Document:

REVOLVING LINE OF CREDIT NOTE

 Exhibit 10.2 
 REVOLVING LINE OF CREDIT NOTE 
  

			
	$5,000,000.00	 	San Diego, California
		 	November 28, 2011

 FOR VALUE RECEIVED, the undersigned NATURAL ALTERNATIVES INTERNATIONAL, INC. (“Borrower”)
promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION (“Bank”) at its San Diego Regional Commercial Banking Office at 401 B Street, Suite #2201, San Diego, California 92101, or at such other place as the holder hereof may
designate, in lawful money of the United States of America and in immediately available funds, the principal sum of Five Million Dollars ($5,000,000.00), or so much thereof as may be advanced and be outstanding, with interest thereon, to be computed
on each advance from the date of its disbursement as set forth herein. 
 DEFINITIONS: 

As used herein, the following terms shall have the meanings set forth after each, and any other term defined in this Note shall have the
meaning set forth at the place defined: 
 (a) “Business Day” means any day except a Saturday, Sunday or any other day
on which commercial banks in California are authorized or required by law to close. 
 (b) “Daily One Month LIBOR”
means, for any day, the rate of interest equal to LIBOR then in effect for delivery for a one (1) month period. 
 (c)
“Fixed Rate Term” means a period commencing on a Business Day and continuing for one (1) or three (3) months, as designated by Borrower, during which all or a portion of the outstanding principal balance of this Note bears
interest determined in relation to LIBOR; provided however, that no Fixed Rate Term may be selected for a principal amount less than One Hundred Thousand Dollars ($100,000.00); and provided further, that no Fixed Rate Term shall extend beyond the
scheduled maturity date hereof. If any Fixed Rate Term would end on a day which is not a Business Day, then such Fixed Rate Term shall be extended to the next succeeding Business Day. 

(d) “LIBOR” means the rate per annum (rounded upward, if necessary, to the nearest whole 1/8 of 1%) and determined pursuant to
the following formula: 
  

					
	LIBOR =	 	 Base LIBOR
	  	
		 	100% - LIBOR Reserve Percentage	  	

 (i) “Base LIBOR” means the rate per annum for United States dollar deposits quoted by Bank
(A) for the purpose of calculating effective rates of interest for loans making reference to LIBOR, as the Inter-Bank Market Offered Rate, with the understanding that such rate is quoted by Bank for the purpose of calculating effective rates of
interest for loans making reference thereto, on the first day of a Fixed Rate Term for delivery of funds on said date for a period of time approximately equal to the number of days in such Fixed Rate Term and in an amount approximately equal to the
principal amount to which such Fixed Rate Term applies, or (B) for the purpose of calculating effective rates of interest for loans making reference to the Daily One Month LIBOR Rate, as the Inter-Bank Market Offered Rate in effect from time to
time 

  
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for delivery of funds for one (1) month in amounts approximately equal to the principal amount of such loans. Borrower understands and agrees that Bank may base its quotation of the
Inter-Bank Market Offered Rate upon such offers or other market indicators of the Inter-Bank Market as Bank in its discretion deems appropriate including, but not limited to, the rate offered for U.S. dollar deposits on the London Inter-Bank Market.

 (ii) “LIBOR Reserve Percentage” means the reserve percentage prescribed by the Board of Governors of the Federal
Reserve System (or any successor) for “Eurocurrency Liabilities” (as defined in Regulation D of the Federal Reserve Board, as amended), adjusted by Bank for expected changes in such reserve percentage during the applicable term of this
Note. 
 INTEREST: 

(a) Interest. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual
days elapsed) either (i) at a fluctuating rate per annum determined by Bank to be two and three quarter percent (2.75%) above the Daily One Month LIBOR Rate in effect from time to time, or (ii) at a fixed rate per annum determined by
Bank to be two and one half percent (2.50%) above LIBOR in effect on the first day of the applicable Fixed Rate Term. When interest is determined in relation to the Daily One Month LIBOR Rate, each change in the interest rate shall become
effective each Business Day that the Bank determines that the Daily One Month LIBOR Rate has changed. Bank is hereby authorized to note the date, principal amount and interest rate applicable thereto and any payments made thereon on Bank’s
books and records (either manually or by electronic entry) and/or on any schedule attached to this Note, which notations shall be prima facie evidence of the accuracy of the information noted. 

(b) Selection of Interest Rate Options. At any time any portion of this Note bears interest determined in relation to LIBOR for a
Fixed Rate Term, it may be continued by Borrower at the end of the Fixed Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Daily One Month LIBOR Rate or to LIBOR for a new Fixed Rate Term
designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Daily One Month LIBOR Rate, Borrower may at any time convert all or a portion thereof so that it bears interest determined in relation to LIBOR
for a Fixed Rate Term designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select an interest rate determined in relation to the Daily One Month LIBOR Rate or a Fixed Rate Term for all or a portion of the
outstanding principal balance hereof, and at the end of each Fixed Rate Term, Borrower shall give Bank notice specifying: (i) the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each
LIBOR selection for a Fixed Rate Term, the length of the applicable Fixed Rate Term. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, with respect to each LIBOR selection for a Fixed Rate
Term, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Business Days after such notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. on the first day of the
Fixed Rate Term, or at a later time during any Business Day if Bank, at its sole option but without obligation to do so, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed rate when
quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank of the applicable fixed rate. If no specific designation of interest is made at the time any advance is
requested hereunder or at the end of any Fixed Rate Term, Borrower shall be 

  
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deemed to have made a Daily One Month LIBOR Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied. 

(c) Taxes and Regulatory Costs. Borrower shall pay to Bank immediately upon demand, in addition to any other amounts due or to
become due hereunder, any and all (i) withholdings, interest equalization taxes, stamp taxes or other taxes (except income and franchise taxes) imposed by any domestic or foreign governmental authority and related in any manner to LIBOR, and
(ii) future, supplemental, emergency or other changes in the LIBOR Reserve Percentage, assessment rates imposed by the Federal Deposit Insurance Corporation, or similar requirements or costs imposed by any domestic or foreign governmental
authority or resulting from compliance by Bank with any request or directive (whether or not having the force of law) from any central bank or other governmental authority and related in any manner to LIBOR to the extent they are not included in the
calculation of LIBOR. In determining which of the foregoing are attributable to any LIBOR option available to Borrower hereunder, any reasonable allocation made by Bank among its operations shall be conclusive and binding upon Borrower. 

(d) Payment of Interest. Interest accrued on this Note shall be payable on the first day of each month, commencing
December 1, 2011. 
 (e) Default Interest. From and after the maturity date of this Note, or such earlier date as
all principal owing hereunder becomes due and payable by acceleration or otherwise, or at Bank’s option upon the occurrence, and during the continuance of an Event of Default, the outstanding principal balance of this Note shall bear interest
at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to four percent (4%) above the rate of interest from time to time applicable to this Note. 

BORROWING AND REPAYMENT: 
 (a)
Borrowing and Repayment. Borrower may from time to time during the term of this Note borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions of this Note and of any
document executed in connection with or governing this Note; provided however, that the total outstanding borrowings under this Note shall not at any time exceed the principal amount stated above. The unpaid principal balance of this obligation at
any time shall be the total amounts advanced hereunder by the holder hereof less the amount of principal payments made hereon by or for Borrower, which balance may be endorsed hereon from time to time by the holder. The outstanding principal balance
of this Note shall be due and payable in full on November 1, 2013. 
 (b) Advances. Advances hereunder, to the total
amount of the principal sum stated above, may be made by the holder at the oral or written request of (i) Mark A. LeDoux or Kenneth E. Wolf, any one acting alone, who are authorized to request advances and direct the disposition of any advances
until written notice of the revocation of such authority is received by the holder at the office designated above, or (ii) any person, with respect to advances deposited to the credit of any deposit account of Borrower, which advances, when so
deposited, shall be conclusively presumed to have been made to or for the benefit of Borrower regardless of the fact that persons other than those authorized to request advances may have authority to draw against such account. The holder shall have
no obligation to determine whether any person requesting an advance is or has been authorized by Borrower. 

  
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 (c) Application of Payments. Each payment made on this Note shall be credited first,
to any interest then due and second, to the outstanding principal balance hereof. All payments credited to principal shall be applied first, to the outstanding principal balance of this Note which bears interest determined in relation to the Daily
One Month LIBOR Rate, if any, and second, to the outstanding principal balance of this Note which bears interest determined in relation to LIBOR, with such payments applied to the oldest Fixed Rate Term first. 

PREPAYMENT: 
 (a) Daily One
Month LIBOR Rate. Borrower may prepay principal on any portion of this Note which bears interest determined in relation to the Daily One Month LIBOR Rate at any time, in any amount and without penalty. 

(b) LIBOR. Borrower may prepay principal on any portion of this Note which bears interest determined in relation to LIBOR at any
time and in the minimum amount of One Hundred Thousand Dollars ($100,000.00); provided however, that if the outstanding principal balance of such portion of this Note is less than said amount, the minimum prepayment amount shall be the entire
outstanding principal balance thereof. In consideration of Bank providing this prepayment option to Borrower, or if any such portion of this Note shall become due and payable at any time prior to the last day of the Fixed Rate Term applicable
thereto by acceleration or otherwise, Borrower shall pay to Bank immediately upon demand a fee which is the sum of the discounted monthly differences for each month from the month of prepayment through the month in which such Fixed Rate Term
matures, calculated as follows for each such month: 
  

	 	(i)	Determine the amount of interest which would have accrued each month on the amount prepaid at the interest rate applicable to such amount had it remained
outstanding until the last day of the Fixed Rate Term applicable thereto. 

  

	 	(ii)	Subtract from the amount determined in (i) above the amount of interest which would have accrued for the same month on the amount prepaid for the remaining
term of such Fixed Rate Term at LIBOR in effect on the date of prepayment for new loans made for such term and in a principal amount equal to the amount prepaid. 

 

	 	(iii)	If the result obtained in (ii) for any month is greater than zero, discount that difference by LIBOR used in (ii) above. 

Borrower acknowledges that prepayment of such amount may result in Bank incurring additional costs, expenses and/or liabilities, and that it is difficult
to ascertain the full extent of such costs, expenses and/or liabilities. Borrower, therefore, agrees to pay the above-described prepayment fee and agrees that said amount represents a reasonable estimate of the prepayment costs, expenses and/or
liabilities of Bank. If Borrower fails to pay any prepayment fee when due, the amount of such prepayment fee shall thereafter bear interest until paid at a rate per annum two percent (2.00%) above the Daily One Month LIBOR Rate in effect from
time to time (computed on the basis of a 360-day year, actual days elapsed). 

  
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 EVENTS OF DEFAULT: 
 This Note is made pursuant to and is subject to the terms and conditions of that certain Credit Agreement between Borrower and Bank dated as of December 1, 2010, as amended from time to time (the
“Credit Agreement”). Any default in the payment or performance of any obligation under this Note, or any defined event of default under the Credit Agreement, shall constitute an “Event of Default” under this Note. 

MISCELLANEOUS: 
 (a)
Remedies. Upon the occurrence of any Event of Default, the holder of this Note, at the holder’s option, may declare all sums of principal and interest outstanding hereunder to be immediately due and payable without presentment, demand,
notice of nonperformance, notice of protest, protest or notice of dishonor, all of which are expressly waived by Borrower, and the obligation, if any, of the holder to extend any further credit hereunder shall immediately cease and terminate.
Borrower shall pay to the holder immediately upon demand the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and all allocated costs of the holder’s
in-house counsel), expended or incurred by the holder in connection with the enforcement of the holder’s rights and/or the collection of any amounts which become due to the holder under this Note, and the prosecution or defense of any action in
any way related to this Note, including without limitation, any action for declaratory relief, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection
with any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other person) relating to Borrower or any other person or entity. 

(b) Obligations Joint and Several. Should more than one person or entity sign this Note as a Borrower, the obligations of each
such Borrower shall be joint and several. 
 (c) Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of California. 
 IN WITNESS WHEREOF, the undersigned has executed this Note as of the
date first written above. 
 NATURAL ALTERNATIVES 
 INTERNATIONAL, INC. 
  

			
	By:	 	 /s/ Mark A. LeDoux

		 	Mark A. LeDoux,
		 	Chairman, Chief Executive Officer
		
	By:	 	 /s/ Kenneth E. Wolf

		 	Kenneth E. Wolf,
		 	Chief Financial Officer, Secretary

  
 -5-Exhibit 10.1

 Exhibit 10.1 
 December 23, 2011 
 Manitex LiftKing, ULC 

7135 Islington Avenue 
 Woodbridge, Ontario

 Ladies and Gentlemen: 
 This letter constitutes an amendment and restatement of that certain letter agreement by and between COMERICA BANK (“Bank”), a Texas banking association and authorized foreign bank under the
Bank Act (Canada), successor in interest by merger to Comerica Bank, a Michigan banking corporation, and MANITEX LIFTKING, ULC, an Alberta corporation (the “Company”), dated on or about December 29, 2006, pertaining to certain
loans and other credit which Bank has made and/or may from time to time hereafter make available to Company. 
 In consideration
of all present and future loans, advances and other credit from time to time made available by Bank to or in favour of Company, and in consideration of all present and future Liabilities of Company to Bank, Company represents, warrants, covenants
and agrees as follows: 
 1. (a) As used in this Agreement, the following terms shall have the following respective meanings:

 “Advance Formula Agreement” means that certain amended and restated advance formula agreement by and between
Company and Bank, dated as of even date herewith, governing the maximum advances available to the Company under the Working Capital Line, as same may be amended, modified or restated from time to time. 

“Advance Formula” has the meaning ascribed thereto in the Advance Formula Agreement. 

“Aggregate Contract Advances” means the aggregate of all Advances made by Bank to Company during the term of the Guaranteed
Contract from the date of the Guaranteed Contract through to the completion of the Guaranteed Contract and delivery of the goods to the applicable account debtor. 
 “Agreement” shall mean this Letter Agreement, as the same may be amended from time to time. 
 “Canadian Benefit Plan” shall mean all material employee benefit plans or arrangements maintained or contributed to by a Person that are not Canadian Pension Plans, including all profit sharing,
savings, supplemental retirement, retiring allowance, severance, pension, deferred compensation, welfare, bonus, incentive compensation, phantom stock, legal services, supplementary unemployment benefit plans or arrangements and all life, health,
dental and disability plans and arrangements in which the employees or former employees of such Person participate or are eligible to participate but excluding all stock option or stock purchase plans. 

“Canadian Dollars” and the sign “C$” means the lawful money of Canada. 

“Canadian Pension Plan” shall mean all plans and arrangements which are considered to be pension plans for the purposes of any
applicable pension benefits standard statute and/or regulation in Canada established, maintained or contributed to by a Person for its employees or former employees. 
 “Corporate Guarantor” means, jointly and severally, Manitex International, Inc, a Michigan corporation and Manitex, LLC, a Delaware limited liability company 

 “Debt” shall mean as of any applicable time of determination thereof, any
liability of a Person at such time, whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, joint or several, as determined in accordance with GAAP. 

“Default” shall mean any condition or event which, with the giving of notice or the passage of time, or both, would constitute
an Event of Default. 
 “EDC” means Export Development Canada, a corporation established by an Act of the Parliament
of Canada. 
 “EDC Guarantee” means the guarantee provided by EDC under their export guarantee program which guarantee
is in full force and effect with a scheduled maturity date more than 45 days after the date of the first Request for Advance submitted for a Guaranteed Contract for which no previous Request for Advance was submitted. 

“Environmental Laws” shall mean all statutes, laws, codes, ordinances, rules, regulations, judgments. orders, decrees and
directives issued by any federal, state, provincial, local, municipal, foreign or other governmental or quasi- governmental authority or body (or any agency, instrumentality or political subdivision thereof) pertaining to hazardous or toxic
materials, including, without limitation, any hazardous materials or wastes, toxic substances, flammable, explosive or radioactive materials, asbestos, and/or other similar materials; any so- called “superfund” or “superlien” law
pertaining to hazardous or toxic materials on or about any property at any time owned, leased or otherwise used by the Company, or any portion thereof; including, without limitation, those relating to soil, surface, subsurface groundwater conditions
and the condition of the ambient air; and any other federal, state, provincial, local, municipal or foreign statute, law, ordinance, code, rule, regulation, judgment, order or decree regulating, relating to, or imposing liability or standards of
conduct concerning, any hazardous, toxic, radioactive, flammable or dangerous waste, substance or material, as now or at any time hereafter in effect. 
 “Event of Default” shall mean the occurrence or existence of any of the conditions or events set forth in Section 7 of this Agreement. 

“Financed Goods” means the goods which are the subject of the applicable Guaranteed Contract. 

“GAAP” shall mean generally accepted accounting principles in effect in the US from time to time, consistently applied, as
modified by the Financial Accounting Standards Board. 
 “Guaranteed Contract” means a contract for the manufacture of
specialized transporters or other equipment for export from Canada which is guaranteed by the EDC Guarantee. 
 “Hazardous
Materials” shall mean all of the following: any asbestos, petroleum, petroleum by-products, flammable explosives, radioactive materials, and any hazardous or toxic materials, as defined in any applicable Environmental Law. 

“Liabilities” shall mean all present and future liabilities, obligations and indebtedness of Company to Bank, howsoever
created, existing, evidenced or arising, whether direct or indirect, absolute or contingent, joint or several, now or hereafter existing or arising, whether due or to become due, and all amendments, restatements, extensions and/or renewals thereof.

 “Loan Documents” shall mean this Agreement and any and all promissory notes, instruments, documents, guarantees,
security agreements, financing statements and agreements at any time evidencing, governing, securing or otherwise relating to any of the Liabilities. 
 “Material Adverse Effect” shall mean (a) any materially adverse effect with respect to the operations, business, properties, assets, nature of assets, liabilities (contingent or otherwise),
financial condition or prospects of Company; or (b) any facts or circumstance which singly or in the aggregate create a reasonable likelihood that the Bank will be rendered unable to enforce in any rights or remedies purported to be granted it
under any of the Loan Documents. 

 “Person” or “person” shall mean any individual, corporation,
partnership, unlimited liability company, limited liability company, trust, incorporated or unincorporated organization, joint venture, joint stock company, a government, or any agency or political subdivision thereof, or any other entity of any
kind. 
 “Request for Advance” means a request for advance issued by Company under the Specialized Equipment Export
Master Note in the form attached thereto. 
 “Scheduled Payment Date” means the date corresponding to (i) sixty
(60) days after the Company ships the Financed Goods to, or as directed by, the purchaser of the Financed Goods, or (ii) five (5) Business Days after the Company receives payment in full for such Financed Goods. 

“Specialized Equipment Export Facility” means that revolving loan facility provided by Bank to Company, available in Canadian
and/or US Dollars, to finance the costs of material and labour of certain contracts for the manufacture of specialized transporters or other equipment for export from Canada. 
 “Specialized Equipment Export Master Note” means the specialized equipment export master revolving note, in the original principal amount of US$2,000,000, executed and delivered by Company to
Bank, dated as of even date herewith, as same may be extended, amended, modified, restated from time to time. 
 “US
Dollars” and the sign “US$” means the lawful money of the United States of America. 
 “Working Capital
Line” means that revolving loan facility provided by Bank to Company to finance the working capital needs of the Company, available in Canadian and/or US Dollars, in the maximum amount as set forth in the Working Capital Note. 

“Working Capital Note” means the US$6,500,000 working capital note, executed and delivered by Company to Bank, dated as of even
date herewith, as same may be extended, amended, modified or restated from time to time. 
 (b) Unless expressly
provided to the contrary, all accounting and financial terms and calculations hereunder or pursuant hereto shall be defined and determined in accordance with GAAP. 
 2. Each loan, advance or other extension of credit made by Bank to or otherwise in favour of Company shall be evidenced by and subject to a promissory note or other agreement or evidence of indebtedness
acceptable to Bank, in each case, executed and delivered by Company to Bank, including but not limited to: 
 (a)
the Working Capital Line, pursuant to which Bank has made available to Company revolving advances, which are governed by the terms of the Working Capital Note and the Advance Formula Agreement providing the terms for the interest, principal,
payments, maturity and maximum advances under the Working Capital Line; and 
 (b) the Specialized Equipment
Export Facility pursuant to which Bank has made available to Company revolving advances evidenced by the Specialized Equipment Export Master Note providing the terms for the interest, principal, payments, maturity, advance procedures under the
Specialized Equipment Export Facility and subject to the following terms and conditions: 
 (i) proceeds of the
Specialized Equipment Export Facility may only be utilized to fund the costs of material and labour under a Guaranteed Contract; 

 (ii) the EDC Guarantee must be in full force and effect; 

(iii) a Request for Advance must be submitted to Bank at least 45 days prior to the expiration date of the EDC Guarantee;

 (iv) a Request for Advance must contain all receipts, invoices, documents and calculations as required under
the Specialized Equipment Export Master Note; 
 (v) the aggregate advances under any Guaranteed Contract shall
not exceed 90% of the material costs and labour incurred in connection with such Guaranteed Contract or 90% of the purchase price provided in the Guaranteed Contract; 

(vi) the principal amount of the Aggregate Contract Advances under a Guaranteed Contract shall be due and payable, with
all accrued interest applicable thereon, on the Scheduled Payment date; and 
 (vii) all terms conditions and
requirements as set forth in the Specialized Equipment Export Master Note. 
 3. Company hereby represents and warrants, and
such representations and warranties shall be deemed to he continuing representations and warranties during the entire life of this Agreement, and thereafter, so long as any Liabilities remain unpaid and outstanding: 

(a) It is a corporation duly organized, validly existing and in good standing under the laws of the Province of Alberta,
it is duly qualified and authorized to do business in each jurisdiction where the character of its assets or the nature of its activities makes such qualification necessary, and it has the legal power and authority to own its properties and assets
and to carry out its business as now being conducted; execution, delivery and performance of this Agreement, and any and all other Loan Documents to which Company is a party or by which it is otherwise bound, are within Company’s corporate
powers and authorities, have been duly authorized by all requisite corporate or other necessary or appropriate action, and are not in contravention or violation of law or the terms of Company’s organizational or other governing documents, and
do not require the consent or approval of any governmental body, agency or authority; and this Agreement, and any other Loan Documents contemplated hereby, when executed, issued and/or delivered by Company, or by which Company is otherwise bound,
will be valid and binding and legally enforceable against Company in accordance with their terms, subject to limitations as to enforceability that might result from bankruptcy, insolvency, moratorium and other similar laws affecting creditors’
rights generally and subject to limitations on the availability of equitable remedies. 
 (b) The execution,
delivery and performance of this Agreement and any other Loan Documents required under or contemplated by this Agreement to which Company is a party or by which it is otherwise bound, and the issuance of this Agreement and any such other Loan
Documents by Company, and the borrowings and other transactions contemplated hereby and thereby, are not in contravention or violation of the unwaived terms of any indenture, agreement or undertaking to which Company is a party or by which it or any
of its property or assets is bound, and will not result in the creation or imposition of any lien, hypothec or encumbrance of any nature whatsoever upon any of the property or assets of Company, except to or in favour of Bank. 

(c) No litigation or other proceeding before any court or administrative agency is pending, or, to the knowledge of
Company, or any of its members, is threatened against Company which might have a Material Adverse Effect. 
 (d)
There are no security interests in, liens, hypothecs, mortgages, or other encumbrances on any of Company’s property or assets, except Permitted Encumbrances (as hereinafter defined). 

(e) There exists no Default or Event of Default under any of the Liabilities. 

 (f) The most recent financial statements with respect to Company delivered
to Bank fairly present the financial condition of Company as of the date thereof and for the period(s) covered thereby in accordance with GAAP without footnotes, and since September 30, 2006, there has been no material adverse change in the
condition (financial or otherwise) of Company. 
 (g) Company has not used Hazardous Materials on, in, under or
otherwise affecting any real or personal property now or at any time owned, occupied or operated by Company or upon which Company has a place of business (collectively and severally, the “Property”) in any manner which violates, in any
material respect, any Environmental Laws; and to the best of Company’s knowledge, no prior owner, occupant or operator of any of the Property, or any current or prior owner, occupant or operator thereof, has used any Hazardous Materials on or
affecting the Property in any manner which violates, in any material respect, any Environmental Law(s). Company has never received any notice of any violation of any Environmental Laws, and to the best of Company’s knowledge, there have been no
actions commenced or threatened by any party against Company or any of the Property for non-compliance with any Environmental Laws. 
 4. So long as Bank shall have any commitment or obligation, if any, to make any loans or extend credit to or in favour of Company, and so long as any Liabilities remain unpaid and outstanding, Company
covenants and agrees that it shall: 
 (a) Furnish to Bank, or cause to be furnished to Bank, in each case, in
form and detail and on a reporting basis satisfactory to Bank, the following: 
 (i) as soon as available, and in
any event not later than twenty five (25) days after and as of the end of each month, a report identifying the eligible “raw materials” inventory and eligible “finished goods inventory”, each as defined in the Advance
Formula Agreement, and the cost and location thereof as of the end of the preceding month, executed by the chief executive or chief financial officer of Company, in form satisfactory to Bank; 

(ii) as soon as available, and in any event not later than twenty five (25) days after and as of the end of each
month, a report detailing the calculation of the Advance Formula, executed by the chief executive or chief financial officer of Company, confirming the aggregate of all outstanding advances under the Working Capital Line do not exceed the lesser of
the face amount of the Working Capital Line or the Advance Formula as then in effect (or if such is not the case, accompanied by a prepayment of the Working Capital Line); 

(iii) as soon as available, and in any event not later than twenty five (25) days after and as of the end of each
month, a progress report for each Guaranteed Contract executed by the chief executive or chief financial officer of Company, detailing the anticipated delivery date of the Financed Goods, the aggregate material and labour costs as of the date of
such report, total deposits and/or instalment payments received from purchaser and copies of any amendments to the Guaranteed Contract; 
 (iv) as soon as possible after becoming aware of the occurrence or existence of any default or event of default under a Guaranteed Contract or any anticipated inability to comply with the material terms
of a Guaranteed Contract, and in any event, (x) within five (5) business days of such default Company shall provide Bank with verbal notice of such default, and (y) within ten (10) business days of such default Company shall
provide Bank with a written statement of an officer of the Company setting forth the details of such default, event of default or non-compliance with material terms and the action which Company has taken or caused to be taken, or proposes to take or
cause to be taken, with respect thereto; and 
 (v) as soon as possible after becoming aware of the occurrence or
existence of any Default or Event of Default, and in any event, (x) within five (5) business days of such Default or Event of Default Company shall provide Bank with verbal notice of such Default or Event of Default, and (y) within
ten (10) business days of such Default or Event of Default Company shall provide Bank with a written statement of an officer of the Company setting forth the details of such Default or Event of Default, and the action which Company has taken or
caused to be taken, or proposes to take or cause to be taken, with respect thereto; and 

 (vi) promptly, at such times as Bank may reasonably require, in form and
detail reasonably satisfactory to Bank, such other information and reports as may be required under the terms of any Loan Documents or as Bank may request from time to time. 

(b) Keep proper books of record and account in which full and correct entries shall be made of all of its financial
transactions and its assets and businesses so as to permit the presentation of financial statements (including, without limitation, those financial statements to be delivered to Bank pursuant to Section 4(a) above) prepared in accordance with
GAAP; permit Bank, or its representatives, at reasonable times and intervals, to visit all of Company’s offices and to make inquiries as to Company’s financial matters with its officers, employees, and independent certified public
accountants; and permit Bank. through Bank’s authorized attorneys, accountants and representatives, to inspect, audit and examine Company’s books, accounts, records, ledgers and assets and properties of every kind and description, wherever
located, twice each year, on reasonable notice, and at all reasonable times during normal business hours. Company shall reimburse Bank for all costs and expenses incurred by Bank in connection with such semi-annual inspections, examinations and
audits, and shall pay to Bank such fees as Bank may charge in respect of such inspections, examinations and audits, or as otherwise mutually agreed upon by Company and Bank; provided that the limitation on payment and the number of audits shall not
apply following the occurrence and during the continuance of an Event of Default. 
 (c) Keep its insurable
properties (including, without limitation, any collateral at any time securing all or any part of the Liabilities) adequately insured and maintain (i) insurance against fire and other risks customarily insured against under an “all-
risk” policy and such additional risks customarily insured against by companies engaged in the same or a similar business to that of Company, (ii) necessary workers’ compensation insurance, (iii) public liability and product
liability insurance, and (iv) such other insurance as may be required by law or as may be reasonably required in writing by Bank, all of which insurance shall be in such amounts, contain such terms, be in such form, be for such purposes,
prepaid for such time periods. All such policies shall contain a provision whereby they may not be cancelled or materially amended except upon thirty (30) days’ prior written notice to Bank. Company will promptly deliver to Bank, at
Bank’s request, evidence satisfactory to Bank that such insurance has been so procured and, with respect to casualty insurance, made payable to Bank. If Company fails to maintain satisfactory insurance as herein provided, Bank shall have the
option (but not the obligation) to do so, and Company agrees to repay Bank, upon demand, with interest at the highest rate of interest applicable to any of the Liabilities, all amounts so expended by Bank. 

(d) Pay promptly and within the time that they can be paid without late charge, penalty or interest, all taxes,
assessments and similar imposts and charges of every kind and nature properly and lawfully levied, assessed or imposed upon Company and/or its property, except to the extent being contested in good faith and, if requested by Bank, bonded in an
amount and manner satisfactory to Bank. If Company fails to pay such taxes and assessments within the time they can be paid without penalty, late charge or interest, Bank shall have the option (but not the obligation) to do so, and Company agrees to
repay Bank, upon demand, with interest at the highest rate of interest applicable to any of the Liabilities, all amounts so expended by Bank. 
 (e) Do or cause to be done all things necessary to preserve and keep in full force and effect Company’s corporate existence, rights and franchises and comply with all applicable laws; continue to
conduct and operate its business substantially as conducted and operated during the present and preceding calendar year; at all times maintain, preserve and protect all franchises and trade names and preserve all the remainder of its property and
keep the same in good repair, working order and condition to the extent they are needed in the ordinary course of the Company’s business; and from time to time make, or cause to be made, all needed and necessary proper repairs, renewals,
replacements, betterments and improvements thereto so that the business carried on in connection therewith may be properly and advantageously conducted at all times. 

 (f) To the extent applicable, ensure that at all times each Canadian Pension
Plan and Canadian Benefit Plan is administered in a timely manner in all respects in accordance with applicable plan text, funding agreements, the Income Tax Act (Canada) and other applicable laws. 

(g) Comply in all material respects with all applicable Environmental Laws, and maintain all material permits, licenses
and approvals required under applicable Environmental Laws; and promptly provide to Bank, immediately upon receipt thereof, copies of any material correspondence, notice, pleading, citation, indictment, complaint, order, decree, or other document
from any source asserting or alleging a violation of any Environmental Laws by Company, or of any circumstance or condition which requires or may require a financial contribution by Company, or a clean-up, removal, remedial action or other response
by or on behalf of Company under applicable Environmental Law(s), or which seeks damages or civil, criminal, or punitive penalties from Company for any violation or alleged violation of any Environmental Law(s) by Company. Company hereby
indemnifies, saves and holds Bank, and any of Bank’s past, present and future officers, directors, shareholders, employees, representatives and consultants, harmless from any and all losses, damages, suites, penalties, costs, liabilities and
expenses (including, without limitation, reasonable legal expenses and attorneys’ fees) incurred or arising out of any claim, loss or damage of any property, injuries to or death of any persons, contamination of or adverse effects on the
environment, or other violation of any applicable Environmental Law(s), in any case, caused by Company, or in any way related to any property owned or operated by Company, or due to any acts of Company, or any of its officers, directors,
shareholders, employees, consultants and/or representations; provided, however, that the foregoing indemnification shall not be applicable, and Company shall not be liable for any such losses, damages, suits, penalties, costs, liabilities or
expenses, to the extent (but only to the extent) the same arise or result from any gross negligence or wilful misconduct of Bank or any of Bank’s past, present and future officers, directors, shareholders, employees, representatives or
consultants. 
 (h) Maintain all of its bank accounts with Bank. 

5. So long as Bank shall have any commitment or obligation, if any, to make any loans or extend credit to or in favour of Company, and so
long as any Liabilities remain unpaid and outstanding, Company covenants and agrees that it shall not, without the prior written consent of Bank: 
 (a) Issue any additional stock, or any warrant, right or option relating thereto or any security convertible into any of the foregoing. 

(b) Purchase, redeem, retire or otherwise acquire any of its capital stock, or make any commitment to do so. 

(c) Create, incur, assume or suffer to exist any mortgage, pledge, encumbrance, security interest, lien or charge of any
kind upon any of its property or assets, whether now owned or hereafter acquired, other than the following (collectively, “Permitted Encumbrances”): 
 (i) existing liens, hypothecs, mortgages, security interests and encumbrances to the extent set forth on attached Schedule 5(c) attached hereto; 

(ii) liens, hypothecs, mortgages, security interests and encumbrances to or in favour of Bank; 

(iii) liens for taxes, fees, assessments or other governmental charges and for which no interest, late charge or penalty
is attaching or which is being contested in good faith by appropriate proceedings diligently pursued and, if requested by Bank, bonded in an amount and manner satisfactory to Bank; 

(iv) liens, not delinquent, created by statute in connection with workers’ compensation, unemployment insurance,
social security, old age pensions (subject to the applicable provisions of this Agreement) and similar statutory obligations; 

 (v) purchase money security interests to secure purchase money indebtedness
of Company permitted under Section 5(c)(v) of this Agreement, so long as such security interests arise or are created substantially contemporaneously with the purchase or acquisition by Company of the respective property or assets to which such
security interests relate and the incurrence of the respective purchase money indebtedness which such security interests secure, secure only the respective purchase money indebtedness so incurred by Company to enable Company to so purchase or
acquire such property or assets, and no other Debt, and encumber only the respective property or assets so purchased or acquired, and no other property or assets of Company; 

(vi) liens in favour of mechanics, materialmen, carriers, warehousemen or other like statutory or common law liens
securing obligations incurred in good faith in the ordinary course of business, that are not yet due and payable, except where such service is due and payable and Company is contesting the payment of same in good faith; 

(vii) liens incurred or deposits or pledges made or given in connection with, or to secure payment of, indemnity,
performance or similar bonds; 
 (viii) liens arising solely by virtue of any statutory or common law provision
relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution; 

(ix) encumbrances in the nature of zoning restrictions, easements and rights or restrictions of record on the sale of real
property and landlord’s liens under leases on the premises rented, which do not materially detract from the value of such property or impair the use thereof in the business of Company; and 

(x) the interest of any lessor under any capital lease, provided that such interest is limited to the property subject to
the capital lease. 
 (d) Incur, create, assume or permit to exist any Debt of any kind or nature whatsoever,
except for (i) the Liabilities, (ii) existing indebtedness to the extent set forth on attached Schedule 5(d) attached hereto, (iii) unsecured trade indebtedness and other current liabilities (other than liabilities for borrowed money)
incurred and paid in the ordinary course of business, (iv) indebtedness secured by Permitted Encumbrances, and (v) purchase money indebtedness and lease obligations (whether in respect of capitalized leases, operating leases or otherwise),
not otherwise disclosed in said Schedule 5(d), not to exceed Two Hundred Fifty Thousand Canadian Dollars (C$250,000), in the aggregate, at any time, and (v) performance bonds entered into in the ordinary course of business, provided no
encumbrance, security interest, lien or charge of any kind is granted by Company over any of its property or assets in support of such bond. 
 (e) Make loans, advances or extensions of credit to any Person, except sales on open account in the ordinary course of business. 

(f) Guarantee or otherwise, directly or indirectly, in any way be or become responsible for obligations of any other
Person, whether by agreement to purchase the indebtedness of any other Person, agreement for the furnishing of funds to any other Person through the furnishing of goods, supplies or services, by way of stock purchase, capital contribution, advance
or loan, for the purpose of paying or discharging (or causing the payment or discharge of) the indebtedness of any other Person, or otherwise, except (i) guaranties in favour of Bank; (ii) the endorsement of negotiable instruments in the
ordinary course of business for deposit or collection; and (iii) obligations of any parent, subsidiary or otherwise related company. 
 (g) Subordinate any indebtedness due to it from any Person to indebtedness of other creditors of such Person. 

 (h) Sell, lease (as lessor), transfer or otherwise dispose of any of its
properties or assets, except as to the sale of inventory or other assets in the ordinary course of business; (ii) change its name, consolidate with or merge into any other Person, permit any other Person to merge into it; (iii) acquire all
or substantially all the properties or assets of any other Person; (iv) enter into any reorganization or recapitalization, or reclassify its membership interests; or (v) enter into any sale-leaseback transaction. 

(i) Allow any fact, condition or event to occur or exist with respect to any employee pension or profit sharing plan
established or maintained by it which might constitute grounds for termination of any such plan or for the court appointment of a trustee to administer any such plan; or permit any such plan to be the subject of termination proceedings (whether
voluntary or involuntary) which may result in a liability of Company to any Person. 
 (j) Furnish Bank with any
certificate or other document that contains any untrue statement of a material fact or omits to state a material fact necessary to make such certificate or document not misleading in light of the circumstances under which it was furnished.

 (k) Apply any of the proceeds of any loan, advance or other extension of credit by Bank to or in favour of
Company, to the purchase or carrying of any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System, or any regulations, interpretations or rulings thereunder. 

6. An “Event of Default” shall be deemed to have occurred or exist under this Agreement upon the occurrence and/or existence of
any of the following conditions or events: 
 (a) Company shall fail to pay the principal of or interest on or
shall otherwise fail to pay any other amount owing by Company to Bank, when due, under any of the Liabilities; 

(b) any representation, warranty, certification or statement made or deemed to have been made by Company herein, or by any
other Person (including, without limit, Company) in any certificate, financial statement or other document or agreement delivered by or on behalf of Company in connection with the Liabilities or any of the Loan Documents, shall prove to be untrue in
any material respect; 
 (c) Company shall fail to observe or perform in any material respect any condition,
covenant or agreement of Company set forth in Section 4(c) or Section 5; 
 (d) Company shall fail to
observe or perform any condition, covenant or agreement of Company set forth in Section 4(a) and such failure shall continue for ten (10) days; 
 (e) Company shall fail to observe or perform any other condition, covenant or agreement of Company set forth in any other provisions of this Agreement (other than as provided in subparagraphs (a), (b),
(c) and (d) above) and such failure shall continue for thirty (30) days after the earlier of (i) the day the Company became aware of such condition or noncompliance, or (ii) the day notice thereof was sent by Bank to
Company; 
 (f) Company shall fail to observe or perform any condition, covenant or agreement of Company set
forth in any other Loan Document (other than as provided in subparagraphs (a), (b), (c) and (d) above), and such default shall remain unremedied or uncured beyond thirty (30) days after the earlier of (i) the day the Company
became aware of such condition or noncompliance, or (ii) the day notice thereof was sent by Bank to Company; 
 (g) if there shall be any change, for any reason whatsoever, in the ownership or control of Company which, in the sole reasonable discretion or Bank, could result in a material adverse effect upon
Company’s business, assets or operations; 
 (h) if any Corporate Guarantor shall be in default or if any
event of default exists under any agreement by and between such Corporate Guarantor and Bank including but not limited to that certain Second Amended and Restated Credit Agreement by and among Manitex International, Inc., a Michigan corporation
formerly known as Veri-Tek International, Corp., Manitex, Inc., a Texas corporation and Bank, dated as of April 11, 2007, as amended, modified or restated from time to time; 

 (i) if there shall be rendered against Company one or more judgments or
decrees involving an aggregate liability of C$500,000.00 or more, which has or have become non-appealable and shall remain undischarged, unsatisfied by insurance and unstayed for more than 30 days, whether or not consecutive; or if a writ of
attachment or garnishment against the property of Company shall be issued and levied in an action claiming C$500,000.00 or more and not released or appealed and bonded in an amount and manner satisfactory to Bank within 30 days after such issuance
and levy; 
 (j) if Company shall voluntarily suspend transaction of its business; or if Company shall not pay
its debts as they mature, except for ordinary trade payables, or shall make a general assignment for the benefit of creditors; or the commencement or acquiescence of Company of or in proceedings for substantive relief in any bankruptcy, insolvency,
debt restructuring, reorganization, readjustment of debt, dissolution, liquidation or other similar proceedings (including, without limitation, proceedings under the Bankruptcy Code, Bankruptcy and Insolvency Act (Canada), the
Winding-up and Restructuring Act (Canada), the Companies’ Creditors Arrangement Act (Canada), or other similar federal, state or provincial legislation) including, without limitation, the filing of a proposal or plan of
arrangement or a notice of intention to file same, or proceedings for the appointment of a trustee, interim receiver, receiver, receiver and manager, custodian, liquidator, provisional liquidator, administrator, sequestrator or other like official
with respect to Company or all or any substantial part of the assets of Company, or any similar relief which has not been dismissed or stayed within 30 days; 
 (k) if the EDC Guarantee ceases for any reason to be in full force and effect, or matures and is not extended, or any event of default occurs under the EDC Guarantee, while any advances remain outstanding
under the Specialized Equipment Export Facility; or 
 (l) upon the occurrence or existence of any
“Default” or “Event of Default”, as the case may be, set forth in any other Loan Document with Bank. 
 7.
Upon the occurrence and at any time during the continuance or existence of any Event of Default, Bank may give notice to Company declaring all outstanding Liabilities to be due and payable, whereupon all such Liabilities then outstanding shall
immediately become due and payable, without further notice or demand, and any commitment or obligation, if any, on the part of Bank to make loans or otherwise extend credit to or in favour of Company shall immediately terminate. Further, upon the
occurrence or at any time during the continuance or existence of any Event of Default hereunder, Bank may collect, deal with and dispose of all or any part of any security in any manner permitted or authorized by the Personal Property Security
Act (Ontario) or other applicable law (including public or private sate), and after deducting expenses (including, without limitation, reasonable attorneys’ fees and expenses), Bank may apply the proceeds thereof in part or full payment of
any of the Liabilities, whether due or not, in any manner or order Bank elects. In addition to the foregoing, upon the occurrence and at any time during the continuance or existence of any Event of Default hereunder, Bank may exercise any and all
rights and remedies available to it as a result thereof, whether by agreement, by law, or otherwise. 
 8. Company’s
compliance with the terms and conditions set forth herein, and the absence of any Event of Default hereunder, shall not, in any way whatsoever, limit, restrict or otherwise affect or impair Bank’s right or ability to make demand for payment of
any or all Liabilities which may be on a demand basis at the time of such demand, in Bank’s sole and absolute discretion exercised using commercial reasonableness, and the existence of any Event of Default hereunder shall not be the sole reason
or basis for enabling Bank to make demand for payment of all or any part of such Liabilities. 
 9. No forbearance on the part
of the Bank in enforcing any of its rights or remedies under this Agreement or any other Loan Document, nor any renewal, extension or rearrangement of any payment or covenant to be made or performed by Company hereunder or any such other Loan
Document, shall constitute a waiver of any of the terms of this Agreement or such Loan Document or of any such right or remedy. 
 10. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and the parties attorn to the
non-exclusive jurisdiction of the courts of the Province of Ontario. 

 11. All covenants, agreements, representations and warranties by or on behalf of Company
made in connection with this Agreement and any other Loan Documents shall survive the borrowing hereunder or thereunder and shall be deemed to have been relied upon by Bank. All statements contained in any certificate or other document delivered to
Bank at any time by or on behalf of Company pursuant hereto shall constitute representations and warranties by Company. 
 12.
This Agreement may be executed and delivered in any number of counterparts, each of which taken together constitute one and the same instrument. 
 13. The unenforceability of any provision of this Agreement shall not affect the enforceability of the remainder of this Agreement. 

14. Company agrees that it will pay all costs and expenses incurred by Bank in connection with preparation of this Agreement and any
other Loan Documents, including, without limitation, reasonable attorneys fees and disbursements of counsel for the Bank. 
 15.
This Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective successors and assigns; provided, however, that Company shall not assign or transfer any of its rights or obligations hereunder or
otherwise in respect of any of the Liabilities without the prior written consent of Bank. 
 16. COMPANY AND BANK, AFTER
CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVE ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR
IN ANY WAY RELATED TO, THIS AGREEMENT OR THE LIABILITIES. 
 If the foregoing is acceptable to Company, please indicate such
with the authorized signature of Company as provided below. 
  

			
	Very truly yours,
	
	COMERICA BANK, a Texas banking association and authorized foreign bank under the Bank Act (Canada)
		
	By:	 	/s/ Omer Ahmed
		 	Omer Ahmed
	Its:	 	Portfolio Manager

  

			
	ACCEPTED AND AGREED:
	
	MANITEX LIFTKING, ULC
		
	By:	 	/s/ David H. Gransee
	Print Name:	 	David H. Gransee
	Its:	 	VP & CFO
	
	Dated: December 23, 2011

 Schedule 5(c) 
 Permitted Encumbrances 
  

	1.	Inventory, Equipment, Accounts, Motor Vehicles and other items in favour of Liftking Industries Inc. pursuant to Ontario PPSA file number 646883397.

  

	2.	Purchase Money Security Interest in certain items in favour of Gehl Company pursuant to Ontario PPSA file number 636045921. 

 Schedule 5(d) 
 Existing Indebtedness 
 Lease dated June 8, 2010, between Aldrovandi Equipment Limited and
Manitex Liftking, ULC for facility located in Woodbridge, Ontario

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