Document:

STOCK PURCHASE AND CONFIDENTIALITY
		AGREEMENT
	 

	 
		Stock Purchase and Confidentiality Agreement
		(the “Agreement”), dated March 13, 2007, between and among
		Merrimac Industries, Inc., a Delaware corporation (the “Company”),
		with an address of 41 Fairfield Place, West Caldwell, MJ 07006, and Adam Smith
		Investment Partners, L.P., a New York limited partnership (“ASIP”),
		Adam Smith Capital Management LLC, a New York limited liability company
		(“ASCM”), Diamond Capital Management, a New York Corporation
		(“DCM”), Adam Smith Investments, Ltd., a British Virgin Island
		limited company (“ASI”), Richard Grossman (“RG”), Orin
		Hirschman, (“OH”) and Richard and Ana Grossman JTWROS
		(“RAG”), each with the address set forth on the signature pages
		attached hereto (each of ASIP, ASCM, DCM, ASI, RG, OH and RAG, a
		“Seller”, and collectively, the “Sellers”).
	 

	 
		WHEREAS, The Sellers wish to sell to the
		Company, and the Company wishes to purchase from the Sellers, certain
		outstanding shares of common stock of the Company owned by the Sellers (such
		sale and purchase being referred to herein as the
		“Transaction”);
	 

	 
		WHEREAS, in connection with the Transaction,
		the Company will disclose to the Seller certain confidential information
		relating to the Company’s business; and
	 

	 
		WHEREAS, the Seller and the Company wish to
		set forth their understanding with respect to such confidential
		information.
	 

	 
		NOW, THEREFORE, the parties agree as
		follows:
	 

	 
		1. Each Seller agrees to sell to the
		Company, free and clear of all liens and encumbrances, and the Company agrees
		to purchase from each Seller, the number of shares of common stock, par value
		$0.01 per share, of the Company set forth next to each Seller’s name on
		Schedule A hereto (the “Shares”), at a price of $9.00 per share,
		representing an aggregate of 238,700 shares and an aggregate purchase price of
		$2,148,300. 
	 

	 
		2. Each Seller represents to the Company,
		and the Company represents and warrants to the Sellers, that it has the full
		right, power and authority to enter into this Agreement and to consummate the
		transactions contemplated hereby. Each Seller represents and warrants to the
		Company that it holds exclusive record and beneficial legal title to the Shares
		set forth next to its name on Schedule A attached hereto, free and clear of all
		liens, pledges, encumbrances, restrictions, and claims.
	 

	 
		3. Confidential Information  For purposes of this Agreement, “Confidential
		Information” means the information included in Schedule B hereto. The
		Sellers hereby acknowledge the receipt of the Confidential Information included
		in Schedule B.
	 

	 
		4. Non-Disclosure and Trading Restrictions. Each Seller shall use the Confidential Information
		only in connection with the Transaction. Each Seller agrees to maintain the
		Confidential Information in confidence (within the meaning of Rule
		100(b)(2)(ii) of Regulation FD) and to not disclose the Confidential
		Information to any third party without the
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Company’s prior written consent. While
		in possession of any Confidential Information, none of any Seller, any
		affiliate or representative of any Seller, and any person to whom the Seller
		discloses Confidential Information shall engage in any transactions involving
		the Company’s securities except for the Transaction. Each Seller
		acknowledges and agrees that it is aware of the restrictions imposed by the
		United States securities laws on the purchase or sale of securities by any
		person possessing material non-public information about the issuer of such
		securities, and on the communication of such information to any other person
		when it is reasonably foreseeable that such other person is likely to purchase
		or sell such securities in reliance upon such information.
	 

	 
		5. Term. Each
		Seller’s obligations under this Agreement shall continue until the earlier
		of (i) the time 48 hours after the Company files its Annual Report on Form 10-K
		for the year ended December 31, 2006 with the Securities and Exchange
		Commission or (ii) the time the Confidential Information shall become publicly
		available.
	 

	 
		6. Miscellaneous.
	 

	 
		(a) This Agreement shall be governed by, and
		construed and enforced in accordance with, the laws of the State of New
		York.
	 

	 
		(b) This Agreement represents the entire
		understanding and agreement between the Sellers and the Company with respect to
		the subject matter hereof, and supersedes all other oral or written
		negotiations, communications, understandings, agreements and representations
		(if any) made by or between the Sellers and the Company.
	 

	 
		(c) The provisions of this Agreement may not
		be amended, supplemented, or waived orally, but only by a writing signed by the
		party as to whom enforcement of any such amendment, supplement or waiver is
		sought.
	 

	 
		(d) All of the terms and provisions of this
		Agreement shall be binding upon, inure to the benefit of, and be enforceable by
		the Company, the Sellers and their respective successors and assigns.
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

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

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  COMPANY:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Robert V. Condon
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Vice President, Finance
				  and
 Chief Financial Officer
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  SELLERS:
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 /s/ Richard Grossman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Richard Grossman
				

				
				  101 East 52nd
				  Street
				

				
				  New York, New York 10022
				

			 

 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 /s/ Orin Hirschman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Orin Hirschman
				

				
				  6006 Berkeley Avenue
				

				
				  Baltimore, Maryland 21209
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ADAM SMITH INVESTMENT PARTNERS,
				  L.L.C.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Richard Grossman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Richard Grossman
				

				
				  101 East 52nd
				  Street
				

				
				  New York, New York 10022
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ADAM SMITH INVESTMENT PARTNERS,
				  L.P.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: ADAM SMITH CAPITAL MANAGEMENT,
				  L.L.C.
				

				
				  General Partner
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Richard Grossman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Richard Grossman, Manager
				

				
				  101 East 52nd
				  Street
				

				
				  New York, New York 10022
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DIAMOND CAPITAL MANAGEMENT
				  INC.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Richard Grossman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Richard Grossman, Vice
				  President
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  101 East 52nd
				  Street
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  New York, New York 10022
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ADAM SMITH INVESTMENT LTD.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: DIAMOND CAPITAL MANAGEMENT,
				  INC.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Investment advisor
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Richard Grossman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Richard Grossman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  c/o Insingor Trust (BVI)
				  Limited
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Tropic Isle Building
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  P.O. Box 438
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Tortola, British Virgin
				  Islands
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  RICHARD AND ANA GROSSMAN
				  JTWROS
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Richard Grossman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Richard Grossman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  101 East 52nd
				  Street
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  New York, New York 10022
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Ana Grossman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Ana Grossman
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  HERSHEL & ETTIL BERKOWITZ

				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Hershel P. Berkowitz

				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Hershel P. Berkowitz
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Ettil Berkowitz
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Ettil Berkowitz
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  JOSHUA HIRSCH
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Joshua Hirsch
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Joshua Hirsch
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 PAUL PACKER
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Paul Packer
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Paul Packer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		5Exhibit 10.1
	 

	 
		 
	 

	 
		FIRST AMENDMENT TO REVOLVING CREDIT,
	 

	 
		TERM LOAN AND SECURITY AGREEMENT
	 

	 
		THIS FIRST AMENDMENT TO REVOLVING CREDIT,
		TERM LOAN AND SECURITY AGREEMENT (the “Amendment”) is made as of May
		15, 2007, by and between MERRIMAC INDUSTRIES, INC., a Delaware corporation
		(“Borrower”), and NORTH FORK BANK, a New York state chartered banking
		institution (“Bank”).
	 

	 
		W I T N E S S E T H:
	 

	 
		WHEREAS, the parties have agreed to amend
		that certain Revolving Credit, Term Loan and Security Agreement, dated October
		18, 2006 (the “Agreement” and terms defined therein and not otherwise
		defined herein being used herein as therein defined), as hereinafter set
		forth.
	 

	 
		NOW, THEREFORE, Borrower and Bank hereby
		agree as follows:
	 

	 
		SECTION 1. Amendment to the Agreement. The Agreement is, effective as of the Effective Date
		(as defined in Section 2 hereof), hereby amended as follows:
	 

	 
			
				
				   
				

			 	
				
				  1.1
				

			 	
				
				  Page 4, Section 1.1 of the Agreement
				  shall be revised to reflect the deletion of the definition of “Fixed
				  Charge Coverage Ratio” and the replacement of such definition with the
				  following:
				

			 

 

	 
		““Fixed Charge Coverage Ratio” means the ratio of Borrower’s (i.e., excluding
		Filtran) and Costa Rican Subsidiary’s consolidated (a) EBITDA less
		dividends, distributions and, commencing with Borrower’s fiscal quarter
		ending September 29, 2007 and continuing each fiscal quarter thereafter,
		Maintenance Capital Expenditures to (b) Fixed Charges. Notwithstanding the
		foregoing, (i) (a) cash and non-cash charges incurred with the transition of
		Borrower’s banking relationship to Bank during Borrower’s fiscal
		quarter ending December 30, 2006, (b) charges incurred during Borrower’s
		fiscal quarters ending September 30, 2006 and December 30, 2006 associated with
		employee downsizing not to exceed $100,000.00 in the aggregate shall each be
		added back in (a) above but only for the operating result of the periods
		specified and (ii) and for the fiscal quarters ending March 31, 2007, June 30,
		2007, September 29, 2007 and fiscal year end December 29, 2007, the calculation
		of (a) above shall not include all charges incurred by Borrower in repurchase
		of 240,000 shares of its common stock completed in fiscal year
		2007.”
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				  1.2
				

			 	
				
				  Page 7, Section 1.1 of the Agreement
				  is hereby revised to reflect the addition of the following new
				  definition:
				

			 

 

	 
		““Maintenance Capital
		Expenditures” means (i)
		expenditures made in connection with the replacement, substitution, restoration
		or repair of assets, including, without limitation, the purchase of plant,
		property or equipment, to the extent financed with (x) insurance proceeds paid
		on account of the loss of or damage to the assets being replaced, substituted,
		restored or repaired or (y) awards of compensation arising from the taking by
		eminent domain or condemnation of the assets being replaced, (ii) the purchase
		price of equipment that is purchased simultaneously with the trade-in of
		existing equipment to the extent that the gross amount of such purchase price
		is reduced by the credit granted by the seller of such equipment for the
		equipment being traded in at such time, (iii) expenditures that are accounted
		for as capital expenditures by Borrower or any Subsidiary and that actually are
		paid for, or reimbursed to Borrower or any Subsidiary in cash, by a Person
		other than Borrower or any Subsidiary and for which neither Borrower nor any
		Subsidiary has provided or is required to provide or incur, directly or
		indirectly, any consideration or obligation (other than rent) in respect of
		such expenditures to such Person or any other Person (whether before, during or
		after such period), (iv) the book value of any asset owned by Borrower or any
		Subsidiary prior to or during such period to the extent that such book value is
		included as a capital expenditure during such period as a result of such Person
		reusing or beginning to reuse such asset during such period without a
		corresponding expenditure actually having been made in such period,
		provided that (x) any expenditure necessary in order to permit
		such asset to be reused during the period in which such expenditure actually is
		made and (y) such book value shall have been included in Capital Expenditures
		when such asset was originally acquired, (v) the purchase price of equipment
		purchased during such period to the extent the consideration therefore consists
		of any combination of (A) used or surplus equipment traded in at the time of
		such purchase and (B) the proceeds of a concurrent sale of used or surplus
		equipment, in each case, in the ordinary course of business, or (vi) to the
		extent not already included in this definition, expenditures relating to the
		construction, acquisition, replacement, reconstruction, development,
		refurbishment, renovation or improvement of any property which has been
		transferred to a Person other than Borrower or any Subsidiary during the same
		fiscal year in which such expenditures were made.”
	 

	 
			
				
				   
				

			 	
				
				  1.3
				

			 	
				
				  Page 33, Section 7.19 of the
				  Agreement is hereby deleted in its entirety and replaced with the
				  following:
				

			 

 

	 
		“7.19   Pay Fees and Expenses. Borrower shall pay on demand all reasonable expenses
		of Bank in connection with the preparation, administration, default,
		collection, waiver or amendment of loan terms, or in connection with
		Bank’s exercise, preservation or enforcement of any of its rights,
		remedies or options under this Agreement and the Loan Documents,
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		including, without limitation, fees of
		outside legal counsel or the allocated costs of in-house legal counsel,
		accounting, consulting, brokerage or other similar professional fees or
		expenses, and any fees or expenses associated with travel or other costs
		relating to any appraisals or examinations conducted in connection with the
		loan or any collateral therefore, and the amount of all such expenses shall,
		until paid, bear interest at the Default Rate.”
	 

	 
			
				
				   
				

			 	
				
				  1.4
				

			 	
				
				  Page 36, Section 8.1 of the
				  Agreement is hereby deleted in its entirety and replaced with the
				  following:
				

			 

 

	 
		“8.1 Fixed Charge Coverage Ratio. Borrower shall maintain a Fixed Charge Coverage Ratio
		measured on a rolling four quarter basis of not less than 1.25 to 1.0 for
		Borrower’s fiscal quarter ended September 30, 2006 and for each fiscal
		quarter of Borrower ending thereafter, except that for the fiscal quarter
		ending June 30, 2007, the ratio shall not be tested nor applied.”
	 

	 
			
				
				   
				

			 	
				
				  1.5
				

			 	
				
				  Page 36 of the Agreement is hereby
				  revised to reflect the addition of the following new Section:
				

			 

 

	 
		“8.4 EBITDA. Borrower
		shall maintain an EBITDA, for Borrower’s fiscal quarter ended June 30,
		2007, measured on a rolling four quarter basis, of not less than ninety (90%)
		percent of the EBITDA projected by Borrower and previously supplied to
		Bank.”
	 

	 
		SECTION 2. Effectiveness of this Amendment. This Amendment shall become effective as of the date
		first above written (the “Effective Date”) and subject to the
		following:
	 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  Payment by Borrower to Bank of an
				  amendment fee equivalent to Twenty Five Thousand and 00/100 ($25,000) Dollars;
				  
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  Payment of all fees incurred by Bank
				  in connection with the preparation and execution of this Amendment, including,
				  without limitation legal fees; and
				

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  Receipt by Bank of a duly authorized
				  and execution resolution of Borrower authorizing the execution and delivery of
				  this Amendment.
				

			 

 

	 
		SECTION 3. Representations and Warranties. Borrower hereby represents and warrants as
		follows:
	 

	 
		3.1 The execution, delivery and performance
		by Borrower of this Amendment is within its powers and has been duly authorized
		by all necessary action and does not and will not (i) require any consent or
		approval of the shareholders of Borrower, (ii) conflict with Borrower’s
		organizational documents, (iii) result in a breach of or constitute a default
		under any obligation to which Borrower is a party of by which any of its
		properties may be bound or affected, or (iv) result in, or require, the
		creation or imposition of any lien of any nature upon or with respect to any of
		the properties now owned or hereafter acquired by Borrower.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		3.2 All Permits, consents or waivers from or
		by, notices to or filings with or other actions by any court or Governmental
		Authority, required in connection with the execution, delivery or performance
		by Borrower of this Amendment, if any, have been obtained, given, filed or
		taken and are in full force and effect.
	 

	 
		3.3       This
		Amendment has been duly executed and delivered by Borrower and constitutes the
		legal, valid and binding obligations of Borrower enforceable against Borrower
		in accordance with its terms except as such enforcement may be limited by
		applicable bankruptcy, insolvency, reorganization or other similar laws
		relating to or limiting creditors’ rights generally or by general equity
		principles.
	 

	 
		3.4 The representations and warranties
		contained in Article 6 of the Agreement are true and correct in all respects on
		and as of the date hereof, as though made on and as of the date hereof. 

	 

	 
		3.5 No event has occurred, or would result
		from the execution, delivery or performance of this Amendment, the Agreement or
		the Loan Documents, as amended hereby, which constitutes a Default or an Event
		of Default. 
	 

	 
		SECTION 4. Reference to and Effect of the
		Loan Documents. 
	 

	 
		4.1 Upon the effectiveness of this
		Amendment, on and after the date hereon, each reference in the Agreement to
		this Agreement”, “hereunder”, “hereof”, or words of
		like import, and each reference in the other Loan Documents to the Agreement,
		shall mean and be a reference to the Agreement, as amended hereby.
	 

	 
		4.2 Except as specifically amended above,
		all of the terms of the Agreement and all other Loan Documents shall remain
		unchanged and in full force and effect.
	 

	 
		4.3 The execution, delivery and
		effectiveness of this Amendment shall not, except as expressly provided herein,
		operate as a waiver of any right, power or remedy of Bank under the Agreement
		or any of the Loan Documents, nor constitute a waiver of any provision of the
		Agreement or any of the Loan Documents.
	 

	 
		SECTION 5. Execution in Counterparts. This Amendment may be executed and delivered in any
		number of counterparts and by different parties hereto in separate
		counterparts, each of which when so executed and delivered shall be deemed an
		original and all of which taken together shall constitute one and the same
		original agreement.
	 

	 
		SECTION 6. GOVERNING LAW, SEVERABILITY. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
		PARTIES HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
		ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD TO THE
		PRINCIPLES OF CONFLICT OF LAWS THEREUNDER. WHEREVER POSSIBLE, EACH PROVISION OF
		THIS AMENDMENT SHALL BE INTERPRETED IN SUCH MANNER AS TO BE EFFECTIVE AND VALID
		UNDER APPLICABLE LAW, BUT IF ANY PROVISION OF THIS AMENDMENT SHALL BE
		PROHIBITED BY OR INVALID UNDER APPLICABLE LAW, SUCH PROVISION SHALL BE
		INEFFECTIVE TO THE EXTENT OF SUCH PROHIBITION OR INVALIDITY,
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 WITHOUT INVALIDATING THE REMAINDER OF SUCH
		PROVISION OR THE REMAINING PROVISIONS OF THIS AMENDMENT.
	 

	 
		SECTION 7. JURY TRIAL.
		BORROWER AND BANK WAIVE ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION
		OR CAUSE OF ACTION (a) ARISING UNDER ANY OF THE LOAN DOCUMENTS OR (b) IN ANY
		WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF BORROWER OR BANK
		WITH RESPECT TO ANY OF THE LOAN DOCUMENTS, THIS AMENDMENT OR THE TRANSACTIONS
		RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR
		OTHERWISE. BORROWER AND BANK AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND,
		ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND
		THAT ANY PARTY TO THIS AMENDMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
		THIS SECTION 7 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER
		AND BANK TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES
		THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION
		7, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT
		VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS SECTION 7. THIS WAIVER
		CONSTITUTES A MATERIAL INDUCEMENT FOR BANK TO ACCEPT THIS AMENDMENT.
	 

	 
		SIGNATURE PAGE TO FOLLOW
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, the parties hereto have
		caused this First Amendment to Revolving Credit, Term Loan and Security
		Agreement to be duly executed and delivered, all as of the day and year first
		above written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  MERRIMAC INDUSTRIES, INC.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Robert V. Condon
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Robert V. Condon

				  Chief Financial Officer and Vice President,
				  Finance
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  NORTH FORK BANK
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Peter C. Laffler
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Peter C. Laffler

				  Vice President

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