Exhibit 10.1


 


THIRTEENTH
AMENDMENT TO LOAN AND SECURITY AGREEMENT


 


This
THIRTEENTH AMENDMENT TO LOAN AND SECURITY AGREEMENT dated as of February 28, 2021 (this “Amendment”) to the
Loan and Security Agreement dated as of August 17, 2016 (as amended by the First Amendment dated as of December 12, 2016, the
Second Amendment dated as of November 13, 2017 (including the Allonge dated November 13, 2017 pursuant thereto to the Revolving
Note and the Term Note), the Third Amendment dated as of January 16, 2018, the Fourth Amendment dated as of April 27, 2018, the
Fifth Amendment dated as of November 14, 2018 and a Joinder Agreement dated as of November 20, 2018, the Sixth Amendment dated
as of November 6, 2019, the Seventh Amendment dated as of December 17, 2019, the Eighth Amendment dated as of April 1, 2020, the
Ninth Amendment dated as of September 29, 2020, the Tenth Amendment dated as of November 30, 2020, the Eleventh Amendment dated
as of December 31, 2020, the Twelfth Amendment dated as of January 31, 2021, and as it may be further amended, restated, supplemented,
modified or otherwise changed from time to time, the “Loan Agreement”), is by and among Creative Realities,
Inc., a Minnesota corporation (“CRI”), Creative Realities, LLC, a Delaware limited liability company (“CRLLC”),
Conexus World Global, LLC, a Kentucky limited liability company (“Conexus”), and Allure Global Solutions, Inc.
a Georgia corporation (“Allure” and collectively referred to together with CRI, CRLLC and Conexus as the “Borrower”),
and Slipstream Communications, LLC, an Anguillan limited liability company (the “Lender”). All terms used herein
that are defined in the Loan Agreement and not otherwise defined herein shall have the respective meanings assigned to them in
the Loan Agreement.


 


WHEREAS,
Lender is the holder of that certain Secured Convertible Special Loan Promissory Note issued on December 30, 2019 (the “Special
Loan”) by the Borrower;


 


WHEREAS,
the Special Loan automatically converts to New Preferred (as defined in the Loan Agreement) on February 28, 2021 and the Lender
and Borrower desire to extend the conversion date as set forth herein.


 


NOW
THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, Borrower and the Lender, intending to be legally bound, hereby agree as follows:


 


1. Amendments. The
Loan Agreement is hereby amended as follows:


 


a) The
first sentence of Section 1.7 is hereby amended to replace “February 28, 2021” with “March 31, 2021”.


 


b) Schedule
A is hereby amended by adding the following definitions, in appropriate alphabetical order:


 


i) “Thirteenth
Amendment’ means the Thirteenth Amendment to Loan and Security Agreement dated as of February 28, 2021, among Borrower
and the Lender.”; and


 


ii) “Thirteenth
Amendment Effective Date” shall have the meaning specified therefor in Section 3 of the Thirteenth Amendment.”.


 






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2. Representations
and Warranties. Borrower hereby represents and warrants to Lender as follows:


 


a) Representations
and Warranties; No Event of Default. The representations and warranties herein, in Article 3 of the Loan Agreement and in each
other Loan Document, certificate or other writing delivered by or on behalf of Borrower to the Lender pursuant to this Amendment,
the Loan Agreement or any other Loan Document on or prior to the Thirteenth Amendment Effective Date (as defined below) are true
and correct in all material respects (except that such materiality qualifier shall not be applied to any representations or warranties
that already are qualified or modified as to “materiality” or “Material Adverse Effect” in the text thereof,
which representations and warranties shall be true and correct in all respects subject to such qualification) on and as of the
Thirteenth Amendment Effective Date as though made on and as of such date (unless such representations or warranties (after taking
into account this Amendment) are stated to relate to an earlier date, in which case such representations and warranties shall
be true and correct on and as of such earlier date in all material respects (except that such materiality qualifier shall not
be applicable to any representations or warranties that already are qualified or modified as to “materiality” or “Material
Adverse Effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject
to such qualification), and no Default or Event of Default has occurred and is continuing as of the Thirteenth Amendment Effective
Date or would result from this Amendment becoming effective in accordance with its terms.


 


b) Authorization,
Etc. The execution, delivery and performance by Borrower of this Amendment and the other Loan Documents being executed concurrently
herewith, and the performance of the Loan Agreement, as amended hereby, and the other Loan Documents, (i) have been duly authorized
by all necessary action, (ii) do not and will not contravene any of the governing documents of any Borrower or any applicable
Requirement of Law, (iii) do not and will not contravene any Contractual Obligation binding on or otherwise affecting any Borrower
or any of its properties (except for those the conflict with which could not reasonably be expected to result in a Material Adverse
Effect), (iv) do not and will not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon
or with respect to any properties of any Borrower, and (v) do not and will not result in any default, noncompliance, suspension,
revocation, impairment, forfeiture or non-renewal of any permit, license, authorization or approval applicable to its operations
or any of its properties, except in each case to the extent that such default, noncompliance, contravention, suspension, revocation,
impairment, forfeiture or non-renewal could not reasonably be expected to result in a Material Adverse Effect.


 


c) Enforceability
of Loan Documents. This Amendment, the Loan Agreement as amended by this Amendment, and each other Loan Document to which
any Borrower is or will be a party, when delivered hereunder, will be, a legal, valid and binding obligation of such Person, enforceable
against such Person in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws and by general principles of equity .


 


3. Conditions
to Effectiveness. This Amendment shall become effective only upon satisfaction in full, in a manner reasonably satisfactory
to the Lender and its counsel, of the following conditions precedent (the first date upon which all such conditions shall have
been satisfied (or waived) being herein called the “Thirteenth Amendment Effective Date”):


 


a) Representations
and Warranties. The representations and warranties contained in this Amendment and in Article 3 of the Loan Agreement and
in each other Loan Document, certificate or other document delivered to Lender pursuant to this Amendment, the Loan Agreement
or any other Loan Document on or prior to the Thirteenth Amendment Effective Date are true and correct in all material respects
(except that such materiality qualifier shall not be applied to any representations or warranties that already are qualified or
modified as to “materiality” or “Material Adverse Effect” in the text thereof (which representations and
warranties shall be true and correct in all respects subject to such qualification), on and as of the Thirteenth Amendment Effective
Date as though made on and as of such date, except to the extent that any such representation or warranty (after taking into account
this Amendment) expressly relates solely to an earlier date (in which case such representation or warranty shall be true and correct
on and as of such earlier date in all material respects (except that such materiality qualifier shall not be applicable to any
representations or warranties that already are qualified or modified as to “materiality” or “Material Adverse
Effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject to such
qualification) on and as of such earlier date).


 






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b) No
Default; Event of Default. No Default or Event of Default shall have occurred and be continuing on the Thirteenth Amendment
Effective Date or result from this Amendment becoming effective in accordance with its terms.


 


c) Delivery
of Documents. The Lender shall have received on or before the Thirteenth Amendment Effective Date the following, each in form
and substance reasonably satisfactory to the Lender and, unless indicated otherwise, dated the Thirteenth Amendment Effective
Date:


 


i) this
Amendment, duly executed by each Borrower; and


 


ii) a
certificate of an authorized officer of each Borrower, certifying as to the matters set forth in subsections (a) and (b) of this
Section 3.


 


4. Continued
Effectiveness of the Loan Agreement and Other Loan Documents. Each Borrower hereby (i) confirms and agrees that the Loan Agreement
and each other Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified
and confirmed in all respects except that on and after the Thirteenth Amendment Effective Date all references in any such Loan
Document to “the Loan Agreement,” the “Agreement,” “thereto,” “thereof,” “thereunder”
or words of like import referring to the Loan Agreement shall mean the Loan Agreement as amended by this Amendment, and (ii) confirms
and agrees that to the extent that any Loan Document purports to assign or pledge to the Lender, or to grant to the Lender a security
interest in or Lien on, any Collateral as security for the Obligations of any Borrower from time to time existing in respect of
the Loan Agreement (as amended hereby) and the other Loan Documents, such pledge, assignment and/or grant of the security interest
or Lien is hereby ratified and confirmed in all respects. This Amendment does not and shall not affect any of the obligations
of any Borrower, other than as expressly provided herein, including, without limitation, the Borrower's obligations to repay the
Loans in accordance with the terms of the Loan Agreement, or the obligations of any Borrower under any Loan Document to which
it is a party, all of which obligations shall remain in full force and effect. Except as expressly provided herein, the execution,
delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Lender under the
Loan Agreement or any other Loan Document, nor constitute a waiver of any provision of the Loan Agreement or any other Loan Document.


 


5. Release.
(a) Each Borrower hereby acknowledges and agrees that: (i) no Borrower has any claim or cause of action against the Lender (or
any of its Affiliates or its or their officers, directors, employees, managers, members, partner, shareholders, attorneys or consultants)
in connection with the Loan Documents and (ii) the Lender has heretofore properly performed and satisfied in a timely manner all
of its obligations to Borrower under the Loan Agreement and the other Loan Documents that are required to have been performed
on or prior to the date hereof. Notwithstanding the foregoing, the Lender wishes (and Borrower agrees) to eliminate any possibility
that any past conditions, acts, omissions, events or circumstances would impair or otherwise adversely affect any of the Lender's
rights, interests, security and/or remedies under the Loan Agreement and the other Loan Documents. Accordingly, for and in consideration
of the agreements contained in this Amendment and other good and valuable consideration, each Borrower (for itself and each other
Borrower and the successors, assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”)
does hereby fully, finally, unconditionally and irrevocably release and forever discharge Lender and each of its Affiliates and
its and their managers, members, partners, officers, directors, employees, shareholders attorneys and consultants in their capacities
as or for the Lender (collectively, the “Released Parties”) from any and all debts, claims, obligations, damages,
costs, attorneys' fees, suits, demands, liabilities, actions, proceedings and causes of action, in each case, whether known or
unknown, contingent or fixed, direct or indirect, and of whatever nature or description, and whether in law or in equity, under
contract, tort, statute or otherwise, which any Releasor has heretofore had or now or hereafter can, shall or may have against
any Released Party by reason of any act, omission or thing whatsoever done or omitted to be done directly arising out of, connected
with or related to this Amendment, the Loan Agreement or any other Loan Document, or any act, event or transaction related or
attendant thereto, or the agreements of the Lender contained therein, or the possession, use, operation or control of any of the
assets of any Borrower, or the making of any Loans or other Advances, or the management of such Loans or Advances or the Collateral,
in each case, solely to the extent arising from any act, omission or thing whatsoever done or omitted to be done on or prior to
the Thirteenth Amendment Effective Date.


 






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6. Miscellaneous.


 


a) Borrower
will pay on demand all reasonable and documented out-of-pocket fees, costs and expenses of the Lender in connection with the structuring,
preparation, negotiation, execution and delivery of this Amendment and the transactions and all documents contemplated herein
and therein, and related transactions, and all documents with respect thereto.


 


b) Section
and paragraph headings herein are included for convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.


 


c) Borrower
hereby acknowledges and agrees that this Amendment constitutes a “Loan Document” under the Loan Agreement. Accordingly,
it shall be an Event of Default under the Loan Agreement if (i) any representation or warranty made by a Borrower under or in
connection with this Amendment shall have been incorrect in any material respect when made, or (ii) any Borrower shall fail to
perform or observe any term, covenant or agreement contained in this Amendment.


 


d) All
representations, warranties, acknowledgements, agreements and other covenants of the Borrowers in this Amendment are made on a
joint and several basis and are made by each Borrower with respect to itself and all other Borrowers.


 


e) Any
provision of this Amendment that 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 portions hereof or affecting the validity
or enforceability of such provision in any other jurisdiction.


 


f) In
the case of any conflict between the terms of this Amendment and any Loan Document (including any promissory notes and allonges),
the terms of this Amendment shall control.


 


7. Covenant
by Borrower. Borrower covenants and agrees that at any time upon the request of Lender, Borrower will cause Creative Realities
Canada, Inc., a Canadian company and subsidiary of CRI to become a party to the Agreement.


 


8. Counterparts.
This Amendment may be entered into in any number of separate counterparts by any one or more of the parties hereto, and all of
said counterparts taken together shall constitute one and the same instrument. Valid and binding signatures to this Amendment
may be delivered in original ink, by facsimile or by email or other means of electronic transmission.


 






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9. Governing
Law. This Amendment and the obligations arising hereunder shall be governed by, and construed and enforced in accordance with,
the laws of the State of New York applicable to contracts made and performed in such state, without regard to the principles thereof
regarding conflicts of laws.


 


10. Submission
To Jurisdiction; Waiver Of Jury Trial.


 


a)  BORROWER
HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK CITY, NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION
TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN BORROWER AND THE LENDER PERTAINING TO THIS AMENDMENT OR ANY OF THE OTHER
LOAN DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS; PROVIDED, HOWEVER,
THAT NOTHING IN THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE LENDER FROM BRINGING SUIT
OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS, TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY
FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE LENDER. BORROWER EXPRESSLY SUBMITS AND CONSENTS
IN ADVANCE TO SUCH JURISDICTION IN ANYACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER HEREBY WAIVES ANY OBJECTION THAT
IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS.


 


b) THE
PARTIES HERETO WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING
IN CONTRACT, TORT, OR OTHERWISE BETWEEN LENDER AND BORROWER ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE RELATIONSHIP
ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AMENDMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO.


 


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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as of the date set forth on the first
page hereof.


 


	BORROWER:	 	LENDER:
	 	 	 
	CREATIVE REALITIES, INC. 	 	SLIPSTREAM COMMUNICATIONS, LLC
	CREATIVE REALITIES, LLC 	 	 
	CONEXUS WORLD GLOBAL, LLC	 	 
	ALLURE GLOBAL SOLUTIONS, INC.	 	 
	 	 	 
	 	 	 
	By: 	/s/ Richard C. Mills 	 	By: 	/s/ Brian Friedman
	Name: 	 RICHARD C. MILLS	 	Name:	 BRIAN FRIEDMAN
	Title:	 Chief Executive Officer	 	Title:	 General Counsel & Secretary
	 	 	 
	Address for Notice (for all Borrowers):	 	Address for Notice:
	Creative Realities, Inc.	 	750 E. Main St., Suite 600
	Attention: Chief Financial Officer	 	Stamford, CT 06902 Attn: Mr. Brian Friedman
	13100 Magisterial Drive, Ste 100	 	 
	Louisville, KY 40223	 	 


  




 


Signature
Page to Thirteenth Amendment to Loan and Security Agreement