Document:

CONSENT NO. 2 AND AMENDMENT NO.
2 TO CREDIT AGREEMENT 

This CONSENT NO.
2 AND AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of March 26, 2021 (this “Agreement”), is entered into
by and among BKRF HCB, LLC, a Delaware limited liability company (the “Borrower”), BKRF HCP, LLC, a Delaware
limited liability company (“Holdings”), Orion Energy Partners TP Agent, LLC, in its capacity as the administrative
agent (in such capacity, the “Administrative Agent”), and the Lenders party hereto, constituting 100% of the
Lenders to the Credit Agreement (as defined below) (the “Signatory Lenders”). As used in this Agreement, capitalized
terms which are not defined herein shall have the meanings ascribed to such terms in the Credit Agreement unless otherwise specified.

W I T N E S S E T H

WHEREAS, the Borrower,
Holdings, the Administrative Agent, Orion Energy Partners TP Agent, LLC, in its capacity as the collateral agent, and each Lender
from time to time party thereto have entered into that certain Credit Agreement, dated as of May 4, 2020 (as amended, amended and
restated, modified and supplemented on or prior to the date hereof, the “Credit Agreement” and the Credit Agreement
as expressly amended by this Agreement, the “Amended Credit Agreement”);

WHEREAS, the Borrower
and the Lenders entered into the Credit Agreement and the OpCo Borrower and the OpCo Senior Lenders entered into the OpCo Senior
Credit Agreement based on certain estimated costs to install, develop and construct the Project;

WHEREAS, the scope
of the Project has expanded to include additional capabilities and equipment, which change certain assumptions made regarding the
cost of installing, developing and constructing the Project;

WHEREAS, each of
the Credit Agreement and the OpCo Senior Credit Agreement need to be revised to more accurately reflect the updated scope and cost
estimates of the Project;

WHEREAS, the OpCo
Borrower desires to (a) amend the OpCo Senior Credit Agreement pursuant to that certain Amendment No. 3 to Credit Agreement, to
be dated as of the date hereof (the “OpCo Amendment”), by and among the OpCo Borrower, OpCo Pledgor, the Project
Company, OpCo Senior Administrative Agent and the OpCo Senior Lenders party thereto, to provide for, inter alia, an additional
capital raise and revisions to more accurately reflect the updated scope and cost estimates of the Project, and (b) request the
OpCo Senior Lenders waive certain defaults under the OpCo Senior Credit Agreement pursuant to that certain Waiver No. 2 to Credit
Agreement, to be dated as of the date hereof (the “OpCo Waiver”), by and among the OpCo Borrower, OpCo Pledgor,
the Project Company, OpCo Senior Administrative Agent and the OpCo Senior Lenders party thereto;

WHEREAS, pursuant
to Section 6.09(c) of the Credit Agreement, without the prior written consent of the Required Lenders, the Borrower shall not cause
or permit any OpCo Loan Party to, directly or indirectly amend, modify, supplement or grant a consent, approval or waiver under,
or cause or permit or consent to the amendment, modification, supplement, consent, approval or waiver of any provision of the OpCo
Senior Financing Documents, except to the extent any such amendment, modification, supplement, consent, approval or waiver could
not reasonably be expected to be materially adverse to the Loan Parties or the Lenders;

WHEREAS, pursuant
to this Agreement, the Borrower has requested, and the parties hereto have agreed, subject to the satisfaction of the conditions
precedent set forth in this Agreement, to consent to each of the OpCo Amendment and the OpCo Waiver;

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WHEREAS, pursuant
to this Agreement, the Borrower has requested, and the parties hereto have agreed, subject to the satisfaction of the conditions
precedent set forth in this Agreement, to amend the Credit Agreement on the Second Amendment Effective Date to, among other things,
require the Sponsor undertake the Additional Capital Raise on the terms set forth on Exhibit A; and

WHEREAS, the Borrower,
Holdings, the Administrative Agent and the Signatory Lenders entered into that certain Waiver No. 2 to Credit Agreement, dated
as of the date hereof (the “Waiver”).

NOW, THEREFORE,
in consideration of the mutual agreements, provisions and covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.               
OpCo Amendment and the OpCo Waiver. Subject to the satisfaction of all the conditions
precedent set forth in Section 4 hereof, as of the Second Amendment Effective Date, each Lender hereby consents to the OpCo
Loan Parties’ entry into each of the OpCo Amendment and the OpCo Waiver and each of the transactions contemplated thereunder.

2.               
Amendments. Subject to the satisfaction of the conditions precedent set forth in Section
4 hereof, as of the Second Amendment Effective Date, the Borrower, the other Loan Parties, the Administrative Agent and the
Signatory Lenders, who constitute all of the Lenders under the Credit Agreement, hereby agree that the Credit Agreement is amended
as follows:

(a)             
Section 1.01 of the Credit Agreement is amended by inserting the following new definitions:

“Additional
Capital Raise” shall have the meaning assigned to such term in Section 5.32(a).

“Financial
Staffing Plan” shall have the meaning assigned to such term in Section 5.32(b)(i)(A).

“Second
Amendment Effective Date” means March 26, 2021.

(b)            
Section 5.10(c) of the Credit Agreement is amended by inserting the words “(or, in the
case of the fiscal year ending on December 31, 2020, one hundred eighty (180) days)” after “one hundred fifty (150)
days”.

(c)             
Section 5.25(f) of the Credit Agreement is deleted in its entirety and replaced with the following:

(f)       Borrower
shall cause the OpCo Borrower to use commercially reasonable efforts to enter into an OpCo Senior Working Capital Facility on or
before August 1, 2021.

(d)            
Section 5.25(g) of the Credit Agreement is deleted in its entirety and replaced with the following:

(g)       Borrower
shall cause the OpCo Borrower to enter into a product marketing agreement or an offtake agreement with ExxonMobil, in a form reasonably
satisfactory to the Administrative Agent on or before June 1, 2021.

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(e)             
 Article V of the Credit Agreement is amended by inserting the following new Section 5.32:

Section 5.32Post-Second
Amendment Covenants.

(a)       Additional
Capital Raise. The Sponsor or one or more other parent companies of Borrower shall, on or prior to July 30, 2021, (i) complete
a financing transaction in an aggregate amount equal to at least $35,000,000 (excluding both the “Lender Amendment &
Consent Premium” and the “COMA Reimbursement,” as those terms are defined in that certain Consent No. 2 and Amendment
No. 2 to Credit Agreement, dated March 26, 2021) (the “Additional Capital Raise”), and (ii) cause $35,000,000
of the Additional Capital Raise to be contributed to the OpCo Borrower to be deposited into the Cash Reserve Account (as defined
in the OpCo Senior Credit Agreement). In connection with the Additional Capital Raise, the Sponsor or one or more parent companies
of the Borrower on or before April 30, 2021 shall (i) have engaged a placement agent and/or underwriter reasonably acceptable to
the Administrative Agent, and (ii) have presented to the Administrative Agent evidence of a financing plan reasonably acceptable
to the Administrative Agent (including the filing of a Form S-1 Registration Statement with the United States Securities and Exchange
Commission or the execution of an agreement for an alternate non-public sale of securities). Failure to comply strictly with the
deadlines in this Section shall be an Event of Default by Borrower under this Agreement.

(b)       Financial
Governance.

(i)       Financial
Staffing Plan.

(A)       Borrower
shall by April 16, 2021, deliver to the Administrative Agent a plan for the engagement of financial staff that is reasonably satisfactory
to the Administrative Agent (the “Financial Staffing Plan”).

(B)       Borrower
shall by June 16, 2021, implement and appoint staff in accordance with the Financial Staffing Plan.

(iii)       Q1
2021 Monthly Financial Statements. Each Loan Party shall, and the Borrower shall cause the OpCo Loan Parties to, on or prior
to April 15, 2021, furnish to Administrative Agent (x) the monthly unaudited consolidated financial statements of the Loan Parties
and OpCo Loan Parties, (y) the unaudited consolidated financial statements of the OpCo Loan Parties delivered to the OpCo Senior
Administrative Agent under Section 5.30(b)(iii)(x) of the OpCo Senior Credit Agreement and (z) the other monthly reports of the
OpCo Loan Parties delivered to the OpCo Senior Administrative Agent under Section 5.30(b)(iii)(y) of the OpCo Senior Credit Agreement.

(ii)       2021
Operating Budget. The Loan Parties shall cause OpCo Borrower to, promptly after the Second Amendment Effective Date, submit
to the Administrative Agent a draft of its proposed Operating Budget for calendar year 2021 and, cause the Operating Budget for

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calendar year 2021 to be approved
or deemed approved by the Administrative Agent on or prior to April 15, 2021.

(c)       Q4
2020 Environmental, Social and Governance Report. Each Loan Party shall, on or prior to April 15, 2021, furnish to the Administrative
Agent a copy of the environmental, social and governance report in respect of the fiscal quarter ending December 31, 2020 provided
to the OpCo Senior Administrative Agent under Section 5.30(c) of the OpCo Senior Credit Agreement.

(d)       Q4
2020 SusOils and Sponsor Information. Each Loan Party shall, concurrently with delivery under the OpCo Senior Credit Agreement,
furnish to the Administrative Agent the information relating to each of SusOils and Sponsor for the fiscal quarter ending December
31, 2020.

(e)       COMA
Waiver. Borrower shall cause OpCo Borrower to, on or prior to April 15, 2021, enter into a waiver to the COMA with the Operator,
in form and substance reasonably satisfactory to the Administrative Agent, that provides for (i) the delivery of the required reports
for January and February 2021 on or before April 15, 2021, (ii) a process for agreeing the 2021 budget for COMA items on or prior
to April 15, 2021, and (iii) permits reimbursable spending during the period from January 1, 2021 to July 1, 2021, subject to such
spending not exceeding $500,000 (the “COMA Reimbursable Spending”).

(f)       Financial
Advisor. Borrower shall maintain the engagement of Fairlead Financial Advisors, LLC, as financial advisor to Borrower, the
other Loan Parties and the OpCo Loan Parties, until the earlier of (i) July 15, 2021 and (ii) the date on which the Administrative
Agent shall, at the request of Borrower, have consented to the termination of such engagement.

(f)             
Section 6.09(b) of the Credit Agreement is deleted in its entirety and replaced with the following:

(b)       Notwithstanding
anything to the contrary in Section 6.09(a)(i), Borrower shall not cause or permit any OpCo Loan Party to accept, approve
or otherwise enter into any change order or similar document or instrument under any Material Project Document (each a “Change
Order”) without the prior written consent of the Administrative Agent, acting at the reasonable direction of the Required
Lenders, unless such Change Order (i) does not result in the compensation payable under such Material Project Document increasing
by an aggregate amount in excess of $250,000 individually for any one Change Order, or $1,000,000 in the aggregate for all Change
Orders, or does not utilize any of the contingency specified in the Construction Budget and (ii) does not adversely affect or delay
the reasonably anticipated timing of the completion of any Significant Milestone or Substantial Completion.

3.               
Representations and Warranties. Each Loan Party hereby represents and warrants to the
other parties hereto that: 

(a)             
Each Loan Party has full corporate, limited liability company or other organizational powers,
authority and legal right to enter into, deliver and perform its respective obligations under this Agreement, and has taken all
necessary corporate, limited liability company or other

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organizational action to authorize the
execution, delivery and performance by it of this Agreement. This Agreement has been duly executed and delivered by the Loan Parties,
is in full force and effect and constitutes a legal, valid and banding obligation of the Loan Parties, enforceable against such
Loan Party in accordance with its respective terms, except as enforcement may be limited (i) by Bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) by general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) implied covenants
of good faith and fair dealing.

(b)            
The execution, delivery and performance by each Loan Party of this Agreement does not and
will not (i) conflict with the Organizational Documents of such Loan Party, (ii) conflict with or result in a breach of, or constitute
a default under, any indenture, loan agreement, mortgage, deed of trust or other instrument or agreement to which such Loan Party
is a party or by which it is bound or to which such Loan Party’s property or assets are subject, except where such contravention
or breach could not reasonably be expected to be material and adverse to the Loan Parties or Lenders, (iii) conflict with or result
in a breach of, or constitute a default under, in any material respect, any Applicable Law, except where such contravention or
breach could not reasonably be expected to have a Material Adverse Effect, or (iv) with respect to each Loan Party, result in the
creation or imposition of any Lien (other than a Permitted Lien) upon any of such Loan Party’s property or the Collateral.

(c)             
Except as provided in this Agreement, no Default or Event of Default has occurred and is continuing
or would result from the transactions contemplated in this Agreement. 

(d)            
After giving effect to the forbearances and waivers set forth in the Waiver and the amendments
set forth in this Agreement, the representations and warranties of each of the Loan Parties set forth in Article III of the
Credit Agreement and in each other Financing Document are true and correct in all material respects (except where already qualified
by materiality or Material Adverse Effect, in which case, such representations and warranties are true and correct in all respects)
on and as of the Second Amendment Effective Date (unless stated to relate solely to an earlier date, in which case such representations
and warranties were true and correct as of such earlier date). 

4.               
Effectiveness; Conditions Precedent. This Agreement shall become effective on the first
date on which each of the following conditions have been satisfied or waived (such date, the “Second Amendment Effective
Date”):

(a)             
This Agreement shall have been executed by the Administrative Agent, the Loan Parties and
the Signatory Lenders and the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto. 

(b)            
Borrower has arranged for payment on the Second Amendment Effective Date of all reasonable
and documented out-of-pocket fees and expenses then due and payable pursuant to the Financing Documents. 

(c)             
The Operator has waived the OpCo Borrower’s defaults under the COMA in a document (or
e-mail correspondence) reasonably satisfactory to the Administrative Agent.

(d)            
The parties to the Borrower LLC Agreement shall have acknowledged and agreed that the Amendment
& Consent Premium shall not be considered in calculating the Class B MOIC or Class C MOIC under the Borrower LLC Agreement
(and each party hereto, by release of its signature pages hereto on the date hereof, does hereby so acknowledge and agree to the
foregoing).

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5.               
 Amendment & Consent Premium. 

(a)             
As consideration for the consent granted pursuant to Section 1 and the amendments to
the Credit Agreement agreed pursuant to Section 2 and other waivers and forbearances provided by the Lenders on and before
the Second Amendment Effective Date, the Borrower hereby agrees to pay to each Lender an amendment and consent premium equal to
1.00% of the aggregate Commitments and Loans of such Lender, which premium shall be earned on the Second Amendment Effective Date
(the “Amendment & Consent Premium”). The Amendment & Consent Premium shall be paid in equity as set
forth in Exhibit A. The Amendment & Consent Premium shall be payable on the earlier of (i) July 30, 2021 or (ii) if
the Sponsor completes an Additional Capital Raise, on the closing date of the Additional Capital Raise.

(b)            
The Borrower hereby agrees that the premium payable under the foregoing clause (a)
shall be paid without set-off, deduction or counterclaim and free and clear of, and without deduction by reason of, any taxes.

(c)             
All fees and premiums hereunder, once paid, are nonrefundable and are in addition to and not
creditable against any other fee or premium payable to any Lender and/or its affiliates in connection with the transactions contemplated
by the Credit Agreement or otherwise.

(d)            
For U.S. federal income tax purposes, the Amendment & Consent Premium shall be treated
as a payment on the loan made pursuant to the Credit Agreement (in accordance with the ordering provisions of Treasury Regulations
Section 1.1275-2(a)), and which payment shall not be treated as resulting in a significant modification of such loan for purposes
of Treasury Regulations Section 1.1001-3. Each of the Lenders and the Borrower agrees to file tax returns consistent with such
treatment.

(e)             
Failure to pay the Amendment & Consent Premium as required by Section 5(a) of this
Agreement shall be an Event of Default by Borrower under the Credit Agreement.

6.               
Miscellaneous.

(a)             
Effect of Amendments. From and after the Second Amendment Effective Date, the Credit
Agreement shall be construed after giving effect to the amendments set forth in Section 2 hereof and all references to the
Credit Agreement in the Financing Documents shall be deemed to refer to the Amended Credit Agreement.

(b)            
No Other Modification. Except as expressly modified by this Agreement, the Credit Agreement
and the other Financing Documents are and shall remain unchanged and in full force and effect, and nothing contained in this Agreement
shall, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders,
the Administrative Agent, or any of the other parties, or shall alter, modify, amend or in any way affect any of the other terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement which are not by the terms of this Agreement
being amended, or alter, modify or amend or in any way affect any of the other Financing Documents.

(c)             
Successor and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties to this Agreement and their respective successors and permitted assigns.

(d)            
Incorporation by Reference. Sections 10.07 (Severability), 10.11 (Headings),
10.09 (Governing Law; Jurisdiction; Etc.) and 10.17 (Electronic Execution of Assignments and Certain Other Documents)
of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis.

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(e)             
 Financing Document. This Agreement shall be deemed to be a Financing Document.

(f)             
Counterparts; Integration. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. The Amended Credit Agreement and the other Financing Documents to which a Loan Party is party constitute
the entire contract between and among the parties relating to the subject matter hereof and thereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a
signature page to this Agreement by telecopy or scanned electronic transmission shall be effective as delivery of a manually executed
counterpart of this Agreement.

(g)            
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

[Signature Pages Follow]

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized signatories as of the
day and year first above written.

BKRF HCB,
LLC,

as the Borrower

 

By:

/s/ RICHARD PALMER

Name:

Title:

BKRF HCP,
LLC,

as Holdings

 

By:

/s/ RICHARD PALMER

Name:

Title:

 

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ORION ENERGY PARTNERS TP AGENT, LLC,

as Administrative Agent

 

By:

/s/ GERRIT NICHOLAS

Name:

Title:

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Exhibit
A

to
CONSENT No. 2 AND Amendment nO. 2

 

ADDITIONAL CAPITAL RAISE & AMENDMENT
& CONSENT PREMIUM TERM SHEET

 

	Issuer 	Global Clean Energy Holdings, Inc. (“GCEH”)
	Type of Offering	To be determined but expected to be common equity, preferred equity, or short-term convertible note (the “Securities”).
	Amendment & Consent Premium for Lenders	1.00% of the aggregate Commitments and Loans payable in Securities of GCEH.  If the Sponsor completes an Additional Capital Raise, the Securities issued to the Lenders shall be in the same Security and on the same terms as the remainder of the offering.  If the Sponsor does not complete an Additional Capital Raise, the Securities issued to the Lenders shall be in form and substance reasonably agreed to by GCEH and the Administrative Agent; provided, however, that if GCEH and the Administrative Agent are unable to agree upon the form and substance of the Securities to be issued to the Lenders, the Amendment & Consent Premium shall be paid in cash.
	Additional Capital Raise Offering Amount	At least $35 million excluding the Amendment & Consent Premium and the COMA Reimbursement.
	Use of Proceeds	
        Use of Proceeds shall be:

        ·       
        Raise at least $35 million to deposit into the Cash Reserve Account (as defined in the OpCo
        Senior Credit Agreement) for use towards the Project Costs; and

        ·       
        If more than $35 million is raised in the Additional Capital Raise, all excess proceeds to
        be used for GCEH working capital and other capital expenditures.

	Closing Date	On or prior to July 30, 2021
	Lender Securityholder Entity 	The Securities received by each Lender as the Amendment & Consent Premium will be held by a legal entity selected by such Lender.
	COMA Reimbursement	GCEH shall pay the OpCo Borrower $500,000 to repay the COMA Reimbursable Spending on the earlier of (i) August 5, 2021 or (ii) if the Sponsor completes an Additional Capital Raise, five (5) Business Days after the closing date of the Additional Capital Raise.
	Voting Rights, Governing Law, Lock-up, 	Lenders shall be treated the same as all other Securityholders participating in the Additional Capital Raise.

     

     

    

 

	Alternative Structures	Borrower, GCEH, and the Signatory Lenders will explore alternative structures that may be more efficient from a documentation perspective for the Amendment & Consent Premium (e.g., warrants in GCEH).
	Event of Default	Failure to pay the Amendment & Consent Premium shall be an Event of Default by Borrower under the Credit Agreement. 
	Registration Rights	Subject to diligence.
	Other	Other terms are subject to terms and conditions to be agreed.EX-10.34

 Exhibit 10.34 

Execution Version 

FIRST AMENDMENT TO CREDIT AGREEMENT 

This FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of March 24, 2021 (this “First Amendment”), is among the following:
(i) AstroNova, Inc., a Rhode Island corporation (the “Borrower”); (ii) ANI APS, a Danish private liability company (“ANI APS”); (iii) Trojan Label APS, a Danish private liability
company (“Trojan Label”, and together with ANI APS, individually, each a “Guarantor” and, collectively, the “Guarantors”); and (iv) Bank of America, N.A. (the
“Lender”). Capitalized terms used but not defined in this First Amendment shall have the meanings assigned to such terms in the Credit Agreement (as defined below). 

RECITALS: 
 WHEREAS,
reference is hereby made to the Amended and Restated Credit Agreement, dated as of July 30, 2020 (the “Existing Credit Agreement”), by and among the Borrower, the Guarantors, and the Lender; 

WHEREAS, the Borrower, the Guarantors, and the Lender wish to amend the Existing Credit Agreement as set forth herein (the Existing Credit
Agreement, as so amended, the “Credit Agreement”); 
 NOW, THEREFORE, in consideration of the premises, agreements,
provisions and covenants herein contained, the parties hereto agree as follows: 
 Section 1. Amendments to the Existing
Credit Agreement. 
 (a) The following definitions are hereby amended and restated in Section 1.01 of the Existing Credit Agreement
to read in their entirety as follows: 
 “Applicable Rate” means, (i) for any day on or prior to the First Amendment
Effective Date, the rate per annum set forth below for Level 4: 
  

																					
	 Applicable Rate
	 
	 Level
	  	Consolidated
Leverage Ratio	 	  	Eurocurrency
Rate	 	  	Letter of
Credit Fees	 	  	Base Rate	 	  	Commitment Fee	 
	 1
	  	 	< 1.00:1	 	  	 	215 bps	 	  	 	215 bps	 	  	 	115 bps	 	  	 	25 bps	 
	 2
	  	3
  
	 1.00:1 but
 < 2.00:1
	 
  
	  	 	265 bps	 	  	 	265 bps	 	  	 	165 bps	 	  	 	37.5 bps	 
	 3
	  	 	> 2.00:1	 	  	 	315 bps	 	  	 	315 bps	 	  	 	215 bps	 	  	 	50 bps	 
	 4
	  	 	N/A	 	  	 	365 bps	 	  	 	365 bps	 	  	 	265 bps	 	  	 	67.5 bps	 

 and (ii) commencing on the First Amendment Effective Date and thereafter, (x) for any day on or prior
to the date on which the Compliance Certificate for the Fiscal Quarter ending on January 31, 2021 has been delivered to the Lender, the rate per annum set forth below for Level 3 and (y) thereafter, the rate per annum set forth below
opposite the applicable Level then in effect (based on the Consolidated Leverage Ratio): 

																					
	 Applicable Rate
	 
	 Level
	  	Consolidated
Leverage Ratio	 	  	Eurocurrency
Rate	 	  	Letter of
Credit Fees	 	  	Base Rate	 	  	Commitment Fee	 
	 1
	  	 	< 0.50:1	 	  	 	160 bps	 	  	 	160 bps	 	  	 	60 bps	 	  	 	15 bps	 
	 2
	  	3
  
	0.50:1 but
 < 1.25:1
	 
  
	  	 	185 bps	 	  	 	185 bps	 	  	 	85 bps	 	  	 	20 bps	 
	 3
	  	3
  
	1.25:1 but
 < 2.00:1
	 
  
	  	 	210 bps	 	  	 	210 bps	 	  	 	110 bps	 	  	 	25 bps	 
	 4
	  	 	> 2.00:1	 	  	 	230 bps	 	  	 	230 bps	 	  	 	130 bps	 	  	 	30 bps	 

 Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio
shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a); provided, however, that if a Compliance Certificate is not delivered when due in accordance
with such Section, then, Pricing Level 4 shall apply unless otherwise agreed to by the Lender, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case
shall remain in effect until the first Business Day following the date on which such Compliance Certificate is delivered. 
 Notwithstanding
anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b). Any adjustment in the Applicable Rate shall be applicable to all Credit
Extensions then existing or subsequently made or issued. 
 “Consolidated Fixed Charge Coverage Ratio” means, as of any date
of determination, the ratio of (a) (i) Consolidated EBITDA, less (ii) the aggregate amount of all non-financed cash Consolidated Capital Expenditures, provided that, Capital Expenditures of the
Borrower and its Subsidiaries incurred in connection with the implementation of new enterprise resource planning software and systems not to exceed an aggregate amount of $2,500,000 shall be excluded from the deduction in this clause (a)(ii), less
(iii) Restricted Payments paid in cash, less (iv) the aggregate amount of all federal, state, local and foreign income taxes paid in cash less (v) Royalty Payments to (b) the sum of (i) Consolidated Interest Charges to the
extent paid in cash, and (ii) the aggregate principal amount of all redemptions or similar acquisitions for value of outstanding Consolidated Funded Indebtedness or regularly scheduled principal payments on Consolidated Funded Indebtedness, but
for purposes of this clause (b), the following shall be excluded: (x) any such payments to the extent refinanced through the incurrence of additional Indebtedness otherwise expressly permitted under Section 7.02, in each case, of or by the
Borrower and its Subsidiaries for the most recently completed Measurement Period and (y) for avoidance of doubt, (A) any such intercompany payments made in connection with the closing of this Agreement to refinance the Existing Danish Term
Loan or in respect of the termination of hedging arrangements previously entered into by the Borrower or any of its Subsidiaries with respect to the Existing Term Loans, (B) the Closing Date Prepayment, and (C) payments by the Borrower and
its Subsidiaries to the Lender or its affiliates in respect of the termination of hedging arrangements previously entered into by the Borrower or any of its Subsidiaries with respect to the Existing Term Loans, and (2) for the first 12 months
following the First Amendment Effective Date, with respect to the Term Facility, clause (b)(ii) above shall be determined based on the amount of regularly scheduled principal payments on Consolidated Funded Indebtedness due in the 12 month period
following the Measurement Period including the modifications to Section 2.07(a) herein. 

  
 - 2 - 

 “Maturity Date” means (a) with respect to the Revolving Facility,
September 30, 2025 and (b) with respect to the Term Facility, September 30, 2025; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

 “Revolving Commitment” means the Lender’s obligation to (a) make Revolving Loans to the Borrower pursuant to
Section 2.01(b) and (b) issue Letters of Credit for the account of the Borrower pursuant to Section 2.03. The Revolving Commitment for the period from the Closing Date until the First Amendment Effective Date shall be $10,000,000, and
the Revolving Commitment for the period commencing on the First Amendment Effective Date and thereafter shall be $22,500,000, in each case during the Availability Period. 

(b) The definition of “Base Rate” appearing in Section 1.01 of the Existing Credit Agreement is hereby amended by
deleting the text “if the Base Rate shall be less than one percent (1.00%), such rate shall be deemed one percent (1.00%) for purposes of this Agreement” and inserting in lieu thereof the text “if the Base Rate shall be less than one
half of one percent (0.50%), such rate shall be deemed one half of one percent (0.50%) for purposes of this Agreement”. 
 (c) The
definition of “Eurocurrency Rate” appearing in Section 1.01 of the Existing Credit Agreement is hereby amended by deleting the text “(ii) if the Eurocurrency Rate shall be less than one percent (1.00%), such rate shall be
deemed one percent (1.00%) for purposes of this Agreement” and inserting in lieu thereof the text “(ii) if the Eurocurrency Rate shall be less than one half of one percent (0.50%), such rate shall be deemed one half of one percent (0.50%)
for purposes of this Agreement”. 
 (d) The definition of “Fiscal Quarter” appearing in Section 1.01 of the
Existing Credit Agreement is hereby amended by adding the text “, as it may be updated from time to time in any Compliance Certificate” immediately before the period at the end thereof. 

(e) The definition of “Pro Forma Basis” and “Pro Forma Effect” appearing in Section 1.01 of the Existing
Credit Agreement is hereby amended by deleting the text “or for any Restricted Payment” and inserting in lieu thereof the text “, for any Restricted Payment or for any Incremental Increase pursuant to Section 2.13”. 

(f) The following definitions are hereby added to Section 1.01 of the Existing Credit Agreement in the appropriate alphabetical order:

 “First Amendment Effective Date” means March 24, 2021. 

“Incremental Increase” is defined in Section 2.13. 

“Incremental Conditions” means, for any Incremental Increase, that (a) no Default has occurred and is
continuing, (b) after giving Pro Forma Effect to such Revolving Commitment increase or term loan borrowing, as applicable, the Consolidated Leverage Ratio is no greater than 2.75 to 1.00 and the Consolidated Fixed Charge Coverage Ratio is no
less than 1.25 to 1.00 and (c) Liquidity plus Availability is equal to at least $5,000,000. 
 “ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest
rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto. 

  
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 “LIBOR Replacement Date” has the meaning specified in
Section 3.03. 
 “LIBOR Successor Rate” has the meaning specified in Section 3.03. 

“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any
conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other technical, administrative or operational matters (including, for the avoidance of doubt, the
definition of Business Day, timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) as may be appropriate, in the discretion of the Lender, to reflect the adoption and implementation of such
LIBOR Successor Rate and to permit the administration thereof by the Lender in a manner substantially consistent with market practice (or, if the Lender determines that adoption of any portion of such market practice is not administratively feasible
or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Lender determines is reasonably necessary in connection with the administration of this Agreement and any other Loan
Document). 
 “Pre-Adjustment Successor Rate” has the meaning
specified in Section 3.03. 
 “Related Adjustment” means, in determining any LIBOR Successor Rate, the
first relevant available alternative set forth in the order below that can be determined by the Lender applicable to such LIBOR Successor Rate: 

(a) the spread adjustment, or method for calculating or determining such spread adjustment, that has been selected or
recommended by the Relevant Governmental Body for the relevant Pre-Adjustment Successor Rate (taking into account the interest period, interest payment date or payment period for interest calculated and/or
tenor thereto) and which adjustment or method (x) is published on an information service as selected by the Lender from time to time in its reasonable discretion or (y) solely with respect to Term SOFR, if not currently published, which
was previously so recommended for Term SOFR and published on an information service acceptable to the Lender; or 
 (b) the
spread adjustment that would apply (or has previously been applied) to the fallback rate for a derivative transaction referencing the ISDA Definitions (taking into account the interest period, interest payment date or payment period for interest
calculated and/or tenor thereto). 
 “Relevant Governmental Body” means the Federal Reserve Board and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York. 

“Royalty Payments” means the sum of (a) the amounts of royalty payments to Honeywell International, Inc.
or its affiliates as indicated in respect of the relevant Measurement Period on Schedule 7.11(b), and (b) any other similar royalty payments which have not been otherwise deducted in the determination of Net Income due during the relevant
Measurement Period. 
 “SOFR” with respect to any Business Day means the secured overnight financing rate
published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or any successor source) at approximately 8:00 a.m. (New
York City time) on the immediately succeeding Business Day and, in each case, that has been selected or recommended by the Relevant Governmental Body. 

  
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 “Term SOFR” means the forward-looking term rate for any
period that is approximately (as determined by Lender) as long as any of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by the Relevant
Governmental Body, in each case as published on an information service as selected by the Lender from time to time in its reasonable discretion. 

(g) The following definitions are hereby deleted from Section 1.01 of the Existing Credit Agreement: “Capital Expenditure Testing
Termination Date”, “Consolidated Assets”, “Consolidated Asset Coverage Ratio”, “Foreign Subsidiary Accounts” and “Restricted Payments Milestone”. 

(h) The portion of Section 2.07(a) of the Existing Credit Agreement preceding the proviso therein is hereby amended and restated in its
entirety to read as follows: 
 (a) Term Loans. From and after the First Amendment Effective Date, the Borrower shall
repay to the Lender the aggregate principal amount of the Term Loan outstanding as of immediately following the effectiveness of the First Amendment in installments, with each payment of the Term Facility to be due and payable on the last day of
each Fiscal Quarter of the Borrower (commencing with the Fiscal Quarter ending April 30, 2021) in the applicable amount in accordance with the following schedule (which amount shall be reduced as a result of the application of prepayments in
accordance with the order of priority set forth in Section 2.05), unless accelerated sooner pursuant to Section 8.02: 
  

					
	 Fiscal Quarter Ending
	  	Installment Amount	 
	 April 30, 2021
	  	$	187,500	 
	 July 31, 2021
	  	$	187,500	 
	 October 31, 2021
	  	$	187,500	 
	 January 31, 2022
	  	$	187,500	 
	 April 30, 2022
	  	$	250,000	 
	 July 31, 2022
	  	$	250,000	 
	 October 31, 2022
	  	$	250,000	 
	 January 31, 2023
	  	$	250,000	 
	 April 30, 2023
	  	$	250,000	 
	 July 31, 2023
	  	$	250,000	 
	 October 31, 2023
	  	$	250,000	 
	 January 31, 2023
	  	$	250000	 
	 April 30, 2024
	  	$	312,500	 
	 July 31, 2024
	  	$	312,500	 
	 October 31, 2024
	  	$	312,500	 
	 January 31, 2025
	  	$	312,500	 
	 April 30, 2025
	  	$	500,000	 
	 July, 31 2025
	  	$	500,000	 
	 Maturity Date
	  	 
	Aggregate Principal Amount
Outstanding	 
 

 (i) Section 2.13 of the Existing Credit Agreement is hereby amended and restated to read in its entirety
as follows: 

  
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 2.13 Increase in Commitments. 

(a) Request for Increase. Provided that the Incremental Conditions are satisfied at the time of the request, the
Borrower may, by at least thirty (30) days’ written notice to the Lender, request an increase in the Revolving Commitments or a new term loan tranche (each, an “Incremental Increase”) in an aggregate amount (for all such
requests) not exceeding $10,000,000; provided that (i) any such request for an increase shall be in a minimum amount of $5,000,000, and (ii) the Borrower may make a maximum of three such requests. 

(b) Effective Date and Allocations. If an Incremental Increase is extended in accordance with this Section, the Lender
and the Borrower shall determine the effective date (the “Increase Effective Date”) of such increase. 
 (c)
Conditions to Effectiveness of Increase. The effectiveness of any Incremental Increase pursuant to this Section 2.13 shall be subject to completion of business and legal due diligence satisfactory to the Lender, the satisfaction (or
waiver) on the date thereof of each of the conditions set forth in the definitive documentation giving effect to such increase, including, without limitation, (i) the delivery of an amendment to this Agreement reflecting the agreed terms of the
Incremental Increase, (ii) the delivery of an acknowledgement in form and substance satisfactory to the Lender and executed by each Guarantor acknowledging that the Incremental Increase shall constitute Obligations hereunder, (iii) a
certificate of dated as of the Increase Effective Date signed by a Responsible Officer (x) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such Incremental Increase, and (y) certifying that,
before and after giving effect to such increase, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct on and as of the Increase Effective Date, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 2.13, the representations and warranties contained in
subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01, and (B) no Default exists; and (iv) the
delivery of such other customary documents, legal opinion(s) and officer’s certificates as the Lender may request, in each case, in form and substance satisfactory to the Lender. 

(j) Section 3.03 of the Existing Credit Agreement is hereby amended and restated in its entirety to read as follows: 

3.03 Inability to Determine Rates. 

(a) Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Lender determines (which
determination shall be conclusive absent manifest error), or the Borrower notifies the Lender that the Borrower has determined, that: 

(i) adequate and reasonable means do not exist for ascertaining LIBOR for any Interest Period hereunder or any other tenors of
LIBOR, including, without limitation, because the LIBOR Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or 

(ii) the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Lender or such administrator
has made a public statement identifying a specific date after which LIBOR or the LIBOR Rate shall no longer be made available, or used for determining the interest rate of loans, provided that, at the time of such statement, there is no successor
administrator that is satisfactory to the Lender, that will continue to provide LIBOR after such specific date (such specific date, the “Scheduled Unavailability Date”); or 

  
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 (iii) the administrator of the LIBOR Rate or a Governmental Authority having
jurisdiction over such administrator has made a public statement announcing that all Interest Periods and other tenors of LIBOR are no longer representative; or 

(iv) syndicated loans currently being executed, or that include language similar to that contained in this Section 3.03,
are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR; 

then, in the case of clauses (i)-(iii) above, on a date and time determined by the Lender (any such date, the “LIBOR
Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment date, as applicable, for interest calculated and within a reasonable period of time after the occurrence of any of the events or
circumstances under clauses (i), (ii) or (iii) above and, solely with respect to clause (ii) above, no later than the Scheduled Unavailability Date, LIBOR will be replaced hereunder and under any Loan Document with, subject to the proviso
below, the first available alternative set forth in the order below for any payment period for interest calculated that can be determined by the Lender, in each case, without any amendment to, or further action or consent of any other party to, this
Agreement or any other Loan Document (the “LIBOR Successor Rate”; and any such rate before giving effect to the Related Adjustment, the “Pre-Adjustment Successor Rate”): 

(x) Term SOFR plus the Related Adjustment; and 

(y) SOFR plus the Related Adjustment; 

and in the case of clause (iv) above, the Borrower and Lender may amend this Agreement solely for the purpose of replacing
LIBOR under this Agreement and under any other Loan Document in accordance with the definition of “LIBOR Successor Rate”; 

provided that, if the Lender determines that Term SOFR has become available, is administratively feasible for the Lender and
would have been identified as the Pre-Adjustment Successor Rate in accordance with the foregoing if it had been so available at the time that the LIBOR Successor Rate then in effect was so identified, and the
Lender notifies the Borrower of such availability, then from and after the beginning of the Interest Period, relevant interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after
the date of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR and the LIBOR Successor Rate shall be Term SOFR plus the relevant Related Adjustment. 

The Lender will promptly (in one or more notices) notify the Borrower of (x) any occurrence of any of the events, periods
or circumstances under clauses (i) through (iii) above, (y) a LIBOR Replacement Date and (z) the LIBOR Successor Rate. 

Any LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market
practice is not administratively feasible for the Lender, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by the Lender. 

  
 - 7 - 

 Notwithstanding anything else herein, if at any time any LIBOR Successor
Rate as so determined would otherwise be less than 0.50%, the LIBOR Successor Rate will be deemed to be 0.50% for the purposes of this Agreement and the other Loan Documents. 

In connection with the implementation of a LIBOR Successor Rate, the Lender will have the right to make LIBOR Successor Rate
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without any further action or
consent of any other party to this Agreement; provided that, with respect to any such amendment effected, the Lender shall post each such amendment implementing such LIBOR Successor Rate Conforming Changes to the Borrower reasonably promptly after
such amendment becomes effective. 
 If the events or circumstances of the type described in 3.03(a)(i)-(iii) have occurred
with respect to the LIBOR Successor Rate then in effect, then the successor rate thereto shall be determined in accordance with the definition of “LIBOR Successor Rate.” 

(b) Notwithstanding anything to the contrary herein, (i) after any such determination by the Lender or receipt by the
Lender of any such notice described under Section 3.03(a)(i)-(iii), as applicable, if the Lender determines that none of the LIBOR Successor Rates is available on or prior to the LIBOR Replacement Date, (ii) if the events or circumstances
described in Section 3.03(a)(iv) have occurred but none of the LIBOR Successor Rates is available, or (iii) if the events or circumstances of the type described in Section 3.03(a)(i)-(iii) have occurred with respect to the LIBOR
Successor Rate then in effect and the Lender determines that none of the LIBOR Successor Rates is available, then in each case, the Lender and the Borrower may amend this Agreement solely for the purpose of replacing LIBOR or any then current LIBOR
Successor Rate in accordance with this Section 3.03 at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable, with another alternate benchmark rate giving due consideration to
any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks and, in each case, including any Related Adjustments and any other mathematical or other adjustments to such
benchmark giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an
information service as selected by the Lender from time to time in its reasonable discretion and may be periodically updated. For the avoidance of doubt, any such proposed rate and adjustments shall constitute a LIBOR Successor Rate. 

(c) If, at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, no LIBOR
Successor Rate has been determined in accordance with clauses (a) or (b) of this Section 3.03 and the circumstances under clauses (a)(i) or (a)(iii) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Lender
will promptly so notify the Borrower. Thereafter, (x) the obligation of the Lender to make or maintain Eurocurrency Rate Loans shall be suspended, (to the extent of the affected Eurocurrency Rate Loans, Interest Periods, interest payment dates
or payment periods), and (y) the Eurocurrency Rate component shall no longer be utilized in determining the Base Rate, until the LIBOR Successor Rate has been determined in accordance with clauses (a) or (b). Upon receipt of such notice,
the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency Rate Loans, Interest Periods, interest payment dates or payment periods) or, failing
that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein. 

  
 - 8 - 

 (k) Section 6.01(c) of the Existing Credit Agreement is hereby amended and restated in
its entirety to read as follows: 
 (c) [Reserved.] 

(l) Section 6.14(d) of the Existing Credit Agreement is hereby amended and restated to read in its entirety as follows: 

(a) Deposit Accounts and Securities Accounts. Neither the Borrower nor any of the Guarantors that are Domestic Subsidiaries
shall open, maintain or otherwise have any deposit or other accounts (including securities accounts) at any bank or other financial institution other than the Lender, or any other account where money or securities are or may be deposited or
maintained with any Person, other than (i) the Borrower’s account with Greenwood Credit Union, identified on Schedule 6.14 hereto, provided that such account contain only the proceeds of the Indebtedness described in Section 7.02(g)
hereof; (ii) the Borrower’s accounts set forth on Schedule 6.14 and designated as unrestricted accounts or Foreign Accounts; provided that at all times the aggregate balance of all Foreign Accounts shall not exceed the Dollar Equivalent of
$5,000,000, (iii) deposit accounts that are maintained at all times with depository institutions as to which the Lender shall have received a Qualifying Control Agreement, or at any time prior to the occurrence and during the continuance of an Event
of Default, with respect to the Excluded Accounts and (iv) solely with respect to securities accounts, securities accounts that are maintained at all times with financial institutions as to which the Lender shall have received a Qualifying
Control Agreement. For avoidance of doubt, accounts described in clauses (i) and (ii) of the preceding sentence shall not be required to be subject to a Qualifying Control Agreement. 

(m) Section 6.02(a) of the Existing Credit Agreement is hereby amended by deleting the text “Concurrently with the delivery of the
financial statements referred to in Sections 6.01(a), (b) and (c)” appearing therein and inserting in lieu thereof the text “Concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b)”. 

(n) Section 7.03(c) of the Existing Credit Agreement is hereby amended by amending and restating clauses (iv) and (v) thereof in their entirety
and inserting in lieu thereof the following: 
 (iv) [reserved], (v) so long as no Default has occurred and is continuing or would result
from making such Investment at the time of the making of such Investment, additional Investments by the Borrower and its Subsidiaries in wholly owned Foreign Subsidiaries in an aggregate amount invested from the Closing Date not to exceed $5,000,000
outstanding at any time calculated after giving effect to any returns or distributions of, or with respect to, capital or repayment of principal against Indebtedness constituting Investments actually received by the Borrower or such Subsidiary, as
applicable, provided in each case, the provisions of Section 7.02(d) shall be met with respect to Intercompany Debt and 
 (o)
Section 7.06 of the Existing Credit Agreement is hereby amended by (i) deleting the text “(x)” appearing therein and (ii) deleting the text “and (y) with respect to each clause (d) through (f) below, the
Borrower has achieved the Restricted Payments Milestone” appearing therein. 
 (p) Sections 7.11(c), (d) and (e) of the Existing
Credit Agreement are hereby deleted in their entirety. 

  
 - 9 - 

 (q) Section 7.12 of the Existing Credit Agreement is hereby amended and restated in its
entirety to read as follows: 
 7.12 [Reserved.] 

(r) Schedule 1.01(c) of the Existing Credit Agreement is hereby amended and restated in its entirety to read as Schedule 1.01(c) attached
hereto as Exhibit A. 
 (s) The Existing Credit Agreement is amended by inserting the attached Schedule 7.11(b) as Schedule 7.11(b) thereof.

 (t) Exhibit A to the Existing Credit Agreement is amended by inserting the following to appear as a new paragraph 7 of the Compliance
Certificate: 
 [ 7. Attached hereto as Schedule 1.01(c) are updates to the Borrower’s and its Subsidiaries’ Fiscal Quarter end
dates.] 
 Section 2. Release of Guarantors. 

Upon satisfaction of all conditions precedent to the effectiveness of this First Amendment, ANI APS and Trojan Label shall be released from
their respective Obligations under the Credit Agreement and the other Loan Documents and neither ANI APS nor Trojan Label shall be a “Guarantor” under the Credit Agreement or any of the other Loan Documents. Borrower or its authorized
representative(s) may file, or cause to be filed, all appropriate assignment, termination or release statements with respect to the Credit Agreement and the other Loan Documents consistent with the terms of this First Amendment, which documents
shall be prepared and filed at the Borrower’s sole cost and expense. The Lender shall execute and deliver such further guaranty and/or lien releases, discharges and such other documents, including any such documents as may be required under any
U.S. or Danish law, as reasonably necessary to discharge or release each of ANI APS and Trojan Label from their respective Obligations consistent with the terms of this First Amendment at the Borrower’s sole cost and expense. 

Section 3. Conditions to Effectiveness. 

This First Amendment shall become effective on the first Business Day on which the following conditions are satisfied (the “Effective
Date”): 
 (a) The Lender’s receipt of each of the following: 

(i) the properly executed First Amendment, which shall be an original or facsimile or electronic copy (followed promptly by an
original) unless otherwise specified; 
 (ii) the properly executed Amended and Restated Revolving Note, which shall be an
original or facsimile or electronic copy (followed promptly by an original) unless otherwise specified; 
 (iii) the properly
executed and notarized First Amendment to Open-End Mortgage Deed to Secure Present and Future Loans under Chapter 25 of Title 34 of the Rhode Island General Laws, Assignment of Leases and Rents, Security
Agreement and Fixture Filing, which shall be an original or facsimile or electronic copy (followed promptly by an original) unless otherwise specified; 

  
 - 10 - 

 (iv) (x) an opinion of Foley Hoag LLP, as counsel for the Borrower, in
form and substance reasonably satisfactory to the Lender and (y) an opinion of Nixon Peabody LLP, as special Rhode Island counsel for the Borrower, in form and substance reasonably satisfactory to the Lender 

(v) a certificate of a Responsible Officer dated the Closing Date, certifying as to the Organization Documents of each Loan
Party (which, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing body of each Loan Party, the good standing, existence or its equivalent of each
Loan Party and of the incumbency (including specimen signatures) of the Responsible Officers of each Loan Party; 
 (vi) a
Solvency Certificate signed by a Responsible Officer of the Borrower as to the financial condition, solvency and related matters of the Borrower and its Subsidiaries, taken together as a group on a Consolidated basis and each Loan Party, after
giving effect this First Amendment and the other transactions contemplated hereby; 
 (vii) a Loan Notice with respect to the
Loans to be made on the First Amendment Effective Date; 
 (viii) a closing certificate from a Responsible Officer certifying
as to the conditions set forth in subsections (d), (f) and (g) and as to such other matters the Lender requires. 
 (b) Immediately
prior to the effectiveness of this First Amendment, the Borrower shall repay an aggregate principal amount of the Term Loans equal to $2,576,000. 

(c) The Lender shall have received copies of the financial statements as may be reasonably requested by the Lender prior to the Effective Date,
each in form and substance satisfactory to the Lender. 
 (d) The Lender shall have received satisfactory evidence that all members, boards
of directors, governmental, shareholder and material third party consents and approvals necessary in connection with the entering into of this First Amendment have been obtained. 

(e) The Borrower shall have paid in full all reasonable
out-of-pocket costs and expenses (including the reasonable fees, charges and expenses of Jones Day) incurred in connection with the transactions contemplated hereby;

 (f) Before and after giving effect to this First Amendment, no Default shall exist; 

(g) Each of the representations and warranties set forth in Section 4 of this First Amendment, in the Credit Agreement and in the other
Loan Documents shall be true and correct in all material respects on and as of the date of this First Amendment; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and
correct in all material respects as of such earlier date; provided further, that any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct (after
giving effect to any qualification therein) without duplication of such materiality qualifiers as of such date or such earlier date, as applicable. 

  
 - 11 - 

 (h) The Lender shall have received, in form and substance satisfactory to the Lender
(i) as to the Borrower (A) searches of UCC filings in the jurisdiction of incorporation of the Borrower and each jurisdiction where a filing would need to be made in order to perfect the Lender’s security interest in the Collateral,
copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens and (B) tax lien, judgment and bankruptcy searches. 

(i) All other documents and legal matters, including all due diligence, whether related to legal, insurance, tax, flood, or otherwise, in
connection with the transactions contemplated by this First Amendment shall be reasonably satisfactory in form and substance to Lender and its counsel. 

Section 4. Representations and Warranties. Each of the Loan Parties represents and warrants as follows: 

(a) It has taken all necessary action to authorize the execution, delivery and performance of this First Amendment. 

(b) This First Amendment has been duly executed and delivered by such Person and constitutes such Person’s legal, valid and binding
obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights
generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

(c) The Lender shall be satisfied that no consent, approval, authorization or order of, or filing, registration or qualification with, any
court or governmental authority or third party is required in connection with the execution, delivery or performance the Loan Parties of this First Amendment. 

(d) Each of the representations and warranties set forth in the Credit Agreement and in the other Loan Documents are true and correct in all
material respects on and as of the date of this First Amendment; provided that, to the extent that such representations and warranties specifically refer to an earlier date, they were true and correct in all material respects as of such
earlier date; provided further, that any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language is true and correct (after giving effect to any qualification
therein) without duplication of such materiality qualifiers as of such date or such earlier date, as applicable. 
 (e) No event has occurred
and is continuing which constitutes a Default. 
 (f) The Collateral Documents continue to create a valid security interest in, and Lien
upon, the Collateral, in favor of the Lender, which security interests and Liens are perfected in accordance with the terms of the Collateral Documents and prior to all Liens other than Permitted Liens. 

Section 5. Acknowledgments and Affirmations of the Loan Parties. Each Loan Party hereby ratifies the Credit Agreement and
expressly acknowledges the terms of this First Amendment and confirms and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and
agreements as in effect immediately after giving effect to this First Amendment and the transactions contemplated hereby and thereby, and agrees it is bound by all terms of the Credit Agreement applicable to it and agrees to observe and fully
perform its respective Obligations, (ii) its respective guarantee, if any, pursuant to Article IX of the Credit Agreement and (iii) in the case of the Borrower, its grant of Liens on the Collateral to secure its Secured Obligations
pursuant to the Collateral Documents. 

  
 - 12 - 

 Section 6. Other. This First Amendment, the Credit Agreement and the
other Loan Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with
respect to the subject matter hereof. Except as expressly set forth herein, this First Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the Credit
Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force
and effect. It is understood and agreed (a) that each reference in each Loan Document to the Credit Agreement, whether direct or indirect, shall hereafter be deemed to be a reference to the Credit Agreement as amended by this First Amendment
and (b) that this First Amendment is a Loan Document. 
 Section 7. Governing Law; Submission to Jurisdiction; Venue;
Waiver of Jury Trial. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THE JURISDICTION, SERVICE OF PROCESS AND
WAIVER OF JURY TRIAL PROVISIONS SET FORTH IN SECTIONS 10.13 AND 10.14 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS FIRST AMENDMENT AND SHALL APPLY MUTATIS MUTANDIS HERETO. 

Section 8. Severability. Any term or provision of this First Amendment which is invalid or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this First Amendment or affecting the validity or enforceability of
any of the terms or provisions of this First Amendment in any other jurisdiction. If any provision of this First Amendment is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable. 

Section 9. Counterparts. This First Amendment may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this First Amendment by telecopy or e-mail (including in a “.pdf” format) shall be effective as delivery of a manually executed counterpart of this First Amendment and shall be followed by such manually executed counterpart. 

Section 10. Further Assurances. The Loan Parties agree to promptly take such action, upon the request of Lender, as is
necessary to carry out the intent of this First Amendment. 
 Section 11. No Actions, Claims, etc. As of the date hereof,
each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity, against the Lender or the Lender’s
respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such Persons to act under the Existing Credit Agreement on or prior to the date hereof. 

[Signature pages follow] 

  
 - 13 - 

 IN WITNESS WHEREOF the parties hereto have caused this First Amendment to be duly executed
under seal on the date first above written. 
  

							
	BORROWER:	 		 	ASTRONOVA, INC.
				
		 		 	By:	 	 David S. Smith

		 		 		 	Name: David S. Smith
		 		 		 	Title: Vice President and Chief Financial Officer

 [Signature Page to First Amendment] 

							
	GUARANTORS:	 		 	ANI APS
				
		 		 	By:	 	 Gregory A. Woods

		 		 		 	Name: Gregory A. Woods
		 		 		 	Title: Chief Executive Officer and Chairman of the Board
			
		 		 	TROJAN LABEL APS
				
		 		 	By:	 	 Gregory A. Woods

		 		 		 	Name: Gregory A. Woods
		 		 		 	Title: Chairman of the Board

 [Signature Page to First Amendment] 

							
	LENDER:	 		 	BANK OF AMERICA, N.A., as Lender
				
		 		 	By:	 	 Nicholas Storti

		 		 		 	Name: Nicholas Storti
		 		 		 	Title: Senior Vice President

 [Signature Page to First Amendment] 

 Exhibit A 

Schedule 1.01(c) 

Fiscal Quarters 
  

			
	 Fiscal Year 2020
	  	
	 Fiscal Quarter 1
	  	February 1, 2019 – April 29, 2019
	 Fiscal Quarter 2
	  	April 30, 2019 – July 29, 2019
	 Fiscal Quarter 3
	  	July 30, 2019 – November 2, 2019
	 Fiscal Quarter 4
	  	November 3, 2019—January 31, 2020
	 Fiscal Year 2021
	  	
	 Fiscal Quarter 1
	  	February 1, 2020 – May 2, 2020
	 Fiscal Quarter 2
	  	May 3, 2020 – August 1, 2020
	 Fiscal Quarter 3
	  	August 2, 2020 – October 31, 2020
	 Fiscal Quarter 4
	  	November 1, 2020 – January 31, 2021
	 Fiscal Year 2022
	  	
	 Fiscal Quarter 1
	  	February 1, 2021 – May 1, 2021
	 Fiscal Quarter 2
	  	May 2, 2021 – July 31, 2021
	 Fiscal Quarter 3
	  	August 1, 2021—October 30, 2021
	 Fiscal Quarter 4
	  	October 31, 2021 – January 31, 2022
	 Fiscal Year 2023
	  	
	 Fiscal Quarter 1
	  	February 1, 2022 – May 1, 2022
	 Fiscal Quarter 2
	  	May 2, 2022 – July 31, 2022
	 Fiscal Quarter 3
	  	August 1, 2022—October 30, 2022
	 Fiscal Quarter 4
	  	October 31, 2022 – January 31, 2023
	 Fiscal Year 2024
	  	
	 Fiscal Quarter 1
	  	February 1, 2023 – May 1, 2023
	 Fiscal Quarter 2
	  	May 2, 2023 – July 31, 2023
	 Fiscal Quarter 3
	  	August 1, 2023—October 30, 2023
	 Fiscal Quarter 4
	  	October 31, 2023 – January 31, 2024
	 Fiscal Year 2025
	  	
	 Fiscal Quarter 1
	  	February 1, 2024 – May 1, 2024
	 Fiscal Quarter 2
	  	May 2, 2024 – July 31, 2024
	 Fiscal Quarter 3
	  	August 1, 2024—October 30, 2024
	 Fiscal Quarter 4
	  	October 31, 2024 – January 31, 2025
	 Fiscal Year 2026
	  	
	 Fiscal Quarter 1
	  	February 1, 2025 – May 1, 2025
	 Fiscal Quarter 2
	  	May 2, 2024 – July 31, 2025
	 Fiscal Quarter 3
	  	August 1, 2025-October 30, 2025
	 Fiscal Quarter 4
	  	October 31, 2025-January 31, 2026

 Schedule 7.02(b) 

Royalty Payments 
  

			
	 Measurement Period

Ending
	  	 Applicable clause (a)

Royalty Payment

	 May 1, 2021
	  	$2,000,000
	 July 31, 2021
	  	$2,000,000
	 October 30, 2021
	  	$2,000,000
	 January 31, 2022
	  	$2,000,000
	 May 1, 2022
	  	$1,875,000
	 July 31, 2022
	  	$1,750,000
	 October 30, 2022
	  	$1,625,000
	 January 31, 2023
	  	$1,500,000
	 May 1, 2023
	  	$1,500,000
	 July 31, 2023
	  	$1,500,000
	 October 30, 2023
	  	$1,500,000
	 January 31, 2024
	  	$1,500,000
	 May 1, 2024
	  	$1,375,000
	 July 31, 2024
	  	$1,250,000
	 October 30, 2024
	  	$1,125,000
	 January 31, 2025
	  	$1,000,000
	 May 1, 2025
	  	$1,000,000
	 July 31, 2025
	  	$1,000,000

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