Document:

SECOND AMENDMENT TO LEASE AGREEMENT

 

This Second Amendment
to Lease Agreement (“Second Amendment”) is made and shall be effective for all purposes as of the 12th day of November,
2013 by and between FORTY WASHINGTON LLC (“Landlord”), a Massachusetts limited liability company, having a principal
place of business at 116 Flanders Road, Suite 2000, Westborough, Massachusetts 01581 and PAID, INC. (“Tenant”) a duly
organized and existing Delaware corporation, having a principal place of business at 40 Washington Street, Suite 3000, Westborough,
Massachusetts.

 

W I T N E S S E T H

 

WHEREAS, Tenant
and Landlord entered into a Lease (“Lease”) dated December 7, 2011 for a total of 26,061 square feet at 40 Washington
Street, Westborough, Massachusetts, and where Tenant and Landlord by approval of the First Amendment to Lease Agreement dated June
13, 2012 amended the Lease, and

 

WHEREAS, Landlord
and Tenant desire to terminate the Lease and amend the Lease as more fully described hereinafter.

 

NOW THEREFORE,
in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree that the Lease shall be amended as follows:

 

		1.	Landlord and Tenant hereby incorporate all terms and
provisions of the Lease herein as is specifically set forth, except as said terms are modified herein. Capitalized terms not specifically
defined in this amendment shall have the same meaning given to terms in the Lease.

 

		2.	FIRST AMENDMENT TO LEASE AGREEMENT:

		A.	Item 2B, Stated Expiration Date:

Delete:“The
Stated Expiration Date is March 31, 2017.”

 

Insert:“The
Stated Expiration Date is November 30, 2013.”

 

		B.	Item 2C, Basic Rent:

Delete:“From
March 15, 2012 to March 31, 2017: $166,269.18 per annum ($13,855.77 per month).”

 

Insert:“From
March 15, 2012 to November 30, 2013: $166,269.18 per annum ($13,855.77 per month).”

 

		C.	Tenant’s Share:

Delete:“From
March 15, 2012 to March 31, 2017: 46.40%.”

 

Insert:“From
March 15, 2012 to November 30, 2013: 46.40%.”

 

    	 

    	 

    

 

		3.	LEASE, ARTICLE 26, MISCELLANEOUS:

		A.	Article 26.03, Brokerage:

		Insert:	“Tenant warrants and represents to Landlord that
it has had no dealings with any broker or agent in connection with this Second Amendment to Lease Agreement and covenants to defend,
with counsel approved by Landlord, hold harmless and indemnify Landlord from and against any and all cost, expense or liability
for any compensation, commissions and charges claimed by any broker or agent with whom Tenant has dealt with.”

 

		B.	Insert:“Article 26.11, Termination
Fee: Tenant shall forfeit the Security Deposit equal to Eighty Three Thousand One Hundred Thirty Four Dollars and Sixty Two
Cents ($83,134.62) and pay an additional fee equal to Two Hundred Sixteen Thousand Eight Hundred Sixty Five Dollars and Thirty
Eight Cents ($216,865.38) (collectively the “Termination Fee”) that shall be due with the signing of this Second Amendment
to Lease Agreement.”

 

		C.	Insert:“Article 26.12, Reduced
Termination Fee. In the event Tenant and Landlord execute a lease for space at one of Carruth Capital, LLC’s associated
entities Section 26.11 shall not be applicable and the Termination Fee shall be as follows: Tenant shall forfeit the Security
Deposit equal to Eighty Three Thousand One Hundred Thirty Four Dollars and Sixty Two Cents ($83,134.62) and pay an additional
fee equal to One Hundred Sixty Six Thousand Eight Hundred Sixty Five Dollars and Thirty Eight Cents ($166,865.38) (collectively
the “Reduced Termination Fee”) that shall be due with the signing of this Second Amendment to Lease Agreement.”

 

		D.	Insert:“Article 26.13, Possession:
Tenant shall deliver possession of the Premises, including all keys to the Premises in Tenant’s possession no later
than November 30, 2013. However, Tenant shall allow Landlord and the new tenant early access to the Premises to start the alterations
effective November 1, 2013.”

 

		E.	Insert:“Article 26.14, Effective
Date: The effective date of the Termination Agreement shall be November 30, 2013. The Tenant shall be responsible for all
Rent and Additional Rent to November 30, 2013.”

 

		F.	Insert:“Article 26.15, Condition
of Premises: Tenant shall deliver the Premises to Landlord on or before November 30, 2013 in its AS IS condition with all
cubicles belonging to Landlord to remain as presently installed and configured.

 

    	 

    	 

    

 

In all other respects,
the Lease dated December 7, 2011 and the First Amendment to Lease Agreement dated June 13, 2012 are hereby ratified, confirmed,
and approved.

 

No representations,
inducement, promises or agreements, oral or otherwise, between Landlord and Tenant or any of their respective brokers, employees
or agents, not embodied herein, shall be of any force or effect.

 

The submission of this
Second Amendment to Lease Agreement for examination, review, negotiation and/or signature shall not constitute an offer or an option
to lease or a reservation of the Premises and is subject to withdrawal or modification at any time by either party. This Second
Amendment to Lease Agreement shall become effective and binding only if and when it shall be executed and delivered by both Landlord
and Tenant.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Second Amendment to Lease Agreement as of the date set forth above.

 

 

	 	 	LANDLORD:
	 	 	 
			FORTY WASHINGTON LLC
	 	 	 
	 	 	By: Carruth Capital,
LLC
	 	 	        Its Manager
	 	 	 
	 	 	By:  /s/Christopher F. Egan                                    
	 	 	Christopher F. Egan, President and Managing

                                  Member of Carruth Capital, LLC not individually

                                  and without personal liability.

	 	 	 
	 	 	TENANT:
	 	 	 
	 	 	PAID, INC.
	 	 	 
	 	 	 
	 	 	By:   /s/W. Austin Lewis             
	 	 	Printed Name:W. Austin Lewis  
	 	 	Title:                Chairman
& CEOFIFTH AMENDMENT TO REVOLVING CREDIT,

TERM LOAN AND SECURITY AGREEMENT

 

THIS
FIFTH AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT (the “Agreement”) is entered into as of November
13, 2013 by and among BLONDER TONGUE LABORATORIES, INC., a corporation organized under the laws of the State of Delaware
(“BTL”), R. L. DRAKE HOLDINGS, LLC, a limited liability company organized under the laws of the State of Delaware (“RL
Drake” and collectively with BTL, the “Borrower”), the financial institutions which are now or which hereafter
become a party hereto (collectively, the “Lenders” and individually a “Lender”) and SANTANDER
BANK, N.A. (formerly known as Sovereign Bank, N.A.) (“Santander”), as agent for Lenders (Santander,
in such capacity, the “Agent”).

 

RECITALS

 

Whereas, the Borrower
and the Lenders entered into a Revolving Credit, Term Loan and Security Agreement dated August 6, 2008, as amended by that certain
First Amendment to Revolving Credit Term Loan and Security Agreement dated January 14, 2011, that certain Second Amendment to Revolving
Credit Term Loan and Security Agreement dated February 1, 2012, that certain letter agreement dated August 10, 2012 (constituting
the third amendment to the Revolving Credit, Term Loan and Security Agreement), and that certain Fourth Amendment to Revolving
Credit, Term Loan and Security Agreement dated March 27, 2013 as the same shall be further amended by this Agreement (as may be
further amended, restated, replaced and/or modified from time to time, the “Loan Agreement); and

 

Whereas, the Borrower
and the Lenders have agreed to modify the terms of the Loan Agreement as set forth in this Agreement to, among other things, modifying
certain financial covenants set forth in the Loan Agreement.

 

Now, therefore, in
consideration of the Lender’s continued extension of credit and the agreements contained herein, the parties agree as follows:

 

AGREEMENT

 

		1)	ACKNOWLEDGMENT OF BALANCE. The Borrower acknowledges that the most recent statement of account
sent to the Borrower with respect to the Obligations is correct.

 

		2)	MODIFICATIONS. The Loan Agreement be and hereby is modified as follows:

 

		(A)	All references to “Sovereign Bank, N.A.” throughout the Loan Agreement and the Other
Documents are hereby modified to refer to “Santander Bank, N.A., formerly known as Sovereign Bank, N.A.”.

 

		(B)	The following definitions in Section 1.2 of the Loan Agreement are hereby deleted, and are replaced
to read as follows:

 

“Inventory Sublimit”
shall mean the least of (i) $3,000,000, (ii) an amount equal to fifty percent (50%) of the Maximum Revolving Advance Amount and
(iii) the amount calculated pursuant to Subsection 2.1(a)(y)(i) herein.

 

“Maximum Loan Amount”
shall mean $10,350,000 less all repayments of the Term Loan since the Second Amendment Closing Date.

 

“Maximum Revolving
Advance Amount” shall mean $6,000,000.

 

		(C)	The following definitions are hereby added to Section 1.2 of the Loan Agreement to read as follows:

 

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“Fifth Amendment”
shall mean that certain Fifth Amendment to Revolving Credit, Term Loan and Security Agreement dated the Fifth Amendment Closing
Date by and among the Borrower, the Lenders and the Agent.

 

“Fifth Amendment Closing
Date” shall mean as of November 13, 2013.

 

		(D)	The last sentence of Section 2.1(a) of the Loan Agreement is deleted, and is replaced by the following
new sentence:

 

“Within
thirty (30) days of the Fifth Amendment Closing Date, Agent will use its reasonable efforts to mark the original Second Amended
and Restated Revolving Credit Note, dated February 1, 2012, in the original principal amount of $8,500,000, “CANCELLED”
and will return the same to the Borrower.”

 

		(E)	Subsection 6.5(a) of the Loan Agreement is deleted, and is replaced by a new Subsection 6.5(a)
to read as follows:

 

(a)Fixed
Charge Coverage Ratio. Cause to be maintained, a Fixed Charge Coverage Ratio, tested quarterly (as of the last day of each
fiscal quarter) on a consolidated, trailing twelve (12) month basis, of not less than (i) 1.25 to 1.00 as of March 31, 2013 through
and including December 31, 2013 and (ii) 1.50 to 1.00 at all times thereafter. Notwithstanding anything to the contrary herein,
the Fixed Charge Coverage Ratio shall not be tested on or as of September 30, 2013.

 

		3)	CONSULTANT. Within thirty (30) days following the written request of the Agent but not sooner
than ninety (90) days from the date hereof, the Borrower hereby agrees to retain the services of a consultant reasonably acceptable
to the Agent for the purpose of evaluating the Borrower’s general business strategies, focusing primarily on sales and marketing,
at the sole cost and expense of the Borrower. The Agent hereby agrees to use its best efforts to minimize the cost and expense
of such consultant.

 

		4)	EFFECTIVENESS OF AMENDMENT. All parties hereby acknowledge and agree that the Borrower has
not yet provided to the Agent a formal calculation of the Fixed Charge Coverage Ratio for the quarter ended September 30, 2013
and such calculation (along with all other calculations contemplated under such Section 9.8) is not due until the date that is
sixty (60) days after September 30, 2013, as set forth in Section 9.8 of the Loan Agreement (the “September 2013 Quarterly
Financial Due Date”). The parties further acknowledge and agree that (i) this Agreement waives the requirement that the Fixed
Charge Coverage Ratio for the trailing twelve month period ended as of the last day of the fiscal quarter ended September 30, 2013
be tested, (ii) the date of this Agreement is prior to the September 2013 Quarterly Financial Due Date, (iii) the calculation of
the Fixed Charge Coverage Ratio for the trailing twelve month period ended as of the last day of the fiscal quarter ended September
30, 2013 is not yet due as of the date hereof, (iv) the Borrower is not obligated to and will not provide such calculation to the
Agent, and (v) as of September 30, 2013 and thereafter through and including the date hereof, Borrower remains in compliance with
Subsection 6.5(a) of the Loan Agreement.

 

		5)	ACKNOWLEDGMENTS. The Borrower acknowledges and represents that:

 

(A)the Loan Agreement and
Other Documents, as amended hereby, are in full force and effect without any defense, claim, counterclaim, right or claim of set-off;

 

(B)to the best of its knowledge,
no default by the Agent or the Lenders in the performance of their duties under the Loan Agreement or the Other Documents has occurred;

 

(C)all representations and
warranties of the Borrower contained herein and in the Other Documents are true and correct in all material respects as of this
date, except for any representation or warranty that specifically refers to an earlier date;

 

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(D)the Borrower has taken
all necessary action to authorize the execution and delivery of this Agreement; and

 

(E)this Agreement is a modification
of an existing obligation and is not a novation.

 

		6)	PRECONDITIONS. As a precondition to the effectiveness of any of the modifications, consents,
or waivers contained herein, the Borrower agrees to:

 

(A)provide the Agent with
this Agreement and the Third Amended and Restated Revolving Credit Note, each properly executed;

 

(B)provide the Agent with
secretary’s certificates and resolutions, in form and substance acceptable to the Agent, which approves the modification
contemplated hereby;

 

(C)pay to the Agent an amendment
fee in the amount of $15,000; and

 

(D)pay, promptly upon presentation
of an invoice therefor, all other fees and costs incurred by the Lenders in entering into this Agreement, including, but not limited
to, all reasonable legal fees incurred by the Agent.

 

		7)	MISCELLANEOUS. This Agreement shall be construed in accordance with and governed by the
laws of the State of New Jersey, without reference to that state’s conflicts of law principles. This Agreement and the Other
Documents constitute the sole agreement of the parties with respect to the subject matter thereof and supersede all oral negotiations
and prior writings with respect to the subject matter thereof. No amendment of this Agreement, and no waiver of any one or more
of the provisions hereof shall be effective unless set forth in writing and signed by the parties hereto. The illegality, unenforceability
or inconsistency of any provision of this Agreement shall not in any way affect or impair the legality, enforceability or consistency
of the remaining provisions of this Agreement or the Other Documents. This Agreement and the Other Documents are intended to be
consistent. However, in the event of any inconsistencies among this Agreement and any of the Other Documents, the terms of this
Agreement, then the Loan Agreement, shall control. This Agreement may be executed in any number of counterparts and by the different
parties on separate counterparts. Each such counterpart shall be deemed an original, but all such counterparts shall together constitute
one and the same agreement.

 

		8)	DEFINITIONS. The terms used herein and not otherwise defined or modified herein shall have
the meanings ascribed to them in the Loan Agreement. The terms used herein and not otherwise defined or modified herein or defined
in the Loan Agreement shall have the meanings ascribed to them by the Uniform Commercial Code as enacted in New Jersey.

 

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IN WITNESS WHEREOF, the undersigned
have signed and sealed this Agreement the day and year first above written.

 

ATTEST:BLONDER
TONGUE LABORATORIES, INC.

 

 

	ATTEST:	 	BLONDER TONGUE LABORATORIES, INC.
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:  ERIC SKOLNIK	 	Name:  JAMES A. LUKSCH
	Title:   Assistant Secretary	 	Title:    Chief Executive Officer
	 	 	 	 	 
	 	 	 	 	 
	WITNESS:	 	R. L. DRAKE HOLDINGS, LLC
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	By:	 
	Name:  ERIC SKOLNIK	 	Name:  JAMES A. LUKSCH
	Title:    Secretary	 	Title:    Chief Executive Officer
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	SANTANDER BANK, N.A., 
	 	 	 	(formerly known as Sovereign Bank),
	 	 	 	as Lender and as Agent
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:  GREGORY R. RUSSANO
	 	 	 	Title:  Senior Vice President

 

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