Document:

Exhibit 10.20

    

     

    

    
      

      

      SECURED PROMISSORY NOTE

      

      

      	
              U.S. $1,900,000.00

            	
              November 6, 2019

            

      

      

      FOR VALUE RECEIVED, the undersigned, Deluxe Sheet Metal, Inc., DSH Holding, LLC, and Alpine 4 Technologies Ltd., a Delaware corporation (collectively, and
        jointly and severally, “Maker”) promise to pay to Kevin M. Smith  (the “Holder”), or his order, or such other place as Holder may designate in writing, in lawful money of the United States of America, the original aggregate principal sum of One
        Million Nine Hundred Thousand Dollars ($1,900,000.00) together with interest at the rate of four and 1/4 percent (4.25%) per annum, which amounts shall be due in accordance with the following provisions of this Secured Promissory Note (the “Note”).

      

      

      This Note has been executed and delivered pursuant to and in accordance with the terms and conditions of the Purchase Agreement (the “Purchase Agreement”), of even or near date
        herewith, as well as a Security Agreement (the “Security Agreement”) of even or near date herewith, by and among Maker, and the Holder.

      

      

      1. Term.  The term of this Note shall be for three (3) years, amortized over ten (10) years.

      

      

      2. Payments.

      

      

      
        	
                a.

              	
                Monthly Payments. Monthly payments (each, a “Monthly Payment”) of interest,
                  principal and penalties, if any, shall be paid monthly, commencing on that date which is thirty (30) days following the execution of this Note, and payable thereafter on the monthly anniversary of this Note.

              

      

      

      

      
        	
                b.

              	
                Balloon Payment.  All remaining unpaid principal and interest will be payable
                  in full on the date which is the 36 month anniversary of the date of this Note (the “Maturity Date”).

              

      

      

      

      3. Security.  This Note is secured, with a subordinated security interest, by the obligations due pursuant to and under the Security Agreement dated even or near date
          herewith.

      

      

      4. Prepayment.  Maker shall have the right to prepay the indebtedness, in full or in part and without penalty or payment of any fee or premium, at any time prior to the
          Maturity Date.

      

      

      5. Late Charges; Refusal of Payments.  If any Monthly Payment provided for in this Note shall be received by Holder more than fifteen (15) days after the due date thereof, a
          “Late Charge” of one percent (1.0%) of the amount of such Monthly Payment shall be immediately due to Holder and shall accompany any such Monthly Payment when made.  Holder may refuse to accept any Monthly Payment which is not accompanied by the
          applicable Late Charge.  It is agreed that the amount of such Late Charge has been established to compensate Holder for additional costs and expenses which will be incurred by reason of a Monthly Payment not being made on time and which costs and
          expenses are difficult to predict or quantify. The parties agree that the amount of Late Charges, if any, are reasonable under the circumstances.

      
        
          

      

      

      

      6. Default Interest.  Upon the occurrence of an Event of Default or breach under this Note, the entire unpaid principal balance hereof, together with accrued but unpaid
          interest and Late Charges shall, for all purposes, thereafter earn interest at the rate of eight percent (8.0%) per annum (the “Default Rate”) from the date of such Event of Default or breach until the Event of Default or beach shall have been
          cured to the satisfaction of Holder in its sole discretion.  In no event shall the Default Rate exceed the highest rate of interest which may be charged upon default against the obligation of Maker evidenced by this Note in accordance with the
          law applicable thereto.

      

      

      7. No Right of Setoff.  Except as provided in the Purchase Agreement, Maker shall have no right to set off, offset or deduct any amount otherwise due, payable or owing under
          or pursuant to this Note.

      

      

      8. Place of Payment.  Unless until otherwise revised in writing, all Payments required to be made under this Note shall be made payable to Kevin M. Smith at the address of
          2603 Thornacres Drive, Niles, Michigan 49120.

      

      

      9. Default.  The occurrence of any one or more of the following events shall constitute an “Event of Default” under this Note:

      

      

      a. Maker shall fail to pay on or before the Maturity Date (whether due on the date provided herein or by acceleration or otherwise), all amounts due and payable under this Note, it
          being expressly understood that Holder shall not be required to give any notice of such nonpayment nor shall there be any time period in which to cure any such failure.

      

      

      b. There shall occur a default or breach under the Purchase Agreement or the Security Agreement or this Note, or Maker shall otherwise fail to perform its obligations under the
          Purchase Agreement or the Security Agreement or this Note.

      

      

      10. Acceleration Upon Default.  Upon the occurrence of any Event of Default under this Note, then the entire principal balance and accrued interest, irrespective of the
          Maturity Date specified herein, shall become immediately due and payable at the option of Holder.

      

      

      11. Assignment.  This Note may be sold, assigned or transferred (by operation of law or otherwise) or pledged by Holder without the prior written consent of Maker.

      

      

      12. Cumulative Remedies.  The rights or remedies of the Holder as provided in this Note shall be cumulative and concurrent, and may be pursued singly, successively, or
          together against Maker, any guarantor hereof or otherwise at the sole discretion of the Holder.  The failure to exercise any such right or remedy shall in no event be construed as a waiver or release of said rights or remedies or a waiver of the
          right to exercise them at any later time.

      
        
          

      

      

      

      13. Waivers and Consents.  The Maker and all endorsers, guarantors, sureties, accommodation parties hereof and all other persons liable or to become liable for all or any
          part of this indebtedness, jointly and severally waive diligence, presentment, protest and demand, and also notice of protest, of demand, of nonpayment, of dishonor and of maturity and also recourse to suretyship defenses generally; and they also
          jointly and severally hereby consent to any and all renewals, extensions or modifications of the terms hereof, including time for payment, and further agree that any such renewal, extension or modification of the terms hereof or the release or
          substitution of any security for the indebtedness evidenced hereby or any other indulgences shall not affect the liability of said parties for the indebtedness evidenced by this Note.

      

      

      14. Payment of Costs and Liability.  The Maker, endorsers, guarantors, sureties, accommodation parties hereof and all other persons liable or to become liable on this Note,
          agree jointly and severally, to timely and upon demand pay all of Holder’s costs of collection and reasonable attorneys’ and experts’ fees and expenses of any kind, and all costs of suit and appeal (collectively, the “Costs”), in the event that
          (a) there shall occur an Event of Default under this Note; (b) the Holder is made party to any litigation merely because of the existence of this Note, the Purchase Agreement and/or the Security Agreement; or (c) it becomes necessary by reason of
          the acts or omissions of Maker for the Holder to seek the advice of counsel with respect to this Note, the Purchase Agreement and/or the Security Agreement.  Costs shall be paid whether suit be brought or not, and whether they are incurred
          through courts of original jurisdiction, or through a bankruptcy court or through other legal proceedings.

      

      

      15. Amendments.  This Note may not be amended, modified or changed, nor shall any waiver of any provision hereof be effective, except only by an instrument in writing and
          signed by the party against whom enforcement of any waiver, amendment, change, modification or discharge is sought.

      

      

      16. Joint and Several Liability.  The liability of each and every party who has signed this Note and all other parties who are or who may become liable under this Note shall
          be joint and several.

      

      

      17. Severability.  If any term or condition of this Note shall be held to be invalid or unenforceable, the rest of the Note shall be enforced without the invalid or the
          unenforceable provision.

      

      

      18. References.  Whenever used herein, the words “Maker” and “Holder” shall be deemed to include their respective heirs, devisees, personal representatives, successors and
          assigns.

      

      

      19. Limitation of Interest.  It is the intent of Maker and Holder in the execution of this Note to contract in strict compliance with the usury laws governing this Note.  In
          furtherance thereof, Holder and Maker stipulate and agree that none of the terms and provisions contained in this Note shall ever be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a
          rate in excess of the maximum interest rate permitted to be charged by such laws.  Maker or any guarantor, endorser or other party now or hereafter becoming liable for the payment of this Note shall never be required to pay interest on this Note
          at a rate in excess of the maximum interest that may be lawfully charged under applicable law, and the provisions of this section shall control over all other provisions of this Note and any other instrument executed in connection herewith which
          may be in apparent conflict herewith.  In the event any holder of this Note shall collect monies which are deemed to constitute interest which would otherwise increase the effective interest rate on this Note to a rate in excess of that permitted
          to be charged, all such sums deemed to constitute interest in excess of the maximum permissible rate shall be immediately returned to the maker upon such determination.

      
        
          

      

      

      

      20. Due on
            Sale.  It is expressly agreed and understood by Maker that this Note and the Security Agreement securing same are made for the sole and absolute benefit of Maker and that this Note and the Security Agreement are not assumable by any other
          person or party, and that in the event the collateral securing repayment of this Note or any portion thereof is sold, transferred or conveyed to any other party, whether by contract for deed, conveyance in trust or by operation of law or
          otherwise, the Holder or its successors and assigns shall have the right to immediately declare the entire unpaid balance of this Note, including all accrued but unpaid interest and Late Charges, to be immediately due and payable.

      

      

      21. Governing
            Law/Venue.  This Note, the construction of its terms and the interpretation of the rights and duties of the parties hereto, shall be governed in accordance with the laws of the Indiana. Any dispute of any kind relating to, connected with or
          arising out of this Note in any fashion (“Dispute”) shall only be heard and decided exclusively in the Superior Courts of Marion County, Indiana, and all persons impacted by this Note in any fashion waive any objection to such exclusive venue.

      
        
          

      

      

      

      

      

      MAKER:

      

      

      Deluxe Sheet Metal, Inc.

      an Indiana corporation

      

      

      By:  /s. Kent B. Wilson

      Name: Kent B. Wilson 

      Title: Chief Executive Officer

      

      

      DSM Holding, LLC

      an Indiana limited liability company

      

      

      By:  /s/ Kent B. Wilson

      Name: Kent B. Wilson 

      Title: Chief Executive Officer

      

      

      ALPINE 4 TECHNOLOGIES, LTD.,

      a Delaware corporation

      

      

      By:  /s/ Kent B. Wilson

             Kent B. Wilson

             Its Chief Executive OfficerExhibit 10.21

    

    

      SECURITY AGREEMENT

       

      This Security Agreement (this "Security Agreement") is entered into effective as of November 6, 2019 (the “Effective
        Date”), by and among Kevin M. Smith (the “Secured Party” and collectively, the “Secured Party”), Alpine 4 Technologies, Ltd., a Delaware corporation (“Alpine 4”), and Deluxe Sheet Metal, Inc., an Indiana corporation and DSM Holding, LLC, an Indiana
        limited liability company (collectively, the “Company”).  The Secured Party, and the Company, and Alpine 4 are sometimes referred to hereafter individually as a “Party” and collectively as the “Parties.”

       

      

      

       

      RECITALS

      

      

      
        	
                A.

              	
                Alpine 4, the Secured Party, Lonewolf Enterprises, LLC (“LWE”), and the Company entered into a Purchase Agreement of even or near date herewith (the “SPA”), pursuant to
                  which Alpine 4  purchased from (i) the Secured Party 100% of the issued and outstanding shares of stock and membership interests, respectively, of the Company, and (ii) LWE certain real estate and improvements thereto and related property
                  (collectively, the “Purchased Shares”).

              

      

      
        	
                B.

              	
                As partial payment for the Purchased Shares, Company, and Alpine 4 made and conveyed to the Secured Party a (i) Secured Promissory Note (the “Note 1”) of even or near
                  date herewith, pursuant to which, Alpine 4 and Company (collectively, “Note Parties”) agreed to pay to the Secured Party an aggregate of $1,900,000.00, on terms set forth in the Note 1, as consideration for the Purchased Shares, and (ii)
                  Secured Promissory Note (the “Note 2”) (hereinafter, Note 1 and Note 2 are collectively referred to as “Note”) of even or near date herewith, pursuant to which Note Parties agreed to pay to the Secured Party an aggregate of $496,343.00,
                  on terms set forth in the Note 2, as consideration for the Purchased Shares.

              

      

      
        	
                C.

              	
                In recognition of, and to provide collateral to secure Note Parties’ obligations under the Note, the Note Parties agree to enter into this Security Agreement pursuant to
                  which the Note Parties will grant to Secured Party a subordinated security interest in the Collateral described below, and also outlined in Exhibit E in the SPA with a Subordination Agreement.

              

      

      
        	
                D.

              	
                At the request of Alpine 4, Secured Party agree to allow Alpine 4 to change Senior Lenders and agree to execute new Subordination Agreements as represented in Exhibit E
                  at Alpine 4’s request, subject to the terms of SPA and this Security Agreement.

              

      

       

      AGREEMENT

      

      

       NOW, THEREFORE, in consideration of the above recitals and for other good and valuable
            consideration, the receipt and adequacy of which are hereby acknowledged, the Secured Party and the Note Parties hereby agree as follows:

       

       1. Definitions and Interpretation.  When used in this Security Agreement, the following terms
          have the following respective meanings:

      
        1

        
          

      

       

       “Company Collateral” and/or “Collateral” shall mean the present
          and future assets and any property of any kind of the Company, including, without limitation, the equipment, accounts receivable, tools, parts, inventory, and commingled goods relating to the foregoing property, customer accounts, intellectual
          property, and investment property all whether now existing or hereafter arising, whether now owned or hereafter acquired or whether now or hereafter subject to any rights in the foregoing property, and any and all accessions thereto, replacements
          or modifications thereof, and all of the products and proceeds (whether cash or non-cash proceeds) from any of the foregoing, including, without limitation, insurance payments or proceeds of any policy of
          insurance relating thereto from any of the assets of the Company, and in the case of Note 2 only, shall also mean that certain equipment described on attached Exhibit A.

      

      

       “Lien” shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or other encumbrance in, of, or on such property or the income therefrom.

       

       “Obligations” shall be as defined in Section 2(a).

       

      “Permitted Encumbrances” has the meaning specified therefor in the SPA.

       

       “Person” shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture or
          other entity or a governmental authority.

       

      “Senior Lender” shall mean the bank or other financing entity or facility providing the financing for
        the purchase of the Purchased Shares, and operating lines of credit, equipment financing and other asset based lending to the  Company.

       

      “Senior Security Interest” shall mean the security interest in the Collateral granted to the Senior Lender which is senior to the security interest granted to the Secured Party hereunder.

      

      

      Except as otherwise provided herein or defined in the Note, all other terms used in this Security Agreement shall have the meanings given under Chapter 9.1 of the Indiana Uniform
        Commercial Code, or in any other article if not defined in Chapter 9.1.

      

      

      2. [deleted]

       

       

      3. Grant of Security Interest.

       

      a. As security for the Obligations and continuing so long as any amount remains outstanding on the Note, the Note
          Parties hereby pledge and grants to Secured Party collectively a subordinated continuing security interest (subject only to the Senior Security Interest granted to the Senior Lender) in and to all of the Company
            Collateral.

       

      b.   The Note Parties hereby authorize Secured Party to execute and file any financing or
          fixture filing statements, and any amendments and/or continuations and/or releases thereof, signed only by Secured Party as deemed advisable by Secured Party in the appropriate state or local offices on behalf of the Note Parties in connection herewith.

      
        2

        
          

      

       

       4. Representations, Warranties, and Covenants.

       

      a. Covenants Relating to Collateral.  As security for the Obligations, the Note Parties  hereby, jointly and
            severally, agree (i) to perform all acts that may be necessary to maintain, preserve, protect and perfect the Collateral, the Subordinated Security Interest (subject only to Permitted Encumbrances) granted to Secured Party therein and the
            perfection and priority of such Subordinated Security Interest (subject only to the Senior Security Interest granted to the Senior Lender, and to Permitted Encumbrances); (ii) to pay promptly when due all taxes and other governmental charges,
            all Liens and all other charges now or hereafter imposed upon or affecting any Collateral; (iii) to procure, execute and deliver from time to time any endorsements, assignments,
            financing statements and other writings reasonably deemed necessary or appropriate by the Secured Party to maintain and protect Secured Party’s Subordinated Security Interest (subject only to the Senior Security Interest granted to the Senior
            Lender, and to Permitted Encumbrances) hereunder and the priority thereof and to deliver promptly upon the request of the Secured Party all originals of Collateral consisting of instruments, investment property, or other Collateral for which
            possession of originals is necessary; (iv) to appear in and defend any action or proceeding which may affect the Note Parties' title to or Secured Party’ interest in the Collateral; and (v) except for in
            connection with sales of inventory in the ordinary course of business, not to surrender or lose possession of (other than to Secured Party), sell, encumber, lease or otherwise dispose of or transfer any Collateral or right or interest therein,
            and to keep the Collateral free of all Liens (other than the Senior Security Interest granted to the Senior Lender and Permitted Encumbrances). The Note Parties shall provide Secured Party with at
          least 30 days’ prior written notice of the Note Parties’ desire to change the holders of the Senior Security Interests from time to time as needed to help in the financing activities of the Note
          Parties, and provided that the Note Parties are not then in default with respect to the Obligations, the holders of the Senior Security Interests may be changed so long as the
            maximum indebtedness to the Senior Security Interest does not exceed $6,500,000 of Senior Security Interest, without written agreement from the Secured Party.

       

      b. Other Representations, Warranties, and Covenants.  Each of Note Parties represents, warrants, and covenants
            to each of the following:

       

      i. The exact legal names of Note Parties are set forth on the signature page of this Security Agreement.

       

      ii. Alpine 4 is duly incorporated and in good standing under the laws of the state of Delaware, the Company is each duly organized and validly existing under the laws of the state of Indiana, and with respect to each of Alpine 4 and the
          Company, the execution, delivery, and performance of this Security Agreement is within Alpine 4’s and the Company's powers, the Security Agreement has been duly authorized, and is not in conflict with the terms of its respective organizational
          documents, each as amended through the date of this Security Agreement, and each constitutes a legal, valid and binding obligation of Alpine 4 and the Company enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
          reorganization, moratorium or other similar laws affecting creditors’ rights generally and subject to equitable principles (regardless of whether enforcement is sought in equity or at law).

       

      iii. Alpine 4’s office is located at 2525 E. Biltmore Cir., Suite C237, Phoenix, AZ 85016.

       

      iv. Not to change the Company's name, any organizational identification number, state of incorporation, organizational identity, or location of chief executive office; provided, however, that the Company may change any of these
          upon at least 30 days’ prior written notice to Secured Party of such change along with the Company paying all of Secured Party’ incurred costs of filing amendments, additional financing statements, or any other necessary documents to protect,
          perfect, and preserve Secured Party’ security interest in the Collateral.

      
        3

        
          

      

       

      v.  To pay all taxes and assessments of every nature which may be levied or assessed against the Collateral.

       

      vi.  At the time the Company Collateral becomes subject to the lien and security interest created by this Agreement, the Company, as applicable, will be the
        direct, legal and beneficial owner thereof, free and clear of any lien, security interest, encumbrance, claim, option or right of others except for the Senior Security Interest and the security interest created by this Security Agreement.

       

      vii.  No authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the pledge by
        the Note Parties of the Company Collateral pursuant to this Security Agreement or for the execution and delivery of the Note and this Security Agreement by the Note Parties or the performance by the Note Parties of their obligations hereunder.

       

       5.Litigation and Other Proceedings.  The Secured Party shall have the right but not the obligation to bring suit or institute proceedings in the name of the Company or the
            Secured Party to enforce any rights in the Company Collateral, including without limitation any license thereunder, in which event the Note Parties shall at the request of the Secured Party do any and all lawful acts and execute any and all documents reasonably required by Secured Party or determined to be necessary or appropriate by Secured Party in aid of such
            enforcement.

       

       6. Action by Secured Party.  All actions of the Secured Party pursuant to this Security
          Agreement, including the enforcement of any rights pursuant to this Security Agreement, shall be determined by the Secured Party.

       

      7. Default and Remedies.

       

      a. Default.  The Note Parties shall be deemed in default under this Security
            Agreement upon (each an “Event of Default” but subject to the Subordination Agreement with the Senior Lender as outlined in Exhibit E to SPA: (i) the occurrence and
            during the continuance of a default or breach of any of Note Parties’  obligations arising under the terms of the Note or a default or breach of any of the Note Parties'
            obligations arising under the terms of this Security Agreement, (ii) the uninsured loss, theft, damage, or destruction to the Company Collateral, sale (other than inventory in the ordinary course of business) or encumbrance of any of
          the Company Collateral, or the making of any levy, seizure or attachment on the Company Collateral, or (iii) dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property of, assignment
          for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency laws of, by or against any of the Note Parties, (iv) the Company’s merger, consolidation, or transfer of a substantial part of its assets, a
          material decline in the value of the Collateral or any significant part thereof, (v) Note Parties’, or any of them, concealment, removal (or permitting such concealment or removal) of any part of the Company Collateral, with the intent to hinder,
          delay or defraud its creditors, (vi) Secured Party’s determination to deem itself insecure, or (vii) any other Event of Default as defined under the Note.

      
        4

        
          

      

       

      b. Remedies.  Upon the occurrence and during the continuance of any Event of Default, the Secured Party shall have the rights
            granted by this Security Agreement, subject to the Subordination Agreement, and by law, including without limitation the right to: (i) declare due and payable in full the Note, at the option of the
          Secured Party, (ii) require the Note Parties to assemble the Company Collateral and make it available to the Secured Party at a place to be designated by the Secured Party, (iii) prior to the disposition of the Company Collateral, require the Note Parties to store, process, repair or recondition the Company
            Collateral or otherwise prepare the Company Collateral for disposition in any manner and to the extent the Secured Party deem appropriate and in connection with such preparation and disposition, without charge to Secured Party, and (iv) collect all of Secured Party’s costs of collection and reasonable attorneys’ and experts’ fees and expenses of any kind, and all
            costs of suit and appeal (collectively, the “Costs”).

       

      c. Application of Company Collateral Proceeds.  The proceeds and/or avails of the Company Collateral, or any part thereof, and the proceeds and the avails of any remedy hereunder (as well as any other
          amounts of any kind held by the Secured Party at the time of, or received by Secured Party after, the occurrence of an event of default) shall be paid to and applied as follows:

       

      i. First, to the payment of reasonable costs and expenses of Secured Party, including, without limitation, all amounts expended to preserve the value of the Company Collateral, of foreclosure or suit, if any,
          and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses, liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Secured Party;

       

      ii. Second, to the payment to Secured Party of the amounts outstanding under the Note;

       

      iii Third, to the payment of the surplus, if any, to the Note Parties, their successors and assigns, or to whomsoever may be lawfully entitled to receive the same. 

      

       

        

       8.             Miscellaneous.
        

      

      

      

      a. Notices.  Except as otherwise provided herein, all notices, requests, demands, consents, instructions or other
            communications to or upon the Note Parties, or Secured Party under this Security Agreement shall be in writing and faxed, mailed or
            delivered to each party to the facsimile number or the address set forth below, or to such other address as may be specified in writing by a Party to the other parties to this Security Agreement.

      

      

      If to Secured Party:

       

      Kevin M. Smith

      2603 Thornacres Drive

      Niles, Michigan 49120

      
        5

        
          

      

      

      

      

      

      If to the Company:

      

      

      Deluxe Sheet Metal, Inc.

      2525 E. Biltmore Cir., Suite C237

      Phoenix, AZ 85016

      

      

      with a copy (which shall not constitute notice) to:

      

      

      Kirton McConkie PC

      60 E. South Temple, Suite 1800

      Salt Lake City, Utah 84111

      Fax:  (801) 212-2187

      Phone:  (801) 328-3600

      Attn:  C. Parkinson Lloyd, Esq.

      

      

      If to Alpine 4:

      

      

      2525 E. Biltmore Cir., Suite C237

      Phoenix, AZ 85016

      

      

      with a copy (which shall not constitute notice) to:

      

      

      Kirton McConkie PC

      60 E. South Temple, Suite 1800

      Salt Lake City, Utah 84111

      Fax:  (801) 212-2187

      Phone:  (801) 328-3600

      Attn:  C. Parkinson Lloyd, Esq.

      

      

       

      b. Nonwaiver.  No failure or delay on the part of Secured Party in exercising any of its rights hereunder will operate as a waiver thereof or of any other right nor
          shall any single or partial exercise of any such right preclude any other further exercise thereof or of any other right.

       

       

      c. Amendments and Waivers.  This Security Agreement may not be amended or modified, nor may any of its terms be waived, except by written instruments
            signed by Note Parties  and Secured Party.  Each waiver or consent under any provision hereof shall be effective only in the specific instances for the purpose for which given.

       

       

      d. Assignments.  This Security Agreement shall be binding upon and inure to the benefit of Secured Party, and the Note Parties, and their respective successors and assigns; provided, however, that neither Note Parties nor any of them may sell, assign or delegate rights
            and obligations hereunder without the prior written consent of Secured Party.

       

       

      e. Cumulative Rights, etc.  The rights, powers and remedies of Secured Party under this Security Agreement shall be in addition to all rights, powers
            and remedies given to Secured Party by virtue of any applicable law, rule or regulation of any governmental authority and under the Note, all of which rights, powers, and remedies will be cumulative and may be exercised successively or
            concurrently without impairing the rights of the Secured Party hereunder or thereunder.  The Note Parties hereby waives any right to require Secured Party to proceed against any person or entity or to
            exhaust any Collateral or to pursue any remedy in the Secured Party’s power.

      
        6

        
          

      

       

       

      f. Payments Free of Taxes, Etc.  All payments made by Note Parties under the Note will be made by Note
          Parties free and clear of and without deduction for any and all present and future taxes, levies, charges, deductions and withholdings.

       

       

      g. Partial Invalidity.  If at any time any provision of this Security Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality,
          validity or enforceability of the remaining provisions of this Security Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.

       

       

      h. Expenses.  Each of Note Parties shall pay on demand all reasonable fees and expenses, including reasonable attorneys’ fees and expenses, incurred by Secured Party in connection with the custody,
          preservation or sale of, or other realization on, any of the Collateral or the enforcement or attempt to enforce any of the Obligations which is/are not performed as and when required by this Security Agreement or the Note.

       

       

      i. Construction.  Each of this Security Agreement and the Note is the result of negotiations among, and has been reviewed by, Note Parties and Secured
            Party.  Accordingly, this Security Agreement and the Note will be deemed to be the product of all parties hereto, and no ambiguity shall be construed in favor of or against Note Parties or Secured Party.

       

       

      j. Entire Agreement.  This Security Agreement and the Note constitute and contain the entire agreement of the Note Parties and Secured Party, and supersede any and all prior agreements, negotiations,
          correspondence, understandings and communications among the parties, whether written or oral, respecting the subject matter hereof.  In the event of any inconsistencies between the terms of this Security Agreement or the Note and the terms of the
          SPA and the Secured Party, the terms of this Security Agreement or the Note, as applicable, shall prevail.

       

       

      k. Governing Law.  This Security Agreement, the construction of its terms and the interpretation of the rights
            and duties of the parties hereto, shall be governed by and construed in accordance with the laws of the State of Indiana without reference to conflicts of law rules. Any
            dispute of any kind relating to, connected with or arising out of this Security Agreement in any fashion (“Dispute”) shall only be heard and decided exclusively in the
            Superior Courts of Marion County, Indiana, and all persons impacted by this Security Agreement in any fashion waive any objection to such exclusive venue.

       

       

      l. Counterparts. This Security Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall be deemed to constitute one instrument.

      
        7

        
          

      

      
       

       

      m. Waiver of Right to Jury.  In order to avoid delays and minimize expense, the Note Parties and Secured Party
            knowingly, voluntarily and intentionally waive any right to trial by jury in respect of any claim, demand, action or cause of action arising out of, under or in connection with this Security Agreement or any related writing or any amendment
            thereto, whether now existing or hereinafter arising and whether sounding in contract or tort or otherwise, and each party hereby agrees and consents that any such claim, demand, action or cause of action shall be decided by a court trial
            without a jury, and a copy of this Security Agreement may be filed with any court as evidence of the consent of each of the parties hereto to the waiver of its right to trial by jury.

       

      [Signature page follows.]

      
        8

        
          

      

       

      

      IN WITNESS WHEREOF, the parties have caused this Security Agreement to be executed as of the day and year
        first above written.

       

      

      

      NOTE PARTIES:

      

      

      ALPINE 4:

      

      

      ALPINE 4 TECHNOLOGIES, LTD.,

      a Delaware corporation

      

      

      

      

      

      

      By: /s/ Kent B. Wilson

             Kent B. Wilson

             Its Chief Executive Officer

      

      

      

      

      

      

      

      

      

      

      COMPANY:

      

      

      DELUXE SHEET METAL, INC.

      

      

      

      

      

      

      By: /s/ Kent B. Wilson

             Kent B. Wilson

      Its  CEO

      

      

      

      

      DSM HOLDING, LLC

      

      

      

      

      

      

      By: /s/ Kent B. Wilson

             Kent B. Wilson

             Its CEO

      

      

      

      

      
        9

        
          

      

      

      

      SECURED PARTY:

      

      

      /s/ Kevin M. Smith 

      

      

      Name: Kevin M. Smith

      

      

      10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}]]