Document:

employmentagreementamendment

 
September 24, 2013

Mr. Neal S. Cohen 
Chairman, Compensation Committee 
By email: neal.cohen@atk.com; nealcoh@gmail.com 

Dear Neal, 
Each of the undersigned refers to his respective employment agreement with Republic Airways Holdings Inc. 
By signing below, each of the undersigned hereby acknowledges and agrees to amend and restate in full Section 2(d) of his employment agreement as follows: 
"(d) The Term shall automatically renew for successive one year periods unless either party shall have given notice to terminate this Agreement no later than sixty (60) days prior to the end of the then current Term." 
Except as expressly amended hereby, each officer's respective employment agreement remains in full force and effect. 
Please sign and return by email a pdf of this letter to evidence the Compensation Committee' s agreement to this amendment. 
	
					
	 
	 
	 
	/s/ Bryan K. Bedford
	 

	 
	 
	 
	Bryan K. Bedford
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ Wayne C. Heller
	 

	 
	 
	 
	Wayne C. Heller
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ Timothy P. Dooley
	 

	 
	 
	 
	Timothy P. Dooley
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ Lars-Erik Arnell
	 

	 
	 
	 
	Lars-Erik Arnell
	 

Acknowledged and agreed: 
Republic Airways Holdings Inc.
/s/ Neal S. Cohen
Neal S. Cohen, Chairman, Compensation CommitteeEXECUTION COPY

 

EXHIBIT 10.1

AMENDED AND RESTATED NOTE
AND SECURITY AGREEMENT

 

AMENDED
AND RESTATED NOTE AND SECURITY AGREEMENT (this “Agreement”), dated as of October 31, 2013, by and among David
Sheerr, whose principal address is 130 Corporate Drive, Montgomeryville, PA 18936 (“Sheerr”) and Dataram Corporation
(“Dataram”), whose principal address is Route 571, P.O. Box 7528, Princeton, NJ 08543-7528.

 

WHEREAS, Dataram
entered into a Note and Security Agreement dated as of December 14, 2011 in which Dataram borrowed from Sheerr, and Sheerr lent
to Dataram, the sum of $2,000,000.00 (the “Original Loan”) upon the terms and conditions set forth therein;

WHEREAS, Dataram
wishes to sell to Sheerr, and Sheerr wishes to purchase from Dataram, certain equipment and furniture of Dataram for a purchase
price of $500,000.00 (the “Purchase Price”);

WHEREAS, Dataram
desires to use the proceeds of the Purchase Price received from Sheerr to reduce the remaining principal amount of the Original
Loan by an amount equal to $500,000.00 and Sheerr desires to amend and restate the Original Loan to reflect the same; and

WHEREAS, Dataram
is willing to grant to Sheerr a second priority security interest as described below in the Collateral (as defined herein) in connection
with this Agreement;

NOW, THEREFORE,
in consideration of the premises and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereby agree as follows:

 

		1.	Loan. Dataram does hereby promise to pay to the order of Sheerr the
sum of $966,666.57 in the manner hereinafter specified. Dataram shall pay from the date hereof interest at the fixed rate of 10.00%
per annum, calculated on the basis of a 360 day year, on the remaining unpaid principal balance. Accrued interest shall be payable
monthly on the 15th day of each month, or the next business day if such date falls on a Saturday, Sunday or holiday for banks located
in New Jersey. Principal shall be payable in 29 equal monthly installments of $33,333.33, beginning on November 15, 2013 and subsequently
on the 15th day of each month thereafter (or the next business day if such date falls on a Saturday, Sunday or holiday for banks
located in New Jersey) until paid in full. Notwithstanding the foregoing, the principal and all accrued interest shall become immediately
due and payable, in full, upon Sheerr's termination of employment by Dataram or his assignment to an office of Dataram other than
130 Corporate Drive, Montgomeryville, PA 18936. Dataram may prepay any or all sums due under this Agreement at any time without
penalty. All payments shall be made to Sheerr at the address listed above or at such other address or wire instructions as Sheerr
shall designate in writing.

    	 

    	 

    

 

		2.	Grant of Security Interest. In order to secure the obligations of Dataram to repay the Loan,
interest thereon, and any other sums payable by Dataram to Sheerr (the “Payment Obligations”), Dataram hereby
assigns, grants and pledges to Sheerr a second priority security interest in (i) all of Dataram's physical assets, now existing
or hereafter acquired, including but not limited to all goods, inventory, equipment, furniture and fixtures, (ii) all of Dataram's
accounts receivable, now existing or hereafter acquired and (iii) all proceeds of the foregoing, in each case as such terms are
defined in the Uniform Commercial Code of the State of New Jersey (collectively, the “Collateral”); provided,
however, that for the avoidance of doubt the parties agree that the Collateral shall not include, and Sheerr acknowledges that
it shall have no security interest in, Dataram's intellectual property, including but not limited to patents, trademarks and copyrights.
The security interest granted to Sheerr herein shall be subordinated to the R&R Security Interest (as defined below) described
in Section 3 below. Dataram will not, without the prior written consent of Sheerr, other than in the ordinary course of business
(i) sell, assign or transfer (by operation of law or otherwise) any Collateral or (ii) move any Collateral.

 

		3.	Preservation and Protection of Security Interest.
(a) Dataram represents and warrants that it has, and covenants and agrees that at all times during the term of this Agreement,
it will have, good and marketable title to the Collateral from time to time owned or acquired by it free and clear of all mortgages,
pledges, liens, security interests, charges or other encumbrances, except for (i) the security interest granted to Rosenthal &
Rosenthal, Inc. (“R&R”) under the Security Agreement, dated November 6, 2013, as amended to date and as
may be further amended from time to time, except as provided in Section 3(b) below (the “R&R Security Interest”),
which is a first priority security interest to which Sheerr agrees the security interest granted under this Agreement is subordinated,
and (ii) those in favor of Sheerr, and shall defend the Collateral against the claims and demands of all other persons, firms and
entities whomsoever. Dataram covenants and agrees that it shall not, without the prior written consent of Sheerr (except for the
existing R&R Security Interest) (i) borrow against the Collateral or any portion of the Collateral from any other person, firm
or entity, (ii) grant or create or permit to attach or exist any mortgage, pledge, lien, charge or other encumbrance, or security
interest on, of or in any of the collateral or any portion of the Collateral except those in favor of Sheerr, (iii) permit any
levy or attachment to be made against the Collateral or any portion of the Collateral or (iv) permit any financing statements to
be on file with respect to any of the Collateral, except financing statements in favor of Sheerr. Dataram shall faithfully preserve
and protect Sheerr's security interest in the Collateral and shall at its own cost and expense, cause that security interest to
be perfected and continue to be perfected so long as the Loan or any portion of the Loan is outstanding, unpaid or executor. For
purposes of the perfection of Sheerr's security interest in the Collateral in accordance with the requirements of this Agreement,
Dataram shall from time to time at the request of Sheerr file or record, or cause to be filed or recorded,

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such instruments, documents and notices,
including assignments, financing statements and continuation statements (including, without limitation, financing statements filed
in the State of New Jersey), as Sheerr may deem necessary or advisable from time to time in order to perfect and continue perfected
such security interest. Dataram shall do all such other acts and things and shall execute and deliver all such other instruments
and documents, including further security agreements, pledges, endorsements, assignments and notices, as Sheerr in his reasonable
discretion, may deem necessary or advisable from time to time in order to perfect and preserve the relative priority of such security
interest in the Collateral prior to the rights of all third persons, firms and entities, except as is otherwise provided in this
Agreement. Dataram irrevocably appoints Sheerr (and any of Sheerr’s designated agents) as the attorney-in-fact of Dataram
to do all acts and things which may reasonably deem necessary or advisable from time to time to preserve, perfect and continue
perfected Sheerr's security interest in the Collateral in accordance with the requirements of this Agreement, including, but not
limited to, signing any financing statements or amendments to financing statements evidencing Sheerr's security interest in the
Collateral for and on behalf of Dataram. Dataram agrees that a carbon, photographic or other reproduction of this Agreement or
a financing statement is sufficient as a financing statement and may be filed instead of the original.

 

(b) Dataram represents and warrants
that the existing R&R Loan and Security Agreement authorizes Dataram to borrow no more than 90% of its domestic receivables
or 50% of its foreign receivables, up to a maximum of $500,000 in the aggregate, and that it will not amend such percentage, pledge
additional collateral to R&R or increase the aggregate amount to be borrowed from R&R without the prior written consent
of Sheerr, which consent may not be unreasonably withheld.

 

		4.	Default. If any of the sums of principal or interest mentioned herein are not promptly paid
when due and such failure continues for a period of five days, or if each and every agreement, stipulation, condition and covenant
of this Agreement are not fully performed, complied with or abided by, or if Dataram shall file or have a petition filed against
it under any applicable bankruptcy or insolvency laws or makes an assignment for the benefit of creditors, or otherwise admits
in writing a failure to pay debts as they fall due (an “Event of Default”), then any Payment Obligations shall
at the option of the holder hereof become, at once due and collectible without notice, time being of the essence. Failure to exercise
this option shall not constitute a waiver of the right to exercise the same in the event of any continuing or subsequent default.
Dataram hereby waives presentment, protest, notice of protest and notice of dishonor and agrees to pay all costs, including reasonable
attorneys’ fees whether suit be brought or not, if, after the date any payment is due hereunder or a default has occurred
hereunder, counsel shall be employed to collect any Payment Obligations or to protect the security of the Collateral.

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		5.	Rights and Remedies of a Secured Party. Subject to the R&R Security
interest and the rights of R&R, Sheerr shall have all the rights and remedies of a secured party under the Uniform Commercial
Code of the State of New Jersey in addition to such other rights and remedies which Sheerr may have at law or in equity or under
this Agreement.

 

		6.	Continuing Obligations; Remedies, etc., Cumulative. This Agreement
shall create a continuing security interest in the Collateral, and all covenants and agreements of Dataram shall survive until
payment in full of all Payment Obligations. This Agreement shall be binding upon Dataram and its respective successors and assigns
and shall inure to the benefit of Sheerr and his respective heirs and assigns. Each right, power and remedy of Sheerr provided
for in this Agreement, now or hereafter existing at law or in equity or by statute, shall be cumulative, and may be exercised cumulatively
or concurrently and are not exclusive of any rights or remedies provided by law.

 

		7.	Severability. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

 

		8.	Governing Law; Terms. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New Jersey without regard to principles of conflict of laws, except as required by
mandatory provisions of law and except to the extent that the validity or perfection of the security interest hereunder, or remedies
hereunder, in respect of the Collateral are governed by the laws of a jurisdiction other than the State of New Jersey.

 

		9.	Judicial Proceedings, Jury Trial Waiver. Any judicial proceeding
brought with, respect to this Agreement may be brought in any court of competent jurisdiction in Mercer County, the State of New
Jersey and each party hereto hereby waives any objection that they may have to the laying of venue in any such court or that any
such court is an inconvenient forum or does not have personal jurisdiction over them. Each party hereto agrees that service of
process may be made upon it or him by mailing a copy of said process to such party, by certified or registered mail, return receipt
requested, at its address set forth herein. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH THEY
ARE PARTIES INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING
OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, THE RELATIONSHIP ESTABLISHED HEREUNDER OR ANY DOCUMENT OR INSTRUMENT EXECUTED
AND DELIVERED IN CONNECTION HEREWITH. No failure or delay on the part of Sheerr in exercising any right, remedy, power or privilege
under this Agreement shall operate as a

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waiver thereof or of any
other right, remedy, power or privilege of Sheerr hereunder; nor shall any single or partial exercise of any such right, remedy,
power or privilege preclude any other right, remedy, power or privilege or further exercise thereof or the exercise of any other
right, remedy, power or privilege.

 

		10.	Further Assurances. Each party hereto agrees to (i) execute and deliver,
or to cause to be executed and delivered, all such other and further agreements, documents and instruments (including, but not
limited to, any UCC financing statements, amendments or continuations thereto or terminations thereof) and (ii) take or cause to
be taken all such actions as the other party may reasonably request to effectuate the intent and purposes, and to carry out the
terms, of this Agreement.

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IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first above written.

 

 

 

 

	 	David Sheerr
	 	 	 
	 	 	 
	 	 	 
	 	 	DATARAM CORPORATION
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:  John H. Freeman
	 	 	Title:   President and Chief Executive Officer

 

 

 

[Signature page to Amended
and Restated Note and Security Agreement]

 

    	6

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