Document:

Exhibit

Exhibit 10.2

AMERICAN WATER WORKS COMPANY, INC. 
AND ITS DESIGNATED SUBSIDIARIES 
2017 NONQUALIFIED EMPLOYEE STOCK PURCHASE PLAN

(as amended and restated as of February 5, 2019)
The purpose of this American Water Works Company, Inc. and its Designated Subsidiaries 2017 Nonqualified Employee Stock Purchase Plan is to provide Eligible Employees of AWW and its Subsidiaries an opportunity to purchase shares of Stock of AWW. The Board of Directors of AWW believes that employee stock ownership will benefit both Eligible Employees and AWW’s stockholders. The Plan is not intended to qualify as an “Employee Stock Purchase Plan,” as set forth in section 423 of the Code. All capitalized terms shall have the meaning set forth for such term under Article I below.
ARTICLE I 
DEFINITIONS 
Section 1.01 “Applicable Holding Period” means, subject to Section 5.05 below, the six (6) month period following the Purchase Date during which a Participant is required to hold any shares of Stock purchased on his or her behalf pursuant to the Plan; provided, however, in the event of a Participant’s death, the Applicable Holding Period shall be deemed satisfied as of the Participant’s date of death. 
Section 1.02 “AWW” means American Water Works Company, Inc. 
Section 1.03 “Board of Directors” means the Board of Directors of AWW. 
Section 1.04 “Code” means the Internal Revenue Code of 1986, as amended. 
Section 1.05 “Committee” means the committee appointed by the Board of Directors to administer the Plan, as provided in Section 5.04 below. 
Section 1.06 “Compensation” means a Participant’s base wages, exclusive of overtime pay, commissions, bonuses, premium pay, shift differential pay, any compensation reductions made in connection with plans described in sections 401(k), 125 or 132(f)(4) of the Code, and any other extraordinary remuneration, as determined by the Committee, or its delegate 
Section 1.07 “Effective Date” shall mean February 5, 2019, the effective date of the amendment and restatement of the Plan.  The “Original Effective Date” is August 5, 2017.
Section 1.08 “Election Date” means the first day of the month of each calendar quarter or such other dates as the Committee shall specify. The first Election Date for the Plan shall be the Original Effective Date. 
Section 1.09 “Eligible Employee” 
 
     (a)    Subject to Section 1.09(b) and Section 1.09(c) below, the term “Eligible Employee” includes each employee, including a part-time employee, of the Employer. 
 
     (b)    Notwithstanding Section 1.09(a) above, the term “Eligible Employee” shall not include: 
 
         (i)    an employee who is classified by the Committee, or its delegate, as a temporary employee or leased employee;
         (ii)    with respect to any Purchase Period, an employee who terminates employment, dies or is determined to be disabled prior to the applicable Purchase Date;
(iii)    unless the Committee specifically designates otherwise as set forth in Section 1.21 below, an employee who is employed by a non-U.S. subsidiary; 
(iv)    an employee who has been determined by the Board of Directors to be an “officer,” as such term is defined in Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934, as amended, as such rule may be in effect from time to time, with respect to AWW; or
(v)    an employee who owns stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Employer, which shall be determined by applying rules consistent with those reflected in section 423(b)(3) of the Code, which would otherwise apply if the Plan were intended to be a qualified employee stock purchase plan.

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      (c)    Notwithstanding anything herein to the contrary, if an employee’s status changes during the Purchase Period, but such change in status is not otherwise discovered or brought to the attention of the Committee within a reasonable period prior to any Purchase Date, the Committee, or its delegate, may deem such individual to be an Eligible Employee despite the exclusions described in this Section 1.09. 
Section 1.10 “Employer” means AWW and each Subsidiary. 
Section 1.10A “Fixed Contribution Amount” means an amount of Compensation paid to, or on behalf of, a Participant during a payroll period in a Purchase Period, that is selected by the Participant (in whole dollars only) for deduction and contribution to the Plan with respect to a Purchase Period, up to the lesser of:
		
	(a)
	the Participant’s Net Compensation for such payroll period; and

		
	(b)
	$2,500, or such other amount as may be determined by the Committee;

provided, however, that no deduction of the Fixed Contribution Amount may result in a Participant exceeding the aggregate Maximum Deduction Amount as provided in Section 1.12(b) hereof.
Section 1.11 “Market Value” means the last price for the Stock as reported on New York Stock Exchange for the date of reference. If there was no such price reported for the date of reference, “Market Value” means the last reported price for the Stock on the day immediately preceding the date of reference for which such price was reported or, if there was no such reported price, the fair market value of a share of Stock as determined by the Committee. 
Section 1.12 “Maximum Deduction Amount” means, unless otherwise adjusted by the Committee: 
 
		
	(a)
	with respect to a Purchase Period, the Percentage Contribution Amount or, if applicable, Fixed Contribution Amount, as selected by a Participant; and

		
	(b)
	with respect to all deductions by a Participant under the Plan during a Plan Year, $25,000 in the aggregate.

 
Section 1.12A “Net Compensation” means, with respect to a payroll period in a Purchase Period, the amount of Compensation paid to, or on behalf of, a Participant during such payroll period, minus all applicable federal (including FICA), state and local tax withholding requirements, and any and all other payroll deductions and other withholdings (other than the Fixed Contribution Amount with respect to such Purchase Period) required or elected by the Participant to be made therefrom during such Purchase Period, rounded down to the next whole dollar.
Section 1.13 “Participant” means each Eligible Employee who: 
 
     (a)    elects to participate in the Plan in accordance with Article II;
 
     (b)    acknowledges and agrees to abide by the Applicable Holding Period and 
 
     (c)    has not otherwise voluntarily elected to cease his or her participation in the Plan and has not otherwise requested and received all funds held on account of the Participant in the Plan.
Section 1.13A “Percentage Contribution Amount” means a percentage, as selected by a Participant, from one percent (1%) to ten percent (10%) of each payment of Compensation paid to, or on behalf of, a Participant during a Purchase Period.

Section 1.14 “Plan” means the American Water Works Company, Inc. and its Designated Subsidiaries 2017 Nonqualified Employee Stock Purchase Plan, as set forth herein and as hereafter amended. 
Section 1.15 “Plan Year” means each calendar year during which the Plan is in effect. 
Section 1.16 “Purchase Agreement” means the instrument or other method prescribed by the Committee or its delegate pursuant to which an Eligible Employee may enroll as a Participant and subscribe for the purchase of shares of Stock on the terms and conditions offered by AWW. The Purchase Agreement is intended to evidence AWW’s offer of an option to the Eligible Employee to purchase Stock on the terms and conditions set forth therein and herein; provided, however, in the event of a conflict between the Purchase Agreement and this Plan, the terms of the Plan shall control. 
Section 1.17 “Purchase Date” means the last Trading Date of each Purchase Period. 
Section 1.18 “Purchase Period” means each three (3) month period, or such other period specified by the Committee, beginning on or after the Original Effective Date, during which the Participant’s Stock purchase is funded through payroll deduction accumulations (and, if applicable, contributions made pursuant to Section 2.05(c) below). The first Purchase Period 

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shall begin on the Original Effective Date and continue until the last Trading Date of the calendar quarter next following the Original Effective Date. Unless the Committee determines otherwise, each subsequent Purchase Period, after the first Purchase Period, shall begin on the first day of the calendar quarter next following the preceding Purchase Date and continue until the last Trading Date of the calendar quarter in which such Purchase Period began. 
Section 1.19 “Purchase Price” means the purchase price for shares of Stock purchased under the Plan, determined as set forth in Section 3.01 below. 
Section 1.20 “Stock” means the common stock, par value $0.01 per share, of AWW. 
Section 1.21 “Subsidiary” 
 
     (a)    The term “Subsidiary” means any present or future corporation, trust, partnership, limited partnership, limited liability company or other entity, of which the Company or another Subsidiary owns greater than fifty percent (50%) of the aggregate voting interests in such entity and that is designated as a participating entity in the Plan by the Committee or its delegate.
 
     (b)    Unless the Committee specifically designates otherwise, a non-U.S. subsidiary shall not be considered a Subsidiary for purposes of the Plan, and employees of such a subsidiary shall not be Eligible Employees. 
Section 1.22 “Trading Date” means a day on which the New York Stock Exchange is open for trading. 
 
ARTICLE II 
PARTICIPATION 
Section 2.01 Initial Participation. An Eligible Employee may elect to participate in the Plan by properly executing a Purchase Agreement and filing such Purchase Agreement with the Committee or its delegate, at such time in advance of the Election Date as the Committee or its delegate shall prescribe. 
Section 2.02 Continuation of Participation. 
 
     (a)    The Purchase Agreement shall remain in effect until it is modified through discontinuance of participation under Section 2.03 below or otherwise changed under Section 2.05 below. 
 
     (b)    A Participant who is on a leave of absence approved by an Employer may continue to participate in the Plan during the leave of absence to the extent such Participant continues to receive Compensation, which is sufficient to satisfy the payroll deductions and any other legally required deductions or withholding obligations, as the Committee, or its delegate, may determine.
Section 2.03 Discontinuance of Participation. 
 
     (a)    To the extent legally permissible, a Participant may voluntarily cease his or her participation in the Plan and stop payroll deductions at any time by filing a notice of cessation of participation on such form and at such time in advance of the Purchase Date as the Committee, or its delegate, shall prescribe. A Participant who ceases contributions during a Purchase Period may not make additional contributions to the Plan during the Purchase Period and may request payment of any funds held for the Participant under the Plan on such form and at such time in advance of the Purchase Date as the Committee, or its delegate, shall prescribe. Any funds remaining in the Participant’s account on the Purchase Date shall be used to purchase Stock pursuant to Section 3.04 below, if the Participant is then an Eligible Employee. 
 
     (b)    Notwithstanding subsection Section 2.03, if a Participant ceases to be an Eligible Employee, his or her participation in the Plan shall automatically cease and no further purchase of Stock shall be made for the Participant. Any funds held for the Participant under the Plan shall be distributed to the Participant. 
Section 2.04 Readmission to Participation. 
 
     (a)    Any Eligible Employee who: 
 
         (i)    was previously a Participant; 
 
         (ii)    discontinued participation (whether by cessation of eligibility or otherwise); and 
 
         (iii)    wishes to be reinstated as a Participant, may again become a Participant by executing and filing with the Committee a new Purchase Agreement. 
 
     (b)    Reinstatement as a Participant shall be effective as of the next Election Date, provided the Participant is an Eligible Employee and the Participant files a new Purchase Agreement with the Committee, or its delegate, at such time in advance of the Election Date as the Committee, or its delegate, shall prescribe. 

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Section 2.05 Payroll Deductions and Deposits. 
 
     (a)    Each Participant shall authorize after-tax payroll deductions from his or her Compensation for the purpose of funding the purchase of Stock pursuant to his or her Purchase Agreement. In the Purchase Agreement, each Participant shall authorize the withholding of the Percentage Contribution Amount, or the Fixed Contribution Amount (but not both), if the Committee or its delegate has elected to provide for a Fixed Contribution Amount, from each payment of Compensation during the Purchase Period, which, together with his or her contributions toward the purchase of Stock pursuant to subsection (c) below, may not exceed, in the aggregate for such Plan Year, the Maximum Deduction Amount. 
 
     (b)    To the extent permissible by law or under the Plan, if a Fixed Contribution Amount has been provided for pursuant to Section 2.05(a), a Participant may change his or her deduction from a Fixed Contribution Amount to a Percentage Contribution Amount (or vice versa), and may change the amount of the Participant’s deduction to any permissible amount or percentage, as the case may be, as permitted by the Committee or its delegate, as of any time prior to an Election Date. A change shall be made by filing with the Committee or its delegate a new Purchase Agreement, which shall become effective as soon as administratively practicable following receipt by the Committee or its delegate. 
 
     (c)    The Committee may allow Participants to deposit funds with AWW to be used for the purpose of purchasing Stock pursuant to their Purchase Agreements, in addition to payroll deductions pursuant to Section 2.05(a) above; provided, however: 
 
         (i)    the total amount that a Participant may contribute to the Plan during a Purchase Period (through payroll deductions and deposits) may not exceed the Maximum Deduction Amount, and 
 
         (ii)    the deposit of funds by a Participant will only be permitted if the Participant designates the timing and amount to be deposited on an executed Purchase Agreement that is filed with the Committee, or its delegate, at such time in advance of the Election Date as the Committee shall prescribe.
Section 2.06 Participant Rights and Privileges. Notwithstanding anything herein to the contrary, all Participants shall have the same rights and privileges within the meaning of Section 423(b)(5) of the Code. 
 
ARTICLE III 
STOCK PURCHASE AND DISTRIBUTION 
Section 3.01 Purchase Price of Shares. Unless the Committee determines otherwise, the Purchase Price per share of the Stock to be sold to Participants under the Plan shall be 85% of the Market Value of such share on the Purchase Date.
 
Section 3.02 Exercise of Purchase Privilege. 
 
     (a)    As of the first day of each Purchase Period, each Participant shall be granted an option to purchase shares of Stock at the Purchase Price specified in Section 3.01 above. The option shall continue in effect through the Purchase Date for the Purchase Period. Subject to the provisions of Section 3.04 below, on each Purchase Date, the Participant shall automatically be deemed to have exercised his or her option to purchase shares of Stock, unless he or she notifies the Committee or its delegate, in such manner and at such time in advance of the Purchase Date as the Committee shall prescribe, of his or her desire to forfeit such option and subject to any restrictions that may be imposed by the Committee, to receive a refund of any outstanding amounts that have been deducted pursuant to the Participant’s Purchase Agreement or contributed toward the purchase of Stock pursuant to Section 2.05(c) above. 
 
     (b)    Subject to the provisions of Section 3.02 above and Section 3.04 below, there shall be purchased for the Participant on each Purchase Date, at the Purchase Price for the Purchase Period, the largest number of shares of Stock, including fractional shares thereof, as can be purchased with the amounts deducted from the Participant’s Compensation, or contributed toward the purchase of Stock pursuant to Section 2.05(c) above, during the Purchase Period. 
 
     (c)    Notwithstanding anything herein to the contrary, in the unlikely event or limited instances that any amounts that are attributable to a Participant’s deductions or contributions remain after the purchase of shares of Stock on a Purchase Date, such amounts shall be returned to the Participant, in accordance with Section 3.04(c) below, as soon as administratively practicable. 
Section 3.03 Reservation of Shares. There shall be two million (2,000,000) shares of Stock reserved for issuance or transfer under the Plan, subject to adjustment in accordance with Section 4.02 below. The aggregate number of shares of Stock that may be purchased under the Plan shall not exceed the number of shares of Stock reserved under the Plan. 
 
Section 3.04 Limitation on Shares to Be Purchased. 
 
     (a)    Subject to Section 3.04(a)(iii) below, the maximum number of shares of Stock that may be purchased for each Participant on a Purchase Date is the least of: 
 

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         (i)    the number of shares of Stock that can be purchased by applying the full balance of the Participant’s deducted or deposited funds to the purchase of shares of Stock at the Purchase Price; 
 
         (ii)    the Participant’s proportionate part of the maximum number of shares of Stock available under the Plan, as provided in Section 3.03 and Section 4.01(a) below; or 
 
         (iii)    five thousand (5,000) shares of Stock, subject to adjustment as described in Section 4.02 below. 
 
     (b)    Notwithstanding Section 3.04(a) above, before the beginning of a Purchase Period, the Committee, in its sole and absolute discretion, may increase or decrease the maximum share limit for the Purchase Period and subsequent Purchase Periods. The adjusted maximum share limit shall continue in effect until again adjusted by the Committee. 
 
     (c)    Any amounts deducted from a Participant’s Compensation that cannot be applied to the purchase of Stock on a Purchase Date by reason of the foregoing limitations described in Section 3.04(a) above, shall be returned to the Participant, as soon as administratively practicable. 
Section 3.05 Payment for Stock. The Purchase Price for all shares of Stock purchased by a Participant under the Plan shall be paid out of the Participant’s authorized payroll deductions (and any deposits made by a Participant pursuant to Section 2.05(c) above, if permitted by the Committee). All funds received or held by AWW under the Plan are general assets of AWW, shall be held free of any trust requirement or other restriction, and may be used for any corporate purpose. 
Section 3.06 Share Ownership; Issuance of Certificates. 
 
     (a)    The shares of Stock purchased by a Participant on a Purchase Date shall, for all purposes, be deemed to have been issued or sold at the close of business on the Purchase Date. Prior to that time, none of the rights or privileges of a stockholder of AWW shall inure to the Participant with respect to such shares of Stock. All the shares of Stock purchased under the Plan shall be delivered by AWW in a manner as determined by the Committee following the Participant’s satisfaction of the Applicable Holding Period. 
 
     (b)    The Committee, or its delegate, may determine that shares of Stock shall be delivered by: 
 
         (i)    issuing and delivering the number of shares of Stock purchased to a firm which is a member of the Financial Industry Regulatory Authority, as selected by the Committee from time to time, which shares shall be maintained by such firm in a separate brokerage account for each Participant, or 
 
         (ii)    issuing and delivering the number of shares of Stock purchased by Participants to a bank or trust company or affiliate thereof, as selected by the Committee from time to time, which shares may be held by such bank or trust company or affiliate in street name, but with a separate account maintained by such entity for each Participant reflecting such Participant’s share interests in the Stock. 
 
     (c)    Each account described in Section 3.06(b) above shall be in the name of the Participant. 
Section 3.07 Distribution of Shares or Resale of Stock. 
 
     (a)    A Participant may request a distribution of shares of Stock purchased for the Participant under the Plan or order the sale of such shares following the Participant’s satisfaction of the Applicable Holding Period, by making a request in such form and at such time as the Committee shall prescribe. 
 
     (b)    If a Participant terminates his or her employment with the Employer or otherwise ceases to be an Eligible Employee, following the Participant’s satisfaction of the Applicable Holding Period, the Participant shall receive a distribution of his or her shares of Stock held in any stockholder account established pursuant to Section 3.06(b) above, which shall be effectuated by the Committee in a manner that it deems reasonable and appropriate, as determined by the Committee, or its delegate, or, in lieu of the receipt of shares of Stock, the Participant may alternatively elect to instead have the shares of Stock sold, in accordance with such procedures as the Committee shall prescribe. 
 
     (c)    If a Participant is to receive a distribution of shares of Stock, or if shares are to be sold, the distribution or sale shall be made in shares of Stock. Any brokerage commissions resulting from a sale of Stock shall be deducted from amounts payable to the Participant. 
ARTICLE IV 
SPECIAL ADJUSTMENTS 
Section 4.01 Shares Unavailable. If, on any Purchase Date, the aggregate funds available for the purchase of Stock would otherwise permit the purchase of a number of shares Stock in excess of the number then available for purchase under the Plan, the following adjustments shall be made: 
 

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     (a)    The number of shares of Stock that would otherwise be purchased by each Participant shall be proportionately reduced on the Purchase Date in order to eliminate such excess; and 
 
     (b)    The Plan shall automatically terminate immediately after the Purchase Date as of which the supply of available shares is exhausted, unless the Board of Directors determines otherwise. 
 
Section 4.02 Anti-Dilution Provisions. The aggregate number of shares of Stock reserved for purchase under the Plan, as provided in Section 3.03 above, the maximum number of shares that may be purchased by a Participant as provided in Section 3.04 above, and the calculation of the Purchase Price per share shall be equitably adjusted by the Committee to reflect any increase or decrease in the number of issued shares of Stock resulting from a subdivision or consolidation of shares or other capital adjustment, the payment of a stock dividend, or other increase or decrease in the shares, if effected without receipt of consideration by AWW. 
Section 4.03 Effect of Certain Transactions. Subject to any required action by the stockholders, if AWW shall be the surviving corporation in any merger or consolidation, any offering hereunder shall continue to pertain to and apply to the shares of stock of AWW. However, in the event of a dissolution or liquidation of AWW, or a merger or consolidation in which AWW is not the surviving corporation, the Plan and any offering hereunder shall terminate upon the effective date of such dissolution, liquidation, merger or consolidation, unless the Board of Directors determines otherwise, and the balance of any amounts deducted from a Participant’s Compensation (or deposited pursuant to Section 2.05(c) above) which have not by such time been applied to the purchase of Stock shall be returned to the Participant, as soon as reasonably practicable. 
ARTICLE V 
MISCELLANEOUS 
Section 5.01 Non-Alienation. Except as set forth below, the right to purchase shares of Stock under the Plan is personal to the Participant, is exercisable only by the Participant during the Participant’s lifetime and may not be assigned or otherwise transferred by the Participant. If a Participant dies, unless the executor, administrator or other personal representative of the deceased Participant directs otherwise, any amounts previously deducted from the Participant’s Compensation (or deposited pursuant to Section 2.05(c) above before the Participant’s death) during the Purchase Period in which the Participant dies shall be used to purchase Stock on the Purchase Date for the Purchase Period. After that Purchase Date, there shall be delivered to the executor or administrator or other personal representative of the deceased Participant all shares of Stock and such residual amounts as may remain to the Participant’s credit under the Plan. 
Section 5.02 Administrative Costs. AWW shall pay the administrative expenses associated with the operation of the Plan (other than brokerage commissions resulting from sales of Stock directed by Participants). 
Section 5.03 No Interest. No interest shall be payable with respect to amounts withheld or deposited under the Plan. 
Section 5.04 Committee. The Board of Directors shall appoint the Committee, which shall have the express discretionary authority and power to administer the Plan and to make, adopt, construe, and enforce rules and regulations not inconsistent with the provisions of the Plan. The Committee shall adopt and prescribe the contents of all forms required in connection with the administration of the Plan, including, but not limited to, the Purchase Agreement, payroll deduction authorizations, requests for distribution of shares, and all other notices required hereunder. The Committee shall have the fullest discretion permissible under law in the discharge of its duties. The Committee’s interpretations and decisions with respect to the Plan shall be final and conclusive. The Committee may delegate certain administrative or ministerial matters under the Plan to one or more officer or officers of the Company (or their designees) as determined in the Committee’s discretion, and such persons may have the authority to (i) maintain or cause to be maintained (including through a third party administrator) records relating to the operation and maintenance of the Plan; (ii) process or oversee the issuance of, or cause to be issued, shares to a Participant upon the sale of Stock under the Plan; and (iii) take such other administrative or ministerial actions, or cause such actions to be taken, as the Committee may authorize.
 
Section 5.05 Withholding of Taxes; Notification of Transfer. All acquisitions and sales of Stock under the Plan shall be subject to applicable federal (including FICA), state and local tax withholding requirements if the Internal Revenue Service or other taxing authority requires such withholding. AWW may require that Participants pay to AWW (or make other arrangements satisfactory to AWW for the payment of) the amount of any Federal, state or local taxes that AWW is required to withhold with respect to the purchase of Stock or the sale of Stock acquired under the Plan, or instead deduct from the Participant’s wages or other compensation the amount of any withholding taxes due with respect to the purchase of Stock or the sale of Stock acquired under the Plan. 

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Section 5.06 Amendment of the Plan. The Board of Directors may, at any time and from time to time, amend the Plan in any respect, except that any amendment that is required to be approved by the stockholders shall be submitted to the stockholders of AWW for approval. 
Section 5.07 Expiration and Termination of the Plan. The Plan shall continue in effect for ten years from the Original Effective Date, unless terminated prior to that date pursuant to the provisions of the Plan or pursuant to action by the Board of Directors. The Board of Directors shall have the right to terminate the Plan at any time without prior notice to any Participant and without liability to any Participant. Upon the expiration or termination of the Plan, the balance, if any, then standing to the credit of each Participant from amounts deducted from the Participant’s Compensation or deposited by the Participant which has not, by such time, been applied to the purchase of Stock shall be refunded to the Participant. 
Section 5.08 No Employment Rights. Participation in the Plan shall not give an employee any right to continue in the employment of an Employer, and shall not affect the right of the Employer to terminate the employee’s employment at any time, with or without cause. 
Section 5.09 Repurchase of Stock. AWW shall not be required to purchase or repurchase from any Participant any of the shares of Stock that the Participant acquires under the Plan. 
Section 5.10 Notice. A Purchase Agreement and any notice that a Participant files pursuant to the Plan shall be on a form prescribed by the Committee and shall be effective only when received by the Committee or its delegate. Delivery of such forms may be made by hand or by certified mail, sent postage prepaid, to AWW’s Senior Vice President of Human Resources, or such other address as the Committee may designate. Delivery by any other mechanism shall be deemed effective at the option and discretion of the Committee. 
Section 5.11 Government Regulation. AWW’s obligation to sell and to deliver the Stock under the Plan is at all times subject to all approvals of any governmental authority required in connection with the authorization, issuance, sale or delivery of such Stock. 
Section 5.12 Internal Revenue Code and ERISA Considerations. The Plan is neither intended to constitute an “employee stock purchase plan” within the meaning of section 423 of the Code nor intended to be construed as constituting an “employee benefit plan,” within the meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 
 
Section 5.13 Section 409A.  The Plan is intended to comply with the requirements of section 409A of the Code, to the extent applicable.  All options granted under the Plan shall be construed and administered such that such option either (i) qualifies for an exemption from the requirements of section 409A of the Code or (ii) satisfies the requirements of section 409A of the Code.  If an option is subject to section 409A of the Code, the exercise of such option shall only be made in a manner and upon an event permitted under section 409A of the Code and in no event shall an Eligible Employee, directly or indirectly, designate the calendar year in which an exercise occurs.  Notwithstanding the foregoing, although options are intended to be exempt from, or comply with, the requirements of section 409A of the Code, and the Plan shall be interpreted accordingly, AWW does not warrant that any option will qualify for favorable tax treatment under section 409A of the Code or any other provision of federal, state, local or foreign law.  AWW shall not be liable to any Eligible Employee for any tax the Eligible Employee might owe as a result of the grant or exercise of an option, or holding of any shares of Stock received upon exercise of the option, under the Plan.  

Section 5.14 Headings, Captions, Gender. The headings and captions herein are for convenience of reference only and shall not be considered as part of the text. The masculine shall include the feminine, and vice versa. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may read as the plural and the plural as the singular. 
Section 5.15 Severability of Provisions, Prevailing Law. The provisions of the Plan shall be deemed severable. In the event any such provision is determined to be unlawful or unenforceable by a court of competent jurisdiction or by reason of a change in an applicable statute, the Plan shall continue to exist as though such provision had never been included therein (or, in the case of a change in an applicable statute, had been deleted as of the date of such change). The Plan shall be governed by the laws of the State of New Jersey to the extent such laws are not in conflict with, or superseded by, federal law. 

7STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”),
dated as of October 31, 2018, is by and between RAP Acquisition Inc., a New Jersey corporation (“Buyer”), and
RF Industries, Ltd., a Nevada corporation (“Seller”).

 

WHEREAS, Seller owns, directly, beneficially,
and of record, 25 shares (the “Shares”) of the common stock of Comnet Telecom Supply, Inc., a New York corporation
(the “Company”), representing all of the issued and outstanding capital stock of the Company;

 

WHEREAS, the Company is engaged in the business
of designing, manufacturing, assembling, purchasing, distributing, and selling standard and custom equipment and cabling products
used by telecommunications carriers, co-location center operators and other telecommunication and data center companies including,
without limitation, fiber optics cable, copper cabling, custom patch cord assemblies, transceivers/converters, data center consoles
and other data center equipment (such as server cabinets and network racks) (collectively, the “Business”);

 

WHEREAS, Seller, directly or through is
other wholly-owned subsidiaries (other than the Company) is engaged in business similar to the Business as conducted by the Company
on the date of this Agreement; and

 

WHEREAS, Seller wishes to sell, assign and
transfer the Shares to Buyer, and Buyer wishes to purchase the Shares from Seller, in exchange for the consideration and upon the
terms and subject to the conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the
representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the receipt,
adequacy and sufficiency of which are hereby acknowledged, and upon the terms and subject to the conditions hereinafter set forth,
the parties hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE I

DEFINED TERMS

 

The terms defined below, whenever used in
this Agreement (including in the Schedules), shall have the respective meanings indicated below for all purposes of this Agreement.
All references herein to a Section, Exhibit or Schedule are to a Section, Exhibit or Schedule of or to this Agreement, unless otherwise
indicated.

 

“Affiliate” means, with
respect to a particular Person, a Person that directly or indirectly, through one or more intermediaries, Controls, is controlled
by, or is under common control with, the first Person.

 

“Allocation Statement”
has the meaning set forth in Section 7.04(c).

 

“Applicable Limitation Date”
has the meaning set forth in Section 8.04.

 

    	 	 	 

     

    

 

“Business Day” means
a day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required to close.

 

“Buyer Indemnified Parties”
has the meaning set forth in Section 8.01.

 

“Claim” has the meaning
set forth in Section 8.03(a).

 

“Closing” has the meaning
set forth in Section 3.01.

 

“Closing Date” has the
meaning set forth in Section 3.01

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Consent” means any consent,
approval, authorization, waiver, permit, easement, variance, grant, franchise, concession, agreement, license, exemption or order
of, registration, certificate, declaration or filing with, or report or notice to, any Person including, but not limited to, any
Governmental Entity.

 

“Control” (including
the terms “controlled by” and “under common control with”) means the possession, directly or indirectly,
of the power to direct or cause the direction of the management policies of a Person, whether through the ownership of voting securities,
by contract or credit arrangement, as trustee or executor, or otherwise.

 

“Distribution Amount”
means the amount of cash that the Company has distributed, as dividends or otherwise, to Seller or its Affiliates between September
4, 2018 and the Closing, other than inter-company payments made by the Company to Seller or its Affiliates in the ordinary course
of business.

 

“Election” has the meaning
set forth in Section 7.04(a).

 

“Election Form” has the
meaning set forth in Section 7.04(b).

 

“Governmental Entity”
means any (i) nation or government, (ii) state or other political subdivision thereof, (iii) Person exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government including, without limitation, any government authority,
agency, department, board, commission or instrumentality of the United States, any State of the United States or any political
subdivision thereof, (iv) any tribunal or arbitrator(s) of competent jurisdiction, and (v) any self-regulatory organization.

 

    	 	2	 

     

    

 

“Indebtedness” means,
with respect to a particular Person, all indebtedness of such Person including, without limitation (i) all indebtedness of such
Person for borrowed money or for the deferred purchase price of property or services (other than current trade liabilities incurred
in the ordinary course of business and payable in accordance with customary practices), (ii) any indebtedness of such Person which
is evidenced by a note, bond, debenture or similar instrument, (iii) all obligations of such Person created or arising under any
conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and
remedies of the seller or lender under such agreement in the event of a default may be limited to repossession or sale of such
property), (iv) all obligations of such Person secured by a purchase money mortgage or other Lien to secure all or part of the
purchase price of property subject to such mortgage or other Lien, (v) any obligation of such Person in respect of bankers’
acceptances or letters of credit, (vi) any Liabilities under any lease required to be accounted for as a “capital lease”
under U.S. generally accept accounting principles, (vii) all indebtedness of others of the types described in (i) through (vi)
above that (a) is secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise
become liable for the payment thereof (the amount of such indebtedness with respect to such Person being deemed to be the lesser
of the value of such property or the amount of indebtedness of others so secured), or (b) is guaranteed by such Person through
an agreement, contingent or otherwise, to purchase, repurchase or pay the related indebtedness or to pledge any security therefor,
and (viii) any refinancings of any of the foregoing obligations.

 

“Indemnified Party” has
the meaning set forth in Section 8.03(a).

 

“Indemnifying Party”
has the meaning set forth in Section 8.03(a).

 

“Law” means all (i) constitutions,
treaties, statutes, laws (including the common law), rules, regulations, ordinances, codes or orders of any Governmental Entity,
(ii) any Consent of, with, or to any Governmental Entity, and (iii) orders, decisions, injunctions, judgments, awards and decrees
of, or agreements with, any Governmental Entity.

 

“Liabilities” means any
direct or indirect debts, liabilities or obligations, whether known or unknown, absolute, accrued, contingent or otherwise, liquidated
or unliquidated, and whether due or to become due.

 

“Lien” means any security
interest, lien, mortgage, claim, pledge, hypothecation, charge, or other encumbrance of any nature whatsoever.

 

“Losses” has the meaning
set forth in Section 8.01.

 

“Material Adverse Effect”
means any event, occurrence, fact, condition, change or effect that is materially adverse to the business, operations, results
of operations, prospects, condition (financial or otherwise), properties (including intangible properties), assets (including intangible
assets) or Liabilities of the Company.

 

“Organization Documents”
has the meaning set for in Section 3.02(a)(iv).

 

“Person” means an individual,
corporation, partnership, association, trust, unincorporated organization, Governmental Entity, other entity or group (as used
in Section 13(d) of the Securities Exchange Act of 1934, as amended).

 

    	 	3	 

     

    

 

“Post-Closing Tax Period”
means any taxable period beginning after the Closing Date and, with respect to any Straddle Period, the portion of such Straddle
Period beginning after the Closing Date.

 

“Pre-Closing Tax Claim”
has the meaning set forth in Section 7.07(b).

 

“Pre-Closing Tax Period”
means any taxable period ending on or before the Closing Date and, with respect to any Straddle Period, the portion of such Straddle
Period ending on and including the Closing Date.

 

“Pre-Closing Tax Refund”
means any Tax Refund with respect to a Pre-Closing Tax Periods. Any Tax Refund related to a Straddle Period shall be prorated based
upon the method employed in Section 7.03.

 

“Pre-Closing Tax Return”
has the meaning set forth in Section 7.01(b).

 

“Pre-Closing Taxes” means
(i) Taxes of the Company for any taxable period (or portion thereof) beginning on or after January 21, 2015 and ending on the Closing
Date; (ii) all Taxes of any member of an affiliated, consolidated, combined or unitary group of which the Company (or any predecessor
of the Company) is or was a member after January 20, 2015 and on or prior to the Closing Date by reason of a liability under Treasury
Regulation Section 1.1502-6 or any comparable provisions of foreign, state or local Law; and (iii) any and all Taxes of any Person
imposed on the Company arising under the principles of transferee or successor liability or by contract, relating to an event or
transaction occurring after January 20, 2015 and before the Closing.

 

“Proceeding” means an
action, claim, demand, suit, proceeding, litigation, arbitration, grievance, citation, summons, subpoena, inquiry or investigation
of any nature, civil, criminal, regulatory or otherwise, in law or in equity (including actions or proceedings seeking injunctive
relief).

 

“Purchase Price” has
the meaning set forth in Section 2.01.

 

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Seller Related Party”
has the meaning set forth in Section 4.10.

 

“Shares” has the meaning
set forth in the preamble

 

“Stated Price” has the
meaning set forth in Section 2.01.

 

“Straddle Period” means
a taxable period that begins on or before and ends after the Closing Date.

 

“Straddle Period Tax Return”
has the meaning set forth in Section 7.01(c).

 

    	 	4	 

     

    

 

“Tax” or “Taxes”
means any and all taxes, charges, fees, levies, assessments, duties or other amounts in the nature of a tax payable to any federal,
state, local or foreign taxing authority, including, without limitation, (i) income, franchise, profits, gross receipts, minimum,
alternative minimum, estimated, ad valorem, value added, sales, use, service, real or personal property, capital stock, license,
payroll, withholding, disability, employment, social security, workers compensation, unemployment compensation, utility, severance,
excise, stamp, windfall profits, transfer and gains taxes, (ii) customs, duties, imposts, charges, levies or other similar assessments
of any kind, and (iii) interest, penalties and additions to tax imposed by a taxing authority with respect thereto.

 

“Tax Refund” means any
refund, rebate, abatement, reduction or other recovery (whether directly or indirectly through a right of setoff or credit) of
Taxes (including payments of estimated Taxes) of the Company and any interest received thereon with respect to any Pre-Closing
Tax Period. Any Tax Refund related to a Straddle Period shall be prorated based upon the method set forth in Section 7.03.

 

“Tax Return” means any
federal, state, provincial, local, national or other return, estimated return, report, declaration, form, claim for refund or information
return or statement relating to Taxes filed or required to be filed with a Governmental Entity, including any schedule or attachment
thereto, and including any amendment thereof.

 

“Tax Sharing Agreement”
means a written agreement, the principal purpose of which is the sharing or allocation of Taxes.

 

“Warehouse Lease” means
that certain lease Seller entered into with Icon Miramar Owner Pool 2 West/Northeast/Midwest, LLC as of April 1, 2017 in connection
with the lease of the warehouse space located at 7610 Miramar Road, Suite 4200, San Diego, California for the benefit of the Company.

 

 

ARTICLE II

SALE AND PURCHASE OF SHARES

 

2.01 Sale and Purchase of Shares.
On the terms and subject to the conditions set forth in this Agreement, at the Closing Seller shall sell, assign, convey, transfer
and deliver the Shares to Buyer, and Buyer shall purchase and acquire the Shares from Seller, free and clear of all Liens, for
a purchase price of $4,200,000 (the “Stated Price”), subject to adjustment as provided herein (the “Purchase
Price”).

 

2.02 Withholding Rights. Buyer
shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement to Seller such amounts
as it is required to deduct and withhold with respect to such payment under the Code, or any provision of state, local or foreign
Tax law; provided, however, that Buyer shall provide Seller with written notice of any such intended withholding at least five
(5) days before the making of such payment, and Buyer shall cooperate in good faith with Seller to obtain any available exception
from, or reduction in, such withholding to the extent permitted under applicable Law. Buyer, in accordance with applicable Law,
shall remit all such withheld amounts to the appropriate Taxing authority. To the extent that amounts are so withheld and paid
to the appropriate Taxing authority by Buyer, such withheld amounts shall be treated for all purposes of this Agreement as having
been paid to Seller. On the Closing Date, Seller shall provide to Buyer a certificate pursuant to Treasury Regulations Section
1.1445-2(b) stating that Seller is not a foreign person within the meaning of Section 1445 of the Code.

 

    	 	5	 

     

    

 

ARTICLE III

CLOSING

 

3.01 Closing Date. The
closing of the sale and purchase of the Shares (the “Closing”) shall take place concurrently with the execution
and delivery of this Agreement by phone, fax and e-mail as coordinated at the offices of Breslow & Walker, LLP, 100 Jericho
Quadrangle, Suite 230, Jericho, New York 11753, or on such other date or at such other time or place as may be agreed by Buyer
and Seller. The date on which the Closing actually occurs is sometimes referred to herein as the “Closing Date.”
The Closing shall be deemed to have occurred as of 11:59 p.m. New York time on the Closing Date.

 

3.02 Closing Deliveries.

 

(a)       On
or prior to Closing, Seller shall have delivered (or caused to be have been delivered) to Buyer the following:

 

(i) all stock certificates evidencing
the Shares, each of which shall have attached thereto a blank stock power, dated as of the Closing Date, duly and validly executed
by Seller, together with any endorsements or other documents required for the sale, conveyance, transfer and delivery of the Shares;

 

(ii) written resignations, effective
as of the Closing Date, of all of the members of the Board of Directors of the Company;

 

(iii) written resignations,
effective as of the Closing Date, of all of the officers of the Company, other than Rob Portera;

 

(iv) a termination agreement,
duly executed by Seller, terminating all of the Company’s obligations arising after the Closing Date to Seller with respect
to the Company’s use of, or payments obligations with respect to, the property subject to the Warehouse Lease;

 

    	 	6	 

     

    

 

(v) originals, true copies,
or written confirmations of all Consents that are required to be, and have been, obtained or made by Seller or the Company in connection
with the transactions contemplated hereby;

 

(vi) a certificate (the “Seller’s
Certificate”), dated the Closing Date, executed by Seller, and in form and substance reasonably satisfactory to Buyer
(A) attaching, and certifying as true, complete, and correct, the Company’s Certificate of Incorporation and By-laws, in
each case as amended and in effect on the date hereof (collectively, the “Organization Documents”), (B) attaching,
and certifying as true, complete and correct, a copy of the resolutions adopted by the board of directors of Seller authorizing
the execution, delivery and performance of this Agreement by Seller, and (C) setting forth, and certifying as true and correct,
the Distribution Amount;

 

(vii) all corporate minute books,
stock ledgers and records of the Company;

 

(viii) the Election Form, duly
executed by Seller; and

 

(ix) such other deeds, bills
of sale, assignments, forms, certificates of title, documents and other instruments of transfer and conveyance as may reasonably
be requested by Buyer in order to effectuate the transactions contemplated hereunder, each in form and substance reasonably satisfactory
to Buyer and its legal counsel and executed by Seller.

 

(b)       On
or prior to Closing, Buyer shall have delivered (or caused to be have been delivered) to Seller the following:

 

(i) the Stated Price, by wire
transfer of immediately available funds to the account designated by Seller prior to the Closing;

 

(ii) originals, true copies,
or written confirmations of all Consents that are required to be, and have been, obtained or made by Buyer in connection with the
transactions contemplated hereby; and

 

(iii) such other documents and
instruments as Seller or its counsel reasonably shall deem necessary to consummate the transactions contemplated hereby.

 

 

    	 	7	 

     

    

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller represents and warrants to Buyer
as follows:

 

4.01 Organization
and Qualification. Each of Seller and the Company is a corporation duly organized, validly existing, and in good
standing under the laws of its state of incorporation, has all requisite power and authority to own, lease, and operate its properties
and to carry on its business as it is now being conducted, and is duly qualified and in good standing to do business in each jurisdiction
in which the nature of the business conducted by it or the ownership or leasing of its properties makes such qualification necessary,
except where the failure to be so qualified would not have a Material Adverse Effect.

 

4.02 Authorization,
etc.

 

(a)       Seller
has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder, and
to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by Seller, the performance of
its obligations hereunder, and its consummation of the transactions contemplated hereby have been duly authorized by all requisite
action on the part of Seller. This Agreement has been duly executed and delivered by Seller, and is a legal, valid and binding
obligation of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally,
and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding of law or in equity).

 

(b)       Since
January 20, 2015, all proceedings of the directors or shareholders of the Company for which written minutes were prepared or written
consents were executed are reflected in the minutes and records contained in the corporate minute books of the Company (which books
have been delivered to Buyer). Since January 20, 2015, there have been no actions of the directors or shareholders of the Company
taken which are not reflected in written minutes or written consents, other than those that (i) have already been properly reflected
in the Company’s financial statements (copies of which have been delivered to Buyer), and (ii) will not individually or in
the aggregate have a Material Adverse Effect.

 

4.03 No Conflict;
Required Filings and Consents. Except as listed on Schedule 4.03, the execution, delivery and performance of this
Agreement by Seller do not, and the consummation of the transactions contemplated hereby by Seller will not (a) conflict with or
violate Seller’s Articles of Incorporation or By-laws or the Organization Documents, (b) conflict with or violate any Law
applicable to Seller or the Company, or by which any properties or assets of Seller or the Company are bound or subject, (c) result
in any breach of or constitute a default (or an event that with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, or require payment under, or result in
the creation of any Lien on any of the properties or assets of Seller or the Company pursuant to, any note, bond, mortgage, indenture,
contract, agreement, lease, license, permit, franchise or other instrument or obligation to which Seller or the Company is a party
or by or to which Seller, the Company or any of their respective properties or assets are bound or subject, or (d) require Seller
or the Company to obtain or make any Consent that has not been obtained.

 

    	 	8	 

     

    

 

4.04 Capitalization.

 

(a)       All
of the Shares are free of preemptive or similar rights created by Law, the Organization Documents, or any agreement to which the
Company or Seller is a party or is bound.

 

(b)       The
Company’s total authorized capital stock consists of 200 shares of common stock, without par value. Except for the Shares,
the Company has no shares of its capital stock or other securities of any class issued, reserved for issuance, in treasury, or
outstanding. There are no outstanding options, offers, warrants, convertible or exchangeable securities, or other rights, agreements,
arrangements or commitments of any character to subscribe for or to purchase from the Company (whether or not exercisable), or
obligations (whether formal or informal, written or oral, firm or contingent) of the Company to issue, redeem, repurchase, acquire,
transfer, dispose of, deliver, grant, issue, or sell, shares or other securities of the Company (whether debt, equity, derivative,
or a combination thereof). The Company is not a party to or bound by any voting agreement, voting trust, member agreement, proxy
or any other contract, agreement, instrument or understanding with respect to the voting of any of its shares or other securities,
or with respect to the transfer, purchase or redemption of any of its shares or other securities. There are no agreements, arrangements,
or commitments of any character (contingent or otherwise) pursuant to which any Person is or may be entitled to receive any dividend
or other distribution with respect to the Company’s capital stock.

 

(c)       Seller
is the lawful, beneficial, and record owner of the Shares, and the Shares are free and clear of all Liens. There are no existing
purchase agreements, warrants, options, or other rights, agreements, arrangements or commitments of any character (whether or not
exercisable), or obligations (whether formal or informal, written or oral, firm or contingent) or restrictions of any nature (other
than restrictions on transferability under federal securities laws), relating to the Shares. Seller is not a party to any agreement,
arrangement or understanding, written or oral, creating rights in respect of the Shares in any Person or relating to the voting
of the Shares. The Shares represent Seller’s entire ownership interest in the Company.

 

(d)       The
Company does not have any Indebtedness created by Seller or resulting from any action of Seller.

 

4.05 Subsidiaries and Other Interests.
The Company does not (a) own of record or beneficially, directly or indirectly (or have any obligation, right or option to
acquire) (i) any shares of capital stock or securities exercisable for or convertible into capital stock of any other Person,
or (ii) any participating, proprietary, or equity interest in any partnership, limited liability company, joint venture or
other Person, or (b) Control, directly or indirectly, any other Person.

 

4.06 Title to Assets.
The Company has good and marketable title to, or a valid leasehold interest in, as the case may be, all properties and assets used
by it in the operation of the Business, free and clear of any Liens, other than (a) statutory liens securing current taxes
that are not yet delinquent, (b) minor imperfections of title and encumbrances that have arisen in the ordinary course of business
and that do not materially detract from or interfere with the present use or value of such properties or assets, and (c) as to
leasehold interests, the ownership and reversion rights of the asset owner. Except as set forth in Schedule 4.06, none of
such properties and assets are owned, controlled, or are being utilized by Seller or its Affiliates (excluding the Company), and
Seller has not taken any action which would impair or affect the Company’s ability to utilize such properties and assets.

 

    	 	9	 

     

    

 

4.07 Taxes. 

 

(a)       Except
as set forth on Schedule 4.07, all Tax Returns which are required to be filed on or before the Closing Date by the Company
with respect to taxable periods beginning after January 20, 2015 have been duly and timely filed. All items required to be included
in each such Tax Return including, without limitation, items of income, gain, loss, deduction and credit, have been so included,
and all information provided in each such Tax Return is true, complete, and correct. All Taxes of the Company which have become
due with respect to the period covered by each such Tax Return (whether or not shown on each such Tax Return) have been timely
paid in full. The Company has withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid
or owing to any employee, independent contractor, creditor, stockholder or other third party. No penalty, interest or other charge
is due with respect to the late filing of any Tax Return of the Company or late payment of any such Tax.

 

(b)       There
are no Tax Returns of the Company with extended or waived statutes of limitations that have not been audited by the applicable
Governmental Entity.

 

(c)       There
is not in force any extension of time with respect to the due date for the filing of any Tax Return of the Company, or any waiver
or agreement for any extension of time for the assessment, collection or payment of any Tax of or with respect to the Company,
to a date after the Closing Date.

 

(d)       There
are no pending audits, Proceedings, controversies, or disputes with respect to or against the Company for or with respect to any
Taxes of the Company; no assessment, deficiency or adjustment has been assessed or proposed with respect to any Tax Return of the
Company; and to the knowledge of Seller there is no reasonable basis on which any claim for Taxes can be asserted against the Company.

 

(e)       The
Company will not be required to include any amount in income for any taxable period beginning after the Closing Date as a result
of a change in accounting method for any taxable period ending on or before the Closing Date or pursuant to any agreement with
any Tax authority, executed by the Company after January 20, 2015 and prior to the Closing, with respect to any such taxable period.

 

(f)       Since
January 20, 2015, no claim has been made in any jurisdiction in which the Company does not file Tax Returns that it is or may be
subject to Tax by such jurisdiction, and to Seller’s knowledge there is no reasonable basis for any such claim.

 

    	 	10	 

     

    

 

4.08 Brokers All negotiations
relating to this Agreement and the transactions contemplated hereby have been carried on without the participation of any Person
acting on behalf of Seller or the Company in such manner as to give rise to any valid claim against the Company, Buyer or any of
Buyer’s Affiliates for any brokerage or finder’s commission, fee or similar compensation upon consummation of the transactions
contemplated hereby.

 

4.09 Illegal Payments. Neither
Seller, nor its Affiliates (other than the Company), nor any agent or representative of any of the foregoing has (a) used any funds
of, or on behalf of, the Company for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political
activity, or (b) acting on behalf of the Company (i) made any unlawful payment to foreign or domestic government officials or employees,
or to foreign or domestic political parties or campaigns, or (ii) violated any provision of the Foreign Corrupt Practices Act of
1977, as amended.

 

4.10 Affiliate Transactions.
Except as set forth in Schedule 4.10, neither Seller, nor its Affiliates (other than the Company), nor any officer, director,
or employee of Seller or any of such Affiliates (each, a “Seller Related Party”) is a party to any transaction,
contract, agreement or other arrangement with the Company including, without limitation, any contract, agreement or other arrangement
(a) providing for the furnishing of goods or services by or to, (b) providing for the rental of real or personal property to or
from, or (c) otherwise requiring payments to or from any such Seller Related Party. The Company has no Liabilities or Indebtedness
with respect to any Seller Related Party (including, without limitation, any Liabilities to provide funds to, to make any investment
in (in the form of a loan, capital contribution or otherwise), or to provide any guarantee with respect to the obligations of,
any Seller Related Party), and the Company is not a guarantor of any Liabilities or Indebtedness of any Seller Related Party. No
Seller Related Party has, by action or omission (including, without limitation, by entering into any contract or commitment in
the name of, or on behalf of, the Company), created any Company Liability that is outstanding or that will arise after the Closing.

 

4.11 Information Supplied.
No representation or warranty by Seller contained in this Agreement or in any statement or certificate required to be furnished
to Buyer or its representatives in connection herewith or pursuant hereto (including, without limitation, the Schedules) contains
or will contain any untrue statement of a material fact, or omits or will omit to state any material fact required to make the
statements contained herein or therein not misleading.

 

4.12 Intentionally omitted.

 

4.13 Banks. Schedule
4.13 contains a complete and correct list of the names and locations of all banks in which the Company has accounts or safe
deposit boxes, and the names of all persons authorized to draw thereon or to have access thereto. No Person holds a power of attorney
to act on behalf of the Company.

 

 

    	 	11	 

     

    

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF BUYER

 

5.01 Organization and Qualification.
Buyer is a corporation duly organized, validly existing and in good standing under laws of its jurisdiction of incorporation, and
has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as it is
now being conducted.

 

5.02 Authority. Buyer
has all requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
The execution and delivery by Buyer of this Agreement, and the performance of its obligations hereunder, have been duly authorized
by the Board of Directors of Buyer. Buyer has duly executed and delivered this Agreement, and this Agreement is a legal, valid,
and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding of law or in
equity).

 

5.03 No Conflict; Required Filings
and Consents. The execution and delivery by Buyer of this Agreement do not, and the consummation of the transactions contemplated
hereby will not, (a) conflict with or violate the Certificate of Incorporation or By-laws of Buyer, (b) conflict with or violate
any Laws applicable to Buyer or by which any of its properties or assets are bound or subject, (c) result in any breach of or constitute
a default (or an event that with notice or lapse of time or both would become a default) under any note, bond, mortgage, indenture,
contract, agreement, lease, license, permit, franchise or other instrument or obligation to which Buyer is a party or by or to
which Buyer or any of its properties is bound or subject, or (d) require Buyer to obtain or make any Consent.

 

5.04 Brokers. All negotiations
relating to this Agreement and the transactions contemplated hereby have been carried on without the participation of any Person
acting on behalf of Buyer in such manner as to give rise to any valid claim against Seller for any brokerage or finder’s
commission, fee or similar compensation.

 

5.05 Investment Intent.
Buyer is acquiring the Shares for its own account, for investment purposes only and not with a view to or for sale in connection
with any distribution in violation of the federal securities laws or any applicable state securities laws. Buyer understands that
the offer and sale of the Shares have not been registered under the Securities Act, and the Shares can only be sold if such sale
is registered under the Securities Act or an exemption from such registration is available.

 

5.06 Accredited Investor.
Buyer is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under the Securities Act.
Buyer has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and
risks of its investment in the Shares, and is capable of bearing the economic risks of such investment, including a complete loss
of its investment in the Shares.

 

    	 	12	 

     

    

 

5.07 Investigation. Buyer
has conducted its own independent investigation, review and analysis of the business, results of operations, prospects, condition
(financial or otherwise) or assets of the Company.

 

 

ARTICLE VI

COVENANTS

 

6.01 Confidential Information.

 

(a)       Seller
acknowledges that Buyer is acquiring all of the confidential and proprietary information with respect to the Company and the Business
including, but not limited to, trade secrets, business, financial, operational, technical, product, and marketing information,
processes, drawings, technology, specifications, programs, models, projections, data, ideas, know-how, developments, designs, improvements,
software programs, software code, prototypes, methods, techniques, product pricing, research and development activities, sales
goals, plans, strategies, customers, suppliers, and distributors (including lists thereof), other valuable business information
and opportunities, and other information which the Company is obligated to keep confidential pursuant to its obligations to third
parties (collectively, the “Confidential Information”). As a material inducement for Buyer to enter into this
Agreement, Seller covenants and agrees that it shall, and shall cause its Affiliates to (i) protect the Confidential Information
with the same degree of care with which it protects its own information of like importance which it does not wish to disclose,
but not less than reasonable care; and (ii) except as provided in Section 6.01(b), not disclose or divulge, directly or indirectly,
any Confidential Information to any Person. The provisions of this Section 6.01 shall not apply to, and the term Confidential Information
shall not include, any information which, through no act or omission of Seller or its Affiliates, is or becomes generally publicly
known. In addition, nothing in this Section 6.01 shall restrict Seller from using Confidential Information solely in connection
with preparing and filing any Tax Return, conducting and settling any Tax audit or other Tax proceeding, or obtaining any Tax Refund.

 

(b)       If
Seller or any Affiliate of Seller is required (by request for information or documents in any legal proceeding, interrogatory,
subpoena, civil investigative demand, or similar process) to disclose any Confidential Information, Seller shall notify Buyer promptly
of such requirement so that Buyer may seek an appropriate protective order or waive compliance with the provisions of this Section
6.01. If, in the absence of a protective order or the receipt of a waiver hereunder, Seller or one of its Affiliates is, on the
advice of counsel, compelled to disclose any Confidential Information, Seller or such Affiliate, as the case may be, may disclose
such Confidential Information only to the extent so compelled, provided that Seller and any such compelled Affiliate shall use
its commercially reasonable best efforts to obtain, at the request of Buyer, an order or other assurance that confidential treatment
shall be accorded to such portion of the Confidential Information compelled to be disclosed as Buyer may designate.

 

    	 	13	 

     

    

 

(c)       Seller
recognizes and acknowledges the competitive value and confidential nature of the Confidential Information, that irreparable damage
will result to Buyer if the provisions of this Section 6.01 are breached, and that money damages will not be a sufficient remedy
for such breach. In the event of a breach or threatened breach of the provisions of this Section 6.01, Buyer shall be entitled
to an injunction, specific performance, and such other equitable relief as may be necessary or desirable to enforce the restrictions
contained herein (including restraining Seller from disclosing, in whole or in part, the Confidential Information or from rendering
any services or providing products to any Person to whom such Confidential Information, in whole or in part, has been disclosed
or is threatened to be disclosed), and no bond, other security or proof of special damages shall be required in connection therewith.
Nothing herein contained shall be construed as prohibiting Buyer from pursuing any other remedies available for such breach or
threatened breach.

 

(d)       At
Buyer’s request after the Closing, Seller promptly will deliver to Buyer or the Company all documents, computer disks and
other computer storage devices, computer printouts, manuals and other papers and materials (including all copies thereof in whatever
form) containing or incorporating any Confidential Information that are in Seller’s possession or under Seller’s control.

 

(e)       Buyer
acknowledges that as a result of the Company’s status as a wholly-owned subsidiary, the Company may be in possession of confidential
and proprietary information of Seller and its other currently wholly-owned subsidiaries (other than the Company) (collectively,
the “Seller Confidential Information”). As a material inducement for Seller to enter into this Agreement, Buyer
agrees that the restrictions set forth in Sections 6.01(a) through (d) shall apply to Buyer with respect to the Seller Confidential
Information, mutatis mutandis.

 

6.02 Public Announcements.
The parties shall not, and shall cause their respective Affiliates not to, issue or cause to be issued any press release or other
public announcement relating to the subject matter of this Agreement or the transactions contemplated hereunder without the prior
written consent of the other party; provided, however, nothing contained or implied herein shall preclude either party from issuing
press releases regarding the consummation of the transactions contemplated hereby, in such form and containing such information
as is typical for the transactions of the type contemplated by this Agreement; and provided, further, nothing contained or implied
herein shall preclude any party from releasing any information (a) if required to do so by Law (including, without limitation,
the rules of any stock exchange or securities association), provided that notice of such requirement to make such disclosure shall
be given promptly by such party to the other party, or (b) in connection with pursuing its remedies for a breach or alleged breach
of any of the terms and conditions of this Agreement. With respect to a disclosure pursuant to (a) above, the party required to
make such disclosure shall (i) give prompt notice thereof to the other party, (ii) allow such other party reasonable opportunity
to review and provide comments with respect to the content of such press release or public announcement and (iii) use commercially
reasonable efforts to incorporate any reasonable comment from any other party prior to any release or public announcement.

 

6.03 Fees and Expenses.
 Except as expressly set forth in this Agreement, each party shall bear its respective expenses, costs and fees in connection
with the transactions contemplated hereby, including the preparation, execution and delivery of this Agreement and compliance herewith,
whether or not the transactions contemplated hereby shall be consummated.

 

    	 	14	 

     

    

 

6.04 Insurance.

 

(a)       Seller
and Buyer acknowledge that Seller participates in a program of property and liability insurance coverage for itself and its Affiliates,
including the Company. All of the insurance policies through which the program of coverage is presently or has previously been
provided by or to the Company or its Affiliates are herein referred to collectively as the “Seller Policies.”
It is understood and agreed by Buyer that after the Closing:

 

(i) No insurance coverage shall
be provided under the Seller Policies to Buyer or the Company;

 

(ii) Any and all Seller Policies
shall be deemed terminated, commuted and cancelled ab initio as to the Business, Buyer and its Affiliates (including the
Company), but without prejudice to Seller’s and its Affiliates’ rights thereunder; and

 

(iii) No claims regarding any
matter whatsoever, whether or not arising from events occurring prior to the Closing, shall be made by Buyer or the Company against
or with respect to any of the Seller Policies, regardless of their date of issuance.

 

(b)       Buyer
shall procure, pay for and maintain in effect its own policies of insurance with respect to the Business and shall indemnify and
defend Seller and its Affiliates against, and shall hold them harmless from, any claims, losses or other obligations arising out
of claims made after the Closing against any of the Seller Policies by the Company, Buyer, any Affiliate of Buyer or any Person
claiming to be subrogated to Buyer’s or any of its Affiliates’ rights. Such indemnity shall cover, without limitation,
any claim by an insurer for reinsurance, retrospective premium payments, prospective premium increases or any other restitution
or funding requirements attributable to any such claim or policy requirements.

 

6.05 Restrictive Covenants.

 

(a)       As
a material inducement for Buyer to enter into this Agreement, and in consideration of the consideration received by Seller hereunder,
Seller covenants and agrees that, for the period commencing on the Closing Date and ending on the fifth anniversary of the Closing
Date, it will not (and it will cause its Affiliates not to), directly or indirectly (including, without limitation, through its
Affiliates), on behalf of itself or any other Person, in any capacity:

 

(i) solicit, induce, recruit
or encourage (or attempt to solicit, induce, recruit or encourage) any customer, supplier, employee (full-time or part-time), consultant,
or other business relation of the Company or the Business (or any Person that was a customer, supplier, service provider or other
business relation of the Company or the Business within the one-year period prior to such solicitation, inducement, recruitment
or encouragement) for the purpose of interfering with, disrupting, impeding, adversely modifying, diverting or terminating such
Person’s relationship with the Company or the Business; provided, however, nothing contained above shall prohibit general
advertising or solicitation not specifically directed at such Persons; or

 

    	 	15	 

     

    

 

(ii) contact, approach or solicit
any Person for the purpose of offering employment to or hiring (whether as an employee, consultant, agent, independent contractor
or otherwise), or actually hire, any Person then employed by the Company or any of its Affiliates or who was employed by the Company
or any of its Affiliates at any time during the one-year period immediately prior to such contact, approach or solicitation, without
the prior written consent of the Company; provided, however, nothing contained above shall prohibit general advertising or solicitation
not specifically directed at employees of the Company or its Affiliates provided that no such Person is hired in violation of the
restrictions set forth above.

 

For clarity, the independent distributors
and resellers of Seller or its Affiliates will not be deemed to be acting on behalf of Seller or its Affiliates for purposes of
this Section 6.05 if (i) they are not Affiliates of Seller or its Affiliates, and (ii) such actions are of the type customarily
taken by them in the ordinary course of business and not at the specific direction of Seller or its Affiliates.

 

(b)       Seller
acknowledges and agrees that (i) the restrictions contained in Section 6.05(a) are fair and reasonable, do not place any undue
hardship on Seller, and are reasonably required for the protection of the goodwill, the business, and the interests of the Company
and its Affiliates, officers, directors, stockholders, and other employees; (ii) the potential harm to the Company and its Affiliates
of its non-enforcement of such restrictions outweighs any harm to Seller of its enforcement by injunction or otherwise; (iv) Seller
has carefully read this Agreement and has given careful consideration to the restraints imposed upon Seller herein, and is in full
accord as to their necessity, and (v) Seller will not challenge the reasonableness or enforceability of any of the covenants set
forth in this Section 6.05 (but, for clarity, may challenge whether such covenants have been breached), and (without limiting its
indemnification obligations hereunder or the rights and remedies of Buyer) Seller will reimburse Buyer and its Affiliates for all
costs (including reasonable attorneys’ fees) incurred by such party if Seller challenges the enforceability of any of the
provisions of this Section 6.05.

 

(c)       It
is the desire and intent of the parties that the provisions of Section 6.05 shall be enforced to the fullest extent permissible
under the Laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular
provision of Section 6.05 shall be adjudicated to be invalid, illegal, or unenforceable in a particular jurisdiction, (i) such
invalidity, illegality or unenforceability shall not affect the operation of such provision in any other jurisdiction, and shall
not affect any other provisions of this Section 6.05, and (ii) such provision will not be construed to be null, void and of no
effect in such jurisdiction, but instead a court of competent jurisdiction will construe, interpret, reform or judicially modify
such provision to be valid, legal and enforceable to the maximum extent permitted by applicable law in such jurisdiction, and Seller
hereby consents and agrees that such provision may be so judicially modified in any proceeding brought to enforce such restriction.

 

    	 	16	 

     

    

 

(d)       In
the event of a breach or threatened breach by Seller of the provisions of this Section 6.05, Buyer shall be entitled to an injunction,
specific performance, and such other equitable relief as may be necessary to enforce the restrictions contained herein, and no
bond, other security or proof of special damages shall be required in connection therewith. Nothing herein contained shall be construed
as prohibiting Buyer from pursuing any other remedies available for such breach or threatened breach or any other breach of this
Agreement.

 

(e)       As
a material inducement for Seller to enter into this Agreement, Buyer agrees that the restrictions set forth in Sections 6.05(a)
through (d) shall apply to Buyer, mutatis mutandis, except that all references to the Company or the Business in such Sections
shall mean Seller, each of its other currently wholly-owned subsidiaries (other than the Company), and their respective current
businesses.

 

6.06 Further Actions.
Each party shall execute and deliver such further instruments of conveyance and transfer and take such additional actions as the
other party may reasonably request to effect, consummate, confirm or evidence the transactions contemplated hereby.

 

6.07 Access To The Company’s
Financial Records. In order to facilitate the preparation of Seller’s consolidated financial statements or Tax Returns/Tax
filings for any period prior to the Closing Date, which consolidated financial statements or Tax Returns/Tax filings are required
to include financial or Tax information of the Company, or for any purpose reasonably related to Seller’s requirement to
disclose financial information about the Company prior to the Closing Date, for a period of six years after the Closing Date, Buyer
shall (i) retain the books and records (including all financial statement files) of the Company relating to periods prior to the
Closing Date in a manner reasonably consistent with the prior practices of the Company; and (ii) upon not less than 10 days’
prior written notice, afford the representatives of Seller reasonable access (including the right to make, at Seller’s expense,
photocopies), during normal business hours, such financial books and records. Seller agrees that any and all of such information
is Confidential Information that shall be and remain subject to the Section 6.01.

 

 

ARTICLE VII

TAX RETURNS; TAX INDEMNITIES

  

7.01 Tax Covenants.

 

(a)       All
transfer, documentary, sales, use, stamp, registration, value added, gross receipts, conveyance, excise, recording, license and
other such Taxes and fees (including any penalties, interest and additions to Tax thereto) and other such Taxes and fees (including
any penalties and interest) incurred in connection with this Agreement shall be borne and paid by Seller when due. Seller, at its
own expense, shall timely file any Tax Return or other document with respect to such Taxes or fees (and Buyer shall reasonably
cooperate with respect thereto as necessary).

 

    	 	17	 

     

    

 

(b)       Seller
shall prepare, or cause to be prepared, (i) all Tax Returns required to be filed by the Company after the Closing Date with respect
to a Tax Period ending on or before the Closing Date and (ii) all income Tax Returns of the Company for a Straddle Period (each,
a “Pre-Closing Tax Return”). Any Pre-Closing Tax Return shall be prepared in a manner consistent with past practice
(unless otherwise required by Law) and without a change of any election or any accounting method. Seller shall submit to Buyer
at least 30 days prior to the due date (including validly obtained extensions) such Pre-Closing Tax Returns (or, for a non-income
Tax Return, to the extent such advance notice is impracticable, as soon as reasonably possible). Seller shall consider in good
faith any reasonable comments Buyer makes in writing to any such Tax Return.

 

(c)       Seller
shall prepare, or cause to be prepared, all non-income Tax Returns required to be filed by the Company after the Closing Date with
respect to a Straddle Period, due (taking into account validly obtained extensions) after the Closing Date (each, a “Straddle
Period Tax Return”). Any Straddle Period Tax Return shall be prepared in a manner consistent with past practice (unless
otherwise required by Law) and without a change of any election or any accounting method. Seller shall submit to Buyer at least
30 days prior to the due date (including validly obtained extensions) such Straddle Period Tax Returns. If Buyer objects to any
item on any such Straddle Period Tax Return, it shall, within ten days after delivery of such Straddle Period Tax Return, notify
Seller in writing that it so objects, specifying with particularity any such item and stating the specific factual or legal basis
for any such objection. If a notice of objection shall be duly delivered, Seller and Buyer shall negotiate in good faith and use
their reasonable best efforts to resolve such items. If Buyer and Seller are unable to reach such agreement within ten days after
receipt by Seller of such notice, Buyer and Seller shall submit the disputed items on such Straddle Period Tax Return to an independent
certified public accounting firm (the “Accounting Firm”) selected by the mutual agreement of Buyer and Seller
within five days after the end of such ten-day period. If Buyer and Seller are unable to mutually agree upon an Accounting Firm
within such five-day period, then Buyer and Seller each shall select an independent certified public accounting firm and within
five days after their selection, those two accounting firms shall select an independent certified public accounting firm, which
third accounting firm shall act as the Accounting Firm. Buyer and Seller shall request that the Accounting Firm resolve the disputed
items within 15 days after its retention, and Buyer and the Seller Parties shall cooperate fully with the Accounting Firm so as
to enable it to make such determination as quickly and as accurately as practicable. The determination by the Accounting Firm with
respect to the disputed items shall be final and binding on the parties (except in the case of a subsequent adjustment by a Taxing
authority). If the Accounting Firm is unable to resolve any disputed items before the due date for such Straddle Period Tax Return,
the Straddle Period Tax Return shall be filed as prepared by Seller and then amended to reflect the Accounting Firm’s resolution.
The costs, fees and expenses of the Accounting Firm shall be borne equally by Buyer and Seller.

 

(d)       The
preparation and filing of any Tax Return of the Company that does not relate to a Pre-Closing Tax Period (including, for the avoidance
of doubt, a Straddle Period) shall be exclusively within the control of Buyer.

 

    	 	18	 

     

    

 

7.02 Termination of Existing Tax Sharing
Agreements. Any and all existing Tax Sharing Agreements (whether written or not) binding upon the Company entered into
after January 20, 2015 shall be terminated as of the Closing Date. After such date, neither the Company, Seller nor any of Seller’s
Affiliates or their respective representatives shall have any further rights or liabilities thereunder.

 

7.03 Straddle Period. In the
case of Taxes that are payable with respect to a taxable period that begins before and ends after the Closing Date (each such period,
a “Straddle Period”), the portion of any such Taxes that are treated as Pre-Closing Taxes for purposes of this
Agreement shall be:

 

(a)       in
the case of Taxes (i) based upon, or related to, income, receipts, profits, wages, capital or net worth, (ii) imposed in connection
with the sale, transfer or assignment of property, or (iii) required to be withheld, deemed equal to the amount which would be
payable if the taxable year ended on the Closing Date; and

 

(b)       in
the case of other Taxes, deemed to be the amount of such Taxes for the entire period multiplied by a fraction the numerator of
which is the number of days in the period ending on the Closing Date and the denominator of which is the number of days in the
entire period; provided, however, that exemptions, allowances or deductions that are calculated on an annual basis,
such as the deduction for depreciation, shall be apportioned between such two taxable years or periods on a daily basis.

 

7.04 Section 338(h)(10) Election.

 

(a)       Seller
shall join with Buyer and the Company in making a timely election under Section 338(h)(10) of the Code (and any corresponding election
under state, local, and foreign income Tax Law) with respect to the purchase and sale of the Shares hereunder (collectively, the
“Election”). Seller shall pay any Tax attributable to the making of the Election, and Seller shall indemnify
Buyer and the Company against any adverse consequences arising out of any failure to pay any such Taxes.

 

(b)       Prior
to the Closing, Buyer shall prepare (with, if requested, Seller’s cooperation) and deliver to Seller a Form 8023 with respect
to the Election (and any comparable state or local forms or reports Buyer deems necessary or appropriate) (collectively, the “Election
Forms”). Seller and Buyer shall cooperate in the preparation and timely filing of, to the extent permissible by or required
by Law, any corrections, amendments, or supplements (or additional forms or reports) to the Election Forms. To the extent necessary
for the valid filing of any such corrections, amendments, supplements, forms or reports, Seller and Buyer shall cooperate in the
timely execution thereof. Neither Seller nor Buyer shall, nor shall they permit any of their Affiliates to, take any action to
modify any of the Election Forms (including any corrections, amendments, or supplements thereto) that are required for the making
of the Elections or any comparable elections under state or local Tax Law after their execution, without the prior written consent
of Buyer or Seller, as the case may be.

 

    	 	19	 

     

    

 

(c)       Within
ninety (90) days after the Closing Date, Seller shall deliver to Buyer an allocation of the “aggregate deemed sales price”
(as such term is defined in Treasury Regulations Section 1.338-4) among the assets of the Company in accordance with Treasury Regulations
Sections 1.338-6 and 1.338-7 (the “Allocation Statement”). No amount shall be allocated to any restrictive covenant
binding Seller or any Affiliate or shareholder thereof (including pursuant to Section 6.05). Buyer shall have the right to review
the Allocation Statement. Within thirty (30) days after the Buyer’s receipt of the Allocation Statement, Buyer shall indicate
its concurrence therewith, or propose to Seller any changes to the Allocation Statement. Should Buyer timely propose any reasonable
change to the Allocation Statement, Seller will consider Buyer’s comments to the Allocation Statement in good faith. Thereafter,
Seller shall prepare and deliver to Buyer from time to time a revised proposed Allocation Statement updated to reflect any adjustments
to the “aggregate deemed sales price” requiring any adjustment to the Allocation Statement. In doing so, any adjustments
to Purchase Price provided for in this Agreement shall be allocated among such assets in the same proportions as set forth in the
Allocation Statement, unless such Purchase Price adjustment is attributable to a specific class of assets, in which event the adjustment
shall be allocated to such specific class; and in no event will an upward adjustment of Purchase Price be allocated to any asset
to the extent that immediately following such allocation, the total amount allocated to such asset exceeds the fair market value
of such asset. Such revised allocation statement shall become the Allocation Statement. The final Allocation Statement as prepared
by Seller shall be binding on the parties hereto, and all Tax Returns filed by Buyer, Seller, the Company and their respective
Affiliates shall be prepared consistently with such Allocation Statement, and none of them shall take a position on any Tax Return
or other form or statement or before any Governmental Entity contrary to such allocation.

 

(d)       Except
to the extent otherwise required by a “determination” within the meaning of Code Section 1313(a), Seller, Buyer, and
their respective Affiliates, (i) shall be bound by the Allocation Statement for purposes of determining any Taxes; (ii) shall prepare
and file all Tax Returns to be filed with any Tax authority in a manner consistent with the Allocation Statement and the Election;
and (iii) shall take no position inconsistent with the Allocation Statement or any Election in any Tax Return, any Proceeding before
any Tax authority or otherwise. Neither Seller nor Buyer shall revoke or modify any Election. In the event that the Allocation
Statement is disputed by any Tax authority, the party receiving notice of such dispute shall promptly notify and consult with the
other party hereto concerning resolution of such dispute.

 

7.05 Tax Indemnification.

 

(a)       Seller
shall indemnify and hold each Buyer Indemnified Party harmless from and against, for and in respect of:

 

(i) any Loss attributable to
any breach of or inaccuracy in any representation or warranty made in Section 4.07;

 

(ii) any Loss attributable to
any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking or obligation in Article VII;

 

    	 	20	 

     

    

 

(iii) all Taxes of the Company
or relating to the business of the Company (1) with respect to any Straddle Period, the portion of such Straddle Period ending
on and including the Closing Date, (2) attributable to taxable periods (or portions thereof) starting on January 21, 2015 and ending
on the Closing Date, and (2) attributable to events or transactions occurring during the period (or portions thereof) starting
on January 21, 2015 and ending on the Closing Date;

 

(iv) all Taxes of any member
of an affiliated, consolidated, combined or unitary group of which the Company (or any predecessor of the Company) is or was a
member during the period (or portions thereof) starting on January 21, 2015 and ending on the Closing Date by reason of a liability
under Treasury Regulation Section 1.1502-6 or any comparable provisions of foreign, state or local Law;

 

(v) any and all Taxes of any
Person imposed on the Company arising under the principles of transferee or successor liability or by contract, relating to an
event or transaction occurring during the period (or portions thereof) starting on January 21, 2015 and ending on the Closing Date;
and

 

(vi) all Taxes imposed on the
Company arising, directly or indirectly, from the transactions contemplated hereby.

 

(b)       Except
for Losses resulting from or relating to fraud, the maximum aggregate obligation of the Seller hereunder for Losses pursuant to
Section 704(a) and Section 7.05(a) shall not exceed $4,200,000. In addition, notwithstanding anything in this Agreement to the
contrary, Seller shall not have any indemnification obligation with respect to any (i) Taxes attributable to a taxable period (or
portion thereof) beginning after the Closing Date; (ii) Taxes attributable to a taxable period (or portion thereof) ending on or
prior to January 20, 2015; or (iii) sales, use or income Taxes that the Company collected on or prior to the Closing Date as a
result of sales made by the Company in such states or localities, or as a result of installation charges included in the Company’s
invoices with respect to installations in such states or localities, which Taxes the Company may now, or hereafter owe to such
state or local taxing agency.

 

(c)       Seller
shall reimburse Buyer for any Taxes of the Company that are the responsibility of Seller pursuant to this Section 7.05 within ten
Business Days after payment of such Taxes by Buyer or the Company.

 

7.06 Post-Closing Covenants. Buyer
shall not, and shall cause the Company not to, (i) amend, refile or modify any Tax Return for the Company with respect to a Pre-Closing
Tax Period, (ii) file a Tax Return for a Pre-Closing Tax Period in a jurisdiction where the Company did not file such Tax Return
for such period, (iii) make any voluntary disclosures with respect to Taxes of the Company for a Pre-Closing Tax Period, (iv) change
any accounting method or adopt any convention that shifts taxable income of the Company from (x) a Post-Closing Tax Period to a
Pre-Closing Tax Period or (y) shifts deductions or losses of the Company from a Pre-Closing Tax Period to a Post-Closing Tax Period,
(v) initiate discussions or examinations with any Taxing Authority regarding Taxes or Tax Returns of the Company with respect to
any Pre-Closing Tax Period. For the avoidance of doubt, references to Pre-Closing Tax Periods in this Section 7.06 include Straddle
Periods.

 

    	 	21	 

     

    

 

7.07 Contests.

 

(a)       
Seller promptly shall forward to the Company and Buyer a copy of all written communications from a Taxing authority received by
Seller or its affiliates that relates to the Company, its assets or the Business. Buyer shall cause the Company to give Seller
prompt written notice (a “Tax Notice”) of the Buyer’s, the Company’s or any of their Affiliates’
receipt of any written communication from a Taxing authority received by any of them which involves the assertion of any claim,
or the commencement of any Proceeding, in respect of which indemnity may be sought by Buyer pursuant to this Article VII (each,
a “Tax Claim”), together with a copy of such written communication; provided, however, the Company’s failure
to provide such notice shall not affect Buyer’s right to indemnification hereunder, except to the extent Seller is materially
prejudiced thereby.

 

(b)       Seller
will control the contest or resolution of any Tax Claim that relates to a taxable period ending on or prior to the Closing Date
(each, a “Pre-Closing Tax Claim”); provided, however, Seller will obtain the prior written consent of Buyer
(which consent will not be unreasonably withheld, conditioned or delayed) before entering into any settlement of such Pre-Closing
Tax Claim; and provided, further, Buyer will be entitled to participate in the defense of such Tax Claim and to employ counsel
of its choice (at Buyer’s expense) for such purpose.

 

(c)       Buyer
will control the contest or resolution of any Tax Claim other than a Pre-Closing Tax Claim; provided, however, Seller will be entitled
to participate in the defense of such claim and to employ counsel of its choice for such purpose, the fees and expenses of which
separate counsel will be borne solely by Seller; and provided, further, Buyer will not enter into settlement of any such Tax Claim
without the prior written consent of Seller. If an offer is made to settle such a Tax Claim and Buyer desires to accept and agree
to such offer, or if Buyer desires to consent to the entry of any judgment with respect to such a Tax Claim, Buyer shall give written
notice to that effect to Seller. If Seller fails to consent to such firm offer or to such judgment within five (5) days after its
receipt of such notice, then Buyer shall indemnify Seller and its Affiliates for all Losses with respect to such Tax Claim that
exceed the amount that would have been payable or incurred by Seller and its Affiliates pursuant to or as a result of the acceptance
of such settlement offer or judgment.

 

7.08 Cooperation and Exchange of Information.
Seller and Buyer shall provide each other with such cooperation and information as either of them reasonably may request of the
other in filing any Tax Return or obtaining a Tax Refund pursuant to this Article VII or in connection with any audit or other
proceeding in respect of Taxes of the Company. Such cooperation and information shall include providing copies of relevant Tax
Returns or portions thereof, together with accompanying schedules, related work papers and documents relating to rulings or other
determinations by Tax authorities. Each of Seller and Buyer shall retain all Tax Returns, schedules and work papers, records and
other documents in its possession relating to Tax matters of the Company for any taxable period beginning on or before the Closing
Date until the expiration of the statute of limitations of the taxable periods to which such Tax Returns and other documents relate,
without regard to extensions, except to the extent notified by the other party in writing of such extensions for the respective
Tax periods. Prior to transferring, destroying or discarding any Tax Returns, schedules and work papers, records and other documents
in its possession relating to Tax matters of the Company for any taxable period beginning before the Closing Date, Seller or Buyer
(as the case may be) shall provide the other party with reasonable written notice and offer the other party the opportunity to
take custody of such materials.

 

    	 	22	 

     

    

 

7.09 Tax Refunds. Any Pre-Closing
Tax Refunds shall be for the account of Seller. Promptly (and in any event within five (5) Business Days) upon receipt by the Company,
Buyer or any of its Affiliates of any such Pre-Closing Tax Refund, Buyer shall pay over, by wire transfer of immediately available
funds, any such Pre-Closing Tax Refund to Seller. At Seller’s request and at its sole cost and expense, Buyer shall cause
the relevant entity (e.g., Buyer, the Company, a Company subsidiary or any of their Affiliates) to file for and obtain any such
Pre-Closing Tax Refunds.

 

7.10 Overlap. To the extent
that any obligation or responsibility pursuant to Article VIII overlaps with an obligation or responsibility pursuant to this Article
VII, the provisions of this Article VII shall govern. To the extent that any provision in Article VIII conflicts with a provision
in this Article VII, the provisions of this Article VII shall govern.

 

 

ARTICLE VIII

INDEMNIFICATION

 

8.01 Indemnification by Seller.
Seller will indemnify and hold Buyer and its Affiliates (including the Company), and their respective shareholders, members, managers,
directors, officers, employees, and agents (collectively, the “Buyer Indemnified Parties”) harmless from and
against, for and in respect of, any and all Liabilities, obligations, claims, contingencies, Taxes, fines, deficiencies, demands,
assessments, losses (including diminution in value), damages (including incidental and consequential damages), costs and expenses,
including, without limitation, all corrective and remedial actions, all court costs and reasonable attorneys’ fees, and all
reasonable amounts paid in investigation, defense, or settlement of the foregoing (collectively, “Losses”) that
any Buyer Indemnified Party may suffer or incur as a result of or relating to:

 

(a)       the
breach of any representation or warranty made by Seller herein (excluding any representation or warranty in Section 4.7), or any
allegation by a third party that, if true, would constitute such a breach; or

 

(b)       the
breach of any covenant or agreement of Seller under this Agreement (excluding any covenant or agreement in Article VII), or any
allegation by a third party that, if true, would constitute such a breach.

 

8.02 Indemnification by Buyer.
Buyer will indemnify and hold Seller and its Affiliates, and their respective shareholders, members, managers, directors, officers,
employees, and agents (collectively, the “Seller Indemnified Parties”) harmless from and against, for and in
respect of, any and all Losses that Seller Indemnified Parties may suffer or incur as a result of or relating to:

 

    	 	23	 

     

    

 

(a)       the
breach of any representation or warranty made by Buyer herein, or any allegation by a third party that, if true, would constitute
such a breach; or

 

(b)       the
breach of any covenant or agreement of Buyer under this Agreement, or any allegation by a third party that, if true, would constitute
such a breach.

 

8.03 Notice; Defense of Claims.

 

(a)       Any
party entitled to receive, and desirous of receiving, indemnification under this Agreement (the “Indemnified Party”)
shall give written notice to the party required to provide indemnification hereunder (the “Indemnifying Party”)
promptly after the occurrence of any indemnifiable Loss or after such Indemnified Party has actual knowledge of the assertion of
any claim or the commencement of any Proceeding in respect of which such a Loss may reasonably be expected to occur (a “Claim”),
whichever is earlier, but the Indemnified Party’s failure to give such notice will not relieve the Indemnifying Party of
its indemnification obligation under this Agreement except to the extent that such omission results in a failure of actual notice
to the Indemnifying Party and the Indemnifying Party is materially damaged as a result of such failure to give notice.

 

(b)       The
Indemnified Party shall permit the Indemnifying Party (at the expense of the Indemnifying Party) to control the defense of such
Claim with reputable counsel reasonably satisfactory to the Indemnified Party if (but only if) the Indemnifying Party first (i)
enters into an agreement with the Indemnified Party (in form and substance reasonably satisfactory to the Indemnified Party) pursuant
to which the Indemnifying Party agrees (A) to be fully responsible (with no reservation of rights) for all Losses relating to such
Claims, and (B) to provide full indemnification (whether or not otherwise required hereunder) to the Indemnified Party for all
Losses relating to such Claim, and (ii) furnishes the Indemnified Party with reasonable evidence that the Indemnifying Party is
and will be able to satisfy any Losses relating to such Claim.

 

(c)       If
the Indemnifying Party is permitted to assume and control the defense of a Claim and elects to do so as provided above, the Indemnifying
Party shall obtain the prior written consent of the Indemnified Party before entering into any settlement of such Claim or ceasing
to defend such Claim if (i) pursuant to or as a result of such settlement or cessation, injunctive or other equitable or non-monetary
relief will be imposed against the Indemnified Party, (ii) such settlement is not required to be paid or satisfied in full by the
Indemnifying Party, and does not expressly and unconditionally release the Indemnified Party from all Losses with respect to such
Claim and all other claims arising out of the same or similar facts and circumstances, with prejudice, or (iii) such settlement
imposes any expense, obligation or restriction upon the Indemnified Party, includes any obligations on the part of the Indemnified
Party to take any future actions, or requires the Indemnified Party to admit or acknowledge to any fact or event, including any
violation of Law.

 

    	 	24	 

     

    

 

(d)       Notwithstanding
the foregoing, the Indemnifying Party shall not have, and shall forfeit, the right to control the defense of such Claim (and the
Indemnified Party shall have the right to control the defense, settlement, and negotiations of such Claim, at the sole cost and
expense of the Indemnifying Party) if, at any prior to the final resolution of such Claim (i) the Indemnified Party shall in good
faith determine that the conduct of the defense of such Claim or any proposed settlement of any such Claim by the Indemnifying
Party might be expected to materially adversely affect the Indemnified Party’s Tax liability or the ability of the Indemnified
Party to conduct its business, or (ii) such Claim seeks non-monetary relief or involves criminal or quasi-criminal allegations
(including fraud).

 

(e)       If
the Indemnifying Party is permitted to assume and control the defense of a Claim and elects to do so, the Indemnified Party shall
have the right to employ counsel separate from counsel employed by the Indemnifying Party in any such action and to participate
in the defense thereof, but the fees and expenses of such counsel employed by the Indemnified Party shall be at the expense of
the Indemnified Party unless (i) the employment thereof has been specifically authorized by the Indemnifying Party in writing,
or (ii) the Indemnifying Party has been advised by counsel that a reasonable likelihood exists of a conflict of interest between
the Indemnifying Party and the Indemnified Party, or that the Indemnified Party may have available to it one or more defenses or
counterclaims that are inconsistent with one or more of those that may be available to the Indemnifying Party in respect of such
Claim.

 

(f)       If
the Indemnifying Party does not accept the defense of any matter as provided above within a reasonable time (but not more than
15 days) after receiving notice of the commencement of the matter, then the Indemnified Party shall have the full right, at the
expense of the Indemnifying Party, to defend against any such Claim, and shall be entitled to settle or agree to pay in full such
Claim. In any event, the Indemnifying Party and the Indemnified Party shall cooperate in the defense of any such Claim, and the
records of each shall be available to the other with respect to such defense.

 

8.04 Survival of Representations
and Warranties. All representations, warranties, covenants and agreements set forth in this Agreement or in any writing
or certificate delivered in connection with this Agreement shall survive the Closing Date. Notwithstanding the foregoing, no party
shall be entitled to recover for any Loss pursuant to Sections 7.04(a), 7.05(a), 8.01(a) or 8.02(a) unless written notice of a
claim thereof is delivered to the Indemnifying Party prior to the Applicable Limitation Date. For purposes of this Agreement,
the term “Applicable Limitation Date” shall mean (a) with respect to any Loss arising from or related to a
breach of the representations and warranties set forth in Sections 4.09, 4.11, 4.12, 4.13, 5.05, 5.06, or 5.07, the last day of
the 24-month period commencing on the Closing Date, (b) with respect to any Loss arising from or related to a breach of the representations
and warranties set forth in Section 4.07 or claim for indemnification under Section 7.04(a) or Section 7.05(a), the Applicable
Limitation Date shall be the 60th day after expiration of the statute of limitations (including any extensions thereto to the
extent that such statute of limitations may be tolled) applicable to the Tax which gave rise to such Loss, and (c) with respect
to any Loss arising from or related to a breach of the representations and warranties set forth in any other Section of Article
IV or V, there shall be no Applicable Limitation Date (i.e., such representations and warranties shall survive forever). Notwithstanding
anything in this Section 8.04 to the contrary, in the event of any breach of a representation or warranty by a party that constitutes
actual fraud, the representation or warranty shall survive consummation of the transactions contemplated in this Agreement and
continue in full force and effect without any time limitation.

 

    	 	25	 

     

    

 

8.05 Tax Effect of Indemnification
Payments. All indemnity payments made pursuant to this Agreement shall be treated for all Tax purposes as adjustments to
the Purchase Price.

 

8.06 Maximum Contribution.
If and to the extent any provision of this Article VIII is unenforceable for any reason, the Indemnifying Party hereby agrees
to make the maximum contribution to the payment and satisfaction of any Loss for which indemnification is provided for in this
Article VIII that is permissible under applicable Law.

 

8.07 Offset. Any Loss that
any Buyer Indemnified Party suffers, sustains or becomes subject to and with respect to which such Buyer Indemnified Party is entitled
to indemnification from Seller pursuant to Article VII or this Article VIII may, at the option of such Buyer Indemnified Party,
be satisfied (to the extent of such offset) by setting off all or any portion of such Losses against any amounts that such Buyer
Indemnified Party owes to Seller or to any of Seller's Affiliates at such time.

 

 

ARTICLE IX

MISCELLANEOUS

 

9.01 Notices. Any notice or
other communication required or permitted under this Agreement shall be in writing and shall be considered given (i) when delivered
personally, (ii) one Business Day after being sent by a major overnight courier for next Business Day delivery, (iii) five Business
Days after being mailed by certified mail, return receipt requested, postage prepaid, or (iv) upon actual receipt if sent by email
or facsimile (with transmission confirmation), in each case to the parties at their respective addresses set forth below, or at
such other address as may be indicated in writing by any party to the other party in the manner provided herein for giving notice,
with a copies (which shall not constitute notice) as follows:

 

	
        If to Buyer, to:

         
	 
	
        RAP Acquisition Inc.

        8 Blueberry Hill,

        Marlboro NJ 07746

        Attention: Rob Portera

        Fax: (732) 967-1081

        Email: rportera@comnetsupply.com

         

        With a copy to:

         

        Breslow & Walker, LLP

        100 Jericho Quadrangle, Suite 230

        Jericho, New York 11753

        Attention: Len Breslow, Esq.

        Fax: (516) 822-6544

        Email: lbreslow@breslowwalker.com

	 	 

 

    	 	26	 

     

    

	
        If to Seller, to:

         
	 
	
        RF Industries, Ltd.

        7610 Miramar Road,

        San Diego, CA 92126

        Attention: Mark Turfler, CFO

        Fax: 858-549-6345

        Email: mturfler@rfindustries.com

         

        With a copy to:

         

        TroyGould PC

        1801 Century Park East,

        16th Floor

        Los Angeles, CA 90067

        Attention: Istvan Benko

        Fax: 310-789-1426

        Email: IBenko@troygould.com

 

9.02 Headings. The
headings contained in this Agreement are for purposes of convenience only and shall not affect the meaning or interpretation of
this Agreement.

 

9.03 Severability. If any
provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future Law, and if the rights
or obligations of any party hereto under this Agreement will not be materially and adversely affected thereby, (a) such provision
will be fully severable, (b) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part hereof, (c) the remaining provisions of this Agreement will remain in full force and effect and will
not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and (d) in lieu of such illegal,
invalid or unenforceable provision, there will be added automatically as a part of this Agreement a legal, valid and enforceable
provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible.

 

9.04 Entire Agreement.
This Agreement (together with the Exhibits and the Schedules to this Agreement) contain the entire understanding of the parties
hereto and thereto with respect to the subject matter contained herein, and supersede and cancel all prior agreements, negotiations,
correspondence, undertakings and communications of the parties, oral or written, respecting such subject matter, including that
certain letter of intent, dated September 4, 2018 between Buyer and Seller.

 

    	 	27	 

     

    

 

9.05 Assignment. Neither
this Agreement, nor any party’s rights or obligations hereunder, shall be assignable or otherwise transferable by any party
hereto without the prior written consent of the other party hereto; provided, however, Buyer may assign this Agreement and its
rights and obligations hereunder to any Affiliate of Buyer, or to any lender to Buyer or Affiliate thereof as security for obligations
to such lender in respect of the financing arrangements entered into in connection with the transactions contemplated hereby and
any refinancings, extensions, refundings or renewals thereof.

 

9.06 Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

9.07 No Third Party Beneficiaries.
Except as provided in Section 7.05 with respect to the Buyer Indemnified Parties (each of which are intended third party beneficiaries
of such Section), and Article VIII with respect to indemnification of Indemnified Parties (each of which are intended third party
beneficiaries of such Article), nothing in this Agreement shall confer any rights upon any Person other than the parties hereto
and their respective successors and permitted assigns.

 

9.08 Specific Performance.
The parties hereby acknowledge and agree that the failure of either party to perform its agreements and covenants hereunder
will cause irreparable injury to the other party for which damages, even if available, will not be an adequate remedy. Accordingly,
each party hereby consents to the issuance of injunctive relief by any court of competent jurisdiction to compel performance of
such party’s obligations and to the granting by any court of the remedy of specific performance of its obligations hereunder.

 

9.09 Amendment; Waivers, Etc.
No amendment, modification or discharge of this Agreement, and no waiver hereunder, shall be valid or binding unless set forth
in writing and duly executed by the party against whom enforcement of the amendment, modification, discharge or waiver is sought.
Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way
impair the rights of the party granting such waiver in any other respect or at any other time. Neither the waiver by any of the
parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure by any of the parties,
on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder,
shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights
or privileges hereunder. The representations and warranties of each party, and such party’s obligation to indemnify hereunder,
shall not be affected or deemed waived by reason of any investigation made by or on behalf of the other party (including, but
not limited to, by such other party’s representative) or by reason of the fact that such other party or its representatives
knew or should have known that any such representation or warranty is or might be inaccurate.

 

    	 	28	 

     

    

 

9.10 Governing Law. This Agreement
shall be governed in all respects, including as to validity, interpretation and effect, by the internal laws of the State of New
York, without giving effect to the conflict of laws rules thereof to the extent that the application of the law of another jurisdiction
would be required thereby. The parties hereby irrevocably (a) submit to the jurisdiction of any state or federal court of competent
jurisdiction sitting in (or with jurisdiction over) the State of New York, County of New York in any Proceeding arising out of
or relating to this Agreement, (b) agree that all claims with respect to such Proceeding shall be heard and determined in such
a state or federal court, (c) waive, to the fullest extent possible, and agree not to assert, as a defense in any such Proceeding
that such Proceeding may not be brought or is not maintainable in said court, that the venue thereof may not be appropriate or
is inconvenient, or that this Agreement may not be enforced in or by said court, and (d) TO THE EXTENT PERMITTED BY LAW, WAIVE
ANY RIGHT TO TRIAL BY JURY IN ANY SUCH PROCEEDING. The parties hereby consent to and grant such court jurisdiction over the persons
of such parties and over the subject matter of any such dispute, and agree that delivery or mailing of process or other papers
in connection with any such Proceeding in the manner provided in Section 9.01 hereof or in such other manner as may be permitted
by law shall be valid and sufficient service thereof.

 

9.11 Counterparts. This
Agreement may be executed in multiple counterparts, and by the different parties hereto in separate counterparts, each of which
when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

9.12 Construction. The language
used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of
strict construction (including the rule that ambiguities are to be resolved against the drafting party) shall be applied against
any person. The parties intend that each representation, warranty and covenant contained herein shall have independent significance.
If any party has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists
another representation, warranty, or covenant relating to the same subject matter (regardless of the relative levels of specificity)
that the party has not breached shall not detract from or mitigate the fact that the party is in breach of the first representation,
warranty, or covenant.

 

    	 	29	 

     

    

 

IN WITNESS WHEREOF, each of the parties
hereto has caused this Agreement to be executed as of the date first written.

 

	 	RAP Acquisition Inc.
	 	 	 
	 	By:	/s/ ROBERT PORTERA	 
	 	 	Rob Portera, CEO
	 	 	 
	 	 	 
	 	RF Industries, Ltd.
	 	 	 
	 	By:	/s/ ROBERT DAWSON	 
	 	Name:	Robert Dawson	 
	 	Title:	President & CEO	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE PAGE TO PURCHASE AGREEMENT]

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