Document:

Exhibit 10.2

 

NINTH AMENDMENT TO REVOLVING CREDIT,

TERM LOAN AND SECURITY AGREEMENT

 

THIS
NINTH AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT (the “Agreement”) is entered into as of August
12, 2015 by and among BLONDER TONGUE LABORATORIES, INC., a corporation organized under the laws of the State of Delaware
(“BTL”), R. L. DRAKE HOLDINGS, LLC, a limited liability company organized under the laws of the State of Delaware
(“RL Drake” and collectively with BTL, the “Borrower”), the financial institutions which
are now or which hereafter become a party hereto (collectively, the “Lenders” and individually a “Lender”)
and SANTANDER BANK, N.A. (formerly known as Sovereign Bank, N.A.) (“Santander”),
as agent for Lenders (Santander, in such capacity, the “Agent”).

 

RECITALS

 

Whereas, the Borrower
and the Lenders entered into a Revolving Credit, Term Loan and Security Agreement dated August 6, 2008, as amended by that certain
First Amendment to Revolving Credit Term Loan and Security Agreement dated January 14, 2011, that certain Second Amendment to Revolving
Credit Term Loan and Security Agreement dated February 1, 2012, that certain letter agreement dated August 10, 2012 (constituting
the third amendment to the Revolving Credit, Term Loan and Security Agreement), that certain Fourth Amendment to Revolving Credit,
Term Loan and Security Agreement dated March 27, 2013, that certain Fifth Amendment to Revolving Credit, Term Loan and Security
Agreement dated November 13, 2013, that certain Sixth Amendment to Revolving Credit, Term Loan and Security Agreement dated March
28, 2014, that certain Seventh Amendment to Revolving Credit, Term Loan and Security Agreement dated January 21, 2015 and that
certain Eighth Amendment to Revolving Credit, Term Loan and Security Agreement dated May 14, 2015, as the same shall be further
amended by this Agreement (as may be further amended, restated, replaced and/or modified from time to time, the “Loan
Agreement”); and

 

Whereas, the Borrower
and the Lenders have agreed to modify the terms of the Loan Agreement as set forth in this Agreement to, among other things, modifying
certain financial covenants set forth in the Loan Agreement.

 

Now, therefore, in
consideration of the Lender’s continued extension of credit and the agreements contained herein, the parties agree as follows:

 

AGREEMENT

 

		1)	ACKNOWLEDGMENT OF BALANCE. The Borrower acknowledges that the most recent statement of account
sent to the Borrower with respect to the Obligations is correct.

 

		2)	WAIVER. The Borrower hereby acknowledges and agrees that it has failed to comply, as of
June 30, 2015, with Subsection 6.5(c) of the Loan Agreement. The Lenders hereby waive the Event of Default (as defined in the Loan
Agreement) which would otherwise exist by reason of the failure of the Borrower to comply, as of June 30, 2015, with Subsection
6.5(c) of the Loan Agreement (relating to Minimum EBITDA); provided, however, that (i) the waiver contained in this paragraph will
not be deemed to apply to any provision of the Loan Agreement or any of the Other Documents other than said Subsection 6.5(c) of
the Loan Agreement and (ii) the waiver contained in this paragraph will not be deemed to apply as of any date other than as of
June 30, 2015. Nothing contained herein will be deemed to constitute a waiver (other than the express waiver set forth herein)
or a release of any provision of any of the Other Documents. No Default or Event of Default (each as defined in the Loan Agreement)
is deemed waived (other than pursuant to the express waiver set forth herein) or released by this Agreement, whether or not known
to the Lenders. Nothing contained herein will in any event be deemed to constitute an agreement to give a waiver or release or
to agree to any amendment or modification or any provision of any of the Other Documents on any other or future occasion.

 

		3)	MODIFICATIONS. The Loan Agreement be and hereby is modified as follows:

 

		(A)	The following definitions are hereby added to Section 1.2 of the Loan Agreement to read as follows:

 

    1 

     

    

 

“Ninth Amendment”
shall mean that certain Ninth Amendment to Revolving Credit, Term Loan and Security Agreement dated the Ninth Amendment Closing
Date by and among the Borrower, the Lenders and the Agent.

 

“Ninth Amendment Closing
Date” shall mean as of August 12, 2015.

 

		4)	INVENTORY APPRAISAL. Should the Borrower fail to pay the Obligations in full by September
30, 2015, the Borrower shall deliver to Agent on said date an appraisal of its inventory, in a form satisfactory to the Agent and
prepared by a qualified third-party inventory appraiser.

 

		5)	WEEKLY REFINANCING UPDATES. By not later than 4:00 PM EDST on Friday, August 14, 2015, and
by not later than said time on the Friday of each week thereafter, Borrower shall submit to Agent (via email to both dfairchi@santander.us
and john.giangrossi@santander.us) an update of the status of Borrower’s efforts to refinance the Obligations. The
level of detail within each update shall be satisfactory to the Agent.

 

		6)	ACKNOWLEDGMENTS. The Borrower acknowledges and represents that:

 

(A)the Loan Agreement and
Other Documents, as amended hereby, are in full force and effect without any defense, claim, counterclaim, right or claim of set-off;

 

(B)to the best of its knowledge,
no default by the Agent or the Lenders in the performance of their duties under the Loan Agreement or the Other Documents has occurred;

 

(C)all representations and
warranties of the Borrower contained herein and in the Other Documents are true and correct in all material respects as of this
date, except for any representation or warranty that specifically refers to an earlier date;

 

(D)the Borrower has taken
all necessary action to authorize the execution and delivery of this Agreement; and

 

(E)this Agreement is a modification
of an existing obligation and is not a novation.

 

		7)	PRECONDITIONS. As a precondition to the effectiveness of any of the modifications, consents,
or waivers contained herein, the Borrower agrees to:

 

(A)provide the Agent with
this Agreement, properly executed;

 

(B)provide the Agent with
secretary’s certificates and resolutions, in form and substance acceptable to the Agent, which approves the modification
contemplated hereby;

 

(C)pay to the Agent an amendment
fee in the amount of $20,000; and

 

(D)pay, promptly upon presentation
of an invoice therefor, all other fees and costs incurred by the Lenders in entering into this Agreement, including, but not limited
to, all reasonable legal fees incurred by the Agent.

 

		8)	MISCELLANEOUS. This Agreement shall be construed in accordance with and governed by the
laws of the State of New Jersey, without reference to that state’s conflicts of law principles. This Agreement and the Other
Documents constitute the sole agreement of the parties with respect to the subject matter thereof and supersede all oral negotiations
and prior writings with respect to the subject matter thereof. No amendment of this Agreement, and no waiver of any one or more
of the provisions hereof shall be effective unless set forth in writing and signed by the parties hereto. The illegality, unenforceability
or inconsistency of any provision of this Agreement shall not in any way affect or impair the legality, enforceability or consistency
of the remaining provisions of this Agreement or the Other Documents. This Agreement and the Other Documents are intended to be
consistent. However, in the event of any inconsistencies among this Agreement and any of the Other Documents, the terms of this
Agreement, then the Loan Agreement shall control. This Agreement may be executed in any number of counterparts and by the different
parties on separate counterparts. Each such counterpart shall be deemed an original, but all such counterparts shall together constitute
one and the same agreement.

 

    2 

     

    

 

		9)	DEFINITIONS. The terms used herein and not otherwise defined or modified herein shall have
the meanings ascribed to them in the Loan Agreement. The terms used herein and not otherwise defined or modified herein or defined
in the Loan Agreement shall have the meanings ascribed to them by the Uniform Commercial Code as enacted in New Jersey.

 

IN WITNESS WHEREOF, the undersigned
have signed and sealed this Agreement the day and year first above written.

 

	ATTEST:	 	BLONDER TONGUE LABORATORIES, INC.
	 	 	 	 	 
	By:	 	 	By:	 
	Name:  	ERIC SKOLNIK	 	Name:  	ROBERT J. PALLÉ
	Title:	Assistant Secretary	 	Title:	President
	 	 	 	 	 
	WITNESS:	 	R. L. DRAKE HOLDINGS, LLC
	 	 	 	 	 
	By:	 	 	By:	 
	Name:  	ERIC SKOLNIK	 	Name: 	ROBERT J. PALLÉ
	Title:	Secretary	 	Title:	President
	 	 	 	 	 
	 	 	 	SANTANDER BANK, N.A.,
	 	 	 	(formerly known as Sovereign Bank, N.A.),
	 	 	 	as Lender and as Agent
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:  DWIGHT F. FAIRCHILD
	 	 	 	Title:  Senior Vice President

 

    3biei_ex104.htm

EXHIBIT 10.4
   
    
PREMIER BIOMEDICAL, INC. 
   
  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE LAWS, (ii) TO THE EXTENT APPLICABLE, RULE 144 UNDER THE ACT (OR ANY SIMILAR RULE UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE LAW IS AVAILABLE.
   
  Premier Director’s Warrant No. 22 
   
  COMMON STOCK PURCHASE WARRANT
   
  THIS IS TO CERTIFY that, for value received, Ryan Fields, an individual, or his assigns (the “Holder”) is entitled, subject to the terms and conditions set forth herein, to purchase from Premier Biomedical, Inc., a Nevada corporation (the “Company”) up to five hundred thousand (500,000) fully paid and nonassessable shares of common stock of the Company (the “Warrant Securities”) at the initial price of $0.25 per share but subject to adjustment as provided in Section 4 below (the “Exercise Price”).
   
  1. Exercisability.  
   
  (A) General Exercisability. Subject to the vesting schedule in Section 2, below, this Warrant may be exercised between May 30, 2015, the date these warrants were approved by the Company’s Board of Directors, and seven (7) years thereafter, by presentation and surrender hereof to the Company of a notice of election to purchase duly executed and accompanied by payment by check or wire transfer of the Exercise Price, or election to utilize the provisions of Section 1(B). 
   
  (B) Cashless Conversion of Warrants. Notwithstanding any provisions herein to the contrary, the Holder may convert this Warrant into that number of shares of the Company’s common stock by surrender of this Warrant at the principal office of the Company together with the properly endorsed form of election to purchase in which event the Company shall issue to the holder hereof a number of shares of the Company’s common stock computed using the following formula: 
   
  X = Y (A-B) 
                                       A 
   
    		   
	  Where  
	X =	the number of shares of the Company’s common stock to be issued to the holder hereof
		   
	   
		
		   
	   
	Y =	the number of shares of the Company’s common stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)
		   
	   
		
		   
	   
	A =	the fair market value of one share of the Company’s common stock (at the date of such calculation)
		   
	   
		
		   
	   
	B =	the Exercise Price

 
    	 
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  All references herein to an “exercise” of the Warrant shall include a conversion pursuant to this Section. For the purposes of the above calculation, the Fair Market Value of one share of the Company’s common stock as of a particular date shall mean:  
   
  (a) If traded on a securities exchange or the NASDAQ National Market, the Fair Market Value shall be deemed to be the closing price of the common stock of the Company on such exchange or market on the date in question. If there is no closing selling price for such common stock on the date in question, then the fair market value shall be the closing selling price on the last preceding date for which such a quotation exists;  
   
  (b) If actively traded over-the-counter, the Fair Market Value shall be deemed to be the closing bid price of the common stock of the Company on the date in question. If there is no closing bid price for such common stock on the date in question, then the fair market value shall be the closing bid price on the last preceding date for which such a quotation exists;  
   
  (c) If the Company’s common stock is traded on multiple platforms, the Board of Directors of the Company shall determine the primary market for such common stock; and  
   
  (d) If there is no active public market, the “Fair Market Value” shall be the value thereof, as determined in good faith by the Company’s Board of Directors after taking into account such factors as the Board of Directors of the Company shall deem appropriate.  
   
  A stock certificate representing the appropriate number of shares of the common stock shall be delivered to the holder hereof within five (5) business days following the date of exercise. 
   
    	 
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  2. Vesting. This Warrant shall vest in its entirety on December 1, 2015, subject to the condition that Holder is a member of the Company’s Scientific Advisory Board on such date. Upon termination of Holder’s service as a member of the Company’s Scientific Advisory Board, for any reason or for no reason at all, any non-vested portion of this Warrant shall terminate immediately. 
   
  3. Manner of Exercise. In case of the purchase of less than all the Warrant Securities, the Company shall cancel this Warrant upon the surrender hereof and shall execute and deliver a new warrant of like tenor for the balance of the Warrant Securities. Upon the exercise of this Warrant, the issuance of certificates for securities, properties or rights underlying this Warrant shall be made forthwith (and in any event within three (3) business days thereafter) without charge to the Holder including, without limitation, any tax that may be payable in respect of the issuance thereof: provided, however, that the Company shall not be required to pay any tax in respect of income or capital gain of the Holder. 
   
  If and to the extent this Warrant is exercised, in whole or in part, the Holder shall be entitled to receive a certificate or certificates representing the Warrant Securities so purchased, upon presentation and surrender to the Company of the form of election to purchase attached hereto duly executed, and accompanied by payment of the purchase price.
   
  4. Adjustment in Number of Shares. 
   
  (A) Adjustment for Reclassifications. In case at any time or from time to time after the issue date the holders of the Common Stock of the Company (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received, or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefore, other or additional stock or other securities or property (including cash) by way of stock split, spin-off, reclassification, combination of shares or similar corporate rearrangement (exclusive of any stock dividend of its or any subsidiary’s capital stock), then and in each such case the Holder of this Warrant, upon the exercise hereof as provided in Section 1, shall be entitled to receive the amount of stock and other securities and property which such Holder would hold on the date of such exercise if on the issue date he had been the holder of record of the number of shares of Common Stock of the Company called for on the face of this Warrant and had thereafter, during the period from the issue date, to and including the date of such exercise, retained such shares and/or all other or additional stock and other securities and property receivable by him as aforesaid during such period, giving effect to all adjustments called for during such period. In the event of any such adjustment, the Exercise Price shall be adjusted proportionally. 
   
    	 
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  (B) Adjustment for Reorganization, Consolidation, Merger. In case of any reorganization of the Company (or any other corporation the stock or other securities of which are at the time receivable on the exercise of this Warrant) after the issue date, or in case, after such date, the Company (or any such other corporation) shall consolidate with or merge into another corporation or convey all or substantially all of its assets to another corporation, then and in each such case the Holder of this Warrant, upon the exercise hereof as provided in Section 1 at any time after the consummation of such reorganization, consolidation, merger or conveyance, shall be entitled to receive, in lieu of the stock or other securities or property to which such Holder would be entitled had the Holder exercised this Warrant immediately prior thereto, all subject to further adjustment as provided herein; in each such case, the terms of this Warrant shall be applicable to the shares of stock or other securities or property receivable upon the exercise of this Warrant after such consummation. 
   
  5. No Requirement to Exercise. Nothing contained in this Warrant shall be construed as requiring the Holder to exercise this Warrant prior to or in connection with the effectiveness of a registration statement. 
   
  6. No Stockholder Rights. Unless and until this Warrant is exercised, this Warrant shall not entitle the Holder hereof to any voting rights or other rights as a stockholder of the Company, or to any other rights whatsoever except the rights herein expressed, and, no dividends shall be payable or accrue in respect of this Warrant. 
   
  7. Piggyback Registration Rights. If the Company, at any time, proposes to conduct an offering of its securities so as to register any of its securities under the Securities Act of 1933 (the “Act”), including under an S-1 Registration Statement or otherwise, the Company will at such time give written notice to the Holder of its intention so to do. If the offering being registered includes an underwriter, then subject to the approval of the underwriters, and upon the written request of the Holder, given within 10 days after receipt of any such notice, the Company will use its best efforts to cause the common stock underlying the exercise of the Warrants to be registered under the Act (with the securities which we are proposing to register).
   
  8. Exchange. This Warrant is exchangeable upon the surrender hereof by the Holder to the Company for new warrants of like tenor representing in the aggregate the right to purchase the number of Warrant Securities purchasable hereunder, each of such new warrants to represent the right to purchase such number of Warrant Securities as shall be designated by the Holder at the time of such surrender. 
   
  Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it and reimbursement to the company of all reasonable expenses incidental thereto, and upon surrender and cancellation hereof, if mutilated, the Company will make and deliver a new warrant of like tenor and amount, in lieu hereof. 
   
    	 
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  9. Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of securities upon the exercise of this Warrant, nor shall it be required to issue scrip or pay cash in lieu of fractional interests. All fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of securities, properties or rights receivable upon exercise of this Warrant. 
   
  10. Reservation of Securities. The Company shall at all times reserve and keep available out of its authorized shares of Common Stock or other securities, solely for the purpose of issuance upon the exercise of this Warrant, such number of shares of Common Stock or other securities, properties or rights as shall be issuable upon the exercise hereof. The Company covenants and agrees that, upon exercise of this Warrant and payment of the Principal Value, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid, non-assessable and not subject to the preemptive rights of any stockholder. 
   
  11. Notices to Holder. If at any time prior to the expiration of this Warrant or its exercise, any of the following events shall occur: 
   
  (a) the Company shall take a record of the holders of any class of its securities for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of current or retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or  
   
  (b) the Company shall offer to all the holders of a class of its securities any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option or warrant to subscribe therefor; or 
   
  (c) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business as an entirety shall be proposed; 
   
  then, in any one or more said events, the Company shall give written notice of such event to the Holder at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholder entitled to such dividend, distribution, convertible or exchangeable securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of closing the transfer books, as the case may be. 
   
  12. Transferability. This Warrant may not be transferred or assigned by the Holder without prior approval by the Company, which the Company may withhold in its sole discretion. 
   
  13. Informational Requirements. The Company will transmit to the Holder such information, documents and reports as are generally distributed to stockholders of the Company concurrently with the distribution thereof to such stockholders.
   
    	 
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  14. Notice. Notices to be given to the Company or the Holder shall be deemed to have been sufficiently given if delivered personally or sent by overnight courier or messenger, or by facsimile transmission. Notices shall be deemed to have been received on the date of personal delivery or facsimile transmission. The address of the Company and of the Holder shall be as set forth in the Company’s books and records. 
   
  15. Consent to Jurisdiction and Service. The Company consents to the jurisdiction of any court of the State of Texas, and of any federal court located in Texas, in any action or proceeding arising out of or in connection with this Warrant. The Company waives personal service of any summons, complaint or other process in connection with any such action or proceeding and agrees that service thereof may be made at the location provided in Section 14 hereof, or, in the alternative, in any other form or manner permitted by law. El Paso County, Texas shall be proper venue. 
   
  16. Successors. All the covenants and provisions of this Warrant shall be binding upon and inure to the benefit of the Company, the Holder and their respective legal representatives, successors and assigns. 
   
  17. Attorneys’ Fees. In the event the Investors or any holder hereof shall refer this Warrant to an attorney to enforce the terms hereof, the Company agrees to pay all the costs and expenses incurred in attempting or effecting collection hereunder, including reasonable attorney's fees, whether or not suit is instituted. 
   
  18. Governing Law. THIS WARRANT SHALL BE GOVERNED, CONSTRUED AND INTERPRETED UNDER THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE RULES GOVERNING CONFLICTS OF LAW. 
   
   
  [remainder of page intentionally left blank, signature page to follow] 
   
    	 
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  IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by the signature of its President and to be delivered in El Paso, Texas. 
   
    
  	  Dated: May 30, 2015 
		  Premier Biomedical, Inc., 

			  a Nevada corporation 

			
			
			  /s/ William A. Hartman 

			  By: William A. Hartman 

			  Its: President and Chief Executive Officer 

			
	  Acknowledged: 
		
			
			
	  /s/ Ryan Fields 
		
	  Ryan Fields 
		

   
  	 
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[FORM OF ELECTION TO PURCHASE] 
   
  Date: _________________
   
  PREMIER BIOMEDICAL, INC.
   
  Attn: President
   
  Ladies and Gentlemen:
   
  [ ] The undersigned hereby elects to exercise the warrant issued to it by Premier Biomedical, Inc. (the “Company”) pursuant to the Common Stock Purchase Warrant Agreement between the Company and ______________, dated ________ (the “Warrant Agreement”) and to purchase thereunder ___________ (________) shares of Common Stock of the Company (the “Shares”) at a purchase price of twenty five cents ($0.25) per share or an aggregate purchase price of _______________ Dollars ($_______) (the “Purchase Price”).
   
  [ ] The undersigned hereby elects under the provision set forth in Section 1(B) of the Warrant Agreement to make a net exercise of the Warrant as to __________ shares.
   
  Pursuant to the terms of the Warrant Agreement the undersigned has delivered the aggregate Purchase Price herewith in full in cash or by certified check or wire transfer, if applicable.
   
  The certificate(s) or other instruments for such shares shall be issued in the name of the undersigned or as otherwise indicated below.
   
   
    	   
	  Signature:
	   
	   

	   
	  [name]
	   
	   

	   
	  [address]

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