Document:

Exhibit 10.2

 

EXECUTION VERSION

 

FIRST AMENDMENT TO CREDIT AGREEMENT AND
WAIVER

 

THIS FIRST AMENDMENT
TO CREDIT AGREEMENT AND CONDITIONAL WAIVER (this “Amendment”) is made as of the 8th day of August, 2016,
by and between XPRESSPA HOLDINGS, LLC, a Delaware limited liability company (the “Borrower”) and ROCKMORE INVESTMENT
MASTER FUND LTD. (the “Lender”).

 

WHEREAS, the
Borrower and the Lender are parties to that certain Credit Agreement dated April 22, 2015, as amended or modified through the date
hereof (the “Credit Agreement”), whereby the Lender agreed to provide credit facilities to Borrower, as defined therein,
under the terms and conditions thereof, and Borrower agreed to repay loans and advances made thereunder as set forth therein; and

 

WHEREAS, Borrower
has defaulted and is in default under the Existing Defaults (as defined in Annex A hereto), as to certain of which Existing Defaults
Lender gave written notice effective June 7, 2016 (the “Notice”), and which Existing Defaults remain unremedied; and

 

WHEREAS the Borrower has requested
that Lender waive the Existing Defaults; and

 

WHEREAS the
Lender is willing to grant such waiver subject to the terms and conditions contained herein, including, but not limited to, the
payment of a fee of $500,000.00, which fee shall be added to, and form a part of, the outstanding principal amount due under the
Credit Agreement and related instruments.

 

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 Borrowers agree as follows:

 

1.            Defined
Terms. Capitalized terms used in this Amendment shall have the same meanings given to them in the Credit Agreement, unless
otherwise defined herein.

 

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

 

		2.1	Section 1.01 Definitions is hereby amended by deleting the definitions corresponding to
the following definitions and substituting in their place the following definitions:

 

“Commitment Amount”: $6,500,000.

 

“Indebtedness”: as
to any Person, at a particular time, all items which constitute, without duplication, (i) indebtedness for borrowed money or the
deferred purchase price of Property (other than payables incurred in the ordinary course of business), (ii)

 

     

     

    

  

indebtedness evidenced by notes,
bonds, debentures or similar instruments, (iii) obligations with respect to any conditional sale or title retention agreement,
(iv) indebtedness arising under acceptance and letter of credit facilities and the amount available to be drawn under all letters
of credit issued for the account of such Person, (v) all liabilities secured by any Lien on any Property owned by such Person (other
than landlords’, carriers’, warehousemen’s, mechanics’, repairmen’s or other like nonconsensual statutory Liens arising in the
ordinary course of business with respect to obligations which are not past due), (vi) all guarantees or other liabilities with
respect to any Indebtedness of any other Person and (vii) all lease obligations which are required to be capitalized under GAAP;
provided that, only such leases that would constitute capital leases in accordance with GAAP as in effect on December 31, 2015
shall constitute Indebtedness hereunder.

 

“Maturity Date”:
May 1, 2018, provided, at Borrower’s request, Lender has the option, in its sole discretion, to extend the Maturity Date
until May 1, 2019.

 

		2.2	Section 1.01 Definitions is hereby amended by inserting the following definitions thereto in proper
alphabetical order as follows:

 

“Amendment”: shall
mean that certain Amendment to Credit Agreement and Waiver, dated as of August 8, 2016 and effective as of the Amendment Effective
Date, by and between Borrower and Lender.

 

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

 

		2.3	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 the Amendment Effective Date shall be immediately added to the Commitment
Amount and the principal balance of the Note).

 

		2.4	Section 3.01 (a) Prior to Maturity is hereby deleted and replaced with the following:

 

Except as otherwise provided
in Section 3.01(b), prior to maturity, the outstanding principal balance of the Loan shall bear interest at the rate of

 

     

     

    

  

12.00% (or (A) on and after the
Amendment Effective Date, 11.24%, or (B) on and after the date the Maturity Date is extended to May 1, 2019 in accordance with
the definition thereof, 10.50%) per annum. Interest only on the Loan shall be payable monthly as follows: (i) 10.00% (or (A) on
and after the Amendment Effective Date, 9.24%, or (B) on and after the date the Maturity Date is extended to May 1, 2019 in accordance
with the definition thereof, 8.50%) annual interest, calculated on a monthly basis, which shall be payable in arrears on the last
Business Day of each month (the “Base Monthly Interest”) plus (ii) 2% annual interest, calculated on a monthly basis,
which shall accrue monthly and become due and payable on each anniversary of the Effective Date (the “Accrued Monthly Interest”).

 

		2.5	Section 3.02 Fees is hereby amended to add the following sentence:

 

The Borrower shall pay on demand
all reasonable legal fees, recording expenses and other reasonable and necessary disbursements of the Lender incident to the preparation,
execution and delivery of any Amendment to this Agreement.

 

		2.6	The following is hereby added to ARTICLE 6. AFFIRMATIVE COVENANTS:

 

Section 6.12 Agreement to
Sell. Borrower shall enter into and provide to Lender a fully executed copy of a binding and (to Borrower’s knowledge)
enforceable agreement to sell all or substantially all of its assets or equity interests through a merger or otherwise (as amended,
restated or otherwise modified from time to time, the “Acquisition Agreement”) which such Acquisition Agreement is
with FORM Holdings, Corp. (or an affiliate thereof) as the acquirer. In the event the transactions contemplated by the Acquisition
Agreement fail to close by December 31, 2016 (a “Non-Sale Event”) or the Borrower otherwise breaches the covenants
in Section 6.13 (together with the Non-Sale Event, the “Sale Related Defaults”), the Mistral Vehicles (as such term
and other terms used in this Section but not defined shall have the meaning set forth in the Operating Agreement, as hereinafter
defined) shall, without regard to any defenses of the Borrower or the Mistral Vehicles, pursuant to the attached letter agreement
(the “Mistral Letter Agreement”), (a) take all Necessary Action to remove two of the Mistral Directors and to designate
as two Mistral Directors, two Directors designated in writing by Lender, and (b) if the Mistral Vehicles fail to do so for any
reason at such time or any time in the future, (x) irrevocably grant to, and constitute and appoint, the Lender with full power
of substitution, his, her or its true and lawful proxy and attorney-in-fact, to vote, or to give written consent with respect to
the designation and/or removal of two of the Mistral Directors in accordance with Section 3.02 of the Operating Agreement, and
(y) take all other Necessary Action

 

     

     

    

  

to enable the Lender to designate
and/or remove two of the Mistral Directors. In addition, the Mistral Vehicles shall as a condition to the effectiveness of this
Amendment, cause two of the Mistral Directors to tender their resignations to the Lender, which resignations will automatically
and without any additional action on behalf of such directors become effective as of the date of the Sale Related Defaults (the
“Mistral Director Resignations”), which the Mistral Vehicles agree may be tendered by the Lender at any time following
the occurrence of a Sale Related Default regardless of any actions taken or not taken by the Borrower or the Mistral Vehicles.
The failure to observe or perform the covenant set forth in Section 6.13, this Section 6.12 or the Mistral Letter Agreement shall
constitute an Event of Default immediately and no cure period shall be permitted. Notwithstanding anything contained herein to
the contrary, the provisions of this Section 6.12 shall cease to exist and become null and void after the closing of the transactions
contemplated by the Acquisition Agreement occurs, if any.

 

Section 6.13 Clean Audit.
No later than August 31, 2016, Borrower shall provide to Lender audited financial statements of the Borrower for the fiscal year
ended December 31, 2015, reported on by the Accountants (without a “going concern” or like qualification or exception
and without any qualification or exception as to the scope of such audit) to the effect that such financial statements present
fairly in all material respects the financial condition and results of operations of the Borrower in accordance with GAAP consistently
applied.

 

3.            Waiver
of Existing Default. Upon the Amendment Effective Date, Lender hereby waives the Existing Defaults and agrees that the
Loan shall no longer bear interest at the Default Rate (collectively, the “Waiver”).

 

4.            Extent
of Waiver. The Waiver is limited to the matters addressed in Section 3 of this Amendment, the Waiver shall not constitute (a)
a modification any of the terms, conditions or covenants of the Credit Agreement or any of the Loan Documents, all of which remain
in full force and effect, (b) a waiver, release or limitation of the exercise by Lender of any of its rights and remedies thereunder,
all of which are hereby expressly reserved, including but not limited to any Board Control Event, as defined in the Fourth Amended
and Restated Limited Liability Company Operating Agreement of the Borrower dated as of April 17, 2015, as amended (the “Operating
Agreement”) or (c) a waiver of any future defaults, if any. The Waiver shall not relieve or release the Borrower or any guarantor
from any of its or their respective duties, obligations, covenants or agreements under the Credit Agreement, the Operating Agreement
or any of the Loan Documents or from the consequences of any Events of Default thereunder, except as expressly described herein.
The Waiver shall constitute a waiver of any other Events of Default or defaults, whether now existing or which may occur after
the date of this Amendment.

 

5.            Lender
Representations and Warranties. Lender hereby represents and warrants that, as of the date hereof, to Lender’s knowledge,
the only defaults or Events of Default that have occurred and are continuing under the Loan Documents are the Existing

 

     

     

    

 

Defaults. Upon a cure by the Borrower of
the Existing Defaults as contemplated by Section 6.13 of the Credit Agreement and the grant of the Waiver hereunder, there will
be no default or Event of Default continuing under the Loan Documents as a result of the Existing Defaults and Lender waives any
right to seek remedial action against the Borrower and its Subsidiaries with respect to the Existing Defaults.

 

6.            Assumption
of Loan and Consent to Acquisition.

 

		6.1	Subject to the closing of transactions in accordance with the Acquisition Agreement with FORM Holdings
Corp. (“Form”), Lender consents to the assumption of the Loan by the wholly-owned subsidiary of Form which will be
the surviving entity pursuant to the terms of the Acquisition Agreement (the “Subsidiary”) and consents to the assumption
of the Note and other Loan Documents by the Subsidiary upon such terms and conditions to be set forth in the Loan Documents as
approved by Lender. The Subsidiary shall maintain Lender’s first priority secured lien, subject to Permitted Liens, on all
of its assets, including any proceeds from the sale thereof. Form shall execute and deliver a guaranty to Lender by which Form
shall guaranty in full all of the obligations of the Subsidiary under the Note and the Loan Documents. Form shall provide a first
priority secured lien, subject to Permitted Liens, on all of its assets (other than intellectual property),including any proceeds
from the sale thereof as permitted by the guaranty; provided however, Form shall, so long as there is not an existing default or
event of default and no such default or event of default shall arise by reason of any such sale, have the right to sell, lease
or otherwise dispose of any of its assets as it deems necessary or in the event Form enters into a financing for the purpose of
supporting its working capital needs or finances its accounts receivables by means of factoring such accounts or otherwise, if
doing so would be beneficial to Form, as determined by the board of directors of Form in its sole discretion; provided further,
Form shall not have the right (except in the ordinary course of business) to sell, lease or dispose of any assets owned by the
Subsidiary without Lender’s prior written consent. Lender agrees to cooperate, at Form’s expense, with Form in providing
any required releases, as determined by Form in its sole discretion. Notwithstanding anything to the contrary herein, neither the
Subsidiary nor Form shall have any rights or interest in the Loan or the Loan Documents until such time as they have executed the
assignment documents, the guaranty and any other loan documents required by Lender on the date of such closing.

 

		6.2	Subject to and upon the satisfaction of the conditions precedent set forth in Section 7 below,
Lender hereby (i) consents to (x) the acquisition of XpresSpa on the terms set forth in the Acquisition Agreement and the documents,
agreements and instruments in the forms heretofore provided to Lender and executed and delivered in connection therewith (the foregoing,
collectively, the “Acquisition Ancillary Documents” and together with the Acquisition Agreement, the “Acquisition
Documents”), (y) the entry by Borrower and its Subsidiaries into all of the Acquisition

 

     

     

    

  

Documents to which such entities
are party to and the performance by Borrower and its Subsidiaries of all actions and transactions in connection therewith, in each
instance solely to the extent substantially consistent with or contemplated by the terms of the Acquisition Documents, (ii) waives
any Events of Default which may occur on the date of the closing of the transactions contemplated by the Acquisition Agreement
solely as a result of the consummation thereof and any rights that Lender may have under the Loan Documents or applicable law as
a result of any such Events of Default and (iii) agrees that all actions taken by Borrower and its Subsidiaries in connection with
the closing of the transactions contemplated by the Acquisition Agreement which contemplated by the terms of the Acquisition Documents
are permitted under the Loan Documents. For the avoidance of doubt, subject to and upon the satisfaction of the conditions precedent
set forth in Section 7 below, Lender hereby acknowledges and agrees that no default or Event or Default or mandatory prepayment
or otherwise acceleration of the Obligations shall occur as a result of the closing of the transactions contemplated by the Acquisition
Agreement.

 

		6.3	Subject to and upon the satisfaction of the conditions precedent set forth in Section 7 below,
Lender and Borrower hereby agree that, upon the closing of the transactions contemplated by the Acquisition Agreement in accordance
therewith, (i) Lender shall no longer have a Conversion Right (as defined in the Amended and Restated Note) and the terms and conditions
of the Amended and Restated Note related to the Conversion Right shall have no further force and effect and (ii) the Warrant shall
automatically be exercised by the holder thereof immediately prior to such closing, on a cashless basis, and Borrower shall issue
to such holder, without additional consideration, 300,000 Series B Preferred Units of the Borrower, all of which shall be fully
paid and non-assessable, and all of Lender’s rights under the Warrant will terminate (in each of the foregoing subclauses
(i) and (ii), without any further action by Lender, Borrower or Form).

 

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

 

(a)       One
(1) .pdf copy of this Amendment executed by Borrower, the Subsidiary Guarantors and the Lender.

 

(b)       One
(1) .pdf copy of the Amended and Restated Note in the principal amount of $6,500,000 executed by Borrower.

 

(c)       One
(1) .pdf copy of the Mistral Letter Agreement executed by the Mistral Vehicles and Lender.

 

     

     

    

  

(d)       One
(1) .pdf copy of the Mistral Director Resignations executed by two of the Mistral Directors.

 

From and after the
Effective Date, all references to the Credit Agreement or other Loan Documents in the Credit Agreement or in any other Loan Document
shall mean the Credit Agreement or any other Loan Documents, as the case may be, as amended by this Amendment.

 

8.           Accrued
Default Interest.

 

		8.1	Borrower and Lender hereby acknowledge and agree that the
portion of the Base Monthly Interest payments on the Loan bearing interest at the Default Rate has accrued from June 1, 2016 through
the Effective Date and is due and payable in an amount equal to $68,000.00 (such amount, the “Accrued Default Interest”).

 

		8.2	Notwithstanding anything in the Loan Documents to the contrary,
on or before the date that is three (3) Business Days following the Amendment Effective Date (or such later date as is consented
to by Lender in its sole discretion), the Borrower shall pay (or cause to be paid) to Lender the Accrued Default Interest.

 

9.           No
Defenses. The Borrower acknowledges that its obligations to the Lender pursuant to the Credit Agreement, as amended herein,
are due and owing by the Borrower to the Lender without any defenses, set-offs, recoupments, claims or counterclaims of any kind
as of the date hereof. To the extent that any defenses, set-offs, recoupments, claims or counterclaims may exist as of the date
hereof, the Borrower waives and releases the Lender from the same.

 

10.         Reaffirmation
and Affirmation of Representations. The Borrower hereby agrees with, affirms, reaffirms and acknowledges the representations
and warranties contained in the Loan Documents. 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.

 

11.         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 Amendment. All terms and conditions of the Credit Agreement
and Loan Documents not amended or modified by this 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 Amendment.

 

12.         No
Waiver. This 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
above, and the Lender hereby reserves all of its rights and remedies pursuant to the Loan Documents and applicable law.

 

13.         Authorization.
This Amendment has been approved by proper corporate authorization and resolution of the Borrower.

 

     

     

    

  

14.         Counterparts.
This 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.

 

15.         Governing
Law. This 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).

 

[No further text on this page; signature
page follows]

 

     

     

    

  

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

 

	 	XPRESSPA HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Mohammad M. Ali
	 	Name:	Mohammad M. Ali
	 	Title:	SVP Finance, Controller & Treasurer
	 	 	 
	 	ROCKMORE INVESTMENT  MASTER FUND LTD.
	 	 	 
	 	By:	 /s/ Bruce Bernstein
	 	Name:	Bruce Bernstein
	 	Title:	Managing Partner

 

AGREED AND ACCEPTED:

 

	 	Spa Products Import & Distribution Co., LLC
	 	Spa Products Wholesaling, LLC
	 	XpresSpa at Term. 4 JFK, LLC
	 	XpresSpa DFW Kiosk, LLC
	 	XpresSpa Franchising, LLC
	 	XpresSpa Houston Intercontinental, LLC
	 	XpresSpa JFK Terminal 1, LLC
	 	XpresSpa JFK Terminal 5, LLC
	 	XpresSpa JFK Terminal 7, LLC
	 	XpresSpa JFK Terminal 8, LLC
	 	XpresSpa John Wayne Airport, LLC
	 	XpresSpa LaGuardia Terminal B, LLC
	 	XpresSpa Las Vegas Airport, LLC
	 	XpresSpa LAX Airport, LLC
	 	XpresSpa Mobile Services, LLC
	 	XpresSpa MSP Airport, LLC
	 	XpresSpa Online Shopping, LLC
	 	XpresSpa Orlando, LLC
	 	XpresSpa Philadelphia Airport, LLC
	 	XpresSpa Pittsburgh A, LLC
	 	XpresSpa Raleigh-Durham Intl, LLC
	 	XpresSpa S.F. International, LLC
	 	XpresSpa Salt Lake City, LLC
	 	XpresSpa Washington Dulles, LLC
	 	XpresSpa Washington Reagan, LLC
	 	XpresSpa Houston Hobby, LLC

 

	 	By:	/s/ Mohammad M. Ali
	 	Name:	Mohammad M. Ali
	 	Title:	SVP Finance, Controller & Treasurer

 

     

     

    

  

Annex A 

 

Existing Defaults 

 

The Credit Parties have defaulted and are
in Default under or have failed to comply with, as applicable:

 

		1.	Section 6.01(a) of the Credit Agreement due to the failure to provide the audited financial statements
for the fiscal year ended December 31, 2015 required thereby within 120 days of the last day of such fiscal year ended, which constitutes
an Event of Default under Section 8.01(d) of the Credit Agreement.

 

		2.	Sections 6.01(b) and (c) of the Credit Agreement due to the failure to provide the following items
with their monthly and quarterly financial statements as required thereby: (i) consolidating balance sheets and related statements
of income and cash flows of the Borrower and its Subsidiaries for the applicable fiscal periods then ended, (ii) financial information
for then elapsed portion of the fiscal year and (iii) comparisons to the corresponding fiscal period for the prior fiscal year.
The foregoing constitutes an Event of Default under 8.01(d) of the Credit Agreement.

 

		3.	Section 6.01(d)(iii) of the Credit Agreement, commencing with the delivery of the unaudited financial
statements delivered for the fiscal month ended May 31, 2016 and Compliance Certificate in connection therewith, due to the failure
to provide a Compliance Certificate with (i) a statement that a change in the application of GAAP has occurred in connection with
the preparation of the unaudited financial statements required by Sections 6.01(b) and (c) of the Credit Agreement, which such
change is limited to the inclusion of a new line item for “Restricted Cash” on the balance sheet of the Borrower and
its Subsidiaries for the applicable fiscal periods then ended, and (ii) information specifying the effect of such change on the
financial statements accompanying such certificate. The foregoing constitutes an Event of Default under 8.01(d) of the Credit Agreement.

 

		4.	Section 8.01(f) of the Credit Agreement, which constitutes an Event of Default, due to the existence
of an event of default under Section 9.1(n) of that certain Business Loan and Security Agreement, by and among American Express
Bank, FSB and certain of the Borrower’s Subsidiaries, dated as of April 14, 2016 (the “AmEx Loan Agreement), which
such event of default under the AmEx Loan Agreement (the “AmEx Loan Agreement Default”) arose solely due to the existence
of defaults under the Credit Agreement.

 

		5.	Section 6.01(e) of the Credit Agreement due to the failure to provide notice of the AmEx Loan Agreement
Default as required thereby, which constitutes an Event of Default under Section 8.01(d) of the Credit Agreement.

 

		6.	Section 3.01 of the Credit Agreement due to the failure to pay the portion of the Base Monthly
Interest payments bearing interest at the Default Rate, which constitutes an Event of Default under Section 8.01(b) of the Credit
Agreement.

 

     

     

    

  

		7.	the Subsidiary Guarantee due to the existence of the foregoing Defaults and Events of Defaults,
which constitutes an Event of Default under the Subsidiary Guarantee.

 

		8.	Section 6.01(i) of the Credit Agreement due to the failure to provide notice of each of the aforementioned
Defaults or Events of Default in accordance with the requirements set forth therein, each of which constitutes an Event of Default
under Section 8.01(d) of the Credit Agreement.

 

The foregoing Defaults and Events of Defaults
listed in items 1-8 of this Annex A shall be collectively referred to as the “Existing Defaults.”Exhibit 10.3

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

This Second Amendment to Credit Agreement
(the “Second Amendment”) is made as of the 10th day of May, 2017 (“Effective Date”) by and between XpresSpa
Holdings, LLC, a Delaware limited liability company (the “Borrower”) and B3D, LLC (the “Lender”).

 

WHEREAS, the Borrower
and Rockmore Investment Master Fund Ltd. (“Rockmore”) entered into (a) a Credit Agreement dated April 22, 2015, whereby
Rockmore provided credit facilities to Borrower, and (b) a First Agreement to Credit Agreement and Waiver dated August 8, 2016
(collectively, the “Credit Agreement”);

 

WHEREAS, on ________, 2017. Rockmore
assigned its rights under the Credit

Agreement to Lender;

 

WHEREAS, on December
23. 2016. FORM Holdings Corp. (“FORM”) acquired the Borrower; and

 

WHEREAS the Borrower and Lender wish to
amend certain terms of the Credit Agreement relating to Borrower’s (a) financial reporting to Lender and (b) Board of Directors
(“Borrower BoD”).

 

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.          Maturity
Date.         Section 1.01 Definitions is hereby amended by

deleting the definition corresponding to the following definition and substituting in its place the following definition:

 

“Maturity Date”: May 1. 2019.

 

2.          Financial
Reporting Requirements. So long as FORM owns Borrower, the conditions of Article 6.01(a) and (b) shall be satisfied by Borrower
providing Lender, on a quarterly basis, FORM’s financial statements filed with the United States Securities and Exchange Commission.
So long as Bruce Bernstein (“Bernstein”) or a representative of Lender is a member of FORM’s Board of Directors (“FORM
BoD”), the conditions of Article 6.01(c) shall be satisfied by FORM, from time-to-time, providing financial updates regarding
Borrower to the FORM BoD.

 

3.          Borrower’s
Board of Directors. Unless otherwise stated by Lender in writing to Borrower after the Effective Date of this Agreement, so
long as Bernstein is a member of the FORM BoD, the conditions of Article 5.01(g) and 6.11 shall be deemed satisfied and the Borrower
shall not be required to appoint Bernstein as a member of or have Bernstein serve as a member of the Borrower BoD; provided, if
at any time Bernstein is no longer a member of the FORM BoD, Bernstein will be immediately

 

    	 	1	 

     

    

  

reappointed as a member of the Borrower
BoD. Bernstein being a member of the FORM BoD prior to the Effective Date of this Second Amendment satisfied the conditions of
Article 5.01(g) and 6.11.

 

4.          No
Waiver. This Second 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 above, and the Lender hereby reserves all of its rights and remedies pursuant to the Loan Documents and applicable law.

 

5.          Authorization.
This Second Amendment has been approved by proper corporate authorization and resolution of the Borrower.

 

6.          Counterparts.
This Second 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.

 

7.          Governing
Law. This Second 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.

 

*               *               *

 

    	 	2	 

     

    

  

[Signature Page to Second Amendment to
Credit Agreement]

 

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

 

	 	XPRESSPA HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Andrew Perlman
	 	Name:	Andrew Perlman
	 	Title:	Chairman
	 	 	 
	 	B3D, LLC
	 	 	 
	 	By:	/s/ Bruce Bernstein
	 	Name:	Bruce Bernstein
	 	Title:	Controlling Director

 

    	 	3

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