Document:

EX-10.2

 Exhibit 10.2 

LINDSAY CORPORATION 

MANAGEMENT INCENTIVE UMBRELLA PLAN 
 1.
PURPOSE. The purpose of the Lindsay Corporation Management Incentive Umbrella Plan (the “Plan”) is to provide annual or other cash awards based on financial performance criteria to executive officers that recognize and reward the
achievement of corporate financial performance goals. The executive officers who participate in this Plan may also receive annual or other cash awards that are not paid under this Plan which are based on attaining individual performance objectives
that are not measured based on the financial performance criteria described in this Plan or are in the nature of discretionary awards. This Plan will only apply to the portions of annual or other cash awards for executive officers that are based on
financial performance criteria. 
 2. EFFECTIVE DATE OF PLAN. The Plan shall be effective as of January 27, 2014, upon approval of the Plan by
the stockholders of Lindsay Corporation (the “Corporation”). 
 3. PLAN ADMINISTRATION. The Plan shall be administered by the Compensation
Committee (“Committee”) of the Board of Directors, which shall consist of two or more members appointed from time to time by the Board of Directors. Each member of the Committee shall be an “outside director” within the meaning
of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). The Committee shall have full power and authority, subject to the provisions of the Plan and applicable law, to: (a) establish, amend, suspend or
waive such rules and regulations and appoint such agents as it deems necessary or advisable for the proper administration of the Plan, (b) construe, interpret and administer the Plan and any instrument or agreement relating to the Plan, and
(c) make all other determinations and take all other actions necessary or advisable for the administration of the Plan, provided that the Committee shall have no authority to take any action that would cause any award to any Participant under
this Plan to fail to qualify as “performance-based compensation” under Section 162(m) of the Code except as permitted pursuant to Section 9 hereof. Unless otherwise expressly provided in the Plan, each determination made and each
action taken by the Committee pursuant to the Plan or any instrument or agreement relating to the Plan (a) shall be within the sole discretion of the Committee, (b) may be made at any time, and (c) shall be final, binding and
conclusive for all purposes on all persons, including, but not limited to, Participants in the Plan, their legal representatives and beneficiaries and employees of the Corporation and its subsidiaries. 

4. ELIGIBILITY. The Chief Executive Officer and all other executive officers of the Corporation and its subsidiaries are eligible to participate in the
Plan, if designated by the Committee. 
 5. AWARDS. Prior to or within 90 days after the commencement of each fiscal year (the “Plan
Year”), the Committee shall designate the following for annual cash awards under this Plan: 
 5.1 The executive officers who will participate (the
“Participants”) in the Plan for the Plan Year. 
 5.2 The Financial Performance Criteria, as defined herein, which will apply to awards for the
Plan Year. 
 5.3 The Performance Goals, as defined herein, to be met for Participants to earn awards for the Plan Year and a payout matrix or formula for
the Financial Performance Criteria and Performance Goals. 
 5.4 The award will be a bonus payment in an amount calculated based on the following amounts:
(1) a Participant’s annualized base salary, as determined by the Committee, as of the first, last or other specified day or pro-rated for the Plan Year, (2) a specified target award percentage (expressed as a percentage or fixed by a
formula which will determine such percentage) determined by the Committee to apply to the Participant for the Plan Year, and (3) the payout matrix or formula for the Financial Performance Criteria and Performance Goals established by the
Committee for the Plan Year. 
 5.5 The Committee may, after the 90th day of the Plan Year, designate additional executive officers to participate in the
Plan for the Plan Year (also “Participants” for purposes hereof); provided, however, that: (i) any award earned by any such Participant for participation for such partial Plan Year will be pro-rated based on the number of days during
the Plan Year in which the Participant participated in the Plan, and (ii) the Performance Goals for such additional Participants will be established prior to or before the expiration of 25% of the days remaining in such partial Plan Year. 

 5.6 In addition to annual cash awards, the Committee may also provide other cash awards under this Plan with
performance periods which are longer or shorter than one Plan Year. The Performance Goals for such other cash awards shall be established prior to or before the earlier of (i) the 90th day of the performance period or (ii) the expiration
of 25% of the days in the performance period. Any other cash awards under the Plan shall satisfy all of the other requirements to qualify as “performance-based compensation” under Section 162(m) of the Code. 

5.7 Awards under the Plan shall be paid to the Participants in cash. A Participant (other than one who is party to an employment agreement with the
Corporation or a subsidiary providing for a partial year bonus) who terminates employment, either voluntarily or involuntarily, before the payment date for awards is ineligible for an award under the Plan, unless otherwise determined by the
Committee in its complete and sole discretion. 
 6. FINANCIAL PERFORMANCE CRITERIA. For each Plan Year (or other performance period), the Committee
shall designate one or more of the financial performance criteria (the “Financial Performance Criteria”) set forth in this Section 6 for use in determining an award for a Participant for such Plan Year (or other performance period).
Financial Performance Criteria shall consist of one or more, or a combination of, the following financial measures, which may be described in terms of corporate-wide objectives or objectives that are related to the performance of the individual
Participant or the subsidiary, division, department or function within the Corporation or subsidiary in which the Participant is employed. Financial Performance Criteria may be measured on an absolute or relative basis. Relative performance may be
measured by a group of peer companies or by a financial market index. Financial Performance Criteria under this Plan shall be limited to specified levels of or increases or decreases in return on equity, earnings per share, total earnings, earnings
growth, return on capital, return on assets, earnings before interest, taxes, depreciation and/or amortization, revenues or sales, revenues or sales growth, gross margin or operating margin, return on investment, increase in the fair market value of
the Corporation’s shares, share price (including but not limited to, growth measures and total stockholder return), gross or net income or profit, operating income or profit, net earnings, cash flow (including, but not limited to, operating
cash flow and free cash flow), cash flow return on investment (which equals net cash flow divided by total capital), inventory turns, financial return ratios, total return to shareholders, market share, earnings measures/ratios, economic value added
(EVA), economic profit, Lindsay value added, balance sheet measurements such as receivable turnover, internal rate of return, increase in net present value or expense targets, working capital measurements (such as average working capital divided by
sales), customer or dealer satisfaction surveys and productivity. Any Financial Performance Criteria and Performance Goals may provide for adjustments to exclude the impact of any acquisitions or dispositions of businesses by the Corporation,
one-time non-operating charges, extraordinary or nonrecurring items, accounting changes (including the early adoption of any accounting change mandated by any governing body, organization or authority), changes in tax laws, impacts of discontinued
operations, restatements of prior period financial results, and any other events or transactions that may result in distortion of the Financial Performance Criteria or Performance Goals. 

7. PERFORMANCE GOALS. For each Plan Year (or other performance period), the Committee shall establish one or more specific, objective performance goals
(the “Performance Goals”), the outcome of which are substantially uncertain at the time so established, for each of the Financial Performance Criteria designated by the Committee for the Plan Year (or other performance period), against
which actual performance is to be measured to determine the amount of awards. Performance Goals established by the Committee may be described by means of a matrix or formula providing for goals resulting in the payment of awards under the Plan. 

8. DETERMINATION & PAYMENT OF AWARDS 
 8.1 As
soon as practicable after the end of the Plan Year (or other performance period), the Committee will determine the amount of the award earned by each Participant, based on application of the Financial Performance Criteria and Performance Goals
established for the Plan Year (or other performance period); provided however that, except for Participants who have entered into an employment agreement with the Corporation or a subsidiary, the Committee may, in its sole discretion, reduce the
amount which would otherwise be payable under the Plan. As to those Participants who have entered into employment agreements with the Corporation or a subsidiary, the Committee will not have the discretion to reduce any bonus below any minimum
amount provided in such employment agreement, if any. Payments will be made promptly after determination of the awards by the Committee, unless payment of an award has been deferred pursuant to Section 10.6 hereof. Such Committee determination
must include a certification in writing that the Performance Goals and any other materials terms of the award were in fact satisfied; provided that minutes of the Committee meeting (or any action by written consent) approving the awards shall
satisfy the written certification requirement. 

 8.2 Notwithstanding anything herein to the contrary, the maximum dollar amount that may be paid under this Plan
in any Plan Year to any Participant may not exceed $2 million. 
 8.3 Payment of the award as determined pursuant to Section 8.1 shall be made as soon
as practicable following such determination, but in no event later than the 15th day of the third month of the calendar year following the Plan Year (or other performance period) for which the award is paid. 

9. TERMINATION, SUSPENSION OR MODIFICATION OF THE PLAN. The Board of Directors or Committee may at any time, with or without notice, terminate,
suspend, or modify the Plan in whole or in part, except that the Board of Directors or Committee shall not amend the Plan in violation of the law or in contravention of Treasury Regulation Section 1.162-27, promulgated under the Code, unless
the Board of Directors or Committee finds that such amendment is in the best interest of the Corporation. The Committee is expressly permitted to make any amendments to the Plan, which are not in violation of the law, that are required to conform
the Plan to the requirements of Section 162(m). The Committee may also correct any defect, supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent it shall deem desirable to carry the Plan into effect.

 10. MISCELLANEOUS. 
 10.1 No Assignments. No
award under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any kind, either voluntary or involuntary, including any such liability
which is for alimony or other payments for the support of a spouse or former spouse, or for any other relative of a Participant prior to actually being received by the Participant or his/her designated beneficiary in the event of the
Participant’s death, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge, or otherwise dispose of any right to such award shall be void. 

10.2 No Right of Employment. Neither the adoption of the Plan, the determination of eligibility to participate in the Plan, nor the granting of an
award under the Plan shall confer upon any Participant any right to continue in the employ of the Corporation or any of its subsidiaries or to interfere in any way with the right of the Corporation or the subsidiary to terminate such employment at
any time. 
 10.3 Tax Withholding. The Corporation shall have the right to withhold the amount of any tax attributable to amounts payable under the
Plan. 
 10.4 Governing Law. The Plan and all determinations under the Plan shall be governed by and construed in accordance with the laws of the
State of Delaware. 
 10.5 Other Plans. Nothing in this Plan shall be construed as limiting the authority of the Committee, Board of Directors, the
Corporation or any subsidiary of the Corporation to establish any other compensation plan, or as in any way limiting its or their authority to pay bonuses or supplemental compensation to any persons employed by the Corporation or a subsidiary of the
Corporation, whether or not such person is a Participant in this Plan and regardless of how the amount of such compensation or bonuses is determined. 

10.6 Deferrals of Awards. A Participant may only elect to defer payment of his/her cash award under the Plan if deferral of an award under the Plan is
permitted pursuant to the terms of a deferred compensation program of the Corporation existing at the time the election to defer is permitted to be made, and the Participant complies with the terms of such program. 

10.7 Section 162(m). It is the intention of the Corporation that all payments made under this Plan shall fall within the “performance-based
compensation” exception contained in Section 162(m) of the Code. Thus, unless the Board of Directors or Committee expressly determines otherwise, if any Plan provision is found not to be in compliance with such exception, that provision
shall be deemed to be amended so that the provision does comply to the extent permitted by law, and in every event the Plan shall be construed in favor of its meeting the “performance-based compensation” exception contained in
Section 162(m) of the Code.EX-10.1

 Exhibit 10.1 

THIRD AMENDMENT 
 TO

 SECOND AMENDED AND RESTATED 

LOAN AND SECURITY AGREEMENT 

This Third Amendment to Second Amended and Restated Loan and Security Agreement (this “Amendment”) is entered into this
24th day of March, 2014 (the “Third Amendment Effective Date”), by and between Silicon Valley Bank (“Bank”) SONIC FOUNDRY, INC., Maryland
corporation (“Sonic Foundry”), and SONIC FOUNDRY MEDIA SYSTEMS, INC., a Maryland corporation (“Sonic Systems” and together with Sonic Foundry, jointly and severally, individually and collectively, the
“Borrower”). 
 RECITALS 

A. Bank and Borrower have entered into that certain Second Amended and Restated Loan and Security Agreement dated as of June 27,
2011, as amended by that certain First Amendment, dated as of May 31, 2013 and as further amended by that certain Second Amendment to Second Amended and Restated Loan and Security Agreement, dated as of January 10, 2014 (as the same may
from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 
 B. Bank has
extended credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan
Agreement to (i) revise the Adjusted Quick Ratio financial covenant and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

 2. Amendments to Loan Agreement. 

2.1 Section 6.9(a) (Adjusted Quick Ratio). Section 6.9(a) is amended in its entirety and replaced with the following:

 “(a) Adjusted Quick Ratio. Commencing with the monthly compliance period ending February 28, 2014 and thereafter, an
Adjusted Quick Ratio, tested with respect to Borrower only, of at least 1.25:1.00; provided, that for the monthly periods ending March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014,
Borrower shall maintain an Adjusted Quick Ratio of at least 1.50:1.00; provided further, that commencing with the monthly compliance period ending January 31, 2015 and each monthly period ending thereafter, Borrower shall maintain an Adjusted
Quick Ratio of at least 1.50:1.00. 
 2.2 Compliance Certificate. The Compliance Certificate attached as Exhibit C to the Loan
Agreement is deleted in its entirety and replaced with Exhibit A attached hereto. 
 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited
precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may
have in the future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as
part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Waivers. Bank hereby waives Borrower’s existing defaults under the Loan Agreement by virtue of Borrower’s failure to comply
with the Maximum Subsidiary Indebtedness financial covenant contained in Section 6.9(c) thereof at various times up to but excluding the date hereof. Bank’s waiver of Borrower’s compliance of said financial covenant shall apply only
to such dates of non-compliance which occurred prior to the date hereof. Borrower hereby acknowledges and agrees that except as specifically provided herein, nothing in this Section or anywhere in this Amendment shall be deemed or otherwise
construed as a waiver by Bank of any of its rights and remedies pursuant to the Loan Documents, applicable law or otherwise. 
 5.
Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as follows: 

5.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are
true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of
Default has occurred and is continuing; 
 5.2 Borrower has the power and authority to execute and deliver this Amendment and to
perform its obligations under the Loan Agreement, as amended by this Amendment; 
 5.3 The organizational documents of Borrower
delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

  
 2 

 5.4 The execution and delivery by Borrower of this Amendment and the performance by
Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 5.5 The execution
and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower,
(b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the
organizational documents of Borrower; 
 5.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower
of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public
body or authority, or subdivision thereof, binding on either Borrower, except as already has been obtained or made; and 
 5.7 This
Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

6. Ratification of Intellectual Property Security Agreement. Borrower hereby ratifies, confirms and reaffirms, all and singular, the
terms and conditions of each Intellectual Property Security Agreement, each dated as of June 16, 2008 between each respective Borrower and Bank, and acknowledges, confirms and agrees that said Intellectual Property Security Agreements
(a) contain an accurate and complete listing of all respective Intellectual Property Collateral, as defined in such Intellectual Property Security Agreement, and (b) shall remain in full force and effect. 

7. No Defenses of Borrower. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims
against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly
WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. 
 8. Integration. This Amendment and the Loan Documents
represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this
Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 9. Counterparts. This Amendment may be executed
in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

  
 3 

 10. Effectiveness. This Amendment shall be deemed effective upon (a) the due
execution and delivery to Bank of this Amendment by each party hereto, (b) payment by Borrower of the non-refundable amendment and waiver fee in an amount equal to Five Thousand Dollars ($5,000), which commitment fee shall be fully-earned when
paid, and (c) payment of Bank’s legal fees and expenses incurred in connection with the existing Loan Documents and this Amendment. 

[Signature page follows.] 

  
 4 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
 BANK 

SILICON VALLEY BANK 
  

			
	By	 	 /s/ Tom Hertzberg

	Name:	 	Tom Hertzberg
	Title:	 	VP

 BORROWER 
  

			
	SONIC FOUNDRY, INC.
		
	By	 	 /s/ Ken Minor

	Name:	 	Ken Minor
	Title:	 	CFO

  

			
	SONIC FOUNDRY MEDIA SYSTEMS, INC.
		
	By	 	 /s/ Ken Minor

	Name:	 	Ken Minor
	Title:	 	CFO

  
 1 

 Exhibit A to Third Amendment 

EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

					
	 TO: SILICON VALLEY BANK
  
	  		  	Date:                     
	FROM: SONIC FOUNDRY, INC.	  		  	
	             SONIC FOUNDRY MEDIA SYSTEMS, INC.	  	

 The undersigned authorized officer of SONIC FOUNDRY, INC. and SONIC FOUNDRY MEDIA SYSTEMS, INC.
(“Borrower”) certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (as amended, the “Agreement”), (1) Borrower is in complete compliance for the period
ending                     with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations
and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are
qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date,
(4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as
otherwise permitted pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries, if any, relating to unpaid employee payroll or benefits of which
Borrower has not previously provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to
the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and
that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenant
	  	 Required
	  	Complies
	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes No
			
	 Annual financial statement (CPA Audited) + CC
	  	FYE within 120 days	  	Yes No
			
	 10-Q, 10-K and 8-K
	  	Within 5 days after filing with SEC	  	Yes No
			
	 A/R & A/P Agings
	  	Monthly within 15 days	  	Yes No
			
	 Transaction Reports
	  	Weekly (monthly within 15 days during a Streamline Period) and with each request for a Credit Extension	  	Yes No
			
	 Projections
	  	 Within fifteen (15) following approval by the Borrower’s board of directors, and in any event within fifteen (15) days after the end of
each fiscal year of Borrower,
 and as amended and/or updated
	  	Yes No

  
 2 

 The following Intellectual Property was registered after the Effective Date (if no registrations, state
“None”) 
  
  

 

							
	 Financial Covenant
	  	Required	 	Actual	  	Complies
	 Maintain as indicated:
	  		 		  	
	 Minimum Adjusted Quick Ratio (monthly)
	  	[1.25][1.50]:1.00	 	_____:1.0	  	Yes No
	 Minimum Debt Service Ratio (quarterly)
	  	1.25:1.00	 	_____:1.0	  	Yes No
	 Maximum Subsidiary Indebtedness (at all times)
	  	<$500,000	 	$_______	  	Yes No

 Performance Pricing 
  

					
	 	  	Revolving Line	  	Applies
	Adjusted Quick Ratio > 1.75:1.00	  	Prime + 0.75%	  	Yes No
	Adjusted Quick Ratio < 1.75:1.00	  	Prime + 1.25%	  	Yes No

 The following financial covenant analyses and information set forth in Schedule 1 attached hereto are true and
accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”) 
  
  

 
  
  

 
  

			
	  
	  	

  

									
	 SONIC FOUNDRY, INC.
 SONIC FOUNDRY
MEDIA SYSTEMS, INC.
	 		 	BANK USE ONLY
		 		 		 	Received by:	 	  

		 		 		 		 	AUTHORIZED SIGNER
	By:	 	  
	 		 	Date:	 	  

	Name:	 	  
	 		 	Verified:	 	  

	Title:	 	  
	 		 		 	AUTHORIZED SIGNER
		 		 		 	Date:	 	  

				
		 		 		 	Compliance Status:    Yes    No

  
 3 

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 

In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 

Dated:                      

I. Adjusted Quick Ratio (Section 6.9(a)) 
 Required:
Commencing with the monthly compliance period ending February 28, 2014 and thereafter, an Adjusted Quick Ratio, tested with respect to Borrower only, of at least 1.25:1.00; provided, that for the monthly periods ending
March 31, 2014, June 30, 2014, September 30, 2014 and December 31, 2014, Borrower shall maintain an Adjusted Quick Ratio of at least 1.50:1.00; provided further, that commencing with the monthly compliance period ending
January 31, 2015 and each monthly period ending thereafter, Borrower shall maintain an Adjusted Quick Ratio of at least 1.50:1.00. 
 Actual: 

					
			
	A.	  	Aggregate value of Borrower’s unrestricted cash at Bank	  	$            
			
	B.	  	Aggregate value of the net billed accounts receivable of Borrower	  	$            

			
	C.	  	Quick Assets (the sum of lines A plus B)	  	$            

			
	D.	  	Aggregate value of Obligations to Bank	  	$            

			
	E.	  	Without duplication, aggregate value of liabilities of Borrower (including all Indebtedness) that matures within one (1) year	  	$            

			
	F.	  	Current Liabilities (the sum of lines D plus line E)	  	$            

			
	G.	  	The current portion of Subordinated Debt to the extent included in the definition of Current Liabilities	  	$            

			
	H.	  	Current portion of Deferred Revenue	  	$            

			
	I.	  	Adjusted Current Liabilities (line F minus line G minus line H).	  	$            

			
	J.	  	Adjusted Quick Ratio (line D divided by line I), expressed as a ratio	  	            :1.00

 Is line J equal to or greater than
                    :1:00? 

                 No, not in compliance
                                         
                                         
                                       Yes, in
compliance 

  
 4 

 II. Debt Service Coverage Ratio (Section 6.9(b)) 

Required: Maintain, As of the last day of each fiscal quarter, measured on a trailing twelve (12) month basis ending as of the date of measurement,
maintain a ratio of (x) (i) EBITDA plus (ii) up to Four Hundred Fifty Thousand Dollars ($450,000) of transaction expenses actually incurred by Borrower in connection with the Media Acquisitions divided by (y) Debt
Service (the “Debt Service Coverage Ratio”) of at least 1.25:1.00. 
 Actual: All amounts measured on a trailing twelve (12) month
basis 
  

							
			
	A.	  	EBITDA; provided that, EBITDA shall be deemed to be the following for the following periods: (i) for the quarterly period ending March 31, 2013, $479,000; (ii) for the quarterly period ending June 30, 2013,
$970,000; and (iii) for the quarterly period ending September 30, 2013, $91,000.	  	 	$            	  
			
	B.	  	Up to Four Hundred Fifty Thousand Dollars ($450,000) of transaction expenses actually incurred by Borrower in connection with the Media Acquisitions	  	 	$            	  
			
	C.	  	all regularly scheduled payments of principal and interest of Indebtedness of Borrower and its Subsidiaries, other than Permitted Earnout Payments, determined on a consolidated basis, due within the trailing twelve (12) month
period ended as of such date of measurement; provided, that solely with respect to the Term Loan 2014 and solely for the following periods, the amount of Indebtedness included in the calculation of “Debt Service” for such
Term Loan 2014 for each of the quarterly periods ending March 31, 2014, June 30, 2014 and September 30, 2014 shall be $970,833.33.	  	 	$            	  
			
	D.	  	Debt Service Coverage Ratio ((i) line A plus line B; divided by (ii)_line C)	  	 	            :1.00	  

 Is line D equal to or greater than 1.25:1.00? 

             No, not in compliance; Term Loan Reserve Period in
effect. 
              Yes, in compliance. 

If not in compliance, no Event of Default shall be deemed to have occurred and be continuing solely as a result of Borrower’s failure to maintain such
Debt Service Coverage Ratio, but only to the extent that Borrower immediately enters into a Term Loan Reserve Period and no other Event of Default has occurred and is continuing or would immediately occur as a result of entering into such Term Loan
Reserve Period, including, without limitation, an “Overadvance” as describe in Section 2.2.

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