Document:

Exhibit 10.7

 

PRIVATE PLACEMENT WARRANTS SUBSCRIPTION
AGREEMENT

 

THIS PRIVATE PLACEMENT WARRANTS SUBSCRIPTION
AGREEMENT, dated as of [●], 2021 (as it may be amended from time to time, this “Agreement”), is entered
into by and between Oyster Enterprises Acquisition Corp., a Delaware corporation (the “Company”), and Imperial
Capital, LLC, a Delaware limited liability company (the “Purchaser”).

 

WHEREAS, the Company intends to consummate
an initial public offering of the Company’s units (the “Public Offering”), each unit consisting of one
share of the Company’s Class A common stock (“Class A Common Stock”), par value $0.0001 per share (each,
a “Share”) and one-half of one redeemable warrant, each whole warrant entitling the holder to purchase one Share
at an exercise price of $11.50 per Share (subject to adjustment), as set forth in the Company’s registration statement on
Form S-1 related to the Public Offering (the “Registration Statement”) filed with the Securities and Exchange
Commission; and

 

WHEREAS, the Purchaser has agreed to purchase
an aggregate of 1,500,000 warrants (or 1,725,000 warrants if the over-allotment option in connection with the Public Offering is
exercised in full) (the “Private Placement Warrants”), each Private Placement Warrant entitling the holder to
purchase one Share at an exercise price of $11.50 per Share (subject to adjustment), during the period commencing on the later
of (i) twelve (12) months from the date of the closing of the Public Offering and (ii) 30 days following the consummation of the
Company’s initial business combination (the “Business Combination”), as such term is defined in the Registration
Statement, and expiring on the fifth anniversary of the consummation of the Business Combination (provided that so long as the
Private Placement Warrants are held by the Purchaser, its designees or affiliates, the Purchaser, its designees or affiliates will
not be permitted to exercise such Private Placement Warrants after the fifth anniversary of the effective date of the Registration
Statement in accordance with Rule 5110(g)(8)(A) of the Financial Industry Regulatory Authority (“FINRA”).

 

NOW THEREFORE, in consideration of the mutual
promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

AGREEMENT

 

Section 1. Authorization, Purchase and
Sale; Terms of the Private Placement Warrants.

 

A. Authorization of the Private
Placement Warrants. The Company has duly authorized the issuance and sale of the Private Placement Warrants to the Purchaser.

 

B. Purchase and Sale of the
Private Placement Warrants. On the date of the consummation of the Public Offering, and concurrently with the
consummation thereof, or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (the
“Initial Closing Date”), the Company shall issue and sell to the Purchaser, and the Purchaser shall
purchase from the Company 1,500,000 Private Placement Warrants at a price of $1.00 per warrant for an aggregate purchase
price of $1,500,000 (the “Purchase Price”), which shall be paid by wire transfer of immediately available
funds in accordance with the Company’s wiring instructions. On the Initial Closing Date, upon payment by the Purchaser
of the Purchase Price, the Company, shall either, at its option, deliver a certificate evidencing the Private Placement
Warrants purchased by the Purchaser on such date duly registered in the Purchaser’s name to the Purchaser, or effect
such delivery in book-entry form. On the date of the consummation of the closing of the over-allotment option in connection
with the Public Offering, and concurrently with the consummation thereof, or on such earlier time and date as may be mutually
agreed by the Purchaser and the Company (each such date, an “Over-allotment Closing Date”; together with
the Initial Closing Date, the “Closing Dates” and each, a “Closing Date”), the Company
shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, up to an aggregate of 225,000
Private Placement Warrants, in the same proportion as the amount of the over-allotment option that is exercised, at a price
of $1.00 per warrant for an aggregate purchase price of up to $225,000 (if the over-allotment option in connection with the
Public Offering is exercised in full) (the “Over-allotment Purchase Price”), which shall be paid by wire
transfer of immediately available funds in accordance with the Company’s wiring instructions. On the Over-allotment
Closing Date, upon the payment by the Purchaser of the Over-allotment Purchase Price payable by it, the Company shall either,
at its option, deliver a certificate evidencing the Private Placement Warrants purchased by the Purchaser on such date duly
registered in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry form.

 

     

     

    

 

C. Terms of the Private Placement
Warrants.

 

(i) The Private Placement Warrants shall
have the terms set forth in a warrant agreement to be entered into by the Company and a warrant agent, in connection with the Public
Offering (the “Warrant Agreement”).

   

(ii) At or prior to the time of the Initial
Closing Date, the Company and the Purchaser shall enter into a registration rights agreement (the “Registration Rights
Agreement”) pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Private
Placement Warrants and the Shares underlying the Private Placement Warrants.

 

Section 2. Representations and Warranties
of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement
Warrants, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive each
Closing Date) that:

 

A. Organization and Corporate Power.
The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware and
is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material
adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate
power and authority necessary to carry out the transactions contemplated by this Agreement and the Warrant Agreement.

 

B. Authorization; No Breach.

 

(i) The execution, delivery and performance
of this Agreement and the Private Placement Warrants have been duly authorized and approved by the Company as of each Closing Date.
This Agreement constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability
relating to or affecting creditors’ rights and to general equitable principles (whether considered in a proceeding in equity
or law) (the “Enforceability Exceptions”). Upon issuance in accordance with, and payment pursuant to, the terms
of the Warrant Agreement and this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the
Company, enforceable against the Company in accordance with their terms, subject to the Enforceability Exceptions.

 

(ii) The execution and delivery by the Company
of this Agreement and the Private Placement Warrants, the issuance and sale of the Private Placement Warrants, the issuance of
the Shares upon exercise of the Private Placement Warrants and the fulfillment of, and compliance with, the respective terms hereof
and thereof by the Company, do not and will not as of each Closing Date (a) (A) conflict with or result in a breach of the terms,
conditions or provisions of, (B) constitute a default under, (C) result in the creation of any lien, security interest, charge
or encumbrance upon the Company’s capital stock or assets under, or (D) result in a violation of, the certificate of incorporation
or the bylaws of the Company (in effect on the date hereof or as may be amended prior to completion of the Public Offering), or
any material law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which
the Company is subject, or (b) require any authorization, consent, approval, exemption, action, notice, declaration or filing,
in each case, by or to any court or administrative or governmental body or agency, except for any filings required after the date
hereof under federal or state securities laws.

 

C. Title to Securities.
Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the Placement Warrants
will be duly and validly issued and the Shares issuable upon exercise of the Private Placement Warrants will be duly and
validly issued, fully paid and nonassessable. On the date of issuance of the Private Placement Warrants, the Shares issuable
upon exercise of the Private Placement Warrants shall have been reserved for issuance. Upon issuance in accordance with, and
payment pursuant to, the terms hereof and the Warrant Agreement, the Purchaser will have good title to the Private Placement
Warrants and the Shares issuable upon exercise of such Private Placement Warrants, free and clear of all liens, claims and
encumbrances of any kind, other than (i) transfer restrictions hereunder and under the other agreements contemplated hereby,
(ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to
the actions of the Purchaser.

 

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D. Valid Issuance. The total
number of shares of all classes of capital stock which the Company has authority to issue is 111,000,000 shares of common stock
(which consist of 100,000,000 shares of Class A Common Stock and 10,000,000 shares of the Company’s Class B common stock,
par value $0.0001 per share (the “Class B Common Stock”)) and 1,000,000 shares of the Company’s preferred
stock, par value $0.0001, per share (the “Preferred Stock”). As of the date hereof, the Company has issued and
outstanding no shares of Class A Common Stock, 5,750,000 shares of Class B Common Stock (of which up to 750,000 shares are subject
to forfeiture as described in the Registration Statement) and no shares of Preferred Stock. All of the issued shares of capital
stock of the Company have been duly authorized, validly issued, and are fully paid and non-assessable.

  

Section 3. Representations and Warranties
of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Private
Placement Warrants to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties
shall survive each Closing Date) that:

 

A. Organization and Requisite Authority.
The Purchaser is duly organized, validly existing and in good standing under the laws of the State of Delaware and possesses all
requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

B. Authorization; No Breach.

 

(i) This Agreement constitutes a valid and
binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except subject to the Enforceability
Exceptions.

 

(ii) The execution and delivery by the Purchaser
of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not as of each
Closing Date conflict with, violate, or result in a breach by the Purchaser of the terms, conditions or provisions of, or constitute
a default under the charter or bylaws or other organizational documents of the Purchaser, or any agreement, instrument, order,
judgment or decree to which the Purchaser is subject.

  

C. Investment Representations.

 

(i) The Purchaser is acquiring the Private
Placement Warrants and, upon exercise of the Private Placement Warrants, the Shares issuable upon such exercise (the Private Placement
Warrants and such Shares, the “Securities”), for the Purchaser’s own account, for investment purposes
only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

 

(ii) The Purchaser is an “accredited
investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities Act of 1933, as amended (the “Securities
Act”).

 

(iii) The Purchaser understands that the
Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of the
United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Purchaser’s
compliance with, the representations and warranties of the Purchaser set forth herein in order to determine the availability of
such exemptions and the eligibility of the Purchaser to acquire such Securities.

 

(iv) The Purchaser did not enter into this
Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under the Securities
Act.

 

(v) The Purchaser has been furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and
sale of the Securities which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask
questions of the executive officers and directors of the Company. The Purchaser understands that its investment in the
Securities involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to the acquisition of the Securities.

 

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(vi) The Purchaser understands that no United
States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement
of the Securities or the fairness or suitability of the investment in the Securities by the Purchaser nor have such authorities
passed upon or endorsed the merits of the offering of the Securities. 

 

(vii) The Purchaser understands that: (a)
the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be
offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption
therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person
is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the
terms and conditions of any exemption thereunder. While such Purchaser understands that Rule 144 under the Securities Act is not
available for the resale of securities initially issued by shell companies (other than business combination related shell companies)
or issuers that have been at any time previously a shell company, such Purchaser understands that Rule 144 includes an exception
to this prohibition if the following conditions are met: (i) the issuer of the securities that was formerly a shell company has
ceased to be a shell company; (ii) the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”); (iii) the issuer of the securities
has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter
period that the issuer was required to file such reports and materials), other than Form 8-K reports; and (iv) at least one year
has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity
that is not a shell company.

 

(viii) The Purchaser understands the high
degree of risk associated with investments in the securities of companies in the development stage such as the Company, has such
knowledge and experience in financial and business matters to be able to evaluate the merits and risks of an investment in the
Securities and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an
indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and
will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Securities.
The Purchaser can afford a complete loss of its investment in the Securities.

 

Section 4. Conditions of the Purchaser’s
Obligations. The obligations of the Purchaser to purchase and pay for the Private Placement Warrants are subject to the
fulfillment, on or before each Closing Date, of each of the following conditions:

 

A. Representations and Warranties.
The representations and warranties of the Company contained in Section 2 shall be true and correct at and as of such Closing Date
as though then made.

 

B. Performance. The Company
shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required
to be performed or complied with by it on or before such Closing Date.

 

C. No Injunction. No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or
the Warrant Agreement.

 

D. Warrant Agreement and Registration
Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration Rights Agreement, each on
terms satisfactory to the Purchaser.

  

E. Corporate Consents. The Company
shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement
and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

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Section 5. Conditions of the Company’s
Obligations. The obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or
before each Closing Date, of each of the following conditions:

 

A. Representations and Warranties.
The representations and warranties of the Purchaser contained in Section 3 shall be true and correct at and as of such Closing
Date as though then made.

 

B. Performance. The Purchaser
shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required
to be performed or complied with by the Purchaser on or before such Closing Date.

 

C. Corporate Consents. The Company
shall have obtained the consent of its Board of Directors authorizing the execution, delivery and performance of this Agreement
and the Warrant Agreement and the issuance and sale of the Private Placement Warrants hereunder.

 

D. No Injunction. No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over
the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement or
the Warrant Agreement.

 

E. Warrant Agreement. The Company
shall have entered into the Warrant Agreement on terms satisfactory to the Company.

 

Section 6. Transfer Restrictions.

 

A. Lock-Up. The Purchaser agrees
that it shall not Transfer any Private Placement Warrants and their underlying Shares until 30 days following the consummation
of the Business Combination; provided, however, that Transfers of Private Placement Warrants and their underlying Shares are permitted
(i) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors,
any members of Oyster Enterprises LLC, a Delaware limited liability company (the “Sponsor”), or any affiliates
of the Sponsor, including to funds affiliated with Alden Global Capital LLC, and to limited partners of funds affiliated with Alden
Global Capital LLC, provided that any such transfers to limited partners are made on a pro rata basis pursuant to the
organizational documents of such funds and internal allocation policy; (ii) in the case of an individual, by gift to a member
of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate
family or an affiliate of such individual, or to a charitable organization; (iii) in the case of an individual, by virtue
of the laws of descent and distribution upon death of the individual; (iv) in the case of an individual, pursuant to a qualified
domestic relations order; (v) by private sales or transfers made in connection with the consummation of the Business Combination
at prices no greater than the price at which the Private Placement Warrants or their underlying Shares, as the case may be, were
originally purchased; (vi) in the event of the Company’s liquidation prior to the completion of the Business Combination;
(vii) by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution
of the Sponsor; (viii) in the event of the Company’s completion of a liquidation, merger, capital stock exchange, reorganization
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares
of common stock for cash, securities or other property subsequent to the Company’s completion of the Business Combination;
(ix) to the Purchaser’s affiliates or any entity controlled by the Purchaser or (x) to a nominee or custodian of a person
or entity to whom a disposition or transfer would be permissible under clauses (i) through (ix) above; provided,
however, that in the case of clauses (i) through (v) and (ix) and (x), these permitted transferees must enter into
a written agreement with the Company agreeing to be bound by the Transfer restrictions herein.

 

For purposes of this Section, the term
“Transfer” shall mean the (i) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge,
grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the
meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder with respect to the Private
Placement Warrants or their underlying Shares, (ii) entry into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of the Private Placement Warrants or their underlying Shares,
whether any such transaction is to be settled by delivery of the Private Placement Warrants or their underlying Shares, as
the case may be, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in
clause (i) or (ii).

 

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B. FINRA Lock-Up. In addition to
the restrictions on transfer described in Section 6.A, the Purchaser acknowledges and agrees that the Private Placement Warrants
will be deemed compensation by FINRA and will therefore, pursuant to FINRA Rule 5110(g), be subject to lock-up for a period of
180 days immediately following the date of effectiveness or commencement of sales in the Public Offering, subject to FINRA Rule
5110(e)(1). Additionally, the Private Placement Warrants may not be sold, transferred, assigned, pledged or hypothecated during
the 180-day period following the effective date of the Registration Statement except to any underwriter or selected dealer participating
in the Public Offering and the bona fide officers or partners of the Purchaser and any such participating underwriter or selected
dealer. Additionally, the Private Placement Warrants will not be the subject of any hedging, short sale, derivative, put or call
transaction that would result in the economic disposition of such securities by any person for a period of 180 days immediately
following the date of effectiveness or commencement of sales in the Public Offering.

 

Section 7. Survival of Representations
and Warranties. All of the representations and warranties contained herein shall survive each Closing Date.

 

Section 8. Definitions. Terms
used but not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 9. Miscellaneous.

 

A. Successors and Assigns. Except
as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the
parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not.
Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement without the prior written
consent of the other party hereto, other than assignments by the Purchaser to affiliates thereof (including, without limitation,
one or more of its members).

  

B. Severability. Whenever possible,
each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if
any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective
only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts. This Agreement
may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same instrument. The words “execution,” “signed,” “signature,”
and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include
images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf,”
“tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign).
The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated,
sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as
a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act
or the Uniform Commercial Code.

 

D. Descriptive Headings; Interpretation.
The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement.
The use of the word “including” in this Agreement shall be by way of example rather than by limitation.

 

E. Governing Law. This Agreement
shall be deemed to be a contract made under the laws of the State of New York and for all purposes shall be construed in accordance
with the internal laws of the State of New York without regard to the conflicts of laws principles thereof.

 

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F. Amendments. This Agreement
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto
have executed this Agreement to be effective as of the date first set forth above.

 

 

	 	COMPANY:
	 	 
	 	OYSTER ENTERPRISES ACQUISITION CORP.
	 	
         

        By:
	 
	 	 	Name:

Title:
	 	 	 
	 	PURCHASER:
	 	 
	 	
        IMPERIAL CAPITAL, LLC

	 	 	 
	 	By:	 
	 	 	Name:

Title:

  

[Signature Page to Private Placement
Warrants Subscription Agreement (Imperial Capital)]Exhibit 10.1

 

THIS DEFERRED COMPENSATION
AGREEMENT (“Agreement”) is made as of this 30th day of December, 2020 (the “Effective Date”), by
and between BLONDER TONGUE LABORATORIES, INC., a Delaware corporation (the “Company”), and EDWARD R. GRAUCH
(the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Company
and the Executive desire to defer payment of certain compensation otherwise payable by the Company to the Executive.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants hereinafter set forth, and intending to be legally bound hereby, the parties hereto agree
as follows:

 

1. Payment of 25% of
the cash compensation from the Company earned by the Executive as its employee beginning with the first regular pay period beginning
in the year 2021 through the end of the last regular pay period beginning in the year 2021 shall be suspended and not paid to Executive
or any other person except as set forth in this Agreement.

 

2. As of each date on
which the compensation suspended pursuant to paragraph 1 above would otherwise have been paid to the Executive, the Company shall
accrue on its books and records that number of shares of the Company’s common stock derived by dividing (a) the amount of
such suspended compensation, by (b) the Fair Market Value of one share of the common stock as of such date (the “Accrued
Shares”). For purposes of this Agreement, the “Fair Market Value” of the Company’s common stock
shall mean (i) if the common stock is traded on the over-the-counter market, the mean average of the bid and the asked prices for
the common stock at the close of trading on that date, or if that day is not a trading day on the trading day immediately preceding
such day; (ii) if the common stock is listed on a national securities exchange, the official closing price on the consolidated
tape on that date, or if that day in not a trading day on the trading day immediately preceding such day; and (iii) if the common
stock is neither traded on the over-the-counter market nor listed on a national securities exchange, such value as the Compensation
Committee of the Board of Directors of the Company, in good faith, shall determine.

 

3. On the first business
day following the close of each of the first, second, third and fourth calendar quarters of the year 2022, the Company shall deliver
to the Executive, or to the personal representative of the Executive in the event of his earlier death (in either case, the “Distributee”),
the number of Accrued Shares accumulated on its books and records pursuant to paragraph 2 above attributable to compensation suspended
during the first, second, third and fourth calendar quarters of the year 2021, respectively, subject to compliance with the tax
withholding obligations described in paragraph 4 below. The Accrued Shares (i) will be issued pursuant to an exemption from registration
under the Securities Act of 1933, as amended (the “Securities Act’), (ii) will be “restricted securities,”
as such term is defined in Rule 144 under the Securities Act, (iii) may be resold or otherwise transferred only pursuant to an
effective registration statement under the Securities Act or applicable exemption from registration and (iv) when delivered, will
be validly issued, fully paid and non-assessable.

 

4. The Company shall
have the authority and the right to deduct or withhold, or require the Distributee to remit to the Company, an amount sufficient
to satisfy Federal, state, local and foreign taxes required by law to be withheld with respect to the delivery of Accrued Shares
pursuant to paragraph 3 above. The Distributee may elect to have the Company withhold from the total number of Accrued Shares that
would otherwise have been delivered to the Distributee that number of shares having a Fair Market Value equal to the minimum statutory
amount necessary to satisfy the Company’s applicable federal, state, local and foreign tax withholding obligations.

 

5. Notwithstanding any
provision of this Agreement, in the event of a Change in Control prior to the delivery of shares pursuant to paragraph 3 above,
all further suspensions of payment of the Executive’s compensation shall cease, and the Fair Market Value of the Accrued
Shares as of the date of such Change in Control shall be immediately payable to the Executive, or to the personal representative
of the Executive in the event of his earlier death, in cash, subject to all applicable federal, state, local and foreign tax withholding
obligations. For purposes of this Agreement, “Change in Control” shall mean the consummation of any of the following,
provided that such transaction or occurrence results in a change in ownership or effective control of the Company, or in the change
in ownership of a substantial portion of the assets of the Company, in either case within the meaning of Section 409A of the Internal
Revenue Code of 1986, as amended: (a) any consolidation or merger of the Company with or into any other entity, or any corporate
reorganization; (b) any transaction (or series of related transactions involving a person or entity or group of affiliated persons
or entities) in which in excess of a majority of the voting power of the Company is transferred, including any consolidation or
merger; or (c) any sale, lease or other disposition of all or substantially all of the assets of the Company.

 

     

     

    

 

6. Neither the Executive
nor his estate shall have any power or right to transfer, assign, anticipate, mortgage, commute or otherwise encumber any of the
benefits payable hereunder, nor shall such benefits be subject to seizure for the payment of any debts or judgments of either of
them or to be transferable by operation of law in the event of bankruptcy, insolvency or otherwise.

 

7. Neither the Executive
nor his estate shall have any right, title, or interest in or to any fund, investments, insurance policies or annuity contracts
which the Company may make or acquire to aid it in meeting its obligations hereunder. The rights of such persons to the payment
or provision of benefits pursuant to this Agreement are those of a general unsecured creditor or the Company. It is the intention
of the Company that the deferred compensation to which any person may be entitled under this Agreement shall be unfunded for Federal
income tax purposes and for purposes of the Employee Retirement Income Security Act of 1974, as amended.

 

8. This Agreement shall
be construed and enforced according to the laws of the State of Delaware and shall inure to the successors and assigns of the Company,
whether by merger, consolidation or otherwise.

 

9. The parties agree
that with respect to the subject matter herein contained, it is the entire agreement by the parties, superseding any prior oral
or written communications, representations, undertakings or agreements and shall not be amended, modified or changed, except in
a writing duly executed by the parties hereto.

 

10. This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original of the same instrument, but all of which
together shall constitute but one and the same instrument.

 

IN WITNESS WHEREOF, the
parties have executed this Agreement on the day and year first above written.

 

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

 

	Witness:	 	EXECUTIVE
	 	 	 
	 	 	 
	 	 	Edward R. Grauch

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]