Document:

Exhibit
      10.4

     

    GUARANTY
      BY CORPORATION

     

    Edina,
      Minnesota

     

    February
      20, 2007

     

    For
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, and to induce Commerce Bank (with its participants, successors
      and
      assigns, the “Bank”), at its option, at any time or from time to time to make
      loans or extend other accommodations to or for the account of CorVu Corporation
      (the “Borrower”) or to engage in any other transactions with Borrower, the
      undersigned hereby absolutely and unconditionally guarantees to the Bank the
      full and prompt payment when due, whether at maturity or earlier by reason
      of
      acceleration or otherwise, of the debt, liability or obligation of Borrower
      to
      the Bank evidenced by or arising out of the Term Loan Agreement dated as of
      the
      date hereof between the Borrower and the Bank, as such Term Loan Agreement
      may
      be amended from time to time (all such debts, liabilities and obligations
      collectively referred to as the “Indebtedness”).

     

    The
      undersigned further acknowledges and agrees with the Bank that:

     

    1.  No
      act or thing need occur to establish the liability of the undersigned hereunder,
      and no act or thing, except payment in full and discharge of all Indebtedness,
      shall in any way exonerate the undersigned or modify, reduce, limit or release
      the liability of the undersigned hereunder.

     

    2.  This
      is an absolute, unconditional and continuing guaranty of payment of the
      Indebtedness and shall continue to be in force and be binding upon the
      undersigned, whether or not all Indebtedness is paid in full, until this
      guaranty is revoked prospectively as to future transactions, by written notice
      actually received by the Bank, and such revocation shall not be effective as
      to
      Indebtedness existing or committed for at the time of actual receipt of such
      notice by the Bank, or as to any renewals, extensions and refinancings thereof.
      The undersigned represents and warrants to the Bank that the undersigned has
      a
      direct and substantial economic interest in Borrower and expects to derive
      substantial benefits therefrom and from any loans and financial accommodations
      resulting in the creation of Indebtedness guaranteed hereby, and that this
      guaranty is given for a corporate purpose. The undersigned agrees to rely
      exclusively on the right to revoke this guaranty prospectively as to future
      transactions, in accordance with this paragraph, if at any time, in the opinion
      of the directors or officers of the undersigned, the corporate benefits then
      being received by the undersigned in connection with this guaranty are not
      sufficient to warrant the continuance of this guaranty as to future
      Indebtedness. Accordingly, so long as this guaranty is not revoked prospectively
      in accordance with this paragraph, the Bank may rely conclusively on a
      continuing warranty, hereby made, that the undersigned continues to be benefited
      by this guaranty and the Bank shall have no duty to inquire into or confirm
      the
      receipt of any such benefits, and this guaranty shall be effective and
      enforceable by the Bank without regard to the receipt, nature or value of any
      such benefits.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.  If
      the undersigned shall be dissolved or shall be or become insolvent (however
      defined) then the Bank shall have the right to declare immediately due and
      payable, and the undersigned will forthwith pay to the Bank, the full amount
      of
      all Indebtedness, whether due and payable or unmatured. If the undersigned
      voluntarily commences or there is commenced involuntarily against the
      undersigned a case under the United States Bankruptcy Code, the full amount
      of
      Indebtedness, whether due and payable or unmatured, shall be immediately due
      and
      payable without demand or notice thereof.

     

    4.  The
      liability of the undersigned shall be unlimited.

     

    5.  The
      undersigned will not exercise or enforce any right of contribution,
      reimbursement, recourse or subrogation available to the undersigned against
      any
      person liable for payment of the Indebtedness, or as to any collateral security
      therefor, unless and until all of the Indebtedness shall have been fully paid
      and discharged.

     

    6.  The
      undersigned will pay or reimburse the Bank for all costs and expenses (including
      reasonable attorneys’ fees and legal expenses) incurred by the Bank in
      connection with the protection, defense or enforcement of this guaranty whether
      suit is commenced or not, including costs and expenses in any litigation or
      bankruptcy or insolvency proceedings.

     

    7.  Whether
      or not any existing relationship between the undersigned and Borrower has been
      changed or ended and whether or not this guaranty has been revoked, the Bank
      may, but shall not be obligated to, enter into transactions resulting in the
      creation or continuance of Indebtedness, without any consent or approval by
      the
      undersigned and without any notice to the undersigned. The liability of the
      undersigned shall not be affected or impaired by any of the following acts
      or
      things (that the Bank is expressly authorized to do, omit or suffer from time
      to
      time, both before and after revocation of this guaranty, without notice to
      or
      approval by the undersigned): (i) any acceptance of collateral security,
      guarantors, accommodation parties or sureties for any or all Indebtedness;
      (ii)
      any one or more extensions or renewals of Indebtedness (whether or not for
      longer than the original period) or any modification of the interest rates,
      maturities or other contractual terms applicable to any Indebtedness; (iii)
      any
      waiver or indulgence granted to Borrower, any delay or lack of diligence in
      the
      enforcement of Indebtedness, or any failure to institute proceedings, file
      a
      claim, give any required notices or otherwise protect any Indebtedness; (iv)
      any
      full or partial release of, settlement with, or agreement not to sue Borrower
      or
      any other guarantor or other person liable in respect of any Indebtedness;
      (v)
      any discharge of any evidence of Indebtedness or the acceptance of any
      instrument, in renewal thereof or substitution therefor, (vi) any failure to
      obtain collateral security (including rights of setoff) for Indebtedness, or
      to
      see to the proper or sufficient creation and perfection thereof, or to establish
      the priority thereof, or to protect, insure or enforce any collateral security;
      or any modification, substitution, discharge, impairment, or loss of any
      collateral security; (vii) any foreclosure or enforcement of any collateral
      security; (viii) any transfer of any Indebtedness or any evidence thereof;
      (ix)
      any order of application of any payments or credits upon Indebtedness or upon
      any other obligations of Borrower to the Bank; (x) any election by the Bank
      under §1111(b)(2) of the United States Bankruptcy Code. The undersigned waives
      any right the undersigned may have to a discharge now or hereafter under Uniform
      Commercial Code § 3-605.

     

    
      
         

      

      
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    8.  The
      undersigned waives any and all defenses, claims and discharges of Borrower,
      or
      any other obligor, pertaining to Indebtedness, except the defense of discharge
      by payment in full. Without limiting the generality of the foregoing, the
      undersigned will not assert, plead or enforce against the Bank any defense
      of
      waiver, release, discharge in bankruptcy, statute of limitations, res judicata,
      statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury,
      illegality, marshaling or unenforceability that may be available to Borrower
      or
      any other person liable in respect of any Indebtedness, or any setoff available
      against the Bank to Borrower or any such other person, whether or not on account
      of a related transaction. The undersigned expressly agrees that the undersigned
      shall be and remain liable for any deficiency remaining after foreclosure of
      any
      mortgage or security interest securing Indebtedness, whether or not the
      liability of Borrower or any other obligor for such deficiency is discharged
      pursuant to statute or judicial decision.

     

    9.  The
      undersigned waives presentment, demand for payment, notice of dishonor or
      nonpayment, and protest of any instrument evidencing Indebtedness. The Bank
      shall not be required first to resort for payment of the Indebtedness to
      Borrower or other persons or their properties, or first to enforce, realize
      upon
      or exhaust any collateral security for Indebtedness, before enforcing this
      guaranty.

     

    10.  If
      any payment applied by the Bank to Indebtedness is thereafter set aside,
      recovered, rescinded or required to be returned for any reason (including,
      without limitation, the bankruptcy, insolvency or reorganization of Borrower
      or
      any other obligor), the Indebtedness to which such payment was applied shall
      for
      the purposes of this guaranty be deemed to have continued in existence,
      notwithstanding such application, and this guaranty shall be enforceable as
      to
      such Indebtedness as fully as if such application had never been
      made.

     

    11.  The
      liability of the undersigned under this guaranty is in addition to and shall
      be
      cumulative with all other liabilities of the undersigned to the Bank as
      guarantor or otherwise, without any limitation as to amount, unless the
      instrument or agreement evidencing or creating such other liability specifically
      provides to the contrary.

     

    12.  The
      undersigned represents and warrants to the Bank that (i) the undersigned is
      a
      corporation duly organized and existing in good standing and has full power
      and
      authority to make and deliver this guaranty; (ii) the execution, delivery and
      performance of this guaranty by the undersigned have been duly authorized by
      all
      necessary action of its directors and shareholders and do not and will not
      violate the provisions of, or constitute a default under, any presently
      applicable law or its articles of incorporation or bylaws or any agreement
      presently binding on it; (iii) this guaranty has been duly executed and
      delivered by the authorized officers of the undersigned and constitutes its
      lawful, binding and legally enforceable obligation (subject to the United States
      Bankruptcy Code and other similar laws generally affecting the enforcement
      of
      creditors’ rights); and (iv) the authorization, execution, delivery and
      performance of this guaranty do not require notification to, registration with,
      or consent or approval by, any federal, state or local regulatory body or
      administrative agency.

     

    
      
         

      

      
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    13.  This
      guaranty shall be effective upon delivery to the Bank, without further act,
      condition or acceptance by the Bank, shall be binding upon the undersigned
      and
      the successors and assigns of the undersigned and shall inure to the benefit
      of
      the Bank and its participants, successors and assigns. Any invalidity or
      unenforceability of any provision or application of this guaranty shall not
      affect other lawful provisions and application hereof, and to this end the
      provisions of this guaranty are declared to be severable. Except as provided
      in
      Paragraph 2 relating to revocations, this guaranty may not be waived, modified,
      amended, terminated, released or otherwise changed except by a writing signed
      by
      the undersigned and the Bank. This guaranty shall be governed by the laws of
      the
      State of Minnesota. THE
      UNDERSIGNED WAIVES NOTICE OF THE BANK’S ACCEPTANCE HEREOF AND WAIVES THE RIGHT
      TO A TRIAL BY JURY IN ANY ACTION BASED ON OR PERTAINING TO THIS GUARANTY.
The
      undersigned hereby irrevocably submits to the jurisdiction of the Minnesota
      District Court, Fourth District, and the Federal District Court, District of
      Minnesota, Fourth Division, over any action or proceeding arising out of or
      relating to this guaranty and agrees that all claims in respect of such action
      or proceeding may be heard and determined in any such court.

     

    This
      guaranty is secured by a security agreement dated as of the date
      hereof.

     

    
      
         

      

      
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    IN
      WITNESS WHEREOF, this guaranty has been duly executed by the undersigned the
      day
      and year first above written.

     

    
      	 	 	CorVu North America,
              Inc.
	 	 	 	 
	 	 	By	/s/ Joseph
              J.
              Caffarelli
	
            	 	 	
              
Its
CEO
	 	 	 	 

    

     

    
      
         

      

        5Exhibit
      10.5

     

    GUARANTY

    

    Edina,
      Minnesota

    February
      20, 2007

    

    For
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, and to induce Commerce Bank (with its participants, successors
      and
      assigns, the “Bank”), at its option, at any time or from time to time to make
      loans or extend other accommodations to or for the account of CorVu Corporation
      (the “Borrower”) or to engage in any other transactions with Borrower, the
      undersigned hereby absolutely and unconditionally guarantee to the Bank the
      full
      and prompt payment when due, whether at maturity or earlier by reason of
      acceleration or otherwise, of the debt, liability or obligation of Borrower
      to
      the Bank evidenced by or arising out of the Term Loan Agreement dated as of
      the
      date hereof between the Borrower and the Bank, as such Term Loan Agreement
      may
      be amended from time to time (the “Term Loan Agreement”) (all such debts,
      liabilities and obligations collectively referred to as the
“Indebtedness”).

     

    The
      undersigned further acknowledge and agree with the Bank that:

     

    1.    No
      act or thing need occur to establish the liability of the undersigned hereunder,
      and no act or thing, except payment in full and discharge of all Indebtedness,
      shall in any way exonerate the undersigned or modify, reduce, limit or release
      the liability of the undersigned hereunder.

     

    2.    This
      is an absolute, unconditional and continuing guaranty of payment of the
      Indebtedness and shall continue to be in force and be binding upon the
      undersigned, whether or not all Indebtedness is paid in full, until this
      guaranty shall be revoked prospectively as to future transactions, by written
      notice actually received by the Bank, and such revocation shall not be effective
      as to Indebtedness existing or committed for at the time of actual receipt
      of
      such notice by the Bank, or as to any renewals, extensions and refinancing
      thereof. If there is more than one undersigned, such revocation shall be
      effective only as to the one so revoking. The death or incompetence of the
      undersigned shall not revoke this guaranty, except upon actual receipt of
      written notice thereof by the Bank and then only as to the decedent or the
      incompetent and only prospectively, as to future transactions, as herein set
      forth.

     

    3.    If
      any of the undersigned shall die, and if within 90 days of death a replacement
      guaranty shall not be provided by the decedent’s estate or another replacement
      guarantor reasonably acceptable to the Bank, the Bank may declare the decedent’s
      liability under this guaranty to be immediately due and payable.

     

    4.    Notwithstanding
      anything to the contrary contained herein, the liability of the undersigned
      hereunder shall be limited to a maximum principal amount for all of the
      undersigned collectively as determined below plus accrued interest thereon
      and
      all attorneys’ fees, collection costs and enforcement expenses referable
      thereto. The
      maximum principal amount of this guaranty initially shall be $300,000.00. Upon
      certain circumstances described in the Term Loan Agreement, the maximum
      principal amount of this guaranty may be reduced to $200,000.00 or to
      $100,000.00 or this guaranty may be released in its
      entirety.
      Indebtedness may be created and continued in any amount, whether or not in
      excess of the maximum principal amount stated in this Paragraph, without
      affecting or impairing the liability of the undersigned hereunder. Any payment
      made by the undersigned under this guaranty shall be effective to reduce or
      discharge its liability, only if accompanied by a written transmittal document,
      received by the Bank, advising the Bank that such payment is made under this
      guaranty for such purpose. The Bank may apply any sums received by or available
      to the Bank on account of the Indebtedness from Borrower or any other person
      (except the undersigned), from their properties, out of any collateral security
      or from any other source to payment of the excess. Such application of receipts
      shall not reduce, affect or impair the liability of the undersigned
      hereunder.

     

    5.    The
      undersigned will not exercise or enforce any right of contribution,
      reimbursement, recourse or subrogation available to the undersigned against
      any
      person liable for payment of the Indebtedness, or as to any collateral security
      therefor, unless and until all of the Indebtedness shall have been fully paid
      and discharged.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    6.    The
      undersigned will pay or reimburse the Bank for all costs and expenses (including
      reasonable attorneys’ fees and legal expenses) incurred by the Bank in
      connection with the protection, defense or enforcement of this guaranty whether
      suit is commenced or not, including costs and expenses in any litigation or
      bankruptcy or insolvency proceedings.

     

    7.    Whether
      or not any existing relationship between the undersigned and Borrower has been
      changed or ended and whether or not this guaranty has been revoked, the Bank
      may, but shall not be obligated to, enter into transactions resulting in the
      creation or continuance of Indebtedness, without any consent or approval by
      the
      undersigned and without any notice to the undersigned. The liability of the
      undersigned shall not be affected or impaired by any of the following acts
      or
      things (that the Bank is expressly authorized to do, omit or suffer from time
      to
      time, both before and after revocation of this guaranty, without notice or
      approval by the undersigned): (i) any acceptance of collateral security,
      guarantors, accommodation parties or sureties for any or all Indebtedness;
      (ii)
      any one or more extensions or renewals of Indebtedness (whether or not for
      longer than the original period) or any modification of the interest rates,
      maturities or other contractual terms applicable to any Indebtedness; (iii)
      any
      waiver or indulgence granted to Borrower, any delay or lack of diligence in
      the
      enforcement of Indebtedness, or any failure to institute proceedings, file
      a
      claim, give any required notices or otherwise protect any Indebtedness; (iv)
      any
      full or partial release of, settlement with, or agreement not to sue, Borrower
      or any other guarantor or other person liable in respect of any Indebtedness;
      (v) any discharge of any evidence of Indebtedness or the acceptance of any
      instrument in renewal thereof or substitution therefor; (vi) any failure to
      obtain collateral security (including rights of setoff) for Indebtedness, or
      to
      see to the proper or sufficient creation and perfection thereof, or to establish
      the priority thereof, or to protect, insure, or enforce any collateral security;
      or any modification, substitution, discharge, impairment, or loss of any
      collateral security; (vii) any foreclosure or enforcement of any collateral
      security; (viii) any transfer of any Indebtedness or any evidence thereof;
      (ix)
      any order of application of any payments or credits upon Indebtedness or upon
      any other obligations of Borrower to the Bank; (x) any election by the Bank
      under §1111(b)(2) of the United States Bankruptcy Code. The undersigned waive
      any right the undersigned may have to a discharge now or hereafter under Uniform
      Commercial Code § 3-605.

     

    8.    The
      undersigned waive any and all defenses, claims and discharges of Borrower,
      or
      any other obligor, pertaining to Indebtedness, except the defense of discharge
      by payment in full. Without limiting the generality of the foregoing, the
      undersigned will not assert, plead or enforce against the Bank any defense
      of
      waiver, release, discharge in bankruptcy, statute of limitations, res judicata,
      statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury,
      illegality, marshaling or unenforceability that may be available to Borrower
      or
      any other person liable in respect of any Indebtedness, or any setoff available
      against the Bank to Borrower or any such other person, whether or not on account
      of a related transaction. The undersigned expressly agree that the undersigned
      shall be and remain liable for any deficiency remaining after foreclosure of
      any
      mortgage or security interest securing Indebtedness, whether or not the
      liability of Borrower or any other obligor for such deficiency is discharged
      pursuant to statute or judicial decision.

     

    9.    The
      undersigned waive presentment, demand for payment, notice of dishonor or
      nonpayment, and protest of any instrument evidencing Indebtedness. The Bank
      shall not be required first to resort for payment of the Indebtedness to
      Borrower or other persons or their properties, or first to enforce, realize
      upon
      or exhaust any collateral security for Indebtedness, before enforcing this
      guaranty.

     

    10.    If
      any payment applied by the Bank to Indebtedness is thereafter set aside,
      recovered, rescinded or required to be returned for any reason (including,
      without limitation, the bankruptcy, insolvency or reorganization of Borrower
      or
      any other obligor), the Indebtedness to which such payment was applied shall
      for
      the purposes of this guaranty be deemed to have continued in existence,
      notwithstanding such application, and this guaranty shall be enforceable as
      to
      such Indebtedness as fully as if such application had never been
      made.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    11.    The
      liability of the undersigned under this guaranty is in addition to and shall
      be
      cumulative with all other liabilities of the undersigned to the Bank as
      guarantor or otherwise, without any limitation as to amount, unless the
      instrument or agreement evidencing or creating such other liability specifically
      provides to the contrary.

     

    12.    This
      guaranty shall be enforceable against each person signing this guaranty, even
      if
      only one person signs and regardless of any failure of other persons to sign
      this guaranty. If there is more than one signer, all agreements and promises
      herein shall be construed to be, and are hereby declared to be, joint and
      several in each of every particular and shall be fully binding upon and
      enforceable against either, any or all of the undersigned. This guaranty shall
      be effective upon delivery to the Bank, without further act, condition or
      acceptance by the Bank, shall be binding upon the undersigned and the heirs,
      representatives, successors and assigns of the undersigned and shall inure
      to
      the benefit of the Bank and its participants, successors and assigns. Any
      invalidity or unenforceability of any provision or application of this guaranty
      shall not affect other lawful provisions and application hereof, and to this
      end
      the provisions of this guaranty are declared to be severable. Except as provided
      in Paragraph 2 relating to revocations, this guaranty may not be waived,
      modified, amended, terminated, released or otherwise changed except by writing
      signed by the undersigned and the Bank. This guaranty shall be governed by
      the
      laws of the State of Minnesota. THE
      UNDERSIGNED WAIVE NOTICE OF THE BANK’S ACCEPTANCE HEREOF AND WAIVE THE RIGHT TO
      A TRIAL BY JURY IN ANY ACTION BASED ON OR PERTAINING TO THIS GUARANTY.
The
      undersigned hereby irrevocably submit to the jurisdiction of the Minnesota
      District Court, Fourth District, and the Federal District Court, District of
      Minnesota, Fourth Division, over any action or proceeding arising out of or
      relating to this guaranty and agree that all claims in respect of such action
      or
      proceeding may be heard and determined in any such court.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, this guaranty has been duly executed by the undersigned the
      day
      and year first above written.

     

    
      	 	 	 	 
	 	 	 	/s/ James
              L.
              Mandel
	
            	 	 	James L.
              Mandel
	 	 	 	 

    

    
       

      
        	 	 	 	 
	 	 	 	/s/ Joseph
                C.
                Caffarelli
	
              	 	 	Joseph
                C.
                Caffarelli
	 	 	 	 

      

      
         

        
          	 	 	 	 
	 	 	 	/s/ David
                  C.
                  Carlson
	
                	 	 	David
                  C.
                  Carlson
	 	 	 	 

        

         

        
          
             

          

            4

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