Document:

EXHIBIT 10.21

 

GUARANTEE

 

GUARANTEE,
dated as of April 25, 2014, by TWIN CITIES POWER HOLDINGS, LLC, a Minnesota limited liability company, ("Guarantor"),
in favor of NOBLE AMERICAS ENERGY SOLUTIONS LLC (the "Counterparty").

 

1.
Guarantee. To induce the Counterparty to enter into transactions (the "Transactions") with DISOUNT ENERGY
GROUP, LLC (“Affiliate”), Guarantor guarantees to the Counterparty and its successors, endorsees and assigns the prompt
payment when due, subject to any applicable grace period, of all present and future payment obligations of Affiliate to the Counterparty
arising out of Transactions (the "Obligations"). The maximum aggregate liability of Guarantor under the Guarantee is
limited to the amount of ONE MILLION U.S. DOLLARS (U.S. $1,000,000.00) plus costs and expenses, including reasonable attorney’s
fees, incurred in enforcing this Guarantee against the Guarantor.

 

2.
Nature of Guarantee. Guarantor’s obligations hereunder shall not be affected by the existence, validity, enforceability,
perfection, or extent of any collateral therefor or by any other circumstance relating to the Obligations that might otherwise
constitute a legal or equitable discharge of or defense to Guarantor not available to Affiliate. This is a guarantee of payment
and not collection. Guarantor agrees that the Counterparty may resort to Guarantor for payment of any of the Obligations whether
or not the Counterparty shall have resorted to any collateral therefor or shall have proceeded against Affiliate or any other
obligor principally or secondarily obligated with respect to any of the Obligations. The Counterparty shall not be obligated to
file any claim relating to the Obligations in the event that Affiliate becomes subject to a bankruptcy, reorganization or similar
proceeding, and the failure of the Counterparty to so file shall not affect the Guarantor’s obligations hereunder. If any
payment to the Counterparty in respect of any Obligations is rescinded or must otherwise be returned for any reason whatsoever,
Guarantor shall remain liable hereunder with respect to such Obligations as if such payment had not been made. Guarantor reserves
the right to (a) set-off against any payment owing hereunder any amounts owing by the Counterparty to Affiliate and (b) assert
defenses which Affiliate may have to payment of any Obligations other than defenses arising from the bankruptcy or insolvency
of Affiliate and other defenses expressly waived hereby.

 

 

 

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3.
Changes in Obligations, Collateral therefor and Agreements Relating thereto; Waiver of Certain Notices. Guarantor agrees
that the Counterparty may at any time and from time to time, either before or after the maturity thereof, without notice to or
further consent of such Guarantor, extend the time of payment of, exchange or surrender any collateral for, or renew any of the
Obligations, and may also make any agreement with Affiliate or with any other party to or person liable on any of the Obligations
or interested therein, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or
for any modification of the terms thereof or of any agreement between the Counterparty and Affiliate or any such other party or
person, without in any way impairing or affecting this Guarantee. Guarantor waives notice of the acceptance of this Guarantee
and of the Obligations, presentment, demand for payment, notice of dishonor and protest. Without limiting the foregoing, in accordance
with Section 2856 of the California Civil Code, Guarantor waives any and all other rights and defenses available to Guarantor
by reason of Sections 2787 to 2855, inclusive, 2899 and 3433 of the California Civil Code, including without limitation any and
all rights or defenses Guarantor may have by reason of protection afforded to Affiliate with respect to any of the Obligations,
or to any other guarantor of any of the Obligations with respect to any of such guarantor’s obligations under its guaranty,
in each case pursuant to the laws of the state of California limiting or discharging the Affiliate’s or such guarantor’s
obligations.

 

4.
Expenses. Guarantor agrees to pay on demand all fees and out of pocket expenses (including, without limitation, the
reasonably allocated fees of in-house counsel and other reasonable fees of the Counterparty's counsel, and reasonable expenses
of each of the foregoing) in any way relating to the enforcement or protection of the rights of the Counterparty hereunder; provided,
that Guarantor shall not be liable for any expenses of the Counterparty if no payment under this Guarantee is due.

 

5.
Subrogation. Upon payment of any of the Obligations, Guarantor shall be subrogated to the rights of the Counterparty
against Affiliate with respect to such Obligations, and the Counterparty agrees to take at the Guarantor’s expense such
steps as Guarantor may reasonably request to implement such subrogation.

 

6.
No Waiver; Cumulative Rights. No failure on the part of the Counterparty to exercise, and no delay in exercising, any
right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Counterparty
of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power. Each and every right,
remedy and power hereby granted to the Counterparty or allowed it by law or other agreement shall be cumulative and not exclusive
of any other, and may be exercised by the Counterparty at any time or from time to time.

 

7.
Assignment. This Guarantee may be freely assigned by Counterparty without the Guarantor’s consent. Neither this
Guarantee nor any rights, interests or obligations hereunder may be assigned by the Guarantor to any other person (except by operation
of law) without the prior written consent of the Counterparty.

 

 

 

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8. Notices. All notices or demands on Guarantor shall
be deemed effective when received, shall be in writing and shall be delivered by hand or by registered mail, or by facsimile transmission
promptly confirmed by registered mail, addressed to Guarantor at:

 

Twin Cities Power Holdings, LLC

16233 Kenyon Avenue, Suite 210

Lakeville, MN 55044

Attn: Legal

(952) 241-3103

FaxL 952-898-3570

lseverson@twincitiespower.com

 

or to such other address or fax number
as Guarantor shall have notified the Counterparty in a written notice delivered to the Counterparty.

 

9. Continuing
Guarantee. Subject to the provisions of Section 1 and 10 hereof, this Guarantee shall become and remain in full force and
effect and shall be binding on Guarantor, its successors and assigns until all of the Obligations have been satisfied in full.

 

10. Termination.
Upon not less than thirty (30) days prior written notice thereof to the Counterparty, Guarantor may terminate this Guarantee insofar
as it would otherwise relate (but for such termination) to Transactions entered into after the effectiveness of such termination.
Such termination shall not affect the obligations hereunder of Guarantor in respect to the Transactions entered into before such
effectiveness as to which this Guarantee shall, in all respects, remain in full force and effect.

 

11. Governing
Law. This Guarantee shall in all respects be governed by and construed in accordance with the laws of the State of California
without regard to principles of conflicts of laws.

 

12. Execution
in Counterparts. This Guarantee may be executed in counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

13. Entire
Agreement. This Guarantee constitutes the entire agreement and supersedes all prior agreements and understandings, both written
and oral, between Guarantor and Counterparty with respect to the subject matter hereof. Neither this Guarantee nor any of the
terms hereof may be terminated, amended, supplemented, waived or modified orally, except by an instrument in writing signed by
the party against which the enforcement of this termination, amendment or supplement, waiver or modification shall be sought.

 

 

 

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IN
WITNESS WHEREOF, this Guarantee has been duly executed and delivered by Guarantor to the Counterparty as of the date first above
written.

 

GUARANTOR

 

TWIN CITIES POWER
HOLDINGS, LLC

 

 

By:
/s/ Timothy S. Krieger

Printed
Name: Timothy S. Krieger

Title: President/CEO

 

 

 

 

    	4EXHIBIT 10.22

 

GUARANTY

 

THIS GUARANTY is given as of April 16, 2013, by Twin
Cities Power Holdings, LLC, a Minnesota limited liability company, whose principal business office is located at 16233 Kenyon
Avenue, Suite 210, Lakeville, MN 55044 (“Guarantor”), to PJM Settlement, Inc (“PJM Settlement”), a Pennsylvania
Non-Profit Corporation, on behalf of itself and as agent for PJM Interconnection, L.L.C. (“PJM”), a Delaware limited
liability company, whose principal business office is located at 955 Jefferson Avenue, Valley Forge Corporate Center, Norristown,
Pennsylvania, 19403-2497.

RECITALS

WHEREAS, Twin Cities Power, LLC, whose principal
business office is located at 16233 Kenyon Avenue, Suite 210, Lakeville, MN 55044, will conduct business beginning as of the date
of this Guaranty with PJM pursuant to which Twin Cities Power, LLC may from time to time enter into power and/or related purchase
and sale transactions in the PJM Control Area; and

WHEREAS, pursuant to the PJM Open Access Transmission
Tariff, PJM Operating Agreement and/or the PJM Reliability Assurance Agreement among Load Serving Entities in the PJM Control
Area, (the “Agreements”), PJM Settlement and PJM is authorized to require Transmission Customers and PJM Members to
provide and maintain in effect appropriate creditworthiness arrangements; and

WHEREAS, PJM will accept Twin Cities Power, LLC as
a member or transmission customer only if payments, penalties, and other amounts owed by Twin Cities Power, LLC to PJM Settlement
in connection with the Agreements will be guaranteed by Guarantor;

WHEREAS, Guarantor will directly or indirectly benefit
from Twin Cities Power, LLC becoming a member or transmission customer of PJM and deems it to be in Guarantor’s best interest
to provide this guarantee to PJM Settlement; and

WHEREAS, Guarantor is willing to guarantee payments,
penalties, and other amounts owed by Twin Cities Power, LLC to PJM Settlement under the terms set forth below.

NOW THEREFORE, in consideration of the above premises
and the mutual promises and covenants contained below (which the Guarantor acknowledges constitute adequate consideration for
its obligations hereunder) the Guarantor, intending to be legally bound, agrees as follows:

		(1)	Obligations of Guarantor.
                                         Guarantor unconditionally guarantees to PJM Settlement the prompt and complete payment
                                         of all amounts owed to PJM Settlement by Twin Cities Power, LLC in regard to the Agreements
                                         (or any successor agreements). If all or any part of such amounts is not paid by Twin
                                         Cities Power, LLC when due, Guarantor shall, upon the demand of PJM Settlement, immediately
                                         pay such amount. This is a primary, absolute obligation of Guarantor enforceable by PJM
                                         Settlement, its successors and assigns, or any of its members on its behalf, regardless
                                         of Twin Cities Power, LLC’s ability or willingness to pay.

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		(2)	Duration. This Guaranty
                                         shall continue in force until the entire indebtedness covered by this Guaranty is repaid
                                         in full to PJM Settlement and the Agreement is terminated. PJM Settlement shall not be
                                         bound or obligated to exhaust its recourse against Twin Cities Power, LLC or other persons
                                         or take any other action before being entitled to demand performance by Guarantor hereunder.
                                         This Guaranty shall continue to be effective even in the event of the insolvency, bankruptcy
                                         or reorganization of Twin Cities Power, LLC. This Guaranty will also survive and be binding
                                         upon Guarantor following any merger, reorganization, consolidation or other change in
                                         Twin Cities Power, LLC's or Guarantor’s structure, personnel, business or affairs.

		(3)	Remedies of PJM Settlement.
                                         The rights and remedies of PJM Settlement under this Guaranty are cumulative and concurrent
                                         and shall not be exclusive of any other rights or remedies that PJM Settlement may have
                                         against Twin Cities Power, LLC or Guarantor. No set-off, counterclaim, reduction or diminution
                                         of an obligation or any defense of any kind or nature that Guarantor has or may have
                                         against Twin Cities Power, LLC or PJM Settlement shall affect, modify or impair the obligations
                                         of Guarantor under this Guaranty.

		(4)	Waivers. Guarantor
                                         acknowledges that PJM Settlement will rely upon this Guaranty in accepting Twin Cities
                                         Power, LLC as a member or transmission customer under the Agreements. Guarantor accordingly
                                         waives any claim or defense based upon lack of consideration. Guarantor also irrecoverably
                                         waives presentment, demand, protest or other notice of any kind, including, without limitation,
                                         notice of acceptance of this Guaranty and notice of any claim or demand upon Twin Cities
                                         Power, LLC or Guarantor. Without notice to Guarantor, PJM Settlement may extend the time
                                         for performance under any agreement with Twin Cities Power, LLC or modify, supplement
                                         or amend any agreement, and otherwise agree in any manner with Twin Cities Power, LLC
                                         without affecting Guarantor’s unconditional obligation under this Guaranty.

		(5)	Effect of Bankruptcy.
                                         In the event that, pursuant to any insolvency, bankruptcy, reorganization, receivership
                                         or other debtor relief law or any judgment, order or decision thereunder, PJM Settlement
                                         must rescind or restore any payment, or any part thereof, received by PJM Settlement,
                                         any prior release or discharge from the terms of this Agreement shall be with out effect,
                                         and this Agreement will remain in effect.

		(6)	Miscellaneous.
                                         This Guaranty is for the benefit of PJM Settlement, its successors and assigns, and its
                                         members; and is binding upon Guarantor, its successors and assigns, except that Guarantor
                                         may not assign or transfer any of its obligations under this Guaranty, whether by operation
                                         of law or otherwise, without the prior written consent of PJM Settlement. Guarantor will
                                         reimburse PJM Settlement for any expenses incurred by PJM Settlement in enforcing this
                                         Guaranty, including reasonable legal fees. If any provision of this Guaranty is found
                                         by a court of competent jurisdiction to be prohibited or unenforceable, this Guaranty
                                         shall be ineffective only to the extent of such prohibition or unenforceability and such
                                         shall not invalidate the balance of the Guaranty. Guarantor represents and warrants to
                                         PJM Settlement that the execution, delivery and performance of this Guaranty by Guarantor
                                         have been duly authorized by all requisite corporate action of Guarantor. Any Correspondence
                                         to the beneficiary should be sent to the following address:

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PJM Settlement,
Inc.

955 Jefferson
Ave

Valley Forge
Corporate Center

Norristown,
Pa 19403-2497

Attn: Treasurer

 

 

IN WITNESS WHEREOF, Guarantor has caused this Guaranty
to be executed on its behalf by its duly authorized Officer as of the date shown above.

 

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/s/ Timothy Krieger

(Signature)

 

 

Timothy Krieger                             

(Printed name)

 

 

 

CEO                            

(Title)

 

 

 

 

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