<SEC-DOCUMENT>0001437749-20-021702.txt : 20201027
<SEC-HEADER>0001437749-20-021702.hdr.sgml : 20201027
<ACCEPTANCE-DATETIME>20201027160606
ACCESSION NUMBER:		0001437749-20-021702
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201022
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201027
DATE AS OF CHANGE:		20201027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CVD EQUIPMENT CORP
		CENTRAL INDEX KEY:			0000766792
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIAL INDUSTRY MACHINERY, NEC [3559]
		IRS NUMBER:				112621692
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16525
		FILM NUMBER:		201264192

	BUSINESS ADDRESS:	
		STREET 1:		355 S. TECHNOLOGY DRIVE
		CITY:			CENTRAL ISLIP
		STATE:			NY
		ZIP:			11722
		BUSINESS PHONE:		6319817081

	MAIL ADDRESS:	
		STREET 1:		355 S. TECHNOLOGY DRIVE
		CITY:			CENTRAL ISLIP
		STATE:			NY
		ZIP:			11722
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>cvv20201026_8k.htm
<DESCRIPTION>FORM 8-K
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>to Section 13 or 15(d) of the</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of report (Date of earliest event reported): October&nbsp;22, 2020</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;text-transform:uppercase;">CVD EQUIPMENT CORPORATION</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact Name of Registrant as Specified in Its Charter)</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">1-16525</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">11-2621692</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or Other Jurisdiction of</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">355 South Technology Drive</p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Central Islip, New York</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">11722</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Zip Code)</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Registrant&#8217;s Telephone Number, Including Area Code: (631) 981-7081</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Former Name or Former Address, if Changed Since Last Report)</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">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 (<i>see </i>General Instruction A.2. below):</p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">&#9744;&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">&#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Securities Registered pursuant to Section 12(b) of the Act:</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Title of each class</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Trading Symbol(s)</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Name of exchange on which registered</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Common Stock</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">CVV</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Nasdaq Capital Market</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: right;">Emerging growth company &#9744;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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. &#9744;</p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Item 1.01</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Entry into a Material Definitive Agreement </b></p>
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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">As previously disclosed by CVD Equipment Corporation (the &#8220;Company) on its Current report on Form 8-K, filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on December 6, 2017, 555 N Research Corporation (&#8220;555 Research&#8221;), a wholly-owned subsidiary of the Company, and HSBC Bank USA, N.A. (&#8220;HSBC&#8221;) entered into that certain Note, dated November 30, 2017 (the &#8220;555 Note&#8221;), which was secured by a certain Fee and Leasehold Mortgage and Security Agreement, dated November 30, 2017 (the &#8220;555 Mortgage&#8221;). The Company agreed to guaranty 555 Research&#8217;s obligations under the 555 Note and 555 Mortgage pursuant to that certain Unlimited Guaranty, dated November 30, 2017 (the &#8220;Guaranty&#8221;). As previously disclosed by the Company on its Current Report on Form 8-K, filed with the SEC on August 5, 2019, on August 5, 2019, 555 Research and HSBC entered into a Mortgage Modification Agreement (the &#8220;Mortgage Amendment&#8221;).</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On October 22, 2020, 555 Research and HSBC entered into a Second Mortgage Modification Agreement (the &#8220;Second Mortgage Amendment&#8221;). The Second Mortgage Amendment amended the Mortgage Amendment by removing the liquidity covenant definition and replacing it with a minimum Liquid Assets (as defined in the Second Mortgage Amendment) provision providing that the Company and its consolidated subsidiaries shall own and maintain minimum Liquid Assets of (i) at least $3,500,000 as of September 30, 2020, (ii) $3,750,000 as of March 31, 2021, (iii) $3,000,000 as of September 30, 2021, and $3,000,000 as of each quarter end thereafter.&nbsp;&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In connection with the Second Mortgage Amendment, on October 22, 2020, the Company and HSBC entered into a Reaffirmation of Unlimited Continuing Guaranty (the &#8220;Guaranty Reaffirmation&#8221;). The Guaranty Reaffirmation reaffirmed and ratified all the terms, conditions, representations and covenants contained in the Guaranty.</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The foregoing is a summary only of the material terms of the Second Mortgage Amendment and the Guaranty Reaffirmation, and is qualified in its entirety by reference to the full text of the Second Mortgage Amendment and Guaranty Reaffirmation, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Financial Statements and Exhibits</b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;">(d) <i>Exhibits</i>.</p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;"><b>Description</b></p>
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			<td style="vertical-align: bottom; width: 9%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">10.1</p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 90%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;"><a href="ex_208713.htm" style="-sec-extract:exhibit;">Second Mortgage Modification Agreement, dated as of October 22, 2020, by and between 555 N Research Corporation and HSBC Bank USA, National Association</a></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">10.2</p>
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			<td style="vertical-align: bottom; width: 1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 90%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:4.5pt;margin-right:0pt;margin-top:0pt;text-align:left;"><a href="ex_208714.htm" style="-sec-extract:exhibit;">Reaffirmation of Unlimited Continuing Guaranty, dated as of October&nbsp;22, 2020, by and between CVD Equipment Corporation and HSBC Bank USA, National Association</a></p>
			</td>
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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURES</b></p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">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.</p>

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<p style="background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date:&nbsp; October 27, 2020</p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>CVD EQUIPMENT CORPORATION</b></p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">/s/ Thomas McNeill</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Thomas McNeill</p>
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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Chief Financial Officer</p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_208713.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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	<title>ex_208713.htm</title>

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<p style="margin-bottom: 0; text-align: left; margin-top: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</p>

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			<td style="width: 100%; text-align: center;"><u><b>SECOND MORTGAGE MODIFICATION AGREEMENT</b></u></td>
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			<td>&nbsp;</td>
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			<td style="text-align: center;">Dated: As of October 22, 2020</td>
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			<td>&nbsp;</td>
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			<td style="text-align: center;">between</td>
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			<td>&nbsp;</td>
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			<td style="text-align: center;">555 N Research Corporation</td>
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			<td style="text-align: center;">&nbsp;</td>
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			<td style="text-align: center;">having an office at:</td>
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			<td style="text-align: center;">&nbsp;</td>
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			<td style="text-align: center;">555 North Research Place</td>
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			<td style="text-align: center;">Central Islip, New York 11722</td>
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			<td>&nbsp;</td>
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			<td style="text-align: center;">(the &#8220;Mortgagor&#8221;)</td>
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			<td>&nbsp;</td>
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			<td style="text-align: center;">and</td>
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			<td>&nbsp;</td>
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			<td style="text-align: center;">HSBC Bank USA, National Association</td>
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			<td style="text-align: center;">a national banking association organized under the laws of the United States of America</td>
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			<td>&nbsp;</td>
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			<td style="text-align: center;">having an office at:</td>
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			<td>&nbsp;</td>
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			<td style="text-align: center;">534 Broad Hollow Road</td>
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			<td style="text-align: center;">Melville, New York 11747</td>
		</tr>
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			<td>&nbsp;</td>
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			<td style="text-align: center;">(the &#8220;Mortgagee&#8221;)</td>
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			<td>&nbsp;</td>
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			<td style="text-align: center;"><u>LOCATION OF PREMISES</u>:</td>
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			<td style="width: 13%;">Street Address</td>
			<td style="width: 52%;">: 555 North Research Place, Central Islip, NY</td>
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			<td style="width: 35%;">&nbsp;</td>
			<td style="width: 13%;">County of</td>
			<td style="width: 52%;">: Suffolk</td>
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			<td style="width: 13%;">State of</td>
			<td style="width: 52%;">: New York</td>
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			<td style="width: 35%;">&nbsp;</td>
			<td style="width: 13%;">Section</td>
			<td style="width: 52%;">: 164.00</td>
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			<td style="width: 13%;">Block</td>
			<td style="width: 52%;">: 04.00</td>
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			<td style="width: 35%;">&nbsp;</td>
			<td style="width: 13%;">Lot</td>
			<td style="width: 52%;">: 007.001</td>
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			<td style="width: 100%; text-align: center;"><u><b>SECOND MORTGAGE MODIFICATION AGREEMENT</b></u></td>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt;">Second Mortgage Modification Agreement (hereinafter referred to as this &#8220;Agreement&#8221;) dated as of October 22, 2020 between HSBC Bank USA, National Association, having an office at 534 Broad Hollow Road, Melville, New York 11747 (the &#8220;Mortgagee&#8221;) and 555 N Research Corporation, a New York corporation, having an office at 555 North Research Place, Central Islip, New York (the &#8220;Mortgagor&#8221;).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:161.95pt;margin-right:162.65pt;margin-top:0pt;text-align:center;"><u><b>WITNESSETH</b></u><b>:</b></p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">WHEREAS, the Mortgagor and the Mortgagee executed an Fee and Leasehold Mortgage, Security Agreement and Fixture Filing dated November 30, 2017 which was modified by Mortgage Modification Agreement dated August 5, 2019 (collectively, including any modifications, restatements or substitutions thereof, the &#8220;Mortgage&#8221;) in connection with a certain mortgage loan made by the Mortgagee in favor of the Mortgagor in the original principal amount of Ten Million Three Hundred Eighty-Seven Thousand Five Hundred and 00/100 ($10,387,500.00) Dollars and interest thereon (the &#8220;Loan&#8221;) encumbering premises described in the Mortgage, which Mortgage secures a certain Note in the original principal amount of Ten Million Three Hundred Eighty-Seven Thousand Five Hundred and 00/100 ($10,387,500.00) Dollars dated November 30, 2017 (including any modifications, restatements or substitutions thereof, the &#8220;Note&#8221;); and</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">WHEREAS, the Mortgagor has requested that the Mortgagee amend the Liquidity Covenant contained in Section 1.11(f) of the Mortgage, and the Mortgagee is willing to amend the Liquidity Covenant in Section 1.11(f) of the Mortgage, subject to the further provisions herein.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Mortgagee and the Mortgagor agree as follows:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mortgagor represents and warrants that the principal amount outstanding under the Note, as of October 4, 2020, is $9,378,105 together with interest thereon (the &#8220;Indebtedness&#8221;), which Indebtedness is due and owing without counterclaims, defenses or offsets.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.11(f) of the Mortgage as previously modified on August 5, 2019, is hereby deleted and the following Section 1.11(f) shall be inserted in lieu thereof:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: justify; text-indent: 63pt;">&#8220;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVD Equipment Corporation and its consolidated subsidiaries shall own and maintain minimum Liquid Assets of at least (i) $3,500,000 as of September 30, 2020, (ii) $3,750,000 as of March 31, 2021, and (iii) $3,000,000 as of September 30, 2021 and $3,000,000 as of each quarter end thereafter as determined by the Mortgagee. As used herein, the term "Liquid Assets" shall be deemed to mean assets of the following types and nature so long as such are not pledged, encumbered, hypothecated, subject to rights of offset or otherwise restricted:</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 99pt; text-align: justify; text-indent: 36pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States of America is pledged in support thereof;</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 99pt; text-align: justify; text-indent: 36pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;time deposits with, or insured certificates of deposit or bankers' acceptances of, any commercial bank that (i) (A) is Lender or (B) is organized under the laws of the United States of America, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States of America, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (iii) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof;</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 99pt; text-align: justify; text-indent: 36pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commercial paper issued by any entity organized under the laws of any state of the United States of America and rated at least "Prime&#8209;1" (or the then equivalent grade) by Moody's or at least "A&#8209;1" (or the then equivalent grade) by S&amp;P, in each case with maturities of not more than 180 days from the date of acquisition thereof; and</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 99pt; text-align: justify; text-indent: 36pt;">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;demand deposit accounts, money market accounts or similar investments classified in accordance with GAAP as current assets of CVD Equipment Corporation and its consolidated subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody's or S&amp;P, and the portfolios of which are limited solely to investments of the character, quality and maturity described in clauses (i), (ii) and (iii) of this definition.&#8221;</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mortgagor hereby reaffirms and ratifies all of the terms, conditions, representations and covenants contained in the Assignment of Leases and Rents executed by the Mortgagor dated November 30, 2017 and an ADA and Environmental Indemnity Agreement dated November 30, 2017.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided in this Agreement, all of the terms, provisions, covenants and conditions of the Loan Documents (as defined in the Mortgage but as may be restated on the date hereof) shall be and remain in full force and effect as written therein, unmodified hereby. The Mortgagor hereby further ratifies and acknowledges the continuing validity and enforceability of the Loan Documents as herein modified and the obligations and liens evidenced thereby. In the event of any conflict between the terms, provisions, covenants and conditions of this Agreement and the Loan Documents, this Agreement shall control. This Agreement shall not waive, suspend, diminish or impair the Loan Documents or the obligations, liabilities, liens or security interests represented thereby.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery of this Agreement shall not extinguish the Indebtedness and no part thereof shall be discharged, distributed, cancelled or impaired by the execution and delivery of this Agreement or any further instruments securing the Indebtedness and any other or further indebtedness.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW. This Agreement constitutes the entire understanding among the parties hereto with respect to the subject matter hereof and supersede any prior agreements, written or oral, with respect thereto.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By executing this Agreement, the undersigned represents that the Mortgagor has the power to execute this Agreement, and the execution of this Agreement has been duly authorized by all necessary corporate action, and that the authority of the undersigned to execute this Agreement as Chief Financial Officer and bind the Mortgagor as stated in the Secretary Certificate-Corporate Borrower of even date herewith.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in one or more counterparts (including by facsimile or PDF electronic transmission), each of which shall be deemed an original, and all of which shall constitute one and the same Agreement.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and the other documents to be delivered hereunder, constitute the valid and binding obligation of the Mortgagor and are enforceable against the Mortgagor in accordance with their terms, provisions, covenants and conditions.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mortgagor represents and warrants that it is, and shall continue to be, in compliance with all of the covenants, representations and warranties contained in the Loan Documents.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, legal representatives and assigns.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be construed without regard to any presumption or other rule requiring construction against the party causing this Agreement to be drafted.</p>

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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 45pt;">IN WITNESS WHEREOF, this Second Mortgage Modification Agreement has been duly executed by the Mortgagor and the Mortgagee on the date written in the opening paragraph of this Agreement.</p>

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			<p style="margin-top: 0; margin-bottom: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">HSBC BANK USA, NATIONAL ASSOCIATION</p>
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			<p style="margin-top: 0; margin-bottom: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">555 N RESEARCH CORPORATION<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0; margin-left: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Thomas McNeill</p>
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			<p style="margin-top: 0; margin-bottom: 0; margin-left: 18pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Chief Financial Officer</p>
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			<td style="width: 15%;">STATE OF ILLINOIS</td>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 54pt;">On the&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; day of October in the year 2020, before me, the undersigned, personally appeared Shaun R. Kleinman, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his/her/their capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument, and that such individual made such appearance before the undersigned in the County of Cook in the State of Illinois.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</p>

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			<td style="width: 50%;">(signature and office of individual taking acknowledgment)</td>
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			<td style="width: 85%;">)ss.:</td>
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			<td style="width: 15%;">COUNTY OF SUFFOLK</td>
			<td style="width: 85%;">)</td>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 27pt;">On the<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>day of October in the year 2020, before me, the undersigned, personally appeared Thomas McNeill, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:61.2%;margin-right:0pt;margin-top:0pt;text-align:left;">Notary Public</p>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_208714.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>REAFFIRMATION </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>OF UNLIMITED CONTINUING GUARANTY</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">This REAFFIRMATION OF UNLIMITED GUARANTY (the &#8220;Reaffirmation&#8221;), dated as of October 22, 2020, made by CVD Equipment Corporation (the &#8220;Guarantor&#8221;), in favor of HSBC Bank USA, National Association, having an office at 534 Broad Hollow Road, Melville, New York 11747 (the &#8220;Bank&#8221;).</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">WITNESSETH:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">WHEREAS, the Guarantor has executed and delivered certain Unlimited Guaranty dated November 30, 2017 made by the undersigned Guarantor in favor of the Bank (the "Original Guaranty") guaranteeing the payment and performance of all obligations of 555 N Research Corporation (the &#8220;Borrower) to the Bank; and</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">WHEREAS, the Borrower is now executing a Second Mortgage Modification Agreement of even date herewith (all of the loan documents executed in connection with the Mortgage Modification Agreement and Original Guaranty, including the documents executed in connection with the original mortgage loan made to Borrower in the amount of Ten Million Three Hundred Eighty-Seven Thousand Five Hundred and 00/100 ($10,387,500.00) Dollars dated November 30, 2017, and as same may modified or restated, collectively the &#8220;Loan Documents&#8221;), and in connection therewith, the Bank requires that the Guarantor reaffirm and ratify all the terms, conditions, representations and covenants contained in the Original Guaranty.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">NOW, THEREFORE, for good and valuable consideration the Guarantors hereby irrevocably and unconditionally acknowledge and confirm to the Bank, and its successors and assigns, the following:</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guaranty continues in full force and effect and is a valid and binding obligation of the undersigned Guarantor in accordance with the terms of the Original Guaranty, that no defenses, offsets, claims, counterclaims exist with respect to such Original Guaranty, and that such Original Guaranty is enforceable in accordance with its terms, and guarantees and shall continue to guarantee in accordance with its terms the performance of all amounts and obligations guaranteed thereby, including without limitation, in addition to all other liabilities and obligations guaranteed thereby, all liabilities and obligations of the Borrower to the Bank respecting all of the Loan Documents including, without limitation, interest, attorneys' fees and other amounts accruing after the filing of a petition in bankruptcy by or against the Borrower, notwithstanding the discharge of Borrower from such obligations, together with all costs and expenses incurred by the Bank in connection with such obligations, the Original Guaranty, as affected hereby, and the enforcement thereof.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned further covenant and agree that their liability under the Guaranty is unaffected by the execution and delivery of the Second Mortgage Modification Agreement, a copy of which the undersigned acknowledge receiving.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By executing this Reaffirmation, the undersigned Guarantor represents that its has the power to execute this Agreement, and the execution of this Agreement has been duly authorized by all necessary corporate action and that the authority of the undersigned to execute this Agreement as Chief Financial Officer and bind the undersigned corporation as stated in its Secretary Certificate-Corporate Guarantor of even date herewith.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">[Signatures contained on the following page]</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">This Reaffirmation is being made as of the 22 day of October, 2020.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>Guarantor:</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">CVD EQUIPMENT CORPORATION</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">By:__________________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Thomas McNeill</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

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