Document:

Exhibit
4.1

 

NEITHER
THIS WARRANT NOR THE SHARES OF COMMON STOCK UNDERLYING THIS WARRANT OF BLONDER TONGUE LABORATORIES, INC. (THE “COMPANY”)
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAW AND
MAY NOT BE PLEDGED, SOLD, ASSIGNED OR TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE
ACT AND ANY APPLICABLE STATE SECURITIES LAW AND SUCH SALE OR TRANSFER IS MADE IN ACCORDANCE WITH SUCH REGISTRATION STATEMENT AND
ANY OTHER APPLICABLE STATE SECURITIES LAW OR (ii) THE COMPANY RECEIVES A WRITTEN OPINION OF COUNSEL TO THE COMPANY OR OTHER COUNSEL
TO THE HOLDER OF SUCH WARRANT (OR SUCH UNDERLYING SHARES OF COMMON STOCK), PROVIDED SUCH OTHER COUNSEL IS REASONABLY SATISFACTORY
TO THE COMPANY, THAT SUCH PLEDGE, SALE, ASSIGNMENT OR TRANSFER MAY BE MADE WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
ACT OR APPLICABLE STATE SECURITIES LAWS. 

 

Date:
January 29, 2021

 

WARRANT
TO PURCHASE 42,000 SHARES OF COMMON STOCK

OF

BLONDER
TONGUE LABORATORIES, INC.

 

THIS
CERTIFIES that, for value received, VFT Special Ventures, Ltd., a Pennsylvania limited partnership (the “Holder”),
is entitled to purchase from Blonder Tongue Laboratories, Inc., a Delaware corporation (the “Company”), Forty-Two
Thousand (42,000) (“Warrant Shares”) fully paid, validly issued and non-assessable unregistered shares of common
stock of the Company, $.001 par value per share (the “Common Stock”), subject to adjustment as provided herein,
at a purchase price of $1.00 per share (“Exercise Price”), subject to the vesting requirements set forth in
Section 1 below.

 

1.
Vesting. The purchase rights under this Warrant shall vest for all of the Warrant Shares upon the issuance of this Warrant
and shall be exercisable beginning at such time as Stockholder Approval (defined below) has been obtained and continuing thereafter
until 5:00 p.m. on January 29, 2026 (the “Exercise Period”).

 

For
purposes of this Warrant, “Stockholder Approval” shall mean such approval as may be required by the applicable
rules and regulations of the NYSE American (or any successor entity) from the stockholders of the Company with respect to the
transactions contemplated by that certain Senior Subordinated Convertible Loan and Security Agreement, dated as of April 8, 2020,
as amended by (i) that certain First Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder, dated
as of April 24, 2020, (ii) that certain Second Amendment to Senior Subordinated Convertible Loan and Security Agreement, dated
as of January 8, 2021, and (iii) that certain Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and
Joinder, dated as of January 28, 2021 (the “Loan Agreement”) (and the other agreements, documents and
instruments contemplated thereby and collateral thereto), as such Stockholder Approval is required to be obtained pursuant to
the Securities Purchase Agreement.

 

The
Company shall use commercially reasonable efforts to provide the Holder with notice promptly after the Company obtains Stockholder
Approval.

 

     

    

    

 

2.
Exercise of Warrant. This Warrant may be exercised in whole or in part (but not as to fractional shares and only with respect
to properly vested purchase rights) during the Exercise Period by the surrender of the Warrant, with the “Warrant Exercise
and Purchase Agreement” attached hereto as Rider A properly completed and duly executed, at the principal office
of the Company at One Jake Brown Road, Old Bridge, New Jersey 08857, or such other location which shall at that time be the principal
office of the Company, and upon payment to the Company of the Exercise Price multiplied by the number of shares to be purchased
upon such exercise. The Exercise Price shall be paid in immediately available funds to the order of the Company by cashier’s
check, certified check or wire transfer. Upon receipt thereof, the Company shall, as promptly as practicable, execute or cause
to be executed and deliver to the Holder a certificate or certificates as the Holder shall designate representing the number of
shares represented by the Holder’s exercise or in the alternative by the issuance of book-entry shares. Unless and until
such time as the Warrant Shares have been registered under the Securities Act of 1933, as amended (“Securities Act”),
certificates representing such Warrant Shares shall bear restrictive legends. The stock certificate or certificates so delivered
shall be in such denominations as may be specified in said notice and shall be registered in the name of the Holder or in such
other name as shall be designated in such notice. This Warrant shall be deemed to have been exercised and such certificate or
certificates shall be deemed to have been issued and the Holder or such other person so designated shall be deemed to have become
a holder of record of such shares for all purposes, as of the date said notice and payment in full is received by the Company.
Unless this Warrant has expired, if this Warrant shall have been exercised only in part, a new Warrant of like tenor and for such
number of shares as the Holder shall direct, representing in the aggregate the right to purchase a number of shares with respect
to which this Warrant shall not have been exercised, shall also be issued to the Holder within such time.

 

3.
Transfer/Warrant Shares Legend. This Warrant and the rights hereunder shall be non-transferrable, except as permitted by
and in compliance with applicable law. Each certificate representing Warrant Shares shall contain a legend in substantially the
following form:

 

THE
SHARES OF COMMON STOCK OF BLONDER TONGUE LABORATORIES, INC. (THE “COMPANY”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR TRANSFERRED
UNTIL (i) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAW AND
SUCH SALE OR TRANSFER IS MADE IN ACCORDANCE WITH SUCH REGISTRATION STATEMENT AND ANY OTHER APPLICABLE STATE SECURITIES LAW OR
(ii) THE COMPANY RECEIVES A WRITTEN OPINION OF COUNSEL TO THE COMPANY OR OTHER COUNSEL TO THE HOLDER OF SUCH SHARES OF COMMON
STOCK, PROVIDED SUCH OTHER COUNSEL IS REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH PLEDGE, SALE, ASSIGNMENT OR TRANSFER MAY
BE MADE WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

 

4.
Certain Covenants of the Company. The Company covenants and agrees that all shares which may be issued upon the exercise
of this Warrant, will, upon issuance, be duly and validly issued, fully paid and nonassessable. The Company covenants and agrees
that during the Exercise Periods the Company will at all times have authorized, and reserved for the purpose of issue upon exercise
of the purchase rights evidenced by this Warrant, a sufficient number of shares of its Common Stock to provide for the exercise
of the rights represented by this Warrant.

 

    2

    

    

 

5.
Anti-Dilution Provisions. The number and character of the shares underlying this Warrant shall be subject to adjustment
only as provided in this Section 5. In the event of a stock split, stock dividend, reverse stock split or combination of the Common
Stock of the Company, an equitable adjustment shall be made by the Company in the number of shares for which this Warrant has
been issued with respect thereto, and the Exercise Price which must be paid therefor, provided that no such adjustment shall either
(i) diminish the proportionate interest of the Holder prior to the occurrence of the event or (ii) increase the aggregate Exercise
Price to be paid by the Holder upon exercise of the Warrant in full. In addition, in case at any time and from time to time during
the Exercise Periods, the Company shall be a party to any transaction, including, without limitation, a merger, consolidation,
liquidation, combination, reorganization or recapitalization of the Common Stock (each, a “Transaction”), in
which the previously outstanding common stock of the Company shall be changed into or exchanged for different securities of the
Company or common stock or other securities of another corporation (collectively, “Acquiror Common Stock”)
or other property (including cash) or any combination of the foregoing, then in such event: (i) the Warrant shall become fully
exercisable notwithstanding the date of the event and (ii) as often as such event shall occur, as a condition of the consummation
of the Transaction, the Company or the surviving company, as the case may be, shall make lawful and adequate provision so that
the Holder, upon the exercise thereof at any time on or after the consummation of the Transaction during the Exercise Periods,
shall be entitled to receive, and the Warrant shall thereafter represent the right to receive, in lieu of the common stock issuable
upon such conversion prior to such consummation (determined on a fully vested basis), the securities or other property to which
the Holder would have been entitled upon consummation of the Transaction if the Holder had exercised such Warrant immediately
prior thereto. There shall be no preemptive rights associated with the Warrant or the Warrant Shares issuable thereunder.

 

6.
Reserved.

 

7.
Notice of Adjustments. Whenever any of the number of shares of Common Stock purchasable or Exercise Price to be paid under
the terms of this Warrant shall be adjusted pursuant to Section 5 hereof, the Company shall notify the Holder at the Holder’s
last address known to the Company.

 

8.
Fractional Shares. No fractional shares of the Company’s Common Stock will be issued in connection with any purchase
hereunder but in lieu of such fractional shares, the Company shall make a cash refund therefor equal in amount to the product
of the applicable fraction multiplied by the Exercise Price.

 

9.
Registration Rights.

 

(a)
Piggyback Rights. If the Company proposes to register any of its Common Stock under the Securities Act in connection with
the public offering of such securities solely for cash (other than in (i) a registration relating to the sale of securities to
employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating
to a transaction under Rule 145 promulgated by the Securities and Exchange Commission (“SEC”) under the Securities
Act; (iii) a registration on any form that does not include substantially the same information as would be required to be included
in a registration statement covering the sale of the Registrable Securities (as defined below); (iv) a registration in connection
with an offering pursuant to which the Company is seeking to receive less than $2,500,000), the Company shall, at such time, promptly
give the Holder notice of such registration. Upon the request of the Holder, given within twenty (20) days after such notice is
given by the Company, the Company shall, subject to the provisions of Subsection 9(b), cause to be registered (x) all of
the Common Stock issuable or issued upon exercise of this Warrant and (y) any Common Stock issued as (or issuable upon the conversion
or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in
exchange for or in replacement of, the shares referenced in clause (x) above (collectively, “Registrable Securities”)
that the Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 9 before the effective date of such registration, whether or not the Holder
has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses (as defined below))
of such withdrawn registration shall be borne by the Company in accordance with Subsection 9(d). 

 

    3

    

    

 

(b)
Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital
stock pursuant to Subsection 9(a), the Company shall not be required to include any of the Holder’s Registrable Securities
in such underwriting unless the Holder accepts the terms of the underwriting as agreed upon between the Company and its underwriters,
and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering
by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to be included
in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable
discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering
only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion
determine will not jeopardize the success of the offering.

 

(c)
Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
this Section 9 with respect to the Registrable Securities of the Holder that the Holder shall furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities
as is reasonably required to effect the registration of the Holder’s Registrable Securities.

 

(d)
Expenses of Registration. All expenses (other than underwriting discounts, selling commissions, and stock transfer taxes
applicable to the sale of Registrable Securities, and fees and disbursements of counsel for the Holder (collectively, “Selling
Expenses”)) incurred in connection with registrations, filings, or qualifications pursuant to Section 9, including
all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the
Company shall be borne and paid by the Company.

 

(e)
Delay of Registration. Holder shall not have any right to obtain or seek an injunction restraining or otherwise delaying
any registration pursuant to this Warrant as the result of any controversy that might arise with respect to the interpretation
or implementation of this Section 9.

 

(f)
Indemnification. If any Registrable Securities are included in a registration statement under this Section 9:

 

(i)
To the extent permitted by law, the Holder will indemnify and hold harmless the Company, and each of its directors, each of its
officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities
Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), and any controlling Person
of any such underwriter, against any Damages (defined below), in each case only to the extent that such Damages arise out of or
are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf
of the Holder expressly for use in connection with such registration; and the Holder will pay to the Company and each other aforementioned
Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding
from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained
in this Subsection 9(f) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement
is effected without the consent of the Holder, which consent shall not be unreasonably withheld. For purposes of this Section
9, “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become
subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability
(or any action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material
fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required
to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation
by the indemnifying party (or any of its agents or affiliates) of the Securities Act, the Exchange Act, any state securities law,
or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law.

 

    4

    

    

 

(ii)
Promptly after receipt by an indemnified party under this Subsection 9(f) of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim
in respect thereof is to be made against any indemnifying party under this Subsection 9(f), give the indemnifying party
notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and to assume the
defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together
with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party
by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying
party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to
the indemnified party under this Subsection 9(f), to the extent that such failure materially prejudices the indemnifying
party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Subsection 9(f).

 

(iii)
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the
provisions in the underwriting agreement shall control.

 

(iv)
Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and the Holder under this Subsection 9(f) shall survive the completion of any offering of Registrable
Securities in a registration under this Section 9, and otherwise shall survive the termination of this Warrant.

 

(g)
Termination of Registration Rights. The right of the Holder to request registration or inclusion of Registrable Securities
in any registration pursuant to Subsection 9(a) shall terminate upon such time as Rule 144 or another similar exemption under
the Securities Act is available for the sale of the Holder’s shares.

 

10.
Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for
any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued
in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by a form of assignment
acceptable to the Company duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto.

 

11.
Investment Representations. By accepting this Warrant, the Holder represents and warrants to the Company that: (i) this
Warrant is being acquired by the Holder for the Holder’s own account for investment purposes only and (subject to the disposition
of its property being at all times within its control) not with a view to resale, distribution, or other disposition; (ii) any
Warrant Shares which may be issued to the Holder upon exercise of this Warrant will be acquired by the Holder for the Holder’s
own account for investment purposes only and (subject to the disposition of its property being at all times within its control)
not with a view to resale, distribution, or other disposition; (iii) the Holder is able to bear the economic risk of investment
in this Warrant and the Warrant Shares, can afford to sustain a total loss on such investment, and has such knowledge and experience
in financial and business matters that it is capable of evaluating the merits and risks of its proposed investment; (iv) when
issued, and upon any exercise of the Warrant, the Holder acknowledges that the Holder is and will be an “accredited investor”
as such term is defined in Rule 501(a) under the Securities Act; (v) the Holder understands that there is no public market for
this Warrant, that there may never be a public market for this Warrant, that in the future there may not be a public or liquid
market for the Warrant Shares, and, therefore, that the Holder may have to bear the risk of its investment in this Warrant and
any Warrant Shares indefinitely; and (vi) subject to Section 5 hereof, the Company shall not be required to issue any of the Warrant
Shares unless such issuance complies with the Securities Act and any applicable state or other securities laws. The Holder understands
and acknowledges that the Company is relying upon the accuracy and truthfulness of these representations and warranties to issue
the Warrant and any Warrant Shares to the Holder.

 

    5

    

    

 

12.
Loss, Theft, Destruction or Mutilation. Upon receipt by the Company of evidence reasonably satisfactory to it that this
Warrant has been mutilated, destroyed, lost or stolen, and in the case of any destroyed, lost or stolen Warrant, a bond of indemnity
reasonably satisfactory to the Company, or in the case of a mutilated Warrant, upon surrender and cancellation thereof, the Company
will execute and deliver in the Holder’s name, in exchange and substitution for the Warrant so mutilated, destroyed, lost
or stolen, a new Warrant of like tenor substantially in the form thereof with appropriate insertions and variations.

 

13.
No Stockholder Rights. The Holder shall not by virtue hereof be entitled to any rights as a stockholder in the Company.

 

14.
Definition of Person. For purposes of this Warrant, “Person” means an individual, corporation, partnership,
limited liability company, trust or other entity.

 

15.
Headings. The descriptive headings of the several sections of this Warrant are inserted for convenience only and do not
constitute a part of this Warrant.

 

16.
Governing Law. This Warrant shall be governed by the substantive laws of the State of Delaware, without regard to principles
of conflicts of law.

 

17.
Amendment. This Warrant may be amended, waived or terminated only by an instrument in writing signed by the Company and
the Holder.

 

18.
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant

 

19.
Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to the foregoing terms and
conditions.

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized officer on the date of this Warrant.

 

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

 

    6

    

    

 

RIDER
A

 

TO

 

WARRANT
TO PURCHASE 42,000 SHARES OF COMMON STOCK

OF

BLONDER
TONGUE LABORATORIES, INC.

 

WARRANT
EXERCISE AND PURCHASE AGREEMENT

 

	 	Date:	 

 

TO:

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees to purchase _____________________________________
shares of Common Stock covered by such Warrant, and makes payment herewith in full therefor at the price per share provided by
this Warrant.

 

	 	VFT Special Ventures, Ltd., a
	 	Pennsylvania limited partnership 
	 	 	 
	 	By:	 
	 	 	Gregory
    Berlacher, Managing Partner

 

 

7Exhibit 10.1

 

EXECUTION
COPY

 

THIRD
Amendment to

SENIOR
SUBORDINATED CONVERTIBLE

LOAN
AND SECURITY AGREEMENT AND JOINDER

 

This
Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder (this “Third Amendment”),
dated as of January 28, 2021 (the “Third Amendment Effective Date”), is among Blonder Tongue Laboratories,
Inc., a Delaware corporation (the “Company”), the several Persons party to this Amendment as
Lenders, and Robert J. Pallé, in his capacity as Agent for the Lenders (“Agent”).

 

BACKGROUND

 

A.
The Company, the Persons from time to time party thereto as Lenders, and Agent are party to that certain Senior Subordinated Convertible
Loan and Security Agreement, dated as of April 8, 2020, as amended by (i) that certain First Amendment to Senior Subordinated
Convertible Loan and Security Agreement and Joinder, dated as of April 24, 2020, and (ii) that certain Second Amendment to Senior
Subordinated Convertible Loan and Security Agreement, dated as of January 8, 2021 (the “Existing Loan Agreement”
and as the same may be amended hereby and as further amended, supplemented and/or otherwise modified from time to time, the “Loan
Agreement”).

 

B.
The Company has advised Agent and the Lenders that the Company desires, on and subject to the terms and conditions set forth herein,
to (i) obtain an additional Term Loan pursuant to the Tranche C Term Loan more fully described herein, (ii) join several new Lenders
to the Loan Agreement as Tranche C Lenders, and (iii) amend certain provisions of the Existing Loan Agreement. Agent and the Lenders
are willing to agree to such requests of the Company, but only on and subject to the terms and conditions set forth herein.

 

Agreement

 

Now,
therefore, in consideration of the premises set forth in the BACKGROUND and the mutual covenants and agreements contained herein
and for other good and valuable consideration (the receipt and sufficiency of which are hereby specifically acknowledged), the
parties hereto hereby agree as follows:

 

1.
Definitions; References; Interpretation.

 

(a)
Unless otherwise specifically defined herein, each capitalized term used herein (including in the BACKGROUND hereof) that is defined
in the Existing Loan Agreement shall have the meaning assigned to such term in the Existing Loan Agreement.

 

(b)
Each reference to “this Agreement,” “hereof,” “hereunder,” “herein” and “hereby”
and each other similar reference contained in the Existing Loan Agreement, and each reference to “the Loan Agreement”
and each other similar reference in the other Loan Documents, shall from and after the date hereof, refer to the Existing Loan
Agreement, as amended hereby. This Third Amendment is a Loan Document.

 

(c)
The premises set forth in the BACKGROUND to this Third Amendment, including the terms defined therein, are hereby made a part
of this Third Amendment and the agreements contained herein as if fully set forth herein.

 

2.
Acknowledgment, Ratification and Consent.

 

(a)
The Company hereby acknowledges that it has reviewed the terms and provisions of the Existing Loan Agreement and this Third Amendment
and consents to the amendment of the Existing Loan Agreement effected pursuant to this Third Amendment. The Company hereby confirms
that each Loan Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee
or secure, as the case may be, to the fullest extent possible in accordance with the Loan Agreement and the other Loan Documents
the payment and performance of all “Lender Indebtedness” under each of the Loan Documents to which it is a
party (in each case as such term is defined in the applicable Loan Document).

 

     

    

    

 

(b)
The Company acknowledges and agrees that any of the Loan Documents to which it is a party or otherwise bound shall continue in
full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited
by the execution or effectiveness of this Third Amendment.

 

3.
Amendments of the Existing Loan Agreement. Upon the effectiveness of this Third Amendment in accordance with the provisions
hereof and notwithstanding anything to the contrary contained in the Existing Loan Agreement or the other Loan Documents:

 

(a)
Amendment of Section 1.1 of the Existing Loan Agreement. Section 1.1 of the Existing Loan Agreement is hereby amended as
of the Third Amendment Effective Date to amend and restate the following defined terms contained therein to read in full as follows:

 

“Commitments”
means, at any time, the sum of, the Aggregate Tranche A Commitments, the Aggregate Tranche B Commitments and the Aggregate Tranche
C Commitments; the sum of all of which shall not exceed $1,600,000 without the prior written consent of the Required Lenders.

 

“Damages”
shall be as defined in Section 4.6(j).

 

“Conversion
Price” means (i) with respect to the Tranche A Term Loan, the volume weighted average price of the Common Stock
on the NYSE American Exchange, during the five trading days preceding the date of this Agreement (“Tranche A Conversion
Price”), subject to adjustment as contemplated by Section 4.4(e); (ii) with respect to the Tranche B Term
Loan, Fifty-Five Cents ($0.55) per share of Common Stock (the “Tranche B Conversion Price”), subject
to adjustment as contemplated by Section 4.4(e); and (iii) with respect to the Tranche C Term Loan, One Dollar ($1.00)
per share of Common Stock (the “Tranche C Conversion Price”), subject to adjustment as contemplated
by Section 4.4(e). Promptly following the date on which the Conversion Price in respect of the Tranche A Term Loan, the
Tranche B Term Loan and/or the Tranche C Term Loan is capable of being determined (other than in the case of the Tranche C Conversion
Price, as contemplated by the Third Amendment, which Tranche C Conversion Price has been determined as of the Third Amendment
Effective Date), the Company and the Agent shall countersign and append to this Agreement, a Confirmation of such Conversion Price,
in the form attached hereto as Exhibit A, with a copy thereof provided to each Tranche A Lender, Tranche B Lender
and/or Tranche C Lender, as the case may be.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Indemnifying
Lender” shall be as defined in Section 4.6(j). 

 

“Registrable
Securities” means, as of any date of determination, (i) all of the Common Stock issuable upon conversion of the
Term Loans, and (ii) any Common Stock issued as a dividend or other distribution with respect to, or in exchange for or in connection
with any anti-dilutions provisions in this Agreement in replacement of, the shares referenced in clause (i) above; provided,
however, that any such Registrable Securities shall only continue to be Registrable Securities during the Effectiveness Period.

 

“Selling
Expenses” shall be as defined in Section 4.6(h).

 

“Tranche
C Commitment” means the commitment of a Lender to make a Tranche C Term Loan to the Company pursuant to Section
2.1(a)(iii) in an aggregate principal amount equal to such Lender’s Tranche C Term Loan, as set forth on Schedule
1.1 hereto, as the same may be amended form time to time; provided, that, following the making by such Lender
of a Tranche C Term Loan in accordance with the provisions hereof, the Tranche C Commitment of such Lender shall be reduced, on
a dollar for dollar basis, by the amount of any Tranche C Term Loan made by such Lender. Following the funding by each Tranche
C Lender of its Tranche C Commitment in accordance with the provisions of this Agreement, the Tranche C Commitment of such Tranche
C Lender shall be zero.

 

    2

    

    

 

“Undrawn
Tranche C Availability” means, as of any date of measurement, an amount equal to (i) the aggregate Tranche C Commitment,
minus (ii) the aggregate principal amount of all Tranche C Loans which have been made as of such date. As of the Effective
Date, the Undrawn Tranche C Availability was $0.00 and as of the Third Amendment Effective Date, the Undrawn Tranche C Availability
is equal to the Aggregate Tranche C Commitments, as set forth in Schedule 1.1, as amended and restated pursuant to the Third Amendment.

 

(b)
Amendment of Section 1.1 of the Existing Loan Agreement. Section 1.1 of the Existing Loan Agreement is hereby amended
as of the Third Amendment Effective Date to insert the following new defined terms in a manner that maintains alphabetical order,
to read in full as follows:

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Effectiveness
Period” shall be as defined in Section 4.6(b).

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Registration
Statement” means any registration statement(s) required to be filed hereunder pursuant to Section 4.6, including
the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any
such registration statement.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Securities
Purchase Agreement” means that certain Securities Purchase Agreement, dated as of December 14, 2020, between the
Company and each “Purchaser” (as defined therein) party thereto, with respect to, among other things, the purchase
of $1,000,000 of the Company’s Common Stock.

 

“Stockholder
Approval” means such approval as may be required by the applicable rules and regulations of the NYSE American (or
any successor entity) from the stockholders of the Company with respect to the transactions contemplated by the Third Amendment
and the Securities Purchase Agreement (and the other agreements, documents and instruments contemplated thereby and collateral
thereto).

 

“Third
Amendment” means that certain Third Amendment to Senior Subordinated Convertible Loan and Security Agreement, dated
as of January 28, 2021, by and among the Company, the Lenders and Agent.

 

    3

    

    

 

“Third
Amendment Effective Date” shall have the meaning ascribed thereto in the Third Amendment.

 

(c)
Amendment of Section 2.1(a) of the Existing Loan Agreement. Section 2.1(a) of the Existing Loan Agreement is hereby
amended and restated in its entirety, as of the Third Amendment Effective Date, to read in full as follows:

 

(a)
Agent and the Lenders will establish for the Company, during the Contract Period and subject to the terms and conditions hereof,
a convertible, delayed draw term loan facility consisting of (i) a delayed draw term loan in the principal amount of $800,000
(“Tranche A Term Loan”), as to which Tranche A Term Loan, an Advance of $600,000 is being funded on
the Effective Date hereof by certain of the Lenders and an Advance of $200,000 is being funded subsequent to the Effective Date,
(ii) a delayed draw term loan in the principal amount of the Aggregate Tranche B Commitments (“Tranche B Term Loan”),
which Tranche B Term Loan shall be made in accordance with Section 2.1(b), and (iii) a delayed draw term loan in the principal
amount of the Aggregate Tranche C Commitments (“Tranche C Term Loan”), which Tranche C Term Loan shall
be made in accordance with Section 2.1(c) and as to which an Advance Request for the full amount of the Tranche C Commitments
shall be deemed made by the Company contemporaneously with the Third Amendment Effective Date. Each Advance by a Lender constitutes
Lender Indebtedness hereunder. The Term Loan is not a revolving loan, so that if the Company repays all or any portion of the
Term Loan at any time, such amount so repaid may not be re-borrowed. The Term Loan shall be subject to all terms and conditions
set forth in all of the Loan Documents, which terms and conditions are incorporated herein. Notwithstanding anything to the contrary
contained in this Section 2.1, no Lender will be required or have any obligation to make any extensions of credit hereunder
if a Default then exists or could reasonably be expected to result by virtue of the making thereof. Notwithstanding anything to
the contrary contained herein, in no event shall the Lenders be obligated to make to the Company, or the Company be entitled to
borrow or receive from the Lenders, any loans, advances or extensions of credit hereunder other than the Term Loan.

 

(d)
Amendment of Section 4.4(a) of the Existing Loan Agreement. Section 4.4(b) of the Existing Loan Agreement is hereby amended as
of the Third Amendment Effective Date, by deleting the words “...but not less than all (unless prior written consent
of the Company is obtained)...” and replacing the same with the words “...or any portion...”
in the first sentence of such Section.

 

(e)
Amendment of Section 4.4(b) of the Existing Loan Agreement. Section 4.4(b) of the Existing Loan Agreement is hereby
amended as of the Third Amendment Effective Date, by adding the following language immediately at the end thereof:

 

Notwithstanding
anything herein to the contrary, each Tranche C Lender’s conversion rights under this Section 4.4 shall be suspended
until the date on which the Company has obtained Stockholder Approval. The Company will, at its sole cost and expense, file a
preliminary proxy statement to hold a special meeting of stockholders (which may also be at the annual meeting of stockholders)
at the earliest practical date after the date hereof and shall hold such special meeting (or annual meeting, as the case may be)
as soon as possible thereafter, but in no event later than sixty (60) days after the date hereof, for the purpose of obtaining
Stockholder Approval, with the recommendation of the Company’s Board of Directors that such proposal be approved, and the
Company shall solicit proxies from its stockholders in connection therewith in the same manner as all other management proposals
in such proxy statement and all management-appointed proxyholders shall vote their proxies in favor of such proposal. The Company
shall use its reasonable best efforts to obtain such Stockholder Approval. If the Company does not obtain Stockholder Approval
at the first meeting, the Company shall call a meeting every three months thereafter to seek Stockholder Approval until the date
Stockholder Approval is obtained.

 

    4

    

    

 

(f)
Amendment of Section 4.4 of the Existing Loan Agreement. Section 4.4 of the Existing Loan Agreement is hereby amended
as of the Third Amendment Effective Date, by adding the following new Section 4.4(f) immediately at the end thereof following
Section 4.4(e):

 

(f)
Beneficial Ownership Blocker. The Company shall not effect any conversion of the Tranche C Term Loan of any Tranche C Lender,
and a Tranche C Lender shall not have the right to convert any portion of its Tranche C Term Loan, to the extent that after giving
effect to the conversion set forth on the applicable Notice of Conversion, the Tranche C Lender (together with the Tranche C Lender’s
Affiliates, and any Persons acting as a group together with the Tranche C Lender or any of the Tranche C Lender’s Affiliates)
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by a Tranche C Lender and its Affiliates shall include the number of shares
of Common Stock issuable upon conversion of the portion of such Tranche C Lender’s Tranche C Term Loan with respect to which
such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion
of the remaining, unconverted principal amount of such Tranche C Lender’s Tranche C Term Loan beneficially owned by the
Tranche C Lender or any of its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other
securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Tranche C Lender or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section
4.4(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. To the extent that the limitation contained in this Section 4.4(f) applies, the determination of
whether the Tranche C Term Lender’s Tranche C Term Loan is convertible (in relation to other securities owned by the Tranche
C Lender together with any Affiliates) and of which principal amount of such Tranche C Lender’s Tranche C Term Loan is convertible
shall be in the sole discretion of such Tranche C Lender, and the submission of a Notice of Conversion shall be deemed to be the
Tranche C Lender’s determination of whether its Tranche C Term Loan may be converted (in relation to other securities owned
by the Tranche C Lender together with any Affiliates) and which principal amount of such Tranche C Lender’s Tranche C Term
Loan is convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction,
the Tranche C Term Lender will be deemed to represent to the Company each time it delivers a Notice of Conversion, that such Notice
of Conversion has not violated the restrictions set forth in this Section 4.4(f) and the Company shall have no obligation
to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 4.4(f), in determining the number of outstanding shares of Common Stock, the Tranche C Lender
may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (i) the Company’s
most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement by the Company,
or (iii) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares
of Common Stock outstanding. Upon the written or oral request of a Tranche C Lender, the Company shall within two Trading Days
confirm orally and in writing to the Tranche C Lender, the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including the Tranche C Lender’s Tranche C Term Loan, by the Tranche C Lender or its Affiliates since the
date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon conversion of the Tranche C Term Loan by the Tranche C Lender. Each Tranche C Lender, upon not less
than 61 days’ prior notice to the Company, may increase the Beneficial Ownership Limitation provisions of this Section
4.4(f) to 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon conversion of such Tranche C Lender’s Tranche C Term Loan. In all events, the provisions of this Section
4.4(f) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is
delivered to the Company. Each Tranche C Lender may also decrease esethe Beneficial Ownership Limitation provisions of this Section
4.4(e) solely with respect to such Tranche C Lender’s Tranche C Term Loan at any time, which decrease shall be effective
immediately upon delivery of notice to the Company. The Beneficial Ownership Limitation provisions of this Section 4.4(f)
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(f)
to correct any portion which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this Section 4.4(f) shall apply to a successor Tranche C Lender.

 

    5

    

    

 

(g)
Amendment of Section 4.6 of the Existing Loan Agreement. Section 4.6 of the Existing Loan Agreement is hereby amended
and restated in its entirety as of the Third Amendment Effective Date, to read in full as follows:

 

4.6
Unregistered Shares/Registration Rights.

 

(a)
The AGENT AND THE Lenders acknowledge and agree that the shareS of Common Stock into
which the Accreted Principal Amount of each such Lender’s Term Loan are convertible hereunder, HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR APPLICABLE STATE OR OTHER
SECURITIES LAWS AND MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF EITHER AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLEY SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS. 

 

(b)
On or before February 5, 2021, the Company shall prepare and file with the Commission a Registration Statement covering the
resale of all of the Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. Such Registration
Statement filed hereunder shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable
Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance herewith); provided,
however, that no holder shall be required to be named as an “underwriter” without such holder’s express
prior written consent. Subject to the terms of this Agreement, the Company shall use its best efforts to cause a Registration
Statement filed under this Agreement (including, without limitation, under Section 4.6(c)) to be declared effective by the Commission
under the Securities Act as promptly as possible after the filing thereof, and shall use its best efforts to keep such Registration
Statement continuously effective under the Securities Act until the date that all Registrable Securities covered by such Registration
Statement that are issued or issuable upon the conversion of the Tranche C Term Loan (i) have been sold, thereunder or pursuant
to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement
for the Company to be in compliance with the current public information requirement under Rule 144, as determined by the counsel
to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected
holders (the “Effectiveness Period”). The Company shall telephonically request effectiveness of a Registration
Statement as of 5:00 p.m. (New York City time) on a trading day. The Company shall promptly notify the holders via facsimile or
by e-mail of the effectiveness of a Registration Statement within one trading day after the trading day that the Company telephonically
confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration Statement.
The Company shall, by 9:30 a.m. (New York City time) on the trading day after the effective date of such Registration Statement,
file a final Prospectus with the Commission as required by Rule 424. 

 

    6

    

    

 

(c)
Notwithstanding the registration obligations set forth in Section 4.6(b), if the Commission informs the Company that all of
the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering
on a single registration statement, the Company agrees to promptly inform each of the holders thereof and use its commercially
reasonable efforts to file amendments to the Registration Statement as required by the Commission, covering the maximum number
of Registrable Securities permitted to be registered by the Commission, on Form S-3 or such other form available to register for
resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment,
the Company shall be obligated to use diligent efforts to advocate with the Commission for the registration of all of the Registrable
Securities in accordance with the SEC Guidance, including without limitation, Compliance and Disclosure Interpretation 612.09.

 

(d)
Notwithstanding any other provision of this Agreement, if the Commission or any SEC Guidance sets forth a limitation on the
number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and
notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater
portion of Registrable Securities), unless otherwise directed in writing by a holder as to its Registrable Securities, the number
of Registrable Securities to be registered on such Registration Statement will be reduced as follows:

 

i.
first, the Company shall reduce or eliminate any securities to be included other than Registrable Securities arising from or relating
to the conversion of the Tranche C Term Loan; and

 

ii.
second, the Company shall reduce Registrable Securities represented by shares of Common Stock to the holders on a pro rata basis
based on the total number of unregistered Shares held by such holders.

 

In
the event of a cutback hereunder, the Company shall give each holder at least five (5) trading days prior written notice along
with the calculations as to such holder’s allotment. In the event the Company amends the initial Registration Statement
in accordance with the foregoing, the Company will use its best efforts to file with the Commission, as promptly as allowed by
Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements
on Form S-3 or such other form available to register for resale those Registrable Securities that were not registered for resale
on the initial Registration Statement as amended.

 

(e)
If Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall (i)
register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities
on Form S-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of the Registration
Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been
declared effective by the Commission.

 

    7

    

    

 

(f)
Notwithstanding anything to the contrary contained herein, in no event shall the Company be permitted to name any holder or
affiliate of a holder as any Underwriter without the prior written consent of such holder.

 

(g)
It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 4.6
with respect to the Registrable Securities of the Lenders that the Lenders shall furnish to the Company such information regarding
each of them, the Registrable Securities held by each of them, and the intended method of disposition of such securities as is
reasonably required to effect the registration of the Lenders’ Registrable Securities. 

 

(h)
All expenses (other than underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable
Securities, and fees and disbursements of counsel for any Lender (collectively, “Selling Expenses”)) incurred
in connection with registrations, filings, or qualifications pursuant to Section 4.6, including all registration, filing,
and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company shall be borne
and paid by the Company.

 

(i)
The Lenders shall not have any right to obtain or seek an injunction restraining or otherwise delaying any registration as
the result of any controversy that might arise with respect to the interpretation or implementation of this Section 4.6.

 

(j)
If any Registrable Securities are included in a registration statement under this Section 4.6:

 

(i)
To the extent permitted by law, each of the Lenders (severally and not jointly or jointly and severally; referred to herein as
an “Indemnifying Lender”)) will indemnify and hold harmless the Company, and each of its directors,
each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning
of the Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), and
any controlling Person of any such underwriter, against any Damages (defined below), in each case only to the extent that such
Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished
by or on behalf of any such Indemnifying Lender expressly for use in connection with such registration; and such Indemnifying
Lender will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in
connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred;
provided, however, that the indemnity agreement contained in this Subsection 4.6(g) shall not apply to amounts paid
in settlement of any such claim or proceeding if such settlement is effected without the consent of the Indemnifying Lender, which
consent shall not be unreasonably withheld. For purposes of this Section 4.6, “Damages” means
any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the
Securities Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect
thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any
registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or
necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party
(or any of its agents or affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation
promulgated under the Securities Act, the Exchange Act, or any state securities law. 

 

    8

    

    

 

(ii)
Promptly after receipt by an indemnified party under this Subsection 4.6(g) of notice of the commencement of any action
(including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will,
if a claim in respect thereof is to be made against any indemnifying party under this Subsection 4.6(g),
give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate
in such action and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however,
that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel)
shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation
of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential
differing interests between such indemnified party and any other party represented by such counsel in such action. 

 

(iii)
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the
provisions in the underwriting agreement shall control.

 

(k)
Notwithstanding any provision of this Section 4.6 to the contrary, in no event shall the Company be obligated to take
any action pursuant to Section 4.6(b), (c), (d) or (e) hereof if such action could reasonably be expected
to adversely affect the rights of the purchasers under that certain Registration Rights Agreement dated as of December 14, 2020
between the Company and the persons identified therein as Purchasers.

 

(h)
Amendment of Schedule 1.1 of the Existing Loan Agreement. Schedule 1.1 of the Existing Loan Agreement is hereby
amended and restated in its entirety as of the Third Amendment Effective Date, to read in full as set forth on Exhibit A
attached hereto.

 

4.
Joinder. Each of the Tranche C Lenders identified on Schedule 1.1, as amended by this Third Amendment and attached hereto
as Exhibit A, shall upon execution and delivery of this Third Amendment, become Lenders under the Loan Agreement and the
other Loan Documents, entitled to all of the benefits and subject to all of the obligations and undertakings, of a Lender under
the Loan Agreement and the other Loan Documents, to the extent of their respective several (and not joint and several) Tranche
C Commitments, as Tranche C Lenders with respect to the Tranche C Term Loan.

 

5.
Representations and Warranties. The Company hereby represents and warrants to Agent and Lenders as follows:

 

(a)
The execution, delivery and performance of this Third Amendment have been duly authorized by all necessary corporate and other
action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person in
order to be effective and enforceable.

 

(b)
On and as of the Third Amendment Effective Date, all representations and warranties contained in the Existing Loan Agreement and
in each other Loan Document are true and correct in all material respects (except to the extent such representations and warranties
expressly refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date).

 

6.
Conditions to Effectiveness.

 

(a)
The Third Amendment shall become effective as of the Third Amendment Effective Date upon the satisfaction of all of the following
conditions:

 

(i)
the Company shall have delivered to Agent an original (or electronic original via .pdf format) of this Third Amendment, duly executed
by the Company; and

 

(ii)
each of the representations and warranties contained in this Third Amendment shall be true, correct and accurate as of the Third
Amendment Effective Date (except to the extent such representations and warranties expressly refer to an earlier date, in which
case they shall be true and correct in all material respects as of such earlier date).

 

    9

    

    

 

(b)
The parties hereto specifically acknowledge and agree that: (i) the execution and delivery of this Third Amendment shall not be
deemed to create a course of dealing or otherwise obligate Agent or Lenders to execute similar agreements under the same, similar
or different circumstances in the future; and (ii) neither Agent nor any Lender has any obligation to further amend provisions
of, or waive compliance with or consent to a departure from the requirements of, the Loan Agreement or any of the other Loan Documents.
Except as expressly amended pursuant hereto, the Loan Agreement and each of the other Loan Documents shall remain unchanged and
in full force and effect and are hereby ratified and confirmed in all respects, and the Collateral described in the Loan Documents
shall continue to secure the Lender Indebtedness.

 

7.
No Waiver. Except as expressly provided herein, the execution and delivery of this Third Amendment shall not: (i) constitute
an extension, modification, or waiver of any term or aspect of the Loan Agreement or the other Loan Documents; (ii) extend the
terms of the Loan Agreement or the due date of any of the Lender Indebtedness; (iii) give rise to any other obligation on the
part of Agent or the Lenders to extend, modify or waive any term or condition of the Loan Agreement or any of the other Loan Documents;
or (iv) give rise to any defenses or counterclaims to the right of Agent or the Lenders to compel payment of the Lender Indebtedness
or to otherwise enforce their rights and remedies under the Loan Agreement and the other Loan Documents.

 

8.
General Release. On and as of the Third Amendment Effective Date and in consideration of the agreements set forth herein,
the Company, on behalf of itself and its successors and assigns, does hereby agree as follows (the “General Release”):

 

(a)
Each such Person does hereby release, acquit and forever discharge Agent and each Lender, all of Agent’s and each Lender’s
predecessors-in-interest, and all of Agent’s and each Lender’s past and present officers, directors, managers, members,
attorneys, affiliates, employees and agents, of and from any and all claims, demands, obligations, liabilities, indebtedness,
breaches of contract, breaches of duty or of any relationship, acts, omissions, misfeasance, malfeasance, causes of action, defenses,
offsets, debts, sums of money, accounts, compensation, contracts, controversies, promises, damages, costs, losses and expenses,
of every type, kind, nature, description or character, whether known or unknown, suspected or unsuspected, liquidated or unliquidated
(each of the foregoing, a “Claim” and collectively, the “Claims”), each as
though fully set forth herein at length, that the Company, any guarantor or any of their respective successors or assigns now
has or may have as of the Third Amendment Effective Date in any way arising out of, connected with or related to any or all of
the transactions contemplated by the Loan Documents (including this Third Amendment) or any of them or any provision or failure
to provide credit or other accommodations to the Company or any other Person under the Loan Documents (including this Third Amendment)
or any of them or any other agreement, document or instrument referred to, or otherwise related to, any or all of the Loan Documents
(including this Third Amendment) or any of them (each, a “Released Claim” and, collectively, the “Released
Claims”).

 

9.
General Provisions.

 

(a)
This Third Amendment shall be binding upon and inure to the benefit of the parties to the Loan Agreement and their respective
successors and assigns.

 

(b)
This Third Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. Each of the parties hereto understands and agrees that this document
(and any other document required herein) may be delivered by the other party thereto either in the form of an executed original
or an executed original sent by facsimile or electronic transmission to be followed promptly by mailing of a hard copy original,
and that receipt by Agent of an electronically or telefacsimile document purportedly bearing the signature of any party hereto
and shall bind such party with the same force and effect as the delivery of a hard copy original.

 

(c)
This Third Amendment contains the entire and exclusive agreement of the parties to the Loan Agreement with reference to the matters
referred to herein. This Third Amendment supersedes all prior drafts and communications with respect hereto. This Third Amendment
may not be amended except in accordance with the provisions of the Loan Agreement.

 

(d)
Section 14 of the Existing Loan Agreement, as amended hereby, is incorporated herein by this reference and made applicable as
if set forth herein in full, mutatis mutandis.

 

[Signature
pages follow]

 

    10

    

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be executed as of the Third Amendment Effective Date.

 

	 	BLONDER TONGUE LABORATORIES, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	 
	 	 	Eric Skolnik, Senior Vice President & 

Chief
    Financial Officer

 

Signature
Page to Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder

 

     

    

    

 

	 	AGENT:
	 	 
	 	ROBERT J. PALLÉ, as Agent

 

	 	TRANCHE A LENDER:
	 	 
	 	ROBERT J. PALLÉ, as a Lender
	 	 
	 	CAROL M. PALLÉ, as a Lender

 

Signature
Page to Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder

 

     

    

    

  

	 	TRANCHE
A LENDER: 
	 	 
	 	LIVEWIRE VENTURES, LLC 
	 	 
	 	EDWARD R. GRAUCH, PRESIDENT, as a
    Lender

 

Signature
Page to Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder

 

     

    

    

 

	 	TRANCHE
A LENDER: 
	 	 
	 	MIDATLANTIC IRA, LLC FBO STEVEN L. SHEA IRA
	 	 
	 	LISA GOODNOUGH, AGENT, as a Lender

 

Signature
Page to Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder

 

     

    

    

 

	 	TRANCHE
A LENDER: 
	 	 
	 	ANTHONY BRUNO, as a Lender

 

Signature
Page to Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder

 

     

    

    

 

	 	TRANCHE
A LENDER: 
	 	 
	 	STEPHEN K. NECESSARY, as a Lender

 

Signature
Page to Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder

 

     

    

    

 

	 	TRANCHE
B LENDER: 
	 	 
	 	RONALD V. ALTERIO, as a Lender

 

Signature
Page to Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder

 

     

    

    

 

	 	TRANCHE C LENDER: 
	 	 	 
	 	CAVALRY FUND I LP
	 	 	 
	 	By	 
	 		Thomas Walsh, Manager 

 

Signature
Page to Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder

 

     

    

    

 

	 	TRANCHE C LENDER:
	 	 	 
	 	PORTER PARTNERS, L.P.
	 	 	 
	 	By	 
	 		Jeffrey Porter, General Partner, as a Lender 

 

Signature
Page to Third Amendment to Senior Subordinated Convertible Loan and Security Agreement and Joinder

 

     

    

    

 

Exhibit
a

to
THIRD Amendment to SENIOR SUBORDINATED

CONVERTIBLE
Loan andSecurity Agreement

 

schedule
1.1

 

LENDERS;
COMMITMENTS; PERCENTAGE SHARES1

 

Amounts
set forth below are effective as of the Third Amendment Effective Date.

 

 

	1	This Schedule is subject to change as and to the extent that Tranche B and/or Tranche C Lenders become Lenders hereunder by joinder.

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