Document:

EX-10.1

 Exhibit 10.1 

COMMERCIAL CREDIT AGREEMENT 

This COMMERCIAL CREDIT AGREEMENT (the “Credit Agreement”)
is entered into as of April 11, 2022 (the “Effective Date”) by and among MANITEX INTERNATIONAL, INC., a Michigan corporation (“Manitex International”),
Manitex, Inc., a Texas corporation (“Manitex, Inc.”), MANITEX, LLC, a Delaware limited liability company (“Manitex, LLC”), CRANE AND MACHINERY,
INC., an Illinois corporation (“Crane and Machinery”), CRANE AND MACHINERY LEASING, INC., an Illinois corporation (“Crane
and Machinery Leasing”), MANITEX SABRE INC., a Michigan corporation (“Manitex Sabre”), BADGER EQUIPMENT COMPANY, a
Minnesota corporation (“Badger”), RABERN HOLDCO, INC., a Delaware corporation (“Holdco”), and RABERN RENTALS, LLC, a
Delaware limited liability company (“Rabern” and together with Manitex International, Manitex, Inc., Manitex, LLC, Crane and Machinery,Crane and Machinery Leasing, Manitex Sabre, Badger and Holdco, collectively the
“Borrower”), and AMARILLO NATIONAL BANK, a national banking association (the “Lender”). 

Recitals: 
 A. Borrower has
requested that Lender extend to Borrower (i) a $40,000,000.00 revolving credit facility (the “Operating Loan”) to finance (a) the working capital needs and general business operations of the Borrowers other than Rabern and
Holdco and (b) Permitted Acquisitions, including, without limitation, the acquisition by Manitex International of 70% of the Capital Securities of Holdco, the repayment of certain existing indebtedness of Rabern, and the payment of related fees
and expenses (collectively, the “Rabern Acquisition”); (ii) a $30,000,000.00 revolving credit facility (the “Holdco Operating Loan”) to finance (a) the working capital needs and general business operations of
Rabern and Holdco and (b) Permitted Acquisitions, including, without limitation, the Rabern Acquisition; and (iii) a $15,000,000.00 term loan (the “Term Loan”) to finance the Rabern Acquisition.  
 B. Subject to the terms and conditions set forth with particularity in this Credit Agreement, and in
consideration of the promises and representations made by Borrower in this Credit Agreement, Lender is willing to accede to the requests made by Borrower. 

NOW THEREFORE, in consideration of the foregoing Recitals (which constitutes a substantive
part of this Credit Agreement) and the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by all parties hereto prior to execution of this Credit Agreement,
the parties hereto agree as follows: 
 I. DEFINITIONS 

1.1 Definitions. As used in this Credit Agreement, the following terms have the meanings assigned to them in this Section 1.1.
Initially capitalized words and phrases not defined in this Section 1.1 are defined in the Recitals to this Credit Agreement or later in this Credit Agreement. 

Affiliate. The term “Affiliate” means with respect to any Person, any other Person: (a) that directly or indirectly controls, is
controlled by, or is under common control with such Person; (b) that beneficially owns or holds 50% or more of any class of the voting or other equity interests of such Person; or (c) that 51% or more of any class of voting interests or
other equity interests of which is beneficially owned or held, directly or indirectly, by such Person. Regardless of the foregoing definitions, each Borrower is deemed to be an Affiliate of each other Borrower. 

Borrowing Base Notes. The term “Borrowing Base Notes” means a collective reference to the Operating Note, Holdco Operating Loan, and
any other promissory note executed by Borrower and made payable to Lender’s order that is required to be included in a Borrowing Base Report. 

Capital Securities. The term “Capital Securities” means, with respect to any Person, all shares, interests, participations or other
equivalents (however designated, whether voting or non-voting) of such Person’s capital, whether now outstanding or issued or acquired after the Effective Date, including common shares, preferred shares,
membership interests in a limited liability company, limited or general partnership interests in a partnership, interests in a trust, interests in other unincorporated organizations or any other equivalent of such ownership interest. 

Change of Control. The term “Change of Control” means: (a) the occurrence of any event (whether in one or more transactions) that
results in Manitex International or any of its Subsidiaries ceasing to own directly or indirectly 100% of the Capital Securities of Manitex, LLC, Manitex Sabre, Badger, Crane and Machinery, and Crane Machinery Leasing; (b) the occurrence of any
event (whether in one or more transactions) that results in Manitex, LLC or any 

  
 COMMERCIAL
CREDIT AGREEMENT– 
 SUPPLEMENTAL SIGNATURE PAGE 

 Subsidiary of Manitex International ceasing to own directly 100% of the Capital Securities of Manitex, Inc.;
(c) the occurrence of any event (whether in one or more transactions) that results in Manitex International or any of its Subsidiaries ceasing to own directly or indirectly 70% of the Capital Securities of Holdco; or (d) the occurrence of any
event (whether in one or more transactions) that results in Holdco or any Subsidiary of Manitex International ceasing to own directly or indirectly 99% of the Capital Securities of Rabern. 

Collateral. The term “Collateral” means all property described in the Collateral Documents, including without limitation all of
Borrower’s Accounts (as defined in Section 9.102(a) (2) of the Texas Business and Commerce Code (the “Texas UCC”)), contract rights, receivables, accounts receivable, and other rights to payment (the
“Accounts”), all of Borrower’s “Inventory” (as defined in Section 9.102(a) (48) of the Texas UCC), all of Borrower’s “Equipment” (as defined in Section 9.102(a) (33) of
the Texas UCC), and all of Borrower’s “General Intangibles” (as defined in Section 9.102(a) (42) of the Texas UCC). 

Collateral Documents. The term “Collateral Documents” means such agreements, pledges, pledge agreements, security agreements,
mortgages, deeds of trust, assignments that are executed by any Person to secure payment of any Borrower’s Obligations and indebtedness to Lender, specifically including without any limitation, the Security Agreements, the Subordination
Agreements, and any other document that Lender requests to be executed to secure Borrower’s payment and performance of the Loans, as a condition precedent of Lender’s obligations hereunder. The liens, security interests, and encumbrances
granted against the Collateral as set forth in the Collateral Documents notwithstanding anything provided to the contrary in any of the Collateral Documents are hereby granted to secure payment and performance of each of the Loans. 

Eligible Assignee. The term “Eligible Assignee” means: (a) an Affiliate of Lender, and (b) any other Person (other than a
natural Person) approved by: (i) Lender; and (ii) Borrower (each such approval not to be unreasonably withheld or delayed). 
 Excluded
Account. The term “Excluded Account” means (a) any deposit or operating accounts so long as the aggregate balance of all such accounts does not at any time exceed $100,000.00, (b) any deposit or operating account that is
solely used for purposes of funding payroll, payroll taxes or employee benefit payments so long as the monthly daily average balance of such account(s) is less than $75,000.00, and (c) account number 2110078140 maintained by Rabern at First
Financial Bank in Hereford, Texas. 
 Factoring Facility. The term “Factoring Facility” means a receivables facility providing for
the sale, transfer, factor and/or pledge by a Borrower of Accounts to a third-party lender. In connection with the establishment of a Factoring Facility, Lender shall enter into a customary subordination agreement with the applicable Borrower and
such third-party lender with respect to the Accounts and related assets subject to such Factoring Facility (in form and substance reasonably acceptable to Lender) prior to Borrower’s execution of such Factoring Facility. 

Loan Documents or Loan Papers. The term “Loan Documents” or “Loan Papers” means all documents that evidence or secure any
Borrower’s indebtedness to Lender, including without any limitation, this Credit Agreement, the Notes, the Security Agreements (as well as any other Collateral Documents), and all other instruments, agreements, and other documentation executed
and delivered pursuant to or in connection with this Credit Agreement or the Loans, as those instruments, agreements, and other documentation may be amended or otherwise modified from time to time. 

Loans. The term “Loans” collectively refers to the Operating Loan, the Holdco Operating Loan, the Term Loan, and any other loan at any
time executed that is evidenced by any promissory note executed by any Borrower and made payable to Lender’s order, as the same may from time to time be renewed, amended, or restated, together with all substitutes therefore and any replacements
thereof. The term “Loan” refers to any one of the foregoing Loans. 
 Notes. The term “Notes” collectively refers
to the Operating Note, the Holdco Operating Note, the Term Note, and any other promissory note at any time made and executed by Borrower that is payable to Lender’s order, as the same may from time to time be renewed, amended, or restated,
together with all substitutes therefore and any replacements thereof. The term “Note” refers to any one of the foregoing Notes. 

Obligations. The term “Obligations” means: (a) any and all indebtedness, obligations, and liabilities of Borrower, to Lender of
every kind and description, direct or indirect, secured or unsecured, joint or several, absolute or contingent, due or to become due, whether for payment or performance, now existing or arising in the future, regardless of how they may arise or by
what instrument, agreement, or book account they may be evidenced, or 

  
 COMMERCIAL
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 whether evidenced by any instrument, agreement, or book account, including, without limitation, the Loans,
and including any renewals, extensions, modifications, or restatements thereof; (b) all other indebtedness of Borrower to Lender, including overdrafts of Borrower’s accounts maintained at Lender; (c) all indebtedness, liabilities or
obligations owing from Borrower to others that Lender may have obtained by purchase, negotiation, discount, assignment, or otherwise pursuant to any of the Loan Documents; and (d) all interest, taxes, fees, charges, expenses, and reasonable
attorneys’ fees chargeable to Borrower and paid or incurred by Lender under this Credit Agreement or any of the Loan Documents, whether any of the foregoing is direct, indirect, related, unrelated, fixed, contingent, liquidated, un-liquidated, joint, several, or joint and several. 
 Parent. The term “Parent” means any Person
now or at any time or times hereafter owning or controlling (alone or with any other Person) at least a majority of the issued and outstanding equity of a Borrower and, if a Borrower is a partnership, the general partner of such Borrower. 

Permitted Acquisition. The term “Permitted Acquisition” means an acquisition by Borrower that satisfies the following requirements:
(a) such acquisition is not a hostile or contested acquisition, (b) the business acquired in connection with such acquisition is (i) located in the United States, (ii) organized under applicable United States and state laws, and
(iii) not engaged, directly or indirectly, in any line of business other than the businesses in which the Borrower are engaged on the Effective Date and any business activities that are substantially similar, related, or incidental thereto,
(c) both before and after giving effect to such acquisition, each of the representations and warranties in the Loan Documents is true and correct (except any such representation or warranty which relates to a specified prior date), (d) if such
acquisition is an acquisition of the Capital Securities of a Person, such acquisition is structured so that the acquired Person shall become a wholly-owned Subsidiary of the Borrower, provided that Borrower shall execute any Collateral Documents
reasonably requested by Lender in connection therewith to grant the liens required pursuant to the Loan Documents, and (e) if such acquisition is an acquisition of assets, such acquisition is structured so that Borrower shall acquire such
assets, provided that Borrower shall execute any Collateral Documents reasonably requested by Lender in connection therewith to grant the liens required pursuant to the Loan Documents. 

Permitted Discretion. The term “Permitted Discretion” means a determination made in good faith and in the exercise of reasonable (from
the perspective of a secured asset-based lender) business judgment. 
 Permitted Dispositions. The term “Permitted Dispositions”
shall mean (a) the disposition or transfer of obsolete and worn-out equipment in the ordinary course of business, (b) any involuntary loss, condemnation, damage or destruction of property (provided
the net casualty insurance proceeds of same shall be paid to Lender to be applied to the Obligations), (c) dispositions or discounts of defaulted Accounts in the ordinary course of business, (d) sales of inventory and other dispositions of
assets in the ordinary course of business, (e) sales of Accounts pursuant to a Factoring Facility, (f) the disposition of the real property located at 217 Patenauder Dr., Winona, Minnesota and equipment and other personal property located
at such facility, and (g) other dispositions in an aggregate amount not to exceed $1,000,000 per calendar year. 
 Permitted Liens. The
term “Permitted Liens” shall mean: (a) liens in favor of Lender; (b) liens for taxes, assessments or other governmental charges not delinquent or being contested with adequate reserves maintained in accordance with GAAP;
(c) deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business;
(d) liens arising by virtue of the rendition, entry or issuance against any Borrower, or any property of any Borrower, of any judgment, writ, order, or decree to the extent the rendition, entry, issuance or continued existence of such judgment,
writ, order or decree (or any event or circumstance relating thereto) that has not resulted in the occurrence of an Event of Default pursuant to Section 9.1(j); (e) carriers’, repairmen’s, mechanics’, workers’,
materialmen’s, landlord’s, supplier’s or other like liens arising in the ordinary course of business; (f) liens placed upon fixed assets acquired to secure a portion of the purchase price thereof and liens in connection with
capitalized leases, as and to the extent permitted by this Credit Agreement; (g) any interest of title of a lessor under, and liens arising from UCC financing statements solely evidencing such lessor’s interest under, leases;
(h) zoning restrictions and easements, licenses, covenants and other restrictions affecting the use of real property that do not individually or in the aggregate have a Material Adverse Effect on the applicable Borrower’s ability to use
such real property for its intended purpose in connection with such Borrower’s business; (i) liens set forth on Schedule 1; (j) involuntary liens securing amounts less than $1,000,000 and which are released or for which a bond
acceptable to Lender in its Permitted Discretion, determined in good faith, has been posted within twenty (20) days of its creation; (k) normal and customary 

  
 COMMERCIAL
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 rights of setoff upon deposits of cash in favor of banks or other depository institutions holding such
deposits; (l) liens securing the indebtedness permitted pursuant to Section 8.4(k); (m) liens approved by Lender in writing from time to time; and (n) from the Effective Date until October 11 2022, liens in favor of Canadian
Imperial Bank of Commerce on deposit account number 2533502 maintained at CIBC Bank USA having a balance not to exceed $595,000.00. 
 Person.
The term “Person” means any individual, corporation, limited liability company, partnership, joint venture, estate, trust, unincorporated association, or any other business entity, or any federal, state, county or municipal government or
any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
 PM Group. The term
“PM Group” means The PM Group S.p.A., a company organized under the laws of Italy. 
 Security Agreements. The term “Security
Agreements” means a collective reference to: (a) the April 11, 2022 Security Agreement executed by Borrower and granting a security interest against all of Borrower’s personal property as described therein to secure payment of
Borrower’s Obligations and indebtedness to Lender (the “Borrower Security Agreement”); (b) any commercial security agreement or pledge agreement executed at any time, by any Person granting to Lender specified liens,
security interests, and encumbrances against the property described therein to secure payment of Borrower’s Obligations and indebtedness to Lender; and (c) as any of the foregoing may from time to time be amended, modified or restated,
together with all substitutions therefor and replacements thereof. The term “Security Agreement” means any one of the Security Agreements. The liens, security interests, and encumbrances granted in the Security Agreements
notwithstanding anything provided to the contrary in any Loan Document are hereby granted to secure payment and performance of each of the Loans. 

Specified Subsidiary. The term “Specified Subsidiary” means collectively PM Group and Valla. 

Subordination Agreements. The term “Subordination Agreements” means any subordination agreement with respect to indebtedness payable
by Borrower that is required by Lender as a condition of this Credit Agreement, including without limitation any required Affiliate Subordination Agreement, and as any of the foregoing may from time to time be amended, modified or restated, together
with all substitutions therefor and replacements thereof. 
 Subsidiary. The term “Subsidiary” means a corporation, partnership,
joint venture, limited liability company, or other business entity of which a majority of the shares of securities or other ownership interests having ordinary voting power for the election of directors, managers, or other governing body (other than
securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references to a “Subsidiary” or to Subsidiaries” will refer to a Subsidiary or Subsidiaries of Borrower. 

Valla. The term “Valla” means Manitex Valla S.r.L., a company organized under the laws of Italy. 

Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein will be interpreted, all accounting
determinations hereunder will be made, and all financial statements required to be delivered hereunder will be expressed in U.S. dollars and both the Audited Annual Financial Statements and the Monthly Financial Statements to be delivered hereunder
will be prepared in accordance with generally accepted accounting principles applied consistently through the periods involved (“GAAP”). 

II. THE CREDIT FACILITIES 

2.1 The Operating Loan. Subject to the terms and conditions set forth in this Credit Agreement and in the other Loan Documents,
Lender has agreed to advance funds to Borrower from time to time pursuant to a $40,000,000.00 revolving credit facility to finance (a) the working capital needs and general business operations of the Borrowers other than Rabern and Holdco, and
(b) Permitted Acquisitions, including, without limitation, the Rabern Acquisition (the “Operating Loan”). Advances under the Operating Loan, in addition to other conditions set forth in this Credit Agreement (including the
limitations of the Borrowing Base Report as set forth below), are subject to the following terms and conditions: 
 (i) Limitation on
Advances. The aggregate maximum amount of all advances under the Operating Loan outstanding at any one time, subject to any other limitation contained in this Credit Agreement may not exceed $40,000,000.00; 

  
 COMMERCIAL
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 (ii) Maturity Date. The Operating Loan matures on April 11, 2024, or at such
other date as is agreed to by Lender in any renewal, amendment, modification, extension, or restatement of the below-defined “Operating Note” or in any renewal, amendment, modification, extension, or restatement thereof. Notwithstanding
the foregoing, the Operating Note will mature on a rolling 2-year maturity, that is, initially, if on April 11, 2024, there is not an existing Event of Default under the Operating Note, this Credit
Agreement, or the other Loan Documents, Lender in its discretion will modify or renew and extend the then existing Operating Note to provide for it to mature on April 11, 2026, and the process will repeat on April 11 of each year following
2024 so that the maturity of the Operating Note continues to extend in one-year increments, provided that Lender will give Borrower one hundred twenty (120) days’ prior written notice if it does not
intend to modify or renew and extend the then existing Operating Note; 
 (iii) Revolving Feature. Within the limits of Lender’s
commitment to advance monies under the Operating Loan, and subject to all limitations contained in this Credit Agreement, Borrower under the Operating Loan, in accordance with the limitations of the Borrowing Base Report, may borrow, repay, and may re-borrow under Section 2.1 of this Credit Agreement; 
 (iv) The Operating Note. The Operating
Loan is evidenced by an April 11, 2022 $40,000,000.00 Promissory Note (Operating Loan) executed by Borrower and made payable to Lender’s order and as the same may from time to time be renewed, amended, modified, extended, or restated,
together with all substitutions therefor and any replacements thereof (the “Operating Note”); 
 (v) Letter of Credit Sub-feature. As a sub-feature of the Operating Loan, Lender agrees from time to time during the term of the Operating Note to issue irrevocable letters of credit for the
account of Borrower (each an “Operating Loan Letter of Credit” and collectively the “Operating Loan Letters of Credit”); provided however, that the aggregate drawn amount of the
Operating Loan Letters of Credit shall not at any time exceed $3,000,000.00. The form and substance of the Operating Loan Letters of Credit, and of any renewal thereof, will be subject to approval by Lender, in its sole discretion. Each
Operating Loan Letter of Credit will be issued for a term not to exceed one year; provided however, that no Operating Loan Letter of Credit will have an expiration date subsequent to the maturity date of the Operating Note. Each Operating
Loan Letter of Credit, and of any renewal thereof, will be subject to the additional terms and conditions of the letter of credit agreements, applications, and any related documents required by Lender in connection with the issuance thereof. In
addition, in connection with each Operating Loan Letter of Credit, and of any renewal thereof, that is issued by Lender, Borrower will be required to pay to Lender a fee equal to 2% of the maximum amount of Lender’s obligation under the
issued Operating Loan Letter of Credit. Lender’s issuance of an Operating Loan Letter of Credit will result in a reduction in the amount available for advance under the Operating Note in an amount equal to Lender’s committed
amount under each such Operating Loan Letter of Credit, that is, the amount of all issued Operating Loan Letters of Credit will be reserved under the Operating Note and will not be available for borrowings hereunder. 

(vi) Prepayment. Subject to the terms of the Operating Note, any interest rate hedge or swap agreement, or any other fixed rate
conversion agreement between Borrower and Lender that affects the Operating Note, the terms of which shall control, the Operating Note may be prepaid in any amount at any time prior to maturity without premium or penalty. Any prepayment will be
applied first toward the payment of the interest accrued but unpaid on the Operating Note, then toward the outstanding principal thereof. Lender’s records will be prima facie evidence of all amounts owing on the Operating Note absent manifest
error; 
 (vii) Payment. Borrower will pay principal and interest on the unpaid, un-matured
principal amounts outstanding from time to time on the Operating Loan as set forth in the Operating Note, as the same may from time to time be renewed, amended, modified, extended, or restated, together with all substitutions therefor and any
replacements thereof; and 
 (viii) Security. Borrower’s promise to pay the Operating Note is secured by liens, security
interests, and encumbrances against all property of Borrower or others, against which Lender has been or will be granted a lien by this Credit Agreement or by any of the Collateral Documents. Borrower hereby grants to Lender a lien against the
Collateral to secure payment of Obligations and indebtedness to Lender including without limitation the unpaid balance of the Operating Note. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 5 of 39 

 2.2 Holdco Operating Loan. Subject to the terms and conditions set forth in this
Credit Agreement and in the other Loan Documents, Lender has agreed to advance funds to Borrower from time to time pursuant to a $30,000,000.00 revolving credit facility to finance (a) the working capital needs and general business operations
of Rabern and Holdco, and (b) Permitted Acquisitions, including, without limitation, the Rabern Acquisition (the “Holdco Operating Loan”). Advances under the Holdco Operating Loan, in addition to other conditions set forth in
this Credit Agreement (including the limitations of the Holdco Borrowing Base Report as set forth below), are subject to the following terms and conditions: 

(i) Limitation on Advances. The aggregate maximum amount of all advances under the Holdco Operating Loan outstanding at any one time,
subject to any other limitation contained in this Credit Agreement may not exceed $30,000,000.00; 
 (ii) Maturity Date. The Holdco
Operating Loan matures on April 11, 2024, or at such other date as is agreed to by Lender in any renewal, amendment, modification, extension, or restatement of the below-defined “Holdco Operating Note” or in any renewal, amendment,
modification, extension, or restatement thereof; 
 (iii) Revolving Feature. Within the limits of Lender’s commitment to advance
monies under the Holdco Operating Loan, and subject to all limitations contained in this Credit Agreement, Borrower under the Holdco Operating Loan, in accordance with the limitations of the Holdco Borrowing Base Report, may borrow, repay, and may re-borrow under Section 2.2 of this Credit Agreement; 
 (iv) The Holdco Operating Note. The
Holdco Operating Loan is evidenced by an April 11, 2022 $30,000,000.00 Promissory Note (Holdco Operating Loan) executed by Borrower and made payable to Lender’s order and as the same may from time to time be renewed, amended, modified,
extended, or restated, together with all substitutions therefor and any replacements thereof (the “Holdco Operating Note”); 

(v) Letter of Credit Sub-feature. As a sub-feature of
the Holdco Operating Loan, Lender agrees from time to time during the term of the Holdco Operating Note to issue irrevocable letters of credit for the account of Borrower (each a “Holdco Operating Loan Letter of
Credit” and collectively the “Holdco Operating Loan Letters of Credit”); provided however, that the aggregate drawn amount of the Holdco Operating Loan Letters of Credit shall not at any time exceed
$2,500,000.00. The form and substance of the Holdco Operating Loan Letters of Credit, and of any renewal thereof, will be subject to approval by Lender, in its sole discretion. Each Holdco Operating Loan Letter of Credit will be issued for
a term not to exceed one year; provided however, that no Holdco Operating Loan Letter of Credit will have an expiration date subsequent to the maturity date of the Holdco Operating Note. Each Holdco Operating Loan Letter of Credit, and of any
renewal thereof, will be subject to the additional terms and conditions of the letter of credit agreements, applications, and any related documents required by Lender in connection with the issuance thereof. In addition, in connection with each
Holdco Operating Loan Letter of Credit, and of any renewal thereof, that is issued by Lender, Borrower will be required to pay to Lender a fee equal to 2% of the maximum amount of Lender’s obligation under the issued Holdco Operating
Loan Letter of Credit. Lender’s issuance of a Holdco Operating Loan Letter of Credit will result in a reduction in the amount available for advance under the Holdco Operating Note in an amount equal to Lender’s committed amount
under each such Holdco Operating Loan Letter of Credit, that is, the amount of all issued Holdco Operating Loan Letters of Credit will be reserved under the Holdco Operating Note and will not be available for borrowings hereunder. 

(vi) Prepayment. Subject to the terms of the Holdco Operating Note, any interest rate hedge or swap agreement, or any other fixed rate
conversion agreement between Borrower and Lender that affects the Holdco Operating Note, the terms of which shall control, the Holdco Operating Note may be prepaid in any amount at any time prior to maturity without premium or penalty. Any
prepayment will be applied first toward the payment of the interest accrued but unpaid on the Holdco Operating Note, then toward the outstanding principal thereof. Lender’s records will be prima facie evidence of all amounts owing on the Holdco
Operating Note absent manifest error; 
 (vii) Payment. Borrower will pay principal and interest on the unpaid, un-matured principal amounts outstanding from time to time on the Holdco Operating Loan as set forth in the Holdco Operating Note, as the same may from time to time be renewed, amended, modified, extended, or
restated, together with all substitutions therefor and any replacements thereof; and 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 6 of 39 

 (viii) Security. Borrower’s promise to pay the Holdco Operating Note is secured
by liens, security interests, and encumbrances against all property of Borrower or others, against which Lender has been or will be granted a lien by this Credit Agreement or by any of the Collateral Documents. Borrower hereby grants to Lender a
lien against the Collateral to secure payment of Obligations and indebtedness to Lender including without limitation the unpaid balance of the Holdco Operating Note. 

2.3 Term Loan. Subject to the terms and conditions set forth in this Credit Agreement and in the other Loan Documents, Lender has
agreed to advance funds to Borrower pursuant to a $15,000,000.00 term loan to finance the Rabern Acquisition (the “Term Loan”). The advance under the Term Loan, in addition to other conditions set forth in this Credit Agreement, is
subject to the following terms and conditions:. 
  

	 	(i)	 Limitations on Advance. The aggregate maximum amount of the advance under the Term Loan may not exceed
$15,000,000.00; 

  

	 	(ii)	 Maturity Date. The Term Loan matures on October 11, 2029, or at such other date as is agreed to by
Lender in any renewal, amendment, modification, extension, or restatement of the below-defined “Term Note”; 

  

	 	(iii)	 No Revolving Feature. Borrower under the Term Loan may borrow, repay, and may not re-borrow under Section 2.3 of this Credit Agreement; 

  

	 	(iv)	 Term Note. The Term Loan is evidenced by an April 11, 2022 $15,000,000.00 Promissory Note (Term
Loan) executed by Borrower and made payable to Lender’s order and as the same may from time to time be renewed, amended, modified, extended, or restated, together with all substitutions therefor and any replacements thereof (the “Term
Note”); 

  

	 	(v)	 Prepayment. Subject to the terms of the Term Note, any interest rate hedge or swap agreement, or any
other fixed rate conversion agreement between Borrower and Lender that affects the Term Note, the terms of which shall control, the Term Note may be prepaid in any amount at any time prior to maturity without premium or penalty. Any prepayment will
be applied first toward the payment of interest accrued but unpaid on the Term Note, then toward the outstanding principal thereof. Lender’s records will be prima facie evidence of all amounts owing on the Term Note absent manifest error;

  

	 	(vi)	 Payment. Borrower will pay principal and interest on the unpaid,
un-matured principal amounts outstanding form time to time on the Term Loan as set forth in the Term Note; 

  

	 	(vii)	 Security. Borrower’s promise to pay the Term Note is secured by liens, security interests, and
encumbrances against all property of Borrower or others, against which Lender has been or will be granted a lien by this Credit Agreement or any of the Collateral Documents. Borrower hereby grants to Lender a lien against the Collateral to secure
payment of Obligations and indebtedness to Lender including without limitation the unpaid balance of the Term Note; and 

  

	 	(viii)	 Loan Fee. Borrower will pay to Lender a loan fee in connection with the Term Loan of $52,500.00 (the
“Term Loan Fee”). 

 2.4 Reserved. 

2.5 Place for Payments. All payments on the Notes shall be made to Lender at 410 South Taylor, (Box One, Plaza One, Amarillo, Texas
79105), Amarillo, Potter County, Texas, 79101 (or at any other address designated by Lender). 
 2.6 Borrowing Procedure. Regarding
disbursements on the Loans, if Borrower desire to have funds disbursed by wire transfer, Borrower must deliver and Lender must receive written (including notice by electronic mail) or faxed a notice of borrowing request by 11:00 a.m. on any day
other than a Saturday, Sunday or other day on which commercial banks are authorized to close by applicable law, or are in fact closed in, Amarillo, Texas (a “Business Day”). Borrower agrees to confirm all requests for advances under
the Loans in writing (including by electronic mail) and to confirm all such requests for an advance under the Loans in the form and manner requested by Lender. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 7 of 39 

 2.7 Manner and Time of Payment. Borrower hereby authorizes Lender to collect all
principal and interest due and owing on the Notes or otherwise due and owing under this Credit Agreement by charging hereunder any deposit account maintained with Lender by Borrower (other than an Excluded Account) for the full amount thereof.
Should there be insufficient funds in any such deposit account to pay all such sums in full when due, the full amount of such deficiency will be immediately due and payable by Borrower. In the event such a deficiency occurs, Borrower will
immediately pay such deficiency by cash, check, or wire transfer of immediately available funds. 
 2.8 Borrowing Base. Borrowing by
Borrower under the Operating Note, Holdco Operating Note, and any other Borrowing Base Note, is subject to the limitations of the applicable Net Borrowing Base and in that regard, Borrower agrees: 

(a) Borrowing Base Report. Prior to any borrowings under the Operating Note, the Holdco Operating Note or any other Borrowing Base Notes
(other than the borrowing occurring on or about the Effective Date) and, in all events, on a monthly basis and within sixty (60) days from the last day of each month, beginning with April 30, 2022, Borrower will prepare and submit to
Lender a written Borrowing Base Report, as applicable, in form and content required by this Credit Agreement or in such other form that is acceptable to Lender, in its Permitted Discretion, certified to be true by Borrower, containing such
information as Lender may, from time to time and in its Permitted Discretion, request; 
 (b) Mandatory Payment to Establish Compliance
with the Applicable Net Borrowing Base. If at any time from and after the Effective Date, the “Sub-Total Obligations” (as defined in the applicable Borrowing Base Report) exceed the
“Sub-Total Borrowing Base” (as defined in the applicable Borrowing Base Report), Borrower will immediately notify Lender of such fact, and will immediately pay to Lender the amount necessary
to reduce the aggregate unpaid balance of the Operating Note and/or the Holdco Operating Note, as applicable, (and any other of the Borrowing Base Notes) to or below the limit imposed by the applicable Borrowing Base Report. Under no circumstances
will Lender be required to make advances under any of the Loans if the aggregate unpaid balance of the Operating Note and/or the Holdco Operating Note (and any other of the Borrowing Base Notes) exceed the limits imposed by the applicable Borrowing
Base Report, or if there is an existing Event of Default under this Credit Agreement or any of the Loan Documents. If at any time the Sub-Total Obligations exceed the
Sub-Total Borrowing Base then to the extent of the excess, a “Borrowing Base Deficit” exists and in that event, immediately upon any determination of a Borrowing Base Deficit, whether by
notice from Lender or otherwise, Borrower will provide to Lender the plan (formulated by Borrower) to cure such Borrowing Base Deficit. In the event such plan to cure is acceptable to Lender (in its Permitted Discretion); Borrower may be permitted
by Lender to cure the Borrowing Base Deficit as set forth in the plan approved by Lender. In the event Borrower’s plan to cure the Borrowing Base Deficit is not acceptable to Lender, Lender will be free to declare an Event of Default and
proceed with any available remedy as a result of such Event of Default unless, within one (1) Business Day, Borrower shall make a payment to Lender in an amount equal to the Borrowing Base Deficit. For the avoidance of doubt, each Borrowing
Base Deficit shall be determined on a Borrowing Base Note by Borrowing Base Note basis; and 
 (c) Without limiting Lender’s discretion,
and regardless of anything to the contrary contained in this Credit Agreement or any Loan Document, Borrowers acknowledges and agrees that Lender may make such assumptions, considerations and exclusions as it deems appropriate in the exercise of its
Permitted Discretion in calculating the Net Borrowing Base. Borrower further hereby acknowledges and agrees that Lender in its evaluation of the Net Borrowing Base as set forth in the applicable Borrowing Base Report may consider such other credit
factors as it deems appropriate in the exercise of its Permitted Discretion and based upon that discretion may make a redetermination of such Net Borrowing Base. Promptly following any redetermination by Lender of a Net Borrowing Base, Lender shall
notify Borrower of the amount of such Net Borrowing Base as re-determined, which Net Borrowing Base shall be effective as of the date specified in such notice, and shall remain in effect for all purposes of
this Credit Agreement. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 8 of 39 

 III. CONDITIONS PRECEDENT 

3.1 Condition Precedent to the Loans. The obligation of Lender to extend the Loans to Borrower as set forth in this Credit Agreement,
in addition to all conditions precedent set forth elsewhere in this Credit Agreement, is subject to the condition precedent that each of the following shall have been satisfied on or before the day of the funding of the Loans, all in form and
substance satisfactory to Lender: 
 (a) Entity Documentation. Borrower will have furnished to Lender: (i) documentation
authorizing the execution, delivery, and performance of the Loan Documents by Borrower; (ii) certificate of good standing and of existence for Borrower; and (iii) organizational documents, including
by-laws, company/operating agreements, and partnership agreements, and all amendments thereto for Borrower; 

(b) Loan Documents. Borrower shall have executed and delivered to Lender (or shall have caused such to be executed and delivered to
Lender), the Loan Documents, including without limitation the following: 
  

	 	(i)	 this Credit Agreement; 

 

	 	(ii)	 the Operating Note; 

  

	 	(iii)	 the Holdco Note; 

  

	 	(iv)	 the Term Note; 

  

	 	(v)	 the Borrower’s Security Agreement; 

 

	 	(vi)	 any Subordination Agreement required by Lender; 

 

	 	(vii)	 any additional Collateral Documents requested by Lender; and 

 

	 	(viii)	 any resolutions or other documentation requested by Lender; 

(c) Attorneys’ Fees and Expenses. Borrower, subject to the limitation set forth in Section 10.1 of this Credit Agreement) will
pay to Lender all reasonable out-of-pocket costs and expenses (including, without limitation, attorneys’ fees, and appraisal costs) incurred by Lender in connection
with this transaction; 
 (d) Representations and Warranties. All representations and warranties of Borrower contained herein and in
the other Loan Documents will be true and correct in all material respects on and as of the date of this Credit Agreement; 
 (e)
Insurance. Borrower will deliver to Lender evidence of Borrower’s Insurance; 
 (f) Appraisals and Collateral Audits.
Lender will obtain, at Borrower’s cost, such appraisals of the Collateral (including inventory and receivables audits and inspections) as determined in Lender’s sole discretion to be necessary to its administration of the Loans. Lender
confirms that as of the Effective Date of this Credit Agreement, Lender has obtained such appraisals and collateral audits as it requires; 

(g) Current Financial Information. Lender will receive Borrower’s current financial statements in a form and of content
satisfactory to Lender in its sole discretion. Lender confirms that as of the Effective Date of this Credit Agreement, Lender has received such financial statements as it requires; and 

(h) Lien Searches. The results of a Uniform Commercial Code, tax lien or judgment lien searches showing all financing statements and
other documents or instruments on file against Borrower with the applicable authority in the jurisdiction of such Person’s principal residence, place of business or chief executive office (as applicable) and such other jurisdictions as
determined appropriate by Lender are satisfactory to Lender. Lender confirms that as of the Effective Date of this Credit Agreement, Lender has obtained such searches as it requires. 

3.2 Condition Precedent to the Advances. The obligation of Lender to make advances under the Loans, subject to any other condition
contained elsewhere in this Credit Agreement or the Loan Documents, is subject to the following conditions precedent: 
 (a) Borrower timely
delivers to Lender a request for an advance and at such time no default or Event of Default has occurred and is continuing. It is a condition of any advance under the Loans that all Collateral be free of any lien, security interest, or other
encumbrance other than Permitted Liens; 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 9 of 39 

 (b) All the Loan Documents are in full force and effect and the representations and
warranties of Borrower contained in this Credit Agreement and all other Loan Documents, or which are contained in any document furnished at any time under or in connection herewith or therewith, will be true and correct in all material respects on
and as of the date of such advance (except for representations and warranties that expressly relate to an earlier date which must be true and correct in all material respects as of such earlier date); 

(c) The outstanding principal balances of the Loans does not exceed the maximum permissible principal balance of each of such Loans and the sum
of the outstanding principal balance of any subsequent promissory note executed by Borrower and made payable to Lender’s order does not exceed the maximum outstanding principal of such promissory note; 

(d) All loan fees, non-use fees, and other commitment fees payable and owing to Lender shall be paid to
Lender prior to or simultaneous with any requested advance; and 
 (e) The amount of any requested advance under the Operating Note or the
Holdco Operating Note (and any other of the Borrowing Base Notes) will not result in a Borrowing Base Deficit as determined by the applicable Borrowing Base Report. 

IV. SECURITY FOR THE LOANS 

4.1 Composition of Collateral. Borrower will execute and deliver to Lender, or cause to be executed and delivered to Lender, the
Collateral Documents, including without any limitation, the Security Agreements covering all of Borrower’s interests personal property including without any limitation all of Borrower’s Inventory, chattel paper, Accounts, Equipment,
contract rights, and General Intangibles, all as described with particularity in the Security Agreements, as well as including whatever is receivable or received when any of the foregoing or the proceeds thereof are sold, leased, collected,
exchanged or otherwise disposed of, whether such disposition is voluntary or involuntary, including without limitation, all rights to payment, including returned premiums, with respect to any insurance relating to any of the foregoing, and all
rights to payment with respect to any claim or cause of action affecting or relating to any of the foregoing (collectively, “Proceeds”). 

4.2 Form of Loan Documents. The Loan Documents will be in form and of a substance satisfactory to Lender and its counsel. 

4.3 Cross Collateralized. Any and all of the Collateral that secures payment of portion of Borrower’s indebtedness to Lender also
secures payment of the remaining portion of Borrower’s indebtedness to Lender, and all future obligations of Borrower to Lender. 
 4.4
Additional Security Documents. Borrower agrees to execute, or cause to be executed, any and all instruments and documents reasonably required by Lender or its counsel and pertinent to the purposes of the Loans contemplated hereunder in order
to properly create and perfect the security interests of Lender against the Collateral and reasonably calculated to properly complete documentation of the Loans and the liens, security interests, and encumbrances securing payment thereof as required
by this Credit Agreement. 
 V. REPRESENTATIONS AND WARRANTIES 

To induce Lender to enter into this Credit Agreement, Borrower represents and warrants to Lender that: 

5.1 Entity Existence, Qualification and Power. Borrower is duly organized or formed, validly existing and in good standing under the
applicable laws of its state of organization. Borrower: (a) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on its business and
(ii) execute, deliver, and perform their obligations under the Loan Documents to which they are a party; (b) is duly qualified and licensed and in good standing (if applicable) under the applicable laws of each jurisdiction where its
ownership, lease or operation of properties or the conduct of their business requires such qualification or license; and (c) is in compliance in all material respects with all applicable law, except, with respect to clauses (b) and (c),
where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
 5.2 Litigation and Judgments.
No actions, suits, or proceedings against or affecting Borrower are pending, or to the knowledge of Borrower, are threatened in writing, in any court or any other governmental agency or department that could reasonably be expected to result in a
Material Adverse Effect. Borrower is not in default with respect to any order, writ, injunction, or decree of any court or any governmental department or agency that could reasonably be expected to have a Material Adverse Effect. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 10 of 39 

 5.3 Taxes. Borrower has filed or caused to be filed income and other material tax
returns (federal, state, and local) required to be filed, and have paid all of its liabilities for income taxes and other material taxes, assessments, governmental charges, and other levies that are due and payable other than those being contested
in good faith by appropriate proceedings diligently pursued for which adequate reserves have been established. 
 5.4 Compliance with
Applicable Laws. Borrower has complied in all material respects with all laws, rules, regulations, orders, or decrees of all governmental authorities or arbitrators applicable to them or their properties, except where the failure
to comply could not reasonably be expected to result in a Material Adverse Effect. 
 5.5 Collateral. Borrower owns or will use the
proceeds of any Loan to become the owner of, the Collateral free from any setoff, claim, restriction, lien, security interest or encumbrance except any Permitted Liens. 

5.6 Ownership and Liens. Borrower has good record and marketable title in fee simple to, or valid leasehold interests in, all real
property necessary or used in the ordinary conduct of Borrower’s business. 
 5.7 Burdensome Obligations. To Borrower’s
knowledge, Borrower nor any of the properties of Borrower, are subject to any law or any pending or threatened (in writing) change of law or subject to any restriction under any agreement or instrument to which any Borrower is a party, or by which
any of its properties may be subject or bound, which could reasonably be expected to result in a Material Adverse Effect.. 
 5.8
Borrower’s Insurance. Borrower will at all times carry and maintain or cause to be carried and maintained, at their own expense, the minimum insurance coverage as may be required by any of the Loan Documents (the
“Borrower’s Insurance”) including, without limitation, those policies identified on Schedule 5.8. Borrower will deliver evidence to Lender of such Borrower’s Insurance, and, to the extent required by Lender,
customary loss payable endorsements in favor of Lender. 
 5.9 Government Regulation. Borrower is not subject to regulation under the
Public Utility Holding Company Act of 1935, the Federal Power Act, the Interstate Commerce Act (as any of the preceding acts have been amended), the Investment Company Act of 1940 or any other Law which regulates the incurring by it of indebtedness,
including, but not limited to, Laws relating to common contract carriers or the sale of electricity, gas, steam, water or other public utility services. 

5.10 Margin Regulations; Investment Company Act. Borrower has not engaged and will not engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

5.11 Accounts. The Accounts and any note receivable of Borrower that arose in the ordinary course of business in a bona fide arm’s
length transaction, are reflected on Borrower’s books and records in accordance with GAAP, and is represented by written invoice or other written document that: (a) was duly executed and delivered to and, to the best knowledge of Borrower,
contains no forgeries or unauthorized signatures; (b) are legal, valid, binding, and enforceable against the account debtor in accordance with its terms and provisions; (c) does not violate or conflict with any provision of applicable law;
(d) have not been amended or modified in any material respect, unless disclosed to Lender pursuant to any Borrowing Base Report; (e) are not subject to any set-off, counterclaim, or reductions;
(f) fully reflect all agreements and understandings with the debtor with respect thereto; (g) are assignable and has been duly assigned to Lender in accordance with the terms and provisions hereof and thereof; and (h) are maintained
at the chief executive offices of Borrower (or at such other offices as may have been specified in a notice to Lender) in a file and location that would be readily identifiable by anyone examining the accounts of Borrower. Borrower’s reserve
for uncollectible accounts and notes is adequate in Borrower’s judgment to fully cover current and future uncollectible accounts and notes. 

5.12 Patriot Act. All capitalized words and phrases and all defined terms used in the USA Patriot Act of 2001, 107 Public Law 56
(October 26, 2001) (the “Patriot Act”) and in other statutes and all orders, rules and regulations of the United States government and its various executive department, agencies and offices related to the subject matter of the
Patriot Act, including, but not limited to, Executive Order 13224 effective September 24, 2001, are hereinafter collectively referred to as the “Patriot Rules” and are incorporated into this Section. Borrower

  
 COMMERCIAL
CREDIT AGREEMENT–Page 11 of 39 

 
represents and warrants to Lender that neither it nor any of its principals, shareholders, members, partners, or Affiliates, as applicable, is a Person named as a Specially Designated National
and Blocked Person (as defined in Presidential Executive Order 13224) and that it is not acting, directly or indirectly, for or on behalf of any such Person. Borrower further represents and warrants to Lender that Borrower and its principals,
shareholders, members, partners, or Affiliates, as applicable, are not, directly or indirectly, engaged in, nor facilitating, the transactions contemplated by this Credit Agreement on behalf of any Person named as a Specially Designated National and
Blocked Person. Borrower hereby agrees to defend, indemnify and hold harmless Lender from and against any and all claims, damages, losses, risks, liabilities, and expenses (including reasonable attorneys’ fees and costs) arising from or related
to any breach of the foregoing representations and warranties. 
 5.13 Deposit Accounts. From and after the date that is six
(6) months from the Effective Date (which date may be extended in Lender’s discretion), Borrower agrees to maintain deposit and operating accounts (other than any Excluded Account) with Lender, except as permitted by Lender. 

VI. AFFIRMATIVE COVENANTS 

Borrower covenants and agree that so long as the Borrower’s Obligations to Lender or any part thereof have not been paid in full (other
than contingent indemnification obligations pursuant to which no claim has been asserted), or Lender has any commitment to make Loans or disbursements under this Credit Agreement, Borrower will perform and observe the following positive covenants:

 6.1 Reporting Requirements. Borrower will cause to be delivered to Lender: 

(a) Borrower’s Annual Financial Statements and Tax Returns. As soon as available, but in no event later than one
hundred twenty (120) days after the end of each year, Borrower’s consolidated financial statements resulting from the closing of Borrower’s books as of the end of each year, which statements are audited by a certified public
accountant reasonably satisfactory to Lender (the “Audited Annual Statements”). The first Audited Annual Statements required hereby will consist of Borrower’s audited financial statements for the year ending December 31,
2021. The Audited Annual Statements must be: (a) prepared to contain an unqualified opinion of such certified public accountant that such statements present fairly the consolidated financial position of the Borrower and any Subsidiaries as of
the dates thereof and the results of operations of such entities on a consolidated basis for the periods then ending; (b) prepared in accordance with GAAP; (c) prepared in reasonable detail; (d) prepared to include statements of
operations including retained earnings and cash flows, a balance sheet as of the last day of the applicable year, income statement and cash flow statements, setting forth in comparative form figures for the preceding reporting period, as well as all
supporting schedules relating thereto; and (e) certified as correct by an authorized Person of Borrower. Within thirty (30) days following the date on which Borrower files any tax returns, but in no event later than October 31, of
such tax year, copies of the completed tax returns along with all supporting schedules and each request for extension of time to file such tax return must be delivered to Lender; 

(b) Borrower’s Monthly Financial Statements. As soon as available and in any event within sixty (60) days following the last
day of each month (except December of each year), Borrower will deliver to Lender a copy of Borrower’s internally prepared financial statements (the “Monthly Financial Statements”). The first Monthly Financial Statements
required by this Credit Agreement will consist of the financial statements for the month ending April 30, 2022. The Monthly Financial Statements must be: (i) prepared in a form that is reasonably satisfactory to Lender; (ii) prepared
in accordance with GAAP; and (iii) prepared to include a balance sheet as of the last day of the applicable month, a statement of income, as well as all supporting schedules relating thereto, including specifically an A/R Aging Report and an
Inventory Report. In addition, the Monthly Financial Statements must be certified as correct by an authorized Person of Borrower; 
 (c)
Annual Covenant Compliance Report. On an annual basis, on March 15 of each year, beginning with April 11, 2022, a certificate of Borrower’s chief financial officer, treasurer or the equivalent: (i) stating and evidencing
Borrower’s compliance (including reasonable detail of the calculations required to establish such compliance) with the financial and operational covenants of Article VII of this Credit Agreement; and (ii) stating whether there exists on
the date of such certificate any Event of Default and, if any Event of Default then exists, setting forth the details thereof and the action which Borrower is taking or propose to take with respect thereto (the “Compliance
Certificate”). The Compliance Certificate will be substantially in the form of the annexed Exhibit “A” or in such other form as requested by Lender; 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 12 of 39 

 (d) Monthly Borrowing Base Reports. On a monthly basis and within sixty
(60) days from the last day of each month, beginning April 30, 2022, Borrower will deliver to Lender a “Borrowing Base Report” reflecting the amount available for advance under the Operating Note and the Holdco Operating
Note (and under the other any other Borrowing Base Note). All determinations in connection with the Borrower’s Borrowing Base Reports will be originally made by Borrower and certified to Lender. Lender, however, will have the final right to
review and adjust, in its Permitted Discretion, any such determination, including, without limitation, adjustment of any specific factor or factors that relate to the amount of the Borrower’s Net Borrowing Bases or to any categories in the
Borrowing Base Reports. The Borrowing Base Reports will be in such form as requested by Lender. Along with each Borrowing Base Report, Borrower will submit to Lender the most recent A/R Aging Report, Inventory Report, and such other and further
information as requested by Lender. The Borrowing Base Report with respect to the Operating Note will be substantially in the form of the annexed Exhibit “B-1” or in such other form as
requested by Lender, and the Borrowing Base Report with respect to the Holdco Operating Note will be substantially in the form of the annexed
Exhibit “B-2” or in such other form as requested by Lender; 

(e) Inventory and Finished Goods Report. On a monthly basis and within sixty (60) days from the last day of each month, beginning
April 30, 2022, Borrower will deliver to Lender an “Inventory Report” in a form that is in all respects reasonably acceptable to Lender including without limitation a schedule of all of Borrower’s raw materials, works in
progress, and Inventory (including Finished Goods) and Borrower’s valuation of such raw materials, works in progress and Inventory; 

(f) Account Receivable Aging Report. On a monthly basis and within sixty (60) days from the last day of each month, beginning
April 30, 2022, Borrower will deliver to Lender an “A/R Aging Report” in a form that is in all respects reasonably acceptable to Lender that details all of Borrower’s accounts and notes receivable from Borrower’s sale
and financing of its Inventory, ages all such accounts receivable, and details “Eligible Accounts Receivables” (as defined in the Addendum to the Borrowing Base Report) of Borrower; 

(g) Reserved; 
 (h)
Reserved; 
 (i) Notice of Litigation. Promptly after the commencement thereof, notice of all actions, suits, investigations
and proceedings before any governmental authority or arbitrator affecting Borrower that could reasonably be expected to result in a Material Adverse Effect; 

(j) Notice of Default/Material Adverse Effect. Immediately upon Borrower obtaining knowledge of the occurrence of any Event of Default,
Borrower will deliver to Lender written notice setting forth the details of the Event of Default and the action that Borrower has taken and proposes to take with respect thereto. Promptly upon Borrower obtaining knowledge of the occurrence of any
event occurring after the Effective Date that would be reasonably expected to have a “Material Adverse Effect”, Borrower will deliver to Lender written notice of the Material Adverse Effect and that action that Borrower has taken or
proposes to take with respect thereto. The term “Material Adverse Effect” means a material adverse effect on (A) the financial condition, operations, business or assets of the Borrower taken as a whole; (B) the ability of
the Borrower (taken as a whole) to perform any material obligation of it under any Loan Document to which it is a party, or (C) the material rights and remedies of Lender under the Loan Documents; provided, however, that none of the following
shall constitute, or shall be considered in determining whether there has occurred, and no event, circumstance, change or effect resulting from or arising out of any of the following shall constitute, a Material Adverse Effect: (A) the failure,
in and of itself, of the Borrower to meet any published or internally prepared estimates of revenues, earnings or other financial projections, performance measures or operating statistics; and (B) a decline in the price, or a change in the
trading volume, of Manitex International’s common stock on any national stock exchange; and 
 (k) Other Information. At any time
deemed necessary by Lender, Borrower agrees promptly to provide Lender with any other information that Lender reasonably requests, including without limitation such other information regarding the business, property (including Collateral) or
financial condition of Borrower. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 13 of 39 

 6.2 Taxes and Other Liens. Borrower will pay before becoming delinquent: (a) all
taxes, levies, assessments, and governmental charges imposed on its income or profits or any of its property (specifically including the Collateral) that are material in amount (either individually or in the aggregate); and (b) all claims of
any kind that, if unpaid, might result in a creation of lien upon the Collateral; provided, however, that Borrower will not be required to pay or discharge any such tax, levy, assessment, governmental charge or claim that is being contested in good
faith by appropriate proceedings diligently pursued and adequate reserves have been established by Borrower. 
 6.3 Books and
Records. Borrower will at all times maintain accurate books and records covering the Collateral. 
 6.4 Collateral. Borrower
will: (a) promptly furnish Lender any information with respect to the Collateral that is reasonably requested by Lender; (b) promptly furnish Lender or its representatives with copies of all records relating to the Collateral that are
reasonably requested by Lender; and (c) promptly furnish Lender or its representatives such information as Lender may reasonably request to identify the Collateral, at the time and in the form requested by Lender. 

6.5 Inspection Rights. At any time and from time to time, Borrower will permit representatives and independent contractors of Lender
to: (a) to visit and inspect any of Borrower’s properties and places of business; (b) examine, copy, and make extracts from Borrower’s books and records; (c) to discuss Borrower’s affairs, finances, and accounts with
Borrower’s officers and independent public accountants; and (d) to inspect and evaluate any and all Collateral. Borrower agrees to make available to Lender’s duly authorized representatives and independent contractors the necessary
records relating to the Collateral in sufficient detail for Lender to make an accurate assessment of the location, value, quantity, and quality of the Collateral. In addition, Borrower agrees to provide to Lender’s duly authorized
representatives and independent contractors any other meaningful information requested within reason will be provided to Lender on a timely basis. Such inspections will be at Borrower’s expense (but not at Borrower’s expense more than
twice during any twelve (12) month period) and at such reasonable times during normal business hours upon advance notice to the Borrower, but without interruption of Borrower’s business operations; provided, however, that unless an
Event of Default exists, such inspections shall not take place more than two (2) times in any twelve (12) month period); provided, further, that when any Event of Default exists the Lender (or any of its representatives or
independent contractors) may do any of the foregoing at the expense of the Borrower (without regard to the limitations on the Borrower’s obligation to pay such costs preceding this proviso) at any time during normal business hours and without
advance notice. 
 6.6 Compliance with Applicable Laws. Borrower will comply in all material respect with all applicable laws
(including, without limitation, all environmental laws), except whether the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

6.7 Additional Acts. In addition to the acts required herein and contemplated to be performed, executed and/or delivered by Borrower,
Borrower hereby agrees, at any time, and from time to time, to perform, execute and/or deliver to Lender, any and all such further acts, additional instruments, or further assurances as may be necessary or proper to: (a) correct any errors in
this Credit Agreement or any other instrument relating thereto; (b) assure Lender a valid first lien and first perfected security interest under the Collateral Documents; (c) create, perfect, preserve, and maintain the liens and security
interests created or intended to be created by the Collateral Documents; and (d) provide the rights and remedies to Lender granted or provided for by the Collateral Documents and Loan Documents. 

6.8 Maintenance of Records. Borrower will keep adequate records and books of account concerning the finances, properties, and
operations of Borrower. Borrower will maintain a system of accounting in accordance with GAAP. 
 6.9 Preservation of Existence, etc.
Borrower will: (a) preserve, renew and maintain in full force and effect their legal existence and good standing under the applicable laws of the jurisdiction of its organization; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of their business; and (c) preserve or renew all of their registered patents, trademarks, trade names and service marks, except, with respect to clauses
(b) and (c), where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
 6.10 Maintenance
of Properties. Borrower will: (a) maintain, preserve and protect all of their material properties and Equipment necessary in the operation of the Borrower’s business in good working order and condition, ordinary wear and tear excepted;
and (b) make all necessary repairs thereto and renewals and replacements thereof, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 14 of 39 

 6.11 Other Debts and Liens. Borrower hereby agrees that any and all indebtedness and
any and all security interests existing in connection with any indebtedness or other Obligations of Borrower to any Affiliate or Subsidiary of Borrower (other than a Borrower), whether now existing or arising in the future, will at all times be
inferior and subordinate to Borrower’s Obligations to Lender (and all security interests securing payment thereof). Upon Lender’s request, with respect to such subordinate indebtedness, Borrower will execute, or cause to be executed, such
Subordination Agreements as required by Lender in its sole discretion (each is referred to herein as an “Affiliate Subordination Agreement” and collectively, the “Affiliate Subordination Agreements”). 

VII. FINANCIAL AND OPERATIONAL COVENANTS 

Borrower covenants and agree that so long as the Borrower’s Obligations to Lender or any part thereof have not been paid in full (other
than contingent indemnification obligations pursuant to which no claim has been asserted), or Lender has any commitment to make Loans or disbursements under this Credit Agreement, unless Lender otherwise consents in writing, Borrower covenants and
agrees to the following: 
 7.1 Debt Service Coverage Ratio. Borrower will maintain at all times a Debt Service Coverage Ratio of at
least 1.25:1.00 measured on the last day of each calendar quarter, beginning June 30, 2022 and each measurement will be based on a rolling 12-month basis. The term “Debt Service Coverage
Ratio” means the ratio determined by dividing EBITDA by Actual Debt Service. The term “EBITDA” means Borrower’s (i) net income after taxes for such period (excluding any
after-tax gains or losses on the sale of assets (other than the sale of inventory in the ordinary course of business) and excluding other after-tax extraordinary gains
or losses), plus (ii) tax refunds paid to Borrower, plus (iii) consolidated interest expense of Borrower (including all imputed interest on capital leases) (whether paid or accrued), plus (iv) income tax expense
(whether paid or accrued), plus (v) depreciation, plus (vi) amortization (including amortization of goodwill, debt issuance costs and amortization and any non-cash impairment of
intangibles) for such period, plus (vii) any fees, expenses or other costs incurred in connection with Permitted Acquisitions, issuances of Capital Securities, issuances of debt, dispositions of assets or Subsidiaries, investments and
other transactions permitted pursuant to this Credit Agreement (in each case, whether or not consummated), plus (viii) any other one-time or unusual charges or gains which have been subtracted in
calculating net income after taxes (including stock-based compensation), plus (ix) severance and one-time compensation payments for such period paid to officers or employees of Borrower,
plus (x) fees and expenses paid to Lender in connection with the Loan Documents limited to the Term Loan Fee and all transaction costs and expenses of Lender, plus (xi) fees and expenses incurred by Borrower in connection
with the Loan Documents and the transactions contemplated thereby, plus (xii) each legal settlement paid by Borrower in excess of $100,000.00 in the aggregate, plus (xiii) the profit and loss impact of any foreign currency exposure
in an amount not to exceed $750,000.00 during any 12-month period. The term “Actual Debt Service” means, for Borrower, the sum, during the preceding year, of scheduled principal payments on
long-term debt and subordinated debt, total interest paid, and total capital lease obligations paid. For the avoidance of doubt in this Section 7.1, the term “Borrower” shall include all Parents, Subsidiaries, and Affiliates of
Borrower, whether domestic or international, including without limitation, the Specified Subsidiaries. 
 7.2 Minimum Net
Worth. Borrower’s Net Worth must be not less than $80,000,000.00 measured as of the last day of each calendar quarter, beginning June 30, 2022. The term “Net Worth” means the sum of all of Borrower’s assets
(including without limitation (i) intangible assets and (ii) subordinated debt with respect to which a subordination agreement has been executed by Lender) less the value of all Borrower’s liabilities. For the avoidance of doubt in
this Section 7.2, the term “Borrower” shall only include all Parents, Subsidiaries, and Affiliates of Borrower that are organized under the jurisdiction of the United States of America (i.e. excluding the Specified Subsidiaries). 

VIII. NEGATIVE COVENANTS 

Borrower covenants and agree that so long as the Borrower’s Obligations to Lender or any part thereof have not been paid in full (other
than contingent indemnification obligations pursuant to which no claim has been asserted), or Lender has any commitment to make Loans or disbursements under this Credit Agreement, Borrower will observe the following negative covenants: 

8.1 Limitation on Liens. Without Lender’s consent, which will not be unreasonably withheld, conditioned or delayed, Borrower will
not incur, create, assume, permit or suffer to exist any lien upon the Collateral, whether now owned or hereafter acquired, except for Permitted Liens. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 15 of 39 

 8.2 Acquisitions, Mergers, etc. Without Lender’s consent, which will not be
unreasonably withheld, conditioned or delayed, Borrower will not become a party to a merger or consolidation, or purchase or otherwise acquire all or a substantial part of the assets of any Person or any shares or other evidence of beneficial
ownership of any Person, nor will Borrower dissolve, liquidate, or cease operations, except for (i) Permitted Acquisitions and (ii) any merger or consolidation of or by (x) any Borrower with or into any other Borrower, or (y) any
wholly-owned Subsidiary into a Borrower so long as such merger or consolidation does not result in a Material Adverse Effect. 
 8.3
Disposition of Assets. Without Lender’s prior written consent, which will not be unreasonably withheld, conditioned or delayed, Borrower will not allow any of the Collateral to be sold, leased, exchanged, assigned, transferred, or
otherwise conveyed, except for Permitted Dispositions. 
 8.4 Debt. Without the prior written consent of Lender, which will not be
unreasonably withheld, conditioned or delayed, Borrower will not create, incur, assume, or suffer any indebtedness to exist, except for: 

(a) Obligations and indebtedness payable to Lender; 

(b) debt secured by liens permitted by clause (f) of the definition of “Permitted Liens”, and refinancings and extensions
of any such debt, provided that (i) such debt when incurred shall not exceed the purchase price of the asset(s) financed, and (ii) no such debt shall be refinanced for a principal amount in excess of the principal balance outstanding
thereon at the time of such refinancing; 
 (c) other purchase money financing of Equipment for use in Borrower’s business provided
such financing is not in excess of $1,000,000.00 in the annual aggregate; 
 (d) indebtedness to any Person that pursuant to a
Subordination Agreement to be entered into by and among Lender and others is subordinate to Borrower’s Obligations to Lender; 

(e) unsecured trade accounts payable to trade creditors incurred in the ordinary course of business; 

(f) hedging obligations for bona fide hedging purposes and not for speculation; 

(g) unsecured debt described on Schedule 8.4 and refinancings and extensions of any such unsecured debt if the representations,
warranties, covenants, events of default and other material terms and conditions thereof are not materially less favorable to the obligor thereon or to the Lender than the unsecured debt being refinanced or extended, and the average life to maturity
thereof is greater than or equal to that of the unsecured debt being refinanced or extended, provided, such unsecured debt permitted under this clause (g) shall not (i) include debt of an obligor that was not an obligor with respect
to the indebtedness being extended, renewed, or refinanced or (ii) exceed in a principal amount the unsecured debt being renewed, extended or refinanced; 

(h) indebtedness in respect of and in effect on the date hereof set forth on Schedule 8.4 and other capital
leases not to exceed $1,000,000 in the aggregate; 
 (i) indebtedness owing to a Person that is a Borrower; 

(j) indebtedness incurred in the ordinary course of business owed to any Person providing property, casualty, liability or other insurance
to the Borrower, including to finance insurance premiums, so long as the amount of such indebtedness is not in excess of the amount of the unpaid costs of, and shall be incurred only to defer the cost of, such premiums; 

(k) indebtedness incurred to finance a Permitted Acquisition not to exceed $500,000.00; 

(l) indebtedness payable to a Specified Subsidiary so long as, before and giving effect to the incurrence of such debt on a pro forma
basis, Borrower is in compliance with the financial covenants set forth in Article VII; 
 (m) obligations in
connection with any Factoring Facility; 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 16 of 39 

 (n) indebtedness of any Person acquired by Borrower pursuant to a Permitted
Acquisition; 
 (o) indebtedness arising from judgments or decrees not deemed to be a Default or Event of Default; and 

(p) other unsecured debt so long as, before and giving effect to the incurrence of such debt on a pro forma basis, Borrower is in
compliance with the financial covenants set forth in Article VII. 
 8.5 International Cash Transfers.
Without the prior written consent of Lender, which will not be unreasonably withheld, conditioned or delayed, Borrower will not utilize in excess of 50% of the cash balance advanced under the Operating Note for Borrower’s or any
Subsidiary’s international businesses for trade or operating purposes. 
 8.6 Distributions. Without Lender’s consent,
which will not be unreasonably withheld, conditioned or delayed, Borrower will not: (a) declare, make, or pay any distribution, whether in cash, any other property or assets, or obligations of Borrower, to any of Borrower’s shareholders;
(b) [omitted]; or (c) make any other distributions to its officers, directors, or members by reduction of capital or otherwise in respect of their existing Capital Securities in any of the Borrower, other than: 

(i) each Borrower other than Manitex International may pay cash distributions to its Parent; and 

(ii) each Borrower may declare and make distributions payable in the Capital Securities of such Borrower, provided that the issuance of
such Capital Securities does not otherwise violate the terms of this Credit Agreement and no Default or Event of Default has occurred and is continuing at the time of making such distribution or would result from the making of such distribution;
provided, however, that such Capital Securities shall not require any preferred return payable in cash or contain any put or similar provisions requiring the repurchase of such Capital Securities by Manitex International. 

8.7 Capital Expenditures. Without Lender’s consent, which shall not be unreasonably withheld, conditioned or delayed, Borrower
will not incur, nor will Borrower permit, any capital expense, excluding capital expenses incurred for the purchase of equipment or rolling stock to be used in Borrower’s business, in excess of $2,500,000.00. 

8.8 Transactions with Affiliates. Except as set forth on Schedule 8.8, without Lender’s consent, which will not be
unreasonably withheld, conditioned or delayed, Borrower will not enter into any transaction, including, without limitation, the purchase, sale, or exchange of property or the rendering of any service with any Affiliate of Borrower or permit any
Affiliate to enter into any transaction, including, without limitation, the purchase, sale, or exchange of property or the rendering of any service with any Affiliate, except transactions in the ordinary course of and pursuant to the reasonable
requirements of the Borrower’s or the Affiliate’s business and upon fair and reasonable terms no less favorable to Borrower or the Affiliate than it would obtain in a comparable arms-length transaction with a Person not an Affiliate of
Borrower, other than: 
 (i) advances to employees, officers and directors of a Borrower for travel and other expenses arising in the
ordinary course of such Borrower’s business; 
 (ii) loans to officers and employees in an aggregate principal amount not to exceed
$500,000 at any time outstanding, so long as the proceeds of such loans (a) constitute travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, or (b) are used by such officers
and employees to purchase equity interests in a Borrower; 
 (iii) intercompany loans permitted by Section 8.4; 

(iv) repurchase of Capital Securities in Manitex International held by employees in amounts necessary to pay applicable withholding taxes;

 (v) transactions with a Specified Subsidiary consistent with past practices; 

(vi) guarantees of indebtedness of a Specified Subsidiary; and 

(vii) down-payments or deposits on purchases incurred in the ordinary course of business. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 17 of 39 

 8.9 Reserved. 

8.10 Guaranty. Without Lender’s consent, which will not be unreasonably withheld, conditioned or delayed, Borrower will not
guarantee, endorse, or otherwise become surety for any obligation of others, except by endorsement of negotiable instruments for the deposit or collection in the ordinary course of business. Notwithstanding the foregoing, Borrower is permitted to
guarantee obligations (i) in connection with any Factoring Facility and (ii) of any Specified Subsidiary. 
 8.11 Speculative
Position. Without the prior written consent of Lender, which will not be unreasonably withheld, conditioned or delayed, Borrower will not use any advances under the Loans to purchase, assume, or hold a speculative position in any futures
contract. 
 8.12 Reserved. 

8.13 Change of Name. Etc. Without at least 10 days’ prior written notice to Lender, Borrower will neither change Borrower’s
name nor entity status, or use any trade name or engage in any business not reasonably related to, or which is a reasonable expansion or extension of, Borrower’s business as presently conducted. Borrower will notify Lender immediately of a
change in Borrower’s chief executive office or location and a change in any matter warranted or represented by Borrower in this Credit Agreement. 

IX. DEFAULT 
 9.1
Events of Default. Each of the following will be deemed an “Event of Default”: 
 (a) (i) Borrower fails to pay, when
due, any payment of principal payable under the Notes or any other Loan Document or any part thereof, or (ii) Borrower fails to pay, when due, any payment of interest under the Notes or any other Loan Document or any part thereof and such
failure continues for five (5) Business Days; 
 (b) Any representation, warranty, or certification made or deemed made by Borrower (or
any of its respective officers) in any Loan Document or in any certificate, report, notice, or financial statement furnished at any time in connection with any Loan Document is false, misleading, or erroneous in any material respect when made or
deemed to have been made (which is not cured or waived within ten (10) Business Days after Borrower’s receipt of notice thereof); 

(c) Borrower fails to perform, observe, or comply with any covenant, agreement, or term contained within this Credit Agreement or any other
Loan Document, which is not cured within thirty (30) days after the earlier to occur of either (i) the date upon which Borrower has knowledge of such default or (ii) the date upon which notice thereof is given to the Borrower by
Lender; 
 (d) Any Borrower: (i) applies for or consents to the appointment of, or the taking of possession by, a receiver, custodian,
trustee, examiner, liquidator, or the like of itself or of all or a substantial part of its property; (ii) makes a general assignment for the benefit of its creditors; (iii) commences a voluntary case under the United States Bankruptcy
Code as now or hereafter in effect; (iv) institutes any proceeding or files a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, liquidation, dissolution,
winding-up, or composition or readjustment of debts; (v) fails to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the
Bankruptcy Code; (vi) admits in writing its inability to, or be generally unable to pay its debts as the debts become due; or (vii) takes any corporate action for the purpose of affecting any of the foregoing; 

(e) Any Collateral Document for any reason ceases to create a valid and perfected first priority security interest in any of the Collateral
purported to be covered thereby; 
 (f) Any Loan Document ceases to be in full force and effect; is declared null and void; or the validity
or enforceability is contested by Borrower 
 (g) Any Subordination Agreement entered into among Lender and a third-party creditor of
Borrower ceases to be in full force and effect; is declared null and void; or the validity or enforceability is contested by Borrower; 
 (h)
Reserved; 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 18 of 39 

 (i) Borrower fails to pay or perform any other obligation, liability or indebtedness to any
other Person which could reasonably be expected to result in a Material Adverse Effect and such failure continues for 30 days after Borrower’s receipt of notice thereof; 

(j) The dissolution or termination of all Borrowers’ existence (provided that the dissolution or termination of Manitex International
shall constitute an Event of Default hereunder whether or not any other Borrower dissolves or terminates its existence); 
 (k) Reserved;

 (l) Reserved; 
 (m) There
occurs a Change of Control; and 
 (n) There is entered against Borrower one or more final judgments or orders for the payment of money that
is not covered by independent third-party insurance as to which the insurer does not unreasonably dispute coverage which would reasonably be expected to result in a Material Adverse Effect. 

9.2 Remedies for Defaults. If an Event of Default shall have occurred and be continuing, Lender may, at its option, commence any remedy
available under the Loan Documents or applicable law. 
 9.3 Right and Remedies with Respect to Collateral. In addition, if an Event
of Default shall have occurred and be continuing, Lender may, at its option: (a) take possession or control of, store, lease, operate, manage, sell, or instruct any Agent or Broker to sell or otherwise dispose of, all or any part of the
Collateral; (b) notify all parties under any account or contract right forming all or any part of the Collateral to make any payments otherwise due to Borrower directly to Lender; (c) in Lender’s own name, or in the name of Borrower,
demand, collect, receive, sue for, and give receipts and releases for, any and all amounts due under such accounts and contract rights; (d) endorse as the agent of Borrower any check, note, chattel paper, documents, or instruments forming all
or any part of the Collateral; (e) make formal application for transfer to Lender (or to any assignee of Lender or to any purchaser of any of the Collateral) of all of Borrower’s permits, licenses, approvals, agreements, and the like
relating to the Collateral or to Borrower’s business; (f) take any other action which Lender deems necessary or desirable to protect and realize upon its security interest in the Collateral; and (g) in addition to the foregoing, and
not in substitution therefore, exercise any one or more of the rights and remedies exercisable by Lender under any other provision of this Credit Agreement, under any of the other Loan Documents, or as provided by applicable law. Lender shall not be
liable for, nor be prejudiced by, any loss, depreciation, or other damages to the Collateral, unless caused by Lender’s willful and malicious act. Lender shall have no duty to take any action to preserve or collect the Collateral. 

If an Event of Default shall have occurred and be continuing, Lender shall be entitled to immediate possession of all books and records
evidencing any Collateral and it or its representatives shall have the authority to enter upon any premises upon which any of the same, or any Collateral, may be situated and remove the same therefrom without liability. If an Event of Default shall
have occurred and be continuing, Lender may surrender any insurance policies in the Collateral and receive the unearned premium thereon. Borrower will be entitled to any surplus and will be liable to Lender for any deficiency. Borrower specifically
understands and agrees that any sale by Lender of all or part of the Collateral pursuant to the terms of this Credit Agreement may be effected by Lender at times and in manners that could result in the proceeds of such sale as being significantly
and materially less than might have been received if such sale had occurred at different times or in different manners, and Borrower hereby releases Lender and its officers and representatives from and against any and all obligations and liabilities
arising out of or related to the timing or manner of any such sale. 
 9.4 Proceeds. The proceeds from any disposition of the
Collateral shall be used to satisfy the following items in the order they are listed: (a) The expenses of taking, removing, storing, repairing, holding, maintaining and selling the Collateral and otherwise enforcing the rights of Lender under
the Loan Documents, including any legal costs and reasonable attorneys’ fees; (b) The expense of liquidating or satisfying any liens, security interests, or encumbrances on the Collateral which may be prior to the security interest of
Lender that Lender, at its option, elects to satisfy; (c) Any unpaid fees, accrued interest and other sums due Lender with respect to Loan Documents, and then the unpaid principal amount of the Loans and any remaining Obligations outstanding;
and (d) Any amounts in excess of the foregoing shall be paid to Borrower. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 19 of 39 

 9.5 Deficiency. To the extent the proceeds realized from the disposition of the
Collateral shall fail to satisfy any of the foregoing items, Borrower will remain liable to pay any deficiency to Lender. 
 9.6
Continuing Event of Default. Any Event of Default capable of being remedied will exist and therefore continue until Lender has been provided evidence satisfactory to it that the Event of Default has been remedied. Any Event of Default not
capable of being remedied will exist and therefore continue until waived by Lender. 
 9.7 Selective Enforcement. Lender may elect to
selectively, and successively, enforce its rights under the Loan Documents. In the event Lender elects to selectively enforce its rights under any one or more of the Loan Documents or other instruments securing payment of the Notes, the action will
not be deemed a waiver or discharge of any other lien or encumbrances securing payment of the Notes until such time as Lender has been paid in full all sums owing to Lender. 

9.8 Cumulative Remedies. No failure on the part of Lender to exercise and no delay in exercising any right hereunder will operate as a
waiver thereof, nor will any single or partial release by Lender of any right hereunder preclude any other or further right or the exercise thereof or the exercise of any other right provided under the Loan Documents or at law. The remedies herein
provided are cumulative and not alternative. 
 9.9 Waiver of Covenants. At the discretion of Lender, a fee may be charged for any
waiver of any covenant provided by this Credit Agreement. 
 9.10 Performance by Guarantor. It shall not be deemed an Event of
Default under this Credit Agreement as to any of the Borrower’s Obligations if such Obligations are paid or performed by any Person that is a guarantor of such Obligations. 

X. MISCELLANEOUS 
 10.1
Expenses. Borrower hereby agrees to pay on demand: (a) all reasonable and documented costs and expenses actually incurred by Lender in connection with the preparation, negotiation, execution, and delivery of, this Credit Agreement and
the other Loan Documents executed in connection herewith, including, without limitation, the reasonable fees and expenses of legal counsel, advisors, consultants, and auditors for Lender, and Lender agrees that expenses of legal counsel will be
limited to $35,000.00 in connection with the preparation, negotiation, execution and delivery of this Credit Agreement and the other Loan Documents executed in connection herewith; (b) all reasonable and documented costs and expenses actually
incurred by Lender in connection with the preparation, negotiation, execution, and delivery of, any and all amendments, modifications, renewals, extensions, and supplements to this Credit Agreement and the other Loan Documents executed in connection
with any such amendment, modification, renewal, extension, and supplement; (c) all reasonable and documented costs and expenses actually incurred by Lender in connection with any Event of Default and the enforcement of this Credit Agreement or
any other Loan Document, including, without limitation, the fees and expenses of legal counsel, advisors, consultants, and auditors for Lender; (d) all transfer, stamp, documentary, or other similar taxes, assessments, or charges levied by any
governmental authority in respect of this Credit Agreement or any of the other Loan Documents (which such costs, expenses, assessments and other charges are included within the foregoing $35,000.00 cap in subsection (a)); (e) all costs,
expenses, assessments, and other charges actually incurred by Lender in connection with any filing, registration, recording, or perfection of any lien or security interest contemplated by this Credit Agreement or any other Loan Document; and
(e) all other reasonable and documented costs and expenses actually incurred by Lender (including, without limitation, legal costs, fees and expenses) in connection with any litigation, dispute, suit, proceeding or action related to:
(i) this Credit Agreement or any other Loan Document; (ii) the enforcement of Lender’s rights and remedies; and (iii) the protection of Lender’s interests in bankruptcy, insolvency or other legal proceedings, including,
without limitation, all costs, expenses, and other charges incurred in connection with evaluating, observing, collecting, examining, auditing, appraising, selling, liquidating, or otherwise disposing of the Collateral or other assets of Borrower,
and Borrower agrees to promptly reimburse Lender for all amounts expended, advanced or incurred by Lender to satisfy any obligation of Borrower under this Credit Agreement or any Collateral Document. 

10.2 Lender Not Fiduciary. The relationship between Borrower, on one hand, and Lender, on the other hand, is solely that of debtor and
creditor, and Lender has no fiduciary or other special relationship with Borrower, and no term or condition of any of the Loan Documents shall be construed so as to deem the relationship between Borrower and Lender to be other than that of debtor
and creditor. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 20 of 39 

 10.3 Equitable Relief. Borrower recognizes that in the event Borrower fails to pay,
perform, observe, or discharge any or all of Borrower’s Obligations or indebtedness to Lender, any remedy at law may prove to be inadequate relief to Lender. Borrower therefore agrees that Lender shall be entitled to temporary and permanent
injunctive relief in any such case without the necessity of proving actual damages. 
 10.4 No Waiver; Cumulative Remedies. No
failure on the part of Lender to exercise and no delay in exercising, and no course of dealing with respect to, any right, remedy, power, or privilege under this Credit Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, power, or privilege under this Credit Agreement preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The rights and remedies provided for in this Credit
Agreement and the other Loan Documents are cumulative and not exclusive of any rights and remedies provided by law. 
 10.5 Successors
and Assigns. This Credit Agreement will be binding upon and inure to the benefit of the parties hereto, and the Affiliates of Lender that are owed Obligations and their respective successors and assigns. Borrower may not assign or transfer any
of its rights or obligations hereunder without the prior written consent of Lender. 
 10.6 Survival. All representations and
warranties made in any Loan Document or in any document, statement, or certificate furnished in connection with any Loan Document will survive the execution and delivery of the Loan Documents and no investigation by Lender or any closing will affect
the representations and warranties or the right of Lender to rely upon them. 
 10.7 Amendments. No amendment or waiver of any
provision of any Loan Document to which Borrower is a party, nor any consent to any departure by Borrower therefrom will in any event be effective unless the same is agreed or consented to in writing by Lender, any participating banks, or
associations, and Borrower; and each such waiver or consent will be effective only in the specific instance and for the specific purpose for which given. 

10.8 Maximum Interest Rate. (a) No interest rate specified in any Loan Document will at any time exceed the maximum rate of
interest allowed by applicable law (the “Maximum Rate”). If at any time the interest rate for any Obligation will exceed the Maximum Rate, thereby causing the interest accruing on the Obligation to be limited to the Maximum Rate,
then any subsequent reduction in the interest rate for the Obligation will not reduce the rate of interest on the Obligation below the Maximum Rate until the aggregate amount of interest accrued on the Obligation equals the aggregate amount of
interest that would have accrued on the Obligation if the interest rate for the Obligation had at all times been in effect; and (b) no provision of any Loan Document will require the payment or the collection of interest in excess of the
Maximum Rate. If any excess of interest in this such respect is hereby provided for, or will be adjudicated to be so provided, in any Loan Document or otherwise in connection with this loan transaction, the provisions of this Section will govern and
prevail and neither Borrower nor any sureties, guarantor, successors, or assigns of Borrower will be obligated to pay the excess amount of the interest or any other excess sum paid for the use, forbearance, or detention of sums loaned pursuant
hereto. In the event Lender ever receives, collects, or applies as interest any such sum, the amount that would be in excess of the maximum amount permitted by applicable law will be applied as a payment and reduction of the principal of the
Obligations; and, if the principal of the Obligations has been paid in full, any remaining excess will forthwith be paid to Borrower for their account. In determining whether or not the interest paid or payable exceeds the Maximum Rate, Borrower and
Lender will, to the extent permitted by applicable law: (i) characterize any non-principal payment as an expense, fee, or premium rather than as interest; (ii) exclude voluntary prepayments and the
effects thereof; and (iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the Obligations so that interest for the entire term does not exceed the
Maximum Rate. 
 10.9 Notices. Unless otherwise expressly provided herein, all notices and other communications provided for
hereunder shall be in writing (including by electronic mail transmission) and mailed or delivered, to the address or, subject to the last sentence hereof, electronic mail address specified for notices below the signatures hereon or to such other
address as shall be designated by such party in a notice to the other parties. All such other notices and other communications shall be deemed to have been given or made upon the earliest to occur of: (a) actual receipt by the intended
recipient; or (b) (i) if delivered by hand or courier, when signed for by the designated recipient; (ii) if delivered by mail, three (3) Business Days after deposit in the mail, postage prepaid; and (iii) if delivered by
electronic mail (which form of delivery is subject to the provisions of the last sentence below) when delivered; provided, however, that notices and other communications pursuant to Article II shall not be effective until actually received by
Lender. Electronic mail and intranet websites may be used only to distribute routine communications, such as financial statements and other information, and to distribute Loan Documents for execution by the parties thereto and may not be used for
any other purpose. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 21 of 39 

 10.10 Participations and Assignments. 

(a) Borrower may not assign any of its rights, duties or obligations under this Credit Agreement, the other Loan Documents, or the Notes
without the prior consent of Lender and any prohibited assignment shall be absolutely void ab initio. 
 (b) Lender may assign to one or more
Eligible Assignees (including, at the option of Lender, any Affiliate or Subsidiary of Borrower) all or a portion of its rights and obligations under this Credit Agreement. Any such assignment will become effective as of the date provided therein
upon the execution and delivery to Lender of the assignment agreement and, if applicable, Borrower. Promptly after receipt of an executed assignment agreement, Lender shall send to Borrower a copy of such executed assignment agreement. Upon the
effectiveness of any assignment pursuant to this Section, the assignee will become a “Lender” if not already a “Lender” for all purposes of this Credit Agreement and the Loan Documents. The assignor shall be relieved of its
obligations hereunder from and after the effective date thereof to the extent of such assignment (and if the assigning Lender (other than Amarillo National Bank) no longer holds any rights or obligations under this Credit Agreement, such assigning
Lender shall cease to be a “Lender” hereunder). For the avoidance of doubt, notwithstanding any assignments permitted hereunder, Borrower shall only be required to deal with Amarillo National Bank. 

(c) Lender may transfer, grant, or assign participations in all or any part of such Lender’s interests hereunder pursuant to this Section
to any Person (including, at the option of Lender, any Affiliate or Subsidiary of Borrower). In the case of any such participation, the participant shall not have any rights under this Credit Agreement or any of the Loan Documents (the
participant’s rights against the granting Lender in respect of such participation to be those set forth in the agreement with such Lender creating such participation), and all amounts payable by Borrower hereunder shall be determined as if such
Lender had not sold such participation. 
 (d) Lender may furnish any information concerning Borrower in the possession of Lender from time
to time to permitted assignees and participants (including prospective permitted assignees and participants) and Borrower hereby expressly consents to Lender’s disclosure of such information; provided, however, that prospective permitted
assignees and participants shall agree to maintain such information in confidence. 
 (e) Notwithstanding anything in this Credit Agreement
to the contrary, Lender may assign and pledge all or any of its interest in the Loans to any Federal Reserve Bank. No such assignment and/or pledge shall release the assigning and/or pledging Lender from its obligations hereunder. 

10.11 Governing Applicable Law; Venue. THIS CREDIT AGREEMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA WITHOUT REGARD TO ANY CONFLICT OF LAW PRINCIPLES. Borrower hereby irrevocably: (a) agrees that any action or proceeding
arising out of or in connection with any of the Loan Documents shall be brought in the applicable state court in Potter County, Texas, or in the United States District Court that encompasses such county; (b) submits to the nonexclusive
jurisdiction of such courts with respect to any such action or proceeding; and (c) waives any objection it or they may now or hereafter have as to the venue of any such action or proceeding brought in any such court or that any such court is an
inconvenient forum. 
 10.12 Severability. Any provision of any Loan Document held by a court of competent jurisdiction to be invalid
or unenforceable will not impair or invalidate the remainder of any Loan Document and the effect thereof will be confined to the provision held to be invalid or unenforceable. 

10.13 Headings. The headings, captions, and arrangements used in this Credit Agreement are for convenience only and will not affect the
interpretation of this Credit Agreement. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 22 of 39 

 10.14 Rules of Interpretation. In this Credit Agreement, unless the context indicates
otherwise: (a) the singular includes the plural and the plural the singular; (b) words importing any gender include the other gender; (c) any reference to a time of day means local time in Amarillo, Texas; (d) references to
“writing” include printing, typing, lithography, facsimile reproduction, electronic mail, and other means of reproducing words in a tangible visible form; (e) the words “approval” and “consent”
will be deemed to be followed by the phrase “which will not be unreasonably withheld, unreasonably conditioned, or unduly delayed,” except when context otherwise requires; (f) the words “including,”
“includes,” and “include” will be deemed to be followed by the words “without limitation;” (g) references to Articles, Sections, or Exhibits are to Articles, Sections, or Exhibits of or to this
Credit Agreement unless otherwise indicated; (h) references to other documents will include all exhibits and appendices attached to those documents and all subsequent amendments and other modifications to those documents, but only to the extent
the amendments and other modifications are not prohibited by the terms of this Credit Agreement; (i) references to Persons include their respective successors and permitted assigns; and (j) captions of Articles and Sections contained in
this Credit Agreement are inserted only as a matter of convenience and for reference, and in no way define, limit, extend, describe, or otherwise affect the scope of meaning of this Credit Agreement or the intent of any provision of this Credit
Agreement. 
 10.15 Construction. Borrower and Lender acknowledge hereby that each of them has had the benefit of legal counsel of
its own choice and has been afforded an opportunity to review the Loan Documents with its legal counsel and that the Loan Documents will be construed as if jointly drafted by the parties thereto. 

10.16 Accounting Terms and Financial Determinations. Unless otherwise specified herein as GAAP, all accounting terms used in any Loan
Document will be interpreted, and all account determinations and computations under any Loan Document will be made in accordance with standard accounting procedures customarily used in the Borrower’s industry. 

10.17 Independence of Covenants. All covenants under the Loan Documents will be given independent effect so that if a particular action
or condition is not permitted by any of the covenants, the fact that it would be permitted by an exception to, or be otherwise within the limitations of, another covenant will not avoid the occurrence of an Event of Default in accordance with the
applicable provision if the action is taken or the condition exists. 
 10.18 Waiver of Damages. To the fullest extent permitted by
applicable Laws, Borrower hereby knowingly, voluntarily, and intentionally waives any right they may have to claim or recover any punitive, SPECIAL, INDIRECT, or consequential damages, or any damages other than, or in addition to, direct or actual
damages. In regard to such waiver, Borrower hereby acknowledges that as a result of such waiver it hereby agrees knowingly, voluntarily, and intentionally to not assert, any claim against Lender, on any theory of liability, for recovery of any
punitive, SPECIAL, INDIRECT, or consequential damages, or any damages other than, or in addition to, direct or actual damages, that in any manner arise out of, in connection with, or as a result of, this Credit Agreement, any other Loan Document or
any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, including the Notes, or the use of the proceeds thereof. 

10.19 Entire Credit Agreement. This written Credit Agreement and the other Loan Documents constitute the entire agreement between
Lender and the other parties to the loan documents concerning the subject matter contained in this Credit Agreement and the other Loan Documents and supersede as of the date hereof all prior agreements between Lender and the other parties to the
Loan Documents and may not be contracted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements among the parties. 

10.20 Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND
EXPRESSLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY OR THE
ACTIONS OF LENDER IN THE NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT THEREOF. 
 10.21 Imaging of Loan Documents. Borrower
understands and agrees that (a) Lender’s document retention policy may involve the electronic imaging of executed Loan Documents and the destruction of the paper originals, and (b) Borrower waives any right that they may have to claim
that the imaged copies of this Credit Agreement, any amendment thereto, or of any of the other Loan Documents are not originals. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 23 of 39 

 10.22 Notice of Final Agreement. THIS WRITTEN CREDIT AGREEMENT AND THE LOAN DOCUMENTS
EXECUTED IN CONNECTION HEREWITH REPRESENT THE FINAL CREDIT AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES. 
 10.23 Controlling Document. To the extent that a Loan Document conflicts with or is in any way incompatible with this
Credit Agreement, the terms of this Credit Agreement shall control, and if this Credit Agreement does not specifically address an issue, then the Loan Document that deals most specifically with such issue shall control. 

10.24 Patriot Act Notice. Lender hereby notifies Borrower that pursuant to the requirements of the Patriot Act, it is required to
obtain, verify and record information that identify Borrower, which information includes the names and addresses of Borrower and other information that will allow Lender to identify Borrower in accordance with the Patriot Act. 

10.25 Counterparts. This Credit Agreement (and any other of the Loan Documents executed in connection with Credit Agreement) may be
separately executed in any number of counterparts, each of which will be an original, but all of which, taken together, will be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Credit
Agreement by facsimile machine, electronic mail, or other electronic transmission will be considered for all purposes as a delivery of an original counterpart signature page and will be effective as delivery of a manually executed counterpart of
this Credit Agreement. This Credit Agreement will become effective when it shall have been executed by each party hereto. 
 (Counterpart
signature pages appear as the following pages) 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 24 of 39 

 Joseph Doolan’s Counterpart Signature Page 

This Credit Agreement is executed and intended to be effective as of the Effective Date. 

 

							
	BORROWER:	 		 		 	MANITEX INTERNATIONAL, INC., a Michigan corporation
				
		 		 	By:	 	/s/ Joseph Doolan
		 		 		 	Joseph Doolan, Chief Financial Officer
				
		 		 		 	MANITEX, INC., A Texas Corporation
				
		 		 	By:	 	/s/ Joseph Doolan
		 		 		 	Joseph Doolan, Treasurer
				
		 		 		 	MANITEX, LLC, a Delaware limited liability company
				
		 		 	By:	 	/s/ Joseph Doolan
		 		 		 	Joseph Doolan, Treasurer
				
		 		 		 	RABERN HOLDCO, INC., a Delaware corporation
				
		 		 	By:	 	/s/ Joseph Doolan
		 		 		 	Joseph Doolan, Treasurer
				
		 		 		 	RABERN RENTALS, LLC, a Delaware limited liability company
				
		 		 	By:	 	/s/ Joseph Doolan
		 		 		 	Joseph Doolan, Treasurer
				
		 		 		 	Address for Notice:
		 		 		 	9725 Industrial Drive
		 		 		 	Bridgeview, Illinois 60455
		 		 		 	Attention: Joe Doolan, CFO
		 		 		 	Tel:     708-237-2066
		 		 		 	Email: jdoolan@manitex.com
				
		 		 		 	With a copy to:
				
		 		 		 	Bryan Cave Leighton Paisner LLP
		 		 		 	211 N Broadway, Suite 3600
		 		 		 	Attention: Joe Robertson
				
		 		 		 	Tel: 314-259-2031
		 		 		 	Email: joe.robertson@bclplaw.com

 (Counterpart signature pages continue on the following page) 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 25 of 39 

 David Langevin’s Counterpart Signature Page 

This Credit Agreement is executed and intended to be effective as of the Effective Date. 

 

							
	BORROWER:	 		 		 	MANITEX SABRE, INC., a Michigan corporation
				
		 		 	By:	 	/s/ David Langevin
		 		 		 	David Langevin Executive Chairman
				
		 		 		 	CRANE AND MACHINERY, INC., an Illinois corporation
				
		 		 	By:	 	/s/ David Langevin
		 		 		 	David Langevin, Executive Chairman
				
		 		 		 	CRANE AND MACHINERY LEASING, INC., an Illinois corporation
				
		 		 	By:	 	/s/ David Langevin
		 		 		 	David Langevin, Executive Chairman
				
		 		 		 	Address for Notice:
		 		 		 	9725 Industrial Drive
		 		 		 	Bridgeview, Illinois 60455
		 		 		 	Attention: Joe Doolan, CFO
		 		 		 	Tel:     708-237-2066
		 		 		 	Email: jdoolan@manitex.com
				
		 		 		 	With a copy to:
				
		 		 		 	 Bryan Cave Leighton Paisner LLP
 211 N Broadway,
Suite 3600

		 		 		 	St. Louis, Missouri 63102
		 		 		 	Attention: Joe Robertson
		 		 		 	Tel: 314-259-2031
		 		 		 	Email: joe.robertson@bclplaw.com

 (Counterpart signature pages continue on the following page) 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 26 of 39 

 Lender’s Counterpart Signature Page 

This Credit Agreement is executed and intended to be effective as of the Effective Date. 

 

							
	LENDER:	 		 		 	AMARILLO NATIONAL BANK, a national banking association
				
		 		 	By:	 	/s/ Julio Jauregui
		 		 		 	Julio Jauregui, Senior Vice President
				
		 		 		 	Address for Notice:
		 		 		 	5300 Bee Caves Road, Building 2
		 		 		 	West Lake Hills, Texas 78746
		 		 		 	Tel:     (512) 502-2907
		 		 		 	Email: julio.jauregui@anb.com

 (Exhibit “A” appears on the following page) 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 27 of 39 

 Exhibit “A” 

COMPLIANCE CERTIFICATE 

Date: __________________ 
  

	To:	 Amarillo National Bank, a national banking association 

Reference is made to that certain [________], 2022 Commercial Credit Agreement entered into by and among Manitex International, Inc., a Michigan corporation,
Manitex Sabre, Inc., a Michigan corporation, Manitex, Inc., a Texas corporation, Manitex, LLC, a Delaware limited liability company, Badger Equipment Company, a Minnesota corporation, Crane and Machinery, Inc., an Illinois corporation, Crane and
Machinery Leasing, Inc., an Illinois corporation, Rabern Holdco, Inc., a Delaware corporation, and Rabern Rentals, LLC, a Delaware limited liability company (collectively, the “Borrower”), and Amarillo National Bank, a national
banking association (the “Lender”) (as amended, the “Credit Agreement”). The capitalized terms used herein are used as defined in the Credit Agreement unless a different definition is given herein. 

The undersigned hereby certifies to Lender as of the date hereof that he/she: (a) is authorized by Borrower to submit this Semiannual Compliance
Certificate; and (b) the following are true and correct: 
 1. The period of time covered by this Compliance Certificate is ____________
until ____________ (the “Computation Period”). 
 2. Borrower’s Monthly Financial Statements and Audited Annual
Statements for the Computation Period (just ended) are attached hereto. 
 3. Borrower during the Computation Period has delivered to Lender
the required Monthly Financial Statements, Borrowing Base Reports, Inventory Reports, A/R Reports, tax returns, and all other information required by Section 6.1 of the Credit Agreement. 

4. As of the date hereof, Borrowers has [has not] complied with the financial covenants set forth in the Credit Agreement, as follows: 

 

	 	(a)	 Borrower’s Debt Service Coverage Ratio at all times in the
12-month period prior to the end of the current Computation Period has been of at least 1.25:1.00: 

☐ TRUE; ☐ FALSE (if False see explanation in paragraph 5 below). 

 

	 	(b)	 Borrower’s Minimum Net Worth at the end of the Computation Period measures not less than $80,000,000.00:

 ☐ TRUE; ☐ FALSE (if False see explanation in paragraph 5 below). 

 

	 	(c)	 Borrower has made no Distributions during the Computation Period: 

☐ TRUE; ☐ FALSE (if False see explanation in paragraph 5 below). 

 

	 	(d)	 Borrower has not during the Computation Period used in excess of 50% of the cash balance advanced under the
Operating Note to international businesses for trade or operating purposes: 

 ☐ TRUE; ☐ FALSE
(if False see explanation in paragraph 5 below). 
 5. The undersigned has reviewed and is familiar with the Credit Agreement, and
understands the Credit Agreement in all respects, and has made, or has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial and/or otherwise) of Borrowers during the Computation Period and to
Borrower’s knowledge, Borrowers has performed and observed each of the covenants and conditions of the Credit Agreement and other Loan Documents in all material respects and no Event of Default has occurred or is continuing, except the
following:                         
  

 
  

 
 6. The representations and warranties
contained in Article V of the Credit Agreement, and the negative covenants contained in Article VIII of the Credit Agreement, as well as all representations, representation, and covenants made by Borrowers or any other Person in any of the other
Loan Documents, to Borrower’s knowledge are true and correct in all material respects on and as of the date hereof, except to the extent such representations and warranties specifically refer to an earlier date, in which case they are true and
correct in all material respects as of such earlier date. 
 The undersigned has executed this Semiannual Compliance Certificate as of
________________________. 
  

			
	 MANITEX INTERNATIONAL, INC., a Michigan

corporation, MANITEX SABRE, INC., a Michigan

corporation, MANITEX INC., a Texas corporation, 

MANITEX, LLC, a Delaware limited liability

company, BADGER EQUIPMENT COMPANY, a

Minnesota corporation, CRANE AND

MACHINERY, INC., an Illinois corporation, 

CRANE AND MACHINERY LEASING, INC., an

Illinois corporation, RABERN HOLDCO, INC., a

			
		 	

  
 COMMERCIAL
CREDIT AGREEMENT–Page 28 of 39 

 
			
		 	 Delaware corporation, and RABERN RENTALS, 

LLC, a Delaware limited liability company

		
	 By:
	 	 
		 	________________, Authorized Representative

 (Exhibit “B” appears on the following page) 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 29 of 39 

 Exhibit “B-1” 

BORROWING BASE REPORT1 

Date:    __________________ 
  

																	
	 Collateral Description
	  	Amount	 	  	Advance	 	 	Value	 
	 1.
	  	Funds in Borrower’s Accounts:	  	$	                 	 	  	 	100	% 	 	$	                 	 
	 2.
	  	Eligible Accounts Receivables (“A/R”):	  				  				 			
		  	(a)	  	Total Eligible AR:	  	$	                 	 	  	 	85	% 	 	$	                 	 
	 3.
	  	Raw Materials:	  	$	                 	 	  	 	80	% 	 	$	                 	 
	 4.
	  	Works in Progress:	  	$	                 	 	  	 	50	% 	 	$	                 	 
	 5.
	  	Finished Goods:	  	$	                 	 	  	 	75	% 	 	$	                 	 
	 6.
	  	Sub-Total Borrowing Base (Sum of Lines 1, 2(a), 3, 4, and 5):	  
	  				 	$	                 	 
		  	Debt Description	  				  				 			
	 7.
	  	Less: Sub-Total Obligations:	  				  	 	Multiple	 	 			
		  	(a)	  	Operating Note – P&I outstanding:	  				  	 	100	% 	 	$	                 	 
		  	(b)	  	Overdrafts in Borrower’s Account:	  				  	 	100	% 	 	$	                 	 
		  	(c)	  	Accounts Payable (U.S. Operations)	  				  	 	50	% 	 	$	                 	 
		  	(d)	  	CIBC Bank USA Account	  				  	 	100	% 	 	$	                 	 
	 8.
	  	Net Borrowing Base - (Sub-Total Borrowing Base minus Sub-Total Obligations):	  				  				 	$	                 	 
		  	(“Borrowing Base Equity” if positive i.e. amount available for advance, and “Borrowing Base Deficit” if negative)	  				  				 			

 The undersigned hereby certifies to Lender that this Borrowing Base Report is true and correct in all respects. 

 

					
		 	MANITEX INTERNATIONAL, INC., a Michigan corporation, MANITEX SABRE, INC., a Delaware corporation,
MANITEX, INC., a Texas corporation, MANITEX, LLC, a Delaware limited liability company, BADGER EQUIPMENT COMPANY, a
Minnesota corporation, CRANE AND MACHINERY, INC., an Illinois corporation, CRANE AND MACHINERY LEASING,
INC., an Illinois corporation, RABERN HOLDCO, INC., a Delaware corporation, and RABERN RENTALS, LLC, a Delaware limited liability
company
		
	By	 	 
		 	Printed Name:                            
		 	Title:
                                         
 

 All determinations in connection with the Borrowing Base Report will be originally made by Borrower and certified to
Lender. Lender, however, will have the final right to review and adjust, in its Permitted Discretion, any such determination, including without limitation, adjustment of any specific factor or factors that relate to the amount of the Borrowing Base
Equity or to any categories in the Borrowing Base Report. 
 If at any time from and after the Effective Date, the
“Sub-Total Obligations” exceed the “Sub-Total Borrowing Base”, Borrower will immediately notify Lender of such fact, and will
immediately pay to Lender the amount necessary to reduce the aggregate unpaid balance of the Operating Note to or below the limit imposed by the Borrowing Base Report. Under no circumstances will Lender be required to make advances under any of the
Loans if the aggregate unpaid balance of the Operating Note exceed the limits imposed by the Borrowing Base Report, or if there is an existing Event of Default under this Credit Agreement or any of the Loan Documents. If at any time the Sub-Total Obligations exceed the Sub-Total Borrowing Base then to the extent of the excess, a “Borrowing Base Deficit” exists and in that event, immediately
upon any determination of a Borrowing Base Deficit, whether by notice from Lender or otherwise, Borrower will provide to Lender the plan (formulated by Borrower) to cure such Borrowing Base Deficit. In the event such plan to cure is acceptable to
Lender (in its Permitted Discretion); Borrower may be permitted by 
  

	1 	 Initially defined terms used in this Borrowing Base Report are defined as set forth in the Credit Agreement or
in the other Loan Documents, or as more particularly defined in the Addendum to Borrowing Base Report attached hereto and made a part hereof by this reference. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 30 of 39 

 
Lender to cure the Borrowing Base Deficit as set forth in the plan approved by Lender. In the event Borrower’s plan to cure the Borrowing Base Deficit is not acceptable to Lender, Lender
will be free to declare an Event of Default and proceed with any available remedy as a result of such Event of Default unless, within one (1) Business Day, Borrower shall make a payment to Lender in an amount equal to the Borrowing Base
Deficit. 
 (Addendum to Borrowing Base Report appears on the following page) 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 31 of 39 

 ADDENDUM TO BORROWING BASE REPORT 

The following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the
terms defined) with respect to the Borrowing Base Report or as sometimes referred to as the “Borrowing Base Collateral”. Lender reserves the sole right in its Permitted Discretion to determine the eligibility or ineligibility of any
Item for inclusion as Borrowing Base Collateral in the Borrowing Base Report. 
 1. The term “Funds in Borrower’s
Account” means Borrower’s cash and cash equivalents on deposit with Lender, that is, Borrower’s collected funds on deposit with Lender (excluding all book overdrafts in any such account as of the date of the calculation of the Net
Borrowing Base). Notwithstanding the foregoing, cash and cash equivalents on deposit with other financial institutions may be included in the definition of this term from April 11, 2022 until October 11, 2022. 

2. The term “Eligible Accounts Receivables” means, at any time, all of Borrower’s accounts which contain terms and
conditions are acceptable to Lender in its Permitted Discretion and in which Lender has a first lien security interest, less the amount of all returns, discounts, credits, and offsets of any nature; provided, however, unless otherwise agreed to by
Lender in writing, Eligible Accounts Receivable do not include: (a) accounts receivables with respect to which the account debtor is an officer, an employee or agent of Borrower and to which the account debtor is a Subsidiary of, or an
Affiliate with, or related to the Borrower or its members, officers, or directors, except that account receivables by Borrower, an guarantor, or any Affiliate thereof, shall be considered an Eligible Account provided said account receivable has been
incurred on fair and reasonable business terms no less favorable to such account debtor than would otherwise be available in a comparable arms-length transaction with any Person unrelated to Borrower or to guarantor and such account receivable is
not otherwise excluded; (b) all accounts receivables with respect to which Borrower has furnished a payment and/or performance bond and that portion of any accounts for or representing retainage, if any, until all prerequisites to the immediate
payment of such retainage have been satisfied; (c) accounts receivables with respect to which goods are placed on consignment or subject to a guaranteed sale or other terms by reason of which the payment by the account debtor may be
conditional; and (d) accounts receivables of any account debtor who has filed or has had filed against it a petition in bankruptcy or an application for relief under any provision of any state or federal bankruptcy, insolvency, or debtor-in-relief acts; or who has had appointed a trustee, custodian, or receiver for the assets of such account debtor; or who has made an assignment for the benefit of
creditors or has become insolvent or fails generally to pay its debts (including its payrolls) as such debts become due. 
 3. The term
“Raw Materials” means Borrower’s property that is utilized in the manufacture of Borrower’s products for sale or lease. All Raw Materials will be valued at the lower of cost or market value as determined by Lender in its
Permitted Discretion. To be “eligible” for inclusion in the Borrowing Base Report as Borrowing Base Collateral, Lender must have a first priority security interest against all such Raw Materials. Notwithstanding the foregoing, in no event
will the value of the Raw Materials for purposes of the Borrowing Base calculation exceed $25,000,000.00. 
 4. The term “Works in
Progress” means Borrower’s manufactured products that are not complete and ready for sale or lease. All Works in Progress will be valued at the lower of cost or market value as determined by Lender in its Permitted Discretion. To be
“eligible” for inclusion in the Borrowing Base Report as Borrowing Base Collateral, Lender must have a first priority security interest against all such Works in Progress. 

5. The term “Finished Goods” means Borrower’s Inventory of Borrower’s completed products which are sellable or
leasable in Borrower’s ordinary course of business, consistent with past practice. All Finished Goods will be valued at the lower of cost or market value as determined by Lender in its Permitted Discretion. To be “eligible” for
inclusion in the Borrowing Base Report as Borrowing Base Collateral, Lender must have a first priority security interest against all such Finished Goods. 

6. The term “CIBC Bank USA Account” means deposit account number 2533502 maintained at CIBC Bank USA having a balance not to
exceed $575,000.00. 
 7. The term “Sub-Total Borrowing Base” means the sum of
items 1 – 5 consisting of the aggregate value of all Borrowing Base Collateral. Any item of Borrowing Base Collateral may be included in the Total Borrowing Base in only a single category of Borrowing Base Collateral. 

8. The term “Sub-Total Obligations” means the sum of: (a) the outstanding
principal balance and accrued unpaid interest on the Operating Note; plus (b) the amount of overdrafts in Borrower’s account with Lender; plus (c) accounts payable for Borrowers’ United States operations; plus (d) the amount
held in the CIBC Bank USA Account. 
 9. The term “Net Borrowing Base” means the remainder of: (a) the Sub-Total Borrowing Base; less (b) the Sub-Total Obligations, that is, if such remainder is positive (i.e., the “Borrowing Base Equity”) then the amount
is what is available for advance under the Operating Note, subject to the maximum available credit limitation set forth therein; and if such remainder is negative (i.e., the “Borrowing Base Deficit”) then Lender will not be under
any circumstances required to make any advance under the Operating Note. 
 (Exhibit
“B-2” follows on next page) 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 32 of 39 

 Exhibit “B-2” 

BORROWING BASE REPORT2 

Date:    __________________ 
  

															
	 	 	 Collateral Description
	  	Amount	 	  	Advance	 	 	Value	 
	1.	 	Funds in Borrower’s Account:	  	$	_____________	 	  	 	100	% 	 	$	____________	 
	2.	 	 Eligible Accounts Receivables (“A/R”):
	  				  				 			
		 	(a) Total Eligible AR:	  	$	_____________	 	  	 	75	% 	 	$	____________	 
	3.	 	Equipment and Inventory:	  	$	_____________	 	  	 	75	% 	 	$	____________	 
	4.	 	Sub-Total Borrowing Base (Sum of Lines 1, 2(a), and 3):	  				  				 			
		 	Debt Description	  				  				 	$	____________	 
	5.	 	Less: Sub-Total Obligations:	  				  	 	Multiple	 	 			
		 	(a) Holdco Operating Note – P&I outstanding:	  				  	 	100	% 	 	$	____________	 
		 	(b) Overdrafts in Borrower’s Account:	  				  	 	100	% 	 	$	____________	 
		 	(c) Accounts Payable	  				  	 	50	% 	 	$	____________	 
	6.	 	Net Borrowing Base—(Sub-Total Borrowing Base minus Sub-Total Obligations):	  				  				 	$	____________	 
		 	(“Borrowing Base Equity” if positive i.e. amount available for advance, and “Borrowing Base Deficit” if negative)	  				  				 			

  

			
	The undersigned hereby certifies to Lender that this Borrowing Base Report is true and correct in all respects.
		
		  	MANITEX INTERNATIONAL, INC., a Michigan corporation, MANITEX SABRE, INC., a Delaware corporation, MANITEX,
INC., a Texas corporation, MANITEX, LLC, a Delaware limited liability company, BADGER EQUIPMENT COMPANY, a Minnesota corporation,
CRANE AND MACHINERY, INC., an Illinois corporation, CRANE AND MACHINERY LEASING, INC., an Illinois
corporation, RABERN HOLDCO, INC., a Delaware corporation, and RABERN RENTALS, LLC, a Delaware limited liability company
		
	By:	  	                                      
                              
		  	Printed
Name:                                      

		  	Title:                                     
               

 All determinations in connection with the Borrowing Base Report will be originally made by Borrower and certified to Lender.
Lender, however, will have the final right to review and adjust, in its Permitted Discretion, any such determination, including without limitation, adjustment of any specific factor or factors that relate to the amount of the Borrowing Base Equity
or to any categories in the Borrowing Base Report. 
 If at any time from and after the Effective Date, the
“Sub-Total Obligations” exceed the “Sub-Total Borrowing Base”, Borrower will immediately notify Lender of such fact, and will
immediately pay to Lender the amount necessary to reduce the aggregate unpaid balance of the Holdco Operating Note to or below the limit imposed by the Borrowing Base Report. Under no circumstances will Lender be required to make advances under any
of the Loans if the aggregate unpaid balance of the Holdco Operating Note exceed the limits imposed by the Borrowing Base Report, or if there is an existing Event of Default under this Credit Agreement or any of the Loan Documents. If at any time
the Sub-Total Obligations exceed the Sub-Total Borrowing Base then to the extent of the excess, a “Borrowing Base Deficit” exists and in that event,
immediately upon any determination of a Borrowing Base Deficit, whether by notice from Lender or otherwise, Borrower will provide to Lender the plan (formulated by Borrower) to cure such Borrowing Base Deficit. In the event such plan to cure is
acceptable to Lender (in its Permitted Discretion); Borrower may be permitted by Lender to cure the Borrowing Base Deficit as set forth in the plan approved by Lender. In the event Borrower’s plan to cure the Borrowing Base Deficit is not
acceptable to Lender, Lender will be free to declare an Event of Default and proceed with any available remedy as a result of such Event of Default unless, within one (1) Business Day, Borrower shall make a payment to Lender in an amount equal
to the Borrowing Base Deficit. 
 (Addendum to Borrowing Base Report appears on the following page) 

 
  

	2 	 Initially defined terms used in this Borrowing Base Report are defined as set forth in the Credit Agreement or
in the other Loan Documents, or as more particularly defined in the Addendum to Borrowing Base Report attached hereto and made a part hereof by this reference. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 33 of 39 

 ADDENDUM TO BORROWING BASE REPORT 

The following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the
terms defined) with respect to the Borrowing Base Report or as sometimes referred to as the “Borrowing Base Collateral”. Lender reserves the sole right in its Permitted Discretion to determine the eligibility or ineligibility of any
Item for inclusion as Borrowing Base Collateral in the Borrowing Base Report. 
 1. The term “Funds in
Borrower’s Account” means Holdco’s and Rabern’s cash and cash equivalents on deposit with Lender (excluding all book overdrafts in any such account as of the date of the calculation of the Net Borrowing
Base). Notwithstanding the foregoing, cash and cash equivalents on deposit with other financial institutions may be included in the definition of this term from April 11, 2022 until October 11, 2022. 

2. The term “Eligible Accounts Receivables” means, at any time, all of Holdco’s and Rabern’s accounts which contain
terms and conditions are acceptable to Lender in its Permitted Discretion and in which Lender has a first lien security interest, less the amount of all returns, discounts, credits, and offsets of any nature; provided, however, unless otherwise
agreed to by Lender in writing, Eligible Accounts Receivable do not include: (a) accounts receivables with respect to which the account debtor is an officer, an employee or agent of Borrower and to which the account debtor is a Subsidiary of,
or an Affiliate with, or related to the Borrower or its members, officers, or directors, except that account receivables by Borrower, an guarantor, or any Affiliate thereof, shall be considered an Eligible Account provided said account receivable
has been incurred on fair and reasonable business terms no less favorable to such account debtor than would otherwise be available in a comparable arms-length transaction with any Person unrelated to Borrower or to guarantor and such account
receivable is not otherwise excluded; (b) all accounts receivables with respect to which Borrower has furnished a payment and/or performance bond and that portion of any accounts for or representing retainage, if any, until all prerequisites to
the immediate payment of such retainage have been satisfied; (c) accounts receivables with respect to which goods are placed on consignment or subject to a guaranteed sale or other terms by reason of which the payment by the account debtor may
be conditional; and (d) accounts receivables of any account debtor who has filed or has had filed against it a petition in bankruptcy or an application for relief under any provision of any state or federal bankruptcy, insolvency, or debtor-in-relief acts; or who has had appointed a trustee, custodian, or receiver for the assets of such account debtor; or who has made an assignment for the benefit of
creditors or has become insolvent or fails generally to pay its debts (including its payrolls) as such debts become due. 
 3. The term
“Equipment and Inventory” means equipment and inventory held primarily for rent or sale in the ordinary course of business of Holdco’s and Rabern’s business subject to a first lien security interest in favor of Lender,
provided, however, unless otherwise agreed to by Lender in writing, Equipment and Inventory does not include equipment or inventory: (a) located outside the United States, (b) constituting consigned inventory, (c) the sale or rental
of such equipment and inventory would not result in an Eligible Accounts Receivable, (d) that is subject to a Lien in favor of any other creditor, including any Permitted Lien, and (e) is not otherwise satisfactory to Lender as determined
in its Permitted Discretion. For the purposes of valuing Equipment and Inventory, such value shall be the lower of cost or market value as determined by Lender in its Permitted Discretion. 

4. The term “Sub-Total Borrowing Base” means the sum of items 1 – 3 consisting
of the aggregate value of all Borrowing Base Collateral. Any item of Borrowing Base Collateral may be included in the Total Borrowing Base in only a single category of Borrowing Base Collateral. 

5. The term “Sub-Total Obligations” means the sum of: (a) the outstanding
principal balance and accrued unpaid interest on the Holdco Operating Note; plus (b) the amount of overdrafts in Borrower’s account with Lender. 

6. The term “Net Borrowing Base” means the remainder of: (a) the Sub-Total
Borrowing Base; less (b) the Sub-Total Obligations, that is, if such remainder is positive (i.e., the “Borrowing Base Equity”) then the amount is what is available for advance under the
Holdco Operating Note, subject to the maximum available credit limitation set forth therein; and if such remainder is negative (i.e., the “Borrowing Base Deficit”) then Lender will not be under any circumstances required to make any
advance under the Holdco Operating Note. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 34 of 39 

 Schedule 1 

Permitted Liens 
  

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED

PARTY
	  	 FINANCING
STATEMENT

NO.
	  	 FILING

DATE
	  	 COLLATERAL

DESCRIPTION

	Rabern Rentals, LP	  	Texas Secretary of State	  	 Blue Mountain Equipment, Inc.
 1800 S. Airport
Drive
 McKinney, TX 75069
	  	 07-0014060210

10-00167557 (amend.)
 12-00047649 (cont.)
 17-00043449 (amend.)

17-00043450 (cont.)
 17-00046139 (cont.)
 22-00056219 (cont.)
	  	 04/26/07
 06/10/10

02/14/12
 02/07/17

02/07/17
 02/09/17

02/04/22
	  	Stihl branded products, proceeds
						
	Rabern Rentals, LP	  	Texas Secretary of State	  	 De Lage Landen Financial Services, Inc.
 1111
Old Eagle School Road
 Wayne, PA 19087
	  	 08-0007143306

13-00016519 (cont.)
 18-00024081 (cont.)
	  	 02/28/08
 01/15/13

01/22/18
	  	Equipment and Inventory financed by Secured Party for Debtor and all accounts, contract rights, chattel paper, documents, general intangibles, payment intangibles and instruments arising from the sale, lease or rental of the
Equipment and Inventory (Two Komatsu Forklifts)
						
	Rabern Rentals, LP	  	Texas Secretary of State	  	 Caterpillar Financial Services Corporation
 2020
West End Ave.
 Nashville, TN 37203-0986
	  	 15-0035480046

20-00193561 (cont.)
	  	 11/05/15
 05/22/20
	  	All present and future types of goods acquired by the Debtor from the Secured Party, proceeds

  
 COMMERCIAL
CREDIT AGREEMENT–Page 35 of 39 

											
	 DEBTOR
	  	 JURISDICTION
	  	 SECURED

PARTY
	  	 FINANCING
STATEMENT

NO.
	  	 FILING

DATE
	  	 COLLATERAL

DESCRIPTION

	Rabern Rentals, LP	  	Texas Secretary of State	  	 Skyjack Equipment Services, Inc.
 2525
Enterprise Circle, Suite 1
 West Chicago, IL 60185
  

and
  

Skyjack Financial Services, Inc.
 207 N. Michigan Avenue, Suite
200
 Howell, MI 48843
	  	 16-0036452289

20-00237634 (amend.)
 21-00340984 (cont.)
	  	 11/07/16
 06/08/20

08/09/21
	  	PMSI interest in all inventory, equipment, fixtures, machinery, spare parts, and other goods manufactured or sold by Skyjack, Inc., etc., proceeds
						
	Rabern Rentals, LP	  	Texas Secretary of State	  	 First Capital Solutions, LLC
 P.O. Box 8467

Amarillo, TX 79114
	  	17-0009373777	  	03/21/17	  	2015, 2016 and 2017 Ditch Witches
						
	Rabern Rentals, LP	  	Texas Secretary of State	  	 Warren Power & Machinery, Inc.
 P.O.
Box 60662
 10325 Younger Rd.
 Midland, TX 79711
	  	17-0036580373	  	10/30/17	  	AA 140M3 ARO
						
	Rabern Rentals, LP	  	Texas Secretary of State	  	 TCF National Bank
 11100 Wayzata Blvd., Suite
801
 Minnetonka, MN 55305
	  	21-0008251776	  	03/03/21	  	Inventory financed by Secured Party, all insurance proceeds, rents, cash, accounts, instruments, chattel paper related thereto, proceeds
						
	Rabern Rentals, LP	  	Texas Secretary of State	  	 Compact Excavator Sales LLC
 P.O. Box 667

Elizabethtown, KY 42702
	  	21-0014009380	  	04/08/21	  	All present and future inventory of equipment now owned or hereafter acquired by the Debtor from Secured Party consisting of KATO Excavators, KATO Crawler Carriers, KATO Compact Track Loaders, Canycom Track Dumpers, cash, accounts
receivable, contract rights, leases, documents, instruments and chattel paper, proceeds

  
 COMMERCIAL
CREDIT AGREEMENT–Page 36 of 39 

 Schedule 5.8 

Insurance 
  

							
	 INSURER
	  	 POLICY TYPE
	  	 POLICY NUMBER
	  	 CURRENT POLICY PERIOD

	Sompco International – Endurance American Insurance Company	  	Excess Liability	  	DOX30012074200	  	October 13, 2021 to October 13, 2022
				
	Tokio Marine HCC – D&O Group	  	Directors, Officers and Corporate Liability	  	14-MGU-21-A52962	  	October 13, 2021 to October 13, 2022
				
	Travelers Casualty and Surety Company of America	  	Crime, Kidnap and Ransom Liability	  	105545841	  	October 13, 2021 to October 13, 2022
				
	Great American Insurance Group	  	Fiduciary Liability Insurance	  	FDP3120888	  	October 13, 2021 to October 13, 2022
				
	Sompco International – Endurance American Insurance Company	  	Management Assurance	  	EPP30002066501	  	October 13, 2021 to October 13, 2022

  
 COMMERCIAL
CREDIT AGREEMENT–Page 37 of 39 

 Schedule 8.4 

Indebtedness 
 Sale leaseback transaction
with respect to the Germantown, Texas facility. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 38 of 39 

 Schedule 8.8 

Transactions with Affiliates 
 None. 

  
 COMMERCIAL
CREDIT AGREEMENT–Page 39 of 39 

 Badger’s Counterpart Signature Page 

This Credit Agreement is executed and intended to be effective as of the Effective Date. 

 

							
	BORROWER:	 		 	BADGER EQUIPMENT COMPANY, a Minnesota corporation
				
		 		 	By:	 	/s/ Joseph Doolan
		 		 		 	Joseph Doolan, Treasurer
				
		 		 		 	Address for Notice:
		 		 		 	9725 Industrial Drive
		 		 		 	Bridgeview, Illinois 60455
		 		 		 	Attention: Joe Doolan, CFO
		 		 		 	Tel: 708-237-2066
		 		 		 	Email: jdoolan@manitex.com
				
		 		 		 	With a copy to:
				
		 		 		 	Bryan Cave Leighton Paisner LLP
		 		 		 	211 N Broadway, Suite 3600
		 		 		 	St. Louis, Missouri 63102
		 		 		 	Attention: Joe Robertson
		 		 		 	Tel: 314-259-2031
		 		 		 	Email: joe.robertson@bclplaw.com

  
 COMMERCIAL
CREDIT AGREEMENT– 
 SUPPLEMENTAL SIGNATURE PAGEEX-10.2

 Exhibit 10.2 

EMPLOYMENT AGREEMENT 
 THIS
EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the 11th day of April, 2022 (the “Effective Date”), by and between Michael Coffey (“Employee”) and Manitex International, Inc. a Michigan
corporation, whose address is 9725 S. Industrial Drive, Bridgeview, Illinois 60455 (the “Company”). 
 RECITALS 

WHEREAS, the Company is engaged in the business of the design, manufacturing, and sale of specialty equipment (the
“Business”). 
 WHEREAS, the Company desires to employ Employee as its Chief Executive Officer, and Employee desires
to be employed by the Company, upon the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the
mutual covenants and obligations contained herein, and intending to be legally bound, the parties, subject to the terms and conditions set forth herein, agree as follows: 

TERMS 
 1. Employment
Term. Subject to the terms and conditions set forth herein, the Company agrees to employ Employee, and Employee hereby accepts employment, as the Chief Executive Officer (“CEO”) of the Company and its subsidiaries (the
“Position”), for a term commencing on the Effective Date and ending on the date Employee’s employment is terminated as provided in Section 10 of this Agreement (such term, the “Employment Term”). Employee
shall be employed at will, and Employee’s employment may be terminated by either party at any time, with or without reason or cause. However, as described in this Agreement, Employee may be entitled to severance benefits upon a termination by
the Company without Cause (as defined below) or by Employee for Good Reason (as defined below). 
 2. Duties. During the Employment
Term, Employee shall serve the Company faithfully and to the best of Employee’s ability, shall devote Employee’s full attention, skill and efforts to the performance of the duties of the Position. Employee shall report to the
Company’s Board of Directors (the “Board”), and the Company shall nominate Employee to serve on the Board. Employee will render such business and professional services in the performance of his duties, consistent with
Employee’s position within the Company, as will reasonably be assigned to him by the Board. For the avoidance of doubt, Employee is employed to serve as the Company’s sole CEO and not as co-CEO.
During the Employment Term, Employee will devote Employee’s full business efforts and time to the Company and will use good faith efforts to discharge Employee’s obligations under this Agreement to the best of Employee’s ability. For
the duration of the Employment Term, Employee agrees not to actively engage in any other employment, occupation, or consulting activity for any direct or indirect remuneration without the prior approval of the Board; provided, that Employee may,
without the approval of the Board, serve in any capacity with any civic, educational, or charitable organization, provided such services do not materially interfere with Employee’s obligations to Company, as determined by the Company in its
reasonable judgment. 
 3. Other Business Activities. During the Employment Term, other than as provided in Section 2 above,
Employee will not engage in any other business activities or pursuits which are contrary to Employee’s responsibilities and obligations pursuant to this Agreement. 

 4. Compensation. 

 

	 	a.	 Base Salary. As of the Effective Date, the Company will pay Employee an annual salary of $400,000 as
compensation for his services (such annual salary, as is then effective, to be referred to herein as “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and be
subject to the usual, required withholdings. Employee’s salary will be reviewed annually by the Compensation Committee of the Board or any successor thereto (the “Committee”), in consultation with Employee, at the beginning of
each year on or about March 1, and adjustments may be made at the discretion of the Committee. Base Salary may be increased but may not be decreased except with Employee’s consent. 

 

	 	b.	 Annual Incentive. Employee will be eligible to receive annual cash incentives payable for the
achievement of performance goals established by the Committee in consultation with Employee (the “Annual Incentive”). Employee’s target Annual Incentive each year will be 200% of Base Salary. The actual earned Annual Incentive,
if any, payable to Employee for any performance period will depend upon the extent to which the applicable performance goal(s) specified by the Committee are achieved and will be decreased or increased accordingly, in accordance with the terms of
the Company’s incentive compensation program, as it may exist from time to time. Payment of Annual Incentive shall be made in the year following the Fiscal Year to which such bonus relates, and will be subject to normal and customary
withholdings. For the Company’s Fiscal Year 2022, Employee shall be guaranteed a minimum Annual Incentive equal to fifty percent (50%) of the target bonus for such year. 

 

	 	c.	 Equity. Subject to approval of the Compensation Committee of the Board, the Company shall grant Employee
the following inducement equity awards with respect to common stock of the Company (“Stock”): 

  

	 	i.	 one hundred thousand (100,000) restricted stock units, which shall vest
one-third on the first anniversary of the Effective Date, one-third on the second anniversary of the Effective Date and one-third
on the third anniversary of the Effective Date, subject to Employee’s continued service on each vesting date; 

  

	 	ii.	 options to purchase one hundred thousand (100,000) shares of Stock, which shall have an exercise price equal to
the closing price of the Stock on the grant date, and shall vest one-third on the first anniversary of the Effective Date, one-third on the second anniversary of the
Effective Date and one-third on the third anniversary of the Effective Date, subject to Employee’s continued service on each vesting date; 

 

	 	iii.	 four hundred and ninety thousand (490,000) restricted stock units, which will become vested to the extent that
the thirty-day moving average market price of the Stock reaches certain levels described on Exhibit A to this Agreement, subject to Employee’s continued service as of the achievement of each of the
performance conditions; and 

  

	 	iv.	 one hundred thousand (100,000) restricted stock units which will become vested upon a Change in Control (as
defined in the Company’s 2019 Equity Incentive Plan) in which the per share consideration for the Stock exceeds $10.00, subject to Employee’s continued service through the Change in Control. 

  
 2 

 All equity awards will be subject to the terms and conditions determined by the Compensation
Committee and the applicable forms of award agreement thereunder. 
  

	 	d.	 Equity Purchases. Employee agrees that he will purchase up to 25,000 shares of Stock on the open market,
in one or more tranches, as soon as practicable following the Effective Date. 

 5. Benefits. Employee shall be
entitled to those employee benefits which the Company from time to time generally make available to employees (“Benefits”) pursuant to the terms and conditions of the Company’s benefit plans and/or policies. The Benefits shall
initially include, without limitation: 
  

	 	a.	 Medical, dental, vision, and life and disability insurance and such other benefits as the Company may determine
from time to time. 

  

	 	b.	 Incentive, savings and retirement plans, practices, policies and programs applicable to Employees of the
Company, including 401(k), and stock matching. 

  

	 	c.	 Paid vacation time in accordance with the plans, practices, policies and programs applicable to Employees of
the Company at four weeks for each calendar year. 

  

	 	d.	 A monthly automobile expense allowance in the amount of $1,500. 

	 	

	 	e.	 An insurance annuity upon terms and conditions reasonably consistent with the Company’s past practice.

 6. Reimbursement of Business Expenses. Subject to such conditions as the Company may from time to time
determine, Employee shall be reimbursed for ordinary and reasonable documented expenses incurred by Employee in the performance of Employee’s duties under this Agreement. Employee shall also be reimbursed for cellular telephone and personal
data assistant costs and expenses as well as customary expenses relating to professional activities. 
 7. Confidentiality. 

 

	 	a.	 Duty. Employee recognizes and acknowledges that the Confidential Information (as hereinafter defined) is
a valuable, special and unique asset of the Company. As a result, both during and after the Employment Term, Employee shall not, without the prior written consent of the Company, for any reason, either directly or indirectly divulge to any third
party or use for Employee’s own benefit or for any purpose other than the exclusive benefit of the Company any confidential, proprietary, business or technical information or trade secrets of the Company or of any subsidiary or affiliate of the
Company (“Confidential Information”) revealed, obtained or developed in the course of Employee’s employment with the Company. Such Confidential Information shall include, but shall not be limited to, the intangible personal
property described in Section 8.b hereof, any information relating to methods of production, manufacture, service, research, specifications, computer codes, business, marketing and sales techniques and concepts, other data and materials used in
performing Employee’s duties (other than his personal contact list), costs, business studies, 

  
 3 

	 	
finances, marketing data, plans and efforts, the terms of contracts and agreements with customers, contractors and suppliers, litigation strategy and other Confidential Information relating to
litigation, the Company’s relationship with actual and prospective customers, contractors and suppliers and the needs and requirements of, and the Company’s course of dealing with, any such actual or prospective customers, contractors and
suppliers, personnel information, and any other materials that have not been made available to the industry; provided, that nothing herein contained shall restrict Employee’s ability to make such disclosures during the course of Employee’s
employment as may be necessary or appropriate to the effective and efficient discharge of the duties required by or appropriate for Employee’s Position or as such disclosures may be required by law; and further provided, that nothing herein
contained shall restrict Employee from divulging or using for Employee’s own benefit or for any other purpose any Confidential Information that is readily available to the general public so long as such information did not become available to
the general public as a direct or indirect result of Employee’s breach of this Section 7. 

  

	 	b.	 Defend Trade Secrets Act Provision. Notwithstanding any other provision of this Agreement, 18 U.S.C.
§1833(b) provides, in part: “(1) An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or
(B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal . . . . (2) An individual who files a lawsuit for retaliation by an employer for reporting a suspected
violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and
(B) does not disclose the trade secret, except pursuant to court order.” Nothing in this Agreement, any other agreement executed by Employee, or any Company policy, is intended to conflict with this statutory protection.

 8. Inventions and Property. 
  

	 	a.	 Title to Proprietary Information. All right, title and interest in and to proprietary information shall
be and remain the sole and exclusive property of the Company. During the Employment Term, Employee shall not remove from the Company’s offices or premises any documents, records, notebooks, files, correspondence, reports, memoranda or similar
materials of, or containing, proprietary or Confidential Information or other materials or property of any kind belonging to the Company, unless necessary or appropriate in accordance with the duties and responsibilities required by or appropriate
for Employee’s position, and, in the event that such materials or property are removed, all of the foregoing shall be returned to their proper files or places of safekeeping as promptly as possible after the removal. Notwithstanding the
foregoing, Employee may elect to purchase a Company-provided laptop computer, tablet computer or mobile telephone for its fair market value, as determined by the Company in its reasonable judgment, provided that Employee first delivers such device
to the Company so that the Company can remove all Confidential Information from the device. 

  
 4 

	 	b.	 Development of Intellectual Property. 

 

	 	i.	 Employee agrees that all right, title and interest in and to any innovations, designs, systems, analyses, ideas
for sales and marketing programs, customer contacts, and all copyrights, patents, trademarks and trade names, or similar intangible personal property which have been or are developed or created in whole or in part by Employee (A) at any time
and at any place during Employee’s employment with the Company and which, in the case of any or all of the foregoing, are related to and used in connection with the Business or any other business of the Company, (B) as a result of tasks
assigned to Employee by the Company or (C) from the use of premises or personal property (whether tangible or intangible) owned, leased or contracted for by the Company (collectively, the “Intellectual Property”), shall be and
remain forever the sole and exclusive property of the Company. Employee shall promptly disclose to the Company all Intellectual Property and Employee shall have no claim for additional compensation for the Intellectual Property.

  

	 	ii.	 Employee acknowledges that all the Intellectual Property that is copyrightable shall be considered a work made
for hire under United States Copyright Law. To the extent that any copyrightable Intellectual Property may not be considered a work made for hire under the applicable provisions of the United States Copyright Law, or to the extent that,
notwithstanding the foregoing provisions, Employee may retain an interest in any Intellectual Property that is not copyrightable, Employee hereby irrevocably assigns and transfers to the Company any and all right, title, or interest that Employee
may have in the Intellectual Property under copyright, patent, trade secret and trademark law, in perpetuity or for the longest period otherwise permitted by law, without the necessity of further consideration. The Company shall be entitled to
obtain and hold in their own name all copyrights, patents, trade secrets, and trademarks with respect thereto. 

  

	 	iii.	 Employee further agrees to reveal promptly all information relating to the same to an appropriate officer of
the Company and to cooperate with the Company and execute such documents as may be necessary or appropriate (A) in the event that the Company desires to seek copyright, patent or trademark protection, or other analogous protection, thereafter
relating to the Intellectual Property, and when such protection is obtained, to renew and restore the same, and (B) to defend any opposition proceedings in respect of obtaining and maintaining such copyright, patent or trademark protection, or
other analogous protection. 

  

	 	iv.	 Notwithstanding the foregoing, Employee shall have no obligation to assign an invention that qualifies for
fully for protection under 765 ILCS 1060/2, which currently states as follows: 

 Sec. 2. Employee rights to
inventions—conditions. 
 (1) A provision in an employment agreement which provides that an employee shall assign or offer to
assign any of the employee’s rights in an invention to the employer does not apply to an invention for which no equipment, supplies, facilities, or trade secret information of the employer was used and which was developed entirely on the
employee’s own time, unless (a) the invention relates (i) to the business of the employer, or (ii) to 

  
 5 

 
the employer’s actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by the employee for the employer. Any provision which
purports to apply to such an invention is to that extent against the public policy of this State and is to that extent void and unenforceable. The employee shall bear the burden of proof in establishing his invention qualifies under this subsection.

 (2) An employer shall not require a provision made void and unenforceable by subsection (1) of this Section as a
condition of employment or continuing employment. This Act shall not preempt existing common law applicable to any shop rights of employers with respect to employees who have not signed an employment agreement. 

(3) If an employment agreement entered into after January 1, 1984, contains a provision requiring the employee to assign any of the
employee’s rights in any invention to the employer, the employer must also, at the time the agreement is made, provide a written notification to the employee that the agreement does not apply to an invention for which no equipment, supplies,
facility, or trade secret information of the employer was used and which was developed entirely on the employee’s own time, unless (a) the invention relates (i) to the business of the employer, or (ii) to the employer’s
actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by the employee for the employer. 

9. Non-Competition and Non-Solicitation.  

 

	 	a.	 Non-Competition. During the Employment Term and for a period of
twelve (12) months thereafter (the “Restricted Period”), Employee shall not, within the Restricted Territory directly or indirectly, (a) own (in whole or in part), invest in, lend to or finance, or (b) provide any
services to, whether as director, officer, manager, employee, agent, contractor, consultant, joint-venturer or otherwise, any natural person or entity that sells or offers for sale any products or services that are the same as or substantially
similar to products or services sold or offered for sale by the Company. As used in this Agreement, the “Restricted Territory” shall mean the United States of America. Notwithstanding the foregoing, this Section 9(a) shall not
prevent Employee from owning five percent (5%) or less of the equity securities of any entity whose equity securities are listed on an internationally-recognized stock exchange, provided that Employee does not, directly or indirectly, participate in
the management of such entity or provide any services to such entity. 

  

	 	b.	 Customer Non-Solicitation. During the Restricted Period,
Employee shall not, directly or indirectly, except for the benefit of the Company, solicit or induce, or attempt to solicit or induce, any customer of the Company to terminate, reduce or otherwise alter to the detriment of the Company such
customer’s business relationship with the Company. 

  

	 	c.	 Employee Non-Solicitation. During the Restricted Period,
Employee shall not, directly or indirectly, except for the benefit of the Company, solicit or induce, or attempt to solicit or induce, any employee, contractor or consultant of the Company to terminate, reduce or otherwise alter to the detriment of
the Company such person’s business relationship with the Company. 

  
 6 

	 	d.	 Enforcement. Employee acknowledges that the time limitation, territorial restriction and restriction on
activities described herein are reasonable in scope and are appropriate to protect the Company’s trade secrets, goodwill and other protectable interests. Employee further acknowledges and agrees that Employee has received adequate consideration
for the restrictions described herein and that such restrictions will not prevent Employee from earning a living. Employee acknowledges and agrees that any material breach by Employee of any covenant in this Section 9 will cause the Company
irreparable injury and damage and that the Company shall therefore be entitled to, in addition to all other remedies available to it, injunctive and other equitable relief (without the necessity of posting a bond) to prevent or stop such breach and
to secure the enforcement of this Agreement. Should Employee breach any covenant in this Section 9, the Restricted Period shall be extended one day for each day of breach by Employee. Should a court or arbitrator of competent jurisdiction
determine that any restriction described herein is overly broad or otherwise unenforceable, in whole or in part, the parties agree that the court shall modify such restriction to the minimum extent necessary to render the restriction enforceable.

 10. Termination. 
  

	 	a.	 Termination Date: Employee’s employment with the Company shall terminate upon the effective date of
the earliest of the following to occur (the “Termination Date”): (i) Employee’s death, (ii) Employee’s Permanent Disability (as defined below), (iii) Employee’s termination of his employment for Good Reason (as
defined below), (iv) Employee’s termination of his employment without Good Reason, (v) the Company’s termination of Employee’s employment for Cause (as defined below), or (vi) the Company’s termination of
Employee’s employment Without Cause (as defined below). 

  

	 	b.	 Effective Dates. Termination of Employee’s employment with the Company shall be effective on the
following date: (i) if terminated as a result of death, on the date of death; (ii) if terminated as a result of Permanent Disability, on the date specified in the Disability Termination Notice (as defined below); (iii) if terminated as a
result of Employee’s resignation (whether for Good Reason or without Good Reason), on the date specified in a written notice delivered by Employee to the Company, which date shall be at least ninety (90) days following the date of such
written notice; and (iv) if terminated by the Company (whether for Cause or Without Cause), on the date specified in a written notice delivered by the Company to Employee. 

 

	 	c.	 Actions Following Notice. Upon the giving of any notice of termination by the Company or by Employee,
the Company may, at its sole discretion, require Employee to work from home or other remote location, relieve Employee of all or any part of Employee’s duties, place Employee on paid administrative leave, or any combination thereof, and no such
actions, alone or in combination, shall constitute Good Reason for termination. 

  

	 	d.	 Definition of Cause: As used in this Agreement, “Cause” shall mean:
(i) Employee’s admission of, or conviction of any act of fraud, embezzlement or theft against the Company or any of its subsidiaries; (ii) Employee’s plea of guilty or of no contest with respect to, admission of, or conviction
for, a felony or any crime involving moral turpitude, fraud, embezzlement, theft or misappropriation; (iii) Employee’s 

  
 7 

	 	
violation of the provisions set forth in Sections 7, 8 or 9; (iv) Employee’s misappropriation of the Company’s or any of its subsidiaries’ funds or a corporate opportunity by
Employee; (v) Employee’s negligence, willful or reckless conduct that has brought or is reasonably likely to bring the Company or any of its subsidiaries into public disgrace or disrepute or which has had or is reasonably likely to have a
materially adverse effect on the Business; (vi) any violation by Employee of any statutory or common law duty of loyalty to the Company or any of its subsidiaries; (vii) alcohol or substance abuse by Employee that interferes with the
performance of Employee’s duties; or (viii) any other material breach by Employee of this Agreement; provided, that the reasons described in clauses (iii), (vi), (vii) and (viii) shall constitute Cause only upon
Employee’s failure to correct such behavior prospectively within ten (10) days following written notice thereof from, or on behalf of the independent members of the Board of Directors of the Company, and further provided, that Cause
shall not include (x) bad judgment or negligence other than habitual neglect of duty, (y) any act or omission believed by Employee in good faith to have been in or not opposed to the interest of the Company (without intent of
Employee to gain therefrom, directly or indirectly, a profit to which Employee was not legally entitled); or (z) any act or omission with respect to which a determination could properly have been made that Employee met the applicable standard
of conduct for indemnification or reimbursement under the by-laws of the Company, any applicable indemnification agreement or the laws and regulations under which the Company is governed, in each case in
effect at the time of such act or omission. The exercise of the right of the Company to terminate Employee’s employment for Cause shall not abrogate any rights or remedies of the Company in respect of the action giving rise to such termination.

  

	 	e.	 Definition of Good Reason. As used in this Agreement, “Good Reason” shall mean the
occurrence of any of the following events without Employee’s prior written consent: (i) a material diminution in Employee’s base salary, (ii) a material diminution in Employee’s authority, duties, or responsibilities,
(iii) a requirement that Employee relocate his principal work location more than thirty (30) miles, or (iv) any other material breach of this Agreement by the Company; provided, that Good Reason shall not exist unless:
(x) Employee provides written notice to the Company within thirty (30) days after the first occurrence of the event alleged to constitute Good Reason, which notice describes the event and identifies it as “Good Reason” for
termination; (y) the Company fails to cure such event within thirty (30) days after its receipt of such notice; and (z) Employee terminates his employment within thirty (30) days after the expiration of such cure period.

  

	 	f.	 Definition of Without Cause. As used in this Agreement, a termination “Without Cause”
means a termination by the Company for any reason not specified in clauses (i) through (v) of Section 10.a. 

  

	 	g.	 Definition of Permanent Disability. As used in this Agreement, “Permanent Disability”
shall be deemed to exist upon the earlier of (i) the end of a six (6) consecutive month period during which, by reason of physical or mental injury or disease, Employee has been unable to perform substantially all of his usual and
customary duties under this Agreement or (ii) the date that a reputable physician selected by the Board, and as to whom Employee (or Employee’s legal representative in the event of Employee’s incapacity) has no reasonable objection,
determines in writing that Employee will, by reason of physical or mental injury or disease, be 

  
 8 

	 	
unable to perform substantially all of Employee’s usual and customary duties under this Agreement for a period of at least six (6) consecutive months. If any question arises as to
whether Permanent Disability exists, upon reasonable request therefore by the Board, Employee shall submit to reasonable medical examination for the purpose of determining the existence, nature and extent of any such disability. The Board shall
promptly give Employee written notice of any such determination of Employee’s disability and of any decision of the Board to terminate Employee’s employment by reason thereof on or after the date of such determination (such notice of
decision, a “Disability Termination Notice”). 

 11. Termination Payments.  

 

	 	a.	 Payments upon Termination. Upon the termination of Employee’s employment, Employee (or
Employee’s estate in the event of Employee’s death) shall be entitled to (i) payment of Employee’s Base Salary through the Termination Date, (ii) payment of any bonus earned but unpaid as of the Termination Date as
determined by the Board, (iii) payment for vacation accrued but unused as of the Termination Date, (iv) reimbursement of any business expenses incurred during the Employment Term and reimbursable as provided in Section 6 of this
Agreement, and (v) payment or provision of any benefits explicitly provided under the terms of any benefit plan, policy or program of the Company or as otherwise required by applicable law (collectively, the “Accrued
Payments”). Employee shall not be entitled to payment of severance or any other post-termination compensation except as expressly provided in Section 11.b or Section 11.c of this Agreement. 

 

	 	b.	 Severance. If Employee’s employment with the Company is terminated by the Company without Cause
(actually and not constructively), by Employee for Good Reason, or due to Permanent Disability, and provided that Employee complies with all of the Severance Conditions (as defined below), the Company shall provide to Employee, in addition to the
Accrued Payments, the following severance benefits (“Severance”): 

  

	 	i.	 continued payment of Employee’s Base Salary for a period of twelve (12) months after the Termination
Date (the “Severance Period”); provided, that the first such payment will be made on the first regularly-scheduled Company payroll date following the sixtieth (60th) day after the Termination Date (the “First Payment
Date”) and shall include all sums that would have been paid sooner had payments begun on the first payroll date after the Separation Date; and further provided, that, in the case of termination due to Permanent Disability, Base Salary
payable to Employee shall be reduced dollar-for-dollar by the amount of disability benefits paid to Employee in accordance with any disability policy or program of the
Company (the “Disability Offset”); 

  

	 	ii.	 payment of a sum equal to the average Annual Incentive paid to Employee in the three years immediately
preceding the Termination Date, pro-rated based upon the portion of the year during which Employee was employed prior to the Termination Date, which sum will be paid on the later of the First Payment Date or
the date when other annual incentives are paid for the year in which the Termination Date occurred; 

  
 9 

	 	iii.	 if Employee timely and properly elects health continuation coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”), the Company shall reimburse Employee for the monthly COBRA premium paid by Employee to continue coverage in effect as of the Termination Date under the Company’s medical, dental and vision
insurance plans for the Severance Period; provided, that, if the Company determines in its reasonable judgment providing such continued coverage would violate applicable law or result in taxes or other penalties to the Company, the Company may, at
its sole discretion, in lieu of providing such continued coverage, make taxable payments to Employee in an amount equal to the premiums Employee would be required to pay for such coverage (as determined by the Company in its reasonable judgment);
and provided further, however, that no payment pursuant to this clause (ii) shall be owed or made before the First Payment Date; and 

  

	 	iv.	 full vesting acceleration of any equity awards that are subject only to service-based vesting conditions (for
the avoidance of doubt, including the restricted stock units and stock options described in Sections 4.c.i and 4.c.ii hereof, but excluding the restricted stock units described in Sections 4.c.iii and 4.c.iv hereof) and that held by Employee as of
the Termination Date. 

  

	 	c.	 Conditions to Receipt of Severance. Notwithstanding any other provision of this Agreement, no Severance
shall be owed or paid unless Employee complies with all of the following conditions (the “Severance Conditions”): 

  

	 	i.	 Employee shall be in material compliance with all provisions of this Agreement; 

 

	 	ii.	 Employee shall execute and return to the Company a release in full of all claims against the Company and
related persons, in the form attached as Exhibit B to this Agreement (subject to reasonable modification to ensure a full and effective release, as determined by the Company in its reasonable judgment), that becomes effective and irrevocable
within sixty (60) days after the Termination Date; 

  

	 	iii.	 (A) Employee shall not malign or disparage the Company or its owners, directors, officers, managers,
employees, agents, products or services, and (B) the Company shall not malign or disparage Employee on or after the Termination Date; provided, however, that nothing in this Agreement shall prohibit any person from (x) giving truthful
testimony under oath in a judicial, administrative or arbitral proceeding, (y) making truthful statements to government officials in the performance of their duties, or (z) reporting violations of law to law enforcement officials.

  

	 	d.	 Mitigation. Employee will not be required to mitigate the amount of any payment contemplated by this
Agreement. In addition, except for the Disability Offset and the requirement of eligibility in Section 11(b)(ii), no compensation or benefits that Employee may receive from any other source will reduce any such payment. 

  
 10 

 12. Section 280G. If any of the payments or benefits received or to be received by
Employee (including, without limitation, any payment or benefits received in connection with a Change in Control or Employee’s termination of employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or
agreement, or otherwise) (all such payments collectively referred to herein as the “280G Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code and would, but for this
Section 12, be subject to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then prior to making the 280G Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below)
to Employee of the 280G Payments after payment of the Excise Tax to (ii) the Net Benefit to Employee if the 280G Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under
(i) above is less than the amount under (ii) above will the 280G Payments be reduced to the minimum extent necessary to ensure that no portion of the 280G Payments is subject to the Excise Tax. “Net Benefit” shall mean the
present value of the 280G Payments net of all federal, state, local, foreign income, employment, and excise taxes. Any reduction made pursuant to this Section 12 shall be made in a manner determined by the Company that is consistent with the
requirements of Section 409A. All calculations and determinations under this Section 12 shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the “Tax Counsel”) whose
determinations shall be conclusive and binding on the Company and Employee for all purposes. For purposes of making the calculations and determinations required by this Section 12, the Tax Counsel may rely on reasonable, good faith assumptions
and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company and Employee shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in order to
make its determinations under this Section 12. The Company shall bear all costs the Tax Counsel may reasonably incur in connection with its services. 

13. Indemnification; D&O Coverage. The Company shall indemnify Employee, to the maximum extent permitted by law, during and after
the termination of Employee’s employment, against any and all judgments, settlement payments, costs, attorney fees, and other reasonable expenses incurred by Employee in connection with the defense of any claim, action, suit or proceeding,
arising from events before or during the term of Employee’s employment to which Employee has been made a party because of Employee’s performance of his duties under this Agreement, or by way of inclusion, the execution of this Agreement;
provided, however, that no indemnification shall be owed or provided to the extent arising from acts or omissions of Employee that were not taken or omitted to be taken in good faith and with a reasonable basis to believe that such act or omission
was required by law or otherwise in the best interest of the Company. This right to indemnification shall be in addition to any rights that Employee may otherwise be entitled to under the Certificate of Incorporation or Bylaws of the Company as
applicable. The Company shall provide directors and officers insurance coverage to Employee on the same basis that it provides such coverage to other Company executives. 

14. Survival of Provisions. The provisions of this Agreement set forth in Sections 7, 8, 9, 10, 11, 13 and 20 hereof shall survive the
termination of Employee’s employment hereunder. 
 15. Successors and Assigns. This Agreement shall inure to the benefit of and
be binding upon the Company and its successors and assigns. This Agreement shall inure to the benefit of and be binding upon Employee and, and upon his death or incapacity, his heirs, executors, and legal representatives. The Company may assign this
Agreement to any parent, subsidiary, affiliated entity or successor in interest. Employee may not assign this Agreement, and any attempted assignment by Employee shall be null and void, except that Employee’s rights to compensation and benefits
pursuant to this Agreement may transfer by will or the laws of descent and distribution in the event of Employee’s death. 

  
 11 

 16. Notice. Any notice or communication required or permitted under this Agreement
shall be made in writing and shall be deemed given (a) on the date of personal delivery, (b) on the date delivered by UPS, FedEx or other national or international delivery service to the address shown below, or (c) on the third (3rd)
business day after it has been sent by certified or registered mail, return receipt requested, addressed as follows: 
 If to
Employee: 
 Michael Coffey 

7095 Round Road 

Cumming, GA 30040 

If to the Company: 

Chairman of the Compensation Committee 

Manitex International, Inc. 

9725 S. Industrial Drive 

Bridgeview, IL 60455 
 or to
such other address as either party may from time to time duly specify by notice given to the other party in the manner specified above. 

17. Entire Agreement; Amendments. This Agreement contains the entire agreement and understanding of the parties hereto relating to the
subject matter hereof, and supersedes all prior and contemporaneous discussions, agreements and understandings of every nature between the parties hereto relating to the employment of Employee with the Company. This Agreement may not be changed or
modified, except by an Agreement in writing signed by each of the parties hereto. 
 18. Waiver. The waiver of the breach of any term
or provision of this Agreement shall not operate as or be construed to be a waiver of any other or subsequent breach of this Agreement. 

19. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Illinois without giving
effect to the choice of law principles of any state. 
 20. Settlement of Disputes. Any claims, controversies, demands, disputes, or
differences between the parties hereto arising out of, or by virtue of, or in connection with, or relating to this Agreement, Employee’s employment relationship with the Company or termination of such employment relationship (including whether
such termination was for Cause or Good Reason or otherwise) shall be submitted to and settled by arbitration in Chicago, Illinois before a single arbitrator who shall be knowledgeable in the field of business law and employment relations and such
arbitration shall be in accordance with the employment arbitration rules of the American Arbitration Association (“AAA”) then in force. The parties agree to bear joint and equal responsibility for all fees of AAA and the arbitrator,
abide by any decision rendered as final and binding, and waive the right to submit the dispute to a public tribunal for a jury or non-jury trial. Notwithstanding the foregoing, either party may apply to any
court of competent jurisdiction to compel arbitration pursuant to this Section 20 and grant temporary or preliminary injunctive relief to preserve the status quo and prevent irreparable harm pending arbitration. 

21. Severability. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the validity of any other provision of this Agreement, and such provision(s) shall be deemed modified to the extent necessary to make it
enforceable. 

  
 12 

 22. Section Headings. The section headings in this Agreement are for convenience
only, and form no part of this Agreement and shall not affect its interpretation. 
 23. Specific Enforcement: Attorney Fees.
Employee acknowledges that the restrictions contained in Sections 7, 8 and 9 hereof are reasonable and necessary to protect the legitimate interests of the Company and its affiliates and that the Company would not have entered into this Agreement in
the absence of such restrictions. Employee also acknowledges that any breach by Employee of Sections 7, 8 and 9 hereof will cause continuing and irreparable injury to the Company for which monetary damages would not be an adequate remedy. Employee
shall not, in any action or proceeding to enforce any of the provisions of this Agreement, assert the claim or defense that an adequate remedy at law exists. In the event of such breach by Employee, the Company shall have the right to enforce the
provisions of Sections 7, 8 and 9 of this Agreement through securing injunctive or other relief without the necessity of posting a bond, and this Agreement shall not in any way limit remedies of law or in equity otherwise available to the Company.
If an action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to recover, in addition to any other relief, reasonable attorneys’ fees, costs and disbursements. 

24. Compliance with Section 409A. It is intended that all of the benefits and payments under this Agreement be
exempt from application of Section 409A of the Code (“Section 409A”), including under Treas. Reg. 1.409A-1(b)(4), 1.409A-1(b)(5)
and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions. If not so exempt, this Agreement (and any definitions hereunder) will be construed
in a manner that complies with Section 409A of the Code, and incorporates by reference all required definitions and payment terms. To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to
Employee under this Agreement for expenses shall be paid to Employee on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement during one year may not affect the
amounts reimbursable in any subsequent year. To the extent that the timing of the Severance Conditions spans two (2) calendar years, in no event will payments or benefits that constitute “deferred compensation” within the meaning of
Code Section 409A be paid prior to the first day of such second calendar year. Notwithstanding any other provision in this Agreement or in any other document, the Company shall not be responsible for the payment of any applicable taxes incurred
by Employee pursuant to this Agreement, including with respect to compliance pursuant to Section 409A. The Company makes no representation that any or all of the payments and benefits described in this Agreement will be exempt from or comply
with Section 409A. 
 25. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, and all of which together shall be deemed to be one and the same instrument. 
 [Signatures appear on following page]

  
 13 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the day and year
first written above. 
  

	
	“EMPLOYEE”
	 MICHAEL COFFEY

	
	 /s/ Michael Coffey

	 Michael Coffey

	
	 4/11/2022

	 Date

  

			
	“COMPANY”
	MANITEX INTERNATIONAL, INC
		
	By:	 	/s/ David Langevin
		 	David J. Langevin
	Title:	 	Chairman
	Date:	 	4/11/2022

  
 14 

 EXHIBIT A 

PERFORMANCE CONDITIONS: RESTRICTED STOCK UNITS 
  

					
	 Stock Price (1)
	  	RSUs Vested	 
	 $9.00
	  	 	40,000	 
	 $12.00
	  	 	50,000	 
	 $14.00
	  	 	60,000	 
	 $16.00
	  	 	70,000	 
	 $18.00
	  	 	80,000	 
	 $20.00
	  	 	90,000	 
	 $22.00
	  	 	100,000	 
		  	  
	  
	 
	 Total
	  	 	490,000	 
		  	  
	  
	 

  

	 	(1)	 Highest 30-day moving day average during prior 360 days, calculated on
a rolling basis. 

  
 15 

 EXHIBIT B 

FORM OF RELEASE 
 GENERAL
RELEASE 
 In exchange for the promises described in Section 11(b) of the Employment Agreement (the “Agreement”) between myself
and Manitex International, Inc.(the “Company”), I, for myself and my heirs, assigns and personal representatives, fully and completely release the Company and its parent, subsidiary and affiliated entities and all predecessors and
successors thereto, and all benefit plans thereof, and all of their shareholders, members, partners, directors, officers, managers, employees, attorneys, administrators and agents (each a “Releasee” and collectively the
“Releasees”) from any and all claims or causes of action that I may have against the Releasees, known or unknown, including claims or causes of action that relate in any way to my employment with the Company or any other Releasee or
the termination thereof, from the beginning of time through the date I sign this General Release (“Released Claims”), including but not limited to claims based on any of the following: 

(a) federal, state or local laws prohibiting discrimination (including harassment and retaliation) in employment, such as: (i) the Age
Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act, and Executive Order 11141, which prohibit discrimination based on age; (ii) Title VII of the Civil Rights Act of 1964, the Civil Rights Act of
1866 (42 U.S.C. § 1981), the Equal Pay Act, and Executive Order 11246, which prohibit discrimination based on race, color, national origin, religion, or sex; (iii) the Genetic Information Nondiscrimination Act, which prohibits
discrimination on the basis of genetic information; (iv) the Americans With Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; (v) the National Labor Relations
Act, which prohibits discrimination for engaging in certain concerted protected activity; (vi) the Occupational Safety and Health Act and the Mine Safety and Health Act, which prohibit discrimination for engaging in certain safety-related
activity; (vii) the Sarbanes Oxley Act, which prohibits discrimination for engaging in certain whistleblowing activity; and (viii) the Illinois Human Rights Act (775 ILCS 5/1 et seq.), which prohibits discrimination on many of the bases
described above; 
 (b) federal, state or local laws regarding wages and hours, including laws regarding minimum wage, overtime compensation,
wage payment, vacation pay, sick pay, compensatory time, commissions, bonuses, and meal and break periods wages, such as the Fair Labor Standards Act and the Illinois Wage Payment and Collection Act (820 ILCS 115/1 et seq.); 

(c) other employment laws, including but not limited to: (i) the Family and Medical Leave Act, which requires employers to provide leaves
of absence under certain circumstances; (ii) the Worker Adjustment and Retraining Notification Act (WARN), which requires advance notice of certain workforce reductions; (iii) the Employee Retirement Income Security Act, which protects
employee benefits (among other things); and (iv) the Uniformed Services Employment and Reemployment Rights Act, which requires employers to provide military leave under certain circumstances; or 

(d) any common law theory, including but not limited to breach of contract (expressed or implied), promissory estoppel, wrongful discharge,
outrageous conduct, defamation, fraud or misrepresentation, tortious interference, invasion of privacy, negligent hiring or supervision, or any other claims based in contract, tort or equity. 

  
 16 

 Notwithstanding the foregoing, I understand that the Released Claims do not include claims for breach of
Section 11(b) of the Agreement, claims that arise after I sign this General Release, claims for vested pension benefits, claims for workers’ compensation benefits or unemployment compensation benefits, and any other claims that cannot by
law be released by private agreement. In addition, this General Release does not prevent me from filing (i) a lawsuit to challenge the effectiveness of my release of claims of age discrimination under the ADEA; or (ii) a charge with a
governmental agency, including but not limited to the U.S. Equal Employment Opportunity Commission and the U.S. Securities and Exchange Commission (“SEC”), but I am waiving my right to recover any monetary or injunctive relief
pursuant to any such charge (except that this General Release does not prevent me from recovering a bounty or similar award for providing information to the SEC). 

I acknowledge and agree that I am releasing both known and unknown claims and waive the benefits of any statute purporting to prevent me from releasing
unknown claims, including, but not limited to protection of Cal. Civ. Code Section 1542, which states: 
 A GENERAL RELEASE DOES NOT
EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR
OR RELEASED PARTY. 
 By signing this General Release, I represent and warrant that: 

(a) I have no Released Claims pending against the Company or any other Releasee and have not assigned or transferred any Released Claim to
anyone; 
 (b) Except for the Severance defined in Section 11(b) of the Agreement, I have been timely paid all compensation owed for
services rendered through the Separation Date, including all salary, wages, bonuses, commissions, overtime compensation (if applicable) and payment for all accrued but unused vacation, and have timely received all meal periods and rest breaks to
which I may have been entitled; 
 (c) I have been fully reimbursed for all business expenses incurred by me for which I was entitled to
reimbursement; 
 (d) I did not suffer any work-related injury or illness as an employee of the Company or any other Releasee, and I am not
aware of any facts or circumstances that would give rise to a workers’ compensation claim by me against the Company or any other Releasee; and 

(e) I did not suffer any sexual harassment or sexual abuse as an employee of the Company or any other Releasee, and I am not aware of any facts
or circumstances that would give rise to such a claim by me against the Company or any other Releasee. 

  
 17 

 I acknowledge and agree that: 

(a) the consideration described in the Agreement is consideration to which I would not otherwise be entitled, but for my execution of this
General Release; 
 (b) I have been advised to consult with legal counsel about this General Release and have been given an opportunity to do
so; 
 (c) I have been given at least twenty-one (21) calendar days in which to consider this
General Release before signing it, any changes to this General Release did not restart the 21-day consideration period, and if I have signed this General Release in less than 21 days, I have done so
voluntarily;1 
 (d) I have not relied on any promises or representations of any kind,
except those set forth in the Agreement; and 
 (e) I have executed this General Release voluntarily, of my own free will, and without any
threat, intimidation or coercion. 
 I understand that I may revoke this General Release by delivering written notice of revocation to the Company by U.S.
Mail, delivery or email addressed as follows, which notice must be received not later than the seventh (7th) calendar day following my execution of this General Release, and this General Release shall not become effective until the seven-day revocation period has expired without revocation by me: 
 Manitex International, Inc. 

9725 S. Industrial Drive 

Bridgeview, Illinois 60455 

Email: DJLangevin@ManitexInternational.com 

ATT: David J. Langevin, Chair. 
 NOTE:

 Sign and return within 21 days after last day of employment. 

Do not sign until employment has ended. 

____________________                  

Michael Coffey 
 Date: ________________________ 

 

	1 	 NTD: The Company may change 21 days to 45 days if deemed necessary or advisable by the Company in order to
ensure compliance with the Older Workers Benefit Protection Act. 

  
 18

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