Document:

Exhibit 105

		
			Exhibit 10.5
		

		
			PAYCHEX, INC.
2002 STOCK INCENTIVE PLAN
		

		
			(as amended and restated effective October 14, 2015)

		

		
			RESTRICTED STOCK UNIT AWARD NOTICE
		

		
			﻿
		

		
			(GRANT PURSUANT TO 2019 OFFICER PERFORMANCE SHARE AWARD)

		

			
					
						﻿

					
					
						 

				
	
					
						Participant:

					
					
						[ ]

				
	
					
						Type of Award:

					
					
						Restricted Stock Units

				
	
					
						Number of Restricted

					
						Stock Units:

					
					
						[ ]

				
	
					
						Vesting Date:

					
					
						[July __, 2022]

				

		
			﻿
		

		
			This Award Notice serves to notify you that the Governance and Compensation Committee (the “Committee”) of the Board of Directors of Paychex, Inc. (the “Company”) has certified the level of performance achieved during the June 1, 2019 to May 31, 2021 Performance Period for your 2019 Officer Performance Share Award and, accordingly, hereby grants to you, under the Company’s 2002 Stock Incentive Plan, as amended and restated effective October 14, 2015 (the “Plan”), an award (the “Award”) of Restricted Stock Units, on the terms and conditions set forth in the “Master Restricted Stock Unit Award Agreement (Grant Pursuant to Officer Performance Share Award)” and the Plan, covering the number of shares of the Company’s $.01 par value common stock (the “Common Stock”) equal to the Number of Restricted Stock Units set forth above.
		

		
			Stock Retention Requirement.  For purposes of the Award, during the term of your employment by the Company, the Committee has established a target of ownership of Common Stock with a value of three times your annual base salary.  Stock that counts toward satisfaction of this target includes, but is not limited to, stock purchased by you on the open market, stock obtained through stock option exercise or restricted stock awards, stock owned (indirectly) through a qualified retirement plan maintained by the Company, stock owned jointly with your spouse; and stock beneficially owned by a trust for the benefit of you, your spouse and/or your children.  Notwithstanding the terms of the Restricted Stock Unit Award Agreement, until you reach the established stock ownership target, you will be required to retain the shares of Common Stock that you receive when the shares represented by this Award vest, except that you may sell sufficient shares to satisfy your tax obligations as set forth in the Award Agreement.  Once you have achieved the target ownership, the number of shares of Common Stock associated with your target ownership amount will be determined based on the stock price at that time, and unless otherwise prohibited by agreement, policy, law or otherwise, you may thereafter sell, gift or otherwise 
		

		 

 

		transfer any vested shares of Common Stock received under the Award so long as after such sale, gift or other transfer you will continue to own the number of shares of Common Stock associated with your target ownership amount.  The Company shall be authorized to add a legend regarding this restriction on transfer to any certificate representing the shares of Common Stock under the Award.
		

		
			PAYCHEX, INC.
		

		

		

		 

 

		
		

		
			PAYCHEX, INC.
2002 STOCK INCENTIVE PLAN
		

		
			(as amended and restated effective October 14, 2015)

		

		
			MASTER RESTRICTED STOCK UNIT AWARD AGREEMENT
		

		
			
(GRANT PURSUANT TO OFFICER PERFORMANCE SHARE AWARD)

		

		
			RECITALS
		

		
			WHEREAS, the Governance and Compensation Committee (the “Committee”) of the Board of Directors of Paychex, Inc. (the “Company”) granted to you an Officer Performance Share Award subject to a two-year Performance Period, for Restricted Stock Units under the Company’s 2002 Stock Incentive Plan, as amended and restated effective October 12, 2005 (and as subsequently amended and restated effective October 14, 2015, the “Plan”); and
		

		
			WHEREAS, the Performance Period has now ended and the Committee has certified the level of performance achieved for such Performance Period; and
		

		
			WHEREAS, the Committee has determined based on the certified level of performance that you are now entitled to receive an award of Restricted Stock Units in the form of the Number of Restricted Stock Units indicated on your Award Notice; and 
		

		
			WHEREAS, the Committee now wishes to grant to you the Restricted Stock Units earned under your Officer Performance Share Award;
		

		
			NOW, THEREFORE, the Company hereby agrees as follows:
		

			
	
			
				 1.
			Grant of Restricted Stock.  This Restricted Stock Unit Award Agreement (the “Award Agreement”), sets forth the terms and conditions of the award (the “Award”) of Restricted Stock Units (the “Units”) specified in your Award Notice granted to you by the Committee under the Plan as a result of achievement under the Officer Performance Share Award.  The Award is subject to all of the provisions of the Plan and the Award Notice, which are hereby incorporated by reference and made a part of this Award Agreement.  The capitalized terms used in this Award Agreement, and not otherwise defined herein, are defined in the Plan.

			
	
			
				 2.
			Restriction and Vesting.    

			
	
			
				 (a)
			Subject to the terms set forth in this Award Agreement and the Plan, unless earlier vested under or otherwise subject to Section 2(b) of this Award Agreement, provided you are still a full-time employee of the Company at that time, the Units will vest in full on the vesting date indicated on your Award Notice (the “Vesting Date”).

			
	
			
				 (b)
			 Except in the event of your death,  Disability (as defined below) or Retirement (as defined below), if your employment terminates before the Vesting Date for any reason, then the Award shall be forfeited and cancelled immediately.  If your employment terminates due to death or Disability, your Award shall immediately become 100% vested.  If your employment terminates due to Retirement, your Award shall remain outstanding and vest in 
		

		 

 

			accordance with the terms of this Award Agreement.  Notwithstanding the terms of the Plan, for purposes of this Award Agreement (i) the term “Disability” means a condition whereby you are unable to perform the essential functions of your position with reasonable accommodations by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted for a continuous period of not less than six months, all as verified by a physician acceptable to, or selected by, the Company, and (ii) the term “Retirement” means retirement from the Company at age 60 or later with ten or more years of employment (full-time or part-time) with the Company.    

			
	
			
				 3.
			Nature of Units.  The Units represent book-keeping entries only, and constitute the Company’s unfunded and unsecured promise to issue Shares to you on a future date.  As a holder of Units, you have no rights other than the rights of a general creditor of the Company.  

			
	
			
				 4.
			Issuance of Shares.  If your employment terminates due to death or Disability, the Company will issue a certificate or certificates representing the Shares underlying the Award that have vested as promptly as practicable following the date of your termination of employment due to death or Disability, but no later than 90 days following such date.  Otherwise, the Company shall, when the conditions to vesting specified in Section 2 of this Award Agreement are satisfied, issue a certificate or certificates representing the Shares underlying the Award that have vested as promptly as practicable following the Vesting Date, but no later than 90 days following such Vesting Date.

			
	
			
				 5.
			Rights as a Stockholder.  Prior to the issuance of Shares to you pursuant to Section 4,  you will not have any of the rights of a stockholder with respect to the Shares to be issued on vesting of the Units, including, but not limited to, the right to vote (in person or by proxy) such Shares at any meeting of stockholders of the Company.  

			
	
			
				 6.
			Dividend Equivalents.  Prior to the vesting or forfeiture of the Award, there shall be accrued on the Units an amount equivalent to the regular cash dividends paid, if any, on the Shares underlying the Units.  In the event of the vesting and payment of any Units, the dividend equivalents accrued on such Units,  less any withholding that the Company determines is required to be withheld therefrom, shall be paid at the time that such Units are paid to you.  In the event of the forfeiture or cancellation of any Units, the dividend equivalents accrued on the Units that are forfeited shall also be forfeited.  

			
	
			
				 7.
			Restrictions on Transfer of Units.  Units may not, except as otherwise provided in the Plan, be sold, assigned, transferred, pledged or encumbered in any way,  whether by operation of law or otherwise, except by will or the laws of descent and distribution.  After the Vesting Date, the Shares may be issued during your lifetime only to you, or after your death to your designated beneficiary, or, in the absence of such beneficiary, to your duly qualified personal representative.

			
	
			
				 8.
			Restrictions on Issuance of Shares.  If at any time the Company determines that listing, registration or qualification of the Shares covered by the Award upon any securities exchange or under any state or federal law, or the approval of any governmental agency, is necessary or advisable as a condition to the Award or the issuance of certificate(s) for Shares hereunder, such Award or issuance may not be made in whole or in part unless and until such 
		

		 

 

			listing, registration, qualification or approval shall have been effected or obtained free of any conditions not acceptable to the Company.  

			
	
			
				 9.
			Withholding.  The vesting of the Award is conditioned upon your making arrangements satisfactory to the Company for the payment to the Company of the amount of all taxes required by any governmental authority to be withheld and paid over by the Company or any Affiliate to the governmental authority on account of such vesting.  The payment of such withholding taxes to the Company may be made (i) by you in cash or by check, (ii) subject to the consent of the Company and in accordance with any guidelines established by the Committee, by the Company retaining the number of the Shares that would otherwise be delivered to you upon vesting that have an aggregate Fair Market Value (at the time retained by the Company) equal to the amount of withholding taxes (using your minimum required tax withholding rate or such other rate that the Company determines will not trigger a negative accounting impact to the Company) required to be paid, or (iii) by the Company or any Affiliate withholding such taxes from any other compensation owed to you by the Company or any Affiliate.  Unless you make arrangements prior to vesting to pay withholdings taxes in cash or by check, or to have such withholding taxes withheld from other compensation owed to you by the Company or any Affiliate, then at the time of vesting, the Company shall have the right to retain the number of the Shares that would otherwise be delivered to you upon vesting that have an aggregate Fair Market Value (at the time retained by the Company) equal to the amount of withholding taxes (using your minimum required tax withholding rate or such other rate that the Company determines will not trigger a negative accounting impact to the Company) required to be paid.

			
	
			
				 10.
			Limitation of Rights.  Neither the Plan, the granting of the Award, the Award Notice nor this Award Agreement gives you any right to remain in the employment of the Company or any Affiliate.

			
	
			
				 11.
			Non-competition, Non-solicitation, Confidentiality, and Detrimental Conduct.  In consideration for the Award, you agree that during your employment and for a period of twelve (12) months following termination of employment for any reason, you will not, directly or indirectly, either as an employee, employer, consultant, agent, principal, partner, stockholder, corporate officer, board member, director, or in any other individual or representative capacity, engage or attempt to engage in any activity that is competitive to the business of the Company and would involve, or is likely to involve, the use or disclosure of Paychex’s Trade Secrets (as defined below) within the geographic and substantive area or areas of responsibility assigned to the you during the last 24 months of employment.  In addition, you agree that for a period of eighteen (18) months following the termination of employment for any reason, you will not directly or indirectly, solicit Company clients, prospects or referral resources, including but not limited to accountants, banks, and consultants, with which you had substantial personal involvement during your employment; nor will you recruit or hire, or attempt to recruit or hire, any other employee of Company or its affiliates, or induce or attempt to induce any employee of Company to terminate employment with Company.  You also agree and acknowledge that during the course of your employment with the Company, you will obtain, have access and be privy to nonpublic, confidential, and proprietary information important to the Company’s business solely as a result of your employment with the Company, including but not limited to, sales and marketing strategies, price lists, client lists, client confidential information, referral sources, and goodwill (“Trade Secrets”).  You hereby recognize and agree that Paychex’s Trade Secrets are confidential, 
		

		 

 

			proprietary and highly valued protectable interests.  You agree that during and after employment, you shall not divulge or make use of any Trade Secrets, directly or indirectly, personally or on behalf of any other person, business, corporation, or entity without prior written consent of the Company.  This Agreement does not, however, limit your ability to communicate with any federal governmental agency or otherwise participate in any investigation or proceeding that may be conducted by any federal governmental agency, including providing documents or other information, without notice to the Company.  You further agree that you will not, during your employment, engage in conduct which is detrimental to the Company, including violation of the Company’s Code of Business Ethics and Conduct, criminal conduct, fraud, or willful misconduct.  These covenants are not intended to, and do not, limit in any way the rights and remedies provided to the Company under the Plan, other agreements with you, or under common or statutory law.

			
	
			
				 12.
			Repayment of Financial Gain.

			
	
			
				 (a)
			If you fail to comply with Section 11 of this Award Agreement, the Company may cancel any unvested portion of this Award and recover from you the total number or Vesting Date value of Shares whose Vesting Date occurred pursuant to this Award during the 24-month period preceding your breach of any covenant in Section 10 of this Award Agreement.  The total number or value of the vested Shares shall include the amount of any dividends paid to you during the 24-month period specified above and shall not be reduced for the payment of applicable taxes or other amounts.

			
	
			
				 (b)
			If you fail to comply with Section 11 of this Award Agreement, upon demand by the Company, you will repay the Company in accordance with the terms of Section 11(a), and the Company shall be entitled to offset the amount of any such repayment obligation against any amount owed to you by the Company.  The remedies set forth in this Section are in addition to any other remedies the Company may have, at law or equity, for your violation of the terms of this Award Agreement.

			
	
			
				 13.
			Rights of Company and Affiliates.  This Award Agreement does not affect the right of the Company or any Affiliate to take any corporate action whatsoever, including without limitation its right to recapitalize, reorganize or make other changes in its capital structure or business, merge or consolidate, issue bonds, notes, Shares or other securities, including preferred stock, or options therefor, dissolve or liquidate, or sell or transfer any part of its assets or business.

			
	
			
				 14.
			Plan Controls.  In the event of any conflict among the provisions of the Plan and this Award Agreement, the provisions of the Plan will be controlling and determinative.

			
	
			
				 15.
			Amendment.  Except as otherwise provided by the Plan, the Company may only alter, amend or terminate the Award with your consent.

			
	
			
				 16.
			Governing Law.  This Award Agreement shall be governed by and construed in accordance with the laws of the State of New York, except as superseded by applicable federal law, without giving effect to its conflicts of law provisions.  All parties consent to exclusive personal jurisdiction in New York courts and agree that venue shall be New York State Supreme Court, Monroe County. 

		 

 

			
	
			
				 17.
			Section 409A.  The Award is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the treasury regulations promulgated and other official guidance issued thereunder, and the Plan and this Award Agreement shall be administered and interpreted consistent with such intention.  References to “termination of employment” and similar terms used in this Award Agreement mean, to the extent necessary to comply with Section 409A, the date that you incur a “separation from service” within the meaning of Section 409A.  Notwithstanding anything in this Award Agreement to the contrary, if at the time of your separation from service, you are a “specified employee” for purposes of Section 409A, and payment under this Award Agreement as a result of such separation from service is required by Section 409A to be delayed by six months, then the Company shall make such payment on the day following the six-month anniversary of your separation from service to the extent required to comply with Section 409A.  The Company’s right to offset pursuant to Section 12(b) of this Award Agreement is limited to the extent that and until the application of an offset at a given time would not result in a violation of Section 409A.  

		
			*  *  *  *  *
		

		
			﻿CareView Communications, Inc. 8-K

 

Exhibit 10.22

FIFTEENTH AMENDMENT TO MODIFICATION
AGREEMENT

This FIFTEENTH AMENDMENT
TO MODIFICATION AGREEMENT (this “Amendment”) is made and entered into as of September 30, 2019
(the “Amendment Effective Date”), by and among CAREVIEW COMMUNICATIONS, INC., a Nevada corporation
(“Holdings”), CAREVIEW COMMUNICATIONS, INC., a Texas corporation and a wholly owned subsidiary of Holdings
(the “Borrower”), CAREVIEW OPERATIONS, L.L.C., a Texas limited liability company (the “Subsidiary
Guarantor”), and PDL INVESTMENT HOLDINGS, LLC (as assignee of PDL BioPharma, Inc.), a Delaware limited liability
company (both in its capacity as the lender (“Lender”) and in its capacity as Agent (solely in such capacity
as Agent, the “Agent”)) under the Credit Agreement (as defined below).

RECITALS

A.       

Reference is made to
that certain Credit Agreement dated as of June 26, 2015, among Holdings, the Borrower, the Lender and the Agent (as amended, supplemented
or modified as of the date hereof (the “Credit Agreement”), including pursuant to that certain First
Amendment to Credit Agreement dated as of October 7, 2015, that certain Modification Agreement dated as of February 2, 2018 (the
“Modification Agreement”), that certain Second Amendment to Credit Agreement dated as of February 23,
2018 (the “Second Amendment”), that certain Amendment to Modification Agreement dated as of May 31, 2018
(the “First Modification Amendment”), that certain Second Amendment to Modification Agreement dated as
of June 14, 2018 (the “Second Modification Amendment”), that certain Third Amendment to Modification
Agreement dated as of June 28, 2018 (the “Third Modification Amendment”), that certain Third Amendment
to Credit Agreement dated as of July 13, 2018, that certain Fourth Amendment to Modification Agreement dated as of August
31, 2018 (the “Fourth Modification Amendment”), that certain Fifth Amendment to Modification Agreement
dated as of September 28, 2018 (the “Fifth Modification Amendment”), that certain Sixth Amendment
to Modification Agreement dated as of November 12, 2018 (the “Sixth Modification Amendment”),
that certain Seventh Amendment to Modification Agreement dated as of November 19, 2018 (the “Seventh Modification Amendment”),
that certain Eighth Amendment to Modification Agreement dated as of December 3, 2018 (the “Eighth Modification Amendment”),
that certain Ninth Amendment to Modification Agreement dated as of December 17, 2018 (the “Ninth Modification Amendment”),
that certain Tenth Amendment to Modification Agreement dated as of January 31, 2019 (the “Tenth Modification Amendment”),
that certain Eleventh Amendment to Modification Agreement dated as of February 28, 2019 (the “Eleventh Modification
Amendment”), that certain Twelfth Amendment to Modification Agreement dated as of March 29, 2019 (the “Twelfth
Modification Amendment”), that certain Fourth Amendment to Credit Agreement dated as of April 9, 2019, that
certain Thirteenth Amendment to Modification Agreement dated as of April 29, 2019 (the “Thirteenth Modification
Amendment”), that certain Fifth Amendment to Credit Agreement dated as of May 15, 2019 and that certain Fourteenth
Amendment to Modification Agreement dated as of May 15, 2019 (the “Fourteenth Modification Amendment”);
capitalized terms used and not defined in this Amendment shall have the meaning set forth in the Credit Agreement.

B.       

Pursuant to the Modification Agreement, as amended by the First Modification
Amendment, the Fifth Modification Amendment, the Sixth Modification Amendment, the Seventh Modification Amendment, the Eighth Modification
Amendment, the Ninth Modification Amendment, the Tenth Modification Amendment, the Eleventh Modification Amendment, the Twelfth
Modification Amendment, the Thirteenth Modification Amendment and the Fourteenth Modification Amendment, the parties agreed that
the term, “Modification Termination Event” would mean the earliest to occur of: (a) the occurrence of any Event
of Default under any Loan Documents that does not constitute a Covered Event; (b) the occurrence of any Agreement Event of
Default; (c) the Lender’s delivery to Holdings and the Borrower of a Lender Termination Notice; and (d) September 30,
2019, subject to the Lender’s right, in its sole discretion, to terminate the Modification Period on July 31, 2018 and September 30,
2019 (with each such date permitted to be extended by the Lender in its sole discretion).

C.       

The parties wish to
enter into this Amendment to extend the first date referred to in Recital B.(d) above from “September 30, 2019”
until “November 30, 2019”.

    	 	 	 

    	 

    

D.       

Pursuant to the Modification
Agreement, as amended, the parties agreed that subject to the terms and conditions set forth therein, so long as no Modification
Termination Event shall have occurred, the occurrence and continuance of any of the Covered Events shall not constitute Events
of Default from the Effective Date through the end of the Modification Period and, for the avoidance of doubt, that the Default
Rate shall not apply during the Modification Period.

E.       

Pursuant to the Modification
Agreement, as amended by the Ninth Modification Amendment, the Tenth Modification Amendment, the Eleventh Modification Amendment,
the Twelfth Modification Amendment, the Thirteenth Modification Amendment and the Fourteenth Modification Amendment, the parties
agreed to defer the Borrower’s interest payments that would otherwise be due to Lender on December 31, 2018, March 31,
2019 and June 30, 2019 until September 30, 2019 (the end of the extended Modification Period as referenced in Recital B.(
above), and to treat such deferrals of the interest payments as a “Covered Event”.

F.       

The parties acknowledge
that this Amendment will extend the date of the end of the extended Modification Period referred to in Recital H above (and the
date of the Borrower’s interest payments that would have otherwise been due to Lender on December 31, 2018, March 31,
2019 and June 30, 2019) from September 30, 2019 until November 30, 2019.

G.       

The parties also wish
to enter into this Amendment to defer the Borrower’s interest payment that would otherwise be due to Lender on September 30,
2019 until November 30, 2019 (the end of the extended Modification Period referred to in Recitals H and I above), and as such
the parties will treat the deferral of the September 30, 2019 interest payment as a “Covered Event”.

H.       

Pursuant to the Modification
Agreement, as amended by the First Modification Amendment, the Fifth Modification Amendment, the Sixth Modification Amendment,
the Seventh Modification Amendment, the Eighth Modification Amendment, the Ninth Modification Amendment, the Tenth Modification
Amendment, the Eleventh Modification Amendment, the Twelfth Modification Amendment, the Thirteenth Modification Amendment and the
Fourteenth Modification Amendment, the parties also agreed that (i) the Lender shall have a right to terminate the Modification
Period (as defined in the Modification Agreement) on July 31, 2018 and September 30, 2019 (with each such date permitted to
be extended by the Lender in its sole discretion).

I.       

The parties also wish
to enter into this Amendment to extend the date for Lender to terminate the Modification Period from September 30, 2019 until
November 30, 2019.

NOW, THEREFORE,
in consideration of the above premises, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

Article
I.

AMENDMENTs TO MODIFICATION AGREEMENT

Upon the Amendment
Effective Date:

1.1       

Modification Period.
Section 2 of the Modification Agreement, as amended by the First Modification Amendment, the Fifth Modification Amendment, the
Sixth Modification Amendment, the Seventh Modification Amendment, the Eighth Modification Amendment, the Ninth Modification Amendment,
the Tenth Modification Amendment, the Eleventh Modification Amendment, Twelfth Modification Amendment, the Thirteenth Modification
Amendment and the Fourteenth Modification Amendment, is amended and restated in its entirety as follows:

    	 	2	 

    	 

    

“2.

Modification
Period. Subject to the terms and conditions set forth herein, so long as no Modification Termination Event (as defined below)
shall have occurred, each of the Agent and the Lender agrees that the occurrence and continuance of any of the Covered Events shall
not constitute Events of Default from the Effective Date through the earliest to occur of any Modification Termination Event (the
“Modification Period”) and, for the avoidance of doubt, that the Default Rate shall not apply during the Modification
Period. As used herein, “Modification Termination Event” shall mean the earliest to occur of: (a) the occurrence of
any Event of Default under any Loan Documents that does not constitute a Covered Event; (b) the occurrence of any Agreement Event
of Default (as defined below); (c) the Lender’s delivery to Holdings and the Borrower of a Lender Termination Notice (as
defined below); and (d) November 30, 2019, subject to the Lender’s right, in its sole discretion, to terminate the Modification
Period on July 31, 2018 and November 30, 2019 (with each such date permitted to be extended by the Lender in its sole discretion).
Notwithstanding any other provision of this Modification Agreement or any other Loan Document, all principal and interest otherwise
due to Lender through the end of the Modification Agreement shall be due and payable at the end of the Modification Period and
if not paid in full in Cash at that time shall bear interest at the Default Rate from and after the end of the Modification Period.”

1.2       

Additional Covered
Events. Recital C of the Modification Agreement is amended and restated in its entirety as follows:

“C.

Pursuant to the
Binding Term Sheet, the parties agreed that: (i) the Borrower would not make the principal payment due under the Credit Agreement
on December 31, 2017 until the end of the Modification Period, (ii) the Borrower would not pay the principal installments
due at the end of each calendar quarter during the Modification Period, and (iii) because the Borrower’s Liquidity was
anticipated to fall below $3,250,000, the Liquidity required during the Modification Period would be lowered; and the parties have
further agreed that (iv) the Borrower will not make the interest payments due under the Credit Agreement on December 31,
2018, March 31, 2019, June 30, 2019 and September 30, 2019 until the end of the Modification Period, and (v) any
breaches by Holdings or the Borrower of the minimum cash balance requirement formerly set forth in Section 5.3 of the HealthCor
Note and Warrant Purchase Agreement, as amended, that occurred on or prior to March 27, 2019 will be permanently waived and
shall not constitute Events of Default under a Loan Document so long as such breaches have been waived under the HealthCor Note
and Warrant Purchase Agreement (items (i), (ii), (iii), (iv) and (v), collectively, the “Covered Events”). For the
avoidance of doubt, the waiver set forth in item (v) of this Recital C shall survive the occurrence of any Modification
Termination Event. The Lender, the Agent, Holdings, the Borrower and the Subsidiary Guarantor wish to enter into this Agreement
to set forth the terms and conditions pursuant to which the parties will address the Covered Events.”

Article
II.

REPRESENTATIONS AND WARRANTIES

In order to induce
the Agent and the Lender to enter into this Amendment, each of Holdings, the Borrower and the Subsidiary Guarantor hereby represents
and warrants to the Agent and the Lender that as of the date hereof, both prior to and after giving effect to this Amendment:

2.1       

Organization.
Holdings is a corporation validly existing and in good standing under the laws of the State of Nevada; the Borrower is a corporation
validly existing and in good standing under the laws of the State of Texas; and each other Loan Party and each of its Subsidiaries
is duly organized, validly existing and in good standing (as applicable) under the laws of the jurisdiction of its incorporation
or organization. Each Loan Party has all power and authority and all material governmental approvals required for the ownership
and operation of its properties and the conduct of its business as now conducted and as proposed to be conducted and is qualified
to do business, and is in good standing (as applicable), in every jurisdiction where, because of the nature of its activities or
properties, such qualification is required, except for such jurisdictions where the failure to so qualify could not reasonably
be expected to have a Material Adverse Effect.

2.2       

Due Authorization.
The execution, delivery and performance of this Amendment, and the performance of its obligations under the Modification Agreement
and Credit Agreement, each as amended hereby, have been duly authorized by all necessary action on the part of each Loan Party
that is a party hereto.

    	 	3	 

    	 

    

2.3       

No Conflict.
The execution, delivery and performance of this Amendment by each Loan Party that is a party hereto and the consummation of the
transactions contemplated hereby do not and will not (a) require any consent or approval of, or registration or filing with or
any other action by, any Governmental Authority (other than any consent or approval which has been obtained and is in full force
and effect), (b) conflict with (i) any provision of material Applicable Law, (ii) the charter, by-laws, limited liability company
agreement, partnership agreement or other organizational documents of any Loan Party or (iii) any material agreement, indenture,
instrument or other document, or any judgment, order or decree, which is binding upon any Loan Party or any of their respective
properties or (c) require, or result in, the creation or imposition of any Lien on any asset of Holdings, the Borrower or any other
Loan Party (other than Permitted Liens and Liens in favor of the Agent created pursuant to the Collateral Documents).

2.4       

Incorporation of
Representations and Warranties from Loan Documents. Each representation and warranty by each Loan Party that is a party hereto
contained in the Modification Agreement, the Credit Agreement or in any other Modification Document or Loan Document to which such
Loan Party is a party is true and correct in all material respects (without duplication of any materiality qualifier contained
therein) as of the date hereof (or as of a specific earlier date if such representation or warranty expressly relates to an earlier
date).

2.5       

No Default.
Both prior to (except as expressly waived in Section 1.3 of the Twelfth Modification Amendment with the addition of item (v)
to Recital C as a Covered Event) and after giving effect to this Amendment, no Default or Event of Default has occurred and is
continuing, and no Default or Event of Default will result from the execution and delivery of this Amendment and the consummation
of the transactions contemplated herein.

2.6       

Validity; Binding
Nature. This Amendment has been duly executed by each Loan Party that is a party hereto, and each of (i) this Amendment, (ii) the
Modification Agreement as amended hereby and (iii) the Credit Agreement as amended hereby is the legal, valid and binding obligation
of each Loan Party that is a party hereto, enforceable against such Person in accordance with its terms, subject to bankruptcy,
insolvency and similar laws affecting the enforceability of creditors’ rights generally and to general principles of equity.

Article
III.

MISCELLANEOUS

3.1       

Modification and
Loan Document. This Amendment is a Modification Document and Loan Document executed pursuant to the Credit Agreement and shall
(unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions
of the Credit Agreement.

3.2       

Effect of Amendment.
Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of,
or otherwise affect, the rights and remedies of the parties to the Credit Agreement and shall not alter, modify, amend or in any
way affect any of the terms or conditions contained therein, all of which are ratified and affirmed in all respects and shall continue
in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to any future consent with respect to, or waiver,
amendment, modification or other change of, any of the terms or conditions contained in the Credit Agreement in similar or different
circumstances. Except as expressly stated herein, the Agent and the Lender reserve all rights, privileges and remedies under the
Loan Documents. All references in the Credit Agreement and the other Loan Documents to the Credit Agreement shall be deemed to
be references to the Credit Agreement as modified hereby.

3.3       

Reaffirmation.
Each of Holdings, the Borrower and the Subsidiary Guarantor hereby reaffirms its obligations under each Modification Document and
Loan Document to which it is a party. Each of Holdings, the Borrower and the Subsidiary Guarantor hereby further ratifies and reaffirms
the validity and enforceability of all of the liens and security interests heretofore granted, pursuant to and in connection with
the Guarantee and Collateral Agreement or any other Loan Document, to the Agent, as collateral security for the obligations under
the Loan Documents in accordance with their respective terms, and acknowledges that all of such liens and security interests, and
all Collateral heretofore pledged as security for such obligations, continue to be and remain collateral for such obligations from
and after the date hereof.

    	 	4	 

    	 

    

3.4       

Fees and Expenses.
The Borrower agrees to pay within five Business Days of the Amendment Effective Date, by wire transfer of immediately available
funds to an account of the Agent designated in writing, reimbursement from the Borrower of all costs and expenses incurred by the
Agent and the Lender in connection with this Amendment, including any and all fees payable or owed to Gibson, Dunn & Crutcher
LLP in connection with the drafting, negotiation, and execution of this Amendment.

3.5       

Counterparts.
This Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and
all of which shall constitute together but one and the same agreement. Delivery of an executed signature page of this Amendment
by facsimile transmission or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

3.6       

Construction; Captions.
Each party hereto hereby acknowledges that all parties hereto participated equally in the negotiation and drafting of this Amendment
and that, accordingly, no court construing this Amendment shall construe it more stringently against one party than against the
other. The captions and headings of this Amendment are for convenience of reference only and shall not affect the interpretation
of this Amendment.

3.7       

Successors and Assigns.
This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns
(as permitted under the Credit Agreement).

3.8       

GOVERNING LAW.
THIS AMENDMENT, THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO, AND ANY CLAIMS OR DISPUTES RELATING THERETO SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER
THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

3.9       

Severability.
The illegality or unenforceability of any provision of this Amendment or any instrument or agreement required hereunder shall not
in any way affect or impair the legality or enforceability of the remaining provisions of this Amendment or any instrument or agreement
required hereunder.

3.10       

Release of Claims.
In consideration of the Lender’s and Agent’s agreements contained in this Amendment, each of Holdings, the Borrower
and the Subsidiary Guarantor hereby releases and discharges the Lender and the Agent and their affiliates, subsidiaries, successors,
assigns, directors, officers, employees, agents, consultants and attorneys (each, a “Released Person”)
of and from any and all other claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort,
implied or express warranty, strict liability, criminal or civil statute or common law of any kind or character, known or unknown,
which Holdings, the Borrower or the Subsidiary Guarantor ever had or now has against the Agent, any Lender or any other Released
Person which relates, directly or indirectly, to any acts or omissions of the Agent, any Lender or any other Released Person relating
to the Modification Agreement or Credit Agreement or any other Modification Document or Loan Document on or prior to the date hereof.

[Signature page follows]

 

    	 	5	 

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed as of the date first above written.

 

	 	CAREVIEW COMMUNICATIONS, INC.,
	 	a Nevada corporation,
	 	as Holdings
	 	 
	 	By:	/s/ Steven  G. Johnson
	 	 	Name:  Steven G. Johnson
	 	 	Title:   President and Chief Executive Officer
	 	 	 
	 	CAREVIEW COMMUNICATIONS, INC.,
	 	a Texas corporation,
	 	as Borrower
	 	 
	 	By:	/s/ Steven G. Johnson
	 	 	Name:  Steven G. Johnson
	 	 	Title:   President and Chief Executive Officer
	 	 	 
	 	CAREVIEW OPERATIONS, L.L.C.,
	 	a Texas limited liability company,
	 	as Subsidiary Guarantor
	 	 
	 	By:	/s/ Steven G. Johnson
	 	 	Name:  Steven G. Johnson
	 	 	Title:  President and Chief Executive Officer

 

 

[Signature Page to Fifteenth Amendment to
Modification Agreement]

 

    	 		 

    	 

    

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be executed as of the date first above written.

 

	 	PDL INVESTMENT HOLDINGS, LLC,
	 	a Delaware limited liability company,
	 	as Agent
	 	 
	 	By:	/s/ Christopher Stone
	 	 	Name:  Christopher Stone
	 	 	Title:  CEO and Treasurer
	 	 
	 	PDL INVESTMENT HOLDINGS, LLC,
	 	a Delaware limited liability company,
	 	as Lender
	 	 	 
	 	By:	/s/ Christopher Stone
	 	 	Name:  Christopher Stone
	 	 	Title:  CEO and Treasurer

 

 

[Signature Page to Fifteenth Amendment to
Modification Agreement]

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