Document:

EX-10.3

  Exhibit 10.3

  ALLONGE AND MODIFICATION AGREEMENT (NOTE NO. 2)

  (Amendment and Modification of Note No. 2)

  	THIS ALLONGE AND MODIFICATION AGREEMENT (the “Agreement”) is dated as of the 22nd day of March, 2022, by Broad Street Operating Partnership, LP, a Delaware limited partnership, Broad Street Realty, Inc., a Delaware corporation, and Broad Street Realty, LLC, a Maryland limited liability company, their respective successors and/or assigns (collectively, the “Borrower” for clerical convenience); MVB Bank, INC., a West Virginia banking corporation, its successors and/or assigns (the “Lender”); and Michael Z. Jacoby (individually) (the “Guarantor”).

  R E C I T A L S :

  1.In accordance with the terms of that certain Loan Agreement dated on or about December 27, 2019, as previously amended, and as further amended by that certain Modification Agreement dated on or about the date hereof (the “Modification Agreement”), executed in favor of the Lender by each Borrower and Guarantor (as amended, the “Loan Agreement”), the Lender agreed to make one or more commercial loans to the Borrower in the aggregate, amended principal amount of up to eight Million Five Hundred Thousand and 00/100 Dollars ($8,500,000.00) (hereinafter, whether administered as one or more loans, referred to, singularly or collectively, as the “Loan”).  The Lender is the holder of the Notes (defined below).

  2.The Loan is evidenced by, among other documents, those certain promissory notes payable to the order of Lender (collectively, together with any and all respective allonges, amendments, modifications, extensions, and/or supplements thereto, the “Notes”), and being further described as follows:

  a.Promissory Note in the face amount of Four Million Five Hundred Thousand and 00/100 Dollars ($4,500,000.00) (“Original Note No. 1”), dated on or about December 27, 2019, as amended by that certain separate Allonge and Modification Agreement dated on or about the date hereof (the “Note No. 1 Allonge”) (collectively, Original Note No. 1, as previously amended, and as further amended the Note No. 1 Allonge, together with any and all other allonges, amendments, modifications, extensions, and/or supplements thereto, are referred to as “Note No. 1”); 

  b.Promissory Note in the face amount Two Million and 00/100 Dollars ($2,000,000.00) (“Original Note No. 2”), dated on or about December 27, 2019, as previously amended, and as further amended by this Agreement (collectively, Original Note No. 2, as previously amended, and as further amended by this Agreement, together with any and all other allonges, amendments, modifications, extensions, and/or supplements thereto, are referred to as “Note No. 2”); and

  c.Promissory Note in the face amount of Two Million and 00/100 Dollars ($2,000,000.00) (“Note No. 3”) dated on or about the dated of this Agreement. 

  3.The Loan is further evidenced and secured by the Loan Documents (as defined in the Modification Agreement).

  4.The parties hereto desire to further modify the terms of Note No. 2 in accordance with the 

   

  

   

  terms stated herein;

  W  I  T  N  E  S  S  E  T  H  :

  	NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged and affirmed, the parties hereto do hereby agree as follows:

  1.Recitals; Incorporation.  All of the recitals stated above are hereby incorporated herein by reference as if fully set forth in the body of this Agreement.  All of the Loan Documents are hereby incorporated herein by reference as if fully set forth in the body of this Agreement.

  2.Modification of Note No. 2; Ratification.

  a.The Maturity Date (as defined in Note No. 2) of Note No. 2 is hereby further extended and is deemed to be June 27, 2023, when all principal that remains outstanding under Note No. 2, together with all other amounts, including, but not limited to, accrued but unpaid interest, costs, and fees, if any, shall be and become due and payable in full.  TIME IS OF THE ESSENCE. This is a special circumstance and the Lender shall be under no obligation to further extend the Maturity Date.

  b.No further draws, advances, or re-advances will be permitted under Note No. 2. 

  c.Borrower shall continue to pay to Lender regular installments of principal and interest as and when required under the terms of Note No. 2. 

  d.The Exit Fee (as defined in the Modification Agreement) shall be paid to Lender on the Maturity Date and/or any prepayment of Note No. 2.

  e.All references in Note No. 2 to the “Guarantors” shall be deemed to mean and refer to the Guarantor (as defined herein).  All references in Note No. 2 to the “Unconditional Guaranty Agreement” shall be deemed to mean and refer to that certain amended and restated Unconditional Guaranty Agreement dated on or about the date hereof, executed and delivered by Guarantor.  

  f.Each Borrower hereby jointly and severally: 

  i.ratifies and reaffirms its promise to pay to the order of Lender, its successors and/or assigns, all principal sums advanced and/or re-advanced under the Loan and evidenced by Note No. 2, that remain outstanding, together with all accrued but unpaid interest, costs, and fees as and when they come due thereunder in accordance with the terms thereof;

  ii.ratifies and reaffirms that Note No. 2 is and remains a valid and legally binding obligation of the Borrower, enforceable against the Borrower, jointly and severally, in accordance with the terms thereof; 

  iii.confirms that Note No. 2 remains contemplated and secured by the Security Agreement and all of the other Loan Documents; and

  iv.confirms that all references to Note No. 2 are inclusive of all amendments and/or modifications thereto.

  2

   

  

   

  	This Agreement shall be deemed to be incorporated into and become a part of Note No. 2 as if fully set forth therein, and may be attached to Note No. 2.  Except as modified herein, all other terms and conditions of Note No. 2 shall remain unchanged and in full force and effect.  

  3.Other Covenants.

  a.The agreements, obligations, warranties, and representations of Borrower contained herein are joint, several, and joint and several with respect to each Borrower.  

  b.Each of the undersigned hereby certifies that the execution, delivery, and performance of this Agreement has been properly authorized, consented to, and approved by all requisite and necessary parties. 

  c.Nothing contained herein shall modify or affect other notes that may be in favor of the Lender and referred to in any of the Loan Documents, including, but not limited to, Note No. 1 and Note No. 3.

  d.This Agreement is a modification only and does not effect or constitute a novation or release of any Borrower’s or Guarantor’s respective obligations under Note No. 2 or any of the other Loan Documents or any agreements contained therein.

  e.In connection with this Agreement and all matters contemplated herein, the Borrower agrees to pay to the Lender its attorneys’ fees and loan modification fees incurred on or before the date hereof, all of which shall be deemed earned in full as of the date hereof.

  f.Each Borrower hereby covenants and agrees to execute and deliver, any and all instruments, papers, deeds, acts, and/or things, supplemental, confirmatory, or otherwise, as reasonably may be required by the Lender for the purpose of effecting the modifications described or contemplated herein.  

  g.This Agreement is binding on the parties hereto, their respective heirs, estates, personal representatives, successors, assigns, and/or successors in title.

  h.This Agreement may be executed by the parties hereto in separate counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the same instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.  Copies of documents or signature pages bearing original signatures, and executed documents or signature pages delivered by a party by telefax, facsimile, or e-mail transmission of an Adobe® file format document (also known as a PDF file) shall, in each such instance, be deemed to be, and shall constitute and be treated as, an original signed document or counterpart, as applicable.  Any party delivering an executed counterpart of this Agreement by telefax, facsimile, or e-mail transmission of an Adobe® file format document also shall deliver an original executed counterpart of this Agreement, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and legally binding effect of this Agreement.

  i.This Agreement constitutes the entire agreement between the parties hereto, and supersedes all prior discussions among the parties hereto.

  (signatures follow next)

  3

   

  

   

  WITNESS the following signatures and seals of the undersigned to this Allonge and Modification Agreement:

  Borrower:

  	Broad Street Operating Partnership, LP

  	a Delaware limited partnership

  	By:	Broad Street OP GP, LLC

  		a Delaware limited liability company

  		its General Partner

   

  		 

  		
	By:
	/s/ Michael Z. Jacoby (seal)

	 
	Michael Z. Jacoby

	 
	Chief Executive Officer

   

  	Broad Street Realty, Inc.

  	a Delaware corporation

  	 

  	 

  		
	By:
	/s/ Michael Z. Jacoby (seal)

	 
	Michael Z. Jacoby

	 
	Chief Executive Officer

   

  Broad Street Realty, LLC

  a Maryland limited liability company

   

  	 

  		
	By:
	/s/ Michael Z. Jacoby (seal)

	 
	Michael Z. Jacoby

	 
	Chief Executive Officer

   

  STATE OF ____________________

  CITY/COUNTY OF ____________________, to wit:

   

  	The foregoing instrument was acknowledged before me, a notary public, this _____ day of March, 2022, by Michael Z. Jacoby, as Chief Executive Officer of Broad Street OP GP, LLC, a Delaware limited liability company, the General Partner of Broad Street Operating Partnership, LP, a Delaware limited partnership, as Chief Executive Officer of Broad Street Realty, Inc., a Delaware corporation, and as Chief Executive Officer of Broad Street Realty, LLC, a Maryland limited liability company. 

  											 

  My Commission Expires:					__________________________

  Registration Number:							Notary Public

   

   

   

  (signatures continue next)

   

  4

   

  

   

  WITNESS the following signatures and seals of the undersigned to this Allonge and Modification Agreement (continued):

   

  Guarantor:

   

   

  	
	/s/ Michael Z. Jacoby (seal)

	MICHAEL Z. JACOBY (individually)

   

   

   

  STATE OF ____________________

  CITY/COUNTY OF ____________________, to wit:

   

  	The foregoing instrument was acknowledged before me, a notary public, this _____ day of March, 2022, by Michael Z. Jacoby (individually). 

  											 

  My Commission Expires:					__________________________

  Registration Number:							Notary Public

   

   

   

   

   

  (signatures continue next)

   

  5

   

  

   

  Witness our signatures and seals to the Allonge and Modification Agreement (continued):

   

  Lender:

   

  	MVB Bank, INC.

  	a West Virginia banking corporation

  				 

  	 

  		
	By:
	/s/ Garret Reed

	Print Name:
	Garret Reed

	Title:
	Senior Vice President

   

  6Exhibit
10.1

 

Network-1
Technologies, Inc.

445 Park Avenue, Suite 912

New York, New York 10022

 

 

March
22, 2022

 

 

Corey
M. Horowitz

6 Brooklawn Drive

Westport, Connecticut 06880

 

Re:
   Network-1/CMH Employment Agreement

 

 

 

Dear
Corey:

 

This
agreement shall constitute the terms of your new employment agreement with Network-1 Technologies, Inc. (“Network-1”)
effective as of the date hereof, as follows:

1.       Term.  The
term of your new employment agreement shall be for a period of four years beginning on the date hereof until March 22, 2026 (the “Term”).

2.       Position/Base
Salary.  During the Term, you shall continue to be employed by Network-1 as its Chairman and Chief Executive Officer at
an annual base salary of $535,000 which shall be increased 3% per annum during the Term.

3.       Equity
Grant.  On the date hereof, Network-1 shall grant to you, under its 2013 Stock Incentive Plan (the “Plan”),
an aggregate of 600,000 restricted stock units (RSUs) (each RSU represents a contingent right to receive one share of common stock)
which shall vest in four tranches, as follows: (1) 175,000 RSUs shall vest 100,000 RSUs on March 22, 2023 and 75,000 RSUs on March 22,
2024, subject to your continued employment by Network-1 through each such vesting date (the “Employment Condition”)
(“Tranche 1”); (2) 150,000 RSUs shall vest if at any time during the Term Network-1’s common stock (the “Common
Stock”) achieves a Closing Price (as defined below) of a minimum of $3.50 per share (subject to adjustment for stock splits) and
the Employment Condition is satisfied through the date such minimum per share Closing Price is achieved (“Tranche 2”);
(3) 150,000 RSUs shall vest if at any time during the Term the Common Stock achieves a Closing Price of a minimum of $4.00 per share
(subject to adjustment for stock splits) and the Employment Condition is satisfied through the date such minimum per share Closing Price
is achieved (“Tranche 3”); and (4) 125,000 RSUs shall vest if at any time during the Term the Common Stock achieves
a Closing Price of a minimum of $4.50 per share (subject to adjustment for stock splits) and the Employment Condition is satisfied through
the date such minimum per share Closing Price is achieved (“Tranche 4”). The term “Closing Price”
shall have the same definition as set forth in Section 6 of your prior employment agreement, dated July 14, 2016, with Network-1 (the
“Prior Employment Agreement”).

 

 

-1-

     

     

    

 

In
the event of a Change of Control (as defined in Section 11 of the Plan, a Termination Other Than for Cause (as defined in Section 9(b)
of the Prior Employment Agreement, or a termination by you for Good Reason (as defined in Section 10 of the Prior Employment Agreement),
in each case prior to the last day of the Term, the vesting of all RSUs (Tranches 1, 2, 3 and 4) shall accelerate (and not be subject
to any conditions) and all RSUs shall become immediately fully vested.

4.       Prior
and Future Transactions.  It is agreed that all Network-1 (including its subsidiary) transactions involving acquisitions
of patents and investments in entities with patents that have occurred prior to today’s date shall be covered by Section 5(b)(ii)
of your Prior Employment Agreement and you shall be entitled to receive Incentive Compensation (as defined) as set forth in your Prior
Employment Agreement.  It is also agreed that with respect to all future transactions, Network-1’s Compensation Committee,
in its sole discretion, will determine in good faith whether each such transaction is covered by Section 5(b)(ii) of your Prior Employment
Agreement entitling you to receive Incentive Compensation.

5.       Additional
Terms/Prior Employment Agreement.  Except as expressly provided herein, all other terms and provisions of your Prior Employment
Agreement shall be incorporated herein and shall remain in full force and effect.

If
the foregoing correctly confirms our agreement, please sign below.

Very
truly yours,

Network-1
Technologies, Inc.

 

 

By:
        /s/ David Kahn                           

David
Kahn, Chief Financial Officer

 

 

 

 

Agreed
and Accepted:

 

 

        /s/
Corey M. Horowitz           

Corey
M. Horowitz

 

 

 

 

 

 

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Exhibit
A

 

 

NETWORK-1
TECHNOLOGIES, INC.

2013
STOCK INCENTIVE PLAN

AGREEMENT
FOR RESTRICTED STOCK UNITS

AGREEMENT,
entered into as of March 22, 2022 (the “Date of Grant”), for a grant of restricted stock units, by and between NETWORK-1
TECHNOLOGIES, INC., a Delaware corporation (the "Company"), and COREY M. HOROWITZ (the "Participant").

WHEREAS,
the Company has adopted and has in effect the Network-1 Technologies, Inc. 2013 Stock Incentive Plan (the “Plan”);

WHEREAS,
the Company wishes to grant to Participant restricted stock units (“Restricted Stock Units”) under the Plan and pursuant
to his new employment agreement with the Company entered into on the Date of Grant (the “Employment Agreement”) which,
except as provided therein, incorporates the terms and provisions of the employment agreement, dated July 14, 2016, between the Company
and the Participant (the “Prior Employment Agreement”);

WHEREAS,
the Company desires to provide Participant with an incentive to remain in the employ of the Company and increase Participant’s
interest in the success of the Company by granting Restricted Stock Units to Participant as provided herein; and

WHEREAS,
the Company desires to memorialize the grant of the Restricted Stock Units by entering into this agreement (the “Agreement”)
with Participant.

THEREFORE,
in consideration of the promises set forth below, the parties hereto agree as follows:

1.      GRANT
OF RESTRICTED STOCK UNITS

The
Company hereby grants to the Participant an award of Restricted Stock Units (“RSUs”) consisting of 600,000 RSUs. Each
RSU represents the contingent right to receive one share of common stock, $.01 par value, of the Company (individually a “Share”
and collectively, the “Shares”), to the extent provided herein. The Company will record on its books the grant of
the RSUs to the Participant and will issue Shares upon vesting of the RSUs as provided herein. This award of RSUs is subject to the terms
and conditions set forth in this Agreement and the Plan. Participant acknowledges prior receipt of the Plan.

Defined
terms not otherwise defined in this Agreement shall have the meanings set forth in the Plan or the Employment Agreement.

2.      VESTING

Subject
to Section 3, the RSUs shall vest in four tranches and become nonforfeitable as follows: (i) 175,000 RSUs shall vest 100,000 RSUs on
March 22, 2023 and 75,000 RSUs on March 22, 2024, subject to Participant’s continued employment by the Company through each such
vesting date (the “Employment Condition”) (“Tranche 1”); (ii) 150,000 RSUs shall vest at any time
beginning March 22, 2022 through March 22, 2026 if at any time during such period the Company’s common stock (the “Common
Stock”) achieves a Closing Price (as defined below) of a minimum of $3.50 per share (subject to adjustment for stock splits)
and the Employment Condition is satisfied through the date such minimum price is achieved (“Tranche 2”); (iii) 150,000
RSUs shall vest if at any time beginning March 22, 2022 through March 22, 2026 the Common Stock achieves a Closing Price of a minimum
of $4.00 per share (subject to adjustment for stock splits) and the Employment Condition is satisfied through the date such minimum per
share price is achieved (“Tranche 3”) and (iv) 125,000 RSUs shall vest if at any time beginning March 22, 2022 through
March 22, 2026, the Common Stock achieves a Closing Price (as defined below) of a minimum of $4.50 per share (subject to adjustment for
stock splits) and the Employment Condition is satisfied through the date such minimum per share price is achieved (“Tranche
4”).

  

-1-

     

     

    

 

Notwithstanding
the aforementioned, in the event of a Change of Control (as defined in Section 11 of the Plan), a Termination Other Than for Cause (as
defined in Section 9(b) of the Prior Employment Agreement), or a termination by Participant for Good Reason (as defined in Section 10
of the Prior Employment Agreement), in each case, prior to the last day of the four year term of employment (“Term of Employment”),
the vesting of all remaining unvested RSUs (Tranches 1, 2, 3 and 4) shall accelerate (without regard to any conditions) and all RSUs
shall become immediately fully vested.

The
Closing Price shall be defined as the daily closing price of the Common Stock for twenty (20) consecutive trading days (i) as reported
by NYSE (or any other national securities exchange in which the Common Stock is listed or admitted for trading); (ii) if the Common Stock
is not listed or admitted for trading on a national securities exchange, the last daily closing price per share as reported on the Over-the-Counter
Bulletin Board (“OTCBB”) or a similar service if OTCBB is not reporting such information; provided that if clause
(i) or (ii) of this paragraph is inapplicable, the Closing Price of the Common Stock shall be determined in good faith by the Board of
Directors or the Compensation Committee of the Company which determination shall be conclusive as to the Closing Price of the Common
Stock.

3.      TERMINATION
OF EMPLOYMENT; CHANGE OF CONTROL

(a)  
 Termination for Cause or Without Good Reason by Participant; Failure to Satisfy Conditions. If, prior to the vesting of the RSUs,
Participant’s employment is terminated by the Company for Cause as defined in Section 9(a) of the Prior Employment Agreement, or
a Termination by Participant other than for Good Reason (as defined in Section 10 of the Prior Employment Agreement), the right to receive
unvested RSUs shall terminate immediately upon the effective date of such termination of employment and such RSUs shall be forfeited
without further consideration therefor. In addition, except to the extent provided below in connection with a termination by the Company
other than for Cause, by the Participant for Good Reason or on a Change in Control, in the event that the Employment Condition or applicable
Closing Price condition is not achieved with respect to any applicable RSUs as described in Section 2 above, those unvested RSUs for
which such conditions are not achieved shall be forfeited and terminate immediately upon the last day of the Employment Term without
further consideration therefor.

(b)    
Termination by the Company Other Than for Cause or by Participant for Good Reason. In the event that the Company terminates Participant’s
employment other than for Cause or Participant terminates his employment with the Company for Good Reason (as defined in Section 10 of
the Employment Agreement), in each case, prior to the last day of the Term of Employment, all of the unvested RSUs on effective the date
of such termination shall accelerate and be vested (without regard to any conditions) and all Shares shall be delivered to Participant
in accordance with Section 4 hereof.

-2-

     

     

    

 

(c)    
Death or Disability. In the event of Participant’s death or disability (as defined in Section 8 of the Employment Agreement),
in each case, prior to the last day of the Term of Employment, there shall be accelerated vesting of (i) all remaining unvested RSUs
of Tranche 1 and (ii) such additional number of the unvested RSUs with respect to Tranche 2, Tranche 3 and Tranche 4 for which the Closing
Price conditions set forth in Section 2 above have been met within twelve (12) months of such death or disability, and such RSUs shall
be delivered to Participant or Participant’s estate (as the case may be) upon such death or disability, subject to presentation
to the Board of Directors (“Board”) or Compensation Committee (the “Committee”) of letters testamentary
or other documentation satisfactory to the Board or Committee, and Participant’s estate shall succeed to any other rights provided
hereunder in the event of Participant’s death. Any RSUs that have not vested in accordance with this Section 3(c) shall be terminated
and forfeited without further consideration therefor.

(d)   
Change of Control. In the event of a Change of Control (as defined in Section 11 of the Plan) prior to the last day of the Term
of Employment, there shall be accelerated vesting of all unvested RSUs without regard to any conditions and all Shares shall be delivered
to Participant in accordance with Section 4 hereof. 

4.
     DELIVERY OF SHARES OR CASH SETTLEMENT; COMPLIANCE WITH SECURITIES LAWS, ETC.

(a)     Each
of Participant’s RSUs will be settled when it vests (unless Participant and the Company have agreed in writing to a later settlement
date pursuant to procedures that the Company may prescribe in its discretion and in accordance with Section 409A of the Internal Revenue
Code). The RSUs may be settled by delivery of Shares or cash. A cash settlement for the RSUs may only occur at the sole discretion of
the Company. In the event of a cash settlement for the RSUs, the Company shall deliver to Participant for each vested RSU (subject to
adjustment as provided in Section 5 hereof) a cash amount equal to the Closing Price of the Common Stock on each such vesting date. Unless
the Company has elected, in its sole discretion, for a cash settlement, the RSUs shall be settled by delivery of Shares. In the event
of a settlement by delivery of Shares, Participant will receive one Share for each vested RSU (subject to adjustment as provided in Section
5 hereof). Except as provided above, the Shares to be issued (or cash to be paid) upon vesting of the RSUs will be issued or paid, as
the case may be, as soon as reasonably practicable on or following the vesting date, but in any event within ten (10) days of such vesting
date. No fractional Shares will be issued upon settlement.

(b)     This
Agreement shall be subject to the requirement that if, at any time, counsel to the Company shall determine that the listing, registration
or qualification of Shares subject hereto upon any securities exchange or under any state or federal law, or the consent or approval
of any governmental or regulatory body, or that the disclosure of non-public information or the satisfaction of any other condition is
necessary as a condition of, or in connection with, the issuance of Shares hereunder, then such issuance shall be deferred until such
listing, registration, qualification, consent or approval, disclosure or satisfaction of such other condition shall have been effected
or obtained on terms acceptable to the Board and otherwise in a manner consistent with Section 409A of the Internal Revenue Code.

 

-3-

     

     

    

 

5.      CHANGES
IN CAPITAL STRUCTURE

(a)     If
the Company effects a stock dividend of its common stock or a split of its common stock, the number of Shares that may be delivered upon
the vesting of the RSUs shall be increased proportionately as deemed appropriate by the Board or the Committee and otherwise in accordance
with the terms of the Plan. In the event the Company declares or authorizes a reverse stock split of its common stock or combination
of shares of its common stock, the number of Shares that may be delivered upon the vesting of the RSU shall be proportionately reduced
or otherwise adjusted to the extent deemed appropriate by the Board or Committee and otherwise in accordance with the terms of the Plan.

(b)     If
the Company’s common stock shall be changed into a different class of shares or if, because of reorganization, recapitalization,
merger or consolidation it is necessary to exchange the shares for shares of another company, then the appropriate substitution or exchange
shall be made in the Shares subject to this RSU. The Committee or Board may make such adjustments in the number, kind of Shares as is
necessary. However, none of these changes shall give the Participant additional benefits.

6.      DIVIDEND
EQUIVALENT RIGHTS DISTRIBUTIONS.

As
of any date that the Company pays an ordinary cash dividend on its common stock, the Company shall credit the Participant with a dollar
amount equal to (i) the per share cash dividend paid by the Company on its common stock on such date, multiplied by (ii) the total number
of RSUs (after giving effect to any adjustments pursuant to Section 5 hereof or Section 3(c) of the Plan) subject to this grant of RSUs
that are outstanding immediately prior to the record date for that dividend (“Dividend Equivalent Rights”). Any Dividend
Equivalent Rights credited pursuant to the foregoing provisions of this Section 6 shall be subject to the same vesting, payment and other
terms, conditions and restrictions as the original RSUs to which they relate. Dividend Equivalent Rights shall be paid in cash or forfeited,
as applicable, at the same time as the underlying RSUs to which they relate are settled or forfeited, as applicable. No crediting of
Dividend Equivalent Rights shall be made pursuant to this Section 6 with respect to any RSUs which, immediately prior to the record date
for that dividend, have either vested and settled pursuant to Section 4 hereof or terminated pursuant to Section 3 hereof.

7.      WITHHOLDING
TAXES

Notwithstanding
anything to the contrary contained herein, the Company’s obligation to issue Shares pursuant to the RSUs shall be subject to and
conditioned upon the satisfaction by Participant of any applicable tax withholding obligations. The Company may require the Participant
to remit an amount sufficient to satisfy applicable withholding taxes or deduct or withhold such amount from any payments otherwise owed
to Participant (whether or not under this Agreement or the Plan). The Participant hereby authorizes the Company to satisfy all or part
of such tax withholding obligations by deductions from cash compensation or other payments that would otherwise be owed to Participant.
The Committee, acting in his sole discretion and pursuant to applicable law, may permit the Participant to satisfy any such tax withholding
obligations with Shares that would otherwise be issued to the Participant upon vesting of the RSUs and/or with previously-owned Shares
held by the Participant. The amount of the Participant’s tax withholding obligation that is satisfied in Shares, if any, shall
be based upon the Fair Market Value (as defined under the Plan) of the Shares on the date such RSUs vest. In no event may Shares be used
to satisfy more than the minimum required amount of the Participant’s tax withholding obligation. In the event that the Company
is unable to withhold such amounts, for whatever reason, Participant hereby agrees to pay to the Company an amount equal to the amount
the Company would otherwise be required to withhold under federal, state or local law.

-4-

     

     

    

 

8.      SECTION
409A

The
intent of the parties is that benefits under this Agreement be exempt from the provisions of Section 409A of the Code and, accordingly,
to the maximum extent permitted, this Agreement shall be interpreted to be limited, construed and interpreted in accordance with such
intent. In no event whatsoever shall the Company be liable for any additional tax, interest or penalties that may be imposed on Participant
by Section 409A of the Code or any damages for failing to comply with Section 409A of the Code hereunder or otherwise.

9.      NATURE
OF RSUs

The
RSUs are mere bookkeeping entries. They represent only the Company’s unfunded and unsecured promise to issue Shares on a future
date. As a holder of RSUs, Participant has no rights other than as expressly provided herein and the rights of a general creditor of
the Company.

10.    LEGENDS

Each
certificate representing any Shares issued to Participant hereunder may have endorsed thereon a legend in a form as may be determined
by the Company to be necessary, in its sole discretion, reflecting any limitation on resale.

11.    TRANSFER
RESTRICTIONS

This
Agreement is not assignable or transferable other than to a beneficiary designated to receive the RSUs upon the Participant’s death
or by will or the laws of descent and distribution. Any attempt by the Participant or any other person to cause the RSU or any part of
it to be transferred or assigned in any manner and for any purpose not permitted hereunder or under the Plan shall be null and void and
without effect upon the Company, the Participant or any such other person.

12.    NO
RIGHTS AS A SHAREHOLDER

The
Participant shall have no rights as a shareholder of the Company with respect to the RSUs unless and until the Shares have been issued
and delivered to Participant upon vesting and settlement of the RSUs. No adjustment shall be made for dividends or other property, distributions
or other rights in respect of any such Shares, except as otherwise specifically provided for in this Agreement or the Plan.

13.    NO
OBLIGATION TO CONTINUE EMPLOYMENT

This
Agreement is not an agreement of employment. This Agreement does not guarantee that the Company will employ the Participant for any specific
time period, nor does it modify in any respect the Company’s right to terminate or modify the Participant’s employment or
compensation.

 

-5-

     

     

    

 

14.    BINDING
EFFECT

The
Agreement shall be binding upon the heirs, executors, administrators, successors and permitted assignees of the parties hereto.

15.    GOVERNING
LAW

This
Agreement and all rights and obligations in it shall be construed in accordance with the Plan and governed by the laws of the State of
New York. The parties hereto agree to submit to the personal jurisdiction of courts (state and federal) sitting in the State of New York
for the purpose of resolving any dispute under this Agreement.

16. 
  PROVISIONS OF THE PLAN

This
Agreement is subject to all terms, conditions and provisions of the Plan and to such rules, regulations and interpretations as may be
established or made by the Committee acting within the scope of its authority and responsibility under the Plan. Participant acknowledges
receipt of a copy of the Plan prior to execution of this Agreement. The applicable provisions of the Plan shall govern in any situation
where this Agreement is silent or where the provisions of this Agreement are contrary to or not reconcilable with such Plan provisions.

17.    SEVERABILITY

Should
any provision of the Agreement be deemed by a court of competent jurisdiction to be unenforceable, the remaining provisions shall continue
to be in full force and effect.

18.    ENTIRE
AGREEMENT; AMENDMENT

This
Agreement constitutes the entire agreement between the parties (whether written or oral) with respect to the subject matter hereof and
may only be amended by written agreement signed by both parties, by amendment of the Plan or as provided for in the Plan.

19. 
  COUNTERPARTS

This
Agreement may be executed in separate counterparts, each of which will be an original and all of which taken together shall constitute
one and the same agreement. This Agreement may be executed by a party’s signature transmitted by facsimile (“fax”)
or e-mailed pdf (“pdf”), and copies of this Agreement executed and delivered by means of fax or pdf signatures shall have
the same force and effect as copies executed and delivered with original signatures. The parties hereto may rely upon faxed or pdf signatures
as if such signatures were originals.

 

[Signature
Page Follows]

 

 

 

 

 

 -6-

     

     

    

 

 

IN
WITNESS WHEREOF, the parties have executed this Agreement effective on the Date of Grant.

 

NETWORK-1
TECHNOLOGIES, INC.

 

By:
   /s/ David Kahn                                                          

Name:David Kahn

Title:Chief Financial Officer and Secretary

 

 

PARTICIPANT:

 

 

           /s/
Corey M. Horowitz                                            

          Name:Corey
M. Horowitz

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-7-

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