Business

Administration (SBA) implementing the Paycheck
Protection Program under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (the Paycheck
Protection Program Rule).

		2)	Borrower does not operate an ineligible business under the CARES Act and any implementing rules,
13 CFR 120.110 and described further in SBA’s Standard Operating Procedure 50 10, Subpart B, Chapter 2. Borrower further
certifies that Borrower is not engaged in any activity that is illegal

under federal, state or local law.

		3)	Borrower (1) is an independent contractor, eligible self-employed individual, or sole proprietor
or (2) employs no more than the greater of 500 or employees or, if applicable, the size standard in number of employees established
by the SBA in 13 C.F.R. 121.201 for the Applicant’s industry.

		4)	The Borrower or any owner of Borrower is not presently suspended, debarred, proposed for debarment,
declared ineligible, voluntarily excluded from participation in this transaction by any Federal department or agency, or presently
involved in any bankruptcy.

		5)	The Borrower, any owner of Borrower or any business owned or controlled by either of them, has
not obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted within
the last seven (7) years and caused a loss to the government.

		6)	The Borrower (if an individual) or any individual owning 20% or more of
the equity of the Borrower is not (a) subject to an indictment, criminal information, arraignment, or other means by which formal
criminal charges are brought in any jurisdiction, (b) presently incarcerated, or (c) on probation or parole.

		7)	Within the last five (5) years, the Borrower (if an individual) or any individual owning 20% or more of the equity of the Borrower
has not (a) been

convicted of a felony; (b) pleaded guilty to a felony;
(c) pleaded nolo contendere to a felony; (d) been placed on pretrial diversion for a felony; or (e) been placed on any form of
parole or probation (including probation before judgment) for felony charges.

		8)	The Borrower is not a household employer (e.g. an individual who employs household employees such as nannies or housekeepers).

		9)	All documents submitted to Lender, including without limitation, payroll processor records,
payroll tax filings, Form 1099-MISC, or bank records, are true and correct.

		10)	The United States is the principal place of residence for all employees of the Borrower included
in the Borrower’s payroll calculation submitted to Lender.

		11)	If the Borrower operates a franchise business, such franchise is listed on the SBA Franchise Directory.

		12)	Any loan received by the Borrower under Section 7(b)(2) of the Small Business Act between January
31, 2020 and April 3, 2020 was for a purpose other than paying payroll costs and other allowable uses loans under the Paycheck
Protection Program Rule.

		13)	The Borrower was in operation on February 15, 2020 and had employees for whom it paid salaries
and payroll taxes or paid independent contractors, as reported on Form(s) 1099-MISC.

		14)	Current economic uncertainty makes this Loan request necessary to support the ongoing operations of the Borrower.

		15)	The funds will be used to retain workers and maintain payroll or make mortgage interest payments,
lease payments, and utility payments, as specified under the Paycheck Protection Program Rule; I understand that if the funds are
knowingly used for unauthorized purposes, the federal government may hold me legally liable, such as for charges of fraud.

		16)	During the period beginning on February 15, 2020 and ending on December 31, 2020, the Borrower
has not and will not receive another loan under the Paycheck Protection Program.

		17)	Borrower certifies that the information provided in the application and the information provided
in all supporting documents and forms is true and accurate in all material respects. Borrower understands that knowingly making
a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment
of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or
a fine of not more than $5,000; and, if submitted to a federally insured institution, under 18 USC 1014 by imprisonment of not
more than thirty years and/or a fine of not more than $1,000,000.

		18)	Borrower acknowledges that the lender will confirm the eligible loan amount using required documents
submitted. Borrower understands, acknowledges and agrees that the Lender can share any tax information that it has provided with
SBA's authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose
of compliance with SBA Loan Program Requirements and all SBA reviews.

		19)	The undersigned officer of the Borrower is duly authorized to execute
                                                             and deliver this Agreement, the Note and all other documents executed in connection therewith, and the performance by the
                                                             Borrower of the transactions herein contemplated are and will be within its powers, have been duly authorized by all
                                                             necessary entity action, and are not and will not be in contravention of any order of court or other agency of government, of
                                                             law or, if applicable, its organizing or governing documents, or any indenture, agreement or undertaking to which it is a
                                                             party or by which its property is bound, or be in conflict with, result in a breach of or constitute (with due notice and/or
                                                             lapse of time) a default under any such indenture, agreement or undertaking or result in the imposition of any lien, charge
                                                             or encumbrance of any nature on any of the properties of such Borrower.

 

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		13.	Indemnification

Borrower agrees to indemnify
Lender and hereby holds Lender harmless against any and all claims, actions, suits, proceedings, costs, expenses, brokerage or
other fees, including reasonable attorneys’ fees, losses, damages and liabilities of any kind, including in tort, penalties
and interest, which Lender may incur in any manner other than Lender’s own gross negligence or willful misconduct, by reason
of any matter relating, directly or indirectly, to the Loan and the Loan Documents, including, but in no way limited to, without
limitation, the calculation of the maximum Loan amount or the amount of the Loan that qualifies as eligible for forgiveness.

 

		14.	Attorney’s fees and costs

Customer agrees to pay Lenders
attorney’s fees and costs: 1) related to this Agreement; or 2) related to enforcing this Agreement against customer or customer’s
owners (if applicable); or 3) related to collecting any amounts due under this Agreement from Customer or Customer’s owners
(if applicable).

 

		15.	Collateral Exclusions

No deed of trust, mortgage, security deed, or
similar real estate collateral agreement ("Lien Document"), nor any personal property security agreement other than
this Agreement or any modification of same ("Security Agreement"), shall secure this Note unless such Lien Document
or Security Agreement specifically describes this Agreement as a part of the indebtedness secured thereby. As used herein,
this “Agreement" means either (i) this Agreement or (ii) a promissory note, Confirmation Letter or other evidence
of indebtedness which has been modified, renewed or extended in whole or in part by this Agreement. This exclusion shall
apply notwithstanding the fact that such Lien Document or Security Agreement may appear to secure this Agreement by virtue of
a cross- collateralization provision or other provisions expanding the scope of the secured obligations.

 

		16.	Supplemental provisions concerning cross-collateralization and personal property

Notwithstanding anything
to the contrary in any Lien Document which specifically describes this Agreement as a part of the indebtedness secured thereby,
(1) any cross-collateralization provision and any other provisions contained therein expanding the scope of the secured obligations
beyond the Secured Debt, any related "swap agreements" (as defined in 11 U.S.C. Section 101), and obligations to protect
and preserve collateral, shall have no force or effect, and (2) any lien or security interest granted in such Lien Document upon
personal property shall not include any items of personal property located in a Covered Structure unless all applicable requirements
of the Act, if any, have been satisfied with respect to such items of personal property. As used herein, "Secured Debt"
means this Agreement and any other notes or agreements evidencing indebtedness specifically described or listed in and expressly
secured by any such Lien Document(s) and modifications, renewals, and extensions of such notes and agreements, and "Covered
Structure" means a building or mobile home as defined in the National Flood Insurance Act (as amended) and its implementing
regulations (collectively, the "Act") located in an area designated by the Administrator of the Federal Emergency Management
Agency as a special flood hazard area which requires flood insurance pursuant to the terms of the Act. Additionally, notwithstanding
anything to the contrary in the Agreement, personal property security interests granted pursuant to the terms of the Agreement
shall not secure any obligations beyond this Agreement any related "swap agreements" (as defined in 11 U.S.C. Section
101), and obligations to protect and preserve collateral. This exclusion shall apply notwithstanding the fact that the Agreement
may appear to secure such other obligations by virtue of the definition of Indebtedness contained in the Agreement.

 

		17.	Money Laundering, Sanctions, Corrupt Practices, and Compliance with all laws

Borrower represents, warrants and agrees that
Borrower, all Borrowers, and any of their parents, affiliates, subsidiaries, officers, directors, or agents (the
 "Borrowing Group") (1) are not now and will not become a Sanctioned Target (as defined below) of any trade,
economic, financial, sectoral or secondary sanctions, restrictions, embargoes or anti-terrorism laws promulgated by the
United Nations or the governments of the United States, the United Kingdom, the European Union, or any other governmental
authority with jurisdiction over any of the Borrowing Group (collectively, "Sanctions"), and are not owned or
controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, a Sanctioned Target, (2) now
comply and will at all times comply with, and have instituted and maintain, policies, procedures and controls reasonably
designed to assure compliance with, the requirements of all laws, rules, regulations and orders of any governmental authority
with jurisdiction over any of the Borrowing Group, or that are otherwise applicable to the Borrowing Group, including,
without limitation, (a) all Sanctions, (b) all laws and regulations that relate to money laundering, any predicate crime to
money laundering, or any financial record keeping and reporting requirements related thereto ("Anti-Money Laundering
Laws"), and (c) the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act of 2010, as amended,
and any other anti-bribery or anti-corruption laws and regulations in any jurisdiction in which the Borrowing Group is
located or doing business ("Anti-Corruption Laws"), (3) to the best of Borrower's knowledge, after due care and
inquiry, are not under investigation for an alleged violation of Sanctions, Anti-Money Laundering Laws or Anti-Corruption
Laws by a governmental authority that enforces such Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws, (4) will
not at any time directly or indirectly use any proceeds of any credit extended by Lender to fund, finance or facilitate any
activities, businesses or transactions that are prohibited by Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws,
or that would be prohibited by the same if conducted by Lender or any other party hereto, and (5) shall not fund any
repayment of the credit with proceeds, or provide as collateral any property, that is directly or indirectly derived from any
transaction or activity that is prohibited by Sanctions, Anti-Money Laundering Laws or Anti-Corruption Laws, or that could
otherwise cause the Lender or any other party to this agreement to be in violation of Sanctions, Anti- Money Laundering Laws
or Anti-Corruption Laws. Borrower shall notify Lender in writing not more than one (1) business day after first becoming
aware of any breach of the foregoing paragraph. "Sanctioned Target" means any target of Sanctions, including(1)
persons on any list of targets identified or designated pursuant to any Sanctions, (2) persons, countries, or territories
that are the target of any territorial or country-based Sanctions program, (3) persons that are a target of Sanctions due to
their ownership or control by any Sanctioned Target(s), or (4) persons otherwise a target of Sanctions, including vessels and
aircraft, that are designated under any Sanctions program.

 

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		18.	Laws governing this agreement

The laws of the state of South Dakota shall
govern this Agreement. If any part of this Agreement cannot be enforced, this fact will not affect the rest of this
Agreement. Lender may delay or forego enforcing any of its rights or remedies under this Agreement without losing them.
Notwithstanding anything to the contrary, this Agreement shall not require or permit the payment, taking, reserving,
receiving, collection, or charging of any sums constituting interest that exceed any maximum amount of interest permitted by
applicable law. Any such excess interest shall be credited against the then unpaid principal balance or refunded to Customer.
Without limiting the foregoing, all calculations to determine whether interest exceeds the maximum amount shall be made by
amortizing, pro-rating, allocating, and spreading such sums over the full term of the loan.

 

		19.	Limitation on Lawsuits

Customer
agrees that any lawsuit based upon any cause of action which Customer may have against Lender must be filed within one year from
the date that it arises or Customer will be barred from filing the lawsuit. This limitation is intended to include tort, contract,
and all other causes of action for which Customer and Lender may lawfully contract to set limitations for bringing suit.

 

		20.	Credit Evaluation

Credit
reports and re-evaluation of credit: You authorize Lender to obtain business and personal credit bureau reports in
the name of the Customer or its owners, at any time. You agree to submit to Lender current financial information in the name of
the Customer and to submit to Lender, current financial information in its name, and the name of its owners at any time upon request.
Such information shall be used for the purpose of evaluating or re-evaluating Customer’s or its owners’ creditworthiness.
You also authorize Lender to use such information and to share it with its affiliates in order to determine whether you are qualified
for other products and services offered by Lender and its affiliates. Lender may report its credit experience with Customer, its
owners’, and Customer’s Loan(s) to third parties. Customer agrees that Lender may release information about Customer,
its owners’, the Loan Borrower(s)’ and/or Customer’s Loan to Lender affiliates.

 

Important Notice about Credit
Reporting: Lender may report information about your Loan(s) to credit bureaus and/or consumer reporting agencies in your name or
the name of your business organization. Late payments, missed payments, or other defaults on your Loan(s) may be reflected in your
personal credit report or your business organization’s credit report(s).

 

		21.	ARBITRATION

 

		1)	Binding Arbitration:
                                                               The parties hereto agree, upon demand by any party, to submit any dispute to binding arbitration in accordance with the terms
                                                               of this Paragraph 19 (the “Arbitration Program”). Arbitration may be demanded before the institution of a
                                                               judicial proceeding, or during a judicial proceeding, but not more than 60 days after service of a complaint, third party
                                                               complaint, cross-claim, or any answer thereto, or any amendment to any of such pleadings. A “Dispute” shall
                                                               include any dispute, claim, or controversy of any kind, in contract or in tort, legal or equitable, now existing or hereafter
                                                               arising, relating in any way to any aspect of this agreement, or any other agreement, document or instrument to which this
                                                               Arbitration Program is attached or in which it appears or is referenced, or any related agreements, documents or instruments
                                                               or any renewal, extension, modification, or refinancing of any indebtedness or obligation relating to the foregoing,
                                                               including without limitation, their negotiation, execution, collateralization, administration, repayment, modification,
                                                               extension, substitution, formation, inducement, enforcement, default, or termination. This provision is a material inducement
                                                               for the parties entering into the transactions relating to this Agreement, DISPUTES SUBMITTED TO ARBITRATION ARE NOT RESOLVED
                                                               IN COURT BY A JUDGE OR JURY. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE PARTIES IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT
                                                               THEY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTE ARBITRATED PURSUANT TO THIS ARBITRATION PROGRAM.

		2)	Governing Rules: Any
                                                               arbitration proceeding will: (i) be governed by the Federal Arbitration Act (Title 9 of the United States Code),
                                                               notwithstanding any conflicting choice of law provision in any of the documents between the parties; and (ii) be conducted by
                                                               the American Arbitration Association (“AAA”), or such other administrator as the parties shall mutually agree
                                                               upon, in accordance with the AAA’s commercial dispute resolutionprocedures, unless the claim or counterclaim is at
                                                               least $1,000,000.00 exclusive of claimed interest, arbitration fees, and costs in which case the arbitration shall be
                                                               conducted in accordance with the AAA’s optional procedures for large, complex commercial disputes (the commercial
                                                               disputeresolution procedures or the optional procedures for large complex commercial disputes to be referred to herein, as
                                                               applicable, as the “Rules”). If there is any inconsistency between the terms hereof and the Rules, the terms and
                                                               procedures set forth herein shall control. Arbitration proceedings hereunder shall be conducted at a location mutually
                                                               agreeable to the parties, or if they cannot agree, then at a location selected by the AAA in the state of South Dakota. Any
                                                               party who fails or refuses to submit to arbitration following a demand by any other party shall bear all costs and expenses
                                                               incurred by such other party in compelling arbitration of any Dispute. The arbitrator shall award all costs and expenses of
                                                               the arbitration proceeding. Nothing contained herein shall be deemed to be a waiver by any party that is a lender of the
                                                               protections afforded to it under 12 U.S.C.

§91 or any similar applicable state law.

 

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		3)	No Waiver of Provisional Remedies,
Self-Help, and Foreclosure: The arbitration requirement does not limit the right of any party to: (i) foreclose against
any real or personal property collateral; (ii) exercising self-help remedies relating to collateral or proceeds of collateral such
as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment, or
the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute
a waiver of the right or any party, including the plaintiff, to submit the controversy or claim to
arbitration if any other party contests such action for judicial relief, including those arising from the exercise of the actions
detailed in section (i), (ii), and (iii) of this paragraph.

		4)	Arbitrator Qualifications and
                                                               Powers: Any arbitration proceeding in which the amount in controversy is $5,000,000.00 or less will be decided by
                                                               a single arbitrator selected according to the Rules, and who shall not render an award of greater than $5,000,000.00. Any
                                                               Dispute in which the amount in controversy exceeds $5,000,000.00 shall be decided by majority vote of a panel of three
                                                               arbitrators; provided however, that all three arbitrators must actively participate in all hearings and deliberations. Every
                                                               arbitrator must be a neutral practicing attorney or a retired member of the state or federal judiciary, in either case with a
                                                               minimum of ten years’ experience in the substantive law applicable to the subject matter of the Dispute. The arbitrator
                                                               will determine whether or not an issue is arbitratable and will give effect to the statutes of limitation in determining any
                                                               claim. In any arbitration proceeding the arbitrator will decide (by documents only or with a hearing at the
                                                               arbitrator’s discretion) any pre-hearing motions which are similar to motions to dismiss for failure to state a claim
                                                               or motions for summary adjudication. The arbitrator shall resolve all Disputes in accordance with the applicable substantive
                                                               law and may grant any remedy or relief that a court of such state could order or grant within the scope hereof and such
                                                               ancillary relief as is necessary to make effective any award. The arbitrator shall also have the power to award recovery of
                                                               all costs and fees, to impose sanctions and to take such other action as the arbitrator deems necessary to the same extent a
                                                               judge could pursuant to the Federal Rules of Civil Procedure, the applicable state rules of civil procedure, or other
                                                               applicable law. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. The
                                                               institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not
                                                               constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if
                                                               any other party contests such action for judicial relief.

 

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		5)	Discovery: In any arbitration
proceeding discovery will be permitted in accordance with the Rules. All discovery shall be expressly limited to matters directly
relevant to the Dispute being arbitrated and must be completed no later than 20 days before the hearing date. Any requests for
an extension of the discovery periods, or any discovery disputes, will be subject to final determination by the arbitrator upon
a showing that the request for discovery is essential for the party’s presentation and that no alternative means for obtaining
information is available.

		6)	Class Proceedings and Consolidations:
No party shall be entitled to join or consolidate disputes by or against others in any arbitration, except parties to this Agreement,
or to include in any arbitration any dispute as a representative or member of a class, or to act in any arbitration in the interest
of the general public or in a private attorney general capacity.

		7)	Miscellaneous: To the
maximum extent practicable, the AAA, the arbitrators, and the parties shall take all action required to conclude any arbitration
proceeding within 180 days of the filing of the Dispute with the AAA. No arbitrator or other party to an arbitration proceeding
may disclose the existence,
content or results thereof, except for disclosures of information by a party required in the ordinary course of its business or
by applicable law or regulation. If more than one agreement for arbitration by or between the parties potentially applies to a
Dispute, the arbitration provision most directly related to the documents between the parties or the subject matter of the Dispute
shall control. This arbitration provision shall survive the repayment of the obligations that are the subject of this agreement
and the termination, amendment, or expiration of any of the documents or any relationship between the parties.

		8)	SBA Arbitration: The
parties specifically agree that the provisions of the Arbitration Program set forth above are not applicable to any dispute between
any party and the U.S. Small Business Administration (the "SBA"), including but not limited to, any dispute with the
SBA after purchase of the loan by the SBA.

		22.	SMALL BUSINESS ADMINISTRATION (SBA)

When SBA is the holder, this
Agreement will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures
for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does
not waive any federal immunity from state or local control, penalty, tax or liability. As to this Agreement, Borrower may not claim
or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

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		24.	FACSIMILE AND COUNTERPARTS

This document may be signed in any number of
separate copies, each of which shall be effective as an original, but all of which taken together shall constitute a single document.
This Agreement shall be valid, binding, and enforceable against a party when executed by an authorized individual on behalf of
the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce
Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law;
(ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed,
scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence
as an original manual signature.

 

		25.	TELEPHONE MONITORING AND CONTACTING YOU

The Lender may monitor or record calls. You agree,
in order for Lender to service the Loan or to collect any amounts you may owe, that Lender may from time to time make calls and
send text messages to you, using prerecorded/artificial voice messages and/or through the use of an automatic dialing device, at
any telephone number associated with your account, including mobile telephone numbers that could result in charges to you. You
also expressly consent to Lender sending email messages regarding your Loan to your email address.

 

		26.	FINAL AGREEMENT

The persons and entities signing below ("Party",
or collectively, the "Parties") acknowledge and agree that each Party's execution of this Agreement constitutes acknowledgment
that such Party (i) agrees that there are no oral agreements relating to this Agreement, (ii) agrees that agreements will be binding
upon Lender only if in writing and signed by Lender, and (iii) acknowledges receipt of the following Notice, and to the fullest
extent allowed by law, agrees to be bound by the terms of this Agreement and this Notice.

 

Notice: This Document And All
Other Documents Relating To This Loan Constitute A Written Loan Agreement Which Represents The Final Agreement Between The Parties
And May Not Be Contradicted By Evidence Of Prior, Contemporaneous, Or Subsequent Oral Agreements Of The Parties. There Are No Unwritten
Oral Agreements Between The Parties Relating To This Loan.

 

		27.	TIME IS OF THE ESSENCE. Time is of the essence in the performance of the Agreement.

 

		28.	JOINT AND SEVERAL LIABILITY. The obligations of each Borrower shall be joint and several.

 

		29.	STATE SPECIFIC PROVISIONS.

 

If Borrower is resident of Delaware, Pennsylvania, or
Maryland:

 

Confession
Of Judgment. The Undersigned Hereby Irrevocably Authorizes And Empowers Any Attorney-At-Law To Appear In Any Court Of
Record And To Confess Judgment Against The Undersigned For The Unpaid Amount Of This Note As Evidenced By An Affidavit Signed By
An Officer Of Lender Setting Forth The Amount Then Due, Together With All Indebtedness Provided For Therein (With Or Without Acceleration
Of Maturity), Plus Attorneys’ Fees Of Ten Percent (10%) Of The Total Indebtedness Or Five Thousand Dollars ($5,000.00), Whichever
Is The Larger Amount For The Collection, Which Borrower And Lender Agree Is Reasonable, Plus Costs Of Suit, And To Release All
Errors, And Waive All Rights Of Appeal. The Undersigned Expressly Releases All Errors, Waives All Stay Of Execution, Rights Of
Inquisition And Extension Upon Any Levy Upon Real Estate And All Exemption Of Property From Levy And Sale Upon Any Execution Hereon;
And The Undersigned Expressly Agrees To Condemnation And Expressly Relinquishes All Rights To Benefits Or Exemptions Under Any
And All Exemption Laws Now In Force Or Which May Hereafter Be Enacted. No Single Exercise Of The Foregoing Warrant And Power To
Confess Judgment Will Be Deemed To Exhaust The Power, Whether Or Not Any Such Exercise Shall Be Held By Any Court To Be Invalid,
Voidable Or Void; But The Power Will Continue Undiminished And May Be Exercised From Time To Time As Lender May Elect Until All
Amounts Owing On This Note Have Been Paid In Full. The Undersigned Hereby Waives And Releases Any And All Claims Or Causes Of Action
Which The Undersigned Might Have Against Any Attorney Acting Under The Terms Of Authority Which The Undersigned Has Granted Herein
Arising Out Of Or Connected With The Confession Of Judgment Hereunder.

 

If Borrower is
resident of Ohio:

Confession
Of Judgment. The Undersigned Hereby Irrevocably Authorizes And Empowers Any Attorney-At-Law To Appear In Any Court
Of Record And To Confess Judgment Against The Undersigned For The Unpaid Amount Of This Note As Evidenced By An Affidavit
Signed By An Officer Of Lender Setting Forth The Amount Then Due, Together With All Indebtedness Provided For Therein (With
Or Without Acceleration Of Maturity), Plus Attorneys’ Fees Of Ten Percent (10%) Of The Total Indebtedness Or Five
Thousand Dollars ($5,000.00), Whichever Is The Larger Amount For The Collection, Which Borrower And Lender Agree Is
Reasonable, Plus Costs Of Suit, And To Release All Errors, And Waive All Rights Of Appeal. The Undersigned Expressly Releases
All Errors, Waives All Stay Of Execution, Rights Of Inquisition And Extension Upon Any Levy Upon Real Estate And All
Exemption Of Property From Levy And Sale Upon Any Execution Hereon; And The Undersigned Expressly Agrees To Condemnation And
Expressly Relinquishes All Rights To Benefits Or Exemptions Under Any And All Exemption Laws Now In Force Or Which May
Hereafter Be Enacted. No Single Exercise Of The Foregoing Warrant And Power To Confess Judgment Will Be Deemed To Exhaust The
Power, Whether Or Not Any Such Exercise Shall Be Held By Any Court To Be Invalid, Voidable Or Void; But The Power Will
Continue Undiminished And May Be Exercised From Time To Time As Lender May Elect Until All Amounts Owing On This Note Have
Been Paid In Full. The Undersigned Hereby Waives And Releases Any And All Claims Or Causes Of Action Which The Undersigned
Might Have Against Any Attorney Acting Under The Terms Of Authority Which The Undersigned Has Granted Herein Arising Out Of
Or Connected With The Confession Of Judgment Hereunder.

 

    8

     

    

 

WARNING--BY SIGNING THIS PAPER YOU GIVE UP YOUR
RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE
AND THE POWERS OF A COURT CAN BE USED TOCOLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TOCOMPLY WITH THE AGREEMENT, OR ANY OTHER CAUSE

 

If Borrower is
resident of Virginia:

Confession
Of Judgment. In The Event Of Any Default Under This Instrument, Including, But Not Limited To Any Payment Under
This Instrument Not Being Paid When Due, Whether At Maturity, By Acceleration Or Otherwise, Borrower Hereby Irrevocably
Appoints And Constitutes Dawn Dibenedetto Whose Address Is 400 N 8Th Street, Suite 1150, Richmond, VA 23219, Borrower’s
Duly Constituted Attorney-In-Fact To Appear In The Clerk’s Office Of The Circuit Court For City Of Richmond, Virginia
Or In Any Other Court Of Competent Jurisdiction, And To Confess Judgment Pursuant To The Provisions Of Section 8.01- 432 Of
The Code Of Virginia Of 1950, As Amended, Against Borrower For All Principal And Interest And Any Other Amounts Due And
Payable Under This Instrument As Evidenced By An Affidavit Signed By An Officer Of The Lender Setting Forth The Amount Then
Due, Together With Attorney’s Fees And Collection Fees As Provided In This Instrument (To The Extent Permitted By Law).
This Power Of Attorney Is Coupled With An Interest And May Not Be Terminated By Borrower And Shall Not Be Revoked Or
Terminated By Borrower And Shall Not Be Revoked Or Terminated By Borrower’s Death, Disability Or Dissolution. If A Copy
Of The Instrument, Verified By Affidavit, Shall Have Been Filed In The Above Clerk’s Office, It Will Not Be Necessary
To File The Original As A Warrant Of Attorney. Borrower Releases All Errors And Waives All Rights Of Appeal, Stay Of
Execution, And The Benefit Of All Exemption Laws Now Or Hereafter In Effect. Borrower Shall, Upon Lender’s Request,
Name Such Additional Or Alternative Person(S) Designated By Lender As Borrower’s Duly Constituted Attorney(S)-In-Fact
To Confess Judgment Against The Borrower. No Single Exercise Of The Power To Confess Judgment Shall Be Deemed To Exhaust The
Power And No Judgment Against Fewer Then All The Persons Constituting The Borrower Shall Bar Subsequent Action Or Judgment
Against Any One Or More Of Such Persons Against Whom Judgment Has Not Been Obtained In This Instrument.

 

If Borrower is
resident of Wisconsin:

Each Borrower who is married represents that this obligation
is incurred in the interest of his or her marriage or family.

 

If Borrower is
resident of Missouri:

Oral or unexecuted agreements or commitments to
loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are
not enforceable, regardless of the legal theory upon which it is based that is in any way related to the credit agreement. To protect
you, the Borrower(s), and us, the Lender, from misunderstanding or disappointment, any agreements we reach covering such matters
are contained in this writing, which is the complete and exclusive statement of the agreement between us, except as we may later
agree in writing to modify it.

 

If Borrower is
resident of Illinois:

Borrower Agrees That Borrower, This Note And All
Other Documents Executed In Connection Herewith, Regardless Of The Choice Of Law Made By Lender/Holder, Shall Be Governed By The
Provisions Of The Credit Agreements Act (As Enacted By And Interpreted In The State Of Illinois) (815 Ilcs 160 Et. Seq.) And As
That Act May Be Amended From Time To Time.

 

If Borrower
is resident of Oregon:

Under Oregon Law, Most Agreements, Promises And
Commitments Made By Lender Concerning Loans And Other Credit Extensions Which Are Not For Personal, Family, Or Household
Purposes Or Secured Solely By Grantor's/Borrower's Residence Must Be In Writing, Express Consideration And Be Signed By An
Authorized Representative Of Lender To Be Enforceable.

 

    9

     

    

 

If Borrower is
resident of Washington:

Oral Agreements Or Oral Commitments To Loan Money,
Extend Credit, Or To Forbear From Enforcing Repayment Of A Debt Are Not Enforceable Under Washington Law.

 

	Wells
    Fargo Bank, National Association	 
	By	 
	 	 
	Name	 
	Division Lending Manager	 
	Title 	 
	05/03/2020	 
	Date	 

 

    10

     

    

 

Borrower Acknowledgement and Acceptance

 

By signing below, and intending to be legally bound,
Borroweracknowledgesreceipt of the Agreement.

 

	Emcore Corporation	 
		 
		 
	 	 

	Title (Borrower’s Title)	 

 

If Borrower is
resident of Delaware, Pennsylvania, Ohio, Maryland or Virginia:

 

	 	 
	Borrower (Borrower’s Name)	 
	Wells Fargo Bank, National Association	 
	Lender	 
	05/03/2020 | 4:06:30 PM CDT	 
	Date	 

 

Disclosure for
Confession of Judgment

 

I/We
have executed a Promissory Note (the “Note”) obligating Borrower to repay the amount described therein.

 

		 	 	 	 
	  	 	Initials	 	Initials

 

I/We understand that the Note contains wording that would
permit Lender to enter judgment against Borrower in Court, without advance notice to Borrower and without offering Borrower an
opportunity to defend against the entry of judgment, and that the judgment may be collected immediately by any legal means.

 

	 	 	 	 	 
	   	 	Initials	 	Initials

 

In executing the Note, Borrower is knowingly, understandingly and voluntarily
waiving its rights to resist the entry of judgment against it at the courthouse, including any right to advance notice of the
entry of, or execution upon, said judgment, and Borrower is consenting to the confession of judgment.

 

	 	 	 	 	 
	  	 	Initials	 	Initials

 

    11Exhibit

Exhibit 10.1
RESTRICTED STOCK UNIT AGREEMENT
For Outside Director Grantees

Awarded to: participant name
Grant Date: grant date
Number of Shares: shares

This Restricted Stock Unit Agreement (the “Agreement”) is made between FLIR Systems, Inc. (“the Company”) and you, an Outside Director of the Company (the “Grantee”).   

The Company sponsors the FLIR Systems, Inc. 2011 Stock Incentive Plan, as amended (the “Plan”). The Plan governs the terms of the award referenced in this Agreement and controls in the event of any ambiguity between the Plan and this Agreement. A copy of the Plan as amended can be found on the Company intranet or may be obtained by contacting the Company’s Human Resources Department. The terms and provisions of the Plan are incorporated herein by reference. By signing this Agreement, you acknowledge that you have obtained and reviewed a copy of the Plan. When used herein, the capitalized terms that are defined in the Plan shall have the meanings given to them in the Plan, including the term “Committee,” which means the Compensation Committee of the Company’s Board of Directors. 

Your failure to execute this Agreement within 180 days of the Grant Date may result in its cancellation.

In recognition of the value of your contribution to the Company, you and the Company mutually covenant and agree as follows: 

1.Grant.  Subject to the terms and conditions of the Plan and this Agreement, the Company grants to you, Grantee, the right to receive on the vesting date described herein shares of the Company’s common stock (the “Shares”) under the terms hereof.

2.No Rights as Shareholder Prior to Issuance and Delivery of Shares.  Grantee shall not be deemed for any purpose to be a shareholder of the Company as to any Shares subject to this Agreement, including the right to any dividends issued over the vesting period, until the Shares have been issued and delivered to Grantee in accordance with the Plan and this Agreement.

3.Dividend Equivalents.  If the Company declares one or more cash or stock dividends on the Shares during the period commencing on the Grant Date and ending on and including the day immediately preceding the day on which the Shares subject to this Agreement are issued to you, then, on the date each such dividend is paid to the holders of Shares, you shall be credited with dividend equivalent units (“Dividend Equivalent Units”) in accordance with the following:

		
	(a)
	If a dividend with respect to the Shares is payable in cash, then, as of the applicable dividend payment date, you shall be credited with that number of Dividend 

 

Equivalent Units (rounded to the nearest whole unit) equal to (i) the amount of the cash dividend payable with respect to a Share, multiplied by (ii) the number of Shares subject to this Agreement that are outstanding as of the record date of such dividend, divided by (iii) the closing price of a Share on the dividend payment date.

		
	(b)
	If a dividend with respect to the Shares is payable in Shares, then, as of the dividend payment date, you shall be credited with that number of Dividend Equivalent Units (rounded to the nearest whole unit) equal to (i) the number of Shares distributed in the dividend with respect to a Share, multiplied by (ii) the number of Shares subject to this Agreement that are outstanding as of the record date of such dividend.

Any such Dividend Equivalent Units credited hereunder shall be subject to the same terms and conditions which apply to the underlying Shares to which they relate and shall vest and settle, or be forfeited, as applicable, at the same time and in the same manner as the underlying Shares to which they relate.  The foregoing does not obligate the Company to pay dividends on the Shares and nothing in the Plan or in this Agreement shall be interpreted as creating such an obligation.  Notwithstanding anything to the contrary in this Agreement, if the Shares subject to this Agreement are scheduled to vest and settle between a dividend record date and a dividend payment date, then Dividend Equivalent Units with respect to such dividend shall be credited and paid to you on the earlier of (x) the dividend payment date for such dividend and (y) March 15th following the date on which the underlying Shares to which the Dividend Equivalent Units relate vest. 

4.Vesting.  The Shares subject to this Agreement shall vest as follows:  One hundred percent (100%) on the date of the Company’s Annual Shareholders’ Meeting in the year following the date of grant.  Once the Shares vest in accordance with the terms of this Agreement or the Plan, the Company shall issue and deliver a stock certificate (or other evidence of ownership) for a corresponding number of Shares to Grantee on, or within 30 days following, the applicable vesting date or, if later, the date on which the Shares are distributed pursuant to the terms of the Company’s Stock Deferral Plan.

5.Rights of Grantee with Respect to Shares Delivered.  Grantee shall enjoy all shareholder rights with respect to Shares that have been issued and delivered, subject to any restrictions on sale imposed by any share ownership restrictions that are in place as of the date of this agreement.

6.Termination of Service.  In the event that Grantee's continuous service with the Company and its Subsidiaries terminates for any reason other than due to death or a Qualifying Disability, as defined in Section 7, the Shares subject to this Agreement shall immediately expire and no additional Shares shall be issued and delivered to Grantee pursuant to this Agreement.  In the event of a dispute as to the date of termination of Grantee's service for purposes of the Plan, such date shall be determined by the Committee, in its sole discretion, which determination shall be final.

 

7.Death or Qualifying Disability.  In the event of Grantee’s death or in the event that Grantee’s continuous service with the Company and its Subsidiaries terminates as a result of Grantee’s Qualifying Disability, the Shares subject to this Agreement shall immediately vest.  For purposes of this Agreement, a “Qualifying Disability” shall mean a Disability, as defined below, which the Committee determines is expected to prevent Grantee from thereafter engaging in any gainful employment.  For purposes of this Agreement, a “Disability” shall mean a total and permanent disability as defined in section 22(e)(3) of the Code.  The determination of whether Grantee’s Disability is a Qualifying Disability shall be made by the Committee in its sole discretion, and such determination shall be final.

8.Change in Control. In the event of a Change in Control in which the award referenced in this Agreement is not being assumed or continued, the Shares subject to this Agreement shall immediately vest on the date of such Change in Control (as defined below).

(a)For purposes of this Agreement, the term “Change in Control” shall mean the occurrence of a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Company.  In determining whether an event shall be considered a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Company, the following provisions shall apply: (i)  a “change in the ownership” of the Company shall occur on the date on which any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company, as determined in accordance with Treasury Regulation §1.409A-3(i)(5)(v); (ii) a “change in the effective control” of the Company shall occur on the date on which a majority of the members of the Company’s Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election, as determined in accordance with Treasury Regulation §1.409A-3(i)(5)(vi); and (iii) a “change in the ownership of a substantial portion of the assets” of the Company shall occur on the date on which any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, as determined in accordance with Treasury Regulation §1.409A-3(i)(5)(vii). A transfer of assets shall not be treated as a “change in the ownership of a substantial portion of the assets” when such transfer is made to an entity that is controlled by the shareholders of the Company, as determined in accordance with Treasury Regulation §1.409A-3(i)(5)(vii)(B).

9.Nontransferability of this Agreement.  Neither this Agreement nor the Shares subject to this Agreement may be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of, other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company, and any such attempted action shall be void.

 

10.Taxes.  The vesting and issuance of Shares to Grantee is a taxable event, and Grantee shall be solely responsible for all income and other taxes due to any taxing authority with respect to this Agreement.  

11.Exclusion of Shares from Compensation.  Shares issued and delivered to Grantee pursuant to the Plan will not constitute compensation to Grantee for purposes of any retirement, life insurance or other employee benefit plan of the Company.

12.Termination of Agreement.  This Agreement shall terminate when no further Shares may be delivered to Grantee pursuant to this Agreement.

13.Governing Law.  This Agreement is governed by, and subject to, the laws of the State of Oregon, as provided in the Plan. For purposes of litigating any dispute that arises under this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Oregon, and agree that such litigation shall be conducted in the appropriate state or federal court of Oregon. 

14.Electronic Delivery and Participation.  The Company may, in its sole discretion, deliver any documents related to the award referenced in this Agreement or to participation in the Plan or to future awards that may be granted under the Plan by electronic means or to request Grantee’s consent to participate in the Plan by electronic means.  Grantee hereby consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

15.Severability.  The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

16.Insider Trading Restrictions.  Grantee acknowledges that Grantee may be subject to insider trading restrictions, which may affect his or her ability to acquire or dispose of Shares or rights to Shares (e.g., restricted stock units) acquired under the Plan during such times as Grantee is considered to have “inside information” regarding the Company.  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  Grantee is responsible for ensuring compliance with any applicable restrictions and is advised to consult his or her personal legal advisor on this matter.

17.Section 409A.  Notwithstanding anything in the Plan, this Agreement or any other agreement (whether entered into before, on or after the Grant Date) to the contrary, if the vesting of the balance, or some lesser portion of the balance, of the Shares is accelerated in connection with Grantee’s “separation from service” within the meaning of Section 409A, as determined by the Company, other than due to death, and if (x) Grantee is a U.S. taxpayer and a “specified employee” within the meaning of Section 409A at the time of such separation from service and (y) the payment of such accelerated Shares will result in the imposition of additional tax under Section 409A if paid 

 

to Grantee on or within the six (6) month period following Grantee’s separation from service, then the payment of such accelerated Shares will not be made until the date six (6) months and one (1) day following the date of Grantee’s separation from service, unless Grantee dies following his or her separation from service, in which case, the Shares will be paid to Grantee’s estate as soon as practicable following his or her death.  It is the intent of this Agreement that it and all payments and benefits to U.S. taxpayers hereunder be exempt from, or comply with, the requirements of Section 409A so that none of the Shares provided under this Agreement will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply.  Each payment payable to a U.S. taxpayer under this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).  For purposes of this Agreement, “Section 409A” means Section 409A of the Code, and any final Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time.

FLIR SYSTEMS, INC.                GRANTEE
                
James J. Cannon                    Name
President and Chief Executive Officer        Signed Electronically

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