<SEC-DOCUMENT>0000814676-17-000044.txt : 20171115
<SEC-HEADER>0000814676-17-000044.hdr.sgml : 20171115
<ACCEPTANCE-DATETIME>20171115143723
ACCESSION NUMBER:		0000814676-17-000044
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171110
ITEM INFORMATION:		Entry into a Material Definitive Agreement
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:		20171115
DATE AS OF CHANGE:		20171115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPS TECHNOLOGIES CORP/DE/
		CENTRAL INDEX KEY:			0000814676
		STANDARD INDUSTRIAL CLASSIFICATION:	POTTERY & RELATED PRODUCTS [3260]
		IRS NUMBER:				042832509
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1217

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36807
		FILM NUMBER:		171204981

	BUSINESS ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		CITY:			NORTON
		STATE:			MA
		ZIP:			02766
		BUSINESS PHONE:		508-222-0614

	MAIL ADDRESS:	
		STREET 1:		111 SOUTH WORCESTER STREET
		CITY:			NORTON
		STATE:			MA
		ZIP:			02766

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CERAMICS PROCESS SYSTEMS CORP/DE/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k8rwa111317agrmnt.htm
<DESCRIPTION>SEPARATION AGREEMENT
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<P STYLE="text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR></FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>FORM 8-K<BR></B></FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>CURRENT
REPORT</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT><BR></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date of Report (Date of
earliest event reported): November 10, 2017&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>CPS TECHNOLOGIES CORP.</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Exact Name of Registrant as Specified in its Charter)</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" BORDER="0" CELLPADDING="7" DIR="LTR" STYLE="width: 654px">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>0-16088</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>04-2832409</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="text-align: center">(State or other jurisdiction of incorporation)&nbsp;</P></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>111
South Worcester Street, Norton, Massachusetts&nbsp;</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>02766</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registrant`s telephone number, including area code</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>508-222-0614</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Former name or former address, if changed since last report.)</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0in">&nbsp;</P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 (<U>see</U>
General Instruction A.2. below):</FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[ ]&#9;Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[ ]&#9;Soliciting material pursuant to Rule 14a-12
under the exchange Act (17 CFR 240.14a-12)</FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[ ]&#9;Pre-commencement communications pursuant to
rule 14d-2(b) under the<BR>
Exchange Act (17CFR 240.14d-2(b))</FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[ ]&#9;Pre-commencement communications pursuant to
Rule 13e-4( c)) under the<BR>
Exchange Act (17 CFR 240.13e-4( c)).</FONT></P>

<P><FONT STYLE="font: 11pt Times New Roman, Times, Serif">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).</FONT></P>

<P><FONT STYLE="font: 11pt Times New Roman, Times, Serif">[ ]
Emerging growth company</FONT></P>

<P><FONT STYLE="font: 11pt Times New Roman, Times, Serif">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></P>

<P STYLE="text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item 1.01 Entry Into a Material Definitive Agreement</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
previously reported in the Current Report on Form 8-K of CPS Technologies Corp. (the &ldquo;Company&rdquo;) filed on October 30,
2017, Richard Adams notified the Company of his resignation as Senior Vice President and Chief Technology Officer of the Company
on October 25, 2017.&nbsp; The effective date of Mr. Adams&rsquo;s resignation is November 10, 2017 and the Company and Mr. Adams
have entered into a separation letter agreement effective November 10, 2017.&nbsp;&nbsp; The separation agreement provides, among
other things, for the following:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Cambria, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">severance
                                         pay totaling $156,075 to be paid over a severance period of 12 months in 26 equal bi-weekly
                                         amounts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Cambria, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">subject
                                         to his continued compliance with the terms of the separation agreement, (i) continued
                                         vesting of all unvested options over the same period the options would have been vested
                                         had Mr. Adams remained an employee, and (ii) all options to remain exercisable through
                                         the original exercise period; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Cambria, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         Company will continue to pay the Company&rsquo;s portion of Mr. Adams&rsquo;s health
                                         insurance as if he had been employee through the shorter of the severance period or until
                                         Mr. Adams obtains alternative coverage.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
return for these benefits, Mr. Adams agreed to release the Company from all claims, covenanted not to disparage the Company, and
agreed to provide the Company up to 16 hours of consulting time per month during the severance period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">A
copy of the separation agreement is furnished as Exhibit 10.1 to this Current Report on Form 8-K.&nbsp;</FONT></P>



<P><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</B></FONT></B></FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">See Item 1.01 disclosure above.</FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Item 9.01: Exhibits</B>&nbsp;</FONT></P>

<P STYLE="text-indent: 20pt; margin-left: -20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(d) Exhibits.</FONT></P>

<P STYLE="text-indent: 20pt; margin-left: -20pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: middle; text-align: left">
    <TH STYLE="text-align: left; vertical-align: middle">Exhibit</TH>
    <TH STYLE="text-align: left; vertical-align: middle">Description</TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 18%">10.1</TD>
    <TD STYLE="width: 82%">Separation Agreement dated November 10, 2017</TD></TR></TABLE>

<P STYLE="text-indent: 20pt; margin-left: -20pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 40pt; margin-left: -40pt"><BR></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SIGNATURE</FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 thereunto duly authorized.</FONT></P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>CPS
    Technologies Corp.</U></B><BR>
    (Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date:
    November 15, 2017</FONT></TD>
    <TD STYLE="width: 48%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Ralph
    M. Norwood<BR> Ralph M. Norwood<BR>
    Chief Financial Officer<BR> (CFO)</FONT></TD></TR>
</TABLE>
<P><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>sepagremnt11102017rwa.htm
<DESCRIPTION>EX-10.01 SEPARATION AGREEMENT DATED NOV 10 2017
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<P>&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">CPS Technologies Corporation</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">111 South Worcester Street</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Norton, MA 02766</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">508 222-0614</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">www.alsic.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>VIA HAND DELIVERY</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">October 24, 2017</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Richard Adams</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">84 Oak Trail Road</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Bolton, MA 01740</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dear Richard:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">As we discussed, your resignation from
CPS Technologies Corporation (the &ldquo;Company&rdquo;) will be effective November 10, 2017 (the &ldquo;Separation Date&rdquo;).&nbsp;
As we also discussed, you will be eligible to receive the severance benefits described in paragraph 1 below if you sign and return
this letter agreement to me by November 15, 2017 (but no earlier than the Separation Date) and do not revoke your agreement (as
described below).&nbsp; By signing and returning this letter agreement and not revoking your acceptance, you will be entering into
a binding agreement with the Company and will be agreeing to the terms and conditions set forth in the numbered paragraphs below,
including the release of claims set forth in paragraph 2.&nbsp; Therefore, you are advised to consult with an attorney before signing
this letter agreement and you have been given at least twenty-one (21) days to do so.&nbsp; If you sign this letter agreement,
you may change your mind and revoke your agreement during the seven (7) day period after you have signed it (the &ldquo;Revocation
Period&rdquo;) by notifying me in writing.&nbsp; If you do not so revoke, this letter agreement will become a binding agreement
between you and the Company upon the expiration of the Revocation Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Although your receipt of the severance
benefits is expressly conditioned on you entering into this letter agreement, the following will apply regardless of whether or
not you timely sign and return this letter agreement:&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">As of the Separation Date, all salary payments from the Company will cease and any benefits
you had as of the Separation Date under Company-provided benefit plans, programs, or practices will terminate, except as required
by federal or state law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">You will receive on the Separation Date payment for your final wages and any unused vacation
time accrued through the Separation Date.&nbsp; </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">You may, if eligible and at your own cost, elect to continue receiving group medical insurance
pursuant to the &ldquo;COBRA&rdquo; law. <B>&nbsp;</B>Please consult the COBRA materials to be provided under separate cover for
details regarding these benefits.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">You are obligated to keep confidential and not to use or disclose any and all non-public information
concerning the Company that you acquired during the course of your employment with the Company, including any non-public information
concerning the Company&rsquo;s business affairs, business prospects, and financial condition, except as otherwise permitted by
paragraph 9 below.&nbsp; Further, you remain subject to your continuing invention, non-disclosure, non-competition, and non-solicitation
obligations to the Company as set forth in the Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement dated
February 2, 1987 you previously executed for the benefit of the Company, which remains in full force and effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">You must return to the Company on the Separation Date all Company property.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If you elect to timely sign and return
this letter agreement and do not revoke your acceptance within the Revocation Period, the following terms and conditions will also
apply:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B><FONT STYLE="font-size: 11pt"><U>Severance Benefits</U></FONT></B><FONT STYLE="font-size: 11pt"> &ndash;In exchange
for entering into this Agreement and the promises and consideration contained herein, including, but not limited to, your compliance
with your invention, non-disclosure, non-competition, and non-solicitation obligations, the Company will provide you with the following
severance benefits (the &ldquo;severance benefits&rdquo;):</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-indent: -0.25in"><B>a.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Severance Pay</B>.&nbsp; The Company will pay to you $156,075, less all applicable taxes and withholdings, as severance
pay (an amount equivalent to 12 months of your current base salary).&nbsp; This severance pay will be paid in installments in accordance
with the Company&rsquo;s regular payroll practices, but in no event shall payments begin earlier than the Company&rsquo;s first
payroll date following expiration of the Revocation Period.&nbsp; The 12 month period during which you receive severance pay shall
be referred to as the &ldquo;Severance Period&rdquo;.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-indent: -0.25in"><B>b.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>COBRA Benefits</B>.&nbsp; Should you timely elect and be eligible to continue receiving group health insurance pursuant
to the &ldquo;COBRA&rdquo; law, the Company will, until the earlier of (x) the date that is 12 months following the Separation
Date, and (y) the date on which you obtain alternative coverage (as applicable, the &ldquo;COBRA Contribution Period&rdquo;), continue
to pay the share of the premiums for such coverage to the same extent it was paying such premiums on your behalf immediately prior
to the Separation Date.&nbsp; The remaining balance of any premium costs during the COBRA Contribution Period, and all premium
costs thereafter, shall be paid by you on a monthly basis for as long as, and to the extent that, you remain eligible for COBRA
continuation. &nbsp;You agree that, should you obtain alternative medical and/or dental insurance coverage prior to the date that
is 12 months following the Separation Date, you will so inform the Company in writing within five (5) business days of obtaining
such coverage.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-indent: -0.25in"><B>c.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Continued Vesting</B>.&nbsp; Subject to the approval of the Compensation Committee of the Board of Directors of CPS Technologies
Corporation to amend your option grant notices/agreements referenced below, and your compliance with the terms of this Agreement,
you will continue to vest in all options under the CPS Technologies Corporation 2009 Stock Incentive Plan and the CPS Technologies
Corporation 1999 Stock Option Plan awarded to you pursuant to the grant notices/agreements dated May 8, 2013, February 6, 2014,
February 12, 2015, February 19, 2016 and February 17, 2017, on each applicable vesting date set forth in the grant notices/agreements
as if you continued in employment with the Company and the exercise period of each such option as well as previously vested options
under the aforementioned option grants and the July 7, 2010 and October 7, 2011 option grants shall be extended for the remainder
of the duration of, but not beyond, the original option term of each option.&nbsp; Notwithstanding the foregoing, the option term
could be shortened in the event of a transaction that requires the option term to be shortened, and in that event, your options
would be treated similar to those of the then existing management. You understand that any option that is so amended pursuant to
the terms of this section shall cease to be treated for tax purposes as an incentive stock option.&nbsp; You also understand that
the aforementioned continued vesting and extension of the option exercise period is contingent on your having met your obligations
under this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You will not be eligible for, nor shall you have a right to receive, any payments or benefits from the Company following the Separation
Date other than as set forth in this paragraph.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Release of Claims</U></B> &ndash; In consideration
of the severance benefits, which you acknowledge you would not otherwise be entitled to receive, you hereby fully, forever, irrevocably
and unconditionally release, remise and discharge the Company, its affiliates, subsidiaries, parent companies, predecessors, and
successors, and all of their respective past and present officers, directors, stockholders, partners, members, employees, agents,
representatives, plan administrators, attorneys, insurers and fiduciaries (each in their individual and corporate capacities) (collectively,
the &ldquo;Released Parties&rdquo;) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights,
debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions,
obligations, liabilities, and expenses (including attorneys&rsquo; fees and costs), of every kind and nature that you ever had
or now have against any or all of the Released Parties, whether known or unknown, including, but not limited to, any and all claims
arising out of or relating to your employment with and/or separation from the Company, including, but not limited to, all claims
under Title VII of the Civil Rights Act, the Americans With Disabilities Act, the Age Discrimination in Employment Act, the Genetic
Information Nondiscrimination Act, the Family and Medical Leave Act, the Worker Adjustment and Retraining Notification Act, the
Rehabilitation Act, Executive Order 11246, Executive Order 11141, the Fair Credit Reporting Act, and the Employee Retirement Income
Security Act, all as amended; all claims arising out of the Massachusetts Fair Employment Practices Act, Mass. Gen. Laws ch. 151B,
&sect; 1 <U>et seq.</U>, the Massachusetts Wage Act, Mass. Gen. Laws ch. 149, &sect; 148 <U>et seq.</U> (Massachusetts law regarding
payment of wages and overtime), the Massachusetts Civil Rights Act, Mass. Gen. Laws ch. 12, &sect;&sect; 11H and 11I, the Massachusetts
Equal Rights Act, Mass. Gen. Laws. ch. 93, &sect; 102 and Mass. Gen. Laws ch. 214, &sect; 1C, the Massachusetts Labor and Industries
Act, Mass. Gen. Laws ch. 149, &sect; 1 <U>et seq.</U>, Mass. Gen. Laws ch. 214, &sect; 1B (Massachusetts right of privacy law),
the Massachusetts Maternity Leave Act, Mass. Gen. Laws ch. 149, &sect; 105D, and the Massachusetts Small Necessities Leave Act,
Mass. Gen. Laws ch. 149, &sect; 52D, all as amended; all common law claims including, but not limited to, actions in defamation,
intentional infliction of emotional distress, misrepresentation, fraud, wrongful discharge, and breach of contract; all claims
to any non-vested ownership interest in the Company, contractual or otherwise; all state and federal whistleblower claims to the
maximum extent permitted by law; and any claim or damage arising out of your employment with and/or separation from the Company
(including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly
referenced above; <I>provided, however, that this release of claims does not prevent you from filing a charge with, cooperating
with, or participating in any investigation or proceeding before, the Equal Employment Opportunity Commission or a state fair employment
practices agency (except that you acknowledge that you may not recover any monetary benefits in connection with any such charge,
investigation, or proceeding, and you further waive any rights or claims to any payment, benefit, attorneys&rsquo; fees or other
remedial relief in connection with any such charge, investigation or proceeding).</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Continued Assistance</U> &ndash; </B>At the Company&rsquo;s
request, you shall respond to questions and consult with the Company for up to 16 hours per month during the Severance Period at
times reasonably convenient for both you and the Company. &nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Continuing Obligations</U></B> &ndash; You acknowledge
and reaffirm your confidentiality and non-disclosure obligations discussed on page 1 of this letter agreement, as well as the obligations
set forth in the Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement, which survive your separation from
employment with the Company and as to the non-competition &nbsp;provision, Section 4 is hereof amended by deleting Section 4(b).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Non-Disparagement</U></B> &ndash; You understand and
agree that, to the extent permitted by law and except as otherwise permitted by paragraph 9 below, you will not, in public or private,
make any false, disparaging, derogatory or defamatory statements, online (including, without limitation, on any social media, networking,
or employer review site) or otherwise, to any person or entity, including, but not limited to, any media outlet, industry group,
financial institution or current or former employee, board member, consultant, client or customer of the Company, regarding the
Company or any of the other Released Parties, or regarding the Company&rsquo;s business affairs, business prospects, or financial
condition.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Company Affiliation</U></B> &ndash; You agree that,
following the Separation Date, you will not hold yourself out as an officer, employee, or otherwise as a representative of the
Company, and you agree to update any directory information that indicates you are currently affiliated with the Company.&nbsp;
Without limiting the foregoing, you confirm that, within five (5) days following the Separation Date, you will update any and all
social media accounts (including, without limitation, LinkedIn, Facebook, Twitter and Four Square) to reflect that you are no longer
employed by or associated with the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>Return of Company Property</U></B> &ndash; You confirm that
you have returned to the Company all keys, files, records (and copies thereof), equipment (including, but not limited to, computer
hardware, software, printers, flash drives and other storage devices, wireless handheld devices, cellular phones, tablets, etc.),
Company identification, and any other Company owned property in your possession or control, and that you have left intact all,
and have otherwise not destroyed, deleted, or made inaccessible to the Company any electronic Company documents, including, but
not limited to, those that you developed or helped to develop during your employment, and that you have not (a) retained any copies
in any form or media; (b) maintained access to any copies in any form, media, or location; (c) stored any copies in any physical
or electronic locations that are not readily accessible or not known to the Company or that remain accessible to you; or (d) sent,
given, or made accessible any copies to any persons or entities that the Company has not authorized to receive such electronic
or hard copies. You further confirm that you have cancelled all accounts for your benefit, if any, in the Company names, including
but not limited to, credit cards, telephone charge cards, cellular phone accounts, and computer accounts.&nbsp; Your Company laptop
and phone will be returned to you as yours to keep after the Company removes Company software and any proprietary information.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>Business Expenses and Final Compensation</U></B> &ndash; You
acknowledge that you have been reimbursed by the Company for all business expenses incurred in conjunction with the performance
of your employment and that no other reimbursements are owed to you.&nbsp; You further acknowledge that you have received payment
in full for all services rendered in conjunction with your employment by the Company, including payment for all wages, bonuses,
and accrued, unused vacation time, and that no other compensation is owed to you except as provided herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Confidentiality</U></B> &ndash; You understand and
agree that, to the extent permitted by law and except as otherwise permitted by paragraph 10 below, the terms and contents of this
letter agreement, and the contents of the negotiations and discussions resulting in this letter agreement, shall be maintained
as confidential by you and your agents and representatives and shall not be disclosed except as otherwise agreed to in writing
by the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Scope of Disclosure Restrictions</U></B> &ndash; Nothing
in this letter agreement prohibits you from communicating with government agencies about possible violations of federal, state,
or local laws or otherwise providing information to government agencies, filing a complaint with government agencies, or participating
in government agency investigations or proceedings. &nbsp;You are not required to notify the Company of any such communications;
provided, however, that nothing herein authorizes the disclosure of information you obtained through a communication that was subject
to the attorney-client privilege.&nbsp; Further, notwithstanding your confidentiality and nondisclosure obligations, you are hereby
advised as follows pursuant to the Defend Trade Secrets Act: &ldquo;An individual shall not be held criminally or civilly liable
under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal,
State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting
or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. &nbsp;An individual who files a lawsuit for retaliation by an employer for reporting a suspected
violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court
proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade
secret, except pursuant to court order.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><U>Cooperation</U></B> &ndash; You agree that, to the extent
permitted by law, you shall cooperate fully with the Company in the investigation, defense or prosecution of any claims or actions
which already have been brought, are currently pending, or which may be brought in the future against the Company by a third party
or by or on behalf of the Company against any third party, whether before a state or federal court, any state or federal government
agency, or a mediator or arbitrator.&nbsp; Your full cooperation in connection with such claims or actions shall include, but not
be limited to, being available to meet with the Company&rsquo;s counsel, at reasonable times and locations designated by the Company,
to investigate or prepare the Company&rsquo;s claims or defenses, to prepare for trial or discovery or an administrative hearing,
mediation, arbitration or other proceeding and to act as a witness when requested by the Company.&nbsp; You further agree that,
to the extent permitted by law, you will notify the Company promptly in the event that you are served with a subpoena (other than
a subpoena issued by a government agency), or in the event that you are asked to provide a third party (other than a government
agency) with information concerning any actual or potential complaint or claim against the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Amendment and Waiver</U></B> &ndash; This letter agreement
shall be binding upon the parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent
date signed by duly authorized representatives of the parties hereto.&nbsp; This letter agreement is binding upon and shall inure
to the benefit of the parties and their respective agents, assigns, heirs, executors, successors and administrators.&nbsp; No delay
or omission by the Company in exercising any right under this letter agreement shall operate as a waiver of that or any other right.&nbsp;
A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed
as a bar to or waiver of any right on any other occasion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Validity</U></B> &ndash; Should any provision of this
letter agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Nature of Agreement</U> &ndash;</B> You understand
and agree that this letter agreement is a severance agreement and does not constitute an admission of liability or wrongdoing on
the part of the Company.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><U>Acknowledgments</U> &ndash; </B>You
acknowledge that you have been given at least twenty-one (21) days to consider this letter agreement, and that the Company is hereby
advising you to consult with an attorney of your own choosing prior to signing this letter agreement. &nbsp;You understand that
you may revoke this letter agreement for a period of seven (7) days after you sign this letter agreement by notifying me in writing,
and the letter agreement shall not be effective or enforceable until the expiration of this seven (7) day revocation period.&nbsp;
You understand and agree that by entering into this letter agreement, you are waiving any and all rights or claims you might have
under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, and that you have received
consideration beyond that to which you were previously entitled.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B><U>Voluntary Assent</U> &ndash; </B>You
affirm that no other promises or agreements of any kind have been made to or with you by any person or entity whatsoever to cause
you to sign this letter agreement, and that you fully understand the meaning and intent of this letter agreement.&nbsp; You further
state and represent that you have carefully read this letter agreement, understand the contents herein, freely and voluntarily
assent to all of the terms and conditions hereof, and sign your name of your own free act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Applicable Law</U></B> &ndash; This letter agreement
shall be interpreted and construed by the laws of the Commonwealth of Massachusetts, without regard to conflict of laws provisions.&nbsp;
You hereby irrevocably submit to and acknowledge and recognize the jurisdiction of the courts of the Commonwealth of Massachusetts,
or if appropriate, a federal court located in the Commonwealth of Massachusetts (which courts, for purposes of this letter agreement,
are the only courts of competent jurisdiction), over any suit, action or other proceeding arising out of, under or in connection
with this letter agreement or the subject matter hereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Entire Agreement</U></B> &ndash; This letter agreement
contains and constitutes the entire understanding and agreement between the parties hereto with respect to your severance benefits
and the settlement of claims against the Company and cancels all previous oral and written negotiations, agreements, and commitments
in connection therewith.<B>&nbsp; </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B><U>Tax Acknowledgement</U></B> &ndash; In connection with
the severance benefits provided to you pursuant to this letter agreement, the Company shall withhold and remit to the tax authorities
the amounts required under applicable law, and you shall be responsible for all applicable taxes with respect to such severance
benefits under applicable law.&nbsp; You acknowledge that you are not relying upon the advice or representation of the Company
with respect to the tax treatment of any of the severance benefits set forth in paragraph 1 of this letter agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">If you have any questions about the matters
covered in this letter agreement, please call me at 508-222-0614 ext 218.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">Very truly yours,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Grant Bennett</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.5in"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Grant Bennett</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in; text-indent: -0.5in"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CEO</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">I hereby agree to the terms and conditions set forth above.&nbsp;
I have been given at least twenty-one (21) days to consider this letter agreement, and I have chosen to execute this on the date
below.&nbsp; I intend that this letter agreement will become a binding agreement between me and the Company if I do not revoke
my acceptance in seven (7) days.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 638px; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-top: 4pt; padding-bottom: 4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Richard W. Adams</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Richard W. Adams</B></P></TD>
    <TD STYLE="width: 49%; padding-top: 4pt; padding-bottom: 4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>November 10, 2017</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Date</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">To be returned in a timely manner as set forth on the first
page of this letter agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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