<SEC-DOCUMENT>0001174947-20-001186.txt : 20201203
<SEC-HEADER>0001174947-20-001186.hdr.sgml : 20201203
<ACCEPTANCE-DATETIME>20201203105112
ACCESSION NUMBER:		0001174947-20-001186
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20201201
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201203
DATE AS OF CHANGE:		20201203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESPEY MFG & ELECTRONICS CORP
		CENTRAL INDEX KEY:			0000033533
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				141387171
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04383
		FILM NUMBER:		201366026

	BUSINESS ADDRESS:	
		STREET 1:		233 BALLSTON AVE
		STREET 2:		COR. CONGRESS & BALLSTON AVES.
		CITY:			SARATOGA SPRINGS
		STATE:			NY
		ZIP:			12866
		BUSINESS PHONE:		5185844100

	MAIL ADDRESS:	
		STREET 1:		233 BALLSTON AVE
		CITY:			SARATOGA SPRINGS
		STATE:			NY
		ZIP:			12866

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESPEY MANUFACTURING & ELECTRONICS CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<TYPE>8-K
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<DESCRIPTION>8-K
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">Washington</FONT>,
D. C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-transform: uppercase; text-align: center">FORM 8-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-decoration: none">CURRENT
REPORT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Date of Report<BR>
<B>December 1, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 89px; width: 195px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt">ESPEY MFG &amp;
ELECTRONICS CORP.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-04383<BR>
</B>(Commission File Number)</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18.8pt; text-align: center"><B>14-1387171</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18.8pt; text-align: center">(IRS Employer Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>233 Ballston Avenue, Saratoga Springs, New
        York 12866</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(518) 584-4100</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
        area code)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Former name or former address, if changed since last report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 95%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR &#9;230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 0; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Securities registered pursuant to Section
12(b) of the Act</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border: Black 1pt solid; padding-right: -0.5in; padding-bottom: 6pt; font-size: 10pt; text-align: center"><B>Title of each class</B></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.5in; padding-bottom: 6pt; font-size: 10pt; text-align: center"><B>Trading Symbol</B></TD>
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.5in; padding-bottom: 6pt; font-size: 10pt; text-align: center"><B>Name of each exchange on which registered</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -0.5in; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Common Stock $.33-1/3 par value&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.5in; padding-bottom: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">ESP</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">NYSE American</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: -0.5in; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Common Stock Purchase Rights</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: -0.5in; padding-bottom: 6pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0; padding-bottom: 6pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">NYSE American</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: right">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01. Entry into Definitive Material Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">See disclosure under Item 3.02 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 3.02. Unregistered Sales of Equity Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 1, 2020, pursuant to a Stock Purchase
Agreement dated as of such date, Espey Mfg. &amp; Electronics Corp. (the &ldquo;Corporation&rdquo;) sold 300,000 shares of its
common stock, par value $0.33 1/3 per shares to the Trustees of The Espey Mfg. &amp; Electronics Corp. Employee Stock Ownership
Plan Trust (the &ldquo;ESOP&rdquo;). The ESOP paid $18.29 per share, for an aggregate purchase price of $5,487,000. The ESOP borrowed
from the Corporation an amount equal to the purchase price. The loan will be repaid in fifteen (15) equal annual installments of
principal and the unpaid balance will bear interest at a fixed rate of 3.00% per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors of the Corporation had
approved a purchase price per equal to the fair market value as determined by an independent valuation firm retained by the ESOP.
The average trading pricing of the Corporation&rsquo;s common stock on the NYSE - American on November 30, 2020 was $19.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In making the sale, the Corporation relied
on the exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, because the shares sold were offered
only to the ESOP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After giving effect to the transaction, the
ESOP owns 769,119 shares of the Corporation&rsquo;s outstanding shares of common stock, all of which, with the exception of the
newly-acquired 300,000 shares, have already been allocated to the accounts of the participants in the ESOP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="ex10-18.htm">Exhibit 10.18. Stock Purchase Agreement dated as of December 1, 2020 between Espey Mfg. &amp; Electronics Corp. and The Trustees of the Espey Mfg. &amp; Electronics Corp. Employee Retirement Plan Trust.</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="ex10-19.htm">Exhibit 10.19. ESOP Loan Agreement dated as of December 1, 2020 between the Trustees of the Espey Mfg. &amp; Electronics Corp. Employee Retirement Plan Trust and Espey Mfg. &amp; Electronics Corp.</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 47%">ESPEY MFG. &amp; ELECTRONICS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ David A. O&rsquo;Neil</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>David A.&nbsp;&nbsp;O&rsquo;Neil</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Executive Vice President and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated: December 3, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><FONT STYLE="text-transform: uppercase"><B><U>STOCK
PURCHASE AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">AGREEMENT made as of the date last written
by and among Espey Mfg. &amp; Electronics Corp., a New York corporation (the &ldquo;Seller&rdquo;) and the trustee(s) not in their
individual capacity, but solely as trustees (the &ldquo;Trustees&rdquo;) of the Espey Mfg. &amp; Electronics Corp. Employee Retirement
Plan Trust (the &ldquo;Purchaser&rdquo;), a trust established pursuant to the Espey Mfg. &amp; Electronics Corp. Employee Retirement
Plan (the &ldquo;Plan&rdquo; or &ldquo;ESOP), which is an Employee Stock Ownership Plan within the meaning of Section 4975(e)(7)
of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Seller is authorized to issue
10,000,000 shares of common stock, $0.33 1/3 par value per share (the &ldquo;Common Stock&rdquo;) of which 2,402,633 shares are
issued and outstanding and 627,241 shares are held in treasury, respectively, as of September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Seller desires to sell,
and the Purchaser desires to purchase the number of the shares of Common Stock as provided in Section 1 herein, on the terms and
conditions contained herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Shares are qualifying the
employer securities as described in the Code and particularly Treas. Reg. &sect;54.4975-12 and the corresponding provisions of
the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Purchaser desires to finance
the purchase of the Shares in a manner that is primarily for the benefit of the Purchaser&rsquo;s participants and beneficiaries,
and upon terms and conditions consistent with the Code and ERISA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
mutual representations, warranties and covenants contained herein, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
and Sale of Shares</U>. Subject to the terms and conditions of this Agreement, the Seller hereby agrees to sell, transfer, convey
and deliver to Purchaser, and Purchaser hereby purchases, acquires and accepts from the Seller, 300,000 shares of the Common Stock
(the &ldquo;Shares&rdquo;), 200,000 of which shall be from treasury and 100,000 of which shall be newly issued shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
Price for Shares</U>. The consideration to be paid by Purchaser for the Shares shall be 5.487 Million Dollars ($5,487,000) (the
&ldquo;Purchase Price&rdquo;), or $18.29 per Share, payable as provided in Section 3 hereof. The Purchase Price for the Shares
shall in no event be more than adequate consideration within the meaning of Section 3(18)(B) of ERISA and shall not exceed the
fair market value of the Shares as set forth in the opinion referred to in paragraph 7.(e) Fairness Opinion herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Purchase Price.</U> The Purchase Price shall be paid by the Purchaser by delivering to the Seller at Closing the ESOP Note (a
copy of which is attached hereto as Schedule 1) (the &ldquo;ESOP Note&rdquo;) with such note having those payments and other terms
as referenced in the ESOP Note and more fully described in the ESOP Loan Agreement (a copy of which is attached hereto as Schedule
2) (the &ldquo;ESOP Loan Agreement&rdquo;) and (iii) the extension of credit made under the ESOP Note and the ESOP Loan Agreement
being secured by a pledge of those shares to the Seller pursuant to the terms of the ESOP Pledge Agreement of even date (a copy
of which is attached hereto as Schedule 3) (the &ldquo;ESOP Pledge Agreement).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Closing</U>. The purchase and sale of the Shares shall take place on December 1, 2020, or at such time and place mutually agreed
upon by the parties (which time and place are designated as the &ldquo;Closing&rdquo; or &ldquo;Closing Date&rdquo;). At the Closing,
the Seller shall deliver to the Purchaser the certificate(s) representing the Shares, and the Purchaser shall deliver to Seller
the ESOP Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
Deliveries</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>By
the Purchaser</U>. At the Closing, the Purchaser shall deliver to the Seller the ESOP Note in payment for the Shares, as provided
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>By
the Seller</U>. At the Closing, the Shares shall be credited, free and clear of any encumbrances, to a securities account of the
Purchaser for the benefit of the Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>By
the Purchaser and the Seller</U>. At the Closing, the Purchaser and the Seller shall sign and deliver to each other copies of the
ESOP Loan Agreement, the ESOP Pledge Agreement and such other documents as shall be reasonably required in order to effect the
transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller hereby represents and warrants to the Purchaser as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Seller has full power, authority and capacity to enter into this Agreement and to carry out the transactions contemplated hereby.
This Agreement is a valid and binding obligation of the Seller, enforceable against the Seller in accordance with its terms. No
consent of any third party is required for the Seller to enter into this Agreement or consummate the transactions contemplated
herein, except for the approval of the NYSE American (the &ldquo;Exchange&rdquo;) for the listing of the Shares on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Closing, the Seller will be the sole lawful, beneficial and record owner of those of the Shares to be sold to the Purchaser
by the Seller which are treasury shares, free and clear of all encumbrances and preemptive rights whatsoever. The remaining Shares
are newly-issued shares. Except for this Agreement or pursuant to outstanding options under the Seller&rsquo;s existing Stock Option
Plan, the Seller is not a party to any option, warrant, purchase right or other contract or commitment that could require Seller
to sell, transfer or otherwise dispose of any capital stock of the Company. The credit by book entry to the custodian account maintained
by Purchaser with the Adirondack Trust Company, will transfer to the Purchaser good, marketable and valid title to the Shares,
free and clear of all encumbrances and preemptive rights whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no action, suit, proceeding or investigation pending (or, to the knowledge of the Seller, threatened) affecting the rights of
the Seller to sell the Shares pursuant to this Agreement or otherwise to carry out the provisions of this Agreement and the transactions
contemplated hereby, in any court, at law or in equity, or before or by any federal, state, local or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, or before any arbitrator of any kind.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
execution, delivery and performance of this Agreement and the ESOP Loan Documents and the consummation of the transactions contemplated
hereby and thereby do not and will not conflict with or result in a breach of any of the terms or provisions of, or constitute
a default under (a) any indenture, mortgage, deed of trust, instrument, order, arbitration award, judgment or decree to which the
Seller is a party or by which the Seller is bound, or (b) any statute, rule or regulation of any federal, state or local government
or agency applicable to the Sellers or the Sellers&rsquo; assets or properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than the approval of the NYSE American, no consent, approval or authorization of, or declaration, filing or registration with any
governmental or regulatory authority, is required to be obtained by the Sellers in connection with the execution, delivery and
performance of this Agreement and the ESOP Loan Documents and the consummation of the transactions contemplated hereby and thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is a corporation duly organized and subsisting under the laws of the State of New York having the corporate power to carry
on its business as it is now being conducted. The Company is qualified to do business in each jurisdiction where the nature of
its business requires such qualification. The Company is not in default under or in violation of any provision of its certificate
of incorporation or its bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is not in material violation of any applicable federal, state, local or foreign law, regulation or any other requirement
of any governmental, regulatory or administrative agency or authority or court or other tribunal (including any law, regulation
order or requirement relating to securities, properties, business, products, advertising, sales or employment practices, terms
and conditions of employment, occupational safety, health and welfare, conditions of occupied premises, environmental protection,
product safety and liability of civil rights). The Company is not now under investigation with respect to any violation of any
applicable law, regulation, order or requirement relating to any of the foregoing. The Company has filed all reports required to
be filed with any governmental, regulatory or administrative agency or authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as reflect on the most recent audited financial statements of the Seller:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>there are no legal, administrative, arbitration or other proceedings or governmental investigations pending or threatened,
against the Company in which there is a possibility of an adverse decision that would result in a judgment, fine, penalty, cost
or expense of $250,000 or more (in the aggregate for all such potential liabilities);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>there are no judgments, decrees or orders binding upon the Company (other than those issued by governmental agencies in connection
with the Covid-19 crisis) the effect of which is to prohibit any business practice or the acquisition of any property or the conduct
of any business by the Company or which limit or control or otherwise adversely affect its method of manner of doing business;</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>no work stoppage has occurred and is continuing or is threated affecting the Business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>the Seller is party to a collective bargaining agreement and the Seller&rsquo;s relationship with the union is good; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>there are no charges of discrimination (relating to sex, age, race, national origin, handicap or veteran status) or unfair
labor practices pending or threatened before any governmental or regulatory agency or authority relating to employees of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ESOP, including the Trust, each have been duly authorized, adopted and established by all necessary corporate action on the part
of the Company; the ESOP is a legal and valid employee stock ownership plan within the meaning of Section 4975(e)(7) of the Code,
qualified under Section 401(a) of the Code and the Trust is a trust exempt from taxation under Section 501(a) of the Code. The
ESOP Loan constitutes an exempt loan within the meaning of Treas. Reg. Section 54.4975-7, and the interest rate on the ESOP Note
is reasonable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser
hereby represents and warrants to the Seller as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser
is a trust related to the Plan duly organized, validly existing and in good standing under the laws of the State of New York and
applicable Federal law, and has the requisite power and authority to enter into and perform this Agreement. This Agreement is a
valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms. No consent of any
third party is required for Purchaser to enter into this Agreement or consummate the transactions contemplated herein, except for
the approval of the NYSE American (the &ldquo;Exchange&rdquo;) for the listing of the Shares on the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase of the Shares contemplated herein is primarily for the benefit of Plan participants and beneficiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser is acquiring the Shares for its own account, for investment and not with a view to, or for resale in connection with,
any distribution thereof, nor with any present intention of distributing or reselling the same or any part thereof in any transactions
that would be in violation of the Securities Act of 1933, as amended of or any state securities or &ldquo;blue-sky&rdquo; laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan is a legal and valid employee stock ownership plan within the meaning of Section 4975(e)(7) of the Internal Revenue Code of
1986, as amended (the &ldquo;Code&rdquo;), is qualified under Section 401(a) of the Code, and the Trust is exempt from taxation
under Section 501(a) of the Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser has not incurred any obligation for any finder&rsquo;s, broker&rsquo;s or agent&rsquo;s fees or commissions or similar
compensation in connection with the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no current actions, suits, proceedings, arbitrations or investigations pending or, to the knowledge of the Purchaser, threatened
against the Purchaser. The Purchaser is not subject to any court or administrative judgment, order, or decree which would reasonably
be anticipated to have a material adverse effect on the Purchaser&rsquo;s right to enter into the transaction contemplated by this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants
of the Seller.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance
of Seller</U>. The Seller will take all actions within its power to preserve its existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance
of ESOP.</U> Subject to the right of the Seller to amend or terminate the ESOP in accordance with the terms of the ESOP, the Seller
will take all actions within its power to preserve the existence of the ESOP and of the Trust and to maintain their tax-qualified
status under Section 401(a) and 501(a), respectively, of the Code. The Seller shall administer, or cause to be administered, the
ESOP in material compliance with (a) the Code and the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;),
as applicable to the ESOP and this Agreement, and (b) all other laws and regulations applicable to the ESOP and the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Contributions
to the ESOP</U>. The Seller shall make contributions to the Plan and/or declare and pay dividends/distributions on the Shares held
by the ESOP in amounts which are sufficient to enable the Purchaser to pay all interest and principal, when due, on the ESOP Note
and as provided in the Annual Contributions Agreement in the form set forth in Schedule 4 attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Valuation
and Fairness Opinion</U>. The Trustees will cause to deliver at Closing to Purchaser a current valuation and its opinion dated
as of the Closing to the effect that (i) the Purchase Price to be paid by the Purchaser for the Shares is not in excess of fair
market value for the purposes of Section 3(18) of ERISA and the aggregate consideration to be paid by the Purchaser for the Shares
is not more than &ldquo;adequate consideration&rdquo; (as defined in Section 3(18)(B) of ERISA and the proposed regulations thereunder);
(ii) the interest rate payable under the ESOP Loan is not in excess of a reasonable rate of interest; (iii) the terms of the ESOP
Loan are at least as favorable to the ESOP as would be the terms of a comparable extension of credit resulting from arm&rsquo;s
length negotiations between independent parties; and (iv) the terms and conditions of the transactions which are to occur pursuant
to this Agreement are fair and reasonable to the Purchaser from a financial point of view. The opinion shall be substantially in
the form attached hereto as Schedule 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
The Seller will pay the reasonable expenses of the Purchaser (including, without limitation, the fees of its legal and financial
advisors) which are incurred (i) in connection with the authorization, preparation, execution, performance, negotiation and/or
review of this Agreement and the documents ancillary thereto or (ii) in the performance of the Trustee&rsquo;s duties under and
with respect to the Plan following the Closing.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
<U>Agreement to Indemnify</U>. Subject to other provisions of this Article 8, the Seller agrees to indemnify the Purchaser for
any loss, cost, expense or other damage, including attorney&rsquo;s fees (&ldquo;Damages&rdquo;), suffered by the Purchaser resulting
from, arising out of or incurred with respect to misrepresentation or breach of any representation or warranty or covenant made
by the Seller in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b) <U>Notice and Defense</U>. The Purchaser
will give written notice to the Company and the Sellers as to any matter with respect to which the Purchaser seeks to be indemnified
(the &ldquo;Claim&rdquo;). Such notice will state the nature of the Claim and, if known, the amount of the Damages. If the Claim
arises from a claim or demand of a third party, the Purchaser will give the notice within a reasonable time after the Purchaser&rsquo;s
knowledge of the third party claim, and in no event more than 10 days after the Purchaser&rsquo;s receipt of a written notice of
a lawsuit or other legal proceeding relating to such third party claim. If the Claim arises from the claim or demand of a third
party, the Company will have the right to defend any such Claim (provided, however, that if the Company&rsquo;s interests are in
conflict with those of the Purchaser, the Purchaser may join in such defense with its own counsel). All the Parties hereto will
cooperate in the defense or prosecution of any Claim and will furnish such records, information and testimony and will attend such
conferences, discovery proceedings and trials as may be reasonably requested in connection therewith. In addition, the Company
has a duty and obligation to notify the Purchaser of any known breaches of any representations or warranties under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
to Performance.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Seller to the Purchaser under this Agreement are subject to the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties of the Purchaser in Section 5(b) above shall be true on and as of the Closing with the same effect
as though such representations and warranties had been made on and as of the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing
Deliveries pursuant to Section 5 shall be satisfactory to Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser shall have received a fairness opinion from Stern Brothers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Closing shall take place on December 1, 2020, unless waived by the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of the Purchaser under this Agreement are subject to the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties of the Seller contained in Section 6(a) above shall be true on and as of the Closing with the same
effect as though such representations and warranties had been made on and as of the date of the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Closing, the Purchaser shall have received and be satisfied with the Valuation and Fairness Opinion described in paragraph
7(d).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser shall be satisfied that the ESOP Note and ESOP Loan Agreement constitute an &ldquo;exempt loan&rdquo; (within the meaning
of Treas. Reg. &sect;54.4975-7) from the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser shall have obtained a written direction from the &ldquo;Committee&rdquo; (defined and described in the trust agreement
forming the Purchaser) or the Trustee(s) to engage in the proposed stock purchase and exempt loan transactions contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. From time to time, the parties shall execute and deliver to each other such additional documents and shall provide
such additional information as either party may reasonably require to carry out the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
Any notices, consents or information required, requested or permitted by this Agreement shall be sent to the parties at the addresses
below, unless such address is changed by written notice hereunder:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 1in">If to Purchaser:</TD>
    <TD>Espey Mfg. &amp; Electronics Corp. Employee Retirement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Plan Trust</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attn: Peg Murphy and Howard Pinsley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>233 Ballston Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Saratoga Springs, NY 12866</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>If to Seller:</TD>
    <TD>Espey Mfg. &amp; Electronics Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attn:&nbsp;&nbsp;Dave O&rsquo;Neil</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>233 Ballston Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Saratoga Springs, NY 12866</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding
Effect, Assignment and Entire Agreement</U>. This Agreement shall inure to the benefit of, and shall be binding upon, the respective
successors and permitted assigns of the parties hereto, may be assigned by a party only with the written consent of the other party.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter addressed herein, and may
be amended only by a writing signed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other
provision under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
of Shares</U>. The Shares represented by this Certificate are transferrable only upon compliance with the terms of the Espey Mfg.
&nbsp;&amp; Electronics Corp. Employee Stock Ownership Plan, which restricts the transfer of such shares in the manner described herein,
a copy of said plan being on file in the office of the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution
of Counterparts</U>. For the convenience of the parties, this Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same document.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments,
Waivers, Discharges, etc.</U> This Agreement may not be amended or modified except by a writing signed by all parties to be bound
by the amendment or modification. The failure of party to enforce any provision of this Agreement shall not be deemed a waiver
by such party of any other provision or subsequent breach of the same or any other obligation hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Action
as Trustees</U>. The Trustees have signed and delivered this Agreement solely as trustee of the Plan, and not in its individual
or corporate capacity The performance of this Agreement by the Trustees, and all duties, obligations, and liabilities of the Trustees
under this Agreement will be undertaken by the Trustee only in their capacity as the trustee of the Plan. The Trustees do not undertake
any individual or corporate liability or obligation by virtue of the signing and delivery of this Agreement or by reason of the
representations, warranties, and covenants contained in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.
The ESOP Loan Agreement shall survive the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. This Agreement shall be governed by the laws of the state of New York and applicable federal law, including, but not limited
to, the Code and ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement on this 1<SUP>st</SUP> day of December, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Signature page follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>PURCHASER:</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 3in">ESPEY MFG. &amp; ELECTRONICS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>EMPLOYEE RETIREMENT PLAN TRUST</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Peg  Murphy</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Peg Murphy, solely as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Howard Pinsley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Howard Pinsley, solely as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>SELLER:</TD>
    <TD>&nbsp;</TD>
    <TD>ESPEY MFG. &amp; ELECTRONICS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/Patrick T. Enright, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Patrick T. Enright, Jr., President and CEO</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Signature page for Stock Purchase Agreement]</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>ATTACHMENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Schedule 1 &ndash; ESOP Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Schedule 2 &ndash; ESOP Loan Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Schedule 3 &ndash; ESOP Pledge Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Schedule 4 &ndash; Annual Contributions
Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Schedule 5 - Valuation and Fairness Opinion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.19
<SEQUENCE>3
<FILENAME>ex10-19.htm
<DESCRIPTION>EX-10.19
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ESOP LOAN AGREEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><BR>
by and between</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE TRUSTEES OF THE ESPEY MFG. &amp; ELECTRONICS
CORP. EMPLOYEE RETIREMENT PLAN TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ESPEY MFG. &amp; ELECTRONICS CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Made and Entered Into as of December 1, 2020</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><U>ESOP
LOAN AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This ESOP LOAN AGREEMENT (&ldquo;<U>ESOP
Loan Agreement</U>&rdquo;) is made and entered into as of the 1st day of December, 2020 by and between the ESPEY MFG. &amp; ELECTRONICS
CORP. EMPLOYEE RETIREMENT PLAN TRUST (&ldquo;<U>Borrower</U>&rdquo;), a trust forming part of the ESPEY MFG. &amp; ELECTRONICS
CORP. EMPLOYEE RETIREMENT PLAN (&ldquo;<U>ESOP</U>&rdquo;), acting through and by its Trustees, PEG MURPHY and HOWARD PINSLEY (collectively,
the &ldquo;<U>Trustee</U>&rdquo;), acting solely as trustees with an address at 233 Ballston Avenue, Saratoga Springs, NY 12866;
and ESPEY MFG. &amp; ELECTRONICS CORP. (&ldquo;<U>Lender</U>&rdquo;), a corporation existing under the laws of the State of New
York with its principal place of business at 233 Ballston Avenue, Saratoga Springs, NY 12866 (&ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>W I T N E S S E T H:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the ESOP Committee defined and
described in the ESOP (plan and trust) under which the Trustee is serving as trustee of the Borrower (the &ldquo;<U>Committee</U>&rdquo;)
has authorized and directed the Borrower to purchase a total of 300,000 shares of common stock of the Lender (&ldquo;<U>Common
Stock</U>&rdquo; or &ldquo;<U>Shares</U>&rdquo;) from the Lender; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Committee has further authorized
the Borrower to borrow funds from the Lender for the purpose of financing authorized purchases of Common Stock; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Lender is willing to make
a loan to the Borrower for such purpose, subject to the terms and conditions of this ESOP Loan Agreement (&ldquo;<U>Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><U>Article
I</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><U>Definitions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The following definitions shall apply
for purposes of this ESOP Loan Agreement, except to the extent that a different meaning is plainly indicated by the context:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business Day</U> means
any day other than a Saturday, Sunday or other day on which banks are authorized or required to close under federal law or the
laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Code</U> means the
Internal Revenue Code of 1986, as amended (including the corresponding provisions of any succeeding law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Default</U> means
an event or condition which would constitute an Event of Default. The determination as to whether an event or condition would constitute
an Event of Default shall be determined without regard to any applicable requirement of notice or lapse of time.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ERISA</U> means the
Employee Retirement Income Security Act of 1974, as amended (including the corresponding provisions of any succeeding law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Event of Default</U>
means an event or condition described in Article V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fiscal Year</U> means
the fiscal year of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent Counsel</U>
means legal counsel mutually satisfactory to both the Lender and the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Loan</U> means the
loan described in section 2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Loan Documents</U>
means, collectively, this ESOP Loan Agreement, the ESOP Note and the ESOP Pledge Agreement and all other documents now or hereafter
executed and delivered in connection with such documents, including all amendments, modifications and supplements of or to all
such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.10 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ESOP Pledge Agreement</U>
means the agreement described in section 2.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Principal Amount</U>
means the face amount of the ESOP Note, determined as set forth in section 2.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 1.12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ESOP Note</U> means
the ESOP Note described in section 2.3.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><U>Article
II</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><U>The Loan; Principal
Amount; Interest; Security; Indemnification</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Loan: Principal
Amount</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lender hereby agrees to lend to the Borrower at Closing the total sum as set forth in the ESOP Note referred to in Section 2.3
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall pay annually to the Lender interest on the Principal Amount, for the period commencing on the date of this ESOP
Loan Agreement and continuing until the Principal Amount shall be paid in full, at the per annum rate of three percent (3%). Interest
payable under this Agreement shall be computed on the basis of a year of 365 days and actual days elapsed (including the first
day but excluding the last) occurring in the period to which the computation relates. The maturity date of the ESOP Note shall
be June 30, 2035.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in this section 2.2(b), accrued interest on the Principal Amount shall be payable by the Borrower annually
in arrears as set forth and provided in the ESOP Note attached hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ESOP Note</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Loan shall be evidenced by a ESOP
Note of the Borrower in substantially the form of Exhibit A attached hereto, dated the date hereof, payable to the order of the
Lender in the Principal Amount and otherwise duly completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Trust Loan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Principal Amount and interest shall
be repaid in successive monthly installments as set forth and provided in the ESOP Note attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prepayment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This Loan may not be prepaid, in whole
or part, and any such prepayment shall be done in the inverse order of maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Method of Payments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
payments of principal, interest, other charges (including indemnities) and other amounts payable by the Borrower hereunder shall
be made monthly in lawful money of the United States, in immediately available funds, to the Lender at the address specified in
or pursuant to this ESOP Loan Agreement for notices to the Lender, not later than 3:00 P.M., New York time, on the date on which
such payment shall become due. Any such payment made on such date but after such time shall, if the amount paid bears interest,
and except as expressly provided to the contrary herein, be deemed to have been made on, and interest shall continue to accrue
and be payable thereon until, the next succeeding Business Day. If any payment of principal or interest become due on a day other
than a Business Day, such payment may be made on the next succeeding Business Day, and when paid, such payment shall include interest
to the day on which such payment is in fact made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary contained in this ESOP Loan Agreement or the ESOP Note, neither the Borrower nor the Trustee shall be
obligated to make any payment, or repayment or prepayment on the ESOP Note or take or refrain from taking any other action hereunder
or under the ESOP Note if doing so would cause the ESOP to cease to be an employee stock ownership plan within the meaning of section
4975(e)(7) of the Code or qualified under section 401(a) of the Code or cause the Borrower to cease to be a tax exempt trust under
section 501(a) of the Code or if such act or failure to act would cause the Borrower or Trustee to engage in any &ldquo;prohibited
transaction&rdquo; as such term is defined in section 4975(c) of the Code and the regulations promulgated thereunder which is not
exempted by section 4975(c)(2) or (d) of the Code and the regulations promulgated thereunder or in section 406 of ERISA and the
regulations promulgated thereunder which is not exempted by section 408(b) of ERISA and the regulations promulgated thereunder.
Any obligation of the Borrower or the Trustee to make any payment, repayment or prepayment on the ESOP Note or to take or refrain
from taking any other act hereunder or under the ESOP Note which is excused pursuant to this section 2.6(b) shall be considered
a binding obligation of the Borrower or the Trustee, or both, as the case may be, for the purposes of determining whether a Default
or Event of Default has occurred hereunder or under the ESOP Note and nothing in this section 2.6(b) shall be construed as providing
a defense to any remedies otherwise available upon a Default or an Event of Default hereunder (other than the remedy of specific
performance).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use of Proceeds of
Loan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The entire proceeds of the Loan, which
is primarily for the benefit of the participants and beneficiaries of the Borrower, shall be used by the Trustee solely for acquiring
shares of Common Stock from the Lender, and for no other purpose whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Security</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to secure the due payment and performance by the Borrower of all of its obligations under this ESOP Loan Agreement, simultaneously
with the execution and delivery of this ESOP Loan Agreement by the Borrower, the Borrower shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pledge
to the Lender as Collateral (as defined in the Pledge Agreement), and grant to the Lender a first priority lien on and security
interest in, the Common Stock purchased with the Principal Amount, by the execution and delivery to the Lender of the ESOP Pledge
Agreement in the form attached hereto as Exhibit B;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;execute
and deliver, or cause to be executed and delivered, such other agreements, instruments and documents as the Lender may reasonably
require in order to effect the purposes of the ESOP Pledge Agreement and this ESOP Loan Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as provided herein, the Lender shall have no recourse against the Borrower or the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Lender shall release from encumbrance under the Pledge Agreement and transfer to the Borrower, as of the date on which any payment
or prepayment of the Principal Amount is made, a number of shares of Common Stock held as Collateral determined pursuant to the
applicable provisions of this ESOP and as provided in Section 54.4975(b)(8)(i) of the IRC Regulations and regulation 2550.408-3(h)
of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financed Share Covenants</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Borrower hereby covenants that, until
the ESOP Note has been satisfied in full, it will not sell, convey, or otherwise dispose of any of the Shares or any interest therein
or create, incur, or permit to exist any pledge, mortgage, lien, charge, encumbrance or any security interest whatsoever in or
with respect to any of the financed Shares or the proceeds thereof, other than that created hereby. The Borrower and the Company
shall defend the Lender&rsquo;s right, title and security interest in and to the financed Shares to the extent provided in this
ESOP Loan Agreement against he claims of any person, firm, corporation or other entity. The restrictions set forth in the Section
2.9 shall not apply to those financed Shares which have been allocated to the accounts of participants in the Plan as provided
therein or as required by Section 54.4975-7(b)(8) of the Regulations or those financed Shares that are used to secure a refinancing
than will repay the ESOP Loan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Rights, Dividends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">So long as no Events of Default (as defined
in Section 5 herein) shall have occurred and be continuing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
to the extent participants in the ESOP have rights granted by the Code or ERISA to exercise voting rights with respect to the Financed
Shares or as otherwise provided in the ESOP, the Borrower or other fiduciary with the authority to so act shall be entitled to
exercise any and all of the voting rights and powers relating to or pertaining to the Financed Shares or any part thereof for any
purpose not inconsistent with the terms of this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower shall be entitled to receive and retain any and all ordinary cash dividends payable to the Trust on the financed Shares
prior to the occurrence of an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Upon the occurrence or during the continuance
of an Event of Default and subject to the limitations of Section 54.4975-7(b)(6) of the Regulations (as defined herein), all rights
of the Borrower to exercise the voting rights and powers which the Borrower is entitled to exercise pursuant to Section 2.10(a)
and/or to receive the dividends which the Trust is authorized to receive and retain pursuant to Section 2.10(b) shall cease, and
all such rights shall thereupon become vested in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Release of the Financed
Shares</U>. Upon each payment or permitted prepayment of principal or interest towards the ESOP Note, the Borrower will release
Financed Shares from the security interest of the Pledge in accordance with the ESOP , Section 54.49775(b)(8)(i) of the Regulations
and 2550.408b-3(h) of the ERISA Regulations. Whenever requested by the Borrower and at least annually commencing December 31, 2017,
the Lender will reassign and deliver to the Borrower free and clear of the lien and security interest created hereunder the number
of financed Shares released from the security interest of the Pledge not previously reassigned and delivered to the Borrower.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><U>Article
III</U></FONT><U><BR>
Representations and Warranties of the Borrower</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Borrower hereby represents and warrants
to the Lender as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Power, Authority, Consents</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Borrower has the power to execute,
deliver and perform this ESOP Loan Agreement, the ESOP Note and the ESOP Pledge Agreement, all of which have been duly authorized
by all necessary and proper corporate or other action. The Borrower has all requisite power and authority to carry out the purposes
and conduct the business for which it was created.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due Execution, Validity,
Enforceability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each of the ESOP Loan Documents, including,
without limitation, this ESOP Loan Agreement, the ESOP Note and the ESOP Pledge Agreement, have been duly executed and delivered
by the Borrower; and each constitutes the valid and legally binding obligation of the Borrower, enforceable in accordance with
its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Properties, Priority
of Liens. </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The liens which have been created and
granted by the ESOP Pledge Agreement constitute valid, first liens on the properties and assets covered by the ESOP Pledge Agreement,
subject to no prior or equal lien.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Defaults, Compliance
with Laws</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Borrower is not in default in any
material respect under any agreement, ordinance, resolution, decree, bond, note, indenture, order or judgment to which it is a
party or by which it is bound, or any other agreement or other instrument by which any of the properties or assets owned by it
is materially affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchases of Common
Stock</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Upon consummation of any purchase of
Common Stock by the Borrower with the proceeds of the Loan, the Borrower shall acquire a valid, legal and marketable title to all
of the Common Stock so purchased, free and clear of any liens, other than a pledge to the Lender of the Common Stock so purchased
pursuant to the Pledge Agreement. Neither the execution and delivery of the Loan Documents nor the performance of any obligation
thereunder violates any provision of law or conflicts with or results in a breach of or creates (with or without the giving of
notice or lapse of time, or both) a default under any agreement to which the Borrower is a party or by which it is bound or any
of its properties is affected. No consent of any federal, state or local governmental authority, agency or other regulatory body,
the absence of which could have a materially adverse effect on the Borrower or the Trustee, is or was required to be obtained in
connection with the execution, delivery or performance of the Loan Documents and the transactions contemplated therein or in connection
therewith, including, without limitation, with respect to the transfer of the shares of Common Stock purchased with the proceeds
of the Loan pursuant thereto.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><U>Article
IV</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><U>Representations
and Warranties of the Company</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company hereby represents and warrants
to the Borrower as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Power, Authority, Consents</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company has the power to execute,
deliver and perform this ESOP Loan Agreement, the ESOP Pledge Agreement and all documents executed by the Lender in connection
with the Loan, all of which have been duly authorized by all necessary and proper corporate or other action. No consent, authorization
or approval or other action by any governmental authority or regulatory body, and no notice by the Lender to, or filing by the
Lender with, any governmental authority or regulatory body is required for the due execution, delivery and performance of this
ESOP Loan Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ESOP; Contributions.
</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The ESOP and the Borrower have been duly
created, organized and maintained by the Lender in compliance with all applicable laws, regulations and rulings. The ESOP is intended
to qualify as an &ldquo;employee stock ownership plan&rdquo; as defined in section 4975(e)(7) the Code. The ESOP provides that
the Company may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in accordance
with the terms of the ESOP Note and this ESOP Loan Agreement, and the Company shall make such contributions; provided, however,
that no such contributions shall be required if they would adversely affect the qualification of the ESOP under section 401(a)
of the Code or they would be non-deductible under section 404 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Employer Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Shares will constitute &ldquo;employer
securities&rdquo; within the meaning of Section 409(1) of the Code and &ldquo;qualifying employer securities&rdquo; within the
meaning of Section 4975(e)(7) of the Coded and Section 408(e) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Company has taken such action as
is required to be taken by it to duly appoint the Trustees. The Company expressly acknowledges and agrees that this ESOP Loan Agreement,
the ESOP Note and the ESOP Pledge Agreement are being executed by the Trustee not in its individual capacity but solely as trustee
of and on behalf of the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Favorable Terms</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The terms and interest rate of the Loan
are at least as favorable to the Borrower as the terms of a comparable loan resulting from arms-length negotiation between independent
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exempt Loan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The Loan will be an &ldquo;exempt loan&rdquo;,
as that phrase is defined in Treasury Regulation section 54.4975-7 and Department of Labor Regulation section 2550.408h-3, and
the transaction contemplated by the Loan Documents is not a nonexempt &ldquo;prohibited transaction&rdquo; under section 4975 of
the Code and section 406 of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ESOP</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The ESOP is an employee stock ownership
plan within the meaning of Section 4975(e)(7) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) and Section
408(e) of ERISA, is designed to qualify under Section 401(a) of the Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ERISA Compliance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The price being paid for the Shares is
for no more than adequate consideration as that term is defined in Section 3(18) of ERISA, the Plan&rsquo;s investment in the Shares
is fair to the Plan and the Plan&rsquo;s investment in the Shares is primarily in the best interest of its participants.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><U>Article
V</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><U>Events of Default</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events of Default under
ESOP Loan Agreement. </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each of the following events shall constitute
an &ldquo;Event of Default&rdquo; hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
to make any payment or mandatory prepayment of principal of the ESOP Note, or failure to make any payment of interest on the ESOP
Note, within ten (10) Business Days after the date when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure
by the Borrower to perform or observe any term, condition or covenant of this ESOP Loan Agreement, including, without limitation,
the ESOP Note and the ESOP Pledge Agreement, provided such failure is not cured, or reasonable steps are not taken to cure, by
the Borrower within ten (10) Business Days after notice is provided to the Borrower by the Lender,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
representation or warranty made in writing to the Lender in any of the Loan Documents or any certificate, statement or report made
or delivered in compliance with this ESOP Loan Agreement, shall have been false or misleading in any material respect when made
or delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lender's Rights upon
Event of Default. </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If an Event of Default under this ESOP
Loan Agreement shall occur and be continuing, the Lender shall have no rights to assets of the Borrower other than: (a) contributions
(other than contributions of Common Stock) that are made by the Lender to enable the Borrower to meet its obligations pursuant
to this ESOP Loan Agreement and earnings attributable to the investment of such contributions and (b) &ldquo;Eligible Collateral&rdquo;
(as defined in the Pledge Agreement); provided, however, that: (i) the value of the Borrower's assets transferred to the Lender
following an Event of Default in satisfaction of the due and unpaid amount of the Loan shall not exceed the amount in default;
(ii) the Borrowers assets shall be transferred to the Lender following an Event of Default only to the extent of the failure of
the Borrower to meet the payment schedule of the Loan; and (iii) all rights of the Lender to the Shares purchased with the proceeds
of the Loan covered by the ESOP Pledge Agreement following an Event of Default shall be governed by the terms of the ESOP Pledge
Agreement. The Lender shall be entitled to recover from the Company reasonable legal fees incurred by Lender to enforce Lender&rsquo;s
rights herein.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><U>Article
VI</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; text-indent: 0in"><U>Miscellaneous
Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All payments hereunder and under the
ESOP Note shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such payments
shall not be less than the amounts otherwise specified to be paid under this ESOP Loan Agreement and the ESOP Note, subject to
any applicable tax withholding requirements. Upon payment in full of the ESOP Note, the Lender shall mark such ESOP Note &ldquo;Paid&rdquo;
and return it to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Surviva</U>l.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">All agreements, representations and warranties
made herein shall survive the delivery of this ESOP Loan Agreement and the ESOP Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modifications, Consents
and Waivers; Entire Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">No modification, amendment or waiver
of or with respect to any provision of this ESOP Loan Agreement, the ESOP Note, the ESOP Pledge Agreement, or any of the other
Loan Documents, nor consent to any departure from any of the terms or conditions thereof, shall in any event be effective unless
it shall be in writing and signed by the party against whom enforcement thereof is sought. Any such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No consent to or demand on a party in any case shall,
of itself, entitle it to any other or further notice or demand in similar or other circumstances. This ESOP Loan Agreement embodies
the entire agreement and understanding between the Lender and the Borrower and supersedes all prior agreements and understandings
relating to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies Cumulative</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each and every right granted to the Lender
hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative
and may be exercised from time to time. No failure on the part of the Lender or the holder of the ESOP Note to exercise, and no
delay in exercising, any right shall operate as a waiver thereof, nor shall any single or partial exercise of any right preclude
any other or future exercise thereof or the exercise of any other right. The due payment and performance of the obligations under
the Loan Documents shall be without regard to any counterclaim, right of offset or any other claim whatsoever which the Borrower
may have against the Lender and without regard to any other obligation of any nature whatsoever which the Lender may have to the
Borrower, and no such counterclaim or offset shall be asserted by the Borrower in any action, suit or proceeding instituted by
the Lender for payment or performance of such obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Assurances:
Compliance with Consents</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">At any time and from time to time, upon
the request of the Lender, the Borrower shall execute, deliver and acknowledge or cause to be executed, delivered and acknowledged.
such further documents and instruments and do such other acts and things as the Lender may reasonably request in order to fully
effect the terms of this ESOP Loan Agreement, the ESOP Note, the ESOP Pledge Agreement, the other ESOP Loan Documents and any other
agreements, instruments and documents delivered pursuant hereto or in connection with the Loan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as otherwise specifically provided
for herein, all notices. requests, reports and other communications pursuant to this ESOP Loan Agreement shall be in writing, either
by letter (delivered by hand or commercial messenger service) or sent by registered or certified mail, return receipt requested,
except for routine reports delivered in compliance with Article VI hereof which may be sent by ordinary first-class mail) or telex
of telecopier, addressed as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding-bottom: 12pt; font-weight: normal; text-indent: 0in">(a)</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-indent: 0in">If to the Borrower:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Peg Murphy and Howard Pinsley, as Trustees of the</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Espey Mfg. &amp; Electronics Corp. Employee Retirement Plan Trust</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>233 Ballston Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Saratoga Springs, NY 12866</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-indent: 0in">(b)</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-indent: 0in">If to the Lender:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Espey Mfg. &amp; Electronics Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attn:&nbsp;&nbsp;Dave O&rsquo;Neil</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>233 Ballston Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Saratoga Springs, NY 12866</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in">(c)</TD>
    <TD STYLE="padding-bottom: 12pt; text-indent: 0in">If to Company:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Espey Mfg. &amp; Electronics Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attn:&nbsp;&nbsp;Dave O&rsquo;Neil</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>233 Ballston Avenue</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Saratoga Springs, NY 12866</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">Any notice, request or communication hereunder
shall be deemed to have been given on the day on which it is delivered by hand or by commercial messenger service, or sent by telex
or telecopier, to such party at its address specified above, or, if sent by mail, on the third Business Day after the day deposited
in the mail, postage prepaid, addressed as aforesaid. Any party may change the person or address to whom or which notices are to
be given hereunder, by notice duly given hereunder; provided, however, that any such notice shall be deemed to have been given
only when actually received by the party to whom it is addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This ESOP Loan Agreement may be signed
in any number of counterparts which, when taken together, shall constitute one and the same document.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Construction: Governing
Law</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The headings used in this ESOP Loan Agreement
are for convenience only and shall not be deemed to constitute a part hereof. All uses herein of any gender or of singular or plural
terms shall be deemed to include uses of the other genders or plural or singular terms, as the context may require. All references
in this ESOP Loan Agreement to an Article or section shall be to an Article or section of this ESOP Loan Agreement, unless otherwise
specified. This ESOP Loan Agreement, the ESOP Note, the ESOP Pledge Agreement and the other Loan Documents shall be governed by,
and construed and interpreted in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Wherever possible, each provision of
this ESOP Loan Agreement shall be interpreted in such manner as to be effective and valid under applicable law; however, the provisions
of this ESOP Loan Agreement are severable, and if any clause or provision hereof shall be held invalid or unenforceable in whole
or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof,
in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause
or provision in this ESOP Loan Agreement in any jurisdiction. Each of the covenants, agreements and conditions contained in this
ESOP Loan Agreement is independent, and compliance by a party with any of them shall not excuse non-compliance by such party with
any other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Binding Effect; No
Assignment or Delegation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This ESOP Loan Agreement shall be binding
and inure to the benefit of the Borrower and its successors and the Lender and its successors and assigns. The rights and obligations
of the Borrower under this ESOP Loan Agreement shall not be assigned or delegated without the prior written consent of the Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Remainder of page intentionally left blank.]</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto
have caused this ESOP Loan Agreement to be duty executed as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>THE BORROWER:</TD>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 3in">ESPEY MFG. &amp; ELECTRONICS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>EMPLOYEE RETIREMENT PLAN TRUST</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Peg  Murphy</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Peg Murphy, solely as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Howard Pinsley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Howard Pinsley, solely as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>THE LENDER:</TD>
    <TD>&nbsp;</TD>
    <TD>ESPEY MFG. &amp; ELECTRONICS CORP.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD STYLE="border-bottom: Black 1pt solid">By: /s/Patrick T. Enright, Jr.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Patrick T. Enright, Jr., President and CEO</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Signature page for Loan Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">To ESOP Loan Agreement<BR>
By and Between<BR>
Espey Mfg. &amp; Electronics Corp. Employee Retirement Plan Trust<BR>
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Espey Mfg. &amp; Electronics Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<I>FORM OF ESOP NOTE</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">To ESOP Loan Agreement<BR>
By and Between<BR>
Espey Mfg. &amp; Electronics Corp. Employee Retirement Plan Trust<BR>
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Espey Mfg. &amp; Electronics Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>FORM OF ESOP PLEDGE AGREEMENT</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I></I></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
