Document:

Document

Exhibit 10.5

FORM OF

DISTRIBUTION EQUIVALENT

AWARD CERTIFICATE

Non-transferable

GRANT TO

____________________
(“Grantee”)

by CatchMark Timber Trust, Inc. (the “Company”) of the cash distribution equivalent rights (the “DERs”) described in Section 1 of the Terms and Conditions hereof, pursuant to and subject to the provisions of the CatchMark Timber Trust, Inc. 2021 Incentive Plan (the “Equity Incentive Plan”) and to the terms and conditions set forth in this award certificate (this “Certificate”). 

By accepting the DERs, Grantee shall be deemed to have agreed to the terms and conditions set forth in this Certificate and the Equity Incentive Plan.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the award certificates (the “20xx LTIP Unit Award Certificates”) evidencing the grant by CatchMark Timber Operating Partnership, L.P. (the “Partnership”) of LTIP Units (the “20xx LTIP Units”) on __________ (the “20xx LTIP Unit Grant Date”) and the Equity Incentive Plan.  

IN WITNESS WHEREOF, CatchMark Timber Trust, Inc., acting by and through its duly authorized officers, has caused this Certificate to be duly executed.

						
	CATCHMARK TIMBER TRUST, INC.

By: _____________________________
Name:
Title:
	

Grant Date: ______________________

Exhibit 10.5

TERMS AND CONDITIONS

1.  Distribution Equivalent Rights (“DERs”). The Company shall establish, with respect to each 20xx LTIP Unit, a separate bookkeeping account (a “DER Account”), which shall be credited (without interest) with an amount equal to any cash distributions made by the Partnership with respect to a Common Unit (as defined in the LP Agreement) outstanding during the period beginning January 1, 20xx and ending on the 20xx LTIP Unit Grant Date (the “DER Accrual Period”).  The DERs entitle Grantee to receive from the Company the cash payment described herein, on the date, if any, that the Unvested LTIP Unit becomes a Vested LTIP Unit.  Upon the LTIP Unit becoming a Vested LTIP Unit, the DER Account with respect to such Vested LTIP Unit shall also become vested.  Similarly, upon the forfeiture of an LTIP Unit, the DER Account with respect to such forfeited LTIP Unit shall also be forfeited.  As soon as reasonably practical, but not later than thirty (30) days, following the date that an LTIP Unit becomes a Vested LTIP Unit, the Company shall cause to be paid to Grantee an amount of cash equal to the amount credited to the DER Account maintained with respect to such Vested LTIP Unit during the DER Accrual Period. 

2. Withholding.  The Company or any employer Affiliate has the authority and the right to deduct or withhold from any payment related to the DER Account due Grantee, or from any payroll or other payment due Grantee, any federal, state, local, or foreign taxes (including Grantee’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the DER Account.   

3. Restrictions on Transfer and Pledge. Grantee may not, directly or indirectly, transfer any portion of the DER Account.  Any purported transfer in violation of this Certificate shall be null ab initio and of no force and effect, and the Company shall not recognize any such transfer or accord to any purported transferee any rights with respect to the DER Account.  No right or interest of Grantee in the DER Account may be transferred to or in favor of any party other than the Company or an Affiliate of the Company, without the prior consent of the Committee. 

4.  No Right of Continued Service.  Nothing in this Certificate shall interfere with or limit in any way the right of the Company or any other Affiliate of the Company to terminate Grantee’s service at any time, nor confer upon Grantee any right to continue to provide services to, the Company or any other Affiliate of the Company.

5.  Severability.  If any one or more of the provisions contained in this Certificate are invalid, illegal or unenforceable, the other provisions of this Certificate will be construed and enforced as if the invalid, illegal or unenforceable provision had never been included.

6.  Clawback.  The DERs shall be subject to any compensation recoupment policy of the Company that is applicable by its terms to Grantee and to awards of this type. 

7.  Plan Controls. The terms contained in the Equity Incentive Plan are incorporated into and made a part of this Certificate and this Certificate shall be governed by and construed in accordance with the Equity Incentive Plan. In the event of any actual or alleged conflict between the provisions of the Equity Incentive Plan and the provisions of this Certificate, the provisions of the Equity Incentive Plan shall be controlling and determinative. 

8.  Successors.  This Certificate shall be binding upon any successor of the Company, in accordance with the terms of this Certificate and the Equity Incentive Plan.

Exhibit 10.5

9.  Notice. Notices and communications under this Certificate must be in writing and either personally delivered or sent by registered or certified United States mail, return receipt requested, postage prepaid. Notices to the Company must be addressed to CatchMark Timber Operating Partnership, L.P., c/o CatchMark Timber Trust, Inc., 5 Concourse Parkway, Suite 2650, Atlanta, GA 30328: Attn: Secretary, or any other address designated by the Company in a written notice to Grantee. Notices to Grantee will be directed to the address of Grantee then currently on file with the Company, or at any other address given by Grantee in a written notice to the Company.Exhibit 10.1

 

TENTH AMENDMENT TO LOAN AGREEMENT

 

This TENTH AMENDMENT TO LOAN AGREEMENT (this "Amendment")
is made this as of the 5th day of May, 2022, and shall be retroactively effective as of January 1, 2022, by and among MidCap
Business Credit LLC, a Texas limited liability company, the secured party hereunder (hereinafter called “Lender”),
BLONDER TONGUE LABORATORIES, INC., a Delaware corporation (together with its successors and permitted assigns, “Borrower”),
R. L. DRAKE HOLDINGS, LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Drake”),
and BLONDER TONGUE FAR EAST, LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Far
East”). Each of Borrower, Drake and Far East are individually referred to herein as a “Loan Party” and individually,
collectively, jointly and severally, the “Loan Parties”.

 

WHEREAS, the Loan Parties and Lender have entered
that Loan and Security Agreement (All Assets) dated as of October 25, 2019, as amended by that certain Consent and Amendment to Loan Agreement
and Loan Documents, dated as of April 7, 2020, that certain Second Amendment to Loan Agreement, dated as of January 8, 2021, that certain
Third Amendment to Loan Agreement, dated as of June 14, 2021, that certain Fourth Amendment to Loan Agreement, dated as of July 30, 2021,
that certain Fifth Amendment to Loan Agreement, dated as of August 2, 2021, that certain Sixth Amendment to Loan Agreement, dated as of
December 15, 2021, that certain Seventh Amendment to Loan Agreement, dated as of February 11, 2022, that certain Eight Amendment to Loan
Agreement, dated as of March 3, 2022, and that certain Ninth Amendment to Loan Agreement, dated as of April 5, 2022 (as amended, the “Loan
Agreement”).

 

WHEREAS, Borrower has requested that the Loan Agreement
be amended as provided herein, and Lender is willing to make such modifications to the Loan Agreement, subject to the terms and conditions
set forth herein.

 

NOW THEREFORE, in consideration of the foregoing
premises and the mutual benefits to be derived by the Loan Parties and Lender from a continuing relationship under the Loan Agreement
and Loan Documents and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.       Defined
Terms. Capitalized terms used in this Amendment which are defined in the Loan Agreement shall have the same meanings as defined
therein, unless otherwise defined herein.

 

2.        Amendment
to Loan Agreement. The Loan Agreement is hereby amended as follows:

 

		(a)	Definitions - Section 22(p). Section 22(p) of the Loan Agreement is hereby amended to delete the definition of “Minimum
EBITDA Covenant Trigger Event” in its entirety and replace it with the following in its stead:

 

“Minimum EBITDA Covenant Trigger Event” means
(A) the failure of the Loan Parties to maintain Excess Availability in an amount equal to $400,000 or more (i) for any seven (7) Business
Days in the month of December 2020 (whether such failure occurs on seven (7) consecutive Business Days or not), (ii) for any twelve (12)
Business Days during the month of January 2021 (whether such failure occurs on twelve (12) consecutive Business Days or not), (iii) for
any seven (7) Business Days in the month of February 2021 (whether such failure occurs on seven (7) consecutive Business Days or not),
(iv) for any three (3) Business Days during each of March 2021, April 2021 and May 2021 (whether such failure occurs on three (3) consecutive
Business Days or not), and (v) for any twelve (12) Business Days during each of the months of June 2021 and July 2021 (whether such failure
occurs on twelve (12) consecutive Business Days or not), and (B) the failure of the Loan Parties to maintain Excess Availability in the
following amounts for any three (3) Business Days in the following calendar months (whether such failure occurs on three (3) consecutive
Business Days or not): (i) $300,000 or more for the month of June 2022, (ii) $350,000 or more for the month of July 2022, and (iii) $400,000
or more for the month of August 2022 or any subsequent calendar month thereafter.

 

    

     

    

 

3.       Amendment
Fee. Borrower agrees to pay Lender as of the date hereof a fully earned, non-refundable fee in the amount of $2,500 in consideration
of the execution by Lender of this Amendment (“Amendment Fee”).

 

4.       Conditions
to Closing. The willingness of Lender to enter into this Amendment shall be subject to the condition precedent that Lender shall
have received all of the following, each in form and substance satisfactory to Lender:

 

		(a)	This Amendment properly executed and delivered,

 

(b)   
Payment by Borrower of the Amendment Fee, and

 

(c)   
Payment by the Borrower of any and all outstanding reasonable out-of-pocket fees and expenses relating to the Loan Agreement and/or
this Amendment incurred by the Lender, including, without limitation, attorney’s fees and expenses.

 

5.        Representations
and Warranties. Each Loan Party represents and warrants to Lender that such Loan Party has the full power and authority to execute,
deliver and perform its obligations under, this Amendment and the execution and delivery of this Amendment have been duly authorized by
all necessary action of the stockholders, directors, members and managers, as applicable, of such Loan Party.

 

6.        Release
and Confirmation. Each Loan Party hereby (i) reaffirms that it remains indebted to Lender without defense, counterclaim or offset
and, assuming effectiveness of this Amendment, no default or Event of Default has occurred or exists under the Loan Documents, (ii) restates,
and reaffirms, all of its covenants, representations and warranties set forth in the Loan Documents to the same extent as if fully set
forth herein and each Loan Party hereby certifies that after giving effect to this Amendment, all such covenants, representations and
warranties are true and accurate as of the date hereof and (iii) acknowledges and warrants that it does not have any claims, actions or
causes of action whatsoever in law or in equity against Lender, its’ officers, directors, employees, agents, successors, subsidiaries,
related companies or attorneys (for the purpose of this paragraph, collectively referred to herein as the “Lenders”) or any
of them, in connection with or related to or arising from any and all transactions with Lenders, whether known or unknown, including,
but not limited to, the loans, through the date of this Amendment, and each Loan Party for good and valuable consideration hereby waives,
remises, releases and discharges any and all rights with respect to such claims, additions or causes of action, if any.

 

7.        Counterparts.
This Amendment may be executed in one or more counterparts, each of which when so executed and delivered shall be deemed to be an original
and all of which taken together shall constitute but one and the same agreement. Counterpart signature pages to this Amendment transmitted
by facsimile transmission, by electronic mail in “portable document format” (“.pdf”) form, or by any other electronic
means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery
of the paper document bearing an original signature.

 

    

     

    

 

8.        References.
Upon and after the date of this Amendment all references to the Loan Agreement in the Loan Documents, or in any related document, shall
mean the Loan Agreement as amended by this Amendment. Except as expressly provided in this Amendment, the execution and delivery of this
Amendment does not and will not amend, modify or supplement any provision of, or constitute a consent to or a waiver of any noncompliance
with the provisions of the Loan Agreement, and, except as specifically provided in this Amendment, the Loan Agreement shall remain in
full force and effect in accordance with the respective terms thereof.

 

9.        Loan
Documents Ratified. This Amendment is executed as an instrument under seal and shall be governed by and construed in accordance
with the laws of the State of Connecticut without regard to its conflicts of law rules. All parts of the Loan Agreement and the other
Loan Documents, not affected by this Amendment are hereby ratified and affirmed in all respects, provided that if any provision
of the Loan Documents shall conflict or be inconsistent with this Amendment, the terms of this Amendment shall supersede and prevail.

 

10.       Costs
and Expenses. Each Loan Party hereby reaffirms its agreement under the Loan Agreement to pay or reimburse Lender on demand for
all costs and expenses incurred by Lender in connection with the Loan Documents, including without limitation all reasonable fees and
disbursements of legal counsel. Without limiting the generality of the foregoing, each Loan Party specifically agrees to pay all fees
and disbursements of counsel to Lender for the services performed by such counsel in connection with the preparation of this Amendment
and the documents and instruments incidental hereto. Each Loan Party hereby agrees that Lender may, at any time or from time to time in
its sole discretion and without further authorization by the Loan Party, make a loan to Borrower under the Loan Agreement, or apply the
proceeds of any loan, for the purpose of paying any such fees, disbursements, costs and expenses.

  

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

    

     

    

 

IN WITNESS WHEREOF, the parties have executed this
Amendment under seal as of the day and year first above written.

 

BORROWER:

 

	 	BLONDER TONGUE LABORATORIES, INC.
	 	 	 	 
	 	By:	 	 
	 	Name:	Eric Skolnik	 
	 	Title:	Senior Vice President and Chief Financial Officer	 

  

OTHER LOAN PARTIES:

 

	 	BLONDER TONGUE FAR EAST, LLC

	 	 	 	 
	 	By:	 	 
	 	Name:	Eric Skolnik	 
	 	Title:	Senior Vice President and Chief Financial Officer	 

   

	 	R. L. DRAKE HOLDINGS, LLC
	 	 	 	 
	 	By:	 	 
	 	Name:	Eric Skolnik	 
	 	Title:	Senior Vice President and Chief Financial Officer	 

  

LENDER:

 

	 	MIDCAP BUSINESS CREDIT LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

 

 

 

 

 

    [Tenth Amendment to Loan Agreement]

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