Document:

Loan Agreement

 Exhibit 10.3 
 LOAN AGREEMENT 
 Wachovia Bank, National Association 
 190 River Road 
 Summit, New Jersey 07901 
 (Hereinafter referred to as the “Bank”) 
 Cybex International,
Inc. 
 10 Trotter Drive 
 Medway, MA 02053-2299 

(Individually and collectively “Borrower”) 
 This Loan Agreement
(“Agreement”) is entered into on July 30, 2007, by and between Bank and Borrower. 
 This Agreement applies to the loan or loans (individually
and collectively, the “Loan”) evidenced by one or more promissory notes dated July 30, 2007 or other notes subject hereto, as modified from time to time (whether one or more, the “Note”) and all Loan Documents. The terms
“Loan Documents” and “Obligations,” as used in this Agreement, are defined in the Note. 
 Relying upon the covenants, agreements,
representations and warranties contained in this Agreement, Bank is willing to extend credit to Borrower upon the terms and subject to the conditions set forth herein, and Bank and Borrower agree as follows: 
 ARTICLE 1 
 1. REPRESENTATIONS. Borrower
represents that from the date of this Agreement and until final payment in full of the Obligations: 
 1.1. Accurate Information. All
information now and hereafter furnished to Bank is and will be true, correct and complete in all material respects. Any such information relating to Borrower’s financial condition will accurately reflect, subject to year end audit and
adjustment, Borrower’s financial condition as of the date(s) thereof, (including all contingent liabilities of every type), and Borrower further represents that its financial condition has not changed in a material adverse manner since the
date(s) of such documents. 
 1.2. Authorization; Non-Contravention. The execution, delivery and performance by Borrower and any
guarantor, as applicable, of this Agreement and other Loan Documents to which it is a party are within its power, have been duly authorized as may be required and, if necessary, by making appropriate filings with any governmental agency or unit and
are the legal, binding, valid and enforceable obligations of Borrower; and do not (i) contravene, or constitute (with or without the giving of notice or lapse of time or both) a violation of any provision of applicable law, a violation of the
organizational documents of Borrower, or a default under any agreement, judgment, injunction, order, decree or other instrument binding upon or affecting Borrower, excluding any violations or 

 
defaults which would not have a material adverse effect on the business, financial position, results of operations, properties or prospects of Borrower
(“Material Adverse Effect”), (ii) result in the creation or imposition of any lien (other than the lien(s) created by the Loan Documents) on any of Borrower’s assets, or (iii) give cause for the acceleration of any
obligations of Borrower to any other creditor. 
 1.3. Asset Ownership. Borrower has good and marketable title to the Collateral (as
such term is defined in the Security Agreement dated as of the date hereof between Borrower and Bank, as amended or supplemented from time to time), and all such Collateral is free and clear of security deeds, pledges, liens, charges, and all other
encumbrances, except the lien in favor of the Bank created by the Security Agreement. To Borrower’s knowledge, no claims or interests adverse to Borrower’s present rights in the Collateral have arisen. 
 1.4. Discharge of Liens and Taxes. Borrower has duly filed, paid and/or discharged all taxes or other claims which may become a lien on any of its
property or assets, except to the extent that such items are being appropriately contested in good faith and an adequate reserve for the payment thereof is being maintained. 
 1.5. Sufficiency of Capital. Borrower is not, and after consummation of this Agreement and after giving effect to all indebtedness incurred and
liens created by Borrower in connection with the Note and any other Loan Documents, will not be, insolvent within the meaning of 11 U.S.C. §101(32). 
 1.6. Compliance with Laws. Borrower is in compliance in all respects (except where the failure to be in compliance would not have a Material Adverse Effect) with all federal, state and local laws, rules and
regulations applicable to its properties, operations, business, and finances, including, without limitation, any federal or state laws relating to liquor (including 18 U.S.C. §3617, et seq.) or narcotics (including 21 U.S.C. §801, et seq.)
and/or any commercial crimes; all applicable federal, state and local laws and regulations intended to protect the environment; and the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), if applicable. 
 1.7. Organization and Authority. Each corporate or limited liability company Borrower and/or guarantor, as applicable, is duly created, validly
existing and in good standing under the laws of the state of its organization, and has all powers, governmental licenses, authorizations, consents and approvals required to operate its business as now conducted (except where the failure to be in
compliance would not have a Material Adverse Effect). Each corporate or limited liability company Borrower and/or guarantor, as applicable, is duly qualified, licensed and in good standing in each jurisdiction where qualification or licensing is
required by the nature of its business or the character and location of its property, business or customers, and in which the failure to so qualify or be licensed, as the case may be, in the aggregate, could have a material adverse effect on the
business, financial position, results of operations, properties or prospects of Borrower or any such guarantor.
 1.8. No Litigation.
There are no pending or threatened material suits, claims or demands against Borrower or any guarantor that have not been disclosed to Bank by Borrower in writing. 
  

 2 

 1.9. Regulation U. None of the proceeds of the credit extended pursuant to this Agreement shall be
used directly or indirectly for the purpose of purchasing or carrying any margin stock in violation of any of the provisions of Regulation U of the Board of Governors of the Federal Reserve System (“Regulation U”), or for the purpose of
reducing or retiring any indebtedness which was originally incurred to purchase or carry margin stock or for any other purchase which might render the Loan a “Purpose Credit” within the meaning of Regulation U.
 1.10. ERISA. Each employee pension benefit plan, as defined in ERISA, maintained by Borrower meets, as of the date hereof, the minimum funding
standards of ERISA and all applicable regulations thereto and requirements thereof, and of the Internal Revenue Code of 1986, as amended. No “Prohibited Transaction” or “Reportable Event” (as both terms are defined by ERISA) has
occurred with respect to any such plan. 
 ARTICLE 2 
 2. AFFIRMATIVE COVENANTS. Borrower agrees that from the date hereof and until final payment in full of the Obligations, unless Bank shall otherwise consent in writing, Borrower will: 
 2.1. Access to Books and Records. Allow Bank, or its agents, during normal business hours, access to the books, records and such other documents of
Borrower as Bank shall reasonably require, and allow Bank to make copies thereof at Bank’s expense. 
 2.2. Business Continuity.
Conduct its business in substantially the same manner and locations as such business is now and has previously been conducted. 
 2.3.
Compliance with Other Agreements. Comply with all terms and conditions contained in this Agreement, and any other Loan Documents, and swap agreements, if applicable, as defined in the 11 U.S.C. §101. 
 2.4. Estoppel Certificate. Furnish, within 15 days after request by Bank, a written statement duly acknowledged of the amount due under the Loan
and whether offsets or defenses exist against the Obligations. 
 2.5. Insurance. Maintain adequate insurance coverage with respect to
its properties and business against loss or damage of the kinds and in the amounts customarily insured against by companies of established reputation engaged in the same or similar businesses including, without limitation, commercial general
liability insurance, workers compensation insurance, and business interruption insurance; all acquired in such amounts and from such companies as Bank may reasonably require. 
 2.6. Maintain Properties. Maintain, preserve and keep the Collateral in good repair, working order and condition, making all needed replacements,
additions and improvements thereto. 
 2.7. Non-Default Certificate From Borrower. Deliver to Bank, with the Financial Statements
required in Article 4 below, a certificate signed by Borrower, if Borrower is an individual, or by a principal financial officer of Borrower warranting that no “Default” as specified in the Loan Documents nor any event which, upon the
giving of notice or lapse of time or both, would constitute such a Default, has occurred. 
  

 3 

 2.8. Notice of Default and Other Notices. (a) Notice of Default. Furnish to Bank immediately
upon becoming aware of the existence of any condition or event which constitutes a Default (as defined in the Loan Documents) or any event which, upon the giving of notice or lapse of time or both, may become a Default, written notice specifying the
nature and period of existence thereof and the action which Borrower is taking or proposes to take with respect thereto. (b) Other Notices. Promptly notify Bank in writing of (i) any material adverse change in its financial condition or
its business; (ii) any default under any material agreement, contract or other instrument to which it is a party or by which any of its properties are bound, or any acceleration of the maturity of any material indebtedness owing by Borrower;
(iii) any material adverse claim against or affecting Borrower or any part of its properties; (iv) the commencement of, and any material determination in, any material litigation with any third party or any proceeding before any
governmental agency or unit affecting Borrower; and (v) at least 30 days prior thereto, any change in Borrower’s name or address as shown above, and/or any change in Borrower’s corporate structure. 
 2.9. Other Financial Information. Deliver promptly such other information regarding the operation, business affairs, and financial condition of
Borrower which Bank may reasonably request. 
 2.10. Payment of Debts. Pay and discharge when due, and before subject to penalty or
further charge, and otherwise satisfy before maturity or delinquency, all material obligations, debts, taxes, and liabilities of whatever nature or amount, except those which Borrower in good faith disputes. 
 ARTICLE 3 
 3. NEGATIVE COVENANTS.
Borrower agrees that from the date of this Agreement and until final payment in full of the Obligations, unless Bank shall otherwise consent in writing, Borrower will not: 
 3.1. Change in Fiscal Year. Change its fiscal year without the consent of Bank. 
 3.2. Encumbrances. Create, assume, or permit to exist any mortgage, security deed, deed of trust, pledge, lien, charge or other encumbrance on the
Collateral. 
 3.3. Default on Other Contracts or Obligations. Default on any material contract with or obligation when due to a third
party or default in the performance of any material obligation to a third party incurred for money borrowed. 
 3.4. Government
Intervention. Permit the assertion or making of any seizure, vesting or intervention by or under authority of any government by which the management of Borrower is displaced of its authority in the conduct of its respective business or its
business is materially curtailed or materially impaired. 
  

 4 

 3.5. Judgment Entered. Permit the entry of any material monetary judgment or the material
assessment against, the filing of any material tax lien against, or the issuance of any material writ of garnishment or attachment against any property of or debts due Borrower which is not discharged or execution is not stayed within 60 days of
entry. 
 ARTICLE 4 
 4. REPORTING
REQUIREMENTS. 
 (a) Within 120 days after each fiscal year end, a copy of the annual audited financial statement prepared by an
independent auditor satisfactory to the Bank. 
 (b) Within 60 days following each quarter end, copies of all financial statements and, upon
the written request of the Bank any other reports, that are required to by filed by and/or with the Securities and Exchange Commission (SEC) and/or stockholders. 
 ARTICLE 5 
 5. FINANCIAL COVENANTS.  
 (a) The following financial covenants will be applicable to the Loan and tested annually at fiscal year end: 
 Minimum Debt Service Coverage. At all times the Borrower shall generate a minimum Debt Service Coverage Ratio of 1.20x. The Debt Service Coverage
Ratio shall be established by taking the Borrower’s EBITDA, less unfinanced capital expenditures, less dividends paid, divided by interest expense, plus regularly scheduled payments of principal paid on all of the indebtedness of the Borrower
(the “Indebtedness”) (exclusive of the CIT working capital revolving facility), plus cash taxes for the period in question. This covenant is to be tested quarterly, with the first test as of December 31, 2007, on a trailing twelve
(12) month basis. 
 Leverage Ratio. At all times, the Borrower’s Leverage Ratio shall not exceed 5.0x EBITDA. This covenant
is to be tested quarterly, with the first test as of December 31, 2007, on a trailing twelve (12) month basis. 
 (b) As used above
the following terms shall have the following meanings: 
 “Leverage Ratio” shall mean, for any applicable period of computation, the
ratio of the following for the Borrower and its subsidiaries on a consolidated basis determined in accordance with GAAP: (a) Funded Debt of the Borrower and its subsidiaries as of the end of such period to (b) EBITDA for such period.

 “EBITDA” shall mean in any period, all earnings of the Borrower for said period before all interest and tax obligations of the
Borrower for said period and all depreciation and amortization expense for said period, determined in accordance with GAAP on a consistent basis with the latest audited financial statements of the Borrower, but excluding the effect of extraordinary
or non-reoccurring gains or loses for such period. 
  

 5 

 “Funded Debt” as of any date, the Indebtedness of the Borrower and its Subsidiaries for money
borrowed from financial institutions. 
 “GAAP” means generally accepted accounting principles and practices which are recognized
as such by the American Institute of Certified Public Accountants acting through its Accounting Principles Board or by the Financial Accounting Standards Board or through other appropriate boards or committees thereof, as in effect on the date
hereof. 
 REST OF PAGE LEFT INTENTIONALLY BLANK 
 Signatures on Separate Page 
  

 6 

 IN WITNESS WHEREOF, Borrower and Bank, on the day and year first written above, have caused this Agreement to be
executed under seal. 
  

					
	WITNESS/ATTEST:	 		  	Wachovia Bank, National Association
			
	 /s/ Dolores Ungaro
	 		  	 /s/ Dante Bucci

	Dolores Ungaro	 		  	Dante Bucci, Senior Vice President
			
	WITNESS/ATTEST:	 		  	Cybex International, Inc.
			
	 /s/ Patty Waisner
	 		  	 /s/ Arthur W. Hicks, Jr.

	Patty Waisner	 		  	Arthur W. Hicks, Jr.
		 		  	 Vice President, Chief Operating Officer
 & Chief
Financial Officer

  

 7Promissory Note

 Exhibit 10.4 
 PROMISSORY NOTE 
 $7,000,000.00 
 July 30, 2007 
 Cybex International, Inc. 
 10 Trotter Drive 
 Medway, MA 02053-2299 
 (Individually and collectively “Borrower”) 
 Wachovia Bank, National Association 
 190 River Road 
 Summit, New Jersey 07901 
 (Hereinafter referred to as “Bank”) 
 Borrower promises to pay to
the order of Bank, in lawful money of the United States of America, at its office indicated above or wherever else Bank may specify, the sum of Seven Million Dollars ($7,000,000.00) or such sum as may be advanced and outstanding from time to
time, with interest on the unpaid principal balance at the rate and on the terms provided in this Promissory Note (including all renewals, extensions or modifications hereof, this “Note”). 
 LOAN AGREEMENT. This Note is subject to the provisions of that certain Loan Agreement between Bank and Borrower of even date herewith, as same may be modified
from time to time (the “Loan Agreement”). 
 USE OF PROCEEDS. Borrower shall use the proceeds of the loan evidenced by this Note to purchase
equipment. 
 ADVANCES. Provided that the Borrower is not in default under the Loan Documents, Bank will make advances on the Loan to the Borrower
upon the presentation of invoices from the manufacturer. The advance will be within three (3) days of the submission of the invoice to the Bank. 
 INTEREST RATE. Interest shall accrue on the unpaid principal balance of this Note during each Interest Period from the date hereof at a rate per annum equal to 1-month LIBOR plus a spread (the “Spread”) which
Spread will be based on the Borrower’s performance under the grid (the “Grid”) set forth below (the “Interest Rate”): 
  

			
	 Performance
	  	Spread
	 Leverage Ratio (as computed pursuant to the terms of the Loan Agreement for trailing four Quarters)
	  	
	 Level 1: Less than or equal to 3.50:1
	  	= 120 basis points
	 Level 2: Greater than 3.50: 1
	  	= 145 basis points

  

 - 1 - 

 Each adjustment in the Interest Rate will be made quarterly upon the submission of the quarterly financial information
required by the Loan Agreement. Interest Rate adjustments will be made at the end of each Interest Period. “Interest Period” means each period commencing on and including the date an interest payment is due as provided in the Repayment
Terms paragraph and ending on but excluding the date the next interest payment is due, with the first interest period commencing on the date of closing. Upon determination by Bank of the Interest Rate for any Interest Period, such Interest Rate
shall remain in effect for the entire Interest Period until redetermined for the next successive Interest Period. “LIBOR” is the rate for U.S. dollar deposits with a maturity equal to the number of months specified above, as reported on
Telerate page 3750 as of 11:00 a.m., London time, on the second London business day before the relevant Interest Period begins (or if not so reported, then as determined by Bank from another recognized source or interbank quotation). 
 INDEMNIFICATION. Borrower shall indemnify Bank against Bank’s loss or expense as a consequence of (a) Borrower’s failure to make any payment when
due under this Note, (b) any payment, prepayment or conversion of any loan on a date other than the last day of the Interest Period, or (c) any failure to make a borrowing or conversion after giving notice thereof (“Indemnified Loss
or Expense”). The amount of such Indemnified Loss or Expense shall be determined by Bank based upon the assumption that Bank funded 100% of that portion of the loan in the London interbank market. 
 DEFAULT RATE. In addition to all other rights contained in this Note, if a Default (as defined herein) occurs and as long as a Default continues, all outstanding
Obligations shall bear interest at the Interest Rate plus 3% (“Default Rate”). The Default Rate shall also apply from acceleration until the Obligations or any judgment thereon is paid in full. 
 INTEREST AND FEE(S) COMPUTATION (ACTUAL/360). Interest and fees, if any, shall be computed on the basis of a 360-day year for the actual number of days in the
applicable period (“Actual/360 Computation”). The Actual/360 Computation determines the annual effective yield by taking the stated (nominal) rate for a year’s period and then dividing said rate by 360 to determine the daily periodic
rate to be applied for each day in the applicable period. Application of the Actual/360 Computation produces an annualized effective rate exceeding the nominal rate. 
 REPAYMENT TERMS. Borrower will make monthly payments of interest only beginning with the payment due on
September 1, 2007 and on the same day of each and every month thereafter until March 1, 2008. Thereafter, Borrower will make monthly payments of principal in an amount equal to one-sixtieth (1/60th) of the principal amount outstanding on the Loan as of March 1, 2008, plus interest at the rate set forth above. All remaining principal and interest shall
be due and payable in full on March 1, 2013. 
 AUTOMATIC DEBIT OF CHECKING ACCOUNT FOR LOAN PAYMENT. Borrower authorizes Bank to debit
demand deposit account number 2000012988228 or any other account with Bank (routing number 21200025) designated in writing by Borrower, beginning on September 1, 2007 for any payments due under this Note. Borrower further certifies that
Borrower holds legitimate ownership of this account and preauthorizes this periodic debit as part of its right under said ownership. 
  

 - 2 - 

 APPLICATION OF PAYMENTS. Monies received by Bank from any source for application toward payment of the Obligations
shall be applied to accrued interest and then to principal. If a Default occurs, monies may be applied to the Obligations in any manner or order deemed appropriate by Bank. 
 If any payment received by Bank under this Note or other Loan Documents is rescinded, avoided or for any reason returned by Bank because of any adverse claim or threatened action, the returned payment shall remain
payable as an obligation of all persons liable under this Note or other Loan Documents as though such payment had not been made. 
 DEFINITIONS. Loan
Documents. The term “Loan Documents” used in this Note and the other Loan Documents refers to all documents executed in connection with or related to the loan evidenced by this Note, a loan agreement, this Note, security agreements,
security instruments, financing statements, any renewals or modifications, whenever any of the foregoing are executed, but does not include swap agreements (as defined in 11 U.S.C. § 101). Obligations. The term “Obligations”
used in this Note refers to any and all indebtedness and other obligations under this Note, all other obligations under any other Loan Document(s), and all obligations under any swap agreements (as defined in 11 U.S.C. § 101) between
Borrower and Bank whenever executed. Certain Other Terms. All terms that are used but not otherwise defined in any of the Loan Documents shall have the definitions provided in the Uniform Commercial Code. 
 LATE CHARGE. If any payments are not timely made, Borrower shall also pay to Bank a late charge equal to 5% of each payment past due for 10 or more days.

 Acceptance by Bank of any late payment without an accompanying late charge shall not be deemed a waiver of Bank’s right to collect such late charge
or to collect a late charge for any subsequent late payment received. 
 ATTORNEYS’ FEES AND OTHER COLLECTION COSTS. Borrower shall pay all of
Bank’s reasonable expenses incurred to enforce or collect any of the Obligations including, without limitation, reasonable arbitration, paralegals’, attorneys’ and experts’ fees and expenses, whether incurred without the
commencement of a suit, in any trial, arbitration, or administrative proceeding, or in any appellate or bankruptcy proceeding. 
 USURY. If at any
time the effective interest rate under this Note would, but for this paragraph, exceed the maximum lawful rate, the effective interest rate under this Note shall be the maximum lawful rate, and any amount received by Bank in excess of such rate
shall be applied to principal and then to fees and expenses, or, if no such amounts are owing, returned to Borrower. 
 DEFAULT. If any of the
following occurs and is not cured within the applicable Cure Period, a default (“Default”) under this Note shall exist: Nonpayment; Nonperformance. (i) The failure of any payment due under this Note within ten (10) days of
its due date, 

  

 - 3 - 

 
or (ii) the failure to perform any other terms and conditions of this Note or the other Loan Documents within the applicable Cure Period set forth
below. False Warranty. A material warranty or representation made or deemed made in the Loan Documents or furnished Bank in connection with the loan evidenced by this Note proves materially false, or if of a continuing nature, becomes
materially false. Cross Default. At Bank’s option, any default in payment or performance of any obligation under any other loans, contracts or agreements of Borrower, with Bank or its affiliates (“Affiliate” shall have the
meaning as defined in 11 U.S.C. § 101, except that the term “Borrower” shall be substituted for the term “Debtor” therein. Cessation; Bankruptcy. The dissolution of, termination of existence of, loss of good standing
status in its state of incorporation by, appointment of a receiver for, assignment for the benefit of creditors of, or commencement of any bankruptcy or insolvency proceeding by or against Borrower which is not discharged (with respect to
involuntary proceedings) or cured (with respect to loss of good standing) within 60 days. Material Capital Structure or Business Alteration. Without prior written consent of Bank, (i) a material alteration in the kind or type of
Borrower’s business, (ii) the sale of substantially all of the business or assets of Borrower, or a material portion (10% or more) of such business or assets if such a sale is outside the ordinary course of business of Borrower, or
(iii) Borrower ceases to be a public reporting company under the Securities Exchange Act of 1934, as amended, or (iii) should Borrower enter into any merger or consolidation in which Borrower is not the surviving entity. 
 CURE PERIOD. Notwithstanding the above Events of Default, the Bank will provide the Borrower with a fifteen (15) day notice and opportunity to cure
“Non-Monetary Defaults” (i.e. events of default exclusive of payments of principal, interest, taxes, insurance, or other monetary payments), if such Non-Monetary Defaults are capable of being cured. Notice and opportunity to cure will not
be necessary for (i) the voluntary bankruptcy by the Borrower, or (ii) for material misrepresentations in any of the Loan Documents. In the event that the Non-Monetary Default is of such a nature that it cannot be cured within such fifteen
(15) day period, and if the Borrower shall be diligently pursuing the cure of the Non-Monetary Default, then such period to cure shall be extended for a period not to exceed forty-five (45) days. 
 REMEDIES UPON DEFAULT. If a Default occurs under this Note or any Loan Documents, Bank may at any time thereafter, take the following
actions: Acceleration Upon Default. Accelerate the maturity of this Note and, at Bank’s option, any or all other Obligations, other than Obligations under any swap agreements (as defined in 11 U.S.C. § 101) between Borrower and
Bank, which shall be governed by the default and termination provisions of said swap agreements; whereupon this Note and the accelerated Obligations shall be immediately due and payable; provided, however, if the Default is based upon a bankruptcy
or insolvency proceeding commenced by or against Borrower or any guarantor or endorser of this Note, all Obligations (other than Obligations under any swap agreement as referenced above) shall automatically and immediately be due and payable.
Cumulative. Exercise any rights and remedies as provided under the Note and other Loan Documents, or as provided by law or equity. 
 FINANCIAL AND
OTHER INFORMATION. Borrower shall deliver to Bank such information as set forth in the Loan Agreement of even date with this Note. Such information shall be true, complete, and accurate in all material respects. 
  

 - 4 - 

 WAIVERS AND AMENDMENTS. No waivers, amendments or modifications of this Note and other Loan Documents shall be
valid unless in writing and signed by an officer of Bank and Borrower. No waiver by Bank of any Default shall operate as a waiver of any other Default or the same Default on a future occasion. Neither the failure nor any delay on the part of Bank in
exercising any right, power, or remedy under this Note and other Loan Documents shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right,
power or remedy. 
 Borrower waives presentment, protest, notice of dishonor, demand for payment, notice of intention to accelerate maturity, notice of
acceleration of maturity, notice of sale and all other notices of any kind. 
 MISCELLANEOUS PROVISIONS. Assignment. This Note and the other Loan
Documents shall inure to the benefit of and be binding upon the parties and their respective legal representatives, successors and assigns. Bank’s interests in and rights under this Note and the other Loan Documents are freely assignable, in
whole or in part, by Bank. In addition, nothing in this Note or any of the other Loan Documents shall prohibit Bank from pledging or assigning this Note or any of the other Loan Documents or any interest therein to any Federal Reserve Bank. Borrower
shall not assign its rights and interest hereunder without the prior written consent of Bank, and any attempt by Borrower to assign without Bank’s prior written consent is null and void. Any assignment shall not release Borrower from the
Obligations. Applicable Law; Conflict Between Documents. This Note and, unless otherwise provided in any other Loan Document, the other Loan Documents shall be governed by and construed under the laws of the state named in Bank’s address
shown above without regard to that state’s conflict of laws principles. If the terms of this Note should conflict with the terms of any loan agreement or any commitment letter that survives closing, the terms of this Note shall control.
Jurisdiction. Borrower irrevocably agrees to non-exclusive personal jurisdiction in the state named in Bank’s address shown above. Severability. If any provision of this Note or of the other Loan Documents shall be prohibited or
invalid under applicable law, such provision shall be ineffective but only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note or other such document.
Notices. Any notices to Borrower shall be sufficiently given, if in writing and mailed or delivered to the Borrower’s address shown above or such other address as provided hereunder, and to Bank, if in writing and mailed or delivered to
Bank’s office address shown above or such other address as Bank may specify in writing from time to time. In the event that Borrower changes Borrower’s address at any time prior to the date the Obligations are paid in full, Borrower agrees
to promptly give written notice of said change of address by registered or certified mail, return receipt requested, all charges prepaid. Plural; Captions. All references in the Loan Documents to Borrower, guarantor, person, document or other
nouns of reference mean both the singular and plural form, as the case may be, and the term “person” shall mean any individual, person or entity. The captions contained in the Loan Documents are inserted for convenience only and shall not
affect the meaning or interpretation of the Loan Documents. Advances. Bank may, in its sole discretion, make other advances which shall be deemed to be advances under this Note, even though the stated principal amount of this Note may be
exceeded as a result thereof. Posting of Payments. All payments received during normal banking hours after 2:00 p.m. local time at the office of Bank first shown above 

  

 - 5 - 

 
shall be deemed received at the opening of the next banking day. Fees and Taxes. Borrower shall promptly pay all documentary, intangible recordation
and/or similar taxes on this transaction whether assessed at closing or arising from time to time. 
 WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, BORROWER BY EXECUTION HEREOF AND BANK BY ACCEPTANCE HEREOF, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS NOTE, THE LOAN DOCUMENTS OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONNECTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY WITH RESPECT HERETO. THIS
PROVISION IS A MATERIAL INDUCEMENT TO BANK TO ACCEPT THIS NOTE. 
 BORROWER AND BANK AGREE THAT THEY SHALL NOT HAVE A REMEDY OF
PUNITIVE OR EXEMPLARY DAMAGES AGAINST THE OTHER IN ANY DISPUTE AND HEREBY WAIVE ANY RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY DAMAGES THEY HAVE NOW OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH ANY DISPUTE WHETHER THE DISPUTE IS RESOLVED BY
ARBITRATION OR JUDICIALLY. 
 REST OF PAGE LEFT INTENTIONALLY BLANK 
 Signatures on Separate Page 
  

 - 6 - 

 IN WITNESS WHEREOF, Borrower, on the day and year first above written, has caused this Note to be executed under
seal. 
  

					
	WITNESS/ATTEST:	 		  	Cybex International, Inc.
			
	 /s/ Patty Waisner
	 		  	 /s/ Arthur W. Hicks, Jr.

	Patty Waisner	 	 	  	Arthur W. Hicks, Jr.
		 		  	 Vice President, Chief Operating Officer
 & Chief
Financial Officer

  

 - 7 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00127-of-00352.parquet"}]]