----

----

| A.   | Modifications to Loan Agreement. |
|----------------|----------------------------------|

| 1.   | The Loan Agreement shall be amended by deleting the following provision appearing as Section 2.1.1(a) (Revolving Advances; Availability) thereof: |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The Loan Agreement shall be amended by inserting the following new Section 2.3(g) (entitled “Application of Payments”) to appear immediately following the existing Section 2.3(f) (Payments) thereof: |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.   | The Loan Agreement shall be amended by deleting the following provisions appearing in Section 3.2 (Conditions Precedent to all Credit Extensions) thereof: |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.   | The Loan Agreement shall be amended by deleting the following provision appearing as Section 3.4(a) (Procedures for Borrowing; Advances) thereof: |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The Loan Agreement shall be amended by deleting the following provision appearing as Section 5.3 (Accounts Receivable) thereof in its entirety: |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.   | The Loan Agreement shall be amended by deleting the following provision appearing as Section 6.2 (b) thereof: |
|----------------|---------------------------------------------------------------------------------------------------------------|

| 7.   | The Loan Agreement shall be amended by inserting the following new Section 6.2(e) to appear immediately following the existing Section 6.2(d) thereof: |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.   | The Loan Agreement shall be amended by deleting the following provision appearing as Section 6.7(b) (Tangible Net Worth) thereof: |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------|

----

|   | “ | (b) | Tangible Net Worth.  To be tested as of the last day of each of Borrower’s fiscal quarters, Tangible Net Worth of at least: (i) prior to 2009 Effective Date No. 2, Six Million Five Hundred Thousand Dollars ($6,500,000.00), provided, however, that such required amount shall increase by an amount equal to sixty percent (60.0%) of the sum of the (A) gross proceeds received by Borrower from the sale of its equity or the incurrence of Subordinated Debt after the Effective Date, and (B) any positive quarterly Net Income earned by Borrower during any of Borrower’s fiscal quarters ending after the Effective Date, (ii) on and after 2009 Effective Date No. 2 through and including the date that is one (1) day prior to the 2010 Effective Date, Twenty-Four Million Dollars ($24,000,000.00), provided, however, that such required amount shall increase by an amount equal to sixty percent (60.0%) of the sum of the (A) gross proceeds received by Borrower from the sale of its equity or the incurrence of Subordinated Debt after 2009 Effective Date No. 2, and (B) any positive quarterly Net Income earned by Borrower during any of Borrower’s fiscal quarters ending after 2009 Effective Date No. 2, (iii) (x) on and after the 2010 Effective Date through and including the date that is one (1) day prior to the 2011 Effective Date, Twenty-Two Million Dollars ($22,000,000.00), and (y) on and after the 2011 Effective Date, Eighteen Million Five Hundred Thousand Dollars ($18,500,000.00), provided, however, that such amount shall increase by an amount equal to sixty percent (60.0%) of the sum of the (A) gross proceeds received by Borrower from the sale of its equity or the incurrence of convertible or other indebtedness for borrowed money after the 2011 Effective Date, plus (B) any positive quarterly Net Income earned by Borrower during any of Borrower’s fiscal quarters ending after the 2011 Effective Date.” |
|--------|---------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “ | (b) | Tangible Net Worth.  To be tested as of the last day of each of Borrower’s fiscal quarters, Tangible Net Worth of at least: (i) prior to 2009 Effective Date No. 2, Six Million Five Hundred Thousand Dollars ($6,500,000.00), provided, however, that such required amount shall increase by an amount equal to sixty percent (60.0%) of the sum of the (A) gross proceeds received by Borrower from the sale of its equity or the incurrence of Subordinated Debt after the Effective Date, and (B) any positive quarterly Net Income earned by Borrower during any of Borrower’s fiscal quarters ending after the Effective Date, (ii) on and after 2009 Effective Date No. 2 through and including the date that is one (1) day prior to the 2010 Effective Date, Twenty-Four Million Dollars ($24,000,000.00), provided, however, that such required amount shall increase by an amount equal to sixty percent (60.0%) of the sum of the (A) gross proceeds received by Borrower from the sale of its equity or the incurrence of Subordinated Debt after 2009 Effective Date No. 2, and (B) any positive quarterly Net Income earned by Borrower during any of Borrower’s fiscal quarters ending after 2009 Effective Date No. 2, (iii) (x) on and after the 2010 Effective Date through and including the date that is one (1) day prior to the 2011 Effective Date, Twenty-Two Million Dollars ($22,000,000.00), and (y) on and after the 2011 Effective Date through and including December 31, 2012, Eighteen Million Five Hundred Thousand Dollars ($18,500,000.00), provided, however, that such amount shall increase by an amount equal to sixty percent (60.0%) of the sum of the (A) gross proceeds received by Borrower from the sale of its equity or the incurrence of convertible or other indebtedness for borrowed money after the 2011 Effective Date, plus (B) any positive quarterly |
|--------|---------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.   | The Loan Agreement shall be amended by inserting the following new Section 6.7(c) (entitled “Maximum EBITDA Loss”) to appear immediately following the existing Section 6.7(b) (Tangible Net Worth) thereof: |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.   | The Loan Agreement shall be amended by inserting the following new Section 6.11 (entitled “Accounts Receivable”) to appear immediately following the existing Section 6.10 (Further Assurances) thereof: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.   | The Loan Agreement shall be amended by inserting the following new Section 6.12 (entitled “Remittance of Proceeds”) to appear immediately following Section 6.11 (Accounts Receivable) thereof: |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.   | The Loan Agreement shall be amended by deleting the following provision appearing as Section 9.4 (Application of Payments and Proceeds) thereof in its entirety: |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.   | The Loan Agreement shall be amended by deleting the following definitions appearing in Section 13.1 thereof: |
|-----------------|--------------------------------------------------------------------------------------------------------------|

----

| 14.   | The Loan Agreement shall be amended by inserting the following new definitions to appear alphabetically in Section 13.1 thereof: |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------|

----

| 15.   | The Borrowing Base Certificate appearing as Exhibit C to the Loan Agreement is hereby deleted in its entirety. |
|-----------------|----------------------------------------------------------------------------------------------------------------|

| 16.   | The Compliance Certificate appearing as Exhibit D to the Loan Agreement is hereby replaced with the Compliance Certificate attached as Exhibit 1 hereto. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.   | The Transaction Report appearing as Exhibit 2 hereto is hereby added to the Loan Agreement as Exhibit E. |
|-----------------|----------------------------------------------------------------------------------------------------------|

| B.   | Waivers. |
|----------------|----------|

| 1.   | Bank hereby waives Borrower’s existing default under the Loan Agreement by virtue of Borrower’s failure to comply with the Tangible Net Worth covenant set forth in Section 6.7(b) thereof as of the quarter ending December 31, 2012.  Bank’s waiver of Borrower’s compliance of said affirmative covenant shall apply only to the foregoing specific period. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Please indicate compliance status by circling Yes/No under “Complies” column. |
|-------------------------------------------------------------------------------------------|
|                                                                                      |
| Reporting Covenant                                                                        | Required | Complies |
|                                                                                      |   |   |
| Monthly financial statements withCompliance Certificate                                   | Monthly within 30 days | Yes   No |
| Annual financial statement (CPA Audited)                                                  | FYE within 90 days | Yes   No |
| Transaction Reports                                                                       | Monthly within 30 days and with each request for an Advance | Yes   No |
| A/R & A/P Agings                                                                      | Monthly within 20 days | Yes   No |
| Board-approved projections                                                                | FYE within 60 days, and contemporaneously with any updates or changes thereto | Yes   No |
|                                                                                      |

----

| Financial Covenant                                                   | Required | Actual    | Complies                |
|----------------------------------------------------------------------|----------|-----------|-------------------------|
|                                                                 |     |      |                    |
| Maintain at all times:                                               |     |      |                    |
|                                                                 |     |      |                    |
| Adjusted Quick Ratio (to be tested on the last day of each month)    | 1.20:1.0 | ____:1.0  | Yes   No |
| Maximum EBITDA Loss (to be reported on the last day of each quarter) | $*       | $________ | Yes   No |

| CHYRON CORPORATION  By:                                                       Name:                                                       Title:                                                         | BANK USE ONLY Received by:                                                       authorized signerDate:                                                        Verified:                                                       authorized signerDate:                                                        Compliance Status:                                         Yes     No |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | A. |   | Aggregate value of the unrestricted cash of Borrower                                                                                                                                      |   | $      |   |   |
|--------|----|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
|   | B. |   | Aggregate value of the net billed accounts receivable of Borrower                                                                                                                         |   | $      |   |   |
|   | C. |   | Quick Assets (the sum of lines A through B)                                                                                                                                               |   | $      |   |   |
|   | D. |   | Aggregate value of Obligations to Bank                                                                                                                                                    |   | $      |   |   |
|   | E. |   | Aggregate value of liabilities of Borrower (including all Indebtedness) that mature within one (1) year and current portion of Subordinated Debt permitted by Bank to be paid by Borrower |   | $      |   |   |
|   | F. |   | Current Liabilities (the sum of lines D and E)                                                                                                                                            |   | $      |   |   |
|   | G  |   | Deferred Revenue                                                                                                                                                                     |   | $      |   |   |
|   | H  |   | Line F minus line G                                                                                                                                                                       |   | $      |   |   |
|   | I. |   | Adjusted Quick Ratio (line C divided by line H)                                                                                                                                           |   |   |   |   |

----

----

----

----