Document:

Exhibit 10.1

 

SEVENTH AMENDMENT TO LOAN AGREEMENT 

 

This SEVENTH AMENDMENT TO LOAN AGREEMENT (this
"Amendment") is made this as of the __ day of February, 2022 by and among MidCap Business Credit LLC, a Texas limited
liability company, the secured party hereunder (hereinafter called “Lender”), BLONDER TONGUE LABORATORIES, INC., a
Delaware corporation (together with its successors and permitted assigns, “Borrower”), R. L. DRAKE HOLDINGS, LLC, a
Delaware limited liability company (together with its permitted successors and assigns, “Drake”), and BLONDER TONGUE
FAR EAST, LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Far East”).
Each of Borrower, Drake and Far East are individually referred to herein as a “Loan Party” and individually, collectively,
jointly and severally, the “Loan Parties”.

 

WHEREAS, the Loan Parties and Lender have entered
that Loan and Security Agreement (All Assets) dated as of October 25, 2019, as amended by that certain Consent and Amendment to Loan Agreement
and Loan Documents, dated as of April 7, 2020, that certain Second Amendment to Loan Agreement, dated as of January 8, 2021, that certain
Third Amendment to Loan Agreement, dated as of June 14, 2021, that certain Fourth Amendment to Loan Agreement, dated as of July 30, 2021,
that certain Fifth Amendment to Loan Agreement, dated as of August 2, 2021 and that certain Sixth Amendment to Loan Agreement, dated as
of December 15, 2021 (as amended, the “Loan Agreement”).

 

WHEREAS, Borrower has requested that the Loan Agreement
be amended as provided herein, and Lender is willing to make such modifications to the Loan Agreement, subject to the terms and conditions
set forth herein.

 

NOW THEREFORE, in consideration of the foregoing
premises and the mutual benefits to be derived by the Loan Parties and Lender from a continuing relationship under the Loan Agreement
and Loan Documents and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.   Defined
Terms. Capitalized terms used in this Amendment which are defined in the Loan Agreement shall have the same meanings as defined
therein, unless otherwise defined herein.

 

2.    Amendment
to Loan Agreement. The Loan Agreement is hereby amended as of the date hereof as follows:

 

		(a)	Definition of Borrowing Base - Section 5(c). The definition of Borrowing Base in Section 5(c) of the Loan Agreement is hereby
amended and restated in its entirety, as follows:

 

(c)   The
term “Borrowing Base” as used herein shall mean the sum of the following:

 

(1)
up to eighty-five (85%) percent of the unpaid face amount of Qualified Accounts (as defined below), PLUS

 

(2)
the lesser of (A) eighty-five (85%) percent of the Net Orderly Liquidation Value of all Eligible Inventory (as defined below),
which such Net Orderly Liquidation Value shall be reset on an annual basis in connection with the updated appraisals obtained in connection
herewith, or (B) $2,500,000, PLUS

 

(3)
an over-advance facility in the amount of Four Hundred Thousand and 00/100 Dollars ($400,000), which such amount shall, commencing
on March 1, 2022 and continuing on the first Business Day of each succeeding calendar month, reduce by $50,000 per month until such amount
reaches $0 (the “Over-Advance Facility”), LESS 

 

(4)
the Borrowing Base Reserve (as defined below). 

 

    

    

    

 

		(b)	Definition of “Availability Block” - Section 22(p). The term “Availability Block” in Section 22(p)
of the Loan Agreement is hereby deleted in its entirety and replaced with the following in its stead:

 

“Availability Block” means (i) as of December
1, 2021, an amount equal to $106,666.56, and continuing on the first Business Day of each succeeding month thereafter, such amount shall
increase by $6,666.66 per such applicable date until such amount reaches $400,000, provided that such block amount shall be increased
to and fixed at $400,000 at the time of the Borrower’s initial closing as to any preferred stock offering that it consummates after
February 1, 2022, and (ii) at all times thereafter, an amount equal to $400,000.” 

 

3.   Amendment
Fee. Borrower agrees to pay Lender as of the date hereof a fully earned, non-refundable fee in the amount of $7,500 in consideration
of the execution by Lender of this Amendment (“Amendment Fee”).

 

4.   Conditions
to Closing. The willingness of Lender to enter into this Amendment shall be subject to the condition precedent that Lender shall
have received all of the following, each in form and substance satisfactory to Lender:

 

		(a)	This Amendment properly executed and delivered,

 

(b)
Payment by Borrower of the Amendment Fee, and

 

(c)
Payment by the Borrower of any and all outstanding reasonable out-of-pocket fees and expenses relating to the Loan Agreement and/or
this Amendment incurred by the Lender, including, without limitation, attorney’s fees and expenses.

 

5.    Representations
and Warranties. Each Loan Party represents and warrants to Lender that such Loan Party has the full power and authority to execute,
deliver and perform its obligations under, this Amendment and the execution and delivery of this Amendment have been duly authorized by
all necessary action of the stockholders, directors, members and managers, as applicable, of such Loan Party.

 

6.    Release
and Confirmation. Each Loan Party hereby (i) reaffirms that it remains indebted to Lender without defense, counterclaim or offset
and, assuming effectiveness of this Amendment, no default or Event of Default has occurred or exists under the Loan Documents, (ii) restates,
and reaffirms, all of its covenants, representations and warranties set forth in the Loan Documents to the same extent as if fully set
forth herein and each Loan Party hereby certifies that after giving effect to this Amendment, all such covenants, representations and
warranties are true and accurate as of the date hereof and (iii) acknowledges and warrants that it does not have any claims, actions or
causes of action whatsoever in law or in equity against Lender, its’ officers, directors, employees, agents, successors, subsidiaries,
related companies or attorneys (for the purpose of this paragraph, collectively referred to herein as the “Lenders”) or any
of them, in connection with or related to or arising from any and all transactions with Lenders, whether known or unknown, including,
but not limited to, the loans, through the date of this Amendment, and each Loan Party for good and valuable consideration hereby waives,
remises, releases and discharges any and all rights with respect to such claims, additions or causes of action, if any.

 

    2

    

    

 

7.    Counterparts.
This Amendment may be executed in one or more counterparts, each of which when so executed and delivered shall be deemed to be an original
and all of which taken together shall constitute but one and the same agreement. Counterpart signature pages to this Amendment transmitted
by facsimile transmission, by electronic mail in “portable document format” (“.pdf”) form, or by any other electronic
means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery
of the paper document bearing an original signature.

 

8.    References.
Upon and after the date of this Amendment all references to the Loan Agreement in the Loan Documents, or in any related document, shall
mean the Loan Agreement as amended by this Amendment. Except as expressly provided in this Amendment, the execution and delivery of this
Amendment does not and will not amend, modify or supplement any provision of, or constitute a consent to or a waiver of any noncompliance
with the provisions of the Loan Agreement, and, except as specifically provided in this Amendment, the Loan Agreement shall remain in
full force and effect in accordance with the respective terms thereof.

 

9.    Loan
Documents Ratified. This Amendment is executed as an instrument under seal and shall be governed by and construed in accordance
with the laws of the State of Connecticut without regard to its conflicts of law rules. All parts of the Loan Agreement and the other
Loan Documents, not affected by this Amendment are hereby ratified and affirmed in all respects, provided that if any provision
of the Loan Documents shall conflict or be inconsistent with this Amendment, the terms of this Amendment shall supersede and prevail.

 

10.   Costs
and Expenses. Each Loan Party hereby reaffirms its agreement under the Loan Agreement to pay or reimburse Lender on demand for
all costs and expenses incurred by Lender in connection with the Loan Documents, including without limitation all reasonable fees and
disbursements of legal counsel. Without limiting the generality of the foregoing, each Loan Party specifically agrees to pay all fees
and disbursements of counsel to Lender for the services performed by such counsel in connection with the preparation of this Amendment
and the documents and instruments incidental hereto. Each Loan Party hereby agrees that Lender may, at any time or from time to time in
its sole discretion and without further authorization by the Loan Party, make a loan to Borrower under the Loan Agreement, or apply the
proceeds of any loan, for the purpose of paying any such fees, disbursements, costs and expenses.

 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

    3

    

    

 

IN WITNESS WHEREOF, the parties have executed this
Amendment under seal as of the day and year first above written.

 

	 	BORROWER:
	 	 	 
	 	BLONDER TONGUE LABORATORIES, INC.
	 	 	 
	 	By:	     
	 	Name: 	Eric Skolnik
	 	Title: 	Senior Vice
President and 

Chief Financial Officer

	 	 	 
	 	OTHER LOAN PARTIES:
	 	 	 
	 	BLONDER TONGUE FAR EAST, LLC
	 	 	 
	 	By:	 
	 	Name: 	Eric Skolnik
	 	Title: 	Senior Vice President and

        Chief Financial Officer

	 	 	 
	 	R. L. DRAKE HOLDINGS, LLC
	 	 	 
	 	By:	 
	 	Name: 	Eric Skolnik
	 	Title: 	Senior Vice President and

        Chief Financial Officer

	 	 	 
	 	LENDER:
	 	 	 
	 	MIDCAP BUSINESS CREDIT LLC
	 	 	 
	 	By:	 
	 	Name: 	Peter F. Rutigliano
	 	Title: 	Executive Vice President

 

[Seventh Amendment to Loan Agreement]

 

 

 

 

4Document

AMENDMENT NO. 2 TO
HOMETRUST BANK
EXECUTIVE SUPPLEMENTAL RETIREMENT INCOME MASTER AGREEMENT

BY THIS AMENDMENT NO. 2, the HomeTrust Bank Executive Supplemental Retirement Income Master Agreement (the “Agreement”) is hereby amended effective as of February 11, 2022.

WHEREAS, HomeTrust Bank (the “Bank”) adopted the Agreement with an original effective date of July 1, 1993, which was subsequently amended and restated effective as of January 1, 2005 and which was further amended effective April 1, 2018 with respect to disability claims procedures;

WHEREAS, the Agreement as amended and restated provided that the Pre-2005 Benefit (as defined in the Agreement) would be grandfathered from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), with the non-grandfathered benefits designed to comply with Section 409A of the Code;

WHEREAS, the Bank desires to make certain changes to the Agreement to ensure compliance with Section 409A of the Code;

WHEREAS, Section IX of the Agreement provides that the Bank may amend the Agreement at any time to comply with Section 409A of the Code; and

WHEREAS, the Board of Directors of the Bank has approved this Amendment No 2.
            
NOW, THEREFORE, in consideration of the foregoing premises, the Bank hereby amends the Agreement as follows:

            1.         Subsection 1.20 of the Plan is hereby amended and restated to read in its entirety as follows:

1.20                 “Payout Period” means the time frame during which certain benefits 
payable hereunder shall be distributed as set forth in the Executive’s Joinder Agreement. Payments shall be made in equal monthly installments during the Payout Period. In the event an Executive has a Separation from Service with respect to his Post-2004 Benefit prior to having a Separation from Service with respect to his Pre-2005 Benefit, the Payout Periods with respect to the two benefits may have different commencement dates.

            2.         A new subsection 1.21A is hereby added to the Agreement to immediately follow subsection 1.21 and to read in its entirety as follows:

1.21 A             “Post-2004 Benefit” means the sum of (a) the portion of the 
Supplemental Retirement Income Benefit that is not a Pre-2005 Benefit, and (b) the amount of the Executive’s “Additional Benefit” specified in the Executive’s Joinder Agreement.

1

            3.         Subsection 1.23 of the Plan is hereby amended and restated to read in its entirety as follows:

1.23                 “Separation from Service” with respect to the Pre-2005 Benefit means the 
Executive’s cessation of services with the Bank and its Affiliates in all compensatory capacities including as a director, employee or independent contractor. “Separation from Service” with respect to the Post-2004 Benefit means a cessation or reduction in the Executive’s services for the Bank (and any other affiliated entities that are deemed to constitute a “service recipient” as defined in Treasury Regulation §1.409A-1(h)(3)) that constitutes a “Separation from Service” as determined under Section 409A of the Code, taking into account all of the facts, circumstances, rules and presumptions set forth in Treasury Regulation §1.409A-1(h).

4.        All other provisions of the Agreement shall continue in full force and effect.

            IN WITNESS WHEREOF, this Amendment No. 2 has been executed as of the date first written above.

                                                                        HOMETRUST BANK

                                                                        By:      _________________________________
                                                                        Name:  C. Hunter Westbrook
                                                                        Title:    President and Chief Executive Officer

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