Document:

Guarantee by Delphax in favor of Wells Fargo Financial Corporation Canada

 EXHIBIT 4.3 
 GUARANTEE 
 This Guarantee, dated as of September 10, 2007, is made by Delphax Technologies
Inc., a Minnesota corporation (the “Guarantor”), for the benefit of Wells Fargo Financial Corporation Canada (with its participants, successors and assigns, the “Lender”). 
 The Lender and Delphax Technologies Canada Limited, a corporation organized under the laws of the Province of Ontario (the “Borrower”),
are parties to a Credit and Security Agreement of even date herewith (as the same may be amended, supplemented or restated from time to time, the “Credit Agreement”) pursuant to which the Lender may make advances and extend other
financial accommodations to the Borrower. 
 As a condition to extending such credit to the Borrower, the Lender has required the execution
and delivery of this Guarantee. 
 ACCORDINGLY, the Guarantor, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, hereby agrees as follows: 
 1. Definitions. All terms defined in the Credit Agreement
that are not otherwise defined herein shall have the meanings given them in the Credit Agreement. 
 2. Indebtedness Guaranteed. The Guarantor hereby
absolutely and unconditionally guarantees to the Lender the full and prompt payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of (i) the Indebtedness (as defined in the Credit Agreement) and (ii) each
and every other sum now or hereafter owing to the Lender by the Borrower in connection with the Credit Agreement or any Loan Document, including but not limited to, debts, liabilities and obligations arising out of loans, credit transactions,
financial accommodations, discounts, purchases of property or other transactions with the Borrower or for the Borrower’s account or out of any other transaction or event, owed to the Lender or owed to others by reason of participations granted
to or interests acquired or created for or sold to them by the Lender, in each case whether now existing or hereafter arising, whether arising directly in a transaction or event involving the Lender or acquired by the Lender from another by purchase
or assignment or as collateral security, whether owed by the Borrower as drawer, maker, endorser, accommodation party, guarantor, principal, surety or as a member of any partnership, syndicate, association or group or in any other capacity, whether
absolute or contingent, direct or indirect, primary or secondary, sole, joint, several or joint and several, secured or unsecured, due or not due, contractual, tortious or statutory, liquidated or unliquidated, arising by agreement or imposed by law
or otherwise (all of said sums being hereinafter called the “Guaranteed Indebtedness”). 
 3. Indemnity. As an original and
independent obligation under this Guarantee, the Guarantor shall: (a) indemnify the Lender and keep the Lender indemnified against any cost, loss, expense or liability of whatever kind resulting from the failure by the Borrower to make due and
punctual payment of any of the Guaranteed Indebtedness or resulting from any of the Guaranteed Indebtedness being or becoming void, voidable, unenforceable or ineffective against the 

 
Borrower (including, but without limitation, all legal and other costs, charges and expenses incurred by the Lender, or any of them, in connection with
preserving or enforcing, or attempting to preserve or enforce, its rights under this Guarantee); and (b) pay on demand the amount of such cost, loss, expense or liability whether or not the Lender has attempted to enforce any rights against the
Borrower or any other person or otherwise. 
 4. Guarantor’ Representations and Warranties. The Guarantor represents and warrants to the Lender
that (i) the Guarantor is a corporation, duly organized and existing in good standing under the laws of Minnesota and has full power and authority to make and deliver this Guarantee; (ii) the execution, delivery and performance of this
Guarantee by the Guarantor has been duly authorized by all necessary action of its directors and shareholders and does not and will not violate the provisions of, or constitute a default under, any currently applicable law or its Constituent
Documents or any agreement currently binding on it, except where its violation or default would not have a Material Adverse Effect on its ability to fulfill its obligations hereunder; (iii) this Guarantee has been duly executed and delivered by
an authorized Officer of the Guarantor and constitutes its lawful, binding and legally enforceable obligation; and (iv) the authorization, execution, delivery and performance of this Guarantee does not require notification to, registration
with, or consent or approval by, any federal, provincial, state or local regulatory body or administrative agency. The Guarantor represents and warrants to the Lender that the Guarantor has a direct and substantial economic interest in the Borrower
and expects to derive substantial benefits therefrom and from any loans, credit transactions, financial accommodations, discounts, purchases of property and other transactions and events resulting in the creation of the Guaranteed Indebtedness
guarantied hereby, and that this Guarantee is given for a corporate purpose. 
 5. Unconditional Nature. No act or thing need occur to establish the
Guarantor’ liability hereunder, and no act or thing, except full payment and discharge of all of the Guaranteed Indebtedness, shall in any way exonerate the Guarantor hereunder or modify, reduce, limit or release the Guarantor’ liability
hereunder. This is an absolute, unconditional and continuing guaranty of payment of the Guaranteed Indebtedness and shall continue to be in force and be binding upon the Guarantor, whether or not all of the Guaranteed Indebtedness is paid in full.

 6. Dissolution or Insolvency of Guarantor. The dissolution or adjudication of bankruptcy of the Guarantor shall not revoke this Guarantee. If the
Guarantor shall be dissolved or shall be or become insolvent (however defined), then the Lender shall have the right to declare immediately due and payable, and the Guarantor will forthwith pay to the Lender, the full amount of all of the Guaranteed
Indebtedness whether due and payable or unmatured. If the Guarantor voluntarily commences or there is commenced involuntarily against the Guarantor a case under the United States Bankruptcy Code, the full amount of all Guaranteed Indebtedness,
whether due and payable or unmatured, shall be immediately due and payable without demand or notice thereof. 
 7. Subrogation, Etc. The Guarantor
hereby waives all rights that the Guarantor may now have or hereafter acquire, whether by subrogation, contribution, reimbursement, recourse, exoneration, contract or otherwise, to recover from the Borrower or from any property of the Borrower any
sums paid under this Guarantee. The Guarantor will not exercise or enforce any right of contribution to recover any such sums from any person who is a co-obligor with the Borrower or a guarantor or surety of the Guaranteed Indebtedness or from any
property of any such person until all of the Guaranteed Indebtedness shall have been fully paid and discharged. 
  

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 8. Enforcement Expenses. The Guarantor will pay or reimburse the Lender for all costs, expenses and reasonable
attorneys’ fees paid or incurred by the Lender in endeavoring to collect and enforce the Guaranteed Indebtedness and in enforcing this Guarantee. 
 9.
Lender’s Rights. The Lender shall not be obligated by reason of its acceptance of this Guarantee to engage in any transactions with or for the Borrower. Whether or not any existing relationship between the Guarantor and the Borrower has
been changed or ended and whether or not this Guarantee has been revoked, the Lender may enter into transactions resulting in the creation or continuance of the Guaranteed Indebtedness and may otherwise agree, consent to or suffer the creation or
continuance of any of the Guaranteed Indebtedness, without any consent or approval by the Guarantor and without any prior or subsequent notice to the Guarantor. The Guarantor’ liability shall not be affected or impaired by any of the following
acts or things (which the Lender is expressly authorized to do, omit or suffer from time to time, both before and after revocation of this Guarantee, without consent or approval by or notice to the Guarantor): (i) any acceptance of collateral
security, guarantor, accommodation parties or sureties for any or all of the Guaranteed Indebtedness; (ii) one or more extensions or renewals of the Guaranteed Indebtedness (whether or not for longer than the original period) or any
modification of the interest rates, maturities, if any, or other contractual terms applicable to any of the Guaranteed Indebtedness or any amendment or modification of any of the terms or provisions of any loan agreement or other agreement under
which the Guaranteed Indebtedness or any part thereof arose; (iii) any waiver or indulgence granted to the Borrower, any delay or lack of diligence in the enforcement of the Guaranteed Indebtedness or any failure to institute proceedings, file
a claim, give any required notices or otherwise protect any of the Guaranteed Indebtedness; (iv) any full or partial release of, compromise or settlement with, or agreement not to sue, the Borrower or any Guarantor or other person liable in
respect of any of the Guaranteed Indebtedness; (v) any release, surrender, cancellation or other discharge of any evidence of the Guaranteed Indebtedness or the acceptance of any instrument in renewal or substitution therefor; (vi) any
failure to obtain collateral security (including rights of setoff) for the Guaranteed Indebtedness, or to see to the proper or sufficient creation and perfection thereof, or to establish the priority thereof, or to preserve, protect, insure, care
for, exercise or enforce any collateral security; or any modification, alteration, substitution, exchange, surrender, cancellation, termination, release or other change, impairment, limitation, loss or discharge of any collateral security;
(vii) any collection, sale, lease or disposition of, or any other foreclosure or enforcement of or realization on, any collateral security; (viii) any assignment, pledge or other transfer of any of the Guaranteed Indebtedness or any
evidence thereof; (ix) any manner, order or method of application of any payments or credits upon the Guaranteed Indebtedness; and (x) any election by the Lender under Section 1111(b) of the United States Bankruptcy Code. The
Guarantor waive any and all defenses and discharges available to a surety, Guarantor or accommodation co-obligor. 
 10. Enforcement of Remedies. The
liability of the Guarantor hereunder shall be primary and direct and not conditional or contingent upon the enforceability of any Obligation, the solvency of the Borrower or any other Person, any Obligation or circumstance which might otherwise

  

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constitute a legal or equitable discharge or defense of a surety or guaranty or the pursuit by Lender of any remedies it may have against the Borrower or any
other Person. The obligations of Guarantor hereunder shall not in any way be affected by any action taken or not taken by Lender, which action or inaction is hereby consented and agreed to by Guarantor, or by the partial or complete unenforceability
or invalidity of any other guaranty or surety agreement, pledge, assignment, lien or other security interest or security for any of the Guaranteed Indebtedness or of the value, genuineness, validity or enforceability of the Collateral or any of the
Guaranteed Indebtedness. 
 11. Waivers by Guarantor. The Guarantor waives any and all defenses, claims, setoffs and discharges of the Borrower, or
any other obligor, pertaining to the Guaranteed Indebtedness, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, the Guarantor will not assert, plead or enforce against the Lender any defence of
waiver, release, discharge or disallowance in bankruptcy, statute of limitations, res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability which may be available to the Borrower or
any other person liable in respect of any of the Guaranteed Indebtedness, or any setoff available against the Lender to the Borrower or any other such person, whether or not on account of a related transaction. The Guarantor expressly agrees that
the Guarantor shall be and remain liable for any deficiency remaining after foreclosure of any mortgage or security interest securing the Guaranteed Indebtedness, whether or not the liability of the Borrower or any other obligor for such deficiency
is discharged pursuant to statute or judicial decision. The liability of the Guarantor shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets,
marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, amalgamation, arrangement, composition or readjustment of, or other similar event or proceeding affecting, the
Borrower or any of its assets. The Guarantor will not assert, plead or enforce against the Lender any claim, defence or setoff available to the Guarantor against the Borrower. The Guarantor waive presentment, demand for payment, notice of dishonor
or nonpayment and protest of any instrument evidencing the Guaranteed Indebtedness. The Lender shall not be required first to resort for payment of the Guaranteed Indebtedness to the Borrower or other persons, or their properties, or first to
enforce, realize upon or exhaust any collateral security for the Guaranteed Indebtedness, before enforcing this Guarantee. 
 12. If Payments Set Aside,
etc. If any payment applied by the Lender to the Guaranteed Indebtedness is thereafter set aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or reorganization of the
Borrower or any other obligor), the Guaranteed Indebtedness to which such payment was applied shall for the purpose of this Guarantee be deemed to have continued in existence, notwithstanding such application, and this Guarantee shall be enforceable
as to such Guaranteed Indebtedness as fully as if such application had never been made. 
 13. Additional Obligation of Guarantor. The Guarantor’
liability under this Guarantee is in addition to and shall be cumulative with all other liabilities of the Guarantor to the Lender as Guarantor, surety, endorser, accommodation co-obligor or otherwise of any of the Guaranteed Indebtedness or
obligation of the Borrower, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 
  

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 14. Financial Information. The Guarantor will deliver to the Lender all financial information concerning the
Guarantor required to be delivered under the Credit Agreement. 
 15. Application of Proceeds. Upon the occurrence and during the continuance of an
Event of Default, any cash held by Lender as pledged Collateral and all cash proceeds received by Lender in respect of any sale of, collection from, or other realization upon all or any part of the pledged Collateral pursuant to the exercise by
Lender of its remedies as a secured creditor as provided in the Credit Agreement shall be applied as payment to the Guaranteed Indebtedness. 
 16. Loan
Documents. This Guarantee is a Loan Document executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with the terms and provisions thereof. If the Guarantor breaches or fails to perform any of its
covenants or agreements contained herein or if any representation or warranty of the Guarantor contained herein shall be incorrect when made in any material respect, an event of default shall occur hereunder, which shall, subject to all applicable
cure periods, constitute an Event of Default under the Credit Agreement. 
 17. No Duties Owed by Lender. The Guarantor acknowledges and agrees that
the Lender (i) has not made any representations or warranties with respect to, (ii) does not assume any responsibility to the Guarantor for, and (iii) has no duty to provide information to the Guarantor regarding, the enforceability
of any of the Guaranteed Indebtedness or the financial condition of the Borrower or the Guarantor. The Guarantor has independently determined the creditworthiness of the Borrower and the enforceability of the Guaranteed Indebtedness and until the
Guaranteed Indebtedness is paid in full will independently and without reliance on the Lender continue to make such determinations. 
 18.
Miscellaneous. This Guarantee shall be effective upon delivery to the Lender, without further act, condition or acceptance by the Lender, shall be binding upon the Guarantor and the successors and assigns of the Guarantor and shall inure to
the benefit of the Lender and its participants, successors and assigns. Any invalidity or unenforceability of any provision or application of this Guarantee shall not affect other lawful provisions and application thereof, and to this end the
provisions of this Guarantee are declared to be severable. This Guarantee may not be waived, modified, amended, terminated, released or otherwise changed except by a writing signed by the Guarantor and the Lender. This Guarantee may not be assigned
by the Guarantor without Lender’s prior written consent. This Agreement, together with the other Loan Documents, reflects the entire understanding of the parties with respect to the transactions contemplated hereby and shall not be contradicted
or qualified by any other agreement, oral or written, before the date hereof. This Guarantee shall be governed by and construed in accordance with the laws of the State of Minnesota. The Guarantor hereby (i) consents to the personal
jurisdiction of the courts of the Province of Ontario in connection with any controversy related to this Guarantee; (ii) waives any argument that venue in any such forum is not convenient, (iii) agrees that any litigation initiated by the
Lender or the Guarantor in connection with this Guarantee may be venued in courts located in Toronto, Ontario; and (iv) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. 
  

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 19. Waiver of Jury Trial. THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF, BASED ON OR PERTAINING TO THIS GUARANTY. 
 20. Taxes and Withholdings. Any and all payments by or on
account of any obligation of the Guarantor made pursuant to, in respect of or in connection with the Guarantee shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Guarantor shall be
required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under
this provision) the Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Guarantor shall make such deductions and (iii) the Guarantor shall pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law. In addition, the Guarantor shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. The Guarantor shall indemnify the Lender, within 10
days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Lender on or with respect to any payment by or on account of any obligation of the Guarantor in connection with the Guarantee (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this provision) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or
Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Guarantor by the Lender shall be conclusive absent manifest error. Within
45 days after any payment of Indemnified Taxes or Other Taxes by the Guarantor to a Governmental Authority, the Guarantor shall deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender. 
 For the
purposes of provisions above in this paragraph 20, the following definitions are applicable: 
 “Excluded Taxes” shall mean,
with respect to the Lender or any other recipient of any payment to be made by or on account of any obligation of the Guarantor, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America or Canada
or any taxing authority thereof or therein, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located, (b) any branch profits taxes imposed by the United States of America or Canada
or any similar tax imposed by any other jurisdiction described in clause (a) above. 
  

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 “Governmental Authority” shall mean any federal, state, provincial, local or foreign
court or governmental agency, authority, instrumentality or regulatory body. 
 “Indemnified Taxes” shall mean Taxes other
than Excluded Taxes. 
 “Other Taxes” shall mean any and all present or future stamp or documentary taxes or any other excise
or property taxes, charges or similar levies (in each case, other than Excluded Taxes) arising from any payment made under the Guarantee from the execution, delivery or enforcement of, or otherwise with respect to, the Guarantee. 
 “Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges, liabilities or withholdings imposed
by any Governmental Authority. 
 21. Judgment Currency. (a) If, for the purpose of obtaining or enforcing judgment against the Guarantor in any
court in any jurisdiction, it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section referred to as the “Judgment Currency”) an amount due under this Guarantee in any currency
(the “Obligation Currency”) other than the Judgment Currency, the conversion shall be made at the rate of exchange prevailing on the Business Day immediately preceding the date of actual payment of the amount due, in the case of any
proceeding in the courts of the Province of Ontario or in the courts of any other jurisdiction that will give effect to such conversion being made on such date, or the date on which the judgment is given, in the case of any proceeding in the courts
of any other jurisdiction (the applicable date as of which such conversion is made pursuant to this Section being hereinafter referred to as the “Judgment Conversion Date”). 
 If, in the case of any proceeding in the court of any jurisdiction referred to in Section (a) above, there is a change in the rate of exchange
prevailing between the Judgment Conversion Date and the date of actual receipt for value of the amount due, the Guarantor shall pay such additional amount (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount
actually received in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of the Judgment Currency
stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment Conversion Date. Any amount due from the Guarantor under this Section shall be due as a separate debt and shall not be affected by judgment being
obtained for any other amounts due under or in respect of any of the Loan Documents. 
 The term “rate of exchange” in this Section
means the rate of exchange at which the Lender, on the relevant date at or about 1:00 p.m. (New York time), would be prepared to sell, in accordance with its normal course foreign currency exchange practices, the Obligation Currency against the
Judgment Currency. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed and delivered by its
authorized officer as of the date first written above. 
  

			
	DELPHAX TECHNOLOGIES INC.
		
	By:	 	 /s/ Gregory S. Furness

	Name:	 	Gregory S. Furness
	Title:	 	Chief Financial OfficerFirst Amendment to Securities Purchase Agreement

 EXHIBIT 4.4 
 FIRST AMENDMENT 
 TO 
 SECURITIES PURCHASE AGREEMENT 
 This First Amendment (the “Amendment”)
to the Securities Purchase Agreement dated March 26, 2007 (the “Securities Purchase Agreement”) by and among Delphax Technologies Inc. (“Delphax”), Delphax Technologies Canada Limited (“Delphax Canada”), and
Whitebox Delphax, Ltd. (“Whitebox”) is made as of this 10th day of September 2007 by and among Delphax, Delphax Canada, and Whitebox. Capitalized terms used but not defined in this Amendment shall have the meaning set forth in the
Securities Purchase Agreement. 
 BACKGROUND 
 A. Pursuant to the Securities Purchase Agreement Delphax and Delphax Canada agreed to issue, and Whitebox agreed to purchase, 12% Secured Subordinated
Notes of Delphax Canada and Warrants of Delphax. 
 B. In connection with the Second Closing, Delphax and Delphax Canada will pay off the
Senior Debt owing to LaSalle and will be incurring new Senior Debt from Wells Fargo Bank, N.A. and Wells Fargo Financial Corporation Canada (together “Wells Fargo”). 
 C. Pursuant to Section 7.2(b) of the Securities Purchase Agreement, the parties have agreed to add a Total Debt Covenant to the Securities Purchase
Agreement. 
 In consideration of the foregoing, the parties agree as follows: 
 AGREEMENT 
 1. Section 3.5 of the Securities Purchase
Agreement is hereby amended and restated in its entirety as follows: 
 “3.5 Outstanding Debt. Immediately prior
to the Second Closing Date, Delphax and its Subsidiaries have no Indebtedness for Borrowed Money (as hereinafter defined), other than indebtedness to LaSalle, the indebtedness evidenced by the Existing 2004 Notes, and the indebtedness evidenced by
the Notes issued on the First Closing Date. After giving effect to the transactions on the Second Closing Date, Delphax and its Subsidiaries will have no Indebtedness for Borrowed Money, other than Indebtedness to Wells Fargo and indebtedness
evidenced by the Notes. Neither Delphax nor any of its Subsidiaries is in default in the payment of the principal of or interest or premium on any such Indebtedness for Borrowed Money, and no event has occurred or is continuing under the provisions
of any instrument, document or agreement evidencing or relating to any such Indebtedness for Borrowed Money which with the lapse of time or the giving of notice, or both, would constitute an event of default thereunder.” 

 2. Section 4.19 of the Securities Purchase Agreement is hereby amended by changing
“$14,000,000” in clause (i) thereof to “$14,500,000.” 
 3. Article IV is hereby amended to include new sections
4.25 and 4.26 reading as follows: 
 “4.25 Total Debt Covenant. The Companies shall not, and shall not permit any
Subsidiary to create, incur, assume, become obligated for (directly or indirectly) or permit to exist, Indebtedness for Borrowed Money (including, without limitation, Senior Debt and the Notes) in an aggregate principal amount at any time
outstanding greater than the sum of (a) 90% of eligible accounts receivable of Delphax and its Subsidiaries (defined to include all receivables excluding (i) intercompany receivables and receivables from affiliates, (ii) receivables
over 90 days (120 days for customers outside North America) after the due date, (iii) receivables owed by a bankrupt or insolvent obligor, and (iv) or receivables owed by an obligor if more than 25% of the receivables from such obligor are
over 90 days (120 days for customers outside North America) after the due date), plus (b) the lesser of (i) 85% of balance sheet inventory of Delphax and its Subsidiaries and (ii) $12,000,000. The receivables and inventory of
any Subsidiary shall be excluded from the foregoing calculation if Delphax is not in compliance with Section 4.23 or 4.26, as applicable, of this Agreement with respect to such Subsidiary. Within 45 days following each fiscal quarter of the
Companies, the Companies shall deliver to Investor a compliance certificate in form acceptable to the Investor containing calculations showing the Companies’ compliance with this Section 4.25.” 
 “4.26 Additional Liens. Within 90 days after the Second Closing Date (a) to the extent permitted by local law, Delphax shall
pledge all of its ownership interests in Delphax Technologies Limited and Delphax Technologies SAS to secure the Notes and other obligations to Investor pursuant to one or more pledge agreements in form and substance reasonably satisfactory to
Investor, subject only to liens securing Senior Debt, and (b) Delphax shall cause Delphax Technologies Limited and Delphax Technologies SAS to guaranty the Notes and grant liens on all their personal property to secure the Notes and their
guaranties pursuant to security documents in form and substance reasonably satisfactory to Investor, subject only to liens securing Senior Debt. Delphax agrees to take, and to cause such Subsidiaries to take, all actions as Investor may reasonably
request to perfect the lien of such pledge agreements and security documents. 
 3. Section 6.2(b) of the Securities Purchase Agreement
is hereby amended and restated in its entirety to read as follows: 
 “(b) The Companies, the Investors and Wells Fargo
shall have entered into a Subordination Agreement containing terms reasonably acceptable to the Companies, the Investors and Wells Fargo.” 
  

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 4. Section 7.2(b) of the Securities Purchase Agreement is hereby amended and restated in its
entirety to read as follows: 
 “(b) Delphax Technologies Limited shall have guaranteed the Notes and executed such
documents as the Investor may reasonably require to grant to Investor a first lien on its assets with no standstill or subordination on Investors’ right to realize on such collateral, and Wells Fargo shall have consented to such guaranty and
first lien and agreed to amend the Subordination Agreement to give effect thereto. If Wells Fargo does not consent to this guaranty and first lien, Companies and Investors shall have amended this Agreement to add a total debt covenant limiting total
debt (including, without limitation, Senior Debt and the Notes) to be less than the sum of (i) 90% of eligible accounts receivable of Delphax and its Subsidiaries (defined to include all receivables excluding (A) intercompany receivables
and receivables from affiliates, (B) receivables over 90 days (120 days for customers outside North America) after the due date, (C) receivables owed by a bankrupt or insolvent obligor, and (D) receivables owed by an obligor if more
than 25% of the receivables from such obligor are over 90 days (120 days for customers outside North America) after the due date), plus (ii) the lesser of (A) 85% of balance sheet inventory of Delphax and its Subsidiaries and
(B) $12,000,000.” 
 5. Section 7.2(d) of the Securities Purchase Agreement is hereby amended and restated in its entirety to
read as follows: 
 “(d) The maturity of the Senior Debt of the Companies shall have been extended to a date at least 3
years after the Second Closing Date, and the Companies, the Investors and Wells Fargo shall have entered into a Subordination Agreement reasonably acceptable to the Companies, the Investor and Wells Fargo.” 
 6. Sections 8.1 and 8.2 of the Securities Purchase Agreement are hereby amended and restated in their entirety to read as follows: 
 “8.1 Events of Default. Each of the following events shall be an event of default (an “Event of Default”) for
purposes of this Agreement: 
 (a) if default shall be made in the punctual payment of interest on the Notes, and such default
shall have continued for a period of 15 days after written notice thereof to Delphax Canada by the holder of any of the Notes; or 
 (b) if default shall be made in the punctual payment of any installment of the principal of the Notes (whether by regular installment, at a date fixed for prepayment, at maturity or otherwise) and such default shall have continued for a
period of 15 days after written notice thereof to Delphax Canada by the holder of any of the Notes; or 
 (c) if Delphax
Canada shall default in any other manner with respect to any of its obligations under the Notes, including without limitation obligations to offer to prepay the Notes under certain circumstances, and such default shall not have been cured by Delphax
Canada or waived by the holder or holders of a majority of the Notes within 15 days after notice thereof is given to Delphax Canada by any Investor; or 
  

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 (d) if Delphax shall default in any of its obligations under the Registration Rights
Agreement, including without limitation a default in filing promptly any registration statement required by the Registration Rights Agreement; or 
 (e) if Delphax shall default in any of its obligations under the Warrants, including without limitation failing to issue Common Stock upon exercise of any Warrant; or 
 (f) if any Event of Default occurs under any Security Document; or 
 (g) if Delphax or any Subsidiary becomes insolvent or bankrupt, or admits in writing its inability to pay its debts as they mature, or
makes an assignment for the benefit of creditors, or ceases doing business as a going concern, or Delphax or any Subsidiary applies for or consents to the appointment of a trustee or receiver for Delphax or any Subsidiary, or for the major part of
the property of either; or 
 (h) if a trustee or receiver is appointed for Delphax or any Subsidiary or for the major part of
the property of either and the order of such appointment is not discharged, vacated or stayed within 30 days after such appointment; or 
 (i) if any judgment, writ or warrant of attachment or of any similar process in an amount in excess of $150,000 shall be entered or filed against Delphax or any Subsidiary or against any of the property or assets of
either and remains unpaid, unvacated, unbonded or unstayed for a period of 30 days; or 
 (j) if an order for relief shall be
entered in any Federal bankruptcy proceeding in which Delphax or any Subsidiary is the debtor; or if bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings, or other proceedings for relief under any bankruptcy or similar law
or laws for the relief of debtors, are instituted by or against Delphax or any Subsidiary and, if instituted against Delphax or any Subsidiary, are consented to or, if contested by Delphax or the Subsidiary, are not dismissed by the adverse parties
or by an order, decree or judgment within 45 days after such institution; or 
 (k) if Delphax or any Subsidiary shall default
in any material respect in the due and punctual performance of any covenant or agreement in any note (including without limitation any of the Notes), bond, indenture, loan agreement, note agreement, mortgage, security agreement or other instrument
evidencing or related to Indebtedness for Borrowed Money, and such default shall continue for more than the period of notice and/or grace, if any, therein specified and shall not have been waived; or 
  

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 (l) (A) if any representation or warranty made by or on behalf of a Company in
this Agreement or in any certificate, report or other instrument delivered under or pursuant to any term hereof or thereof shall prove to have been untrue or incorrect in any material respect as of the date of this Agreement or as of the Closing
Date, or (B) if any report, certificate, financial statement or financial schedule or other instrument prepared by a Company or any officer of a Company furnished or delivered under or pursuant to this Agreement after the Closing Date shall
prove to be untrue or incorrect in any material respect as of the date it was made, furnished or delivered; or 
 (m) if
default shall be made in the due and punctual performance or observance of any other term contained in this Agreement, the Warrants, the Security Documents or the Notes, and such default shall have continued for a period of 15 days after written
notice thereof to the applicable Company by the holder of any Note; or 
 (n) if both (A) the consolidated revenue of
Delphax and its Subsidiaries for the twelve months ending on the last day of any fiscal quarter, commencing with the twelve months ending March 31, 2008, is less than $47,000,000, and (B) the consolidated cash on hand and in bank accounts
of Delphax and its Subsidiaries, plus their aggregate Availability, is less than a total of $2,000,000; or 
 (o) any
guarantor of the Notes shall repudiate, purport to revoke or fail to perform any obligation under its guaranty; or 
 (p)
Delphax shall cease to own 100% of the outstanding capital stock of Delphax Canada. 
 8.2 Remedies Upon Events of
Default. For so long as any Note remains outstanding, upon the occurrence of an Event of Default as herein defined, and so long as such Event of Default continues unremedied, then, the holders of at least 50% of the principal amount of the Notes
shall be entitled by notice to declare the principal of the Notes, plus all accrued interest thereon and (to the extent permitted by applicable law) any premium and other amounts that would be due upon prepayment of the Notes under paragraph 1
or 4 of the Notes as applicable (whether or not Delphax Canada gave any required notice or offer to prepay) to be immediately due and payable, and thereupon the Notes, including principal, interest, and such premium and other amounts shall become
immediately due and payable; provided, however, that when any Event of Default described in Section 8.1(j) hereof has occurred, the Notes shall immediately become due and payable without presentment demand or notice of any kind.”

  

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 7. The definition of “Canadian Security Documents” in Article X of the Securities Purchase
Agreement is hereby amended and restated in its entirety to read as follows: 
 “Canadian Security Documents” means
the security documents, in form and substance reasonably acceptable to Investors, pursuant to which Delphax Canada grants to the Investors a lien on all of its property (subject to liens in favor of Wells Fargo) securing the Notes and the Existing
2004 Notes, as the same may be amended, restated, modified or supplemented from time to time.” 
 8. The definition of “Security
Documents” in Article X of the Securities Purchase Agreement is hereby amended and restated in its entirety to read as follows: 
 “Security Documents” means the US Security Agreement, the Canadian Security Documents, the UK Security Documents, the French Security Documents, and any other document delivered to Investors from time to time to secure the Notes
or the Existing 2004 Notes. 
 9. The definition of “Senior Debt” in Article X of the Securities Purchase Agreement is hereby
amended and restated in its entirety to read as follows: 
 ““Senior Debt” means the Indebtedness for Borrowed
Money owed to Wells Fargo or to another lender that has advanced credit for repayment of the Indebtedness for Borrowed Money owed to Wells Fargo.” 
 10. The definition of “U.K. Security Documents” in Article X of the Securities Purchase Agreement is hereby amended and restated in its entirety to read as follows: 
 “UK Security Documents” means all documents, pursuant to which Delphax Technologies Limited grants to the Investors a lien on
all of its personal property (subject to liens in favor of Wells Fargo) securing the Notes, as the same may be amended, restated, modified or supplemented from time to time. 
 11. The definition of “U.S. Security Agreement” in Article X of the Securities Purchase Agreement is hereby amended and restated in its
entirety to read as follows: 
 ““U.S. Security Agreement” means the Security Agreement, in form and substance
reasonably acceptable to Investors, pursuant to which Delphax grants to the Investors a lien on all of its personal property (subject to liens in favor of Wells Fargo) securing the Notes and the Existing 2004 Notes, as the same may be amended,
restated, modified or supplemented from time to time.” 
 12. Article X of the Securities Purchase Agreement is hereby amended to
include the following definitions: 
 “French Security Documents” means all documents pursuant to which Delphax
Technologies SAS grants to the Investors a lien on all its personal property (subject to liens in favor of Wells Fargo) securing the Notes, as the same may be amended, restated, modified or supplemented from time to time. 
 ““Wells Fargo” means, collectively, Wells Fargo Bank, N.A. and Wells Fargo Financial Corporation Canada.” 

 

 6 

 13. Section 11.1 of the Security Purchase Agreement is hereby amended and restated in its entirety
to read as follows: 
 11.1 Governing Law; Jurisdiction. This Agreement shall be governed by and construed in
accordance with the substantive laws (other than conflict laws) of the State of Minnesota. The Companies hereby (i) consent to the personal jurisdiction of the state and federal courts located in the State of Minnesota in connection with any
controversy related to this Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby, (ii) waive any argument that venue in any such forum is not convenient, (iii) agree that any litigation initiated by
the Investor in connection with this Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby, may be venued in the state or federal courts located in the State of Minnesota, and (iv) agree that a final
judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. The Companies hereby irrevocably consent to the service of any and all
legal process, summons, notices and documents in any suit, action or proceeding arising out of this Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby, by the mailing (by registered mail or certified mail
(postage prepaid)) or delivering a copy of such process to the Companies’ address set forth in Section 11.8 hereof. Nothing in this Agreement or any other Transaction Document shall affect any right that the Investor may otherwise have to
bring any action or proceeding relating to this Agreement or any other Transaction Document against the Companies or their properties in the courts of any jurisdiction. 
 14. Schedules. Schedule 3.6 is amended and restated in its entirety to read as set forth on Annex I hereto. 
 15. Replacement Transaction Documents. The expiration date of the Warrant issued on the First Closing Date is hereby extended to September 10, 2012. Notwithstanding anything to the contrary in the Securities Purchase Agreement
or the Notes to the contrary, on the date hereof, Delphax Canada shall prepay the principal and accrued interest on the Note issued on the First Closing Date in full, without premium, and Delphax Canada shall issue to the Investor a single new Note
representing a new obligation of Delphax Canada in the principal amount of $7,000,000. The Companies agree to issue replacement Notes and Warrants to reflect such changes and replacements of any other Transaction Documents necessary to amend any
legend required by the Subordination Agreement with Wells Fargo. The form of Notes and Warrants attached as Exhibits A and B to the Security Purchase Agreement shall be conformed to the Note and Warrants issued on the date hereof. 
 16. Reaffirmation. Except as otherwise specifically set forth herein, the terms and provisions of the Securities Purchase Agreement, as amended
hereby, are ratified, confirmed and approved. To the extent that there is any conflict between this Amendment and the Securities Purchase Agreement, this Amendment shall govern. 
  

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 17. Governing Law. This Amendment shall be governed by and interpreted in accordance with the laws
of the State of Minnesota without regard to the principles of conflict of laws. 
 18. Counterparts. This Amendment may be executed
and delivered by facsimile signature in two or more counterparts, each of which will be deemed an original, and all of which will constitute the same agreement. 
 [Signature page follows] 
  

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 IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed as of the date first
above written. 
  

			
	DELPHAX TECHNOLOGIES INC.
	
	 /s/ Gregory S. Furness

	By:	 	Gregory S. Furness
	Its:	 	Vice President and CFO
	
	DELPHAX TECHNOLOGIES CANADA LIMITED
	
	 /s/ Gregory S. Furness

	By:	 	Gregory S. Furness
	Its:	 	Vice President and CFO

 [Signatures continued on next page] 
 [Signature Page to First Amendment to Securities Purchase Agreement] 

			
	WHITEBOX DELPHAX LTD.
	
	 /s/ Jonathan Wood

	By:	 	Jonathan Wood
	Its:	 	Director/COO

 [Signature Page to First Amendment to Securities Purchase Agreement]

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