Document:

Waiver AND
FIFTH AMENDMENT TO CREDIT AGREEMENT

 

This WAIVER AND FIFTH
AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into as of November 14, 2013 by and
among Bacterin International,
Inc., a Nevada corporation (the “Borrower”), Bacterin
International HOLDINGS, Inc., a Delaware corporation (“Holdings”),
and ROS Acquisition Offshore LP,
a Cayman Islands Exempted Limited Partnership (the “Lender”).

 

WHEREAS, the Borrower
and the Lender are party to that certain Credit Agreement, dated as of August 24, 2012 (as amended by that certain First Amendment
to Credit Agreement, dated as of May 16, 2013, as further amended by that certain Waiver and Second Amendment to Credit Agreement,
dated as of August 12, 2013, as further amended by that certain Waiver and Third Amendment to Credit Agreement, dated as of August
12, 2013, and as further amended by that certain Fourth Amendment to Credit Agreement, dated as of August 30, 2013, the “Credit
Agreement”), pursuant to which the Lenders have extended credit to the Borrower on the terms set forth therein;

 

WHEREAS, the Borrower
has advised the Lender that the Revenue Base for the Fiscal Quarter ended September 30, 2013 was less than the Minimum Revenue
Base required for such Fiscal Quarter under Section 8.4.1 of the Credit Agreement, and therefore an Event of Default has occurred
under Section 9.1.3 of the Credit Agreement (the “Existing Default”);

 

WHEREAS, the Borrower
has requested that the Lender waive the Existing Default and amend the Credit Agreement, as more fully described herein; and

 

WHEREAS, the Lender
is willing to waive the Existing Default and agree to such amendment, but only upon the terms and subject to the conditions set
forth herein.

 

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

 

1.          Definitions;
Loan Document. Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit
Agreement. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement and the other Loan Documents.

 

2.          Amendment
to Section 8.4.1. Section 8.4.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

SECTION 8.4.1
Minimum Revenue Base. 

The Revenue
Base for any Fiscal Quarter shall not be less than the amount set forth below for such Fiscal Quarter:

 

    	 

    	 

    

 

	Fiscal Quarter Ending	 	Minimum Revenue Base	 
	September 30, 2012	 	$	7,500,000	 
	December 31, 2012	 	$	7,500,000	 
	March 31, 2013	 	$	8,500,000	 
	June 30, 2013	 	$	8,500,000	 
	September 30, 2013	 	$	10,500,000	 
	December 31, 2013	 	$	7,500,000	 
	March 31, 2014	 	$	7,500,000	 
	June 30, 2014	 	$	8,000,000	 
	September 30, 2014	 	$	8,000,000	 
	December 31, 2014	 	$	8,000,000	 
	March 31, 2015 and thereafter	 	$	9,500,000	 

 

3.          Waiver.
The Lender hereby waives the Existing Default and agrees not to exercise any rights or remedies that may be available to it as
a result of the occurrence thereof.

 

4.          Restricted
Stock Grant. Holdings hereby agrees to grant and issue to the Lender, and the Lender hereby accepts, as consideration for
the Lender agreeing to execute this Amendment, and for no additional consideration, 1,500,000 shares of the common stock of Holdings
(the “Shares”), which shall be issued by Holdings to the Lender in certificated form as soon as reasonably practicable,
but in any event on or prior to December 2, 2013, subject to the last sentence of this Section 4. The Shares have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), and will not be able to be transferred by the
Lender, other than pursuant to an effective registration statement, or exemption from registration requirements under the Securities
Act and other applicable securities laws, and will contain a legend to that effect. Issuance of the Shares requires additional
listing approval by the NYSE MKT exchange, and Holdings shall use its reasonable best efforts to obtain such approval as soon as
reasonably practicable. If such approval is not received prior to November 29, 2013, then in lieu of issuing the Shares to the
Lender, the last two sentences of Section 3.2 of the Credit Agreement shall hereby automatically be amended and restated in their
entirety to read as follows:

 

At such time
as the Borrower pays, prepays or repays, or is required to pay, prepay or repay, any principal amount of the Loans, whether on
the Maturity Date or otherwise, whether voluntarily or involuntarily (if involuntarily, whether required by this Agreement, the
Royalty Agreement or any other Loan Document) and whether before or after acceleration of the Obligations, including without limitation
any payment pursuant to any provision of this Section 3.2, the Borrower shall pay to the Lender a fee in the amount equal
to 7.0% of the aggregate principal amount of such payment, prepayment or repayment. For the avoidance of doubt, any such fees paid
by the Borrower to the Lender shall not be included in clause (ii) of the definition of “Recovered Amount” for purposes
of the Royalty Agreement.

 

5.          Conditions
to Effectiveness of Amendment. This Amendment, including the Lender’s consent to the Waiver in Section 3  of
this Amendment, shall become effective upon receipt (i) by the Lender of a Secretary’s Certificate, in the form
attached as Exhibit A hereto, duly executed and delivered by the signatories thereto, and (ii) by the Lender of a counterpart
signature to this Amendment duly executed and delivered by each of the Borrower and Holdings.

 

    	-2-

    	 

    

 

6.          Expenses.
The Borrower agrees to pay on demand all expenses of the Lender (including, without limitation, the fees and out-of-pocket expenses
of Covington & Burling LLP, counsel to the Lender, and of local counsel, if any, who may be retained by or on behalf of the
Lender) incurred in connection with the negotiation, preparation, execution and delivery of this Amendment.

 

7.          Representations
and Warranties. The Borrower and Holdings each represents and warrants to the Lender as follows:

 

(a)          After
giving effect to this Amendment, the representations and warranties of the Borrower and the Guarantors contained in the Credit
Agreement or any other Loan Document shall, (i) with respect to representations and warranties that contain a materiality qualification,
be true and correct in all respects on and as of the date hereof, and (ii) with respect to representations and warranties that
do not contain a materiality qualification, be true and correct in all material respects on and as of the date hereof, and except
that the representations and warranties limited by their terms to a specific date shall be true and correct as of such date.

 

(b)          After
giving effect to this Amendment, no Default or Event of Default under the Credit Agreement will occur or be continuing.

 

(c)          The
authorized capital stock of Holdings, as of immediately prior to the date hereof, consists of (i) 95,000,000 shares of common stock,
par value $0.000001 per share, 51,744,136 of which are issued and outstanding as of November 13, 2013, and (ii) 5,000,000 shares
of preferred stock, par value $0.000001 per share, none of which are issued and outstanding as of the date of this Amendment.

 

(d)          Other
than (i) up to 9,000,000 shares of common stock reserved for issuance pursuant to the Equity Incentive Plan of Holdings, (ii) an
option to purchase 2,000,000 shares of common stock granted outside of the Equity Incentive Plan, and (iii) warrants to purchase
11,140,709 shares of common stock, except as granted pursuant to this Amendment, as of the date of this Amendment, there are no
outstanding options, warrants, phantom equity, rights (including conversion or preemptive rights and rights of first refusal),
proxy or stockholder agreements, or agreements of any kind for the purchase or acquisition from Holdings of any of its securities.

 

(e)          All
issued and outstanding shares of Holdings’ common stock and preferred stock (i) have been duly authorized and validly issued
and are fully paid and nonassessable, and (ii) were issued in compliance with all applicable state and federal laws concerning
the issuance of securities.

 

    	-3-

    	 

    

 

(f)          The
rights, preferences, privileges and restrictions of the Shares are as stated in the Certificate of Incorporation of Holdings (the
“Charter”). When issued in compliance with the provisions of this Amendment, the Charter and applicable law,
the Shares will be validly issued, fully paid and nonassessable, and will be free of any liens or encumbrances other than liens
and encumbrances created by or imposed upon the Lender; provided, however, that the Shares may be subject to restrictions on transfer
under state and/or federal securities laws or as otherwise required by such laws at the time a transfer is proposed. The issuance
of the Shares is not and will not be subject to any preemptive rights or rights of first refusal that have not been properly waived
or complied with. Holdings has no obligation (contingent or otherwise) to purchase or redeem any of its capital stock. Except for
(i) the warrants issued in connection with Holdings’ issuance of common stock on June 10, 2013, and (ii) the warrants issued
in connection with bridge financings in 2009 and 2010, the issuance of the Shares pursuant to this Amendment will not result in
any change to the exercise price, conversion price, conversion rate, or number of shares of Holdings’ capital stock issuable
upon the exercise or conversion of any of Holdings’ capital stock, options, warrants or other rights to acquire the Holdings’
capital stock.

 

8.          No
Implied Amendment or Waiver. Except as expressly set forth in this Amendment, this Amendment shall not, by implication
or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of the Lender under the Credit Agreement
or the other Loan Documents, or alter, modify, amend or in any way affect any of the terms, obligations or covenants contained
in the Credit Agreement or the other Loan Documents, all of which shall continue in full force and effect. Nothing in this Amendment
shall be construed to imply any willingness on the part of the Lender to agree to or grant any similar or future amendment, consent
or waiver of any of the terms and conditions of the Credit Agreement or the other Loan Documents.

 

9.          Waiver
and Release. TO INDUCE THE LENDER TO AGREE TO THE TERMS OF THIS AMENDMENT, THE BORROWER AND HOLDINGS EACH REPRESENTS AND
WARRANTS THAT AS OF THE DATE HEREOF THERE ARE NO CLAIMS OR OFFSETS AGAINST OR RIGHTS OF RECOUPMENT WITH RESPECT TO OR DEFENSES
OR COUNTERCLAIMS TO ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS AND IN ACCORDANCE THEREWITH IT:

 

(a)          WAIVES
ANY AND ALL SUCH CLAIMS, OFFSETS, RIGHTS OF RECOUPMENT, DEFENSES OR COUNTERCLAIMS, WHETHER KNOWN OR UNKNOWN, ARISING PRIOR TO THE
DATE HEREOF; AND

 

(b)          RELEASES
AND DISCHARGES THE LENDER, ITS AFFILIATES AND ITS AND THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SHAREHOLDERS AND ATTORNEYS
(COLLECTIVELY THE “RELEASED PARTIES”) FROM ANY AND ALL OBLIGATIONS, INDEBTEDNESS, LIABILITIES, CLAIMS, RIGHTS,
CAUSES OF ACTION OR DEMANDS WHATSOEVER, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, IN LAW OR EQUITY, WHICH THE BORROWER
EVER HAD, NOW HAS, CLAIMS TO HAVE OR MAY HAVE AGAINST ANY RELEASED PARTY ARISING PRIOR TO THE DATE HEREOF AND FROM OR IN CONNECTION
WITH THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY.

 

    	-4-

    	 

    

 

10.         Counterparts;
Governing Law. This Amendment may be executed in any number of counterparts and by different parties hereto on separate
counterparts, each of such when so executed and delivered shall be an original, but all of such counterparts shall together constitute
but one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment by fax transmission or
other electronic mail transmission (e.g., “pdf” or “tif”) shall be effective as delivery of a manually
executed counterpart of this Amendment. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS
OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK).

 

[Remainder
of Page Intentionally Left Blank]

 

    	-5-

    	 

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the day and year
first above written.

 

	 	BACTERIN INTERNATIONAL, INC.,
	 	as the Borrower
	 	 
	 	By:	/s/ John P. Gandolfo
	 	Name:  John P. Gandolfo
	 	Title:    Chief Financial Officer
	 	 
	 	BACTERIN INTERNATIONAL HOLDINGS, INC.,
	 	as Holdings and a Guarantor
	 	 
	 	By:	/s/ John P. Gandolfo
	 	Name:  John P. Gandolfo
	 	Title:    Chief Financial Officer
	 	 
	 	ROS Acquisition Offshore LP,
	 	as the Lender
	 	By ROS Acquisition Offshore GP Ltd.,
	 	its General Partner
	 	By OrbiMed Advisors LLC,
	 	its investment manager
	 	 
	 	By:	/s/ Samuel D. Isaly
	 	Name:  Samuel D. Isaly
	 	Title:    Managing Member

 

Signature Page to Waiver and Fifth Amendment
to Credit AgreementFIRST AMENDMENT TO FIRST AMENDED 

AND RESTATED CREDIT AGREEMENT

 

 

THIS FIRST AMENDMENT
TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is executed as of November 13, 2013 (the “Execution
Date”) by JPMORGAN CHASE BANK, N.A, as the Administrative Agent, Issuing Bank, Swingline Lender and as a Lender, ESCALADE,
INCORPORATED, as the Borrower, and the other Loan Parties party hereto.

 

Recitals

 

A.This Amendment
is executed in respect of the First Amended and Restated Credit Agreement, dated as of August 27, 2013 (“Credit Agreement”),
executed by and among Escalade, Incorporated, an Indiana corporation, as the Borrower, the other Loan Parties party thereto and
JPMorgan Chase Bank, N.A., as the Administrative Agent, Issuing Bank, Swingline Lender and as a Lender (“Chase”).

 

B.The
Borrower is requesting Chase, which as of the Execution Date is the sole Lender, the Swingline Lender, the Issuing Bank and the
Administrative Agent, to agree to amendments to the Credit Agreement, as provided in and subject to the terms of this Amendment.

 

Agreement

 

NOW, THEREFORE, in consideration
of the premises, the mutual covenants and agreements herein, and each act performed and to be performed hereunder, the Borrower,
the other Loan Parties party hereto and Chase, as Lender, Swingline Lender, the Issuing Bank and the Administrative Agent, agree
as follows:

 

1.Definitions.
All terms used in this Amendment, including its Recitals, that are defined in the Credit Agreement and not otherwise defined herein,
shall have the same meanings in this Amendment as are ascribed to such terms in the Credit Agreement.

 

2.Amendments to
the Credit Agreement. Effective as of the Execution Date, the Credit Agreement is amended as follows:

 

(a)Amended and Restated
Definitions in Section 1.01. Each of the following definitions in Section 1.01 of the Credit Agreement is amended and, as so
amended, restated in its entirety to read as follows:

 

“Commitment”
means, with respect to each Lender, the sum of such Lender’s Revolving Commitment and Term Loan Commitment, as such Commitment
may be reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The amount
of each Lender’s Commitment as of the First Amendment Date, in the case of the Revolving Commitment, and as of the Effective
Date, in the case of the Term Loan Commitment, is set forth on the Commitment Schedule, or in the most recent Assignment
and Assumption executed by such Lender, as applicable.

 

“Fixed Charges”
means, for any period, without duplication, cash Interest Expense, plus scheduled principal payments on Indebtedness
actually made, plus Capital Lease Obligation payments, all calculated for the Borrower and its Subsidiaries on a
consolidated basis in accordance with GAAP.

 

    	 

    	 

    

“Fixed Charge Coverage
Ratio” means, for any period, the ratio of (a) EBITDA less expenses for income taxes paid in cash less
Restricted Payments paid in cash less the unfinanced portion of Capitalized Expenditures for such period to
(b) Fixed Charges for such period, all calculated for such period for the Borrower and its Subsidiaries on a consolidated basis
in accordance with GAAP.

 

“Revolving Commitment”
means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and to acquire participations
in Letters of Credit, and Swingline Loans hereunder, expressed as an amount representing the maximum possible aggregate amount
of such Lender’s Revolving Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant
to assignments by or to such Lender pursuant to Section 9.04. The amount of each Lender’s Revolving Commitment as of the
First Amendment Date is set forth on the Commitment Schedule, or in the most recent Assignment and Assumption executed by
such Lender with respect to a Revolving Loan, as applicable. The aggregate amount of the Lenders’ Revolving Commitments as
of the First Amendment Date is Thirty-One Million Dollars ($31,000,000).

 

“Term Loan Maturity Date”
means August 27, 2018, or any earlier date on which the maturity of the Term Loans is accelerated pursuant to the terms of this
Agreement.

 

(b)New Defined Terms.
Section 1.01 of the Credit Agreement is amended to add the following new defined terms in the appropriate alphabetical position:

 

“DMI Sports Acquisition”
means the acquisition and related transactions pursuant to that certain Asset Purchase Agreement dated as of November 13, 2013,
by and between DMI Sports, Inc., a Pennsylvania corporation, Gary Giegerich and Paul Giegerich, collectively as sellers, and Indian
Industries, Inc., an Indiana corporation, as buyer.

 

“First Amendment Date”
means November 13, 2013.

 

(c)Amendment to the Defined
Term Funded Debt to Adjusted EBITDA Ratio. At each appearance of the term "Funded Debt to Adjusted EBITDA Ratio"
in the Credit Agreement, such term shall be amended by deleting the word "Adjusted."

 

(d)Amendment to Section
6.04. Section 6.04 of the Credit Agreement is amended as follows:

 

(i) By deleting the “and”
following the semicolon in subsection (p);

 

(ii) By deleting the period at the
end of subsection (q) and replacing it with “; and”; and

 

(iii) By inserting a new subsection
(r), which shall read in its entirety “the DMI Sports Acquisition; provided that the Borrower and each relevant Subsidiary
must comply with (a) each requirement of Section 5.14 of the Credit Agreement and (b) each of subsections (a), (c), (d), (e) and
(g) through (n) of the definition of Permitted Acquisition.”

 

(e)Amendment to Section
6.13, subsection (a). Section 6.13, subsection (a) of the Credit Agreement is amended and, as so amended, restated in its entirety
to read as follows:

 

    	2

    	 

    

(a)Fixed Charge Coverage
Ratio. As of the end of each fiscal quarter closing after the Effective Date, the Borrower and its Subsidiaries shall achieve
a Fixed Charge Coverage Ratio for the four (4) successive Fiscal Quarters of the Borrower ending on the date of determination of
not less than 1.25 to 1.00.

 

(f)Commitment Schedule.
The Commitment Schedule attached as Exhibit A hereto (the “New Commitment Schedule”) shall replace and supersede
the existing Commitment Schedule to the Credit Agreement. All references in the Credit Agreement to the Commitment Schedule shall
mean and refer to the New Commitment Schedule.

 

3.Representations
and Warranties of the Borrower. Each Loan Party represents and warrants to Chase, as the Lender, Swingline Lender, Issuing
Bank and the Administrative Agent as follows:

 

(a)(i)
The execution, delivery and performance of this Amendment and all agreements, instruments and documents delivered pursuant hereto
by each Loan Party have been duly authorized by all necessary corporate action, and do not and will not violate any provision of
any law, rule, regulation, order, judgment, injunction or writ presently in effect applying to any Loan Party, or the articles
of incorporation of any Loan Party, or result in a breach of or constitute a default under any material agreement, lease or instrument
to which any Loan Party is a party or by which any Loan Party or any of their respective properties may be bound or affected; (ii) no
authorization, consent, approval, license, exemption or filing of a registration with any court or governmental department, agency
or instrumentality is or will be necessary to the valid execution, delivery or performance by any Loan Party of this Amendment
and all agreements, instruments and documents delivered pursuant hereto; and (iii) this Amendment is the legal, valid and
binding obligation of each Loan Party and is enforceable against each Loan Party in accordance with its terms.

 

(b)The
representations and warranties contained in Article III of the Credit Agreement are true and correct on and as of the Execution
Date with the same force and effect as if made on and as of the Execution Date.

 

(c)No
Default or Event of Default has occurred and is continuing or will exist under the Credit Agreement as of the Execution Date.

 

(d)The
Borrower’s constituent documents (articles of incorporation and by-laws) have not been amended or otherwise changed since
August 27, 2013. No Guarantor’s constituent documents (articles of incorporation and by-laws) have been amended or otherwise
changed since August 27, 2013.

 

(e)Since
August 27, 2013, no event, change or condition has occurred that has had, or could reasonably be expected to have, a Material Adverse
Effect.

 

4.Conditions.
The obligation of Chase, as Lender, Swingline Lender, Issuing Bank and the Administrative Agent, to execute and to perform this
Amendment shall be subject to full satisfaction of the following conditions precedent on or before the Execution Date:

 

(a)This
Amendment shall have been executed by the Borrower and each Loan Party, and delivered to Chase, and executed by Chase, as Lender,
Swingline Lender, Issuing Bank and Administrative Agent;

 

    	3

    	 

    

(b)Chase
shall have received a Certificate of Existence for the Borrower and each Guarantor issued by the Secretary of State of its jurisdiction
of organization not more than thirty (30) days prior to the Execution Date;

 

(c)Chase
shall have received resolutions of the Borrower and each Guarantor authorizing the execution of this Amendment and the performance
of the transactions contemplated in this Amendment, which resolutions shall be certified by the respective secretary (or equivalent
officer) of each Borrower and each Guarantor; and

 

(d)Chase
shall have obtained a UCC search certificate for the Borrower and each Guarantor issued by the Secretary of State of the jurisdiction
where such Person is located (as such term is used in Article 9 of the UCC) not more than thirty (30) days prior to the Execution
Date which certificates shall show the Administrative Agent having a first priority security interest in substantially all of the
assets of each of the Borrower and the Guarantors subject only to Liens permitted by the Credit Agreement.

 

5.Further Agreements
and Acknowledgements.

 

(a)The
Borrower and each Guarantor each hereby further agree and acknowledge that the Borrower shall reimburse Chase for or pay, within
ten (10) days of the date of their receipt of billing from Chase, the reasonable fees and out-of-pocket expenses of Faegre Baker
Daniels LLP, special counsel to the Lender, the Issuing Bank and the Administrative Agent, for the preparation and closing of this
Amendment.

 

(b)The
Borrower hereby further agrees to deliver to the Administrative Agent not later than thirty (30) calendar days after the Execution
Date a Collateral Access Agreement with respect to the property located at 220 Rittenhouse Circle, Bristol, Pennsylvania 19007
(the “New Leased Location”), as required to be provided pursuant to Section 4.13 of the Security Agreement;
provided that from the Execution Date until the date thirty (30) calendar days from such date, the New Leased Location shall be
deemed to be a Permitted Third Party Location notwithstanding the absence of a Collateral Access Agreement.

 

(c)The
Borrower and each Guarantor each hereby further agree to execute not later than ten (10) calendar days after the Execution Date
such agreements as are requested by Chase in its reasonable discretion to perfect by filing in the United States Patent and Trademark
Office the security interest of the Secured Parties in the patents and trademarks acquired as a result of the DMI Sports Acquisition.

 

6.Consent and
Representations of Guarantors. Each Guarantor, by its execution of this Amendment, expressly consents to the execution, delivery
and performance by the Borrower, Chase (as a Lender and Issuing Bank) and the Administrative Agent of this Amendment and all agreements,
instruments and documents delivered pursuant hereto, and agrees that neither the provisions of this Amendment nor any action taken
or not taken in accordance with the terms of this Amendment shall constitute a termination, extinguishment, release or discharge
of any of its obligations under its respective Unlimited Continuing Guaranty, dated as of April 30,
2009, in favor of the Administrative Agent for the benefit of each of the Lenders and the Administrative Agent (each a “Guaranty”)
or provide a defense, set-off or counterclaim to it with respect to any of its obligations under its Guaranty or any other
Loan Documents. Each Guarantor affirms to Chase and the Administrative Agent that its Guaranty is in full force and effect, is
a valid and binding obligation, and continues to guaranty payment of and secure and support the Secured Obligations, now existing
or hereafter arising.

 

    	4

    	 

    

7.Binding on Successors
and Assigns. All of the terms and provisions of this Amendment shall be binding upon and inure to the benefit of the parties
hereto, their respective successors, assigns and legal representatives.

 

8.Governing Law/Entire
Agreement/Survival. This Amendment is a contract made under, and shall be governed by and construed in accordance with, the
laws of the State of Indiana applicable to contracts made and to be performed entirely within such state and without giving effect
to the choice or conflicts of laws principles of any jurisdiction. This Amendment constitutes and expresses the entire understanding
among the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, commitments,
inducements or conditions, whether expressed or implied, oral or written. All covenants, agreements, undertakings, representations
and warranties made in this Amendment shall survive the execution and delivery of this Amendment and shall not be affected by any
investigation made by any person. Except as expressly provided otherwise in this Amendment, the Credit Agreement, as amended hereby,
remains in full force and effect in accordance with its terms and provisions.

 

9.Counterparts/Facsimile
Signatures. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one
agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart
of a signature page of this Amendment by facsimile shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[Signature pages follow.]

 

    	5

    	 

    

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized signatories.

 

JPMORGAN CHASE BANK, N.A., individually, as Administrative
Agent, Issuing Bank, Swingline Lender and a Lender

 

By: /s/ Randall K. Stephens 

Name: Randall K. Stephens

Title: Senior Vice President

 

 

    	[Signature Page to First Amendment to First Amended and Restated Credit Agreement]

    	 

    

BORROWER:

 

ESCALADE, INCORPORATED

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

OTHER LOAN PARTIES:

 

BEAR ARCHERY, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

EIM COMPANY, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

ESCALADE INSURANCE, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

ESCALADE SPORTS PLAYGROUND, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

HARVARD SPORTS, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

MARTIN YALE INDUSTRIES, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

 

    	[Signature Page to First Amendment to First Amended and Restated Credit Agreement]

    	 

    

OLYMPIA BUSINESS SYSTEMS, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

SOP SERVICES, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

U.S. WEIGHT, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

INDIAN INDUSTRIES, INC.

 

By: /s/ Deborah Meinert

Name: Deborah Meinert

Title: Secretary

 

 

    	[Signature Page to First Amendment to First Amended and Restated Credit Agreement]

    	 

    

Exhibit A

 

COMMITMENT SCHEDULE

 

	
        Lender

         
	Revolving Commitment as of the First Amendment Date	Term Loan Commitment as of the Effective Date	Commitment
	JPMorgan Chase Bank, N.A.	$31,000,000.00	$5,000,000.00	$36,000,000.00
	Total	$31,000,000.00	$5,000,000.00	$36,000,000.00

 

    	A-1

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