<SEC-DOCUMENT>0001003297-17-000021.txt : 20170208
<SEC-HEADER>0001003297-17-000021.hdr.sgml : 20170208
<ACCEPTANCE-DATETIME>20170208160032
ACCESSION NUMBER:		0001003297-17-000021
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170202
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170208
DATE AS OF CHANGE:		20170208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MECHANICAL TECHNOLOGY INC
		CENTRAL INDEX KEY:			0000064463
		STANDARD INDUSTRIAL CLASSIFICATION:	MEASURING & CONTROLLING DEVICES, NEC [3829]
		IRS NUMBER:				141462255
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-06890
		FILM NUMBER:		17582494

	BUSINESS ADDRESS:	
		STREET 1:		325 WASHINGTON AVENUE EXTENSION
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12205
		BUSINESS PHONE:		518-218-2500

	MAIL ADDRESS:	
		STREET 1:		325 WASHINGTON AVENUE EXTENSION
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12205
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">February
2, 2017</font></b></p>
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<font face="times new roman" lang=EN-US style="font-size:7.5pt;">&nbsp;</font></p>
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<b><font face="times new roman" lang=EN-US style="font-size:18.0pt;">MECHANICAL
TECHNOLOGY, INCORPORATED </font></b></p>
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<font face="times new roman" lang=EN-US style="font-size:10.0pt;">___________________</font></p>
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<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Section
5 &#8211; Corporate Governance and Management</font></b></p>
<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<b>
<font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></b></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)
As Mechanical Technology, Incorporated (the &#8220;Company&#8221;) previously reported, on
January 18, 2017, Kevin Lynch resigned as the Company&#8217;s President and Chief
Executive Officer as well as Chairman of the Board.&#160; On February 2, 2017, the
Company and Mr. Lynch entered into a separation agreement (dated February 1,
2017) with respect to his resignation.&#160; The separation agreement provides that,
in exchange for the waiver of Mr. Lynch&#8217;s rights to bring suits against the
Company and its affiliates and release of any and all claims against the
Company and its affiliates, through June 30, 2017, Mr. Lynch will continue to
receive his compensation as of the date of his resignation ($11,488.47 per
bi-weekly pay, less all applicable deductions and withholdings) and
compensation for his service as a Director of the Company and its affiliates.&#160; The
separation payments will cease if Mr. Lynch becomes employed on a full-time
basis with a competitor of the Company.&#160; The separation agreement also provides
that if Mr. Lynch timely elects and is eligible for continued medical insurance
coverage under COBRA, the Company will reimburse Mr. Lynch for the employer&#8217;s
portion of the premium associated with such insurance coverage for the period
from February 1, 2017 through December 31, 2017.&#160; In addition, all outstanding,
unvested Company stock options became fully vested on January 18, 2017, Mr.
Lynch&#8217;s termination date.&#160; </font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
separation agreement also contains confidentiality and non-disparagement
provisions.</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
copy of the separation agreement is filed as Exhibit 10.25 hereto. </font></p>
<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="times new roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>
<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;">
<b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Section
9 &#8211; Financial Statements and Exhibits</font></b></p>
<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;">
<b><font face="times new roman" lang=EN-US style="font-size:10.0pt;">Item
9.01 Financial Statements and Exhibits.</font></b></p>
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			<td nowrap valign=bottom width=3% style="padding:0in 0in 0in 0in;">
			<p align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
			<font face="times new roman" style="font-size:10.0pt;">(d)&nbsp;</font></p>
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			<td nowrap valign=bottom width=14% style="padding:0in 0in 0in 0in;">
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			<font face="times new roman" style="font-size:10.0pt;">Exhibits</font></p>
			</td>
			<td nowrap valign=bottom width=3% style="padding:0in 0in 0in 0in;">
			<p align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
			<font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
			</td>
			<td nowrap valign=bottom width=80% style="padding:0in 0in 0in 0in;">
			<p align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
			<font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
			</td>
			<td nowrap valign=top width=14% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">Exhibit Number</font></p>
			</td>
			<td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
			</td>
			<td nowrap valign=top width=80% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">Description
			</font></p></td>
		</tr>
		<tr>
			<td nowrap valign=top width=3% style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
			</td>
			<td nowrap valign=top width=14% style="background:silver;padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">10.25</font></p>
			</td>
			<td nowrap valign=top width=3% style="background:silver;padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:12.0pt;">&nbsp;</font></p>
			</td>
			<td valign=top width=80% style="background:silver;padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face style="font-size:10.0pt;">S</font><font face="times new roman" style="font-size:10.0pt;">eparation</font><font face style="font-size:10.0pt;"> Letter Agreement
  between Mechanical Technology, Incorporated and Kevin G Lynch.&nbsp;</font></p>
			</td>
		</tr>
	</table></div>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>
<div align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
	<hr align=center noshade size=3 width="100%">&nbsp;</div>
<a name="_bclFooter2"></a>
<DIV>
	<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
	<font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_3"></a><a name="_bclPageBorder3"></a>
<a name="_bclHeader3"></a>
<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;">
<font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>
<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
<b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">SIGNATURES
</font></u></b></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Pursuant
to the requirement 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. </font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<div align=center>
	<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
		<tr style="page-break-inside:avoid;">
			<td valign=bottom width=49% style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
			</td>
			<td colspan=3 valign=bottom style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">&nbsp;</font></p>
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">MECHANICAL
  TECHNOLOGY, INCORPORATED</font></p>
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
			</td>
		</tr>
		<tr style="page-break-inside:avoid;">
			<td valign=bottom width=49% style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:12.0pt;"><br></font>
			<font face="times new roman" style="font-size:10.0pt;">Date:
  February 8, 2017</font></p></td>
			<td valign=bottom style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">By:</font><font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
			</td>
			<td valign=bottom style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">&nbsp;</font></p>
			</td>
			<td valign=bottom style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:12.0pt;"><br></font>
			<font face="times new roman" style="font-size:10.0pt;">/s/
  FREDERICK W. JONES</font></p></td>
		</tr>
		<tr style="page-break-inside:avoid;">
			<td valign=top width=49% style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
			</td>
			<td colspan=2 valign=top style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">Name:</font></p>
			</td>
			<td valign=top style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">Frederick
  W. Jones</font></p></td>
		</tr>
		<tr style="page-break-inside:avoid;">
			<td valign=top width=49% style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:7.5pt;">&nbsp;</font></p>
			</td>
			<td colspan=2 valign=top style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">Title:</font></p>
			</td>
			<td valign=top style="padding:0in 0in 0in 0in;">
			<p style="line-height:normal;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">
			<font face="times new roman" style="font-size:10.0pt;">President,
  Chief Executive Officer and Chief Financial Officer</font></p></td>
		</tr>
	</table></div>
<div align=center style="line-height:normal;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;">
	<p style="line-height: normal; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
	<hr align=center noshade size=3 width="100%">&nbsp;</div>
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<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>exhibit10-25.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 10.25</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><a name="_bclHeader1"></a>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exhibit
10.25</font></p>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;">
<img border="0" src="mti-logo.jpg" width="213" height="89"></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">February 1, 2017</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Mr. Kevin G. Lynch&#160;
</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2 Crumitie Road&#160;
</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Loudonville, NY 12211&#160;
</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:12.0pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Dear Kevin,</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">As you were
advised during our discussion today, you have been separated without cause from
employment with Mechanical Technology Inc. (the &#8220;Company&#8221;), effective January
18, 2017 (the &#8220;Termination Date&#8221;). </font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">As we
discussed, the Company has decided to offer you a separation package to assist
you in your transition, subject to certain undertakings and agreements on your
part.&#160; This letter sets forth the Company&#8217;s offer regarding the separation
package.&#160; </font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">You should
discuss our offer of a separation package with an attorney.&#160; If you decide to
accept the separation package offered by the Company, you must sign this letter
and agree to the promises made by you and to waive any rights to sue which you
may possess, as described further below.&#160; By signing below, you and the Company
agree as follows:</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="text-indent: -0.25in; margin-left: 0.5in">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.&nbsp;&nbsp;
<u>Termination
     Date:</u></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; Your official termination date is January 18, 2017.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;margin-right:0pt;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">2.</font><font face="times new roman" lang=X-NONE style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">Separation Payment/Benefits</font></u><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">: &#160;In exchange for the promises and the
waiver of rights that you make herein, and provided that you comply with and
are then in compliance with your obligations pursuant to this letter agreement,
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">up to and including June 30, 2017
</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">you will continue to
receive your current compensation (i.e.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">,
</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">$11,488.47 per
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">bi-weekly
pay</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">, less all applicable deductions and withholdings)
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and
compensation for service as a director of the Boards of the Company and its
affiliates</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">.&#160; This separation payment
will be made in bi-weekly installments, coinciding with the Company&#8217;s normal
payroll distribution dates. &#160;If this separation package is accepted by you, in
a timely fashion, the above referenced installments of the separation payment
will commence on the first payroll date following the expiration of the
seven-day revocation period discussed below. &#160;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The
first payment will include a catch-up payment for any payroll dates on which
you were not paid after the termination date.&#160; Provided you timely elect and
are eligible for COBRA, the Company shall reimburse you for the employer&#8217;s
portion of the premium associated with COBRA coverage for the period from
February 1, 2017 through December 31, 2017. &#160;</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">Additionally,
all outstanding, unvested Company stock options will fully vest on the
termination date.&#160; </font></p>
<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">You
acknowledge that you are not entitled to receive this separation payment other
than pursuant to this letter agreement.&#160; With the
exception of the promises that the Company makes in this letter agreement, you
acknowledge, warrant and agree that the Company owes you no wages, </font>
<font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">commissions, bonuses, severance pay, or other
compensation, benefits or payments of any kind.&#160; </font></p>
<a name="_bclFooter1"></a>
<DIV>
	<div style="">
		&nbsp;</div>
	<p style="margin:0in;margin-bottom:.0001pt;" align="right">
	<font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&nbsp;1</font></p>
	<p style="margin:0in;margin-bottom:.0001pt;">
	<font face="Times New Roman" lang=X-NONE style="font-size:9.0pt;">4012502-5</font></p>
	<p style="margin:0in;margin-bottom:.0001pt;">
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_2"></a><a name="_bclPageBorder2"></a>
<a name="_bclHeader2"></a>
<DIV>
	<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;">
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
</DIV>
<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Should you become
employed on a full-time basis with a competitor of the Company in the
Instrumentation Industry before June 30, 2017, your severance payments shall
cease</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">.&#160;
</font></p>
<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">3.</font><font face="times new roman" lang=X-NONE style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">Other Benefits</font></u><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">:
All benefits will cease January 31, 2017</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> and
</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">you
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">may
</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">elect to continue receiving health insurance pursuant to the Federal
&#8220;COBRA&#8221; </font>
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">thereafter</font><font face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">.&#160;
</font>
<font color=#222222 face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">No accruals or credit for vacation or for purposes of any
401(k) plan or any other plans or benefits offered by the Company will occur
after your Termination Date.</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<ol start=4 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:justify;">
	<u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Confidential
     Information and Return of Company Property</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:&#160;
	</font></li>
</ol>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">You will immediately return to the Company all confidential information
and Company property in your possession, including files, records,
Company-owned cell phones or other computers, computer access codes, computer
programs, business plans or other documents which you received or prepared or
helped prepare during your employment with the Company and you will not retain
any copies, duplicates, reproductions or excerpts thereof.&#160; </font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">b.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">You affirm your obligation to protect the confidentiality of all
confidential information of the Company. You will not at any time, directly or
indirectly, use any confidential information of the Company in connection with
any business or activity, and you will not intentionally divulge such
confidential information to any person, firm or corporation whatsoever. In this
regard, you recognize and agree that &#8220;confidential information&#8221; of the Company
includes, but is not limited to, technical, marketing, customer, business,
financial or other information which constitutes trade secret information or
information not publicly available about the Company or any of its corporate
parents, affiliates or subsidiaries, the use or disclosure of which might
reasonably be construed to be contrary to the interests of the Company, its
corporate parents, affiliates or subsidiaries.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">c.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">You recognize and agree that you will
not, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">at any time in the future, make any statements to third parties
that disparage you or the Company or any of its officers, corporate parents or
affiliates or their respective officers, personally, professionally or
otherwise (provided that this shall not be construed to interfere with your right
described in Paragraph 12 below).</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">d.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Company agrees that it shall cause Rick Jones, the Chief Executive
Officer, and the current Board of Directors to refrain from making any
defamatory or disparaging public or private statements (whether oral or
written) about you.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">e.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">You recognize and agree that any breach by you of any of the provisions
of this Paragraph 4 would cause the Company to suffer immediate and irreparable
harm and, in such event, the Company would be entitled to obtain, </font><u>
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ex parte</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">,
preliminary and permanent injunctive relief from any court of competent
jurisdiction, which rights and remedies shall be cumulative and in addition to
any other rights or remedies to which the Company may be entitled at law.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<ol start=5 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;margin-right:0pt;text-align:justify;">
	<u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Release
     And Agreement Not To Sue</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">: In return for the separation package offered
     by the Company, you agree as follows:</font></li>
</ol>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:0pt;margin-top:0in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">You, on behalf of yourself and your heirs, executors, administrators,
successors, assigns and trustees, irrevocably and unconditionally release, acquit
and forever discharge the Company, and </font>
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">its direct and
indirect subsidiaries, affiliates, parent companies, related entities and
divisions, and their respective partners, officers, directors, shareholders,
executives, managers, employees, agents, attorneys, representatives, successors
and assigns, of and from any and all charges, complaints, claims, actions,
suits, and debts, of whatever nature, whether known or unknown, which you now
have, may have, or claim to have, or which you at any prior time had or claimed
to have against the Company, arising out of any matter occurring or accruing on
or before the date you execute this letter agreement, including, but not
limited to, any claims arising from or during your employment with the Company,
related to your employment with the Company, and/or as a result of your
separation from employment with the Company.</font></p>
<div style="">&nbsp;</div>
<p style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt" align="right">
<font face="Times New Roman">2</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=X-NONE style="font-size:9.0pt;">4012502-5</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<a name="_bclFooter2"></a>
<DIV>
	<div style="">&nbsp;</div></DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_3"></a><a name="_bclPageBorder3"></a>
<a name="_bclHeader3"></a>
<DIV>
	<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;">
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">b.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">You waive and release, and promise never to assert, any claim, right,
demand or cause of action, whether known or unknown, contingent or matured, that
you have had or now have against the Company, including without limitation
claims of wrongful discharge, defamation, retaliation, breach of contract, and
breach of the covenant of good faith and fair dealing, any claims of
discrimination or harassment based on sex, age, race, color, national origin,
religion, sexual orientation, disability or any other basis, and claims under
the Age Discrimination in Employment Act, Title VII of the Civil Rights Act,
Sections 1981 through 1988 of Title 42 of the United States Code, the Family
and Medical Leave Act, the Americans With Disabilities Act, the Employee
Retirement Income Security Act, the New York Human Rights Law, or any other
law, policy or regulation relating to employment or employment discrimination.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;margin-right:29.5pt;margin-top:0in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">c.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">You waive any present or future right to be reinstated as an employee
with the Company or any of its subsidiaries or affiliated companies and
acknowledge that the Company and its affiliates and subsidiaries have not (a)
discriminated against you, (b) breached any express or implied contract with
you, or (c) otherwise acted unlawfully towards you.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-align:justify;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">d.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">You represent and warrant that you have not filed any charges,
complaints, claims or actions against the Company, based on any event that took
place on or before the date you sign this letter agreement.&#160; You further
represent that you have not previously assigned or transferred or purported to
have assigned or transferred, to any person or entity, any claim released by
you under this letter agreement or any portion thereof or interest therein.</font></p>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-indent:-.25in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">e.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This
release and waiver excludes the Company&#8217;s obligations of the Company under this
agreement and further excepts rights and the Company&#8217;s obligations under the
&#8220;Option Exercise and Stock Transfer Restriction Agreement&#8221; with the Company
dated as of October 21, 2016.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<ol start=6 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;"><u>
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Governing Law</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">: This letter agreement is governed by
     and construed in accordance with the laws of the State of New York and you recognize and agree that any and all disputes, claims or controversies
     arising out of, or relating to this letter agreement shall be resolved
     exclusively by Federal or State courts located in New York. </font></li>
</ol>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<ol start=7 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><u>
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Litigation; No Admission:</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
     If there is any litigation between you and the Company alleging a breach
     of this agreement, the prevailing party in such litigation shall be
     entitled to recover his/her/its reasonable attorneys&#8217; fees and costs of
     such litigation from the other party. Nothing contained herein
     constitutes an admission by the Company of any liability, wrongdoing or
     violation of any law. </font></li>
</ol><a name="_bclFooter3"></a>
<p style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt" align="right">
<font face="Times New Roman">3</font></p>
	<p style="margin:0in;margin-bottom:.0001pt;">
	<font face="Times New Roman" lang=X-NONE style="font-size:9.0pt;">4012502-5</font></p>
	<p style="margin:0in;margin-bottom:.0001pt;">
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<p style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt">&nbsp;</p>
<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_4"></a><a name="_bclPageBorder4"></a>
<a name="_bclHeader4"></a>
<DIV>
	<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;">
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<ol start=8 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><u>
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Right To An Attorney</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:
     You represent to the Company that you fully understand your right to
     discuss all aspects of this matter with counsel of your choice; that the
     Company has advised you to discuss this matter with an attorney; that to
     the extent to which you desire, you have taken advantage of this right;
     that you have carefully read and understand fully all of the provisions of
     this letter agreement; and that you are voluntarily accepting the
     Company&#8217;s offer of a separation package and entering into this letter
     agreement</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
	</font></b></li>
</ol>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<ol start=9 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><u>
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">No Rule of Construction:</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;
     The Company and you have had the opportunity to obtain the advice of legal
     counsel and to review this letter agreement. Accordingly, it is agreed
     that no rule of construction shall apply against any party or in favor of
     any party. </font></li>
</ol>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<ol start=10 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><u>
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">No Waiver:</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; The
     Company&#8217;s failure to enforce its rights under this agreement, or any
     provision of this letter agreement, shall not be construed as a waiver of
     any subsequent breach by you of the same or a different provision.</font></li>
</ol>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<ol start=11 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><u>
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Separability:</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; Should
     any provision of this letter agreement be declared or be determined by any
     court to be illegal or invalid, other than the release and waiver of
     claims provisions contained herein, the validity of the remaining parts,
     terms or provisions shall not be affected thereby and said illegal or
     invalid part, term or provision shall be deemed not to be a part of this
     letter agreement.</font></li>
</ol>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<ol start=12 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><u>
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Non-Interference</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
     Nothing in this letter agreement shall interfere with your right to file a
     charge or to cooperate or participate in an investigation or proceeding
     conducted by the Equal Employment Opportunity Commission, the Securities
     and Exchange Commission or other federal or state regulatory or law
     enforcement agency. Further, nothing herein prohibits you from reporting
     possible violations of law to the Securities and Exchange Commission and
     other government agencies or making other disclosures that are protected
     under the whistleblower provisions of federal law or regulation. However,
     the separation package offered to you in this letter agreement shall be
     the sole relief provided to you by the Company for the claims released in
     this letter agreement.&#160; </font></li>
</ol>
<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>
<ol start=13 type=1 style="margin-bottom:0in;margin-top:0in;">
	<li style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><u>
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Miscellaneous:</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; This
     letter agreement is a fully integrated contract and sets forth the entire
     agreement between the parties with respect to the financial terms of your
     separation and your release and waiver of claims against the Company. This
     letter agreement fully supersedes any and all prior agreements or
     understandings between the parties. You acknowledge and agree that you are
     not relying on any promises in entering into this letter agreement other
     than those expressly set forth herein. This letter agreement shall be
     binding upon the parties hereto and their respective heirs, successors and
     assigns and may not be modified except in writing signed by both the
     Company and you.</font></li>
</ol>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If you wish to accept the
Company&#8217;s offer of the separation package, you have up to twenty-one (21) days
from the date of this letter, i.e. until February 22, 2017 to make your
decision, although you are free to sign it at any time before then. If you
choose to sign this letter agreement before the expiration of the 21-day
period, you acknowledge and agree that Company did not encourage or induce you
to do so by any threat to alter or withdraw the terms of the offer of the
separation package made herein or to provide </font>
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">different
terms to you or any other employee who signs this letter agreement before the
expiration of the 21 day period. If you accept this offer, you must sign and
return this letter on or before February 22, 2017 to Ms. Patricia Phillips, Human
Resources Manager at MTI.&#160; Even if you accept, you will still be able to change
your mind at any time within seven (7) calendar days after you sign this
letter. To revoke your acceptance, you must send written notice of your
revocation no later than 5:00 p.m. EST on the seventh day after you sign this
letter agreement. To affect a revocation, you must notify Ms. Patricia Phillips,
by letter, certified mail, Return Receipt Requested, or by facsimile at 518-218-2506,
and should state that you have changed your mind and choose to revoke your
prior acceptance. &#160;After the expiration of the seven (7) day period revocation,
it will be effective and enforceable. Please also note that the Company&#8217;s offer
of the separation package is void if not accepted on or before February 22,
2017.&#160; </font></p><a name="_bclFooter4"></a>
<DIV>
	<div style="">&nbsp;</div>
	<p style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt" align="right">
	<font face="Times New Roman">4</font></p>
	<p style="margin:0in;margin-bottom:.0001pt;">
	<font face="Times New Roman" lang=X-NONE style="font-size:9.0pt;e">4012502-5</font></p>
	<p style="margin:0in;margin-bottom:.0001pt;">
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div><a name="page_5"></a><a name="_bclPageBorder5"></a>
<a name="_bclHeader5"></a>
<DIV>
	<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;">
	<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:29.7pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Very truly
yours,</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:29.7pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:29.7pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ DAVID C.
MICHAELS</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:29.7pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:29.7pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">David C.
Michaels</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:29.7pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Chairman of
the Board</font></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-right:29.7pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin-bottom:.0001pt;text-align:center;margin-left:0in; margin-right:0in; margin-top:0in">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">_____________________________________________________________________________________</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">My agreement with the above terms
is signified by my signature below.&#160; Furthermore, I acknowledge that I have
read and understand the foregoing letter agreement and that I sign this release
of all claims voluntarily, with full appreciation that I am forever foreclosed
from pursuing any of the rights I have waived.</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Signed:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ KEVIN
G. LYNCH&#160;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></u></p>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:.5in;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Kevin
G. Lynch&#160; </font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Dated:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FEB. 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, 2017</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
<div style="">&nbsp;</div>
<p style="margin-left: 0in; margin-right: 0in; margin-top: 0in; margin-bottom: .0001pt" align="right">
<font face="Times New Roman">5</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=X-NONE style="font-size:9.0pt;">4012502-5</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">
<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in;margin-bottom:.0001pt;">&nbsp;</p>
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