Document:

Exhibit 10.1

 

	 	 	One
Jake Brown Road

Old
Bridge, New Jersey 08857

Tel:
732-679-4000 

Fax:
732-679-4353

www.blondertongue.com

 

 

  

September
12, 2018

 

Mr.
Edward R. (Ted) Grauch

3208
Hwy 98

Mexico
Beach, FL 32456

 

Dear
Ted:

 

On
behalf of Blonder Tongue Laboratories, Inc. (the “Company”), I am pleased to offer you employment with our Company.
We look forward to a successful working relationship providing the highest quality of products and services to our customers.

 

Your
compensation, benefits, and other initial employment terms are summarized on the enclosed schedule.

 

On
your first day of employment you should report to Bob Pallé and bring with you evidence of your legal authorization to
work in the U.S. I enclose the Company’s Proprietary Information and Inventions Agreement, which you must sign and return
prior to your first day of work.

 

By
signing below, you are accepting employment and agreeing to all the terms of this letter and its enclosures, which supersede any
prior agreements, representations, or discussions regarding your employment. The offer of employment set forth in this letter
will be deemed withdrawn and of no force or effect if a copy of this letter is not countersigned by you and returned to the Company
prior to the close of business on September 26, 2018.

 

We
look forward to your joining our team.

 

	 	Sincerely,
	 	 
	 	/s/
    Eric Skolnik
	 	Eric
    Skolnik
	 	SVP
    & Chief Financial Officer

 

Accepted
and Agreed:

 

	/s/
    Edward R. Grauch	 
	 	 	 
	Dated:	26
    September 2018	 

 

	Enc: 	Schedule of Compensation, Benefits, and Other Terms

Proprietary
Information and Inventions Agreement

 

 

 

     

     

    

 

SCHEDULE
OF COMPENSATION, BENEFITS, AND OTHER TERMS

 

	Expected
Start Date:	October 29, 2018 (“Start
Date”)

 

	Position:	Executive Vice President/Chief Operating Officer

Reports
to CEO

Direct
Reports –Engineering, Marketing & Sales

You
will be based in Old Bridge, NJ

 

	Salary:	$300,000
                                         per year rate (prorated for balance of 2018) and for 2019, less taxes and withholdings.

 

	Signing Bonus	You will be entitled to a signing bonus in the amount
of $20,000, less taxes and withholdings, payable to you ninety days after your Start Date, so long as you remain employed by the
Company through such date.

 

	Car Allowance	You will be entitled to receive a car allowance each
month (prorated for any partial month) of your employment, which amount will be included as part of your compensation, in the
amount of $750.00, minus the amount for such month of mileage reimbursement for business travel, at the applicable federal mileage
reimbursement rate due to you, but such reimbursement shall not be in excess of $750.00 in any month.

 

	Bonus Plan: 	Beginning with calendar year 2019, you will be eligible
to participate in the Executive Officer Salary Bonus Plan, subject to the terms of the Plan, as determined by the Compensation
Committee.

 

	Equity Award:	On the Start Date, you will be granted options to acquire
500,000 shares of Common Stock (“Stock Options”), with the grant date being the Start Date (“Grant
Date”). The exercise price of your Stock Options will be set on the Grant Date, based on the arithmetic mean of the
high and low selling price of the Company’s common stock on the Grant Date, as reported by the NYSE American Exchange (“Exercise
Price”).

 

Your
Stock Options will vest at the rate of 100,000 shares per year on each of the first two one-year anniversaries of the Grant Date
and 150,000 shares per year on each of the third and fourth one-year anniversaries of the Grant Date, such that the first date
on which any of the Stock Options will vest and be exercisable shall be on the first anniversary of the Grant Date, all as will
be more fully set forth in Option Agreements that will be entered into with you as of the Grant Date.

 

    	 	1	 

     

    

 

A
portion of your Stock Options will be Incentive Stock Options, as defined in Section 422 of the Internal Revenue Code of 1986,
as amended (“ISOs”), under and pursuant to the Company’s 2016 Employee Equity Incentive Plan (“2016
Plan”), subject to the following limitations: (i) first, Stock Options for no more than 250,000 shares of Common Stock
may be granted to any individual in a single calendar year under the 2016 Plan, in accordance with the terms thereof, and (ii)
second, under applicable federal tax law, the maximum number of Stock Options that can be ISOs granted under the 2016 Plan must
be determined separately for each vesting year, and will be limited to the amount derived by dividing $100,000 by the Exercise
Price per share, rounded down to the next whole number of shares. Subject to the foregoing limitations, it is agreed that on the
first and second anniversaries of your Grant Date, you will receive ISOs to acquire 30,000 shares and on the third and fourth
anniversaries of your Grant Date you will receive ISOs to acquire 45,000 shares.

 

The
balance of the Stock Options (70,000 on the first and second anniversaries of your Grant Date and 105,000 on the third and fourth
anniversaries of your Grant Date) will be granted to you as an inducement award in accordance with the requirements for such awards
set forth in the New York Stock Exchange Listed Company Manual, and not pursuant to the 2016 Plan or any other shareholder-approved
plan maintained by the Company; as such those Stock Options (sometimes referred to herein as “Inducement Options”)
will not be ISOs. Vesting of your Inducement Options will be accelerated upon a change in control of the Company. For this purpose,
“change in control of the Company” shall mean a change in control of such nature that it would be required to be reported
to the Securities and Exchange Commission pursuant to Schedule 14A of Regulation 14A or any successor provision (whether or not
the Company is then subject to such reporting requirements). A change of control will be deemed to have occurred if any person,
other than persons or entities who on the date hereof are the “beneficial owners” (as determined pursuant to Sections
13(d) and 14(d) of the Securities Exchange Act of 1934), directly or indirectly, of securities of the Company representing 10%
or more of the combined voting power of the Company’s then outstanding securities, is or becomes the “beneficial owner”
of 25% or more of the combined voting power of the outstanding securities of the Company or if during two consecutive year periods,
the directors at the beginning of such periods cease for any reason during the two-year period to constitute a majority of the
Board of Directors of the Company.

 

All
of the terms and conditions of your Stock Options will be set forth in Option Agreements that will be entered into with you as
of the Grant Date, (a) in the case of ISOs, consistent with the provisions of the 2016 Plan, and (b) in the case of Inducement
Options, consistent with prior similar grants by the Company to other executive employees, and in all cases, as otherwise approved
by the Compensation Committee.

 

The
shares underlying the Stock Options shall be subject to restrictions pursuant to Rule 144 under the Securities Act of 1933 as
well as all other applicable securities laws as a result of your anticipated status as an executive officer of the Company and
as a person subject to Section 16 of the Securities Exchange Act of 1934.

 

    	 	2	 

     

    

 

	Travel Expenses:	You
                                         will receive reimbursement of up to $8,500 per calendar year (pro rated for 2018) less
                                         taxes and withholdings, for personal air travel on weekends to and from you primary residence
                                         (in either Atlanta or Mexico Beach, FL). Receipts should be provided to Eric Skolnik.
                                         The personal air travel expense reimbursement will be treated as W-2 wages to you and
                                         taxes and other withholdings will be deducted on that basis, all in compliance with applicable
                                         law.

 

	Paid Time Off: 	You will be eligible for (i) seven (7) vacation days
during the remainder of calendar year 2018 and (ii) fifteen (15) vacation days per calendar year for each calendar year thereafter
(or such greater number of days to which you may be entitled under the Company’s then standard employment policies) and
(iii) up to six (6) sick days per year, in addition to Company-paid holidays.

 

	Benefits:	Eligibility
                                         to participate in the Company’s sponsored group health insurance coverage (medical,
                                         dental, vision), life insurance, and long-term disability plan commences on or about
                                         the Start Date, but in no event later than the first day of the calendar month following
                                         the Start Date. You will be eligible to participate in the Company’s 401(k) plan
                                         after six months of employment.

 

	Status:	Full-time
                                         employee. This position is not eligible for overtime as it is exempt from overtime under
                                         applicable law. You will be employed as an at-will employee, meaning either you or the
                                         Company can end the employment relationship at any time for any reason or no reason.

 

	Work Location:	You will be based in the Company’s Old Bridge,
NJ office. However, your position will involve travel time away from the Company’s office from time to time. Any work-related
injuries, even if sustained away from the office, are to be reported to the Company immediately. You must take all necessary and
reasonable steps to safeguard the security of both electronic and paper records from unauthorized disclosure or damage, whether
on-site or at a remote work location, and follow any applicable information technology or security policies relating thereto.

 

	Company Standards:	As an employee, you will be expected to adhere to the
Company’s standards of professionalism, loyalty, integrity, honesty, and reliability. Employment is subject to all of the
policies and procedures of the Company, as amended from time to time, including but not limited to the Code of Ethics, the Insider
Trading Policy, and the Employee Handbook, copies of which are available upon request for your review. As an executive officer
of a public company, you will also be subject to compliance with all applicable federal and state securities laws.

 

    	 	3	 

     

    

 

	Third Party Agreements:	You represent that you have provided to the Company
(or the Company’s counsel) copies of any agreements with any current or former employers or other third parties that could
restrict your ability to be employed or that limit the manner in which you may be employed. You further represent that you are
not subject to any agreements with any current or former employers or other third parties that prevent you from accepting employment
with the Company or performing the duties of your position. You agree not to bring to the Company or use in performing your duties
for the Company any current or former employer or third party confidential or proprietary information or trade secrets. You also
agree that you will not conduct yourself in a manner that would be violative of any such agreement with your current or former
employers.

 

The
Company has the right to modify the terms referenced herein at any time, consistent with any plan terms and applicable law. You
acknowledge and agree that the Company has not provided you any legal or tax advice and that you have had a reasonable opportunity
to consult with your own legal and tax advisors if you so choose.

 

    	 	4Exhibit

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
BETWEEN JEFFREY S. SLOAN AND GLOBAL PAYMENTS INC. 

Whereas, Global Payments Inc. (“Global”) and Jeffrey S. Sloan (“Executive”) are parties to an Employment Agreement dated March 30, 2010, which was subsequently amended on October 1, 2013 and August 29, 2014 (the “Agreement”); and 

Whereas, the parties now desire to further amend certain of the terms of the Agreement;

Now, Therefore, in consideration of the foregoing recitals and the mutual covenants and conditions contained herein, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto acknowledge that the Agreement is hereby amended as follows:

		
	1.
	The first sentence of Section 3 of the Agreement is deleted in its entirety and 

replaced with the following: 

Subject to § 7, Executive’s initial Employment Period pursuant to this Agreement shall be the period which starts on the Effective Date and ends on August 27, 2021; provided, Executive’s Employment Period shall automatically be extended for one additional year on August 28, 2020 and on each subsequent anniversary of such date unless either the Company or Executive provides notice (in accordance with § 17(f)) before such anniversary date that there will be no such extension.  

		
	2.
	The last paragraph of Section 13(c)(i) of the Agreement is deleted in its entirety and replaced with the following:

Executive understands that nothing in this Section 13 or this Agreement prohibits or limits Executive from: (i) disclosing information that is required to be disclosed by law, court order or other valid and appropriate legal process; provided, however, that in the event such disclosure is required by law, Executive shall provide the Company with prompt notice of such requirement so that the Company may seek an appropriate protective order prior to any such required disclosure by Executive; (ii) reporting possible violations of federal, state, or local law or regulation to any governmental agency or entity, or from making other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation, and Executive shall not need the prior authorization of the Company to make any such reports or disclosures and shall not be required to notify the Company that Executive has made such reports or disclosures; (iii) disclosing a trade secret (as defined by 18 U.S.C. § 1839) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, in either event solely for the purpose of reporting or investigating a suspected violation of law; or (iv) disclosing a trade secret (as defined by 18 U.S.C. § 1839) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and that Executive shall not be held civilly or criminally liable for disclosures covered by clauses (iii) or (iv).

		
	3.
	Section 4 of Exhibit A (Form of Release) of the Agreement is deleted in its entirety and replaced with the following:

4.  Non-Disparagement. Executive agrees that he will not in any way disparage Company, its affiliated and related companies, or their current and former employees, officers, directors, agents and representatives, or make or solicit any comments, statements, or the like to the media or to others that may be considered to be derogatory or detrimental to the good name or business reputation of any of the aforementioned parties or entities. This paragraph shall not limit the rights of Executive 

1

(a) to make any disclosures that are protected under the whistleblower provisions of federal law or regulation or provide testimony pursuant to a valid subpoena or in a judicial or administrative proceeding in which Executive is required to testify or otherwise as required by law or legal process; or (b) to make a complaint to, provide truthful information to, or participate in an investigation conducted by the Equal Employment Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission.

Except as modified hereby, the terms and conditions of the Agreement shall remain in full force and effect; provided, however, that if any term or condition of the Agreement conflicts with or is inconsistent with any term or condition of this Amendment, such terms and conditions hereof shall prevail and be controlling.

IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their respective officers duly authorized as of the 27th day of August, 2018.

	
			
	EXECUTIVE:
	 
	GLOBAL PAYMENTS INC.

	 
	 
	 

	/s/ Jeffrey S. Sloan
	 
	By: /s/ David L. Green

	Jeffrey S. Sloan
	 
	Name: David L. Green

	Date: August 27, 2018
	 
	Title: Executive Vice President and General Counsel

	 
	 
	Date: August 27, 2018

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