Document:

Exhibit 10.1

 

FORM OF ACCOUNTS RECEIVABLE
ADVANCE AGREEMENT

 

This Accounts Receivable Advance Agreement (the
 “Agreement”) is made as of January 9, 2020, between CC FUNDING a division of CREDIT CASH NJ, LLC, a
Delaware limited liability company with an operating office located at 505 Park Avenue, 6th Floor, New York, NY
10022(the “Lender”), and each of the following limited liability companies listed immediately below:

 

XpresSpa JFK Terminal 1, LLC, a New York limited liability company

XpresSpa S.F. International, LLC a New York limited liability
company

XpresSpa at Term. 4 JFK, LLC a New York limited liability company

XpresSpa Pittsburgh A, LLC a New York limited liability company

XpresSpa Philadelphia Airport, LLC a New York limited liability
company

Spa Products Import & Distribution Co., LLC a New York limited
liability company

XpresSpa Las Vegas Airport, LLC a New York limited liability
company

XpresSpa MSP Airport, LLC a New York limited liability company

XpresSpa LAX Airport, LLC a New York limited liability company

XpresSpa Salt Lake City, LLC a New York limited liability company

XpresSpa John Wayne Airport, LLC a New York limited liability
company

XpresSpa Orlando, LLC a New York limited liability company

XpresSpa Washington Reagan, LLC a New York limited liability
company

XpresSpa Houston Hobby, LLC a New York limited liability company

 

Each company having its chief operating
office located at 780 Third Avenue, 12th Floor, New York, NY 10017 (individually and collectively, jointly and severally
the “Borrower”).age

 

Preliminary Statements

 

(a)               
The Borrower has requested that the Lender periodically make Advances (as defined below) to the Borrower. Each such Advance
is to be secured by a security interest in favor of the Lender in, among other property, the Collateral, including but not limited
to all of the Borrower’s existing and future accounts receivables and other rights to payment, including but not limited
to, accounts receivable arising out of the Borrower’s acceptance or other use of any credit cards, charge cards, debit cards
or similar forms of payments (“Credit Card Receivables” and collectively with all of the Borrower’s existing
and future accounts receivables and other rights to payment, “Accounts Receivable”).

 

(b)               
Each Advance is to be evidenced by a separate Advance Schedule (as defined below), which is to set forth the key economic
terms applicable to the Advance. Each Advance Schedule is to be issued pursuant to and is to be subject to all terms and conditions
set forth in this Agreement; it being understood that this Agreement is to act as a master agreement for all Advances and Advance
Schedules, if any, outstanding at any time.

 

(c)               
The Borrower has agreed to cause all or certain of its Accounts Receivable to be electronically remitted directly to the
Collection Account (as defined below).

 

(d)               
The Lender and the Borrower now desire to enter into this Agreement to memorialize their understanding regarding the Advances
and the parties’ respective rights and obligations relating thereto.

 

NOW, THEREFORE, the parties agree as follows:

 

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1.       Advances and Advance Schedules.

 

(a)       Advances.
The Lender may, in the exercise of its sole and absolute discretion, periodically advance monies to or for the benefit of the
Borrower. Each such advance is referred to in herein as an “Advance,” and all such advances are
collectively referred to herein as “Advances.”

 

(b)      Advance
Schedules. If the Lender elects to make an Advance to the Borrower, the Borrower agrees to execute and deliver to the
Lender an advance schedule in form and substance acceptable to Lender (each, an “Advance
Schedule”). Each Advance Schedule shall be subject to all terms and conditions set forth in this Agreement
and shall set forth, in addition to any other matters set forth therein, the following:

 

(i)      
the “Advance Amount,” shall be the amount of funds agreed to by the Lender and the Borrower in the Advance
Schedule which the Lender is to advance to or for the benefit of the Borrower under the Advance Schedule;

 

(ii)     
the “Collection Amount,” shall be the amount of funds agreed to by the Lender and the Borrower in the
Advance Schedule which the Borrower is to remit or cause to be remitted to the Lender with respect to the Advance described in
the Advance Schedule (Note: the Collection Amount does not include any Reimbursable Expenses (as defined below) which the Borrower
may owe the Lender with respect to the related Advance or otherwise);

 

(iii)    
the “Collection Date,” shall be the date agreed to by the Lender and the Borrower in the Advance Schedule
by which the Borrower is to cause the Collection Amount described in the Advance Schedule to be remitted in its entirety to the
Lender;

 

(iv)    
the “Collection Account,” shall be the deposit account into which the Borrower’s Accounts Receivable
are to be deposited into, via electronic funds transfer; and

 

(v)     
the “Collection Account Bank,” shall be the bank at which the Collection Account is maintained.

 

(c)       Discretionary
Advances. In no event shall the Lender be obligated to make an Advance to the Borrower; it being understood that any
election by the Lender to make an Advance to the Borrower may be exercised in the Lender’s sole and absolute
discretion. Without limiting the generality the foregoing, the Lender’s election to make an Advance on one occasion
shall not obligate the Lender to make an Advance on another occasion. Similarly, the absence of an Event of Default shall not
obligate the Lender to make an Advance. Notwithstanding the foregoing, and without limiting any of Lender’s
rights hereunder, upon Borrower’s loan balance being reduced to no more than thirty percent (30%) of the Advance
Amount, and upon Borrower’s request, Lender may, in Lender’s sole business discretion, “re-load” the
Advance Amount and loan additional monies to Borrower upon substantially the same terms and conditions set forth herein.
Borrower understands that any “re-loads” would be made at the sole business discretion of Lender and be
conditioned upon, among other things, Borrower’s payment history with Lender and Borrower’s financial condition,
as determined by Lender.

2.       Repayment of
Advances.

 

(a)       Borrower
to Remit Collections to Collection Account. Borrower shall cause collections from Accounts Receivable to be remitted directly
into the Collection Account, via electronic funds transfer. If the Borrower accepts credit cards, charge cards, debit cards or
similar forms of payments, the Borrower represents and warrants to the Lender that all of the Borrower’s Credit Card Receivables
are or will be processed by Card Connect whose principal place of business is 1000 Continental Drive, Suite 300, King of Prussia,
PA 19406 (together with any subsequent successors or assigns, the “Processor”). The Borrower agrees to execute
and deliver to the Lender, and to cause the Processor to execute and deliver to the Lender, a payment instruction agreement in
form and substance reasonably acceptable to Lender (the “Payment Instruction Agreement”). The Payment Instruction
Agreement is to provide that (i) the Processor is to periodically remit, via electronic funds transfer, to the Collection Account
all of the Borrower’s Credit Card Receivables collected by the Processor (net of any discounts, fees and/or similar amounts
payable to the Processor by the Borrower which the Processor is entitled to deduct from the proceeds of the Credit Card Receivables
pursuant to the terms of the Processor Agreement (as defined below) and net of any charge-backs, offsets and/or other amounts
which the Processor is entitled to deduct from the proceeds of the Borrower’s Credit Card Receivables pursuant to the terms
of the Processor Agreement), and (ii) the Processor must continue transferring such funds until such time as the Lender gives
the Processor written notice that (A) the Lender has received all Collection Amounts for all Advances then outstanding, and (B)
there are no Reimbursable Expenses (each as defined below) or other fees or charges then outstanding. If requested by the Borrower
in writing, the Lender agrees to give the foregoing notice to the Processor if the conditions described in the preceding clauses
(A) and (B) have each been satisfied. 

 

(b)       Collection
Account Bank to Remit Collections to Lender; Lender to Remit Portion to Borrower. The Borrower agrees to execute and
deliver a control agreement or similar agreement among the Borrower, the Lender and the Collection Account Bank (the
 “Control Agreement”) whereby, among other things, the Lender shall be deemed to have “control”
of the Collection Account and all funds at any time deposited therein for purposes of UCC § 9-104(a)(2) or (3), as the
Lender so elects. The Control Agreement also is to provide that the Collection Account Bank is to periodically remit, via
electronic funds transfer, all funds on deposit in the Collection Account to a bank account designated by the Lender (the
 “Lender Account”). Insofar as funds on deposit in the Collection Account are remitted to the Lender
Account, the Lender will retain a fixed amount each banking day (which amount will be doubled the day after a banking
holiday) to credit to the Collection Amount, in an amount as set forth in each respective Advance Schedule (the
 “Fixed Daily Payment”) until the cash payments applied by the Lender equal to the Collection Amount (plus
all Reimbursable Expenses and all other fees and charges due under this Agreement) and remit to Borrower, via electronic
funds transfer to a bank account designated by the Borrower in a writing delivered to the Lender, the balance of all such
funds in the Lender Account; provided, however, that if the Lender, in the exercise of its
commercially reasonable judgment acting as a prudent lender, based on the circumstances of the Borrower then in effect, has
reason to believe that it is insecure at any time in the timely payment of the Collection Amount on the basis of the then
current Fixed Daily Payment, regardless of whether an Event of Default has occurred, Borrower agrees that the Lender may
increase the Fixed Daily Payment from time to time to assure timely payment of the Collection Amount.

 

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(c)         In the event Borrower does not maintain sufficient balances in the Collection Account for Lender to retain the Fixed Daily
Payment, Borrower will be subject to a five percent (5%) late fee for the amount of any deficiency, which would be added to the
Collection Amount and automatically retained from the next daily payment.

 

(d)        Borrower
Authorizes Lender to Initiate Debit Payments From any Collection Account. In the event Borrower does not maintain
sufficient balances in the Collection Account for Lender to retain the Fixed Daily Payment or upon the occurrence of an Event
of Default, Borrower hereby irrevocably authorizes Lender to automatically initiate automated clearing house
(“ACH”) transfers from any bank deposit account of Borrower on file with Lender, each of which shall be
deemed to be a Collection Account, in such amounts as is provided in this Agreement. The ACH debits shall continue, at
Lender’s option, until (i) monies are deposited into the Lender Account in an amount sufficient to retain the Fixed
Daily Payment (plus all past due amounts, Reimbursable Expenses and all other fees and charges due under this Agreement),
(ii) the Event(s) of Default shall have been cured, or (iii) the cash payments received by the Lender equal the Collection
Amount (plus all Reimbursable Expenses and all other fees and charges due under this Agreement).

 

(e)       
Monthly True-Up. Intentionally omitted.

 

(f)        
Collection Amount Not Received by Collection Date. If the Collection Amount specified in an Advance Schedule is
not received by the Lender by the Collection Date specified in the Advance Schedule, or if any other Event of Default exists,
the Borrower shall immediately pay to the Lender the balance of the Collection Amount that has not yet been remitted to and received
by the Lender. Notwithstanding the Lender’s right to demand the immediate payment of all outstanding obligations hereunder
on the Collection Date, in the event Borrower’s obligation to pay the Collection Amount (plus Reimbursable Expenses and
all other fees and charges due hereunder and under the related Agreements) is not satisfied on or before the Collection Date,
and provided Borrower is not otherwise in default of this Agreement, in lieu of increasing the Fixed Daily Payment, the Lender
may, at the Lender’s option, continue to apply the specified Fixed Daily Payment to the obligations of the Borrower hereunder.
In consideration of the Lender extending the Collection Date, Borrower hereby understands and agrees that Borrower shall pay to
the Lender an extension fee equal to two percent (2%) of the highest outstanding balance of Borrower’s obligations to Lender
for each 30 day period (or part thereof) after the Collection Date. The extension fee would automatically be charged to Borrower’s
account on the 1st day after the Collection Date and each 30 days thereafter. Borrower further understands and agrees
that if any event or condition specified in the first sentence of this Section 2(f) exists, the Lender may, in Lender’s
reasonable business discretion, increase the Fixed Daily Payment to 100% of the funds received into the Collection Account and,
as such, recover from the Collection Account and/or retain in the Lender Account all amounts due the Lender under this Agreement
and/or any Related Agreements (as defined below).

3.       Security Interest.

 

3.1       Grant
of Security Interest. As security for the prompt performance, observance and payment in full of all obligations of
Borrower to Lender hereunder, Borrower hereby pledges, assigns, transfers and grants to Lender a security interest in, and
continuing lien upon, and right of setoff against the following property, whether such property or the Borrower’s
right, title or interest therein or thereto is now owned or existing or hereafter acquired or arising: (a) all Accounts,
including, without limitation, all Credit Card Receivables; (b) all other payment rights arising out of the provision of
goods or services by the Borrower; (c) the Collection Account; (d) all rights to receive payments from the Processor and all
other rights arising out of or otherwise relating to the Processor Agreement; (e) Chattel Paper, including Electronic Chattel
Paper and tangible Chattel Paper; (f) Commercial Tort Claims; (g) Documents; (h) Equipment, machinery, furniture, furnishings
and fixtures and all parts, tools, accessories and Accessions; (i) Fixtures; (j) General Intangibles, including but not
limited to patents, trademarks and tradenames and the goodwill and inherent value associated therewith, tax refunds, customer
lists, insurance claims and goodwill of Borrower; (k) Goods; (l) Instruments; (m) Inventory, merchandise, materials, whether
raw, work in progress or finished goods, packaging and shipping materials and all other tangible property held for sale or
lease; (n) Investment Property; (o) Payment Intangibles; (p) Proceeds, including Cash Proceeds and Non-Cash Proceeds, and
proceeds of any insurance policies covering any of the Collateral; (q) Promissory Notes; (r) Records, including all books,
records and other property at any time evidencing or relating to any of the foregoing, and all electronic means of storing
such Records; (s) to the extent not otherwise included above, all collateral support and Supporting Obligations relating to
any of the foregoing; and (t) to the extent not otherwise included above, all Proceeds, products, accessions, rents and
profits of or in respect of any of the foregoing (collectively, the “Collateral”). All capitalized terms
in this description that are not otherwise defined shall have the meanings given to them under the UCC. The Borrower
also unconditionally and irrevocably assigns to Lender and grants to Lender a security interest in and to all its present and
future right, title and interest to receive monies under all present and future Processor Agreements (as hereinafter
defined), all other agreements with Processors, agents, independent sales organizations (ISO’s) and all other persons,
all of which shall be deemed to be part of the Collateral. In addition to the foregoing, the security interest in the
Collateral secures the payment and performance of all existing and future obligations of any nature whatsoever of the
Borrower to the Lender, including, without limitation, the Borrower’s obligation to pay all Collection Amounts, fees,
and Reimbursable Expenses owing at any time under this Agreement and/or any Related Agreements. The term
 “Borrower,” as used in this Section 3, and for purposes of identifying the debtor(s) granting the security
interest in this Section 3, shall mean the Borrower in its own capacity and as agent for each Borrower Affiliate (as defined
below).

 

3.2.       Authorization
to File Financing Statements. Borrower hereby authorizes Lender to execute and/or file UCC financing statements (including
amendments) in order to perfect the security interests granted to Lender under this Agreement, the Related Agreements or otherwise.

 

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4.       Control
of Collection Account; No Change in Processor.

 

(a)       
In addition to the matters described in Section 2(b) above, the Control Agreement is also to provide that the Lender’s
security interest in the Collection Account is to be perfected by control for purposes of UCC §9-104(a)(2).

 

(b)       Borrower
covenants and agrees that from the date of execution of this Agreement until all obligations have been fully paid and any
commitments of the Lender to the Borrower have been terminated, the Borrower will not, without the Lender’s
prior written consent amend or terminate the Processor Agreement, or enter into any contractual relationship with any other
processor for the maintenance, servicing or discounting of the Borrower’s Credit Card Receivables. Borrower further
agrees that in the event Lender does not receive the daily information or access to information from Processor and/or
Processor’s system, as provided for in this Agreement, Lender in addition to all other rights and remedies it has, may
require in its sole discretion, that Borrower move to another Processor of Lender’s choosing.

 

5.       Representations
and Warranties. The Borrower represents and warrants to the Lender as follows: (a) all of the information provided by the
Borrower to the Lender pursuant to this Agreement or otherwise is true, correct and complete in all respects; (b) the
Borrower has full power and authority to enter into this Agreement and any Related Agreements and to perform its obligations
hereunder and thereunder; (c) if the Borrower is an entity, (i) the Borrower is duly organized , validly existing and in good
standing under the laws of the jurisdiction of its organization, and (ii) the Borrower has full organizational power and
authority to enter into this Agreement and any Related Agreements and to pay and perform its obligations hereunder and
thereunder; (d) the Borrower is duly qualified to do business in each jurisdiction in which it conducts its business; (e)
this Agreement is the legal and valid obligation of the Borrower, enforceable against the Borrower in accordance with its
terms; (f) the Borrower is solvent, has not made an assignment for the benefit of creditors or filed in any court, pursuant
to any statute of the United States or any state, a petition for bankruptcy or insolvency, or filed for reorganization or for
the appointment of a receiver or trustee of all or a material portion of its property, and the Borrower does not have reason
to believe any involuntary bankruptcy action or order will be filed with respect to the Borrower; (g) all amounts are due
with respect to all Accounts Receivable are due in United States Dollars; (h) any taxes or fees relating to any Accounts
Receivable or goods or services sold by the Borrower are solely the Borrower’s responsibility; (i) the historical
Accounts Receivable data provided by the Borrower to the Lender does not represent sales to any subsidiary, equity holder or
other affiliate; (j) the Lender will have a perfected security interest in the Collateral; (k) the Borrower has provided to
the Lender a copy of all its processor or similar agreements with the Processor (collectively, and as amended or otherwise
modified from time to time, the “Processor Agreement”); and (l) if applicable, the Borrower, any
shareholder/owner, principal or officer of the Borrower nor any guarantor of the Borrower’s obligations hereunder has
been or currently is on any processor’s Terminated Borrower File (“TMF”) or similar file or list,
commonly known and referred to as the MATCH list or BLACKLIST.

6.       Covenants.

 

6.1.       The
Borrower agrees as follows: (a) to conduct its business and use all Advances in the ordinary course of its business and
consistent with its past practices; (b) to exclusively use the Processor to process all of its charge card, credit card, gift
cards and debit card transactions which give rise to Credit Card Receivables; (c) not to take any action to discourage the
use of charge cards, credit cards or debit cards or to permit any event to occur which could have an adverse effect on the
use, acceptance or authorization of charge cards, credit cards or debit cards for the purchase of the Borrower’s
services and products; (d) not to change its arrangements with Processor without obtaining the prior written consent of the
Lender; (e) not to permit any event to occur that could cause a diversion of any of the Borrower’s charge card, credit
card, gift card or debit card transactions to another charge, credit or debit card processor or to another charge, credit or
debit card network or association; (f) to comply with all of the terms and conditions imposed by the Processor and/or any
applicable charge, credit or debit card network, association or bank; (g) to provide the Lender with at least 10 days prior
written notice of any event which would cause any of the information provided by the Borrower to the Lender in this Agreement
or otherwise to be untrue, incorrect or incomplete in any respect; (h) to provide the Lender with at least 30 days prior
written notice of the partial or full closing of any of Borrower’s locations; (i) not to grant any lien on, security
interest in or pledge any of its assets without the prior written consent of Credit Cash, or sell, assign transfer, or
otherwise dispose of, any Accounts Receivable or other Collateral existing or arising on or after the date of this Agreement;
(j) to comply with all laws, rules and regulations applicable to the Borrower including, if applicable, all of the terms and
conditions imposed by the Processor and/or any applicable charge, credit or debit card network, association or bank; (k) to
permit the Lender and persons designated by the Lender to inspect and copy all books and records (electronic or otherwise) of
the Borrower, including, without limitation, all such books and records relating to the Collateral; (l) if applicable, to
immediately inform Lender if Borrower, any shareholder/owner, principal or officer of the Borrower or any guarantor of
the Borrower’s obligations hereunder has knowledge that any such person is put on or is associated in any way to any
Processor TMF list or MACH list or similar file or list; and (m) not to sell, assign, transfer, pledge or otherwise dispose
of more than ten percent (10%) of the issued and outstanding shares of common stock or other evidence of ownership of
Borrower or sell, assign, transfer, pledge or otherwise dispose of a substantial portion of Borrower’s business or
assets. In addition, the Borrower covenants and agrees that each Account Receivable will (x) be based upon a bona fide sale
and delivery of inventory or rendition of services made by the Borrower in the ordinary course of its business, and (y)
represent a payment obligation for goods or services accepted by the Borrower’s customer and with respect to which such
customer is obligated to pay the full amount and without dispute, claim, offset, defense, deduction, rejection, recoupment,
counterclaim or otherwise.

 

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6.2       Without
Lender’s prior written consent, for as long as there is any outstanding balance or other obligations owing to Lender, Merchant
shall not directly or indirectly solicit or contract for another business funding program (for avoidance of doubt, payments or
credits solicited, received or to be received by Borrower from a merchant processor for changing to such merchant processor’s
platform, shall not be deemed to be solicitation by Borrower of a business funding program for purposes of this section) that
(i) would result in a priority interest or lien against the any of the Collateral that supersedes Lender’s position or (ii)
in any way could reasonably be expected to compromise the collection of the Collection Amount and Reimbursable Expenses hereunder
and under each Advance Schedule. Specifically, Merchant hereby agrees and acknowledges that it shall not pledge, or sell any of
the Collateral (including but not limited to now owned or hereafter created accounts receivable and Credit Card Receivables),
now or in the future, to any person or entity, including but not limited to any provider of small business loans or cash advances,
other than to Lender and its agents, affiliates, assigns, and designees.

 

7.         
Loan Proceeds for Ordinary Business Use Only. Any Advance at any time received by the Borrower from Lender shall
not be used directly or indirectly other than in the Borrower’s business; Borrower shall not, directly or indirectly, make
any loan to, or pay any claim other than for current remuneration or current reimbursable expense payable to any person controlling,
controlled by or under common control with the Borrower, and Borrower shall, on demand, obtain and deliver to Lender subordinations
in form and substance satisfactory to Lender of all claims of controlling and controlled persons consistent with the foregoing.

 

8.         
Credit Investigation; Inspection Rights. The Borrower irrevocably authorizes the Lender and its agents: (a) to investigate
any references or any other information provided by the Borrower or obtained from or about the Borrower for purposes of this Agreement
or any Related Agreements; (b) to obtain any information from the Processor regarding the Borrower, including, without limitation,
any information relating to the Credit Card Receivables; (c) if the Lender so elects, to contact and obtain any information from
any account debtors or other persons liable for or involved in the payment, collection, processing or any other aspect of the
Borrower’s Accounts Receivable and/or the collection or payment thereof.

9.         
Borrower’s Use of Trade Names; Borrower Affiliates. If the Borrower’s Accounts Receivable are payable
to the Borrower under one or more trade names, fictitious names, assumed names or other designations (collectively, “Trade
Names”), upon the occurrence and during the continuance of a Default or Event of Default, the Borrower authorizes the
Processor and, to the extent applicable, the Collection Account Bank and the Lender to receive and retain, to the extent provided
herein or in any Related Agreements, all Accounts Receivable owing to the Borrower under any Trade Names. Similarly, if any financial
information, historical data or other information provided by the Borrower to the Lender relates to any credit card or debit card
receivables or the like owing or otherwise payable to any affiliates of the Borrower (each, a “Borrower Affiliate”),
(a) the Borrower represents and warrants to the Lender that each such Borrower Affiliate has authorized the Borrower, as the Borrower
Affiliate’s agent, to take all action described in or contemplated by this Agreement or any Related Agreements with respect
to such Borrower Affiliate’s receivables, including, without limitation, the granting of the security interest in the Borrower
Affiliate’s assets described in Section 3 above, and (b) unless the context clearly requires otherwise, all references in
this Agreement or any Related Agreements to “Borrower” shall be deemed to refer to the Borrower on its own behalf
and as agent for all Borrower Affiliates.

 

10.       
Events of Default. The occurrence of any of the following actions shall constitute an “Event of Default”
under this Agreement: (a) the Borrower fails to pay, perform or observe any obligation of the Borrower to the Lender, including,
without limitation, the Borrower fails to pay any Collection Amounts, fees or Reimbursable Expenses owing to the Lender; (b) if
collections into the Lender Account are insufficient to retain the Fixed Daily Payment on two (2) days in any thirty (30) day
period; (c) any representation or warranty made at any time by the Borrower to the Lender, or any information regarding the Borrower
supplied at any time by the Borrower to the Lender regarding the Borrower or its business, shall prove to be false or misleading
in any material respect; (d) any bankruptcy or other insolvency action shall be filed by or against the Borrower or any receiver
shall be appointed; (e) the Borrower violates any provisions of this Agreement and the Related Agreements, including but not limited
to, the Payment Instruction Agreement and the Processor Agreement, or the Borrower utilizes any person other than the Processor
to process any credit card, charge card or debit card receivables; (f) any material adverse change occurs in the economic condition
or prospects of the Borrower, including but not limited to, Borrower’s default under any third party agreements, including
real estate leases, equipment leases or any other financing agreements; or (g) the Lender, in the exercise of its commercially
reasonable judgment acting in good faith as a prudent lender, based on the circumstances of the Borrower then in effect, has reason
to believe that it is insecure.

 

    	 	Page 5 of 10	Borrower’s initials:

     

    

 

11.       
Remedies. Upon the occurrence of an Event of Default, the Lender (a) shall be entitled to exercise all rights and
remedies specified in this Agreement and/or any of the Related Agreements, including, but not limited to, increasing the Fixed
Daily Payments in such amount as Lender deems reasonable as a result of such default and/or initiating ACH debits to one or more
Borrower bank deposit accounts as provided in Section 2(d) above, (b) shall be entitled to assess, in addition to all other rights,
remedies and fees, a Default Rate of interest on all outstanding obligations of the Borrower at the default rate of 18% per annum
(the "Default Rate") and such default interest shall be payable on demand. The Default Rate shall be computed
on the basis of a 360-day year for the actual number of days elapsed and shall be computed on the daily outstanding balance of
Borrower’s obligations for each day Borrower remains in default or until all obligations are paid in full, whichever is
earlier; (c) shall have all rights and remedies of a secured party upon default under the UCC, and (d) shall be entitled to exercise
all other rights available to it at law or in equity. All rights and remedies of the Lender shall be cumulative, and no failure
or delay in exercising any right or remedy by the Lender shall preclude the Lender from exercising the same or any other right
or remedy.

 

12.       
Reimbursable Expenses. The Borrower agrees to reimburse the Lender on demand for the following (collectively, “Reimbursable
Expenses”): (a) all reasonable out-of-pocket costs and expenses incurred at any time by the Lender in connection with
any due diligence and/or credit investigation of the Borrower; (b) reasonable internal documentation fees and external attorney’s
fees and expenses incurred with respect to the negotiation, preparation, consummation, administration and/or any amendment of
this Agreement and any other agreements between the Borrower and the Lender, including, without limitation, any guaranty of all
or any portion of the Borrower’s obligations to the Lender, which internal fees shall be reasonably determined by the Lender
based upon the time expended in conducting any of the foregoing matters; (c) any review or verification of the Borrower’s
Accounts Receivable, any public records searches and the filing or other recordation of any Uniform Commercial Code financing
statements or other documents necessary or, in the Lender’s judgment, desirable to perfect or preserve the security interest
and other rights or remedies granted or available to the Lender under this Agreement; (d) a service charge of $50.00 for each
federal wire transfer initiated by or on behalf of the Lender to or for the benefit of the Borrower or at Borrower’s option,
$10.00 for each Automated Clearing House (“ACH”) transfer initiated by or on behalf of the Lender to or for the benefit
of the Borrower; (e) a service charge for disbursements made to third parties in an amount equal to 15% of the amount for each
check issued by the Lender to the Borrower or to a third party for or on behalf of the Borrower’s account; and (f) so long
as any Event of Default is in effect, all costs and expenses incurred by the Lender to enforce any of its rights and remedies
under this Agreement and any Related Agreements, including, without limitation, all internal and external attorneys’ fees
and expenses and all experts’ and advisors’ fees and expenses incurred by the Lender in connection therewith. In furtherance
thereof, Borrower hereby authorizes Lender to retain monies from the Lender Account for the payment of any and all Reimbursable
Expenses.

13.       
Indemnification. The Borrower agrees to indemnify, defend and hold harmless the Lender and its equity holders, officers,
managers, employees and agents from and against any damages, claims, liabilities, costs, expenses and/or other losses, including,
without limitation, attorney’s fees and court costs, arising out of or otherwise relating in any respect to this Agreement
and/or any Related Agreements, the transactions contemplated hereby and/or the exercise or enforcement of any rights of the Lender
in connection therewith, except insofar as any such indemnified losses arise out of the gross negligence or willful misconduct
of an indemnified party. This Section shall survive any termination of this Agreement.

 

14.       Power
of Attorney. The Borrower irrevocably designates, makes, constitutes and appoints the Lender, and all persons
designated by the Lender, as the Borrower’s true and lawful attorney and agent-in-fact (such power of attorney and
agency being coupled with an interest and therefore irrevocable until all of the Borrower’s obligations to the Lender
have been satisfied), and the Lender, and any persons designated by the Lender, may, at any time, (a) receive payments
relating to the Collateral in the Borrower’s name and endorse the Borrower’s name on any checks, notes,
acceptances, drafts, money orders or any other evidence of payment or proceeds of any Collateral which come into the
possession of the Lender or its agents or under the Lender’s or its agents’ control, and (b) at any time an Event
of Default exists, (i) to the extent the Collateral consists of Accounts Receivable, enforce payment of the accounts by legal
proceedings or otherwise and generally exercise all of the Borrower’s rights and remedies with respect to the
collection of the accounts, (ii) settle, adjust, compromise, discharge or release any accounts or other Collateral or any
legal proceedings brought to collect any of the accounts or other Collateral, (iii) sell or otherwise transfer any Collateral
upon such terms, for such amounts and at such time or times as the Lender deems advisable, (iv) take control, in any manner,
of any item of payment or proceeds relating to any Collateral, (v) prepare, file and sign the Borrower’s name to a
proof of claim in bankruptcy or similar document against any account debtor, (vi) use the information recorded on
or contained in any data processing equipment and computer hardware and software relating to accounts and any other
Collateral and to which the Borrower has access, and (vii) do all other acts and things necessary, in the Lender’s
determination, to fulfill the Borrower’s obligations under this Agreement and the Related Agreements.

 

15.        Miscellaneous
Definitions. The following terms have the following meanings in this Agreement (capitalized terms defined in this Section,
or elsewhere in this Agreement, in the singular are to have a corresponding meaning when used in the plural, and vice versa):

 

(a)       
“Related Agreements” means the Control Agreement, the Payment Instruction Agreement, all Advance Schedules,
the Supplemental ACH Authorization and all other agreements to which the Lender and the Borrower are parties from time to time,
as any of the foregoing may be amended or otherwise modified from time to time.

 

(b)       
“UCC” means Article 9 of the Uniform Commercial Code as in effect in the State of New Jersey from time
to time.

 

    	 	Page 6 of 10	Borrower’s initials:

     

    

 

16.        JOINT
AND SEVERAL OBLIGATIONS

 

16.1. Borrowers
is defined collectively to include all Persons constituting the Borrowers; provided, however, that any references herein to
 "any Borrower", "each Borrower" or similar references, shall be construed as a reference to each
individual Person comprising the Borrowers. Each Person comprising Borrowers shall be jointly and severally liable for all of
the obligations of Borrowers under this Agreement regardless of which of the Borrowers actually receives the proceeds of the
indebtedness governed hereby or the benefit of any other extensions of credit hereunder or the benefit of any other extension
of credit under the Loan Documents, or the manner in which the Borrowers or the Lender account therefor in their respective
books and records. In addition, each entity comprising Borrowers hereby acknowledges and agrees that all of the
representations, warranties, covenants, obligations, conditions, agreements and other terms contained in this Agreement shall
be applicable to and shall be binding upon and measured and enforceable individually against each Person comprising Borrowers
as well as all such Persons when taken together. By way of illustration, but without limiting the generality of the
foregoing, the terms of Section 10 of this Agreement are to be applied to each individual Person comprising the Borrowers (as
well as to all such Persons taken as a whole), such that the occurrence of any of the events described in Section 10 of this
Agreement as to any Person comprising the Borrowers shall constitute an Event of Default even if such event has not occurred
as to any other Persons comprising the Borrowers or as to all such Persons taken as a whole (except as otherwise expressly
provided therein).

 

16.2. Each Borrower
acknowledges that it will enjoy significant benefits from the business conducted by the other Borrowers because of, inter alia,
their combined ability to bargain with other Persons including without limitation their ability to receive the credit extensions
under this Agreement and the other Loan Documents on favorable terms granted by this Agreement and other Loan Documents which would
not have been available to an individual Borrower acting alone. Each Borrower has determined that it is in its best interest to
procure the credit facilities contemplated hereunder, with the credit support of the other Borrowers as contemplated by this Agreement
and the other Loan Documents.

 

16.3. Lender has
advised the Borrowers that it is unwilling to enter into this Agreement and the other Loan Documents and make available the
credit facilities extended hereby to any Borrower unless each Borrower agrees, among other things, to be jointly and
severally liable for the due and proper payment of the Obligations of each other Borrower under this Agreement and the other
Loan Documents. Each Borrower has determined that it is in its best interest and in pursuit of its purposes that it so induce
the Lender to extend credit pursuant to this Agreement and the other documents executed in connection herewith (i) because of
the desirability to each Borrower of the credit facilities hereunder and the interest rates and the modes of borrowing
available hereunder, (ii) because each Borrower requires access to funds under this Agreement for the purposes herein set
forth. Each Borrower, individually, expressly understands, agrees and acknowledges, that the credit facilities contemplated
hereunder would not be made available on the terms herein in the absence of the collective credit of all of the Persons
constituting the Borrowers, the joint and several liability of all such Persons, and the cross-collateralization of the
collateral of all such Persons hereunder and under the Loan Documents. Accordingly, each Borrower individually acknowledges
that the benefit to each of the Persons comprising the Borrowers as a whole constitutes reasonably equivalent value,
regardless of the amount of the indebtedness actually borrowed by, advanced to, or the amount of credit provided to, or the
amount of collateral provided by, any individual Borrower.

16.4. To the extent
that applicable law otherwise would render the full amount of the joint and several obligations of any Borrower hereunder and under
the other Loan Documents invalid or unenforceable, such Borrower's obligations hereunder and under the other Loan Documents shall
be limited to the maximum amount which does not result in such invalidity or unenforceability; provided, however, that each Borrower's
obligations hereunder and under the other Loan Documents shall be presumptively valid and enforceable to their fullest extent in
accordance with the terms hereof or thereof, as if this Section were not a part of this Agreement.

 

16.5. To the
extent that any Borrower shall make a payment under this Section of all or any of the Obligations (other than credit
facilities made to that Borrower for which it is primarily liable) (a "Joint Liability Payment") which, taking into
account all other Joint Liability Payments then previously or concurrently made by any other Borrower, exceeds the amount
which such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Joint
Liability Payments in the same proportion that such Borrower's Allocable Amount (as defined below) (as determined immediately
prior to such Joint Liability Payments) bore to the aggregate Allocable Amounts of each of the Borrowers as determined
immediately prior to the making of such Joint Liability Payments, then, following indefeasible payment in full in cash of the
Obligations and termination of the commitments, such Borrower shall be entitled to receive contribution and indemnification
payments from, and be reimbursed by, each other Borrower for the amount of such excess, pro rata based upon their respective
Allocable Amounts in effect immediately prior to such Joint Liability Payments. As of any date of determination, the
 "Allocable Amount" of any Borrower shall be equal to the maximum amount of the claim which could then be recovered
from such Borrower under this Section without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of
the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or
similar statute or common law.

 

16.6. Lender is
authorized, without notice or demand and without affecting the liability of any Borrower hereunder, to, at any time and from
time to time, (i) renew, extend or otherwise increase the time for payment of the Obligations; (ii) with the written
agreement of any Borrower accelerate or otherwise change the terms relating to the Obligations or otherwise modify, amend or
change the terms of any promissory note or other agreement, document or instrument now or hereafter executed by any Borrower
and delivered to Lender; (iii) accept partial payments of the Obligations; (iv) take and hold security or collateral for the
payment of the Obligations or for the payment of any guarantees of the Obligations and exchange, enforce, waive and release
any such security or collateral; (v) apply such security or collateral and direct the order or manner of sale thereof as
Lender, in its sole discretion, may determine; and (vi) settle, release, compromise, collect or otherwise liquidate the
Obligations and any security or collateral therefor in any manner, without affecting or impairing the obligations of any
Borrower. Except as specifically provided in this Agreement or any of the other Loan Documents, Lender shall have the
exclusive right to determine the time and manner of application of any payments or credits, whether received from any
Borrower or any other source, and such determination shall be binding on all Borrowers. All such payments and credits may be
applied, reversed and reapplied, in whole or in part, to any of the Obligations as Lender shall determine in its sole
discretion without affecting the validity or enforceability of the Obligations of any other Borrower.

 

    	 	Page 7 of 10	Borrower’s initials:

     

    

 

16.7. Each Borrower
hereby agrees that, except as hereinafter provided, its obligations hereunder shall be unconditional, irrespective of (i) the absence
of any attempt to collect the Obligations from any obligor or other action to enforce the same; (ii) the waiver or consent by Lender
with respect to any provision of any instrument evidencing the Obligations, or any part thereof, or any other agreement heretofore,
now or hereafter executed by a Borrower and delivered to Lender; (iii) failure by Lender to take any steps to perfect and maintain
its security interest in, or to preserve its rights to, any security or collateral for the Obligations; or (iv) any other circumstance
other than payment in full of the Obligations which might otherwise constitute a legal or equitable discharge or defense of a guarantor
or surety.

 

16.8. Until all Obligations
have been paid and satisfied in full, no payment made by or for the account of a Borrower including, without limitation, (i) a
payment made by such Borrower on behalf of the liabilities of any other Borrower, or (ii) a payment made by any other person under
any guarantee, shall entitle such Borrower, by subrogation or otherwise, to any payment from any other Borrower or from or out
of any other Borrower's property and such Borrower shall not exercise any right or remedy against any other Borrower or any property
of any other Borrower by reason of any performance of such Borrower of its joint and several obligations hereunder.

 

16.9. Any notice given
by one Borrower hereunder shall constitute and be deemed to be notice given by all Borrowers, jointly and severally. Notice given
by Lender to any one Borrower hereunder or pursuant to any Loan Documents in accordance with the terms hereof or thereof shall
constitute notice to each and every Borrower. The knowledge of one Borrower shall be imputed to all Borrowers and any consent
by one Borrower shall constitute the consent of and shall bind all Borrowers.

 

16.10. This Section
is intended only to define the relative rights of Borrowers and nothing set forth in this Section is intended to or shall impair
the obligations of Borrowers, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance
with the terms of this Agreement or any other Loan Documents. Nothing contained in this Section shall limit the liability of any
Borrower to pay the credit facilities made directly or indirectly to that Borrower and accrued interest, fees and expenses with
respect thereto for which such Borrower shall be primarily liable.

 

16.11. The parties
hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of each Borrower to which
such contribution and indemnification is owing. The rights of any indemnifying Borrower against the other Borrowers under this
Section shall be exercisable upon the full and indefeasible payment of the Obligations and the termination of the credit facilities
hereunder.

16.12. Each Borrower,
as joint and several primary obligor of the Obligations directly incurred by any other Borrower authorizes Lender, without giving
notice to such Borrower or to any other Borrower or obtaining such Borrower's consent or any other Borrower's consent and without
affecting the liability of such Borrower for the Obligations directly incurred by another Borrower, from time to time to exercise
any right afforded Lender under the Loan Documents including without limit the exercise of any remedy afforded Lender under Section
11 hereof:

 

16.13. Each Borrower,
as a primary, joint and several obligor with respect to the Obligations directly incurred by any other Borrower waives each and
every defense which it has waived hereunder as a Borrower in its own right and any defense available to a surety under applicable
law.

 

16.14. Each Borrower
further agrees that its obligations hereunder shall not be impaired in any manner whatsoever by any bankruptcy, extensions, moratoria
or other relief granted to any other Borrower pursuant to any statute presently in force or hereafter enacted.

 

16.15. Each
Borrower authorizes Lender to exercise, in its sole discretion, any right, remedy or combination thereof which may then be
available to Lender, since it is such Borrower's intent that the Obligations be absolute, independent and unconditional
obligations of such Borrower under all circumstances. Notwithstanding any foreclosure on any Collateral with
respect to any or all of any property securing the Obligations, whether by the exercise of the power of sale contained
therein, by an action for judicial foreclosure or by an acceptance of a deed in lieu of foreclosure, each Borrower shall
remain bound by this Agreement until all Obligations incurred by any other Borrower are satisfied in full.

 

16.16. This Agreement
is a primary and original obligation of each of the Borrowers and each of the Borrowers shall be liable for all existing and future
Obligations of any other Borrower as fully as if such Obligations were directly incurred by such Borrower.

 

17.       Miscellaneous.

 

(a)        
Entire Agreement; Waiver. This Agreement constitutes the entire agreement between the parties with regard to the
subject matter hereof, and supersedes any prior agreements or understandings. This Agreement can be changed only by a writing
signed by all parties. The failure or delay of the Lender in exercising any right hereunder will not constitute a waiver thereof
or bar the Lender from exercising any of its rights at any time.

 

    	 	Page 8 of 10	Borrower’s initials:

     

    

 

(b)       
One General Obligation; Cross Collateral. The Borrower understands and agrees that all loans and advances by Lender
to Borrower under this Agreement, all Advance Schedules and the other Related Agreements, constitute one loan, and all indebtedness
and obligations of Borrower to Lender under this Agreement and all Advance Schedules, present and future, constitute one general
obligation secured by the Collateral and security held and to be held by Lender hereunder and by virtue of all other agreements
between Borrower (and all guarantors) and Lender now and hereafter existing, including the Related Agreements. If more than one
Borrower, each Borrower shall be jointly and severally liable for payment of all of the obligations hereunder, the Related Agreements
and under any other agreement between Lender and any Borrower. It is distinctly understood and agreed that all of the rights of
Lender contained in this Agreement shall likewise apply insofar as applicable to any modification of or supplement to this Agreement
and to any other agreements, present and future, between the Lender and Borrower, including the related Agreements.

 

(c)        
Interest Rate “Savings Clause”. Notwithstanding anything to the contrary in this Agreement, (i) all
agreements and communications between the Borrower and the Lender are hereby and shall automatically be limited so that, after
taking into account all amounts deemed interest under this Agreement, the interest contracted for, charged or received by the
Lender shall never exceed the maximum lawful rate or amount, (ii) in calculating whether any interest exceeds the lawful maximum,
all such interest shall be amortized, prorated, allocated, and spread over the full amount and term of all principal indebtedness
of the Borrower to the Lender, and (iii) if through any contingency or event, the Lender receives or is deemed to receive interest
in excess of the lawful maximum, any such excess shall be deemed to have been applied toward payment of the principal of any and
all then outstanding indebtedness of the Borrower to the Lender, or if there is no such indebtedness, shall immediately be returned
to the Borrower.

 

(d)       
Governing Law; Consent to Forum. This Agreement shall be governed by the laws of the State of New Jersey without
giving effect to any choice of law rules thereof. As part of the consideration for new value this day received, the Borrower consents
to the jurisdiction of any state court located within Bergen County, New Jersey or any federal court located in Bergen County,
New Jersey (collectively, the “Chosen Forum”), and waives personal service of any and all process upon it and
consents that all such service of process be made by certified or registered mail directed to the Borrower at its most recent
address as reflected in the Lender’s records, and service so made shall be deemed to be completed upon delivery thereto.
The Borrower waives any objection to jurisdiction and venue of any action instituted against it as provided herein and agrees
not to assert any defense based on lack of jurisdiction or venue. The Borrower further agrees not to assert against the Lender
(except by way of a defense or counterclaim in a proceeding initiated by the Lender) any claim or other assertion of liability
relating to any of this Agreement, any of the Related Agreements, the Collateral or the Lender’s actions or inactions in
respect of any of the foregoing in any jurisdiction other than the Chosen Forum. Nothing in this Agreement shall affect the Lender’s
right to bring any action or proceeding relating to this Agreement or the Related Agreements against the Borrower or its properties
in courts of other jurisdictions.

 

(e)       
Waiver of Jury Trial; Limitation on Damages. To the fullest extent permitted by law, and as separately bargained-for
consideration to the Lender, the Borrower waives any right to trial by jury (which the Lender also waives) in any action, suit,
proceeding or counterclaim of any kind arising out of or otherwise relating to any of this Agreement, the Related Agreements,
the Collateral or the Lender’s actions or inactions in respect of any of the foregoing. To the fullest extent permitted
by law, and as separately bargained-for consideration to the Lender, the Borrower also waives any right it may have at any time
to claim or recover in any litigation or other dispute involving the Lender, whether the underlying claim or dispute sounds in
contract, tort or otherwise, any special, exemplary, punitive or consequential damages or any damages other than, or in addition
to, actual damages. The Borrower acknowledges that the Lender is relying upon and would not enter into the transactions described
in this Agreement on the terms and conditions set forth herein but for the Borrower’s waivers and agreements under this
Section.

(f)        
General Waivers by Borrower. Except as otherwise expressly provided for in this Agreement, the Borrower waives:
(i) presentment, protest, demand for payment, notice of dishonor demand and protest and notice of presentment, default, notice
of nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all accounts, contract rights, documents,
instruments, chattel paper and guaranties at any time held by the Lender on which the Borrower may in any way be liable and ratifies
and confirms whatever the Lender may do in this regard; (ii) notice prior to taking possession or control of the Collateral or
any bond or security which might be required by any court prior to allowing the Lender to exercise any of the Lender’s remedies,
including the issuance of an immediate writ of possession; (iii) the benefit of all valuation, appraisement and exemption laws;
and (iv) any and all other notices, demands and consents in connection with the delivery, acceptance, performance, default or
enforcement of this Agreement or any of the Related Agreements and/or any of the Lender’s rights in respect of the Collateral.
The Borrower also waives any right of setoff or similar right the Borrower may at any time have against the Lender as a defense
to the payment or performance of the Borrower’s obligations to the Lender under this Agreement or any of the Related Agreements.
If the Borrower now or hereafter has any claim against the Lender giving rise to any such right of setoff or similar right, the
Borrower agrees not to assert such claim as a defense or right of setoff with respect to the Borrower’s obligations under
this Agreement or any Related Agreements, and to instead assert any such claim, if the Borrower so elects to assert such claim,
in a separate proceeding against the Lender and not as a part of any proceeding or as a defense to any claim initiated by the
Lender to enforce any of the Lender’s rights under this Agreement or any of the Related Agreements.

 

(g)       
Disbursing Agent. The Borrowers hereby appoint Spa Products Import & Distribution Co., LLC. as the “Disbursing
Agent” to the Borrowers as it is in the best interest and convenience of the Borrowers that all Advances made by Lender
pursuant to this Agreement be made only to the Disbursing Agent rather than to each of the Borrowers individually. Accordingly,
the Disbursing Agent shall be the sole entity entitled to receive the funds advanced by Lender under this Agreement and the Disbursing
Agent shall make disbursements to the Borrowers as reasonably requested by each Borrower to conduct its respective business. Moreover,
the Disbursing Agent and each Borrower agree that the Collection Amount shall be collected from one or more Collection Accounts,
which may be titled in the name of the Disbursing Agent and/or in the name of the other Borrowers. All of the proceeds received
by Lender will be credited by Lender to the Disbursing Agent’s account and the Disbursing Agent shall have the sole authority
to further credit any such collections to each Borrower, individually. Each Borrower hereby irrevocably waives any claim it may
have against Lender and hereby indemnifies and holds Lender harmless from and against all damages, losses, claims, demands, liabilities,
obligations, actions and causes of action whatsoever which such Borrower may have against Lender which may arise as a result of
Advances being made by Lender solely to the Disbursing Agent and/or collections being credited by Lender solely the Disbursing
Agent’s account with Lender.

 

(h)       
Successors and Assigns. This Agreement binds and benefits each party and its successors, heirs and assigns, as applicable;
provided, however, that the Borrower may not assign this Agreement or any of its rights or obligations hereunder without
obtaining the prior written consent of the Lender.

 

(i)        
Severability; Section Headings. Wherever possible, each provision of this Agreement and each Related Agreement shall
be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement or any
Related Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent
of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement
of such Related Agreement, as the case may be. Section headings herein and any Related Agreements are for convenience only and
are not controlling.

 

    	 	Page 9 of 10	Borrower’s initials:

     

    

 

(j)         Counterparts;
Fax Signatures. This Agreement and any Related Agreements may be executed in any number of counterparts (whether facsimile
or original), each of which shall be deemed an original as to the party whose signature appears thereon and all of which together
shall constitute one and the same instrument. An executed facsimile of this Agreement or any Related Agreement shall be deemed
a valid and binding agreement between the parties hereto or thereto.

 

 

Signature Page Follows

 

    	 	Page 10 of 10	Borrower’s initials:

     

    

 

IN WITNESS WHEREOF, the undersigned have entered into this Agreement
by their duly authorized representatives as of the date first written above.

 

	 	CC FUNDING a division of
	 	CREDIT CASH NJ, LLC
	 	 
	 	By:	
	 	Name: Dean Landis
	 	Title: President
	 	 
	 	BORROWERS
	 	XpresSpa JFK Terminal 1, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa S.F. International,
    LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa at Term. 4 JFK, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa Pittsburgh A, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa Philadelphia Airport,
    LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	Spa Products Import & Distribution
    Co., LLC
	 	 
	 	By:	                
	 	Title: President

 

[SIGNATURE PAGE – ADVANCE AGREEMENT]

 

     

     

    

 

	 	XpresSpa
    Las Vegas Airport, LLC
	 	 
	 	By:	
	 	Title:
    President
	 	 
	 	XpresSpa
    MSP Airport, LLC
	 	 	 
	 	By:	
	 	Title:
    President
	 	 
	 	XpresSpa
    LAX Airport, LLC
	 	 	 
	 	By:	
	 	Title:
    President
	 	 
	 	XpresSpa
    Salt Lake City, LLC
	 	 	 
	 	By:	
	 	Title:
    President
	 	 
	 	XpresSpa
    John Wayne Airport, LLC
	 	 	 
	 	By:	
	 	Title:
    President
	 	 
	 	XpresSpa
    Orlando, LLC
	 	 	 
	 	By:	
	 	Title:
    President
	 	 
	 	XpresSpa
    Washington Reagan, LLC
	 	 	 
	 	By:	
	 	Title:
    President
	 	 
	 	XpresSpa
    Houston Hobby, LLC
	 	 	 
	 	By:	                 
	 	Title:
    President

 

Notary page follows

 

[SIGNATURE PAGE – ADVANCE AGREEMENT]

 

     

     

    

 

	STATE OF	)
	 	)ss.:
	COUNTY OF	)

 

On this _____ day of January 2020 before
me personally appeared Doug Satzman, 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/she is the President of each of
XpresSpa JFK Terminal 1, LLC, XpresSpa S.F. International, LLC, XpresSpa at Term. 4 JFK, LLC, XpresSpa Pittsburgh A, LLC, XpresSpa
Philadelphia Airport, LLC, Spa Products Import & Distribution Co., LLC, XpresSpa Las Vegas Airport, LLC, XpresSpa MSP Airport,
LLC, XpresSpa LAX Airport, LLC, XpresSpa Salt Lake City, LLC, XpresSpa John Wayne Airport, LLC, XpresSpa Orlando, LLC, XpresSpa
Washington Reagan, LLC, XpresSpa Houston Hobby, LLC, the New York limited liability companies herein described and that he/she
executed the same in his/her capacity as a Manager of each of said limited liability companies, and that he/she signed the instrument
by order of the unanimous consent of the members and managers of said limited liability companies.

 

[SIGNATURE PAGE – ADVANCE AGREEMENT]

 

     

     

    

 

ADVANCE SCHEDULE

 

No. 01

 

XpresSpa JFK Terminal 1, LLC

XpresSpa S.F. International, LLC

XpresSpa at Term. 4 JFK, LLC

XpresSpa Pittsburgh A, LLC

XpresSpa Philadelphia Airport, LLC

Spa Products Import & Distribution Co., LLC

XpresSpa Las Vegas Airport, LLC

XpresSpa MSP Airport, LLC

XpresSpa LAX Airport, LLC

XpresSpa Salt Lake City, LLC

XpresSpa John Wayne Airport, LLC

XpresSpa Orlando, LLC

XpresSpa Washington Reagan, LLC

XpresSpa Houston Hobby

 

Funding Date: January ___, 2020

 

This Advance Schedule (the “Schedule”)
is issued pursuant to and is subject to all terms and conditions of the Accounts Receivable Advance Agreement, dated as of January
_____, 2020 (as amended from time to time in accordance with its terms, the “Master Agreement”), among CC FUNDING,
a division of CREDIT CASH NJ LLC (the “Lender”) and XpresSpa JFK Terminal 1, LLC, XpresSpa S.F. International,
LLC, XpresSpa at Term. 4 JFK, LLC, XpresSpa Pittsburgh A, LLC, XpresSpa Philadelphia Airport, LLC, Spa Products Import & Distribution
Co., LLC, XpresSpa Las Vegas Airport, LLC, XpresSpa MSP Airport, LLC, XpresSpa LAX Airport, LLC, XpresSpa Salt Lake City, LLC,
XpresSpa John Wayne Airport, LLC, XpresSpa Orlando, LLC, XpresSpa Washington Reagan, LLC, XpresSpa Houston Hobby, LLC, (individually
and collectively, jointly and severally the “Borrower”) each of which is a New York limited liability company.
Capitalized terms used and not defined in this Schedule have the meanings given to them in the Master Agreement.

 

The Borrower has requested
that the Lender make an Advance to the Borrower, and the Lender is willing to make such Advance, in each case subject to the following
terms and conditions:

 

	1. 	The Advance Amount is:	$1,000,000.00.
	 	 	 
	2. 	The fee is:	$160,000.00.
	 	 	 
	3. 	The Collection Amount is:	$1,160,000.00.
	 	 	 
	4. 	The Fixed Daily Payment is:	$4,461.54.

 

    
	 	 Page 1 of 2	 

     

    

 

	5.	The Collection Date is 12 months from the funding date, estimated to be on or about January ____,
2021
	 	 
	6.	The Collection Account Bank and Collection Account are as follows:

 

	 	Bank name:	Signature Bank
	 	 	111 Broadway
	 	 	New York, NY 10006
	 	Routing/ABA Number:	***
	 	Account Name to credit:	***
	 	Account Number to credit:	***

 

	7.	The Borrower agrees to repay the Collection Amount (plus all Reimbursable Expenses) by remitting
(or causing to be remitted) to the Lender, on or before the Collection Date, the Collection Amount, by authorizing Lender to retain
the Fixed Daily Payment from the Collection Account as provided in the Master Agreement. If the Collection Amount is remitted to
the Lender before the Collection Date, the Borrower shall not be entitled to any refund or other compensation. If the Collection
Amount is not remitted to the Lender by the Collection Date, Borrower may be subject to extension fees as set forth in the Master
Agreement.
	 	 
	8.	The Borrower grants to the Lender a security interest in the Collateral to secure the Borrower’s
obligation to pay the Collection Amount (plus al Reimbursable Expenses and all other amounts due to Lender) and to secure all other
existing and future obligations of the Borrower to the Lender.
	 	 
	9.	The Borrower understands and agrees that all Advances by Lender to Borrower under the Master Agreement,
this Advance Schedule, and under any other Related Agreements constitute one loan, and all indebtedness and obligations of Borrower
to Lender under the Master Agreement, this Advance Schedule and the Related Agreements, present and future, constitute one general
obligation secured by the Collateral.
	 	 
	10.	The Borrower reaffirms all terms, conditions and agreements set forth in the Master Agreement and
any Related Agreements and further represents and warrants to the Lender that all representations and warranties made by the Borrower
in the Master Agreement and any Related Agreements entered into on or before the date hereof are true and correct on the date hereof
as if made on the date hereof.

 

[Balance of This Page Intentionally
Left Blank]

 

    
	 	 Page 2 of 2	Borrower’s initials:

     

    

 

This Schedule may be executed in counterparts. Each counterpart
shall be deemed an original but all of which together shall constitute one and the same instrument. An executed facsimile of this
Schedule shall be deemed to be a valid and binding agreement between the parties hereto.

 

IN WITNESS WHEREOF, the undersigned have entered into this Agreement
by their duly authorized representatives as of the date first written above.

 

	 	CC FUNDING a division of
	 	CREDIT CASH NJ, LLC
	 	 
	 	By:	
	 	Name: Dean Landis
	 	Title: President
	 	 
	 	BORROWERS
	 	XpresSpa JFK Terminal 1, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa S.F. International,
    LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa at Term. 4 JFK, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa Pittsburgh A, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa Philadelphia Airport,
    LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	Spa Products Import & Distribution
    Co., LLC
	 	 
	 	By:	                     
	 	Title: President

 

    
	 	 Page 2 of 2	Borrower’s initials:

     

    

 

	 	XpresSpa Las Vegas Airport, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa MSP Airport, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa LAX Airport, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa Salt Lake City, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa John Wayne Airport,
    LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa Orlando, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa JFK Terminal 8, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa Washington Reagan, LLC
	 	 
	 	By:	
	 	Title: President
	 	 
	 	XpresSpa Houston Hobby, LLC
	 	 
	 	By:	                
	 	Title: President

 

[Notary page follows]

 

    
	 	 Page 2 of 2	Borrower’s initials:

     

    

 

	STATE OF	)
	 	)ss.:
	COUNTY OF	)

 

On this _____ day of January, 2020 before me personally appeared
Doug Satzman, 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/she is the President of each of the following New York limited
liability companies: XpresSpa JFK Terminal 1, LLC, XpresSpa S.F. International, LLC, XpresSpa at Term. 4 JFK, LLC, XpresSpa Pittsburgh
A, LLC, XpresSpa Philadelphia Airport, LLC, Spa Products Import & Distribution Co., LLC, XpresSpa Las Vegas Airport, LLC,
XpresSpa MSP Airport, LLC, XpresSpa LAX Airport, LLC, XpresSpa Salt Lake City, LLC, XpresSpa John Wayne Airport, LLC, XpresSpa
Orlando, LLC, XpresSpa Washington Reagan, LLC, XpresSpa Houston Hobby, LLC, herein described and that he/she executed the same
in his/her capacity as a Manager of each of said limited liability companies, and that he/she signed the instrument by order of
the unanimous consent of the members and managers of said limited liability companies.

 

 

	 	 
	 	NOTARY
    PUBLIC

 

    
	 	 Page 2 of 2	Borrower’s initials:

     

    

 

Written
Consent

Of The Members And Managers Of

JFK, LLC, XpresSpa Pittsburgh A, LLC, XpresSpa Philadelphia Airport, LLC, Spa

Products Import & Distribution Co., LLC, XpresSpa Las Vegas Airport, LLC, XpresSpa

MSP Airport, LLC, XpresSpa LAX Airport, LLC, XpresSpa Salt Lake City, LLC,

XpresSpa John Wayne Airport, LLC, XpresSpa Orlando, LLC, XpresSpa Washington

Reagan, LLC, XpresSpa Houston Hobby, LLC

 

The
undersigned, XpresSpa Group, Inc. being the Sole Manager and Member and ultimate parent of XpresSpa Holdings, LLC (“Holdings”),
a New York limited liability company, and Holdings being the sole Manager and sole Member of each of XpresSpa JFK Terminal 1,
LLC, XpresSpa S.F. International, LLC, XpresSpa at Term. 4 JFK, LLC, XpresSpa Pittsburgh A, LLC, XpresSpa Philadelphia Airport,
LLC, Spa Products Import & Distribution Co., LLC, XpresSpa Las Vegas Airport, LLC, XpresSpa MSP Airport, LLC, XpresSpa LAX
Airport, LLC, XpresSpa Salt Lake City, LLC, XpresSpa John Wayne Airport, LLC, XpresSpa Orlando, LLC, XpresSpa Washington Reagan,
LLC, XpresSpa Houston Hobby, LLC, (individually and collectively, jointly and severally the “Company”) each
a New York limited liability company, the undersigned hereby consent to the adoption of the following resolutions made respectively
by each Company authorizing the actions therein set forth:

 

RESOLVED,
that the Company be, and it hereby is, authorized and directed to execute and deliver and perform the terms and conditions set
forth in a certain Accounts Receivables Advance Agreement by and between the Company and CREDIT CASH NJ LLC (“Credit
Cash”) (the “Financing Agreement”) and certain other documents related thereto; and be it further

 

RESOLVED,
that the Company be, and it hereby is, authorized and directed to grant a first priority lien and security interest in certain
of the Company’s assets in favor of Credit Cash to secure the obligations of the Company under the Financing Agreement and
certain documents related thereto, pursuant to the terms and conditions set forth in the Financing Agreement; and be it further

 

RESOLVED,
that the Company be, and it hereby is, authorized and directed to execute, and deliver and perform in accordance with the terms
of the Financing Agreement; and be it further

 

RESOLVED,
that any officer or managers of the Company, be, and they hereby are, authorized to do and perform (or cause to be done and performed),
in the name and on behalf of the Company, all such acts and things and to make, execute and deliver (or cause to be made, executed
and delivered), all such agreements, documents and instruments, and to pay, or cause to be paid, all such payments, as may be
necessary or desirable and proper to carry out the intent of the foregoing resolutions, the necessity or desirability and propriety
thereof being conclusively evidenced by the taking of such action or the execution and delivery of any such documents, instruments
or agreements; and be it further

 

     

     

    

 

This
consent may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together, shall
be deemed one and the same document.

 

[Signature
Page to Follow]

 

IN
WITNESS WHEREOF, the undersigned have executed this consent as of January___, 2020.

 

	Percentage
    Ownership:	 	XPRESSPA
    HOLDINGS, LLC, as Manager
	100%
    of each Company	 	each
    of the above companies by XpresSpa
		 	Group,
    its sole Member and Manager
	 	 	 
		 	By:	 
		 	 	Name
	 	 	 	Title:
	 	 	 
		 	 	By:	
		 	 	 	Name:
	 	 	 	 	Title:

 

     

     

    

 

SIGNATURE
AUTHORIZATION

 

January
__, 2020

 

Each
person whose specimen signature appears below is hereby authorized and empowered to transact any and all business with CREDIT
CASH NJ, LLC, which each of the undersigned XpresSpa JFK Terminal 1, LLC, XpresSpa S.F. International, LLC, XpresSpa at Term.
4 JFK, LLC, XpresSpa Pittsburgh A, LLC, XpresSpa Philadelphia Airport, LLC, Spa Products Import & Distribution Co., LLC, XpresSpa
Las Vegas Airport, LLC, XpresSpa MSP Airport, LLC, XpresSpa LAX Airport, LLC, XpresSpa Salt Lake City, LLC, XpresSpa John Wayne
Airport, LLC, XpresSpa Orlando, LLC, XpresSpa Washington Reagan, LLC, XpresSpa Houston Hobby, LLC, could in any way transact,
and is further authorized to execute, acknowledge and/or deliver on behalf of_________________(the “Company”) in the
name of the undersigned any and all assignments, documents, instruments and agreements which he/she may deem necessary or convenient
in the transaction of such business of the Company

 

Signatures
and Titles are as follows:

 

	Name
    (Print or Typewrite)	 	 	Title	 	 	 	Specimen
                                         of Signature	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	Title:	 

 

     

     

    

 

GUARANTY

 

1.                 
CREDIT CASH NJ, LLC (“Lender”) has entered into a Credit Card Receivables Advance Agreement (“Loan
Agreement”) dated as of January ___, 2020 with XpresSpa JFK Terminal 1, LLC, XpresSpa S.F. International, LLC, XpresSpa
at Term. 4 JFK, LLC, XpresSpa Pittsburgh A, LLC, XpresSpa Philadelphia Airport, LLC, Spa Products Import & Distribution Co.,
LLC, XpresSpa Las Vegas Airport, LLC, XpresSpa MSP Airport, LLC, XpresSpa LAX Airport, LLC, XpresSpa Salt Lake City, LLC, XpresSpa
John Wayne Airport, LLC, XpresSpa Orlando, LLC, XpresSpa Washington Reagan, LLC, XpresSpa Houston Hobby, LLC (individually and
collectively, jointly and severally the “Borrower”), and in consideration of One ($1.00) Dollar and other good and
valuable consideration, the receipt and sufficiency of which are hereby duly acknowledged, the undersigned jointly and severally
unconditionally guaranty to Lender, its successors and assigns, Borrower’s full and prompt payment, performance and discharge
of each and every obligation of Borrower under said Loan Agreement and under all instruments given or executed by Borrower in
connection therewith, and the full and prompt payment of all other obligations of Borrower to Lender, wherever and however arising,
direct or indirect, absolute or contingent, all whether presently existing or hereafter arising, including, without limitation,
all costs of collection, including attorney’s fees. The liability of the undersigned under this Guaranty shall be direct,
immediate, absolute, continuing, unconditional and unlimited and not conditional or contingent upon the pursuit by the Lender
of whatever remedies it may have against the Borrower or the Borrower’s successors, executors, administrators or assigns,
or the collateral or liens it may possess, and this Guaranty shall be a continuing guaranty of the payment of any and all obligations
to Lender either made, endorsed or contracted by the Borrower, or any successor of the Borrower and of all extensions or renewals
thereof in whole or in part.

 

2.                 
Notice of acceptance hereof, of default by Borrower or any other parties, of presentment, protest and demand, and of all other
matters to which the undersigned might otherwise be entitled, is hereby waived by the undersigned. Lender may grant extensions,
modifications and renewals to, and make compromises, amendments, settlements, compositions, releases, discharges and adjustments
with, Borrower and other parties, and with respect to any collateral securing Borrower’s obligations to Lender or collateral
securing this Guaranty without notice to any of the undersigned and without affecting the undersigned’s liability hereunder.
The undersigned’s obligations hereunder shall be binding upon their respective administrators, executors, personal representatives,
successors and assigns.

 

3.                 
The undersigned guarantor agrees to furnish to Lender, as soon as available, signed copies of guarantor’s federal, state
and, if applicable, local, tax returns, together with all supporting documentation and worksheets, and such other information
(financial and otherwise) as Lender may from time to time reasonably request.

 

4.                 
The undersigned guarantor agrees that, whenever an attorney is used to obtain payment under or otherwise enforce this guaranty
or to enforce, declare or adjudicate any rights or obligations under this guaranty or with respect to collateral, whether by legal
proceeding or by any other means whatsoever, Credit Cash's reasonable attorney's fee plus costs and expenses shall be payable
by each Guarantor against whom this guaranty or any obligation or right hereunder is sought to be enforced, declared or adjudicated.
Guarantor, if more than one, shall be jointly and severally bound and liable hereunder and if any of the undersigned is a partnership,
also the members thereof individually.

 

    Page 1 of 2

     

    

 

5.       This
Guaranty shall be governed by and construed and interpreted in accordance with the laws of the State of New York and all actions
and proceedings arising out of or in connection herewith shall be litigated in the federal or state courts of such State. The
undersigned hereby submit to the personal jurisdiction of such courts.

 

EACH
OF THE UNDERSIGNED WAIVES THE RIGHT TO TRIAL BY JURY IN ALL ACTIONS BROUGHT BY OR AGAINST LENDER.

 

IN
WITNESS WHEREOF, the undersigned Guarantor has hereunto set his hand as of this_______  day of January, 2020.

 

	WITNESS:	 	 	XPRESSPA
    HOLDINGS, LLC D/B/A
		 	 	XPRESSPA
	 	 	 	 
	 	 	 	 
		 	 	By:
		 	 	Name:
		 	 	Title:

 

    Page 2 of 2Exhibit 10.2

 

FIFTH AMENDMENT TO CREDIT AGREEMENT

 

This Fifth Amendment
to Credit Agreement (the “Fifth Amendment”) is made as of the 9th day of January, 2020, but shall be effective
on the Fifth Amendment Effective Date, as defined below, by and between XpresSpa Holdings, LLC, a Delaware limited liability
company (the “Borrower”) and B3D, LLC, a North Carolina limited liability company (the “Lender”).

 

WHEREAS, the
Borrower and Lender are parties to that certain Credit Agreement dated April 22, 2015, as amended by the First Amendment to Credit
Agreement and Waiver dated August 8, 2016, as assigned (together with the Existing Note, the Security Agreement, and each Guarantee)
with Borrower’s consent by Lender’s predecessor, Rockmore Investment Master Fund Ltd. (“Rockmore”)
to Lender on February 7, 2017, as amended by the Second Amendment dated May 10, 2017, as amended by the Third Amendment dated as
of May 11, 2018, as Amended by the Fourth Amendment dated July 8, 2019, and as further as amended, restated, amended and restated
extended, renewed, replaced, supplemented or otherwise modified from time to time (as amended, the “Credit Agreement”);

 

WHEREAS, pursuant
to the Credit Agreement the Lender agreed to provide credit facilities to Borrower, as defined therein; and

 

WHEREAS, Borrower’s
obligations under the Credit Agreement are evidenced by the Second Amended and Restated Note dated July 8, 2019, in the principal
amount of $7,000,000 executed by Borrower (the “Existing Note”) and are secured by a first priority lien on
and security interest in substantially all of the assets of the Borrower;

 

WHEREAS, the
Lender is willing to increase the principal of the Loan due and payable to Lender by the amount of one hundred fifty thousand ($150,000.00)
dollars (the “Note Increase”), payable as provided herein below;

 

WHEREAS, the
Borrower and the Lender have agreed that the payment of interest with respect to Credit Agreement and Convertible Promissory Note
for the months of October, November and December of 2020 shall be made in 291,669 unregistered shares of Common Stock (as defined
in the Credit Agreement) within five Trading Days of the date hereof (the “Stock Interest Payment”); and

 

WHEREAS, the
Borrower and Lender accordingly wish to amend certain terms of the Credit Agreement in accordance with this Fifth Amendment.

 

NOW, THEREFORE, in
consideration of the foregoing and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Lender and the Borrower agree as follows:

 

1.             Recitals.
The Recitals to this Fifth Amendment are incorporated herein by reference and form a part hereof.

 

2.             Note
Increase; Note. In consideration for Lender’s agreement to enter into this Fifth Amendment, Borrower agrees to pay Lender
the Note Increase. The Note Increase shall be added to, and form a part of, the outstanding principal amount due for the Loan
under the Credit Agreement and related instruments and shall be reflected in the Third Amended and Restated Note in the principal
amount of $7,150,000, of even date herewith, executed by Borrower in the form annexed hereto as Exhibit A (as the
same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Replacement
Note”).

 

     

     

    

 

3.             Consent
to Interest Payment in Stock. In consideration for Lender’s agreement to enter into this Fifth Amendment, Borrower agrees
to make the Stock Interest Payment. Each of the Borrower and the Lender acknowledge and agree that, notwithstanding anything to
the contrary contained in the Loan Documents, the interest payment requirements with respect to Credit Agreement and Convertible
Promissory Note for the months of October, November and December of 2020 shall be satisfied by the Stock Interest Payment.

 

4.             Amendments.

 

(a)          Commitment Amount. Section 1.01 Definitions is hereby amended by deleting the definition corresponding to the
following definition and substituting in its place the following definition:

 

““Commitment Amount”: $7,150,000.00.”

 

(b)          Fifth Amendment. Section 1.01 Definitions is hereby amended by inserting the following definition thereto in
proper alphabetical order as follows:

 

““Fifth
Amendment”: that certain Fifth Amendment to Credit Agreement, dated as of January 9, 2020, and effective as of the Fifth
Amendment Effective Date, by and between Borrower and Lender.”

 

(c)          Fifth Amendment Effective Date. Section 1.01 Definitions is hereby amended by inserting the following definition
thereto in proper alphabetical order as follows:

 

““Fifth
Amendment Effective Date”: the date on which Fifth the Amendment shall have become effective in accordance with its terms.”

 

(d)          Loan. Section 2.01 Loan is hereby deleted and replaced with the following:

 

“Subject
to the terms and conditions of this Agreement, the Lender agrees to make a loan (the “Loan”) to the Borrower
through an advance of $6,000,000 on the Effective Date of this Agreement, and $500,000, which, on August 8, 2016, was added to
the Commitment Amount and the principal balance of the Note, an additional $500,000, which, on the July 8, 2019, was added to the
Commitment Amount and the principal balance of the Note, and an additional $150,000, which on the Fifth Amendment Effective date
was added to the Commitment Amount and the principal balance of the Note.”

 

(e)          Note. At
all times from the Fifth Amendment Effective Date and thereafter, the definition of “Note” in Section 2.02 shall
be deemed to mean the Replacement Note and all references in the Credit Agreement and any other Loan Document to the
 “Note” shall be deemed to be a reference to the Replacement Note.

 

    2

     

    

 

5.             Amendment
Effective Date. This Amendment shall become effective on the date (the “Fifth Amendment Effective Date”)
that Lender shall have received each of the following, in form and substance satisfactory to the Lender:

 

(a)         Copies of this Amendment executed by Borrower and the Lender; and

 

(b)         One (1) original Replacement Note executed by Borrower.

 

6.             Reaffirmation
and Affirmation of Representations. The Borrower hereby agrees with, affirms, reaffirms and acknowledges the representations
and warranties contained in the Loan Documents, including but not limited to the facts set forth in the Recitals hereto relating
to Borrower’s consent to the assignment of the Credit Agreement, the Existing Note and all other Loan Documents (including
guaranties and security documents) by Rockmore to Lender. The Borrower represents that the representations and warranties contained
in the Loan Documents are true and in full force and effect and continue to be true and in full force and effect.

 

7.             Ratification
of Unchanged Terms. The Borrower affirms, ratifies and reaffirms all terms, covenants, conditions and agreements contained
in the Loan Documents, in each case as amended and modified by this Fifth Amendment. All terms and conditions of the Credit Agreement
and Loan Documents not amended or modified by this Fifth Amendment, and any and all Exhibits annexed thereto and all other writings
submitted by the Borrowers to the Lender pursuant thereto, and all Liens granted thereunder, shall remain unchanged and in full
force and effect, in each case except as amended by this Fifth Amendment.

 

8.             No
Waiver. This Fifth Amendment shall not constitute a waiver or modification of any of the Lender’s rights and remedies
or of any of the terms, conditions, warranties, representations, or covenants contained in the Loan Documents, except as specifically
set forth hereinabove, and the Lender hereby reserves all of its rights and remedies pursuant to the Loan Documents and applicable
law.

 

9.             Severability.
Any provision of this Fifth Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this Amendment and the effect thereof shall be confirmed to the provision so held to be invalid
or unenforceable.

 

10.           Binding
Effect; No Third Party Beneficiaries. This Fifth Amendment shall be binding upon and inure to the benefit of each of the parties
hereto and their respective successors and assigns. This Fifth Amendment is solely for the benefit of each of the parties hereto
and their respective successors and assigns, and no other Person shall have any right, benefit, priority or interest under, or
because of the existence of, this Fifth Amendment.

 

11.           Governing
Law. This Fifth Amendment is governed by and is to be construed and enforced in accordance with the laws of the State of New
York (without regard to the conflicts of law rules of New York). The parties to this Agreement hereby consent to the exclusive
jurisdiction of the federal and state courts of the State of New York in the event of any dispute arising under or in connection
with this Agreement.

 

    3

     

    

 

12.           Further
Assurances. The parties hereto shall execute and deliver such additional documents and take such additional action as may
be necessary or desirable to effectuate the provisions and purposes of this Fifth Amendment.

 

13.           Authorization.
The Borrower represents and warrants to the Lender that this Fifth Amendment has been approved by proper corporate authorization
and resolution of the Borrower.

 

14.          
Counterparts. This Fifth Amendment may be executed in several counterparts, each of which, when executed and
delivered, shall be deemed an original, and all of which together shall constitute one agreement. Any signature delivered by a
party by facsimile transmission or by email in “PDF” or similar format shall be deemed to be an original signature
hereto.

 

[Signature Page Follows]

 

*          *          *

 

    4

     

    

 

IN WITNESS WHEREOF, each of
the undersigned has executed and delivered this Fifth Amendment to Credit Agreement as of the date first above written.

 

	 	XPRESSPA HOLDINGS, LLC
	 	 
	 	By:  	/s/ Douglas Satzman
	 	Name: Douglas Satzman
	 	Title: Chief Executive Officer
	 	 
	 	B3D, LLC
	 	 
	 	By:	/s/ Brian Daly
	 	Name: Brian Daly
	 	Title: Manager

 

[Signature Page to Fifth
Amendment to Credit Agreement]

 

     

     

    

 

EXHIBIT A

 

REPLACEMENT NOTE

 

Attached.

 

    6

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