Exhibit 10.25

AMENDMENT

TO

NOTE PURCHASE AGREEMENT

This Amendment to the Note Purchase Agreement, dated as of July 31, 2012, as amended, (this “Amendment”), is entered into as of November 27, 2018 (subject to the satisfaction of the conditions set forth in Section 3 below, the “Effective Date”), by and between Dynasil Corporation of America, a Delaware corporation (the “Company”), and Massachusetts Capital Resource Company (the “Purchaser”).

WITNESSETH:

WHEREAS, the Company and the Purchaser are parties to that certain Note Purchase Agreement, dated as of July 31, 2012, (as amended to date and as amended hereby and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”);

WHEREAS, pursuant to the Purchase Agreement the Company issued and sold to the Purchaser the Company’s Note in the original outstanding principal amount of $3,000,000 (the “Note”);

WHEREAS, the Company has requested the Purchaser to amend certain provisions of the Purchase Agreement and the Note; and

WHEREAS, the Purchaser is willing to make such amendments, all on the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the foregoing and for other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

(a)          As of and from the Effective Date of this Amendment, all references in the Purchase Agreement, and all exhibits thereto, to the Notes being “due 2019” are hereby amended to read “due 2021”. Further, all references in the Purchase Agreement, and all exhibits thereto, to the Notes being due on “July 31, 2019” are hereby amended to read “November 30, 2021”.

(b)         As of and from the Effective Date of this Amendment, Section 1.04(a) of the Purchase Agreement is amended in its entirety to read as follows:

“(a) Required Redemptions. Beginning on and with December 31, 2019, and on the last day of each calendar month thereafter through and including November 30, 2021, the Company will redeem, without premium, $36,041.66 in principal amount of the Notes, or such lesser amount as may be then outstanding, together with all accrued and unpaid interest then due on the amount so redeemed. On the stated or accelerated maturity of the Notes, the Company will pay the principal amount of the Notes then outstanding together with all accrued and unpaid interest then due thereon. No optional redemption of less than all of the Notes shall affect the obligation of the Company to make the redemptions required by this subsection.”

(c)          As of and from the Effective Date of this Amendment, all references in the Notes to being “due 2019” are hereby amended to read “due 2021”. Further, all references in the Notes to being due on “July 31, 2019” are hereby amended to read “November 30, 2021”.

(a)       the execution and delivery of this Amendment by the Company and the Purchaser;

(b)       Middlesex Savings Bank shall have consented to this Amendment and the provisions contained herein;

(c)       the execution of the acknowledgement of this Amendment by each guarantor whose name appears at the end of this Amendment;

(d)       the Purchaser shall have received a certificate of the Company certifying certified copies of all documents evidencing other necessary corporate or other action and governmental approvals, if any, with respect to this Amendment and the Note; and

(e)       the Company shall have paid the Purchaser all fees, costs and expenses of the Purchaser in connection with this Amendment, including, without limitation, reasonable fees, costs and expenses of counsel.

(a)       the Company is a corporation, duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation;

(b)       the Company has the power and authority to execute, deliver and perform its obligations under this Amendment, the Purchase Agreement and the Note;

(c)       the execution, delivery and performance by the Company of this Amendment, the Purchase Agreement and the Note have been duly authorized by all necessary corporate action and does not and will not require any registration with, consent or approval of, notice to or action by, any Person (including any governmental agency);

(d)       this Amendment, the Purchase Agreement, the Note, and any other loan documents executed in connection herewith and therewith (the “Loan Documents”) to which the Company or any of its subsidiaries or affiliates is a party, as each Loan Document is amended by this Amendment, constitute the legal, valid and binding obligation of the Company and such subsidiaries and affiliates, enforceable against such person in accordance with its terms;

(e)       after giving effect to this Amendment, (i) no Event of Default exists or shall exist under the Purchase Agreement, and (ii) no event of default exists or shall exist under the Company’s or any of its subsidiaries’ or affiliates’ loan agreements with any bank or financial institution;

(f)       after giving effect to this Amendment, all representations and warranties by the Company contained in the Purchase Agreement and the Note are true and correct in all material respects as of the date hereof, except to the extent made as of a specific date, in which case each such representation and warranty shall be true and correct as of such date; and

(g)       by its signature below, the Company agrees that it shall constitute an Event of Default if any representation or warranty made herein is untrue or incorrect in any material respect as of the date when made or deemed made.

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

IN WITNESS WHEREOF, each of the undersigned has executed this Amendment as of the date set forth above.

Each of the undersigned, hereby agrees to the foregoing changes and hereby confirms its Unconditional Guaranty, dated July 31, 2012 as amended, issued by the undersigned in favor of Massachusetts Capital Resource Company.

[Signature Page to the Amendment to Note Purchase Agreement]