Exhibit 10.25



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LOAN AGREEMENT

This Agreement dated as of December 24, 2010, is between Bank of America, N.A. (the Bank) and eLoyalty Corporation (the
Borrower).



|1. | FACILITY NO. 1: LINE OF CREDIT AMOUNT AND TERMS
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1.1 Line of Credit Amount.



|(a) | During the availability period described below, the Bank will provide a line of credit to the Borrower. The amount of the line of credit (the Facility No. 1
Commitment) is Five Million and 00/100 Dollars ($5,000,000.00).
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|(b) | This is a revolving line of credit. During the availability period, the Borrower may repay principal amounts and reborrow them.
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|(c) | The Borrower agrees not to permit the principal balance outstanding to exceed the Facility No. 1 Commitment. If the Borrower exceeds this limit, the Borrower will
immediately pay the excess to the Bank upon the Banks demand.
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1.2 Availability Period. The line of credit is
available between the date of this Agreement and December 31, 2011, or such earlier date as the availability may terminate as provided in this Agreement (the Facility No. 1 Expiration Date).

The availability period for this line of credit will be considered renewed if and only if the Bank has sent to the Borrower a written notice of renewal
for the line of credit (the Renewal Notice). If this line of credit is renewed, it will continue to be subject to all the terms and conditions set forth in this Agreement except as modified by the Renewal Notice. If this line of credit
is renewed, the term Expiration Date shall mean the date set forth in the Renewal Notice as the Expiration Date and the same process for renewal will apply to any subsequent renewal of this line of credit.

1.3 Repayment Terms.



|(a) | The Borrower will pay interest on January 31, 2011, and then on the last day of each month thereafter until payment in full of any principal outstanding under this
facility.
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|(b) | The Borrower will repay in full any principal, interest or other charges outstanding under this facility no later than the Facility No. 1 Expiration Date. Any
interest period for an optional interest rate (as described below) shall expire no later than the Facility No. 1 Expiration Date.
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1.4 Interest Rate.



|(a) | The interest rate is a rate per year equal to the BBA LIBOR Daily Floating Rate plus 0.75 percentage point(s).
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|(b) | The BBA LIBOR Daily Floating Rate is a fluctuating rate of interest which can change on each banking day. The rate will be adjusted on each banking day to equal the
British Bankers Association LIBOR Rate (BBA LIBOR) for U.S. Dollar deposits for delivery on the date in question for a one month term beginning on that date. The Bank will use the BBA LIBOR Rate as published by Reuters (or other
commercially available source providing quotations of BBA LIBOR as selected by the Bank from time to time) as determined at approximately 11:00 a.m. London time two (2) London Banking Days prior to the date in question, as adjusted from time to
time in the Banks sole discretion for reserve requirements, deposit insurance assessment rates and other regulatory costs. If such rate is not available at such time for any reason, then the rate will be determined by such alternate method as
reasonably selected by the Bank. A London Banking Day is a day on which banks in London are open for business and dealing in offshore dollars.
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1.5 Optional Interest Rates. Instead of the interest rate based on the rate stated in the paragraph entitled Interest Rate above, the Borrower may elect the optional interest rates
listed below for this Facility No. 1 during interest periods agreed to by the Bank and the Borrower. The optional interest rates shall be subject to the terms and conditions



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described later in this Agreement. Any principal amount bearing interest at an optional rate under this Agreement is referred to as a Portion. The following optional interest rates
are available:



|(a) | BBA LIBOR (Adjusted Periodically) Rate plus 0.75 percentage point(s).
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1.6 Letters of Credit.



|(a) | During the availability period, at the request of the Borrower, the Bank will issue:
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| | (i) | standby letters of credit with a maximum maturity of three hundred sixty-five (365) days but not to extend more than three hundred sixty-five (365) days
beyond the Facility No. 1 Expiration Date.
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|(b) | The amount of the letters of credit outstanding at any one time (including the drawn and unreimbursed amounts of the letters of credit) may not exceed Five Million and
00/100 Dollars ($5,000,000.00).
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|(c) | In calculating the principal amount outstanding under the Facility No. 1 Commitment, the calculation shall include the amount of any letters of credit outstanding,
including amounts drawn on any letters of credit and not yet reimbursed.
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|(d) | The following letters of credit are outstanding from the Bank for the account of the Borrower:
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|                        |  |        |              | 
|----------------------- |  | ------ | ------------ | 
|Letter of Credit Number |  | Amount |             
|3095652                 |  | $      | 960,000.00   | 
|3095662                 |  | $      | 1,200,000.00 | 
|3099010                 |  | $      | 300,000.00   | 

As of the date of this Agreement,
these letters of credit shall be deemed to be outstanding under this Agreement, and shall be subject to all the terms and conditions stated in this Agreement.



|(e) | The Borrower agrees:
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| | (i) | Any sum drawn under a letter of credit may, at the option of the Bank, be added to the principal amount outstanding under this Agreement. The amount will bear interest
and be due as described elsewhere in this Agreement.
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| | (ii) | If there is a default under this Agreement, to immediately prepay and make the Bank whole for any outstanding letters of credit.
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| | (iii) | The issuance of any letter of credit and any amendment to a letter of credit is subject to the Banks written approval and must be in form and content satisfactory
to the Bank and in favor of a beneficiary acceptable to the Bank.
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| | (iv) | To sign the Banks form Application and Agreement for Commercial Letter of Credit or Application and Agreement for Standby Letter of Credit, as applicable.
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| | (v) | To pay any issuance and/or other fees that the Bank notifies the Borrower will be charged for issuing and processing letters of credit for the Borrower.
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| | (vi) | To allow the Bank to automatically charge its checking account for applicable fees, discounts, and other charges.
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|2. | OPTIONAL INTEREST RATES
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2.1 Optional
Rates. Each optional interest rate is a rate per year. Interest will be paid on January 31, 2011, and then on the same day of each month thereafter until payment in full of any principal outstanding under this Agreement. No Portion will be
converted to a different interest rate during the applicable interest period. Upon the occurrence of an event of default under this Agreement, the Bank may terminate the availability of optional interest rates for interest periods commencing after
the default occurs. At the end of each interest period, the interest rate will revert to the rate stated in the paragraph(s) entitled Interest Rate above, unless the Borrower has designated another optional interest rate for the Portion.



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2.2 LIBOR Rate. The election of LIBOR Rates shall be subject to the following terms and requirements:



|(a) | The interest period during which the LIBOR Rate will be in effect will be one month, two months or three months. The first day of the interest period must be a day
other than a Saturday or a Sunday on which banks are open for business in New York and London and dealing in offshore dollars (a LIBOR Banking Day). The last day of the interest period and the actual number of days during the interest
period will be determined by the Bank using the practices of the London inter-bank market.
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|(b) | Each LIBOR Rate portion will be for an amount not less than One Hundred Thousand and 00/100 Dollars ($100,000.00).
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|(c) | The LIBOR Rate means the interest rate determined by the following formula. (All amounts in the calculation will be determined by the Bank as of the first
day of the interest period.)
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LIBOR Rate     =London Inter-Bank
Offered Rate

(1.00 - Reserve Percentage)

Where,



| | (i) | London Inter-Bank Offered Rate means the interest rate at which the Bank of Americas London Banking Center, London, Great Britain, would offer U.S.
dollar deposits for the applicable interest period to other major banks in the London inter-bank market at approximately 11:00 a.m. London time two (2) London Banking Days before the commencement of the interest period. A London Banking
Day is a day on which banks in London are open for business and dealing in offshore dollars.
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| | (ii) | Reserve Percentage means the total of the maximum reserve percentages for determining the reserves to be maintained by member banks of the Federal Reserve
System for Eurocurrency Liabilities, as defined in Federal Reserve Board Regulation D, rounded upward to the nearest 1/100 of one percent. The percentage will be expressed as a decimal, and will include, but not be limited to, marginal, emergency,
supplemental, special, and other reserve percentages.
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|(d) | The Borrower shall irrevocably request a LIBOR Rate Portion no later than 12:00 noon Central time on the LIBOR Banking Day preceding the day on which the London
Inter-Bank Offered Rate will be set, as specified above. For example, if there are no intervening holidays or weekend days in any of the relevant locations, the request must be made at least three days before the LIBOR Rate takes effect.
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|(e) | The Bank will have no obligation to accept an election for a LIBOR Rate Portion if any of the following described events has occurred and is continuing:
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| | (i) | Dollar deposits in the principal amount, and for periods equal to the interest period, of a LIBOR Rate Portion are not available in the London inter-bank market; or
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| | (ii) | The LIBOR Rate does not accurately reflect the cost of a LIBOR Rate Portion.
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|(f) | Each prepayment of a LIBOR Rate Portion, whether voluntary, by reason of acceleration or otherwise, will be accompanied by the amount of accrued interest on the amount
prepaid and a prepayment fee as described below. A prepayment is a payment of an amount on a date earlier than the scheduled payment date for such amount as required by this Agreement.
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|(g) | The prepayment fee shall be in an amount sufficient to compensate the Bank for any loss, cost or expense incurred by it as a result of the prepayment, including any
loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Portion or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall
also pay any customary administrative fees charged by the Bank in connection with the foregoing. For purposes of this paragraph, the Bank shall be deemed to have funded each Portion by a matching deposit or other borrowing in the applicable
interbank market, whether or not such Portion was in fact so funded.
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|3. | COLLATERAL
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3.1 Personal Property. The
personal property listed below now owned or owned in the future by the parties listed below will secure the Borrowers obligations to the Bank under this Agreement. The collateral is further defined in security agreement(s) executed by the
owners of the collateral.



|(a) | Money Market account #23-001059162643 with the Bank and owned by the Borrower in an amount not less than 100% of the outstanding face value of the letters of credit.
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|4. | FEES AND EXPENSES
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4.1 Fees.



|(a) | Loan Fee. The Borrower agrees to pay a loan fee in the amount of Fifteen Thousand and 00/100 Dollars ($15,000.00). This fee is due on the date of this Agreement.
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|(b) | Waiver Fee. If the Bank, at its discretion, agrees to waive or amend any terms of this Agreement, the Borrower will, at the Banks option, pay the Bank a
fee for each waiver or amendment in an amount advised by the Bank at the time the Borrower requests the waiver or amendment. Nothing in this paragraph shall imply that the Bank is obligated to agree to any waiver or amendment requested by the
Borrower. The Bank may impose additional requirements as a condition to any waiver or amendment.
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|(c) | Late Fee. To the extent permitted by law, the Borrower agrees to pay a late fee in an amount not to exceed four percent (4%) of any payment that is more
than fifteen (15) days late. The imposition and payment of a late fee shall not constitute a waiver of the Banks rights with respect to the default.
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4.2 Expenses. The Borrower agrees to immediately repay the Bank for expenses that include, but are not limited to, filing, recording and search fees, appraisal fees, title report fees, and
documentation fees.

4.3 Reimbursement Costs.



|(a) | The Borrower agrees to reimburse the Bank for any expenses it incurs in the preparation of this Agreement and any agreement or instrument required by this Agreement.
Expenses include, but are not limited to, reasonable attorneys fees, including any allocated costs of the Banks in-house counsel to the extent permitted by applicable law.
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|(b) | The Borrower agrees to reimburse the Bank for the cost of periodic appraisals of the collateral, at such intervals as the Bank may reasonably require. The actions
described in this paragraph may be performed by employees of the Bank or by independent appraisers.
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|5. | DISBURSEMENTS, PAYMENTS AND COSTS
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5.1
Disbursements and Payments.



|(a) | Each payment by the Borrower will be made in U.S. Dollars and immediately available funds by debit to a deposit account as described in this Agreement or otherwise
authorized by the Borrower. For payments not made by direct debit, payments will be made by mail to the address shown on the Borrowers statement or at one of the Banks banking centers in the United States, or by such other method as may
be permitted by the Bank.
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|(b) | The Bank may honor instructions for advances or repayments given by the Borrower (if an individual), or by any one of the individuals authorized to sign loan agreements
on behalf of the Borrower, or any other individual designated by any one of authorized signers (each an Authorized Individual).
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|(c) | For any payment under this Agreement made by debit to a deposit account, the Borrower will maintain sufficient immediately available funds in the deposit account to
cover each debit. If there are insufficient immediately available funds in the deposit account on the date the Bank enters such debit authorized by this Agreement, the Bank may reverse the debit.
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|(d) | Each disbursement by the Bank and each payment by the Borrower will be evidenced by records kept by the Bank. In addition, the Bank may, at its discretion, require the
Borrower to sign one or more promissory notes.
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|(e) | Prior to the date each payment of principal and interest and any fees from the Borrower becomes due (the Due Date), the Bank will mail to the Borrower a
statement of the amounts that will be due on that Due Date (the Billed Amount). The calculations in the bill will be made on the assumption that no new extensions of credit or payments will be made between the date of the billing
statement and the Due Date, and that there will be no changes in the applicable interest rate. If the Billed Amount differs from the actual amount due on the Due Date (the Accrued Amount), the discrepancy will be treated as follows:
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| | (i) | If the Billed Amount is less than the Accrued Amount, the Billed Amount for the following Due Date will be increased by the amount of the discrepancy. The Borrower will
not be in default by reason of any such discrepancy.
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| | (ii) | If the Billed Amount is more than the Accrued Amount, the Billed Amount for the following Due Date will be decreased by the amount of the discrepancy.
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Regardless of any such discrepancy, interest will continue to accrue based on the actual amount of principal
outstanding without compounding. The Bank will not pay the Borrower interest on any overpayment.

5.2 Telephone and Telefax
Authorization.



|(a) | The Bank may honor telephone or telefax instructions for advances or repayments or for the designation of optional interest rates and telefax requests for the issuance
of letters of credit given, or purported to be given, by any one of the Authorized Individuals.
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|(b) | Advances will be deposited in and repayments will be withdrawn from account number IL-5800322850 owned by eLoyalty Corporation. or such other of the Borrowers
accounts with the Bank as designated in writing by the Borrower.
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|(c) | The Borrower will indemnify and hold the Bank harmless from all liability, loss, and costs in connection with any act resulting from telephone or telefax instructions
the Bank reasonably believes are made by any Authorized Individual. This paragraph will survive this Agreements termination, and will benefit the Bank and its officers, employees, and agents.
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5.3 Direct Debit.



|(a) | The Borrower agrees that on the Due Date the Bank will debit the Billed Amount from deposit account number IL-5800322850 owned by eLoyalty Corporation or such other of
the Borrowers accounts with the Bank as designated in writing by the Borrower (the Designated Account).
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|(b) | The Borrower may terminate this direct debit arrangement at any time by sending written notice to the Bank at the address specified at the end of this Agreement. If the
Borrower terminates this arrangement, then the principal amount outstanding under this Agreement will at the option of the Bank bear interest at a rate per annum which is .50 percentage point(s) higher than the rate of interest otherwise provided
under this Agreement.
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5.4 Banking Days. Unless otherwise provided in this Agreement, a banking day is a day other than a
Saturday, Sunday or other day on which commercial banks are authorized to close, or are in fact closed, in the state where the Banks lending office is located, and, if such day relates to amounts bearing interest at an offshore rate (if any),
means any such day on which dealings in dollar deposits are conducted among banks in the offshore dollar interbank market. All payments and disbursements which would be due on a day which is not a banking day will be due on the next banking day. All
payments received on a day which is not a banking day will be applied to the credit on the next banking day.

5.5 Interest Calculation.
Except as otherwise stated in this Agreement, all interest and fees, if any, will be computed on the basis of a 360-day year and the actual number of days elapsed. This results in more interest or a higher fee than if a 365-day year is used.
Installments of principal which are not paid when due under this Agreement shall continue to bear interest until paid.

5.6 Default
Rate. Upon the occurrence of any default or after maturity or after judgment has been rendered on any obligation under this Agreement, all amounts outstanding under this Agreement, including any interest, fees, or costs which are not paid when
due, will at the option of the Bank bear interest at a rate which is 6.0 percentage point(s) higher than the rate of interest otherwise provided under this Agreement. This may result in compounding of interest. This will not constitute a waiver of
any default.



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|6. | CONDITIONS
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Before the Bank is required to
extend any credit to the Borrower under this Agreement, it must receive any documents and other items it may reasonably require, in form and content acceptable to the Bank, including any items specifically listed below.

6.1 Authorizations. If the Borrower or any guarantor is anything other than a natural person, evidence that the execution, delivery and
performance by the Borrower and/or such guarantor of this Agreement and any instrument or agreement required under this Agreement have been duly authorized.

6.2 Governing Documents. If required by the Bank, a copy of the Borrowers organizational documents.

6.3 Security Agreements. Signed original security agreements covering the personal property collateral which the Bank requires.

6.4 Perfection and Evidence of Priority. Evidence that the security interests and liens in favor of the Bank are valid, enforceable, properly perfected in a manner acceptable to the Bank and prior
to all others rights and interests, except those the Bank consents to in writing. All title documents for motor vehicles which are part of the collateral must show the Banks interest.

6.5 Payment of Fees. Payment of all fees and other amounts due and owing to the Bank, including without limitation payment of all accrued and
unpaid expenses incurred by the Bank as required by the paragraph entitled Reimbursement Costs.

6.6 Good Standing.
Certificates of good standing for the Borrower from its state of formation and from any other state in which the Borrower is required to qualify to conduct its business.

6.7 Insurance. Evidence of insurance coverage, as required in the Covenants section of this Agreement.



|7. | REPRESENTATIONS AND WARRANTIES
|-- | ------------------------------

When the
Borrower signs this Agreement, and until the Bank is repaid in full, the Borrower makes the following representations and warranties. Each request for an extension of credit constitutes a renewal of these representations and warranties as of the
date of the request:

7.1 Formation. If the Borrower is anything other than a natural person, it is duly formed and existing under the
laws of the state or other jurisdiction where organized.

7.2 Authorization. This Agreement, and any instrument or agreement required
hereunder, are within the Borrowers powers, have been duly authorized, and do not conflict with any of its organizational papers.

7.3
Enforceable Agreement. This Agreement is a legal, valid and binding agreement of the Borrower, enforceable against the Borrower in accordance with its terms, and any instrument or agreement required hereunder, when executed and delivered,
will be similarly legal, valid, binding and enforceable.

7.4 Good Standing. In each state in which the Borrower does business, it is
properly licensed, in good standing, and, where required, in compliance with fictitious name statutes.

7.5 No Conflicts. This
Agreement does not conflict with any law, agreement, or obligation by which the Borrower is bound.

7.6 Financial Information. All
financial and other information that has been or will be supplied to the Bank is sufficiently complete to give the Bank accurate knowledge of the Borrowers (and any guarantors) financial condition, including all material contingent
liabilities. Since the date of the most recent financial statement provided to the Bank, there has been no material adverse change in the business condition (financial or otherwise), operations, properties or prospects of the Borrower (or any
guarantor). If the Borrower is comprised of the trustees of a trust, the foregoing representations shall also pertain to the trustor(s) of the trust.

7.7 Lawsuits. There is no lawsuit, tax claim or other dispute pending or threatened against the Borrower which, if lost, would impair the Borrowers financial condition or ability to repay the
loan, except as have been disclosed in writing to the Bank.



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7.8 Collateral. All collateral required in this Agreement is owned by the grantor of the security
interest free of any title defects or any liens or interests of others, except those which have been approved by the Bank in writing.

7.9
Permits, Franchises. The Borrower possesses all permits, memberships, franchises, contracts and licenses required and all trademark rights, trade name rights, patent rights, copyrights and fictitious name rights necessary to enable it to
conduct the business in which it is now engaged.

7.10 Other Obligations. The Borrower is not in default on any obligation for borrowed
money, any purchase money obligation or any other material lease, commitment, contract, instrument or obligation, except as have been disclosed in writing to the Bank.

7.11 Tax Matters. The Borrower has no knowledge of any pending assessments or adjustments of its income tax for any year and all taxes due have been paid, except as have been disclosed in writing
to the Bank.

7.12 No Event of Default. There is no event which is, or with notice or lapse of time or both would be, a default under
this Agreement.

7.13 Insurance. The Borrower has obtained, and maintained in effect, the insurance coverage required in the
Covenants section of this Agreement.

7.14 ERISA Plans.



|(a) | Each Plan (other than a multiemployer plan) is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state law.
Each Plan has received a favorable determination letter from the IRS and to the best knowledge of the Borrower, nothing has occurred which would cause the loss of such qualification. The Borrower has fulfilled its obligations, if any, under the
minimum funding standards of ERISA and the Code with respect to each Plan, and has not incurred any liability with respect to any Plan under Title IV of ERISA.
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|(b) | There are no claims, lawsuits or actions (including by any governmental authority), and there has been no prohibited transaction or violation of the fiduciary
responsibility rules, with respect to any Plan which has resulted or could reasonably be expected to result in a material adverse effect.
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|(c) | With respect to any Plan subject to Title IV of ERISA:
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| | (i) | No reportable event has occurred under Section 4043(c) of ERISA for which the PBGC requires 30-day notice.
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| | (ii) | No action by the Borrower or any ERISA Affiliate to terminate or withdraw from any Plan has been taken and no notice of intent to terminate a Plan has been filed under
Section 4041 of ERISA.
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| | (iii) | No termination proceeding has been commenced with respect to a Plan under Section 4042 of ERISA, and no event has occurred or condition exists which might
constitute grounds for the commencement of such a proceeding.
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|(d) | The following terms have the meanings indicated for purposes of this Agreement:
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| | (i) | Code means the Internal Revenue Code of 1986, as amended from time to time.
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| | (ii) | ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time.
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| | (iii) | ERISA Affiliate means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b)
or (c) of the Code.
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| | (iv) | PBGC means the Pension Benefit Guaranty Corporation.
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| | (v) | Plan means a pension, profit-sharing, or stock bonus plan intended to qualify under Section 401(a) of the Code, maintained or contributed to by the
Borrower or any ERISA Affiliate, including any multiemployer plan within the meaning of Section 4001(a)(3) of ERISA.
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|8. | COVENANTS
|-- | ---------

The Borrower agrees, so long as
credit is available under this Agreement and until the Bank is repaid in full:

8.1 Use of Proceeds.



|(a) | To use the proceeds of Facility No. 1 only for working capital.
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|(b) | The proceeds of the credit extended under this Loan Agreement may not be used directly or indirectly to purchase or carry any margin stock as that term is
defined in Regulation U of the Board of Governors of the Federal Reserve System, or extend credit to or invest in other parties for the purpose of purchasing or carrying any such margin stock, or to reduce or retire any indebtedness
incurred for such purpose.
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8.2 Financial Information. To provide the following financial information and statements in
form and content acceptable to the Bank, and such additional information as requested by the Bank from time to time. The Bank reserves the right, upon written notice to the Borrower, to require the Borrower to deliver financial information and
statements to the Bank more frequently than otherwise provided below, and to use such additional information and statements to measure any applicable financial covenants in this Agreement.



|(a) | Within one hundred twenty (120) days of the fiscal year end, the annual financial statements of the Borrower, certified and dated by an authorized financial
officer. These financial statements must be audited (with an opinion satisfactory to the Bank) by a Certified Public Accountant acceptable to the Bank.
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|(b) | Within forty-five (45) days of the periods end (including the last period in each fiscal year), quarterly financial statements of the Borrower, certified and
dated by an authorized financial officer. These financial statements may be company-prepared.
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8.3 Bank as Principal
Depository. To maintain the Bank or one of its affiliates as its principal depository bank, including for the maintenance of business, cash management, operating and administrative deposit accounts.

8.4 Change of Management. Not to make any substantial change in the present executive or management personnel of the Borrower without providing
the Bank written notice.

8.5 Additional Negative Covenants. Not to, without the Banks written consent:



|(a) | Enter into any consolidation, merger, or other combination, or become a partner in a partnership, a member of a joint venture, or a member of a limited liability
company.
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|(b) | Acquire or purchase a business or its assets.
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|(c) | Engage in any business activities substantially different from the Borrowers present business.
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|(d) | Liquidate or dissolve the Borrowers business.
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8.6 Notices to Bank. To promptly notify the Bank in writing of:



|(a) | Any substantial dispute between any governmental authority and the Borrower or any Obligor.
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|(b) | Any event of default under this Agreement, or any event which, with notice or lapse of time or both, would constitute an event of default.
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|(c) | Any material adverse change in the Borrowers Obligors business condition (financial or otherwise), operations, properties or prospects, or ability to repay
the credit.
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|(d) | Any change in the Borrowers or any Obligors name, legal structure, principal residence (for an individual), state of registration (for a registered entity),
place of business, or chief executive office if the Borrower or any Obligor has more than one place of business.
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|(e) | Any actual contingent liabilities of the Borrower or any Obligor, and any such contingent liabilities which are reasonably foreseeable, where such liabilities are in
excess of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) in the aggregate.
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For purposes of this Agreement, Obligor shall mean any guarantor, or any party pledging
collateral to the Bank, or, if the Borrower is comprised of the trustees of a trust, any trustor.

8.7 Insurance.



|(a) | General Business Insurance. To maintain insurance satisfactory to the Bank as to amount, nature and carrier covering property damage (including loss of use and
occupancy) to any of the Borrowers properties, business interruption insurance, public liability insurance including coverage for contractual liability, product liability and workers compensation, and any other insurance which is usual
for the Borrowers business. Each policy shall provide for at least 30 days prior notice to the Bank of any cancellation thereof.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8.8 Compliance with Laws. To comply with the laws (including any fictitious or trade name statute), regulations, and orders of any government body with authority over the Borrowers business.
The Bank shall have no obligation to make any advance to the Borrower except in compliance with all applicable laws and regulations and the Borrower shall fully cooperate with the Bank in complying with all such applicable laws and regulations.

8.9 ERISA Plans. Promptly during each year, to pay and cause any subsidiaries to pay contributions adequate to meet at least the
minimum funding standards under ERISA with respect to each and every Plan; file each annual report required to be filed pursuant to ERISA in connection with each Plan for each year; and notify the Bank within ten (10) days of the occurrence of
any Reportable Event that might constitute grounds for termination of any capital Plan by the Pension Benefit Guaranty Corporation or for the appointment by the appropriate United States District Court of a trustee to administer any Plan.
ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time. Capitalized terms in this paragraph shall have the meanings defined within ERISA.

8.10 ERISA Plans-Notices. With respect to a Plan subject to Title IV of ERISA, to give prompt written notice to the Bank of:



|(a) | The occurrence of any reportable event under Section 4043(c) of ERISA for which the PBGC requires 30-day notice.
|--- | ----------------------------------------------------------------------------------------------------------------



|(b) | Any action by the Borrower or any ERISA Affiliate to terminate or withdraw from a Plan or the filing of any notice of intent to terminate under Section 4041 of
ERISA.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The commencement of any proceeding with respect to a Plan under Section 4042 of ERISA.
|--- | --------------------------------------------------------------------------------------

8.11 Books and Records. To maintain adequate books and records.

8.12 Audits. To
allow the Bank and its agents to inspect the Borrowers properties and examine, audit, and make copies of books and records at any reasonable time. If any of the Borrowers properties, books or records are in the possession of a third
party, the Borrower authorizes that third party to permit the Bank or its agents to have access to perform inspections or audits and to respond to the Banks requests for information concerning such properties, books and records.

8.13 Perfection of Liens. To help the Bank perfect and protect its security interests and liens, and reimburse it for related costs it incurs to
protect its security interests and liens.

8.14 Cooperation. To take any action reasonably requested by the Bank to carry out the
intent of this Agreement.



|9. | DEFAULT AND REMEDIES
|-- | --------------------

If any of the following
events of default occurs, the Bank may do one or more of the following: declare the Borrower in default, stop making any additional credit available to the Borrower, and require the Borrower to repay its entire debt immediately and without prior
notice. If an event which, with notice or the passage of time, will constitute an event of default has occurred and is continuing, the Bank has no obligation to make advances or extend additional credit under this Agreement. In addition, if any
event of default occurs, the Bank shall have all rights, powers and remedies available under any instruments and agreements required by or executed in connection with this Agreement, as well as all rights and remedies available at law or in equity.
If an event of default occurs under the paragraph entitled Bankruptcy, below, with respect to the Borrower, then the entire debt outstanding under this Agreement will automatically be due immediately.

9.1 Failure to Pay. The Borrower fails to make a payment under this Agreement when due.



---

9.2 Other Bank Agreements. Any default occurs under any other agreement the Borrower (or any Obligor)
or any of the Borrowers related entities or affiliates has with the Bank or any affiliate of the Bank.

9.3 Cross-default. Any
default occurs under any agreement in connection with any credit the Borrower (or any Obligor) or any of the Borrowers related entities or affiliates has obtained from anyone else or which the Borrower (or any Obligor) or any of the
Borrowers related entities or affiliates has guaranteed.

9.4False Information. The Borrower or any Obligor has given the Bank
false or misleading information or representations.

9.5 Bankruptcy. The Borrower, any Obligor, or any general partner of the Borrower
or of any Obligor files a bankruptcy petition, a bankruptcy petition is filed against any of the foregoing parties, or the Borrower, any Obligor, or any general partner of the Borrower or of any Obligor makes a general assignment for the benefit of
creditors.

9.6 Receivers. A receiver or similar official is appointed for a substantial portion of the Borrowers or any
Obligors business, or the business is terminated, or, if any Obligor is anything other than a natural person, such Obligor is liquidated or dissolved.

9.7 Lien Priority. The Bank fails to have an enforceable first lien (except for any prior liens to which the Bank has consented in writing) on or security interest in any property given as security
for this Agreement (or any guaranty).

9.8 Lawsuits. Any lawsuit or lawsuits are filed on behalf on one or more trade creditors against
the Borrower or any Obligor in an aggregate amount of Two Hundred Fifty Thousand Dollars ($250,000.00) or more in excess of any insurance coverage.

9.9 Judgments. Any judgments or arbitration awards are entered against the Borrower or any Obligor, or the Borrower or any Obligor enters into any settlement agreements with respect to any
litigation or arbitration, in an aggregate amount of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) or more in excess of any insurance coverage.

9.10 Material Adverse Change. A material adverse change occurs, or is reasonably likely to occur, in the Borrowers (or any Obligors) business condition (financial or otherwise),
operations, properties or prospects, or ability to repay the credit; or the Bank determines that it is insecure for any other reason.

9.11
Government Action. Any government authority takes action that the Bank believes materially adversely affects the Borrowers or any Obligors financial condition or ability to repay.

9.12 Default under Related Documents. Any default occurs under any guaranty, subordination agreement, security agreement, deed of trust, mortgage,
or other document required by or delivered in connection with this Agreement or any such document is no longer in effect, or any guarantor purports to revoke or disavow the guaranty.

9.13 ERISA Plans. Any one or more of the following events occurs with respect to a Plan of the Borrower subject to Title IV of ERISA, provided such event or events could reasonably be expected, in
the judgment of the Bank, to subject the Borrower to any tax, penalty or liability (or any combination of the foregoing) which, in the aggregate, could have a material adverse effect on the financial condition of the Borrower:



|(a) | A reportable event shall occur under Section 4043(c) of ERISA with respect to a Plan.
|--- | -------------------------------------------------------------------------------------



|(b) | Any Plan termination (or commencement of proceedings to terminate a Plan) or the full or partial withdrawal from a Plan by the Borrower or any ERISA Affiliate.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

9.14 Other Breach Under Agreement. A default occurs under any other term or condition of this Agreement not specifically
referred to in this Article. This includes any failure or anticipated failure by the Borrower (or any other party named in the Covenants section) to comply with the financial covenants set forth in this Agreement, whether such failure is evidenced
by financial statements delivered to the Bank or is otherwise known to the Borrower or the Bank.



|10. | ENFORCING THIS AGREEMENT; MISCELLANEOUS
|--- | ---------------------------------------

10.1
GAAP. Except as otherwise stated in this Agreement, all financial information provided to the Bank and all financial covenants will be made under generally accepted accounting principles, consistently applied.



---

10.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
Illinois. To the extent that the Bank has greater rights or remedies under federal law, whether as a national bank or otherwise, this paragraph shall not be deemed to deprive the Bank of such rights and remedies as may be available under federal
law.

10.3 Successors and Assigns. This Agreement is binding on the Borrowers and the Banks successors and assignees. The
Borrower agrees that it may not assign this Agreement without the Banks prior consent. The Bank may sell participations in or assign this loan, and may exchange information about the Borrower (including, without limitation, any information
regarding any hazardous substances) with actual or potential participants or assignees. If a participation is sold or the loan is assigned, the purchaser will have the right of set-off against the Borrower.

10.4. Consent to Jurisdiction. TO INDUCE THE BANK TO ACCEPT THIS AGREEMENT, THE BORROWER IRREVOCABLY AGREES THAT, SUBJECT TO THE BANKS
SOLE AND ABSOLUTE ELECTION, ALL ACTIONS OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THIS AGREEMENT WILL BE LITIGATED IN COURTS HAVING SITUS IN CHICAGO, ILLINOIS. THE BORROWER HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY COURT
LOCATED WITHIN CHICAGO, ILLINOIS, WAIVES PERSONAL SERVICE OF PROCESS UPON THE BORROWER, AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL DIRECTED TO THE BORROWER AT THE ADDRESS STATED ON THE SIGNATURE PAGE HEREOF AND
SERVICE SO MADE WILL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT.

10.5. Waiver of Jury Trial. THE BORROWER AND THE BANK EACH
WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (A) UNDER THIS AGREEMENT OR ANY RELATED AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE
DELIVERED IN CONNECTION WITH THIS AGREEMENT OR (B) ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING WILL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. THE BORROWER
AGREES THAT IT WILL NOT ASSERT ANY CLAIM AGAINST THE BANK OR ANY OTHER PERSON INDEMNIFIED UNDER THIS AGREEMENT ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL OR PUNITIVE DAMAGES.

10.6 Severability; Waivers. If any part of this Agreement is not enforceable, the rest of the Agreement may be enforced. The Bank retains all
rights, even if it makes a loan after default. If the Bank waives a default, it may enforce a later default. Any consent or waiver under this Agreement must be in writing.

10.7 Attorneys Fees. The Borrower shall reimburse the Bank for any reasonable costs and attorneys fees incurred by the Bank in connection with the enforcement or preservation of any
rights or remedies under this Agreement and any other documents executed in connection with this Agreement, and in connection with any amendment, waiver, workout or restructuring under this Agreement. In the event of a lawsuit or
arbitration proceeding, the prevailing party is entitled to recover costs and reasonable attorneys fees incurred in connection with the lawsuit or arbitration proceeding, as determined by the court or arbitrator. In the event that any case is
commenced by or against the Borrower under the Bankruptcy Code (Title 11, United States Code) or any similar or successor statute, the Bank is entitled to recover costs and reasonable attorneys fees incurred by the Bank related to the
preservation, protection, or enforcement of any rights of the Bank in such a case. As used in this paragraph, attorneys fees includes the allocated costs of the Banks in-house counsel.

10.8 Set-Off.



|(a) | In addition to any rights and remedies of the Bank provided by law, upon the occurrence and during the continuance of any event of default under this Agreement, the
Bank is authorized, at any time, to set off and apply any and all Deposits of the Borrower or any Obligor held by the Bank against any and all Obligations owing to the Bank. The set-off may be made irrespective of whether or not the Bank shall have
made demand under this Agreement or any guaranty, and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable Deposits.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The set-off may be made without prior notice to the Borrower or any other party, any such notice being waived by the Borrower (on its own behalf and on behalf of each
Obligor) to the fullest extent permitted by law. The Bank agrees promptly to notify the Borrower after any such set-off and application; provided, however, that the failure to give such notice shall not affect the validity of such
set-off and application.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | For the purposes of this paragraph, Deposits means any deposits (general or special, time or demand, provisional or final, individual or
joint) and any instruments owned by the Borrower or any Obligor which come into the possession or custody or under the control of the Bank. Obligations means all obligations, now or hereafter
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

| | existing, of the Borrower to the Bank under this Agreement and under any other agreement or instrument executed in connection with this Agreement, and the obligations to the Bank of any Obligor.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10.9 One Agreement. This Agreement and any related security or other agreements required by this Agreement,
collectively:



|(a) | represent the sum of the understandings and agreements between the Bank and the Borrower concerning this credit;
|--- | ----------------------------------------------------------------------------------------------------------------



|(b) | replace any prior oral or written agreements between the Bank and the Borrower concerning this credit; and
|--- | ----------------------------------------------------------------------------------------------------------



|(c) | are intended by the Bank and the Borrower as the final, complete and exclusive statement of the terms agreed to by them.
|--- | ------------------------------------------------------------------------------------------------------------------------

In the event of any conflict between this Agreement and any other agreements required by this Agreement, this Agreement will prevail. Any reference in
any related document to a promissory note or a note executed by the Borrower and dated as of the date of this Agreement shall be deemed to refer to this Agreement, as now in effect or as hereafter amended, renewed, or
restated.

10.10 Indemnification. The Borrower will indemnify and hold the Bank harmless from any loss, liability, damages, judgments,
and costs of any kind relating to or arising directly or indirectly out of (a) this Agreement or any document required hereunder, (b) any credit extended or committed by the Bank to the Borrower hereunder, and (c) any litigation or
proceeding related to or arising out of this Agreement, any such document, or any such credit. This indemnity includes but is not limited to attorneys fees (including the allocated cost of in-house counsel). This indemnity extends to the Bank,
its parent, subsidiaries and all of their directors, officers, employees, agents, successors, attorneys, and assigns. This indemnity will survive repayment of the Borrowers obligations to the Bank. All sums due to the Bank hereunder shall be
obligations of the Borrower, due and payable immediately without demand.

10.11 Notices. Unless otherwise provided in this Agreement or
in another agreement between the Bank and the Borrower, all notices required under this Agreement shall be personally delivered or sent by first class mail, postage prepaid, or by overnight courier, to the addresses on the signature page of this
Agreement, or sent by facsimile to the fax numbers listed on the signature page, or to such other addresses as the Bank and the Borrower may specify from time to time in writing. Notices and other communications shall be effective (i) if
mailed, upon the earlier of receipt or five (5) days after deposit in the U.S. mail, first class, postage prepaid, (ii) if telecopied, when transmitted, or (iii) if hand-delivered, by courier or otherwise (including telegram,
lettergram or mailgram), when delivered.

10.12 Headings. Article and paragraph headings are for reference only and shall not affect
the interpretation or meaning of any provisions of this Agreement.

10.13 Counterparts. This Agreement may be executed in as many
counterparts as necessary or convenient, and by the different parties on separate counterparts each of which, when so executed, shall be deemed an original but all such counterparts shall constitute but one and the same agreement.

10.14 Borrower Information; Reporting to Credit Bureaus. The Borrower authorizes the Bank at any time to verify or check any information given by
the Borrower to the Bank, check the Borrowers credit references, verify employment, and obtain credit reports. The Borrower agrees that the Bank shall have the right at all times to disclose and report to credit reporting agencies and credit
rating agencies such information pertaining to the Borrower and/or all guarantors as is consistent with the Banks policies and practices from time to time in effect.

This Agreement is executed as of the date stated at the top of the first page.

Bank:

Bank of America, N.A.



|    |  |                                    
|--- |  | -----------------------------------
|By: |  | /s/ Travis Burns                   
|    |  | Travis Burns, Senior Vice President



---

|                     |  |                                                        
|-------------------- |  | -------------------------------------------------------
|Borrower:           
|                    
|eLoyalty Corporation
|                     | 
|By:                  |  | /s/ William B. Noon                                    
|                     |  | William B. Noon, Vice President/Chief Financial Officer
|                     | 
|                     |  | /s/ Kelly D. Conway                                    
|                     |  | Kelly D. Conway, President/Chief Executive Officer     



|                                                              |  |                |  |                                                   |  |  |  |                              |  |               
|------------------------------------------------------------- |  | -------------- |  | ------------------------------------------------- |  |  |  | ---------------------------- |  | --------------
|Address where notices to eLoyalty Corporation are to be sent: |  |                |  | Address where notices to the Bank are to be sent:
|                                                              |  |               
|150 Field Drive, Ste. 250                                     |  |                |  | Doc Retention - GCF                              
|Lake Forest, IL 60045                                         |  |                |  | MO1-800-08-11                                    
|                                                              |  |                |  |                                                   |  |  |  | 800 Market Street, 8th Floor
|                                                              |  |                |  |                                                   |  |  |  | St. Louis, MO 63101-2510    
|Telephone:                                                    |  | (847) 582-7000 |  |                                                   |  |  |  | Facsimile:                   |  | (866) 255-9922
|Facsimile:                                                    |  |                |  |                                                   |  |  |  |                              |  |               

Federal law requires Bank of America, N.A. (the Bank ) to provide the following three notices.
The notices are not part of the foregoing agreement or instrument and may not be altered. Please read the notices carefully.



|(1) | USA PATRIOT ACT NOTICE
|--- | ----------------------

Federal law
requires all financial institutions to obtain, verify and record information that identifies each person who opens an account or obtains a loan. The Bank will ask for the Borrowers legal name, address, tax ID number or social security number
and other identifying information. The Bank may also ask for additional information or documentation or take other actions reasonably necessary to verify the identity of the Borrower, guarantors or other related persons.