SEC Contract Filing

Filing Date: 2018-05-01

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tv492629_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.15in; text-align: center">SECOND
MODIFICATION AGREEMENT<BR>
(Extension)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.7in">THIS SECOND MODIFICATION AGREEMENT
(this &quot;Agreement&quot;), effective as of the 30th day of April 2018, is by and between ACCESS NATIONAL BANK, a national banking
association (the &quot;Bank&quot;); and WIDEPOINT CORPORATION, a Delaware corporation, WIDEPOINT INTEGRATED SOLUTIONS CORP., a
Virginia corporation, WIDEPOINT CYBERSECURITY SOLUTIONS CORPORATION, a Virginia corporation, WIDEPOINT SOLUTIONS CORP., a Delaware
corporation, and WIDEPOINT IL, INC., an Illinois corporation (hereinafter individually and collectively called the &quot;Borrower&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-align: center">WITNESSETH THAT:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.7in">WHEREAS, the Bank is the owner
and holder of that certain Revolving Commercial Note dated June 15, 2017, made by the Borrower and payable to the order of the
Bank, in the original principal amount of Five Million and no/100 Dollars ($5,000,000.00) and bearing interest and being payable
in accordance with the terms and conditions therein set forth (as modified by that certain First Modification Agreement dated as
of January 29, 2018, the &quot;Note&quot;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in; text-indent: 0.7in">WHEREAS, the Note was issued pursuant
to the terms of, and is governed by, that certain Loan and Security Agreement dated June 15, 2017, by and between the Borrower
and the Bank (as from time to time modified, supplemented and replaced, the &quot;Loan Agreement&quot;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.05in; text-indent: 0.7in">WHEREAS, as of the effective date hereof,
the principal balance of the Note is $1,538,515.55 and the parties hereto desire to extend the maturity date of the Note and otherwise
modify the terms thereof and of the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.05in; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.05in; text-indent: 0.7in">NOW, THEREFORE, for Ten
Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.7in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The maturity date of the Note is hereby extended to April 30, 2019. The definition of &quot;Date of Maturity&quot; in the
Note and the Loan Agreement is hereby changed to &quot;April 30, 2019&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in; text-indent: 0.7in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section VI(A) of the Loan Agreement is hereby modified <I>as </I>follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 1.05in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By adding the following new definitions to Section VI(A)(1):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 0.45in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.65in 0pt 0.45in; text-indent: 0.3in">&quot;Consolidated EBITDA&quot;
means, for any period, the net income, plus Consolidated Interest Expense, plus taxes, plus depreciation and amortization, of WidePoint
and its Consolidated Subsidiaries, for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55in 0pt 0.45in; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.55in 0pt 0.45in; text-indent: 0.3in">&quot;Consolidated Interest
Expense&quot; means, for any period, the aggregate interest expense of WidePoint and its Consolidated Subsidiaries for such period
including, without limitation, the portion of any obligation under capital leases allocable to interest expense in accordance with
GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0.05in; text-indent: 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Ti