Document:

Share Promissory Note of Manitex Load King, Inc.

 Exhibit 10.2 
  

			
	$250,000.00	  	December 31, 2009

 SHARE PROMISSORY NOTE OF 
 MANITEX LOAD KING, INC. 
 FOR VALUE RECEIVED, the undersigned, Manitex Load King, Inc., a Michigan corporation with its principal offices at 7402 West 100th Place, Bridgeview, Illinois 60455 (“Company”), hereby unconditionally promises to pay to a Genie
Industries, Inc., a Washington corporation with its principal offices at 18340 NE 76th Street, Redmond, Washington 98073 (“Holder”), the principal sum of TWO HUNDRED FIFTY THOUSAND DOLLARS AND NO CENTS ($250,000.00) on or prior to January 31, 2010. 

Company shall have the option to pay this Note either (i) in lawful money of the United States of America or (ii) provided that
there shall be no Event of Default under this Note, by issuing to Holder shares of the common stock of Manitex International, Inc. in accordance with the Asset Purchase Agreement (as defined below), having a market value equal to Two Hundred Fifty
Thousand Dollars ($250,000) (“Manitex Stock”). For the purposes of determining the market value of the shares of Manitex Stock, the value of each such share shall be the average of the closing prices on the National Association of
Securities Dealers Automated Quotation System as reported in The Wall Street Journal (national edition) (or if not reported thereby, any other authoritative source) for the twenty (20) consecutive trading days ending on the trading day
immediately prior to the date of this Note. 
 Provided that no Event of Default shall have occurred, no interest shall be
payable under this Note. Upon an Event of Default, this Note shall bear interest from the date when due, whether at stated maturity, by acceleration or otherwise, until said amount is paid in full, at a rate per annum equal to eight percent
(8%) per annum, payable monthly, in arrears, on the first calendar day of each month. 
 All payments with respect to this
Note shall be if applicable, applied first against any costs and expenses incurred by Holder in collecting amounts due hereunder, if applicable, then against accrued but unpaid interest and next to the outstanding principal balance on this Note. All
payments of principal and interest hereunder shall be made by wire transfer to an account designated in writing by Holder, as Holder shall elect and inform Company at least three (3) business days prior to the due date of any such payment.

 If any payment on this Note becomes due and payable on a Saturday, Sunday or other day on which commercial banks in Chicago,
Illinois are authorized or required by law to close, the payment shall be extended to the next succeeding business day. 

 If any of the following events shall occur and be continuing (each, an “Event of
Default”), then the Holder, at its option, by written notice to the Company may declare the entire unpaid principal amount of, and accrued and unpaid interest on, this Note to be immediately due and payable: 
 (a) Company fails to pay any principal or interest of this Note on the date such payment is due; 
 (b) Company commences any voluntary proceeding under any bankruptcy, reorganization, insolvency, receivership, dissolution, or liquidation
law or statute, of any jurisdiction, whether now or subsequently in effect; or Company is adjudicated insolvent or bankrupt by a court of competent jurisdiction; or Company petitions or applies for, acquiesces in, or consents to, the appointment of
any receiver or trustee of Company for all or substantially all of its property or assets; or Company makes an assignment for the benefit of its creditors; or Company admits in writing its inability to pay its debts as they mature; 
 (c) There is commenced against Company any proceeding relating to Company under any bankruptcy, reorganization, insolvency, receivership,
dissolution, or liquidation law or statute, of any jurisdiction, whether now or subsequently in effect, and the proceeding remains undismissed for a period of sixty (60) days or Company or any part thereof by any act indicates its consent to,
approval of, or acquiescence in, the proceeding; or a receiver or trustee is appointed for Company for all or substantially all of its property or assets, and the receivership or trustee remains undischarged for a period of sixty (60) days; or
a warrant of attachment, execution or similar process is issued against a substantial part of the property or assets of Company or any part thereof, and the warrant or similar process is not dismissed or bonded within sixty (60) days after the
levy; and 
 (d) A change in control of Company occurs. For purposes of this section, a “change in control” shall mean
either a (i) sale of all or substantially all of the assets of Company to an unaffiliated entity or (ii) the sale of a majority of the capital stock of Company to an unaffiliated entity. For purposes of this Section, an “unaffiliated
entity” shall mean an entity that does not control, is not controlled by or is not under common control with Company as of the date of this Note. 
 (e) Any event or condition shall occur which results in the acceleration of the maturity of any obligation of Company in excess of Five Hundred Thousand Dollars ($500,000), individually or in the
aggregate, or enables (or, with the giving of notice or lapse of time or both, would enable) the holder of such obligation or any person acting on such holder’s behalf to accelerate the maturity thereof; 
 This Note constitutes the “Manitex Stock Note” issued pursuant to that certain Asset Purchase Agreement by and between Holder and
Company dated as of the date hereof (as amended, restated, renewed or replaced, the “Asset Purchase Agreement”). This Note is made for a commercial purpose and is secured by, among other things, the collateral granted to Holder under the
terms of a Security Agreement by and between Holder and Company dated as of the date hereof and by a Mortgage dated as of the date hereof made by the Company in favor of Holder. The Company is authorized, at any time and from time to time, without
the consent of Holder, to set off and apply any amount owing by Holder to the Company pursuant to Section 12 of the Asset Purchase Agreement, on a dollar for dollar basis, against any obligation of the Company to Holder under this Note (whether
for the payment of interest, principal or otherwise, as the Company may determine, in its discretion). 

 No delay in the right of Holder in exercising any of its options, powers or rights nor any
partial or single exercise of its options, powers or rights shall constitute a waiver thereof or of any other option, power or right, and no waiver on the part of Holder of any of its options, powers or rights shall constitute a waiver of any other
option, power or right. Failure of Holder hereof to assert any right herein shall not be deemed to be a waiver thereof. 
 In
connection with any proceedings under this Note, including, without limitation, any action by Holder in foreclosure or other court process or in connection with any other action related to the indebtedness hereunder, Company hereby waives and
releases: 
 i. presentment for payment, demand, notice of demand, notice of nonpayment or dishonor or acceleration, protest and
notice of protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note; and 
 ii. any requirement for bonds, security or sureties required by statute, court rule or otherwise. 
 This Note may be amended, modified or canceled only by the written agreement of Company and Holder. This Note shall inure to the benefit of, and be enforceable by the successors and assigns of Holder.

 Company will indemnify and save Holder harmless from and against any actual out-of-pocket loss or expense that Holder
sustains or incurs in connection with enforcing Holder’s rights following an Event of Default, including without limitation, any and all reasonable expenses incurred by Holder to enforce or defend Holder’s rights hereunder including
attorneys’ fees, court costs, and other expenses, whether or not Holder brings suit against Company. 
 This Note and the
rights and obligations of Company and Holder shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to the conflicts of laws principles thereof. 
 Holder and Company hereby consent to the exclusive jurisdiction of the state or federal courts sitting in New York, New York and irrevocably
agree that all actions or proceedings relating to the Note shall be litigated in such courts, and each party waives any objection which it may have based on lack of personal jurisdiction, improper venue or forum non conveniens to the conduct
of any proceeding in any such court and waives personal service of any and all process upon it, and consents that all such service of process be made by mail or messenger directed to it at the address set forth in the first paragraph hereof.

  

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 IN WITNESS WHEREOF, Manitex Load King, Inc. has caused this
Promissory Note to be signed in its name by the signature of its authorized officer on this the 31st day of December, 2009. 
  

			
	MANITEX LOAD KING, INC.
		
	 By:
	 	 /s/ David Langevin

		 	Name: David Langevin
		 	Title: PresidentSecurity Agreement dated December 31, 2009

 Exhibit 10.3 
 FINAL 
 SECURITY AGREEMENT 
 SECURITY AGREEMENT, dated as of December 31, 2009, by and between MANITEX LOAD KING, INC., a Michigan
corporation with its principal offices at 7402 West 100th
Place, Bridgeview, Illinois 60455 (“Company”), and GENIE INDUSTRIES, INC., a Washington corporation with its principal offices at 18340 NE 76th Street, Redmond, Washington (“Secured Party”). 
 W I T N E S S E T H: 
 WHEREAS, Company and Secured Party have entered into an Asset Purchase Agreement dated as of the date hereof (the “Asset Purchase Agreement”) whereby Secured Party has sold and Company has
purchased substantially all of the operating assets and business operations of Secured Party’s specialized low-bed, heavy-haul, bottom-dump, and platform trailer manufacturing business conducted at the Facilities, as that term is defined in the
Asset Purchase Agreement, (the “Business”); and 
 WHEREAS, in connection with the Asset Purchase Agreement, Company
has delivered to Secured Party a certain promissory notes of Company in favor of Secured Party dated as of the date hereof, in the amount of (i) Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000) (the “Note”) and
(i) Two Hundred Fifty Thousand Dollars ($250,000) (the “Manitex Stock Note”; and 
 WHEREAS, in order to induce
Secured Party to enter into the Asset Purchase Agreement and accept the Note and the Manitex Stock Note, Company has agreed to execute and deliver to Secured Party this Security Agreement granting Secured Party a lien on and security interest in all
of the Collateral and a Mortgage on certain real property in the State of South Dakota to secure the due observance and performance by Company of all agreements, conditions and obligations under the Note and the Manitex Stock Note. 
 NOW, THEREFORE, in consideration of the premises and agreements herein contained and for other good and valuable consideration, the receipt
of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Creation of Security Interest. To secure prompt
payment, performance and discharge in full of all of the covenants, agreements and obligations of the Company to be performed hereunder and under the Note and the Manitex Stock Note (collectively, the “Obligations”), Company hereby
unconditionally and irrevocably grants to Secured Party a continuing security interest in, a lien upon, and assigns and transfers to Secured Party as collateral security for, all of the Company’s machinery and equipment (the
“Collateral”). 
 2. Company Warranties. Company represents, warrants and covenants that: it is a corporation duly
incorporated, validly existing and in good standing under the laws of the State of Michigan; the execution, delivery and performance of this Security Agreement has

 
been duly authorized by all necessary corporate action; it shall promptly and punctually (i) pay to Secured Party and perform all of the Obligations and (ii) perform all promises and
covenants set forth in this Security Agreement; it is the owner of the Collateral; and it will not further sell, pledge, assign, transfer, lease, terminate rights inhering in or otherwise encumber or dispose of the Collateral without Secured
Party’s prior written consent, except for sales of inventory in the ordinary course. 
 3. Covenants. 
 (a) Maintenance of Corporate Existence and Business. Company shall maintain its corporate existence, and all rights, qualifications
and franchises necessary to continue its business as it is conducted and shall comply with all laws, rules, regulations, orders, judgments and agreements applicable to it, its property and the conduct of its business. 
 (b) Insurance. Company shall maintain insurance coverage by reputable insurance companies or associations reasonably acceptable to
Secured Party, in such forms and amounts and against such hazards as are customary for companies engaged in similar businesses and owning and operating similar properties similarly situated, in at least the amount of the principal amount owed under
the Note and naming Secured Party as additional insured and loss payee. Company shall provide Secured Party with copies of such policy or policies upon Secured Party’s written demand therefor. 
 (c) Pledge and Security Interest. Company shall at all times maintain the liens and security interests provided for hereunder as
valid and perfected liens and security interests in the Collateral hereby granted to Secured Party except as provided otherwise herein. Company hereby agrees to defend the same against any and all persons whatsoever. Company shall safeguard and
protect all Collateral for the account of Secured Party and make no disposition thereof other than in the ordinary course of business. At the request of Secured Party, Company will sign and deliver to Secured Party at any time or from time to time
one or more further Financing Statements pursuant to the Uniform Commercial Code in form reasonably satisfactory to Secured Party. Secured Party will pay the cost of filing the same in all public offices wherever filing is, or is deemed by Secured
Party to be, necessary to perfect the security interest created hereby. Company irrevocably authorizes Secured Party to prepare and file Financing Statements covering the Collateral in the State of Michigan. A carbon, photographic or other
reproduction of this Agreement or of any Financing Statement shall be sufficient as a Financing Statement. 
 (d)
[Intentionally Omitted.] 
 (e) Notice of Default, Litigation. Company shall promptly give notice in writing to
Secured Party of the occurrence of (i) any Event of Default (as hereinafter defined), (ii) any material default, or (iii) any material dispute, litigation or proceedings affecting Company, if such litigation, proceeding or dispute
would, if determined adversely to the Company, have a material adverse effect upon the financial condition of Company or the Collateral. 
  

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 (f) Power of Attorney and Agency. To effectuate the terms and provisions of this
Agreement, Company hereby designates and appoints Secured Party and its designees as attorney-in-fact of Company, with full power of substitution and with authority, on and after the occurrence and continuance of an Event of Default (as defined
below): to execute proofs of claim and loss; to execute any endorsements or other instruments of conveyance or transfer; to institute any action or proceeding necessary for the recovery and collection of any moneys that may be due under insurance
policies; to discharge, compound, adjust, compromise or release any claims under insurance policies; to execute releases; to endorse Company’s name on any checks, notes, money orders, drafts or other forms of payment or security that may come
into Secured Party’s possession in connection with the Collateral, and to do all other acts and things necessary and advisable in the reasonable discretion of Secured Party to carry out and enforce this Agreement. Secured Party or its designee
shall not be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law, except for acts constituting negligence or willful misconduct. This power of attorney is coupled with an interest and is irrevocable
while the Obligations shall remain unpaid, unperformed or unobserved. 
 (g) Application of Collateral. Company hereby
agrees that Secured Party may at any time and from time to time during the continuance of an Event of Default, without notice to Company, set off, appropriate and apply any and all Collateral in or coming into the possession of Secured Party to the
payment of any or all of the Obligations. 
 4. Defaults. The following events shall be “Events of Default”: 
 (a) Any payment under the Note or Manitex Stock Note shall not be paid when due, whether at maturity, by acceleration or otherwise or any
failure by Debtor to pay, discharge or perform any other Obligation (in each case, after the expiration of all grace or cure periods); 
 (b) Company shall fail to observe or perform any covenant or agreement contained in this Security Agreement which noncompliance shall continue for 30 days after written notice of the occurrence thereof; 
 (c) Any representation, warranty, certification or statement made by Company in this Security Agreement shall prove to have been incorrect
in any material respect when made; and 
 (d) Any “Event of Default” under the Note. 
 If one or more Events of Default shall have occurred and be continuing, then Company shall give immediate notice to Secured Party of the happening of such
Event of Default, and in the case of every such Event of Default, the Secured Party, may, by notice to Company, declare all of the Obligations (together with accrued interest thereon) to be, and the Obligations shall thereupon become, immediately
due and payable in their entirety without presentment, demand, protest or other notice or demand of any kind, all of which are hereby waived by Company. 
 5. Remedies. Upon the occurrence of any Event of Default and the continuation thereof, Secured Party may exercise any and all of its rights and remedies provided by the Uniform Commercial Code, as
enacted by and in effect at such time, as well as any and all other rights and remedies possessed by Secured Party, whether pursuant to this Security Agreement, Note, Manitex Stock Note, Asset Purchase Agreement or otherwise, to the extent permitted
by applicable law. 
  

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 6. Miscellaneous. 
 (a) This Security Agreement: (i) together with the Note, the Manitex Stock Note and the Asset Purchase Agreement and the other documents referred to herein or therein, constitute the entire agreement
of the parties with respect to the subject matter hereof; (ii) may not be modified or amended, except by a written agreement signed by the parties hereto; and (iii) shall be governed by, and construed in accordance with the laws of the
State of New York without regard to the principles of conflicts of laws. Company hereby consents to the exclusive jurisdiction of the state or federal courts sitting in New York, New York, and irrevocably agrees that all actions or arising hereunder
shall be litigated in such courts, and Company waives any objection which it may have based on lack of personal jurisdiction, improper venue or forum non conveniens to the conduct of any proceeding in any such court and waives personal
service of any and all process upon it, and consents that all such service of process be made by mail or messenger directed to it at the address set forth in the first paragraph hereof. 
 (b) This Security Agreement shall be binding upon and inure to the benefit of each party hereto and its successors and assigns. Each party
shall take such further action and execute and deliver such further documents as may be necessary or appropriate in order to carry out the provisions and purposes of this Security Agreement. 
 (c) In the event that any provision of this Security Agreement is held to be invalid, prohibited or unenforceable in any jurisdiction for
any reason, unless such provision is narrowed by judicial construction, this Security Agreement shall, as to such jurisdiction, be construed as if such invalid, prohibited or unenforceable provision had been more narrowly drawn so as not to be
invalid, prohibited or unenforceable. 
 (d) No waiver of any breach or default or any right under this Security Agreement shall
be considered valid unless in writing and signed by the party giving such waiver, and no such waiver shall be deemed a waiver of any subsequent breach or default or right, whether of the same or similar nature or otherwise. 
 (e) Any and all payments, notices, requests, demands, consents, approvals or other communications required or permitted to be given under
any provision of this Security Agreement shall be made pursuant to the notice provisions of the Asset Purchase Agreement. 
 (f)
This Security Agreement shall automatically terminate when all payments under both the Manitex Stock Note and the Note have been made in full and all other Obligations have been paid or discharged and/or terminated in accordance with the terms of
this Security Agreement, the Manitex Stock Note, the Note or otherwise. Upon such termination, Secured Party, at the request of Company, will execute any termination statement with respect to any financing statement executed and filed pursuant to
this Security Agreement. 
 (g) This Security Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly
executed as of the date and year first above written. 
  

			
	MANITEX LOAD KING, INC.
		
	By:	 	 /s/ David Langevin

		 	Name: David Langevin
		 	Title: President
	
	GENIE INDUSTRIES, INC.
		
	By:	 	 /s/ Eric Cohen

		 	Name: Eric Cohen
		 	Title: Senior Vice President

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