Document:

EXECUTION COPY

 

EXHIBIT 10.2

 

Prepared by
and record and return to:

Jay S. Ruder, Esquire

Archer & Greiner, P.C.

One Liberty Place, 32nd floor

1650 Market Street

Philadelphia, PA 19103-7393

 

UPI # ____________________

 

 

 

COLLATERAL ASSIGNMENT OF TENANT’S
INTEREST IN LEASE

This Collateral Assignment of Tenant’s
Interest in Lease (the “Collateral Assignment”) is entered into by, between and among Dataram Corporation, a New Jersey
corporation, (“Dataram”), Nappen & Associates, a Pennsylvania limited partnership t/a/ 309 Developers Company (“Landlord”),
and David Sheerr (“Lender”) as of this 6th day of November, 2013.

 

BACKGROUND

 

On December 14, 2011, Lender made a loan
to Dataram in the amount of $2,000,000 (the “Loan”) in exchange for which Dataram executed and delivered to Lender
a note and security agreement. Subject to the first priority lien and security interest of Rosenthal & Rosenthal, Inc., Lender
was also granted a continuing security interest in all of Dataram’s physical assets, then existing or thereafter acquired,
located at 130 Corporate Drive, Montgomeryville, PA 18936 (the “Premises”), including, but not limited to, all goods,
inventory, equipment, furniture and fixtures. The business operated at the Premises was a division of Dataram managed by Lender
which Dataram had previously purchased from Lender when it was known as Micro Memory Bank, Inc. (“MMB”).

MMB had entered into a lease with Landlord
for the Premises dated December 31, 2000, which lease was renewed on February 13, 2006, and then assigned by MMB to Dataram on
March 31, 2009. Thereafter, Dataram entered into a Lease Renewal Agreement for the Premises with Landlord dated February 10, 2011
(the “Lease”). Lender and Dataram desire to amend and restate the Loan and have entered into an Amended and Restated
Loan and Security Agreement dated as of the date hereof (the “Amended Loan”). Lender desires to be granted this Collateral
Assignment and the protections contained herein upon a default by Dataram under the Lease or the Amended Loan. Dataram and Landlord
wish to enter into this Collateral Assignment to perfect the promise made in the Amended Loan to assign the Premises to Lender
in the event of a default under the Amended Loan.

    	 

    	 

    

NOW, THEREFORE, FOR AND IN CONSIDERATION
of the mutual covenants contained herein and in the Amended Loan, the sum of Ten Dollars ($10.00) and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Dataram, Landlord and Lender hereby agree as follows:

1.     Collateral
Assignment. Dataram hereby grants, transfers and assigns to Lender all of Dataram’s right, title, and interest as the
tenant or lessee in, to and under the Lease and any renewals, extensions, novations or substitutes thereof and in and to the Premises,
including, but not limited to, the right of use and occupancy of the Premises under the Lease; provided, however, that so long
as Dataram shall not be in default of any of its obligations to Lender under the Lease or the Amended Loan, Dataram shall continue
to enjoy all the rights and privileges of lessee under the Lease. Dataram warrants and represents that a true, accurate, current
and complete copy of the Lease, as renewed and amended, is attached as Exhibit A hereto.

2.     Purpose
of Assignment. This Collateral Assignment is given as additional collateral for the purpose of securing the performance and
discharge by Dataram of each and every obligation, covenant, duty and agreement contained in the Amended Loan. Upon the repayment
in full of the Amended Loan, this Collateral Assignment shall automatically terminate and be of no further force and effect.

3.     Covenants
of Dataram and Landlord. Dataram and Landlord covenant with Lender to observe and perform all of the obligations imposed upon
them under the Lease. Dataram shall not do or permit to be done anything to impair the existence and validity of the Lease or the
security of Lender hereunder. Dataram shall not execute or permit any other sublease or assignment of Dataram’s interest
under the Lease; and not to modify or amend the Lease in any respect without Lender’s prior written consent. Dataram covenants
to preserve its rights as the tenant under the Lease. Any actions taken in violation of this Paragraph 3 shall be void at Lender’s
option, provided that Landlord shall be entitled to assume that any amendment asserted by Dataram has been approved by Lender and
shall remain in full force and effect.

4.     Default.
Upon or at any time after default in the performance of the Amended Loan and/or the Lease by Dataram, Lender may, at its option,
without in any way waiving such default, upon five (5) days notice to Dataram and Landlord, with or without bringing any action
or proceeding, or by a receiver appointed by a court, take possession of the Premises as the tenant under the Lease and, subject
to the terms of the Lease (as modified pursuant to the terms of this Collateral Assignment) have, hold, use, occupy, lease, sublease,
assign or operate the Premises on such terms and for such period of time as Lender may deem proper. Dataram shall indemnify and
hold Lender harmless from and against, any and all claims, actions, damages and expenses (including, without limitation, reasonable
attorneys’ fees) arising (i) out of Dataram’s failure to perform under the Lease or any breach by Dataram of the Lease
or of this Collateral Assignment, and (ii) in connection with the Lease prior to Lender’s taking possession of the Premises
pursuant to this Paragraph 4. The exercise by Lender of the option granted it in this Paragraph 4 shall not be considered a waiver
by Lender of any default by Dataram of the Amended Loan. If Lender exercises its option to take possession of the Premises as the
tenant under the Lease, then Lender shall cover Dataram’s monetary defaults and Dataram shall be liable to Lender for all
such amounts.

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5.     Landlord’s
Agreements.

(a)     Consent.
Landlord executes this Collateral Assignment in order to give its consent to the assignment granted herein and to covenant that
in the event of a default by Dataram under the Lease, Landlord will give Lender written notice thereof and will permit Lender to
exercise, within fifteen (15) days of the expiration of all cure periods for such default under the Lease, its rights under Paragraph
4 hereof to occupy and use the Premises as the tenant under the Lease (as modified pursuant to the terms of this Collateral Assignment).
Landlord agrees that Dataram, and not Lender or its sublessees, successors or assigns, shall be responsible for all obligations
and liabilities of the tenant under the Lease prior to the occupation and use of the Premises by Lender. This Collateral Assignment
is hereby incorporated by reference into the Lease and shall bind Landlord and any and all successors of Landlord in title to the
Premises, and Landlord agrees, as a condition to the effectiveness of any transfer of any title to the Premises, to obtain a written
agreement from the transferee that the transferee shall be bound hereby.

(b)     Dataram
Improvements. Upon the termination of the Lease for any reason, Lender shall be entitled, within thirty (30) days after any
such termination, to delete or remove any signs and other improvements containing any trademarks, service marks, symbols, logos,
emblems and other distinctive features, so long as Lender promptly repairs, at its sole expense, any damage caused thereby.

6.     Governing
Law. This Collateral Assignment is to be construed in all respects and enforced according to the laws of the Commonwealth of
Pennsylvania.

7.     This
document may be executed in one or more counterparts, all of which, when taken together, shall constitute a single original.

[TEXT ENDS HERE. SIGNATURES APPEAR ON THE FOLLOWING PAGE.]

 

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IN WITNESS WHEREOF, the
undersigned parties have executed this Collateral Assignment of Tenant’s Interest in Lease on the date and year first above
written.

 

	 	DATARAM CORPORATION
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	John H. Freeman
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	LANDLORD:
	 	 	 
	 	NAPPEN & ASSOCIATES,
	 	a Pennsylvania limited partnership, t/a
	 	309 DEVELOPMENT COMPANY
	 	 	 
	 	By: 	 
	 	Its General Partner
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	 
	 	 	 
	 	LENDER:
	 	 	 
	 	 	 
	 	DAVID SHEERR
	 	 	 	 

 

 

 

Accepted and Acknowledged:

 

ROSENTHAL & ROSENTHAL, INC.

 

 

	By: 	 	 
	Name:	 	 
	Title:	 	 

    	4

    	 

    

 

	OF 	 	 	:
	 	 	 	: SS
	COUNTY OF	 	 	:

 

ON THE ____ day of ___, 2013, before me, the
subscriber, a __________________ for the _______________ of ________________, personally appeared ___________, who acknowledged
himself to be the ___________ of DATARAM CORPORATION, a _________ corporation, and that he as such ___________, being authorized
to do so, executed the foregoing instrument for the purposes herein contained by signing the name of the corporation by himself
as its ___________.

 

IN WITNESS WHEREOF, I hereunto set my hand and
official seal.

 

 

_____________________________           

 

 

	OF 	 	 	:
	 	 	 	: SS
	COUNTY OF	 	 	:

 

ON THE ____ day of ___, 2013, before me, the
subscriber, a __________________ for _______________ of ________________, personally appeared ___________, who acknowledged himself
to be the ___________ of _______________, a __________________________________, general partner of Nappen & Associates, a Pennsylvania
limited partnership, and that he as such ___________, being authorized to do so, executed the foregoing instrument for the purposes
herein contained by signing the name of the limited partnership by himself as the _____________ of its general partner.

 

IN WITNESS WHEREOF, I hereunto set my hand and
official seal.

 

 

_____________________________
           

 

 

	OF 	 	 	:
	 	 	 	: SS
	COUNTY OF	 	 	:

 

ON THE ____ day of ___, 2013, before me, the
subscriber, a __________________ for _______________ of ________________, personally appeared David Sheerr, the Lender identified
in the foregoing instrument, who acknowledged that he executed the foregoing instrument for the purposes herein contained by signing
this name thereto as his free act and deed..

 

IN WITNESS WHEREOF, I hereunto set my hand and
official seal.

 

 

_____________________________
           

 

 

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EXHIBIT A

 

LEASEEXECUTION COPY

 

EXHIBIT 10.3

 

 

EQUIPMENT AND FURNITURE LEASE AGREEMENT

 

	LESSOR:	David Sheerr	 
	 	130 Corporate Drive	 
	 	Montgomeryville, PA 18936	 

 

 

	LESSEE	 	PAYMENT SCHEDULE
	
        FULL LEGAL NAME:

         

        DATARAM CORPORATION
	 	
        RENTAL

        TERM:

         

        Initial Term:

         

        5 years

         

        Option Term:

         

        2 years
	
        NUMBER OF

        MONTHLY

        RENT

        PAYMENTS:

         

        Initial Term:

         

        60

         

        Option Term:

         

        24

         
	
        MONTHLY

        RENTAL

        PAYMENT

        AMOUNT:

         

        Initial Term:

         

        $7,500.00

         

        Option Term:

         

        $7,500.00

	
        BILLING

        ADDRESS: P.O. Box 7528

         
	 	
        PURCHASE PRICE OPTION AT END OF TERM:

        None.

	
        CITY:

        Princeton
	
        STATE:

        New Jersey
	
        ZIP:

         

        08543
	 
	
        CONTACT

        NAME:

         

        John H. Freeman

        President and Chief Executive Officer

         
	
        PHONE:

         

        (609) 799-0071
	 
	 	 	 	 	 	 	 	 
	EQUIPMENT AND FURNITURE
	
        EQUIPMENT AND FURNITURE

        LOCATION:

         
	
        ADDRESS

         

        130 Corporate Drive

         
	
        CITY

         

        Montgomeryville
	
        STATE

         

        PA
	
        ZIP

         

        18936

	 	 	 	 	 	 	 	 	 	 	 

    	 

    	 

    

 

	
        EQUIPMENT AND FURNITURE DESCRIPTION (including related items):

         

        See attached Schedule A.

         

         

 

LEASE

 

1. LEASE. Lessor hereby leases to Lessee,
and Lessee hereby leases from Lessor, the equipment and furniture described above on the terms and conditions hereof (the equipment
and furniture with all replacements, upgrades, substitutions, accessions, additions, replacement parts and repairs is herein called
the “Equipment and Furniture”). In the event Lessee does not unconditionally accept the Equipment and Furniture
by signing Lessor's delivery and acceptance receipt (the “Delivery and Acceptance Receipt”) within ten (10)
days of the date Lessor provides the Equipment and Furniture to Lessee, Lessor may cancel this Lease and any obligation to Lessee
hereunder. Lessee authorizes Lessor to insert the serial numbers of the Equipment and Furniture and other omitted factual matters
when determined by Lessor.

 

2. NO WARRANTIES BY LESSOR; CONSEQUENTIAL
DAMAGES EXCLUDED.

 

2.1 Disclaimer
of Warranties. Lessee acknowledges that: Lessor is not the manufacturer of the Equipment and Furniture nor the manufacturer's
agent nor a dealer therein; the Equipment and Furniture is of a size, design, capacity, description and manufacture selected by
the Lessee; Lessee is satisfied that the Equipment and Furniture is suitable and fit for its purposes; and LESSOR HAS NOT MADE
AND DOES NOT MAKE ANY WARRANTY OR REPRESENTATION WHATSOEVER, EITHER EXPRESS OR IMPLIED, AS TO THE FITNESS, CONDITION, MERCHANTABILITY,
DESIGN OR OPERATION OF THE EQUIPMENT AND FURNITURE, ITS FITNESS FOR ANY PARTICULAR PURPOSE, THE QUALITY OR CAPACITY OF THE MATERIALS
IN THE EQUIPMENT AND FURNITURE OR WORKMANSHIP IN THE EQUIPMENT AND FURNITURE, LESSOR'S TITLE TO THE EQUIPMENT AND FURNITURE, NOR
ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER; Lessor shall not be liable to Lessee for any loss, damage, or expense of any
kind or nature caused, directly or indirectly, by the Equipment and Furniture or the use or maintenance thereof or the failure
or operation thereof, or the repair, service or adjustment thereof, or by any delay or failure to provide any such maintenance,
repairs, service or adjustment, or by any interruption of service or loss of use thereof or for any loss of business howsoever
caused. Lessor shall not be liable for any consequential damages as that term is used in Uniform Commercial Code § 2A503(c).
No defect or unfitness of the Equipment and Furniture shall relieve Lessee of the obligation to pay any installment of rent or
any other obligation under this Lease. Lessor shall have no obligation under this Lease in respect of the Equipment and Furniture
and shall have no obligation to ship, deliver, assemble, install, erect, test, adjust or service the Equipment and Furniture. Lessor
agrees, so long as there shall not have occurred or be continuing any Event of Default as defined in Section 13, or event
which with lapse of time or notice, or both, might become an Event of Default hereunder, that Lessor will permit Lessee, as Lessee's
sole and exclusive remedy hereunder, to enforce in Lessee's own name and at Lessee's sole expense any manufacturer's warranty or
agreement in respect of the Equipment and Furniture to the extent that such warranty or agreement is assignable.

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2.2 Exclusion
of Consequential Damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS LEASE, LESSOR SHALL NOT, UNDER ANY
CIRCUMSTANCES, BE LIABLE TO LESSEE OR ANY THIRD PARTY, FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL OR EXEMPLARY DAMAGES ARISING OUT
OF OR RELATED TO THE TRANSACTION CONTEMPLATED HEREUNDER, WHETHER IN ACTION BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE OR STRICT
LIABILITY) OR ANY OTHER LEGAL THEORY, INCLUDING, BUT NOT LIMITED TO, LOSS OF ANTICIPATED PROFITS, OR BENEFITS OF USE OR LOSS OF
BUSINESS, EVEN IF LESSOR IS APPRISED OF THE LIKELIHOOD OF SUCH DAMAGES OCCURRING.

 

IT IS EXPRESSLY UNDERSTOOD AND AGREED THAT
EACH AND EVERY PROVISION OF THIS AGREEMENT WHICH PROVIDES FOR A LIMITATION OF LIABILITY, DISCLAIMER OF WARRANTIES OR EXCLUSION
OF DAMAGES, IS INTENDED BY THE PARTIES TO BE SEVERABLE FROM ANY OTHER PROVISION AND IS A SEPARABLE AND INDEPENDENT ELEMENT OF RISK
ALLOCATION AND IS INTENDED TO BE ENFORCED AS SUCH.

 

3.NON-CANCELABLE
LEASE. THIS LEASE CANNOT BE CANCELLED BY LESSEE DURING THE TERM HEREOF. Lessee's obligations under this Lease including, without
limitation, the obligation to pay rent, are absolute and unconditional and shall continue without any claim, defense, set-off,
counterclaim, reduction or abatement of any kind whatsoever and regardless of any disability of Lessee to use the Equipment and
Furniture or any part thereof because of any reason whatsoever.

 

4.TERM
AND RENT. The term of this Lease shall commence as of the date the Lease is accepted by Lessor and shall continue for a period
of five (5) years (the “Initial Term”). At the end of the Initial Term, Lessee shall have the sole option to
extend the Lease for an additional two (2) years (the “Option Term”) upon the conditions and terms stated herein
by notifying Lessee of its intention to do so in writing not less than ten (10) days prior to the expiration of the Initial Term.
For the avoidance of doubt, the Equipment and Furniture shall at all times remain the property of Lessor and Lessee shall have
no right or property interest therein but only the right to use same under this Lease. The rent payments shall commence on the
date that Lessee unconditionally accepts the Equipment and Furniture by signing the Delivery and Acceptance Receipt (the “Rent
Commencement Date”). Advance rentals shall not be refundable if the Rent Commencement Date does not occur for any reason.
Any security deposit shall secure the obligations of Lessee hereunder, and, unless earlier applied, shall be refunded to Lessee,
without interest, at the satisfactory expiration of the Lease. Installments of rent shall be payable monthly in advance as stated
above, the first such installment being due on the Rent Commencement Date, or such later date as Lessor designates in writing,
and subsequent payments shall be due on the same day of each successive month until all rent and other obligations or expenses
chargeable to Lessee hereunder shall have been paid in full. All rent shall be payable to Lessor at the address provided herein
or such other address as designated by Lessor in writing.

 

5.ASSIGNMENT
BY LESSOR; WAIVER OF DEFENSES; NO ASSIGNMENT BY LESSEE. Lessor may, without notice to or consent by Lessee, assign this Lease,
any rentals, or any other sums due or to become due hereunder, or transfer or grant a security interest in any of the Equipment
and Furniture, and in such event Lessor's assignee or secured party shall have all of the rights, powers, privileges and remedies
of Lessor hereunder. No assignee shall be bound to perform any duty, covenant, condition or warranty of Lessor. Lessee agrees not
to raise any claim or defense which Lessee may have against Lessor arising out of this Lease or otherwise as a defense, counterclaim
or offset to any action by assignee or secured party hereunder. Lessee agrees that after receipt by Lessee of written notice of
an assignment from Lessor or from Lessor's assignee, all rent and other amounts which are then and thereafter due under this Lease
shall be paid to such assignee at the place of payment designated in such notice. Lessee shall not assign this Lease or any interest
hereunder or in the Equipment and Furniture nor enter into any sublease with respect to any of the Equipment and Furniture without
Lessor's prior written consent. Any purported assignment or sublease by Lessee without the prior written consent of Lessor shall
be void.

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6.TITLE;
QUIET ENJOYMENT. Title to the Equipment and Furniture shall at all times be vested in Lessor. All documents of title and evidences
of delivery shall be delivered to Lessor. Lessee authorizes Lessor, at Lessee's expense, to cause this Lease, or any statement
or other instrument in respect of this Lease showing the interest of Lessor in the Equipment and Furniture, including Uniform Commercial
Code financing statements, to be filed or recorded, and appoints Lessor as Lessee's attorney-in-fact with the right and power to
sign Lessee's name thereto. Lessee agrees to execute or procure for Lessor such estoppel certificates, landlord's or mortgagee's
waivers or other documents as Lessor may request to confirm or perfect Lessor's right in the Equipment and Furniture or to otherwise
effectuate the intents of this Lease. Lessee agrees to pay or reimburse Lessor for any filing, recording or stamp fees or taxes
arising from the filing or recording of any such instrument or statement. Lessee shall, at its expense, protect and defend Lessor's
title against all persons claiming against or through Lessee, keep the Equipment and Furniture free from legal process or encumbrance,
give Lessor immediate notice thereof and shall indemnify Lessor from any loss caused thereby. So long as Lessee is not in default
hereunder, Lessee shall quietly use and enjoy the Equipment and Furniture, subject to the terms hereof. Lessee agrees to pay Lessor
a fee for lease documentation and processing and for any governmental filings.

 

7.CARE,
USE AND LOCATION. Lessee shall maintain the Equipment and Furniture in good operating condition, repair and appearance, and
protect it from deterioration other than normal wear and tear; use the Equipment and Furniture in the regular course of its business,
within its normal operating capacity, without abuse; comply with all laws, ordinances, regulations, requirements and rules with
respect to the use, maintenance and operation of the Equipment and Furniture; use the Equipment and Furniture solely for business
purposes; not make any modification, alteration or addition to the Equipment and Furniture without the written consent of Lessor,
which shall not be unreasonably withheld; not affix the Equipment and Furniture (which shall remain personal property at all times
regardless of how attached or installed) to realty so as to change its nature to real property or a fixture; and keep the Equipment
and Furniture at the location shown herein, and not remove the Equipment and Furniture without the written consent of Lessor,
which shall not be unreasonably withheld. Lessee, at its sole expense, shall enter into and maintain in force, for the term of
this Lease and any schedule thereto, any maintenance contracts required by the manufacturer of the Equipment and Furniture, and
shall provide to Lessor a copy of such contract and all supplements thereto. If Lessee enters into such maintenance contract with
a party other than the manufacturer of the Equipment and Furniture, Lessee shall, at its sole expense, and no later than thirty
(30) days prior to returning the Equipment and Furniture to Lessor, have the manufacturer recertify the Equipment and Furniture,
as applicable, at the expiration of this Lease or any renewals or extensions thereof. The term of this Lease shall continue upon
the same terms and conditions until such recertification has been obtained.

 

8.TAXES.
Lessee intends the rent payments hereunder to be net to Lessor, and Lessee agrees to pay all sales, use, excise, personal property,
stamp, documentary and ad valorem taxes, license and registration fees, assessments, fines, penalties, property tax processing
fees, and similar charges imposed on the ownership, possession or use of the Equipment and Furniture during the term of this Lease,
and all taxes imposed on Lessor or Lessee (except Lessor's federal or state net income taxes) with respect to the rent payments
hereunder or the Equipment and Furniture, and shall reimburse Lessor upon demand for any such amounts paid or advanced by Lessor.
Unless otherwise directed, in writing, by Lessee, Lessor shall file all personal property tax returns with respect to the Equipment
and Furniture, and pay all taxes due thereon.

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9.INDEMNITY.
Lessee shall indemnify and hold Lessor harmless from and against all claims, losses, liabilities (including negligence, tort and
strict liability), damages, judgments, suits, and all legal proceedings, and any and all costs and expenses in connection therewith
(including attorneys' fees) arising out of or in any manner connected with the manufacture, purchase, financing, ownership, delivery,
rejection, non-delivery, possession, use, transportation, storage, operation, maintenance, repair, return or other disposition
of the Equipment and Furniture or with this Lease, including, without limitation, (a) claims for injury to or death of persons
and for damage to property, (b) claims relating to patent, copyright, or trademark infringement, and (c) claims relating to latent
or other defects in the Equipment and Furniture whether or not discoverable by Lessor. Lessee agrees to give Lessor prompt notice
of any such claim or liability.

 

10.RISK
OF LOSS. Lessee shall bear all risks of loss of and damage to the Equipment and Furniture from any cause. The occurrence of
such loss or damage shall not relieve Lessee of any obligation hereunder. In the event of loss or damage, Lessee, at Lessor's option,
shall: (a) place the damaged Equipment and Furniture in good repair, condition and working order, or (b) replace lost or damaged
Equipment and Furniture with new equipment and furniture of the same type and model and deliver to Lessor documentation vesting
clear title thereto in Lessor.

 

11.INSURANCE.
Lessee shall, at Lessee's sole cost and expense, keep the Equipment and Furniture insured against all risks of loss or damage from
every cause whatsoever for not less than the full replacement cost thereof. Lessee shall also obtain and maintain in effect throughout
the term, public liability insurance, covering both personal injury and property damage arising out of or in connection with the
use or operation of the Equipment and Furniture. All insurance shall be in such form and for such amounts, and issued by such companies,
as shall be acceptable to Lessor and shall name Lessor and Lessor's assignee or secured party as loss payees with respect to the
casualty coverage and as additional insured with respect to the public liability coverage and shall provide that the insurance
company will give Lessor and Lessor's assignee at least thirty (30) days' prior written notice of the effective date of any alteration
or cancellation of such policy. Lessee shall, upon Lessor's request, deliver to Lessor satisfactory evidence of the required insurance
coverage. Insurance proceeds as a result of loss or damage to any of the Equipment and Furniture shall be applied to satisfy Lessee's
obligation set forth in Section 10 hereof. Lessee irrevocably appoints Lessor as Lessee's attorney-in-fact to make a claim
for, receive payment of and execute and endorse all documents, checks or drafts received in payment for loss or damage under any
such insurance policy.

 

12.FINANCIAL
STATEMENTS. If requested by Lessor, Lessee agrees to deliver to Lessor annual and interim financial statements.

 

13.DEFAULT.
Each of the following events is an “Event of Default”: (a) Lessee's failure to pay, when due, any rent or any
other payment hereunder; or (b) Lessee's failure to perform any of the other terms, covenants or conditions of this Lease and such
failure shall continue for thirty (30) days after written notice; or (c) without Lessor's consent, Lessee attempts to remove, sell,
transfer, encumber, part with possession, or sublet any item of Equipment and Furniture; or (d) any representation, whether contained
herein or in any guaranty, application, financial statement or other document delivered to Lessee in connection with this Lease,
shall be untrue in any material respect; or (e) Lessee becomes insolvent, makes a general assignment for the benefit of creditors
or enters into a composition agreement with its creditors; or (f) a receiver, trustee, conservator or liquidator of all or a substantial
part of Lessee's assets is appointed with or without the application or consent of Lessee; or (g) a petition is filed by or against
Lessee under the Bankruptcy Code or under any other insolvency law or laws providing for the relief of debtors.

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14.REMEDIES.

 

14.1 If an Event
of Default occurs, Lessor may, with or without cancelling this Lease, exercise all remedies available to Lessor under applicable
law and without limiting the foregoing, (a) recover from Lessee all rent and other payments which are due and unpaid; (b) at any
time, declare immediately due and payable the aggregate of all rent and other payments which are payable under the Lease; and (c)
require Lessee to assemble the Equipment and Furniture at the expiration of the term of this Lease; and (d) require Lessee to assemble
the Equipment and Furniture and make it available to Lessor at a place to be designated by Lessor or without notice of any kind
to Lessee, and to the fullest extent permitted by law, enter into the premises where the Equipment and Furniture is located and
take possession of, and remove, the Equipment and Furniture, without liability to Lessee arising out of such entry, taking possession
or removal. Lessor may, at its option, store, use, lease, sell or otherwise dispose of the removed Equipment and Furniture but
is not required to dispose of the Equipment and Furniture.

 

14.2
If Lessee fails to comply with any provision of this Lease, Lessor shall have the right, but not the obligation, to effect compliance
on behalf of Lessee upon thirty (30) days prior written notice to Lessee. In such event all monies expended by Lessor, and all
expenses of Lessor in effecting such compliance, shall be deemed to be additional rent, and shall be paid by Lessee to Lessor at
the time of the next monthly payment.

 

14.3 Lessee shall
also be liable for and shall pay to Lessor (a) all expenses incurred by Lessor in connection with the enforcement of any Lessor's
remedies, (b) Lessor's reasonable attorney's fees and expenses, and (c) interest on all sums due Lessor from the date when the
sums become due until paid, at the rate of one percent (1.0%) per month but only to the extent permitted by law.

 

14.4
When any payment is not made by Lessee when due, Lessee agrees to pay to Lessor, not later than one month thereafter, in addition
to all amounts payable by Lessee as a result of the exercise of any of the remedies herein provided, an amount calculated at the
rate of five cents ($0.05) per one dollar ($1.00) of each such delayed payment, as an administrative fee to offset Lessor's collection
costs, or the maximum rate permitted by law, whichever is less.

 

14.5
All remedies of Lessor are cumulative, are in addition to any other remedies provided for by law, and may, to the extent permitted
by law, be exercised concurrently. The exercise of any one remedy shall not be deemed an election of such remedy or preclude the
exercise of any other remedy. No failure on the part of Lessor to exercise, and no delay in exercising, any right or remedy shall
operate as a waiver thereof or modify the terms of this Lease. In no event shall Lessor's recovery exceed the maximum recovery
permitted by law.

 

14.6
If this Lease is deemed at any time to be one intended as security, Lessee hereby grants Lessor a security interest in the Equipment
and Furniture and agrees that the Equipment and Furniture shall secure, in addition to the indebtedness set forth herein, indebtedness
at any time owing by Lessee to Lessor.

 

15.FURTHER
ASSURANCES. Lessee will cooperate with Lessor for the purpose of protecting the interest of Lessor in the Equipment and Furniture,
this Lease and the sums due under this Lease, including, without limitation, the execution of all Uniform Commercial Code financing
statements requested by Lessor. Lessee hereby appoints Lessor and/or its assignee and any officers, employees, or agents designated
by Lessor or its assignee as Lessee's attorney, coupled with an interest, to sign and file, on behalf of Lessee (without the signature
of Lessee), one or more Uniform Commercial Code financing statements, precautionary or otherwise, as appropriate, disclosing Lessor's
or its assignee's interest in the Equipment and Furniture, this Lease and the sums due under this Lease.

    	6

    	 

    

16.REDELIVERY
OF EQUIPMENT AND FURNITURE. Upon the expiration or earlier termination of this Lease, Lessee shall return the Equipment and
Furniture, freight prepaid, to Lessor in good repair, condition and working order, in a manner and to a location designated by
Lessor. If upon such expiration or termination, Lessee does not immediately return the Equipment and Furniture to Lessor, the Equipment
and Furniture shall continue to be held and leased hereunder, and this Lease shall thereupon be extended from month to month at
the same monthly rent, subject to the right of either Lessee or Lessor to terminate the Lease upon thirty (30) days' written notice,
whereupon Lessee shall forthwith deliver the Equipment and Furniture to Lessor as provided in this paragraph. This Lease shall
remain effective on a month-to-month basis on the same terms and conditions and the rent shall be due and payable until the Equipment
and Furniture is returned to Lessor.

 

17.ENTIRE
AGREEMENT; CHANGES. This Lease and any schedules contain the entire agreement between the parties and may not be altered, amended,
modified, terminated or otherwise changed except in a writing signed by Lessor and Lessee.

 

18.NOTICE.
All notices under this Lease shall be sufficient if given personally or mailed to the party intended at its respective address
set forth herein, or at such other address as said party may provide in writing from time to time. Any such notice mailed to said
address shall be effective when deposited in the United States mail duly addressed, postage prepaid.

 

19.BINDING
EFFECT. This Lease shall inure to the benefit of, and be binding upon, the parties and their respective personal representatives,
successors and assigns. Lessor and Lessee intend this Lease to be a valid and subsisting legal instrument, and agree that no provision
of this Lease which may be deemed unenforceable shall in any way invalidate any other provision or provisions of this Lease, all
of which shall remain in full force and effect.

 

20.GOVERNING
LAW; JURISDICTION; VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL. THIS LEASE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW JERSEY, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. LESSEE
AGREES TO SUBMIT TO THE JURISDICTION OF THE STATE AND/OR FEDERAL COURTS IN THE STATE OF NEW JERSEY WITH RESPECT TO ANY ACTION COMMENCED
HEREUNDER. LESSEE AGREES THAT SERVICE OF PROCESS IN ANY ACTION SHALL BE SUFFICIENT IF MADE BY FIRST-CLASS CERTIFIED MAIL, RETURN-RECEIPT
REQUESTED TO THE ADDRESS OF LESSEE SET FORTH IN THIS LEASE. LESSEE HEREBY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY MATTERS ARISING
OUT OF THIS LEASE OR THE CONDUCT OF THE RELATIONSHIP BETWEEN LESSOR AND LESSEE.

    	7

    	 

    

IN WITNESS WHEREOF, Lessor
and Lessee have executed this Agreement as of the 31st day of October, 2013.

 

 

LESSOR:

 

DAVID SHEERR

 

 

____________________________

 

 

 

LESSEE:

 

DATARAM CORPORATION

 

By: _________________________

Name: John H.
Freeman

Title: President
and Chief Executive Officer

 

 

 

 

 

 

[Signature page to Equipment and Furniture Lease Agreement]

 

 

    	8

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