Document:

Exhibit 10.1

SECOND AMENDMENT

TO Loan
AND SECURITY AGREEMENT

AND LIMITED CONSENT

THIS SECOND AMENDMENT
TO Loan AND SECURITY AGREEMENT AND LIMITED CONSENT (this “Amendment”)
is made and entered into as of August 12, 2011, by and among INTRICON CORPORATION, a Pennsylvania corporation, INTRICON, INC. (formerly
known as Resistance Technology, Inc.), a Minnesota corporation, INTRICON TIBBETTS CORPORATION (formerly known as TI Acquisition
Corporation), a Maine corporation, and INTRICON DATRIX CORPORATION (formerly known as Jon Barron, Inc.) (d/b/a Datrix), a California
corporation (each, a “Borrower”; collectively, the “Borrowers”), and THE PRIVATEBANK AND
TRUST COMPANY, an Illinois banking corporation (the “Bank”).

RECITALS:

A.                 
The Borrowers and the Bank are parties to a certain Loan and Security Agreement dated as of
August 13, 2009, as amended by a First Amendment dated as of March 12, 2010 (as so amended, the “Loan Agreement”).
All capitalized terms not otherwise defined herein shall have the meanings given to them in the Loan Agreement.

B.                 
The Borrowers have requested that the Bank (i) provide its limited consent to the Proposed
Investment (as defined in Section 1 hereof) and (ii) amend certain provisions of the Loan Agreement, and the Bank has agreed
to provide such limited consent and so amend the Loan Agreement upon the terms and subject to the conditions set forth in this
Amendment.

AGREEMENTS:

NOW, THEREFORE, in
consideration of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the
nature, receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Section
1.                     
Limited Consent. Pursuant to Section 9.3 of the Loan Agreement, the Borrowers
are prohibited from, among other things, making Investments except as expressly provided in said Section. The Borrowers have informed
the Bank that IntriCon, Inc. intends to make Investments in PT IntriCon Indonesia in the form of advances and equity investments
in an aggregate amount not to exceed $1,000,000 (the “Proposed Investment”). The Borrowers have requested that
the Bank consent to the Proposed Investment, and the Bank hereby so consents (a) upon the satisfaction by the Borrowers of all
conditions precedent set forth in Section 2 below and (b) in reliance on the Borrowers representations and warranties set
forth in Section 16 below. Except as expressly provided herein, all provisions of the Loan Agreement and the other Loan
Documents remain in full force and effect. The foregoing consent shall not apply to any other or subsequent failure to comply with
the Section identified above or any other provision of the Loan Agreement or the other Loan Documents, and shall not give rise
to any course of dealing or course of performance with respect to any future requests.

Section
2.                     
Delivery of Documents. At or prior to the execution of this Amendment, and as a condition
precedent to the effectiveness of this Amendment, the Borrowers shall have satisfied the following conditions and delivered or
caused to be delivered to the Bank the following documents each dated such date and in form and substance satisfactory to the Bank
and duly executed by all appropriate parties:

(a)                
This Amendment, duly executed by the Borrowers.

(b)                
A Term Note made payable jointly and severally by the Borrowers to the order of the Bank in
the original principal amount of $4,000,000, duly executed by the Borrowers.

(c)                
An Acknowledgment and Agreement Regarding Subordinated Indebtedness, in substantially the
form attached, duly executed by each holder of Subordinated Debt.

(d)                
With respect to each Borrower, a copy of the resolutions of the Board of Directors of such
Borrower authorizing the execution, delivery and performance of this Amendment certified as true and accurate by an officer of
such Borrower, along with a certificate of such officer which (i) certifies that there has been no amendment to either the Articles
of Incorporation or the Bylaws of such Borrower since true and accurate copies of the same were last delivered and certified to
the Bank, and that said Articles of Incorporation or the Bylaws remain in full force and effect as of the date of this Amendment,
(ii) identifies each officer of such Borrower authorized to execute this Amendment and any other instrument or agreement executed
by such Borrower in connection with this Amendment, and (iii) sets forth specimen signatures of each officer of such Borrower referred
to above and identifies the office or offices held by such officer.

    	 

    	 

    

 

(e)                
The Bank shall have received (i) a renewal and amendment fee in the amount of $35,000, which
fee shall be non-refundable when paid and wholly earned when received; and (ii) reimbursement for its legal fees and other expenses
as described in Section 10 hereof.

(f)                 
Such other documents or instruments as the Bank may reasonably require.

Upon the effectiveness
of this Amendment, the amendments set forth in Sections 4(b) and 4(j) hereof shall be deemed effective on a retroactive
basis to June 30, 2011.

Section
3.                     
UCC and Other Public Records Searches. Subsequent to the effectiveness of this Amendment,
but on or before August 31, 2011, the Bank shall have received UCC and other public records search results with respect to the
Borrowers in form and substance satisfactory to the Bank in its commercially reasonable discretion from such offices and jurisdictions
as the Bank may reasonably require. It is understood and agreed that the failure of such UCC and other public records search results
to be satisfactory to the Bank in its commercially reasonable discretion shall constitute an Event of Default under the Loan Agreement.

Section
4.                     
Amendments.

(a)                
Applicable Agreement. The definition of “Applicable Agreement” set forth
in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

“Applicable
Agreement” shall mean, collectively, (a) any agreement between the Borrowers (or any of them) and United Healthcare and
(b) any patent license agreement, strategic license agreement or other agreement, commitment, arrangement or instrument to which,
as of any date, the Borrowers (or any of them) is a party or by which any Borrower or any of its properties is bound, including
any note, indenture, loan agreement, mortgage, lease, or deed, the performance or non-performance of which, as of such date, could
reasonably be expected to have a Material Adverse Effect.

(b)                
EBITDA. The definition of “EBITDA” set forth in Section 1.1 of the
Loan Agreement is hereby amended and restated in its entirety to read as follows:

“EBITDA”
shall mean, for any period, the sum for such period of: (i) Net Income, plus (ii) Interest Charges, plus (iii) federal
and state income taxes, plus (iv) Depreciation, plus (v) non-cash management compensation expense, plus (vi)
all other non-cash charges, minus (vii) all non-cash income or gains, in each case to the extent included in determining
Net Income for such period, minus (viii) all cash payments made in such period on account of non-cash charges expensed in
a prior period, in each case determined on a consolidated basis, plus (ix) expenses incurred by Borrowers during such period
which relate directly to Borrowers’ business relationship with United Healthcare to the extent such expenses (a) were incurred
during Borrowers’ fiscal year ending December 31, 2011 and (b) do not exceed $680,000 in the aggregate.

(c)                
Eligible Accounts. The definition of “Eligible Accounts” set forth in Section
1.1 of the Loan Agreement is hereby amended by deleting clause (p) thereof in its entirety and replacing the same with the
following:

“(p)        (i)
if the aggregate amount of all Accounts owed by the Account Debtor (other than United Healthcare) thereof exceeds twenty-five percent
(25.00%) of the aggregate amount of all Accounts at such time, then all Accounts owed by such Account Debtor in excess of such
amount shall be deemed ineligible, or (ii) if the aggregate amount of all Accounts owed by United Healthcare exceeds forty percent
(40.00%) of the aggregate amount of all Accounts at such time, then all Accounts owed by United Healthcare in excess of such amount
shall be deemed ineligible; and”

(d)                
Revolving Loan Maturity Date. The definition of “Revolving Loan Maturity Date”
set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

“Revolving
Loan Maturity Date” shall mean August 13, 2014, unless extended by the Bank pursuant to any modification, extension or
renewal note executed by the Borrowers and accepted by the Bank in its sole and absolute discretion in substitution for the Revolving
Note.

(e)                
Term Loan Commitment. The definition of “Term Loan Commitment” set forth
in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

“Term
Loan Commitment” shall mean Four Million and 00/100 Dollars ($4,000,000.00).

 

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(f)                 
Term Loan Maturity Date. The definition of “Term Loan Maturity Date” set
forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

“Term
Loan Maturity Date” shall mean August 13, 2014, unless extended by the Bank pursuant to any modification, extension or
renewal note executed by the Borrowers and accepted by the Bank in its sole and absolute discretion in substitution for the Term
Note.

(g)                
Transaction Costs. The definition of “Transaction Costs” set forth in Section
1.1 of the Loan Agreement is hereby deleted in its entirety.

(h)                
Term Loan Principal Payments. Section 2.2(c) of the Loan Agreement is hereby
amended and restated in its entirety to read as follows:

“(c)        Term
Loan Principal Payments. The outstanding principal balance of the Term Loan shall be repaid in equal quarterly installments
of $250,000, payable on the last day of each calendar quarter, commencing with the calendar quarter ending September 30, 2011,
and the remaining unpaid principal of the Term Loan, together with all accrued and unpaid interest thereon, shall be due and payable
on the Term Loan Maturity Date. Principal amounts repaid on the Term Note may not be borrowed again.”

(i)                  
Covenant Compliance Certificate. Section 8.13 of the Loan Agreement is hereby
amended and restated in its entirety to read as follows:

“8.13        Covenant
Compliance Certificate. The Borrowers shall, contemporaneously with the furnishing of the financial statements pursuant to
Section 8.8, deliver to the Bank a duly completed compliance certificate (in substantially the form attached hereto as Exhibit
8.13), dated the date of such financial statements and certified as true and correct by an appropriate officer of each Borrower,
containing a computation of each of the financial covenants set forth in Section 10 and stating that no Borrower has become
aware of any Event of Default or Unmatured Event of Default that has occurred and is continuing or, if there is any such Event
of Default or Unmatured Event of Default describing it and the steps, if any, being taken to cure it; provided, however,
that if EBITDA of the Borrowers and their respective consolidated Subsidiaries for the period of twelve (12) consecutive calendar
months ending on the date of the most recent financial statements delivered to the Bank pursuant to Section 8.8 is equal
to or greater than $5,000,000, then the Borrowers shall deliver such compliance certificate only with respect to the quarterly
and annual financial statements delivered to the Bank pursuant to Section 8.8.”

(j)                 
Financial Covenants. Section 10 of the Loan Agreement is hereby amended and
restated in its entirety to read as follows:

“Section
10.        FINANCIAL COVENANTS.

10.1        Minimum
EBITDA. As of each of the measurement dates set forth in the chart below, for the period of twelve (12) consecutive calendar
months then-ended, the Borrowers and their respective consolidated Subsidiaries shall maintain consolidated EBITDA in an amount
not less than the amount set forth opposite such date in the chart below:

	Measurement Date	Minimum EBITDA
	June 30, 2011	$2,750,000
	July 31, 2011	$2,750,000
	August 31, 2011	$2,300,000
	September 30, 2011	$2,300,000
	October 31, 2011	$2,500,000
	November 30, 2011	$2,700,000
	December 31, 2011	$2,700,000
	January 31, 2012	$3,000,000
	February 29, 2012	$3,500,000
	March 31, 2012	$4,000,000
	April 30, 2012	$4,500,000
	May 31, 2012	$4,750,000
	June 30, 2012	$4,750,000
	July 31, 2012 and the last day of each calendar month ending thereafter	$5,000,000

 

 

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provided, however,
that if EBITDA of the Borrowers and their respective consolidated Subsidiaries for the period of twelve (12) consecutive calendar
months ending on the date of the most recent financial statements delivered to the Bank pursuant to Section 8.8 is equal
to or greater than $5,000,000, then the Borrowers shall only be required to comply with the covenant set forth in this Section
10.1 with respect to those measurements dates which correspond to quarter-end and year-end dates.

10.2        Funded
Debt to EBITDA. As of each of the measurement dates set forth in the chart below, the Borrowers and their respective consolidated
Subsidiaries shall maintain a ratio of (a) consolidated Funded Debt as of such date minus the aggregate collected cash balance
in Deposit Accounts of the Borrowers maintained with the Bank as of such date to (b) consolidated EBITDA (the “Leverage
Ratio”) for the period of twelve (12) consecutive calendar months then-ended, of not greater than the amount set forth
opposite such measurement date in the chart below:

	Measurement Date	Maximum Leverage Ratio
	June 30, 2011	3.25 to 1.00
	July 31, 2011	3.25 to 1.00
	August 31, 2011	3.75 to 1.00
	September 30, 2011	3.75 to 1.00
	October 31, 2011	3.75 to 1.00
	November 30, 2011	3.75 to 1.00
	December 31, 2011	3.75 to 1.00
	January 31, 2012	3.25 to 1.00
	February 29, 2012	3.00 to 1.00
	March 31, 2012	2.75 to 1.00
	April 30, 2012	2.50 to 1.00
	May 31, 2012	2.50 to 1.00
	June 30, 2012	2.25 to 1.00
	July 31, 2012 and the last day of each calendar month ending thereafter	2.00 to 1.00

 

provided, however,
that if EBITDA of the Borrowers and their respective consolidated Subsidiaries for the period of twelve (12) consecutive calendar
months ending on the date of the most recent financial statements delivered to the Bank pursuant to Section 8.8 is equal
to or greater than $5,000,000, then the Borrowers shall only be required to comply with the covenant set forth in this Section
10.2 with respect to those measurements dates which correspond to quarter-end and year-end dates.

10.3        Fixed
Charge Coverage. As of each of the measurement dates set forth in the chart below, for the period of twelve (12) consecutive
calendar months then-ended, the Borrowers and their respective consolidated Subsidiaries shall maintain a ratio (the “Fixed
Charge Coverage Ratio”) of (a) the total of consolidated EBITDA for such period, minus the sum of all income taxes
paid in cash by the Borrowers on a consolidated basis, minus all Capital Expenditures of the Borrowers made during such
period which are not financed with Funded Debt, minus that portion of the aggregate cash payments made by the applicable
Borrower(s) in respect of the Subject Agreements and Applicable Agreements during such period that was not deducted as an expense
in arriving at Net Income for such period, plus (or minus), to the extent not included as income or gain (or deducted
as an expense or loss) in arriving at Net Income for such period, cash received (or paid) from dividends (or capital calls) related
to IntriCon’s 50% interest in the joint venture Global Coils (in the case of capital calls, subject to any applicable restrictions
under Section 9.3) to (b) the sum for such period of (i) Interest Charges paid in cash, plus (ii) regularly
scheduled payments made (and, without duplication, payments required to be made) in respect of principal of Funded Debt (including
the Term Loan, but excluding the Revolving Loans), plus (iii) all cash dividends and distributions paid or declared in respect
of Capital Securities of the Borrowers, of not less than the amount set forth opposite such measurement date in the chart below:

 

    	- 4 -

    	 

    

 

	Measurement Date	Minimum Fixed Charge
 Coverage Ratio
	June 30, 2011	1.10 to 1.00
	July 31, 2011	1.10 to 1.00
	August 31, 2011	1.10 to 1.00
	September 30, 2011	1.15 to 1.00
	October 31, 2011	1.15 to 1.00
	November 30, 2011	1.15 to 1.00
	December 31, 2011	1.15 to 1.00
	January 31, 2012	1.25 to 1.00
	February 29, 2012	1.25 to 1.00
	March 31, 2012	1.25 to 1.00
	April 30, 2012 and the last day of each calendar month ending thereafter	1.50 to 1.00

 

provided, however,
that if EBITDA of the Borrowers and their respective consolidated Subsidiaries for the period of twelve (12) consecutive calendar
months ending on the date of the most recent financial statements delivered to the Bank pursuant to Section 8.8 is equal
to or greater than $5,000,000, then the Borrowers shall only be required to comply with the covenant set forth in this Section
10.3 with respect to those measurements dates which correspond to quarter-end and year-end dates.

10.4        Capital
Expenditures. The Borrowers shall not incur Capital Expenditures in an amount greater than (a) $3,500,000 in the aggregate
in Borrower’s fiscal year ending December 31, 2011, (b) $3,000,000 in the aggregate in Borrower’s fiscal year ending
December 31, 2012, or (c) $2,500,000 in the aggregate in Borrower’s fiscal year ending December 31, 2013 or any fiscal year
ending thereafter.”

(k)                
Minimum Revolving Loan Availability. For avoidance of doubt, it is understood and agreed
that Section 10.5 of the Loan Agreement is hereby deleted in its entirety.

Section
5.                     
Representations; No Default. Each Borrower represents and warrants that: (a) such Borrower
has the power and legal right and authority to enter into this Amendment and has duly authorized the execution and delivery of
this Amendment and other agreements and documents executed and delivered by such Borrower in connection herewith, (b) neither this
Amendment nor the agreements contained herein contravene or constitute an Unmatured Event of Default or Event of Default under
the Loan Agreement or a default under any other agreement, instrument or indenture to which such Borrower is a party or a signatory,
or any provision of such Borrower’s Articles of Incorporation or Bylaws or, to the best of such Borrower’s knowledge,
any other agreement or requirement of law, or result in the imposition of any lien or other encumbrance on any of its property
under any agreement binding on or applicable to such Borrower or any of its property except, if any, in favor of the Bank, (c)
no consent, approval or authorization of or registration or declaration with any party, including but not limited to any governmental
authority, is required in connection with the execution and delivery by the Borrower of this Amendment or other agreements and
documents executed and delivered by such Borrower in connection herewith or the performance of obligations of such Borrower herein
described, except for those which such Borrower has obtained or provided and as to which such Borrower has delivered certified
copies of documents evidencing each such action to the Bank, (d) no events have taken place and no circumstances exist at the date
hereof which would give such Borrower grounds to assert a defense, offset or counterclaim to the obligations of such Borrower under
the Loan Agreement or any of the other Loan Documents, (e) there are no known claims, causes of action, suits, debts, liens, obligations,
liabilities, demands, losses, costs and expenses (including attorneys’ fees) of any kind, character or nature whatsoever,
fixed or contingent, which such Borrower may have or claim to have against the Bank, which might arise out of or be connected with
any act of commission or omission of the Bank existing or occurring on or prior to the date of this Amendment, including, without
limitation, any claims, liabilities or obligations arising with respect to the indebtedness evidenced by the Notes (as defined
in the Loan Agreement), and (f) after giving effect to Sections 4(b) and 4(j) hereof, no Unmatured Event of Default
or Event of Default has occurred and is continuing under the Loan Agreement.

 

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Section
6.                     
Affirmation; Further References. The Bank and each Borrower acknowledge and affirm
that the Loan Agreement, as hereby amended, is hereby ratified and confirmed in all respects and all terms, conditions and provisions
of the Loan Agreement (except as amended by this Amendment) and of each of the other Loan Documents shall remain unmodified and
in full force and effect. All references in any document or instrument to the Loan Agreement are hereby amended and shall refer
to the Loan Agreement as amended by this Amendment.

Section
7.                     
Merger and Integration; Superseding Effect. This Amendment, from and after the date
hereof, embodies the entire agreement and understanding between the parties hereto and supersedes and has merged into it all prior
oral and written agreements on the same subjects by and between the parties hereto with the effect that this Amendment, shall control
with respect to the specific subjects hereof and thereof.

Section
8.                     
Severability. Whenever possible, each provision of this Amendment and any other statement,
instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in such manner as to
be effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of this Amendment or any
other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited,
invalid or unenforceable under the applicable law, such provision shall be ineffective in such jurisdiction only to the extent
of such prohibition, invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such provision
or the remaining provisions of this Amendment or any other statement, instrument or transaction contemplated hereby or thereby
or relating hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision
in any other jurisdiction.

Section
9.                     
Successors. This Amendment shall be binding upon the Borrowers, the Bank and their
respective successors and assigns, and shall inure to the benefit of the Borrowers, the Bank and to the respective successors and
assigns of the Bank.

Section
10.             
     Costs and Expenses. Each Borrower agrees to reimburse
the Bank, upon execution of this Amendment, for all reasonable out-of-pocket expenses (including attorneys’ fees and
legal expenses of counsel for the Bank) incurred in connection with the Loan Agreement, including in connection with the
negotiation, preparation and execution of this Amendment and all other documents negotiated, prepared and executed in
connection with this Amendment, and in enforcing the obligations of the Borrowers under this Amendment, and to pay and save
the Bank harmless from all liability for, any stamp or other taxes which may be payable with respect to the execution or
delivery of this Amendment.

Section
11.                 
Headings. The headings of various sections of this Amendment have been inserted for
reference only and shall not be deemed to be a part of this Amendment.

Section
12.                 
Counterparts; Digital Copies. This Amendment may be executed in several counterparts
as deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts
shall be regarded as one and the same document, and any party to this Amendment may execute any such agreement by executing a counterpart
of such agreement. A facsimile or digital copy (pdf) of this signed Amendment shall be deemed to be an original thereof.

Section
13.                 
Release of Rights and Claims. Each Borrower, for itself and its successors and assigns,
hereby releases, acquits, and forever discharges Bank and its successors and assigns for any and all manner of actions, suits,
claims, charges, judgments, levies and executions occurring or arising from the transactions entered into with Bank prior to entering
into this Amendment whether known or unknown, liquidated or unliquidated, fixed or contingent, direct or indirect which such Borrower
may have against Bank.

Section
14.                 
Governing Law. This Amendment shall be governed by the internal laws of the State of
Minnesota, without giving effect to conflict of law principles thereof.

Section
15.                
No Waiver. Except as expressly set forth in Section 1 hereof, nothing contained
in this Amendment (or in any other agreement or understanding between the parties) shall constitute a waiver of, or shall otherwise
diminish or impair, the Bank’s rights or remedies under the Loan Agreement or any of the other Loan Documents, or under applicable
law.

Section
16.                 
Further Representations and Warranties re: Proposed Investment. The Borrowers (a) further
represent and warrant to the Bank that no portion of the Proposed Investment will at any time be evidenced by a promissory note
and (b) reaffirm, represent and warrant to the Bank that pursuant to the Loan Agreement the Obligations are and will continue to
be secured by first priority perfected liens and security interest in, among other things, IntriCon, Inc.’s now existing
and hereafter acquired rights to payment (and all proceeds thereof and supporting obligations related thereto) from PT IntriCon
Indonesia in connection with the Proposed Investment.

[Remainder of page intentionally blank;

signature page follows]

 

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

 

		BORROWERS:	INTRICON CORPORATION,
 a Pennsylvania corporation	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By 	/s/ Scott Longval	 
	 	 	 	 Scott Longval, Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	INTRICON, INC. (formerly known as Resistance
 Technology, Inc.), a Minnesota corporation	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By 	/s/ Scott Longval	 
	 	 	 	 Scott Longval, Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
        INTRICON TIBBETTS CORPORATION

        (formerly known as TI Acquisition Corporation),

        a Maine corporation
	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By 	/s/ Scott Longval	 
	 	 	 	 Scott Longval, Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
        INTRICON DATRIX CORPORATION

        (formerly known as Jon Barron, Inc.) (d/b/a Datrix),

        a California corporation
	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By 	/s/ Scott Longval	 
	 	 	 	 Scott Longval, Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	BANK:	
        THE PRIVATEBANK AND TRUST COMPANY,

        an Illinois banking corporation
	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By 	/s/ Seth Hove	 
	 	 	 	 Seth Hove, Associate Managing Director	 

 

 

 

 

 

[Signature page to Second Amendment
to Loan and Security Agreement and Limited Consent]

 

    	 

    	 

    

ACKNOWLEDGMENT AND AGREEMENT

REGARDING SUBORDINATED INDEBTEDNESS

The undersigned, being
the creditor under a certain Subordination Agreement dated as of August 13, 2009 (the “Subordination Agreement”)
executed by the undersigned in favor of THE PRIVATEBANK AND TRUST COMPANY, an Illinois banking corporation (the “Senior
Lender”) regarding certain liabilities, obligations and indebtedness of INTRICON CORPORATION, a Pennsylvania corporation,
INTRICON, INC. (formerly known as Resistance Technology, Inc.), a Minnesota corporation, INTRICON TIBBETTS CORPORATION (formerly
known as TI Acquisition Corporation), a Maine corporation, and INTRICON DATRIX CORPORATION (formerly known as Jon Barron, Inc.)
(d/b/a Datrix), a California corporation (each, a “Borrower”; collectively, the “Borrowers”)
to the Senior Lender arising under that certain Loan and Security Agreement dated as of August 13, 2009 by and among the Borrowers
and the Senior Lender (as previously amended, the “Loan Agreement”) and each of the Loan Documents (as defined
in the Loan Agreement) executed in connection therewith, hereby (a) acknowledges the execution and delivery by the Borrowers that
certain Second Amendment to Loan and Security Agreement dated on or about the date hereof (the “Amendment”),
(b) acknowledges and agrees that all of the debts, liabilities and obligations of the Borrowers to the Senior Lender under the
Loan Agreement (as amended by the Amendment), are and remain “Senior Liabilities” as that term is defined in the Subordination
Agreement, and (c) ratifies and confirms that the Subordination Agreement remains in full force and effect after giving effect
to the Amendment and is enforceable against the undersigned in accordance with its terms. The undersigned agrees and acknowledges
that the Amendment shall in no way impair or limit the right of the Senior Lender under the Subordination Agreement.

This Acknowledgment
shall not be construed, by implication or otherwise, as imposing any requirement that the Senior Lender notify or seek the consent
of the undersigned relative to any past or future extension of credit, or modification, extension or other action with respect
thereto, in order for any such extension of credit or modification, extension or other action with respect thereto to be subject
to the Subordination Agreement, it being expressly acknowledged and reaffirmed that the undersigned has, under the Subordination
Agreement, consented to modifications, extensions and other actions with respect thereto without any notice thereof.

Dated as of August 12, 2011.

 

	 	 	 	/s/ Jon V. Barron	 
	 	 	 	Jon V. BarronExhibit 10.2

TERM NOTE

 

	$4,000,000.00	
        Minneapolis, Minnesota

        August 12, 2011

 

FOR VALUE RECEIVED,
the undersigned, INTRICON CORPORATION, a Pennsylvania corporation, INTRICON, INC. (formerly known as Resistance Technology, Inc.),
a Minnesota corporation, INTRICON TIBBETTS CORPORATION (formerly known as TI Acquisition Corporation), a Maine corporation, and
INTRICON DATRIX CORPORATION (formerly known as Jon Barron, Inc.) (d/b/a Datrix), a California corporation (each a “Borrower”
and collectively, the “Borrowers”), hereby JOINTLY AND SEVERALLY promise to pay to the order of THE PRIVATEBANK
AND TRUST COMPANY, an Illinois state banking corporation (the “Bank”), the principal sum of FOUR MILLION AND
NO/100 DOLLARS ($4,000,000.00), payable in periodic installments on the dates and in the amounts set forth in Loan Agreement (as
hereinafter defined), with one final balloon payment on the Term Loan Maturity Date. The actual amount due and owing from time
to time hereunder shall be evidenced by Bank’s records of receipts and disbursements with respect to the Term Loan, which
shall, absent manifest error, be conclusive evidence of such amount.

Each Borrower further
promises to pay interest on the aggregate unpaid principal amount hereof at the rates provided in the Loan Agreement from the date
hereof until payment in full hereof. Accrued interest shall be payable on the dates specified in the Loan Agreement.

All payments of
principal and interest under this Note shall be made in lawful money of the United States of America in immediately available funds
at the Bank’s office at 50 South 6th Street, Suite 1415, Minneapolis, MN 55402, or at such other place as may be designated
by the Bank to the Borrowers in writing.

This Note is the
Term Note referred to in, and evidences indebtedness incurred under, a Loan and Security Agreement dated as of August 13, 2009
(as previously amended, as further amended on or about the date hereof and as the same may be hereafter further amended, modified
or supplemented from time to time, the “Loan Agreement”), among the Borrowers and the Bank, to which Loan Agreement
reference is made for a statement of the terms and provisions thereof, including those under which the Borrowers are permitted
and required to make prepayments and repayments of principal of such indebtedness and under which such indebtedness may be declared
to be immediately due and payable.

All parties hereto,
whether as makers, endorsers or otherwise, severally waive presentment, demand, protest and notice of dishonor in connection with
this Note.

This Note is made
under and governed by the internal laws of the State of Minnesota.

This Note amends,
restates and replaces, but does not evidence repayment of or constitute a novation with respect to, that certain Term Note dated
August 13, 2009 made payable jointly and severally by the Borrowers to the order of the Bank in the original principal amount of
$3,500,000.00.

[REMAINDER OF PAGE
LEFT INTENTIONALLY BLANK]

 

    	 

    	 

    

IN WITNESS WHEREOF, the
undersigned have caused this Note to be executed as of the date first set forth above.

 

		BORROWERS:	INTRICON CORPORATION,
 a Pennsylvania corporation	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By: 	/s/ Scott Longval	 
	 	 	 	 Scott Longval, Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	INTRICON, INC. (formerly known as Resistance
 Technology, Inc.), a Minnesota corporation	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By: 	/s/ Scott Longval	 
	 	 	 	 Scott Longval, Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
        INTRICON TIBBETTS CORPORATION

        (formerly known as TI Acquisition
        Corporation),

        a Maine corporation
	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By: 	/s/ Scott Longval	 
	 	 	 	 Scott Longval, Chief Financial Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
        INTRICON DATRIX CORPORATION

        (formerly known as Jon Barron,
        Inc.) (d/b/a Datrix),

        a California corporation
	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	By: 	/s/ Scott Longval	 
	 	 	 	 Scott Longval, Chief Financial Officer	 
	 	 	 	 	 

 

 

 

 

 

[Signature page to Term Note]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]