Document:

Exhibit

AMENDMENT NO. 8 TO CREDIT AGREEMENT
THIS AMENDMENT NO. 8 TO CREDIT AGREEMENT (this “Amendment”), entered into as of May 9, 2018, is by and between Koss Corporation, a Delaware corporation (“Borrower”), and JPMorgan Chase Bank, N.A. (“Lender”) under the Credit Agreement defined below.
W I T N E S S E T H:
WHEREAS, Borrower and Lender entered into that certain Credit Agreement dated as of May 12, 2010 (as amended to date, the “Credit Agreement”), pursuant to which Lender agreed to extend credit to Borrower upon the terms and subject to the conditions set forth therein; and
WHEREAS, Borrower has requested that Lender enter into this Amendment for the purpose of making certain modifications and amendments to the Credit Agreement as described herein, and Lender is willing to agree to such modifications, all on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the terms and conditions contained herein, the parties hereto hereby agree as follows:
1.Definitions.  All capitalized terms used and not otherwise defined herein shall have the meanings given to such terms by the Credit Agreement as amended hereby.
2.    Amendments.  Upon satisfaction of the conditions set forth in Section 3 below, the Credit Agreement shall be amended as follows:
		
	(a)
	All references to the Credit Agreement in the Credit Agreement or any of the Loan Documents shall refer to the Credit Agreement as amended hereby.  

		
	(b)
	Section 1.01 (Defined Terms) shall be amended as follows:

		
	a.
	The definition of “Maturity Date” set forth therein shall be revised to read as follows:

“Maturity Date” means July 31, 2019, or any earlier date on which the Revolving Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof.
		
	b.
	A new definition shall be added to Section 1.01 in appropriate alphabetical order as follows:

“Eighth Amendment Effective Date” means the date on which the conditions to effectiveness of the Amendment 

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No. 8 to Credit Agreement dated as of May 9, 2018 are satisfied.
3.    Conditions:  Notwithstanding the foregoing, this Amendment shall not become effective unless and until Lender receives:
(a)    a fully-executed copy of this Amendment; 
(b)    a certificate of the secretary of Borrower dated the Eighth Amendment Effective Date, certifying as to the organizational documents and authorizing resolutions of Borrower and incumbency and specimen signatures of the officers of the Borrower authorized to execute, deliver and perform the Loan Documents on behalf of Borrower; and
(c)    such other certificates or documents as Lender or its counsel may reasonably request.
4.    Representations and Warranties.  Borrower repeats and reaffirms the representations and warranties set forth in Article III of the Credit Agreement as though made on and as of the date hereof, except for representations or warranties that are made as of a particular date.  Borrower also represents and warrants that the execution, delivery and performance of this Amendment, and the documents required herein, are within the corporate powers of Borrower, have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of the shareholders of Borrower; (ii) violate any provision of the articles of incorporation or by-laws of Borrower or of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect having applicability to Borrower or any subsidiary of Borrower; (iii) require the consent or approval of, or filing a registration with, any governmental body, agency or authority, other than routine filings with the U.S. Securities and Exchange Commission other than that which has been obtained or filed; or (iv) result in any breach of or constitute a default under, or result in the imposition of any lien, charge or encumbrance upon any property of Borrower or any subsidiary of Borrower pursuant to, any indenture or other agreement or instrument under which Borrower or any subsidiary of Borrower is a party or by which it or its properties may be bound or affected, other than as permitted by the Loan Documents.  This Amendment constitutes the legal, valid and binding obligation of Borrower enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy or similar laws affecting the enforceability of creditors’ rights generally.
5.    Obligations Enforceable, Etc.  Borrower acknowledges and agrees that its obligations under the Credit Agreement are not subject to any offset, defense or counterclaim assertable by Borrower and that the Credit Agreement and the Loan Documents are valid, binding and fully enforceable according to their respective terms.  Except as expressly provided above, the Credit Agreement and the Loan Documents shall remain in full force and effect, and this Amendment shall not release, discharge or satisfy any present or future debts, obligations or liabilities to Lender of Borrower or of any debtor, guarantor or other person or entity liable for payment or performance of any of such debts, obligations or liabilities of Borrower, or any security interest, lien or other collateral or security for any of such debts, obligations or liabilities 

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of Borrower or such debtors, guarantors, or other persons or entities, or waive any default, and Lender expressly reserves all of its rights and remedies with respect to Borrower and all such debtors, guarantors or other persons or entities, and all such security interests, liens and other collateral and security.  This is an amendment and not a novation.  Without limiting the generality of the foregoing, all present and future debts, obligations and liabilities of Borrower under the Credit Agreement, as amended, are and shall continue to be secured by the Security Agreement and any other Collateral Documents.  
6.    Fees and Expenses.  As contemplated by Section 8.03(a) of the Credit Agreement, Borrower shall be responsible for the payment of all reasonable fees and out-of-pocket disbursements incurred by Lender in connection with the preparation, execution and delivery of this Amendment.  Borrower further acknowledges and agrees that, pursuant to and on the terms set forth in such Section 8.03(a), Borrower is and shall be responsible for the payment of other fees, expenses, costs and charges arising under or relating to the Credit Agreement, as amended hereby, and the Loan Documents, as set forth in such Section 8.03(a).
7.    Entire Agreement.  This Amendment and the other documents referred to herein contain the entire agreement between Lender and Borrower with respect to the subject matter hereof, superseding all previous communications and negotiations, and no representation, undertaking, promise or condition concerning the subject matter hereof shall be binding upon Lender unless clearly expressed in this Agreement or in the other documents referred to herein.
8.    Miscellaneous.  The provisions of this Amendment shall inure to the benefit of any holder of any Obligations, and shall inure to the benefit of and be binding upon any successor to any of the parties hereto.  All agreements, representations and warranties made herein shall survive the execution of this Amendment and the making of the loans under the Credit Agreement, as so amended.  This Amendment shall be governed by and construed in accordance with the internal laws of the State of Wisconsin.  This Amendment may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were upon the same instrument.  This Amendment is solely for the benefit of the parties hereto and their permitted successors and assigns.  No other person or entity shall have any rights under, or because of the existence of, this Amendment.

- 3 -Exhibit 10.1

 

 

 

January 4, 2018 

ZAIS Group Holdings, Inc.,

2 Bridge Ave Suite 322

Red Bank, NJ 07701

 

Mr. Michael F. Szymanski

[ADDRESS REDACTED]

 

Dear Mike:

 

You have advised us that you wish to step down
as President of ZAIS Group, LLC (“ZG”) and President and Chief Executive Officer and Director of ZAIS Group Holdings,
Inc. (“ZGH”) (ZG and ZGH, together with their respective affiliated entities, “ZAIS”) but are willing for
a limited period of time to continue to provide certain services to ZAIS in an advisory capacity, serving as an independent contractor
rather than as an employee (“Consultancy Services”). This letter confirms our agreement (the “Agreement”)
as follows:

 

		1.	You will cease to be an employee of ZAIS Group, LLC at
the close of business on January 5, 2018 and will resign as President and Chief Executive Officer of ZAIS (and from any other
officer and director positions you may hold, including your position as a Director of ZGH) effective as of that date and time.
Upon ceasing to be an employee of ZAIS Group, LLC, you will no longer be an eligible employee under or covered by any of the ZAIS
benefit plans that apply to employees (although you will be eligible for continued health benefits under COBRA).

 

		2.	Commencing January 6, 2018, you will be retained as a consultant
to ZAIS, through your Consultancy firm, Ryder’s Cove Advisors, LLC. Consultancy Services will terminate as of the close
of business on February 28, 2018.

 

     

     

    

 

The period between January 6, 2018 and February
28, 2018 is referred to as the “Consultancy Period”.

 

		3.	During the Consultancy Period you will be reasonably available
to advise members of ZAIS management and the ZGH Board on matters in which you were involved as an officer and director of ZAIS
and such other matters related to the business and operations of ZAIS as may be reasonably requested.

 

		4.	It is understood that during the Consultancy Period you
may be providing services to others or become employed by others. ZAIS hereby agrees to waive Section 2(a)(i) of your Non-Competition,
Non-Solicitation, Confidentiality and Intellectual Property Agreement dated September 8, 2009 (the “Non-Compete
Agreement”), effective on January 5, 2018. Further, in consideration of ZG waiving the restrictions set forth in Section
2(a)(ii) of the Non-Compete Agreement, you agree that you will not solicit any prospective client or investor of ZG (as
set forth in a separate letter to be provided to you by ZG) for any credit related fund, product or managed account during the
Covenant Period (as defined in the Non- Compete Agreement) applicable to Section 2(a)(ii) of the Non-Compete Agreement.
Other than as set forth in the Release Agreement, all of the other terms of the Non-Compete Agreement remain in full force
and effect and will be adhered to by you.

 

		5.	In consideration of providing Consultancy Services, ZG
will pay you a monthly retainer of $50,000, payable in advance on the first day of each calendar month, noting however, that the
payment for the month of January 2018 will be made on January 8, 2018.

 

		6.	ZG will reimburse you promptly for all reasonable out of
pocket expenses, including any travel expenses, reasonably incurred by you in performing services hereunder, upon presentation
of appropriate invoices.

 

		7.	You and members of your immediate family will have the
right to elect continued health and medical insurance coverage, at your own cost, for up to 18 months following your termination
of employment as required under COBRA.

 

     

     

    

 

		8.	In order to receive the final installment payment of $500,000
(the “Final Retention Bonus Amount”) under your retention letter dated April 5, 2017 and amended on November 7, 2017,
you must execute a release in favor of ZAIS in the form attached to this letter not later than 21 days after the date of this
letter. If you fulfill these conditions, the Final Retention Bonus Amount will be paid to you, subject to applicable tax withholding,
on February 28, 2018.

 

		9.	During the Consultancy Period, you will continue to have
access to ZAIS’s premises, books and records and your ZAIS email account to the full extent needed and requested so that
you can perform any requested services under this Agreement. Upon the termination of this Agreement on February 28, 2018, you
will deliver to ZG any ZAIS property in your possession or under your control. This paragraph does not prohibit you from retaining
for your own records copies of personnel, compensation, performance and other employment documents relating solely to yourself.

 

		10.	You will provide Consultancy Services hereunder as an independent
contractor, and you will be compensated as such. You acknowledge and agree that you are responsible for satisfying all federal,
state, local and other income and other tax obligations with respect to compensation you will receive for providing Consulting
Services under this Agreement, and that the Company will not withhold or remit tax on your behalf with respect to such compensation.
However, the retention payment described in Clause 8, which relates to your employment with ZAIS, willbe subject to minimum required
tax withholding.

 

		11.	This Agreement is governed by the laws of the State of
New Jersey, without regard to its conflict of law rules.

 

To confirm our acceptance of this Agreement,
please sign below and return the last page of this letter to us. We are grateful for your past service to ZAIS and look forward
to having you available to continue to provide advice to ZAIS during the Consultancy Period.

 

     

     

    

 

	ZAIS
    GROUP Holdings, Inc.	 	 
	 	 	 
	/s/ Christian Zugel
    	 	/s/ Michael F. Szymanski

 

     

     

    

 

Exhibit A

 

     

     

    

 

RELEASE AGREEMENT

 

This Release Agreement (“Agreement”)
is made by and between ZAIS Group, LLC (“EMPLOYER” or “ZAIS”) and Michael F. Szymanski (“EMPLOYEE”)
as of January 4, 2018 (the “Effective Date”).

 

RECITALS

 

A.         For purposes of this Agreement, “EMPLOYER”
means ZAIS Group, LLC and includes each of its predecessors, successors in interest, assigns, parent and subsidiary organizations,
affiliates, and partners, and its past, present, and future officers, directors, shareholders, agents, and employees, and their
heirs and assigns.

 

B.         For and in consideration of the mutual promises
and covenants in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

 

General Release, Waiver of Claims and Covenant
Not to Sue

 

EMPLOYEE, in consideration of EMPLOYER making
the remaining $500,000 payment (the “Final Retention Bonus Amount”) to EMPLOYEE under the terms of the letter agreement
with the Employee dated April 5, 2017 (as amended, the “Letter Agreement”), hereby knowingly and voluntarily compromises,
settles, and releases EMPLOYER from any and all past, present, or future claims, demands, obligations, or causes of action, whether
based on tort (including fraud), contract, statutory or other theories of recovery for anything that has occurred up to and including
the Effective Date of this Agreement. Such claims include any known and unknown claims EMPLOYEE may have or has against EMPLOYER,
or which may later accrue to or be acquired by EMPLOYEE before and through the Effective Date of this Agreement against EMPLOYER
and its predecessors, successors in interest, assigns, parent and subsidiary organizations, affiliates, and partners, and its past,
present, and future officers, directors, shareholders, agents, and employees, and their heirs and assigns (collectively, the “Released
Parties”), whether directly or indirectly related to the employment relationship between the parties or not.

 

In addition, EMPLOYEE specifically
agrees to release and waive any and all claims arising under federal, state and local laws prohibiting any form of employment discrimination,
harassment or retaliation, claims arising under the common law, and any other claims arising in any way from EMPLOYEE’s employment
with EMPLOYER and the separation from employment, and any other conduct by EMPLOYER to the fullest extent permitted by law. EMPLOYEE’s
express waiver and release of all claims or rights includes, but is not limited to, those arising under Title VII of The Civil
Rights Act of 1964, 42 U.S.C. §2000 et seq.; Section 1981 of the Civil Rights Act of 1866, as amended; The Age Discrimination
in Employment Act, as amended by the Older Workers Benefit Protection Act (ADEA); the Fair Labor Standards Act, 29 U.S.C. §201
et seq. (FLSA); the Lilly Ledbetter Fair Pay Act; the Family and Medical Leave Act, 29 U.S.C. §2601 et seq.
(FMLA); the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA); the Americans with Disabilities Act of 1990, 42 U.S.C.
§12101 et seq. (ADA); the Rehabilitation Act, 29 U.S.C. §701 et seq.; the Employee Retirement Income Security
Act of 1974, 29 U.S.C. §1001 et seq. (ERISA); the National Labor Relations Act, 29 U.S.C. §151 et seq.
(NLRA); the New Jersey Law Against Discrimination, N.J.S.A. 10:5-1 et seq. (NJLAD); the Conscientious Employee Protection
Act, N.J.S.A. 34:19-1 et seq. (CEPA); the New Jersey Family Leave Act, N.J.S.A. 34:11B-1 et seq. (NJFLA); the New
Jersey Workers’ Compensation Act, N.J.S.A. 34:15-1 et seq.; the New Jersey Wage and Hour Laws, N.J.S.A. 34:11-56a
et seq.; claims relating to the tax treatment of any compensation provided to EMPLOYEE by EMPLOYER in any capacity and any
and all claims for compensatory and punitive damages and attorneys' fees, costs or other expenses, including the applicable laws
of New York.

 

     

     

    

 

EMPLOYEE represents that
EMPLOYEE has not filed any lawsuits, claims or arbitrations against EMPLOYER or any of EMPLOYER’S parents or subsidiaries
or any of their respective officers, directors, direct or indirect controlling shareholders or employees , or filed or caused to
be filed any charges, complaints or accusations against EMPLOYER or any of EMPLOYER’S parents or subsidiaries or any of their
respective officers, directors, direct or indirect controlling shareholders or employees in any municipal, state or federal jurisdiction
or with any municipal, state or federal agency charged with the enforcement of any law or any self- regulatory organization. To
the extent not inconsistent with Equal Employment Opportunity Commission (“EEOC”) Enforcement Guidance or Non-Waivable
Employee Rights Under EEOC-Enforced Statutes dated April 11, 1997, and to the fullest extent permitted by law, EMPLOYEE shall not
sue in any jurisdiction or file a complaint, grievance or demand for arbitration against EMPLOYER or any of EMPLOYER’S parents
or subsidiaries or any of their respective officers, directors, direct or indirect controlling shareholders or employees in any
claim, arbitration, suit, action, investigation, or other proceeding that relates to any matter that involved EMPLOYER, and that
occurred up to and including the Effective Date of this Agreement, unless required to do so by court order, subpoena or other directive
by a court, administrative agency, arbitration panel or legislative body, or unless required to enforce this Agreement. Notwithstanding
the foregoing provisions, nothing in this Agreement shall prevent EMPLOYEE from commencing an action or proceeding to enforce this
Agreement or exercising his rights to challenge the validity of his waiver of ADEA claims set forth herein. This release, waiver
and covenant does not apply to: (i) any right or claim to payment or benefit provided for and set forth in this Agreement(ii) the
enforcement of any provision of this Agreement or (c) any rights and benefits under the Indemnification Agreement between EMPLOYEE
and ZAIS Group Holdings, Inc. dated March 17, 2015 (collectively, the “Excluded Claims”)

 

Waiver

 

EMPLOYER hereby agrees to waive Section 2(a)(i)
of the Non-Competition, Non-Solicitation, Confidentiality and Intellectual Property Agreement dated September 8, 2009 between EMPLOYEE
and EMPLOYER (the “Non-Compete Agreement”), effective on January 5, 2018. Further, in consideration of EMPLOYER waiving
the restrictions set forth in Section 2(a)(ii) of the Non-Compete Agreement, EMPLOYEE agrees that EMPLOYEE will not solicit any
prospective client or investor of ZAIS Group, LLC (as set forth in a separate letter to be provided by EMPLOYER to EMPLOYEE) for
any credit related fund, product or managed account during the Covenant Period (as defined in the Non-Compete Agreement) applicable
to Section 2(a)(ii) of the Non-Compete Agreement. Other than as set forth in this Section, all of the other terms of the Non-Compete
Agreement remain in full force and effect and will be adhered to by the EMPLOYEE.

 

    	 	4	 

     

    

 

Protected Rights

 

This Agreement, the Non-Compete Agreement and
any other agreement with EMPLOYER are not intended to, and shall not, in any way prohibit, limit or otherwise interfere with: (a)
EMPLOYEE’S protected rights under federal, state or local law to, without notice to EMPLOYER, (i) communicate or file a charge
with a government regulator; (ii) participate in an investigation or proceeding conducted by a government regulator; or (iii) receive
an award paid by a government regulator for providing information; (b) EMPLOYEE’S protected right to test in any court, under
the Older Workers Benefit Protection Act, or like statute or regulation, the validity of the waiver of rights under ADEA in this
Agreement; or (c) EMPLOYEE’S right to enforce to enforce the terms of this Agreement or to exercise your rights relating
to any other Excluded Claims.

 

Entire Agreement

 

This Agreement, together with the Letter Agreement,
the Non-Compete Agreement and any other employee covenants agreement EMPLOYEE has signed, contains the entire agreement and understanding
between the EMPLOYEE and the EMPLOYER concerning the subject matter of this Agreement and supersedes any and all prior agreements
or understandings (both written and oral) between the EMPLOYEE and the EMPLOYER concerning the subject matter of this Agreement.
This Agreement may only be modified by a written document signed by you and an authorized officer of the Company.

 

Severability

 

If a court finds any provision of this Agreement
invalid or unenforceable as applied to any circumstance, the remainder of this Agreement and the application of such provision
shall be interpreted so as best to effect the intent of the parties hereto. The parties further agree to replace any such void
or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible,
the economic, business, or other purposes of the void or unenforceable provision.

 

Governing Law

 

This Agreement shall be governed by and construed
in all respects in accordance with the laws of the State of New Jersey without regard to its conflict of law rules. EMPLOYER and
EMPLOYEE hereby agree that any dispute concerning this Agreement shall be subject to the exclusive jurisdiction of the state courts
and federal courts located in New Jersey.

 

Miscellaneous

 

EMPLOYEE acknowledges and agrees that upon
payment of the Final Retention Bonus Amount, EMPLOYEE will have been paid for all work performed including, without limitation,
all salary/wages, bonuses, overtime, commissions and any earned, but unused, vacation time due to EMPLOYEE up through and including
the last day of employment. EMPLOYEE acknowledges and agrees that, except for the EMPLOYER’s obligation to provide the payments
and extension of benefits specifically provided in this Agreement and under COBRA, EMPLOYEE is entitled to no other payments or
benefits whatsoever and the Released Parties have no further obligations to EMPLOYEE whatsoever, whether arising out of employment
with the EMPLOYER, EMPLOYEE’S separation from the EMPLOYER or otherwise.

 

    	 	5	 

     

    

 

EMPLOYEE further acknowledges that he have
no right to reinstatement or re- employment with the EMPLOYER and agrees that any application for re-employment may be rejected
without explanation or liability.

 

Nothing contained in this Agreement will constitute
or be treated as an admission by the EMPLOYEE, the EMPLOYER or any of the other Released Parties of any liability, wrongdoing or
violation of law.

 

This Agreement shall inure to the benefit of
the EMPLOYER and the other Released Parties and shall be binding upon EMPLOYER and its successors and assigns. For this purpose,
“successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger,
or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. This Agreement
also shall inure to the benefit of, and be binding upon, the EMPLOYEE and his heirs, executors, administrators, trustees and legal
representatives.

 

EMPLOYEE REPRESENTS AND WARRANTS:

 

		•	having had sufficient opportunity to consider this Agreement;

		•	having carefully read this Agreement and understand all of its terms;

		•	having entered into this Agreement of his own free will and volition and that, except for the promises
expressly made by the Company in this Agreement, no other promises or agreements of any kind have been made to him by any person
or entity whatsoever to cause you to sign this Agreement;

		•	he is responsible for his own attorneys’ fees and costs;

		•	having been advised and encouraged by ZAIS to consult with his own independent counsel before signing
this Agreement;

		•	having had the opportunity to review this Agreement with counsel of his choice or have chosen voluntarily
not to do so

		•	having been given twenty-one (21) days to review this Agreement before signing this Agreement and
understanding that he is free to use as much or as little of the 21-day period as he wishes or considers necessary before deciding
to sign it;

		•	having been advised of his right to revoke this Agreement within a period of seven (7) days from
his delivery of the executed Agreement to ZAIS, by delivering written notice of such revocation to Ann O’Dowd, at which point
the Agreement will become void and of no effect; and

		•	having been informed, and agreeing that this Agreement will not become effective unless and until
the seven (7) day revocation period has passed without revocation; and

		•	understanding that this Agreement is valid, binding, and enforceable against EMPLOYEE AND EMPLOYER according to its terms.

 

If you wish to accept this Agreement, please
sign, date and return it to me no later than twenty- one (21) days after receiving it.

 

    	 	6	 

     

    

 

	Sworn
and subscribed before me this _________ day of ___________, 2018	 	EMPLOYEE
	 	 	 
	 	 	 
	 	 	 
	NOTARY PUBLIC	 	ZAIS GROUP, LLC
	 	 	 

 

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