Document:

Exhibit 10.1

 

THIS DEFERRED COMPENSATION
AGREEMENT (“Agreement”) is made as of this ____ day of ____________, 2020 (the “Effective Date”),
by and between BLONDER TONGUE LABORATORIES, INC., a Delaware corporation (the “Company”), and _______________
(the “Executive”).

 

WITNESSETH:

 

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 _____ percent (__%) of the cash compensation from the Company earned by the Executive as its employee during
the period beginning on the Effective Date and ending on __________ (the “Suspension Period”), 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 or before March 15, 2021, 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 Suspension Period, 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 and 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.

 

    1

     

    

 

 

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 as of the day and year first above written.

 

	ATTEST: 	BLONDER TONGUE LABORATORIES, INC.
	 	 
	 	By: 	
	 	 	Edward R. Grauch, Chief Executive Officer

                                                                    
EXECUTIVE:Exhibit 4.1

 

SPECIMEN UNIT CERTIFICATE

 

NUMBER UNITS U-[  ]

 

Ribbit LEAP, Ltd.

 

	
SEE REVERSE FOR
    	
 
    
	
CERTAIN
    	
 
    
	
DEFINITIONS
    	
CUSIP[   ]
    

 

UNITS CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE-FIFTH OF ONE REDEEMABLE WARRANT TO PURCHASE ONE CLASS A ORDINARY SHARE

 

THIS CERTIFIES THAT                      is the owner of          Units.

 

Each Unit (“Unit”) consists of one (1) Class A ordinary share, par value $0.0001 per share (“Ordinary Shares”), of Ribbit LEAP, Ltd., a Cayman Islands exempted company (the “Company”), and one-fifth (1/5) of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one (1) Ordinary Share for $11.50  per share (subject to adjustment). Each Warrant will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses (each, a “Business Combination”), and (ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”). The Ordinary Shares and Warrants comprising the Units represented by this certificate are not transferable separately prior to [     ], 2020, unless J.P. Morgan Securities  LLC elects to allow earlier separate trading, subject to the Company’s filing with the Securities and Exchange Commission of a Current Report on Form 8-K containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the initial public offering and issuing a press release announcing when separate trading will begin. No fractional warrants will be issued upon separation of the Units and only whole warrants are exercisable. The terms of the Warrants are governed by a Warrant Agreement, dated as of [     ], 2020, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.

 

Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York, New York 10004, and are available to any Warrant holder on written request and without cost.

 

Upon the consummation of the Business Combination, the Units represented by this certificate will automatically separate into the Class A Ordinary Shares and Warrants comprising such Units.

 

This certificate is not valid unless countersigned by the Registrar and Transfer Agent of the Company.

 

This certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

 

 

Witness the facsimile signatures of its duly authorized officers.

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Chief Executive Officer
    	
 
    	
Chief Financial Officer
    

 

 

Ribbit LEAP, Ltd.

 

The Company will furnish without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights.

 

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	
TEN COM
    	
—
    	
as tenants in common
    	
UNIF GIFT MIN ACT
    	
—
    	
 
    	
Custodian
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
TEN ENT
    	
—
    	
as tenants by the entireties
    	
 
    	
 
    	
(Cust)
    	
 
    	
(Minor)
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
JT TEN
    	
—
    	
as joint tenants with   right of survivorship and not as tenants in common
    	
 
    	
under Uniform   Gifts to Minors Act
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
(State)
    	
 
    

 

Additional abbreviations may also be used though not in the above list.

 

 

For value received,                      hereby sells, assigns and transfers unto

 

(PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE)

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

Units represented by the within Certificate, and does hereby irrevocably constitute and appoint         Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the premises.

 

	
Dated
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Notice: The   signature to this assignment must correspond with the name as written upon   the face of the certificate in every particular, without alteration or   enlargement or any change whatever.
    
	
 
    	
 
    	
 
    
	
Signature(s) Guaranteed:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
THE   SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION   (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH   MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO   S.E.C. RULE 17Ad-15 OR ANY SUCCESSOR RULES).
    	
 
    	
 
    

 

In each case, as more fully described in the Company’s final prospectus dated                   , 2020,      the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial public offering only (i) in the event of the redemption of the Company’s Ordinary Shares sold in its initial public offering if the Company does not consummate an initial business combination within the period of time set forth in the Company’s amended and restated memorandum and articles of association, as the same may be amended from time to time, (ii) in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to provide holders of the Ordinary Shares the right to have their shares redeemed in connection with the Company’s initial business combination or to redeem 100% of the Ordinary Shares if the Company does not complete its initial business combination within the time period set forth therein or (B) with respect to any other provision relating to the rights of holders of the Ordinary Shares, and (iii) if the holder(s) seek(s) to redeem for cash his, her, its or their respective Ordinary Shares in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed initial business combination) setting forth the details of a proposed initial business combination. In no other circumstances shall the holder(s) have any right or interest of any kind to or in the trust account.

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