Document:

ex10-2.htm

    Exhibit
10.2

    

    EMPLOYMENT
AGREEMENT

    

    AGREEMENT made as of the 29 day of December, 2009, by and
between Innovative Food Holdings, Inc., a Florida corporation with its principal
offices at 3845 Beck Blvd., Suite 805, Naples, FL 34114 , Naples, Florida 34109
(the “Corporation”), and Justin
Wiernasz, (the “Executive”).

     

    W
I T N E S S E T H :

     

    In
consideration of the mutual covenants contained herein, the parties hereto agree
as follow:

     

    1.   Employment. The
Corporation hereby employs the Executive as an executive of the Corporation, and
the Executive agrees to serve the Corporation as such, upon the terms and
conditions set forth in this Agreement for the period commencing as of the date
hereof and, unless Executive's employment under the Agreement is otherwise
terminated in accordance with the provisions hereof, ending on December 31,
2012.

     

    2.   Duties. (a) Executive
shall serve as the President and Chief Marketing Officer of Innovative Food
Holdings and it’s subsidiary companies , with such duties and authority as are
generally incident to such position, or in such other management position as the
Corporation shall determine, Without limiting the generality of the foregoing,
the Executive shall (i)
develop a sales program and sales staff; (ii) if the Corporation shall so
determine, assist the Corporation in developing support staff; (iii) solicit
sales of the Corporation's product (iv)
report directly to the CEO (v) perform such responsibilities and duties as
designated by the Chief Executive Officer; and (vi) perform other duties as
requested by the Chief Executive Officer.   The Executive will hold
such offices in the Corporation and/or any subsidiaries or affiliates of the
Corporation to which, from time to time, he may be elected or appointed (if
any); provided
that the offices to which the Executive may be so elected or appointed shall not
be inconsistent with such duties and authority. In performing his duties
hereunder, the Executive shall be subject to the direction of the Corporation's
Board and Chief Executive Officer.

     

    
      
        
        

      

      
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    (b) The
Executive agrees that he will devote substantially all of his time and attention
to the affairs of the Corporation, that he will use his best efforts to promote
the business and interests of the Corporation, and that he will not engage,
directly or indirectly, in any other business or occupation during the term of
employment hereunder. It is understood, however, that the foregoing will not
prohibit the Executive from engaging in personal investment activities for
himself and his family that do not interfere with the performance of his duties
hereunder.

     

    3.    Compensation. (a) The
Corporation will pay the Executive for all services to be rendered by the
Executive hereunder (including, without limitation, all services to be rendered
by him as an officer of the Corporation and its subsidiaries and affiliates) an
annual base salary (hereinafter referred to as the "Base Salary") at the rate
of: (i) 151,000 per annum from the date hereof through December 31, 2010 of
which $6,500 shall be accrued until June 20, 2010 and then payable in equal
weekly installments until said $6,500 is paid in full by December 31,
2010; (ii)
$165,000 per annum from January 1, 2011 through December 31, 2011, provided,
however, that the increase of $14,000 shall only take effect if the
Corporation’s gross annual sales for 2010 are at least $7.5 million dollars; and
(iii) the lesser of a 10% increase in salary above the salary in 2011 or
$181,000 per annum from January 1, 2012 through December 31, 2012, provided,
however, the increase in 2012 shall only take effect if the Corporation’s gross
annual sales for 2011 are at least $7.5 million dollars. The Base Salary for
each year shall be payable in equal, weekly installments (accept with respect to
the $6,500 accrued during the initial six months of this Agreement or as
otherwise provided for herein) in accordance with customary payroll practices
for executives of the Corporation.

     

    
      
        
        

      

      
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    (b)
Executive shall also be entitled to receive an annual bonus based upon the
consolidated aggregate incremental revenues of the Corporation and its
subsidiaries (“IVFH), over each of the three 12-month periods beginning January
1, 2010 (the “Bonus”). The Bonus shall be payable one-half in cash and one-half
in the Corporation’s stock. The equity component shall be valued based upon the
average closing price of the Corporation’s common stock over the 30 trading days
ended on December 31 of the year for which the Bonus is being calculated, but
under no circumstance will be below $0.005 per share. The Bonus shall be paid in
full as long as an average gross margin (as calculated historically) of at least
20% is maintained on all sales revenues of the Corporation’s consolidated sales
revenues. Any decline in such average gross margin below 20% on all of the
Corporation’s consolidated sales revenues shall reduce the Bonus by 20% for each
1⁄2 percent decline. All calculations with respect to the Base Salary and Bonus
shall be based upon the Corporation’s financial statements and shall be
completed no later than January 20 of the following year. The Bonus for each
year, if earned, shall be payable in full on or before the following January
27.

    

    The Bonus
shall be payable according to the following schedule: 

     

    2010 -additional gross
revenues as compared to 2009 

     

      7%
of the then current Base Salary if IVFH achieves $ 500,000 of additional
revenues 

    14% of
the then current Base Salary if IVFH achieves $1,000,000 of additional revenues

    21% of
the then current Base Salary if IVFH achieves $1,500,000 of additional revenues

    28% of
the then current Base Salary if IVFH achieves $2,000,000 of additional revenues

    35% of
the then current Base Salary if IVFH achieves $2,500,000 of additional revenues

    50% of
the then current Base Salary if IVFH achieves $3,000,000 of additional
revenues

     

    2011-additional gross
revenues as compared to 2010 

     

      7%
of the then current Base Salary if IVFH achieves $ 600,000 of additional
revenues 

    14% of
the then current Base Salary if IVFH achieves $1,100,000 of additional revenues

    21% of
the then current Base Salary if IVFH achieves $1,600,000 of additional revenues

    28% of
the then current Base Salary if IVFH achieves $2,200,000 of additional revenues

    35% of
the then current Base Salary if IVFH achieves $2,500,000 of additional revenues

    50% of the
then current Base Salary if IVFH achieves $3,000,000 of additional
revenues

     

    
      
        
        

      

      
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    2012 – additional gross
revenues as compared to 2011 

     

      7%
of the then current Base Salary if IVFH achieves $ 700,000 of additional
revenues 

    14% of
the then current Base Salary if IVFH achieves $1,100,000 of additional revenues

    21% of
the then current Base Salary if IVFH achieves $1,600,000 of additional revenues

    28% of
the then current Base Salary if IVFH achieves $2,200,000 of additional revenues

    35% of
the then current Base Salary if IVFH achieves $2,700,000 of additional revenues

    50% of
the then current Base Salary if IVFH achieves $3,300,000 of additional
revenues

     

    For 2011
and 2012, the Corporation shall establish a separate account in which it will
maintain Executive’s increased Base Salary as if it was earned and payable. In
the event it is determined that Executive is entitled to such additional Base
Salary, the accrued amount of funds in said account shall be delivered in a lump
sum when such determination is made, but no later than Jan 27th of each such
year. In the event it is determined that Executive is not entitled to such
funds, they shall be returned to the Corporation’s general working
account.

     

    4.    Expenses. The
Executive shall be entitled to reimbursement by the Corporation, in accordance
with the Corporation's policies then applicable to executives at the Executive's
level, against appropriate vouchers or other receipts for authorized travel,
entertainment and other business expenses reasonably incurred by him in the
performance of his duties hereunder.

     

    5.    Executive Benefits.
The Executive shall be entitled to participate in, and receive family health
insurance and all benefits either currently offered, or which are offered during
the term of this Agreement, to employees of the Corporation or the cash
equivalent of such health insurance and such other benefits. The Corporation
shall be responsible for paying 75% of the cost of such health insurance and
benefits and shall pay 75% of the cost, at the choice of the Executive, either
through direct payments to the health insurance and/or benefit providers or
through weekly direct cash payments to the Executive (in the cash amount of 75%
of the cost of health
insurance and benefits had the Executive participated in such health insurance
plan and/or benefit plans).

     

    
      
        
        

      

      
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    6.    Withholding. All
payments required to be made by the Corporation hereunder to the Executive shall
be subject to the withholding of such amounts relating to taxes and other
governmental assessments as the Corporation may reasonably determine it should
withhold pursuant to any applicable law, rule or regulation.

     

    7.    Death; Permanent Disability;
Termination. (a) Upon the death of the Executive during the term of this
Agreement, this Agreement shall terminate. If during the term of this Agreement
the Executive fails because of illness (physical or mental) or other incapacity
to perform the services required to be performed by him hereunder for any
consecutive period of more than 30 days, or for shorter periods aggregating more
than 45 days in any consecutive twelve-month period (any such illness or
incapacity being hereinafter referred to as “permanent disability”), then the
Corporation, in its discretion, may at any time thereafter terminate this
Agreement upon not less the 10 days’ written notice thereof to the Executive,
and this Agreement shall terminate and come to an end upon the date set forth in
said notice as if said date were the termination date of this Agreement;
provided, however, that no such termination shall be effective if prior to the
date set forth in such notice, the Executive’s illness or incapacity shall have
terminated and he shall be physically and mentally able to perform the services
required hereunder and shall have taken up and be performing such duties. If
there shall be any dispute as to whether the Executive has a permanent
disability, the dispute shall be submitted to a panel of three physicians, one
of whom shall be selected by each of the parties, and the third of whom shall be
a physician selected by the first two. The written decision of such panel shall
be determinative of the issue as to whether the Executive has a permanent
disability, and shall be binding upon both parties.

     

     

    
      
        
        

      

      
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    (b) If
the Executive’s employment shall be terminated by reason of his death or
permanent disability, the Executive or his estate, as the case may be, shall be
entitled to receive (i) any earned and unpaid Base Salary accrued through the
date of termination, (ii) a pro rata portion of any Bonus which the Executive
would otherwise have been entitled to receive pursuant to any bonus plan or
arrangement for senior executives of the Corporation (such pro rata portion to
be payable at the time such Bonus would otherwise have been payable to the
Executive), and (iii) subject to the terms thereof, any benefits which may be
due to the Executive on the date of termination under the provisions of any
employee benefit plan, program or policy.

     

    (c) In
the event the Corporation terminates this Agreement without Cause (as defined in
Section 7), Executive shall be paid in a lump sum, on the date of termination,
an amount equal to the Base Salary he would have earned hereunder for the six
(6) months following the date of termination and any Bonuses earned and/or
accrued.

    

     7A.    Termination for
Cause. The Corporation may at any time during the term of this Agreement,
by written notice, terminate the employment of the Executive for cause, the
cause to be specified (in reasonable detail) in the notice. For purposes of this
Agreement, “cause” shall mean any malfeasance of the Executive in connection
with the performance of any of his duties hereunder, including, without
limitation, misappropriation of funds or property of the Corporation;
wrongfully, securing or attempting to secure, personally any profit in
connection with any transaction entered into on behalf of the Corporation; any
intentional act having the effect of injuring the reputation, business or
business relationships of the Corporation; the failure, neglect or refusal by
Executive to perform his duties hereunder in any material respect; the material
breach of any material covenants contained in this Agreement (provided, however,
that the Executive shall be entitled to thirty days from the date on which the
Corporation gives written
notice of termination to cure such conduct or breach); or conviction (or nolo
contendere plea) in connection with a felony or misdemeanor involving moral
turpitude. Termination for cause shall be effective upon the giving of such
notice or, where applicable, the expiration of the cure period without such a
cure having been affected by Executive in all material respects; and the
Executive shall be entitled to receive any earned and unpaid Base Salary accrued
through the date of termination.

     

    
      
        
        

      

      
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    8.    Insurance. The
Executive agrees that the Corporation may procure insurance on the life of the
Executive, in such amounts as the Corporation may in its discretion determine,
and with the Corporation named as the beneficiary under the policy or policies.
The Executive agrees that upon request from the Corporation he will submit to a
physical examination and will execute such applications and other documents as
may be required for the procurement of such insurance. The Executive shall be
granted the right to purchase such policy at its cash surrender value upon the
termination of his employment hereunder.

     

    9.    Non-Competition;
Solicitation. (a) The Executive agrees that during his employment with
the Corporation and for a period of two years after Executive leaves the
Corporation’s employ for any reason (other than by termination without cause),
he shall not, without the written consent of the Corporation, directly or
indirectly, either individually or as an employee, agent, partner, shareholder,
consultant, option holder, lender of money, guarantor or in any other capacity,
participate in, engage in or have a financial interest or management position or
other interest in any business, firm, corporation or other entity if it competes
directly with any business operation conducted by the Corporation or its
subsidiaries or affiliates or any successor or assign thereof at the time the
Executive’s employment with the Corporation is terminated.

     

     

    
      
        
        

      

      
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    (b) The
Executive will not at any time during his employment with the Corporation
and for a period of two years after Executive leaves the Corporation’s employ
for any reason, solicit (or assist or encourage the solicitation of) any
employee of the Corporation or any of its subsidiaries or affiliates to work for
Executive or for any business, firm, corporation or other entity in which the
Executive, directly or indirectly, in any capacity described in Section 9(a)
hereof, participates or engages (or expects to participate or engage) or has (or
expects to have) a financial interest or management position.

     

    (c) If
any of the covenants contained in this Section 9 or any part thereof, is held by
a court of competent jurisdiction to be unenforceable because of the duration of
such provision, the activity limited by or the subject of such provision and/or
the area covered thereby, then the court making such determination shall
construe such restriction so as to thereafter be limited or reduced to be
enforceable to the greatest extent permissible by applicable law.

     

    (d) If
the Executive is terminated without cause the provisions of this Section 9 shall
be null and void.

     

    (e) For
purposes of this Section 9, (i) the term “Corporation” shall mean IVFH and any
of its subsidiaries; (ii) any act which Executive is prohibited from engaging in
pursuant to this Section 9, he is also prohibited from soliciting, hiring,
encouraging or retaining any other person to engage in any such activity; and
(iii) participation by Executive in the operation of any business other than in
connection with the operation of a business which is in direct competition with
the Corporation or its subsidiaries or affiliates or any successor or assign
thereof shall not be deemed to be a breach of this Section 9 and the foregoing
provisions of this Section 9 shall not prohibit the ownership by the Executive
(as the result of open market purchase) of 1% or less of any
class of capital stock of a corporation which is regularly traded on a national
securities exchange, on the NASDAQ System or on an over-the-counter
system.

     

    
      
        
        

      

      
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    10.    Trade Secrets, Etc. The Executive
agrees that he shall not, during or after the termination of this Agreement,
divulge, furnish or make accessible to any person, firm, corporation or other
business entity, any information, trade secrets, client lists, vendor lists,
pricing information, technical data (with the exception of duplicatable
technical data and code that does not compete with the Corporation or the
Corporation’s business) or know-how relating to the business, business
practices, methods, products, processes, equipment or other confidential or
secret aspect of the business of the Corporation and/or any subsidiary or
affiliate, except as may be required in good faith in the course of his
employment with the Corporation or by law, without the prior written consent of
the Corporation, unless such information shall become public knowledge (other
than by reason of Executive’s breach of the provisions hereof).

     

    11.    Acceptance by Executive and
Corporation. The Executive and the Corporation each accept all of the
terms and provisions of this Agreement, and agree to perform all of the
covenants on their respective parts to be performed hereunder.

     

    12.    Equitable Remedies.
The Executive acknowledges that he has been employed for his unique talents and
that his leaving the employ of the Corporation during the Term of this Agreement
would seriously hamper the business of the Corporation and that the Corporation
will suffer irreparable damage if any provisions of Sections 9 or 10 hereof are
not performed strictly in accordance with their terms or are otherwise breached.
The Executive hereby expressly agrees that the Corporation shall be entitled as
a matter of right to injunctive or other equitable relief, in addition to all
other remedies permitted by law, to prevent a breach or violation by the
Executive and to secure enforcement of the provisions of Sections 9 or 10
hereof. Resort to such equitable
relief, however, shall not constitute a waiver of any other rights or remedies
that the Corporation may have.

     

    
      
        
        

      

      
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    13.    Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto and
there are no other terms other than those contained herein. No waiver, amendment
or modification hereof shall be deemed valid unless in writing and signed by the
parties hereto (or their permitted successors and assigns) and no discharge of
the terms hereof shall be deemed valid unless by full performance of the parties
hereto or by a writing signed by the parties hereto. No waiver by the
Corporation or any breach by the Executive or the Corporation of any provision
or condition of this Agreement by either of them to be performed shall be deemed
a waiver of a breach of a similar or dissimilar provision or condition at the
same time or any prior or subsequent time.

     

    14.    Severability. In case
any provision in this Agreement shall be declared invalid, illegal or
unenforceable by any court of competent jurisdiction, the validity and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

     

    15.    Notices. All notices,
requests, demands and other communications provided for by this Agreement shall
be in writing and shall be deemed to have been given at the time when mailed in
the United States enclosed in a registered or certified post-paid envelope,
return receipt requested, and addressed to the addresses of the respective
parties stated below or to such changed addresses as such parties may fix by
notice:

    

    
      	 	
              To
      the Corporation:

            	
              Innovative
      Food Holdings, Inc.

            
	 	 
      	
              3845
      Beck Blvd., Suite 805

            
	 	 
      	
              Naples,
      FL 34114

            
	 	 
      	
              Attn:
      President

            
	 	 	 
	 	
              with
      a copy to:

            	
              Howard
      I. Rhine, Esq.

            
	 	 
      	
              Feder
      Kaszovitz LLP

            
	 	 
      	
              845
      Third Avenue, 11th Floor

            
	 	 
      	
              New
      York, NY 10022

            

       

      
        	 	 	 	 
	 	 	 	 
	 	To
      the Executive:	 	 
	 	 	
              	 
	 	 	
              	 
	 	 	 	 

         

      

    

     provided,
however, that any notice of change of address shall be effective only upon
receipt.

     

    
      
        
        

      

      
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    16.    Successors and
Assigns. This Agreement is personal in its nature and neither of the
parties hereto shall, without the consent of the other, assign or transfer this
Agreement or any rights or obligations hereunder (except for an assignment or
transfer by the Corporation to its parent or an assignment by the Executive to a
corporation managed by the Executive); provided, however, that the provisions hereof
shall inure to the benefit of, and be binding upon, any successor of the
Corporation, whether by merger, consolidation, transfer of all or substantially
all of the assets of the Corporation, or otherwise, and upon the Executive, his
heirs, executors, administrators and legal representatives.

     

    17.    Governing Law. This
Agreement and its validity, construction and performance shall be governed in
all respects by the internal laws of the State of Florida without giving effect
to any principles of conflict of laws.

     

    18.    Headings. The
headings in this Agreement are for convenience of reference only and shall not
control or affect the meaning or construction of this Agreement.

     

    19.    Counterparts. This
Agreement may be executed in two counterparts, each of which shall be deemed an
original of this Agreement and facsimile signatures shall be treated as original
signatures.

     

     

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, the parties hereto have hereunder set their hands and seals as
of the day and year first above written. 

     

    
       

      	 	 INNOVATIVE FOOD HOLDINGS,
      INC.

       

      	 	By: 	 
	 	Name: Samuel Klepfish,
      CEO	 
	 	 	 
	 	 	 
	 	 	 
	 	Joel
      Gold, Director	 
	 	 	 
	 	 	 
	 	 	 
	 	Michael
      Ferrone, Director	 
	 	 	 
	 	 	 
	 	EMPLOYEE:	 
	 	 	 
	 	 	 
	 	 	 
	 	Justin
      Wiernasz	 

      
 

    

    
 

    
      
        
        

      

      
        12Promissory Note of Manitex Load King, Inc.

 Exhibit 10.1 
 FINAL 
  

			
	$2,750,000.00	  	December 31, 2009

 PROMISSORY NOTE OF 
 MANITEX LOAD KING, INC. 
 FOR
VALUE RECEIVED, the undersigned, Manitex Load King, Inc., a Michigan corporation with its principal offices at 7402 West 100th Place, Bridgeview, Illinois 60455 (“Company”), hereby unconditionally promises to pay to a Genie
Industries, Inc., a Washington corporation with its principal offices at 18340 NE 76th Street, Redmond, Washington 98073 (“Holder”), the principal sum of TWO MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS AND NO CENTS ($2,750,000.00), in lawful money of the United
States of America, as follows: 
 Unless sooner declared to be due in accordance with the terms hereof and subject to any
increase in interest during the continuance of an Event of Default as provided herein: 
 (a) Interest shall be paid quarterly,
in arrears, commencing December 31, 2009 and on the last day of each calendar quarter through and including December 31, 2016 (the “Maturity Date”), from the date hereof on the outstanding principal balance owing hereunder from
time to time, at a rate per annum equal to six percent (6.0%), as provided in Schedule 1 hereto. Interest on this Note shall be computed based on a 360-day year and for the actual number of days elapsed; and 
 (b) Commencing on December 31, 2011 and on the last day of each year thereafter until the Maturity Date, Company shall pay equal
installments of principal, as provided in Schedule 1 hereto. 
 Any amount of interest or principal which is not paid when due
(after giving effect to any period of grace or cure), whether at stated maturity, by acceleration or otherwise, shall bear interest from the date when due (after giving effect to any period of grace or cure) until said amount is paid in full, at a
rate per annum equal to two percent (2%) in addition to the interest rate otherwise payable hereunder (but in no event higher than the highest rate of interest allowable under applicable law). The foregoing notwithstanding, any interest paid
and actually collected by Holder hereunder which is found by a court of competent jurisdiction to be in excess of the highest rate of interest allowed under applicable law shall be applied to the repayment of the then outstanding principal balance
due hereunder in such a manner as to prevent the payment and collection of interest in excess of the highest rate permitted by applicable law. If the excess amount of interest paid exceeds the sums outstanding, the portion exceeding the said sums
outstanding shall be refunded to the Company in cash by Holder. Company agrees, however, that in determining whether or not any interest payable under this Note exceeds the highest rate permitted by law, any non-principal payment, including, without
limitation, late charges, loan fees and expenses are and shall be deemed to the extent permitted by law to be late charges, loan fees or expenses, as applicable, and not interest. 

 All payments with respect to this Note shall be if applicable, applied first against any
costs and expenses incurred by Holder in collecting amounts due hereunder, if applicable, then against accrued but unpaid interest and next to the outstanding principal balance on this Note. All payments of principal and interest hereunder shall be
made by wire transfer to an account designated in writing by Holder, as Holder shall elect and inform Company at least three (3) business days prior to the due date of any such payment. 
 If any payment on this Note becomes due and payable on a Saturday, Sunday or other day on which commercial banks in Chicago, Illinois are
authorized or required by law to close, the payment shall be extended to the next succeeding business day. 
 Notwithstanding
any other provision contained in this Note, Company may prepay, without penalty, any or all of the principal balance of this Note at any time and from time to time prior to the Maturity Date. If Company elects to prepay any portion of this Note, it
shall provide Holder with not less than five (5) business days’ prior written notice of such intention. 
 If any of
the following events shall occur and be continuing (each, an “Event of Default”), then the Holder, at its option, by written notice to the Company may declare the entire unpaid principal amount of, and accrued and unpaid interest
on, this Note to be immediately due and payable: 
 (a) Company fails to pay any principal or interest of this Note within thirty
(30) days of the date such payment is due; 
 (b) Company commences any voluntary proceeding under any bankruptcy,
reorganization, insolvency, receivership, dissolution, or liquidation law or statute, of any jurisdiction, whether now or subsequently in effect; or Company is adjudicated insolvent or bankrupt by a court of competent jurisdiction; or Company
petitions or applies for, acquiesces in, or consents to, the appointment of any receiver or trustee of Company for all or substantially all of its property or assets; or Company makes an assignment for the benefit of its creditors; or Company admits
in writing its inability to pay its debts as they mature; 
 (c) There is commenced against Company any proceeding relating to
Company under any bankruptcy, reorganization, insolvency, receivership, dissolution, or liquidation law or statute, of any jurisdiction, whether now or subsequently in effect, and the proceeding remains undismissed for a period of sixty
(60) days or Company or any part thereof by any act indicates its consent to, approval of, or acquiescence in, the proceeding; or a receiver or trustee is appointed for Company for all or substantially all of its property or assets, and the
receivership or trustee remains undischarged for a period of sixty (60) days; or a warrant of attachment, execution or similar process is issued against a substantial part of the property or assets of Company or any part thereof, and the
warrant or similar process is not dismissed or bonded within sixty (60) days after the levy; 
 (d) A change in control of
Company occurs. For purposes of this section, a “change in control” shall mean either a (i) sale of all or substantially all of the assets of Company to an unaffiliated entity or (ii) the sale of a majority of the capital stock
of Company to an unaffiliated entity. For purposes of this Section, an “unaffiliated entity” shall mean an entity that does not control, is not controlled by or is not under common control with Company as of the date of this Note;

 (e) Any event or condition shall occur which results in the acceleration of the maturity of
any obligation of Company in excess of Five Hundred Thousand Dollars ($500,000), individually or in the aggregate, or enables (or, with the giving of notice or lapse of time or both, would enable) the holder of such obligation or any person acting
on such holder’s behalf to accelerate the maturity thereof; 
 (f) A final judgment or order for the payment of money in
excess of Five Hundred Thousand Dollars ($500,000.00) shall be rendered against Company and shall remain enforceable and unpaid for a period of sixty (60) days after exhaustion of all appeal rights. 
 (e) Upon the occurrence of an “Event of Default” as that term is defined in the Security Agreement dated the date hereof between
Company and Holder. 
 This Note constitutes the “Purchase Note” issued pursuant to that certain Asset Purchase
Agreement by and between Holder and Company dated as of the date hereof (as amended, restated, renewed or replaced, the “Asset Purchase Agreement”). This Note is made for a commercial purpose and is secured by, among other things, the
collateral granted to Holder under the terms of a Security Agreement by and between Holder and Company dated as of the date hereof and by a Mortgage dated as of the date hereof made by the Company in favor of Holder. The Company is authorized, at
any time and from time to time, without the consent of Holder, to set off and apply any amount owing by Holder to the Company pursuant to Section 12 of the Asset Purchase Agreement, on a dollar for dollar basis, against any obligation of the
Company to Holder under this Note (whether for the payment of interest, principal or otherwise, as the Company may determine, in its discretion). 
 No delay in the right of Holder in exercising any of its options, powers or rights nor any partial or single exercise of its options, powers or rights shall constitute a waiver thereof or of any other
option, power or right, and no waiver on the part of Holder of any of its options, powers or rights shall constitute a waiver of any other option, power or right. Failure of Holder hereof to assert any right herein shall not be deemed to be a waiver
thereof. 
 In connection with any proceedings under this Note, including, without limitation, any action by Holder in
foreclosure or other court process or in connection with any other action related to the indebtedness hereunder, Company hereby waives and releases: 
 i. presentment for payment, demand, notice of demand, notice of nonpayment or dishonor or acceleration, protest and notice of protest of this Note, and all other notices in connection with the delivery,
acceptance, performance, default or enforcement of the payment of this Note; and 
 ii. any requirement for bonds, security or
sureties required by statute, court rule or otherwise. 
  

 3 

 This Note may be amended, modified or canceled only by the written agreement of Company and
Holder. This Note shall inure to the benefit of, and be enforceable by the successors and assigns of Holder. 
 Company will
indemnify and save Holder harmless from and against any actual out-of-pocket loss or expense that Holder sustains or incurs in connection with enforcing Holder’s rights following an Event of Default, including without limitation, any and all
reasonable expenses incurred by Holder to enforce or defend Holder’s rights hereunder including attorneys’ fees, court costs, and other expenses, whether or not Holder brings suit against Company. 
 This Note and the rights and obligations of Company and Holder shall be governed by and construed in accordance with the internal laws of
the State of New York, without giving effect to the conflicts of laws principles thereof. 
 Holder and Company hereby consent
to the exclusive jurisdiction of the state or federal courts sitting in New York, New York and irrevocably agree that all actions or proceedings relating to the Note shall be litigated in such courts, and each party waives any objection which it may
have based on lack of personal jurisdiction, improper venue or forum non conveniens to the conduct of any proceeding in any such court and waives personal service of any and all process upon it, and consents that all such service of process
be made by mail or messenger directed to it at the address set forth in the first paragraph hereof. 
 IN WITNESS WHEREOF,
Manitex Load King, Inc. has caused this Promissory Note to be signed in its name by the signature of its authorized officer on this the 31 of December, 2009. 
  

			
	MANITEX LOAD KING, INC.
		
	 By:
	 	 /s/ David Langevin

		 	Name: David Langevin
		 	Title: President

 Schedule 1 to Promissory Note dated December 31, 2009 
 Manitex Load King, Inc. to Genie Industries, Inc. 
  

					
	 Principal Amount
	  	$	2,750,000.00	  
	 Interest Rate
	  	 	6.00	% 
	 First interest payment date
	  	 	31-Mar-10	  
	 First principal and interest payment date
	  	 	31-Dec-11	  

 Interest Receivable and Amortization Schedule - Manitex Load King, Inc. (in U.S.
Dollars) 
  

																			
	Start
Date	  	End/Payment
Date	  	Day
Count	  	Beginning
Balance	  	Borrowings /
(Repayments)	 	 	Ending
Balance	  	Interest
Rate	 	 	Accrued
Interest	  	Total Qrt Payment
Due
	31-Dec-09	  	31-Mar-10	  	90	  	2,750,000.00	  			 	2,750,000.00	  	6.0	% 	 	41,250.00	  	41,250.00
	31-Mar-10	  	30-Jun-10	  	91	  	2,750,000.00	  			 	2,750,000.00	  	6.0	% 	 	41,708.33	  	41,708.33
	30-Jun-10	  	30-Sep-10	  	92	  	2,750,000.00	  			 	2,750,000.00	  	6.0	% 	 	42,166.67	  	42,166.67
	30-Sep-10	  	31-Dec-10	  	92	  	2,750,000.00	  			 	2,750,000.00	  	6.0	% 	 	42,166.67	  	42,166.67
	31-Dec-10	  	31-Mar-11	  	90	  	2,750,000.00	  			 	2,750,000.00	  	6.0	% 	 	41,250.00	  	41,250.00
	31-Mar-11	  	30-Jun-11	  	91	  	2,750,000.00	  			 	2,750,000.00	  	6.0	% 	 	41,708.33	  	41,708.33
	30-Jun-11	  	30-Sep-11	  	92	  	2,750,000.00	  			 	2,750,000.00	  	6.0	% 	 	42,166.67	  	42,166.67
	30-Sep-11	  	31-Dec-11	  	92	  	2,750,000.00	  	(458,333.33	) 	 	2,291,666.67	  	6.0	% 	 	42,166.67	  	500,500.00
	31-Dec-11	  	31-Mar-12	  	91	  	2,291,666.67	  			 	2,291,666.67	  	6.0	% 	 	34,756.94	  	34,756.94
	31-Mar-12	  	30-Jun-12	  	91	  	2,291,666.67	  			 	2,291,666.67	  	6.0	% 	 	34,756.94	  	34,756.94
	30-Jun-12	  	30-Sep-12	  	92	  	2,291,666.67	  			 	2,291,666.67	  	6.0	% 	 	35,138.89	  	35,138.89
	30-Sep-12	  	31-Dec-12	  	92	  	2,291,666.67	  	(458,333.33	) 	 	1,833,333.34	  	6.0	% 	 	35,138.89	  	493,472.22
	31-Dec-12	  	31-Mar-13	  	90	  	1,833,333.34	  			 	1,833,333.34	  	6.0	% 	 	27,500.00	  	27,500.00
	31-Mar-13	  	30-Jun-13	  	91	  	1,833,333.34	  			 	1,833,333.34	  	6.0	% 	 	27,805.56	  	27,805.56
	30-Jun-13	  	30-Sep-13	  	92	  	1,833,333.34	  			 	1,833,333.34	  	6.0	% 	 	28,111.11	  	28,111.11
	30-Sep-13	  	31-Dec-13	  	92	  	1,833,333.34	  	(458,333.33	) 	 	1,375,000.01	  	6.0	% 	 	28,111.11	  	486,444.44
	31-Dec-13	  	31-Mar-14	  	90	  	1,375,000.01	  			 	1,375,000.01	  	6.0	% 	 	20,625.00	  	20,625.00
	31-Mar-14	  	30-Jun-14	  	91	  	1,375,000.01	  			 	1,375,000.01	  	6.0	% 	 	20,854.17	  	20,854.17
	30-Jun-14	  	30-Sep-14	  	92	  	1,375,000.01	  			 	1,375,000.01	  	6.0	% 	 	21,083.33	  	21,083.33
	30-Sep-14	  	31-Dec-14	  	92	  	1,375,000.01	  	(458,333.33	) 	 	916,666.68	  	6.0	% 	 	21,083.33	  	479,416.66
	31-Dec-14	  	31-Mar-15	  	90	  	916,666.68	  			 	916,666.68	  	6.0	% 	 	13,750.00	  	13,750.00
	31-Mar-15	  	30-Jun-15	  	91	  	916,666.68	  			 	916,666.68	  	6.0	% 	 	13,902.78	  	13,902.78
	30-Jun-15	  	30-Sep-15	  	92	  	916,666.68	  			 	916,666.68	  	6.0	% 	 	14,055.56	  	14,055.56
	30-Sep-15	  	31-Dec-15	  	92	  	916,666.68	  	(458,333.33	) 	 	458,333.35	  	6.0	% 	 	14,055.56	  	472,388.89
	31-Dec-15	  	31-Mar-16	  	91	  	458,333.35	  			 	458,333.35	  	6.0	% 	 	6,951.39	  	6,951.39
	31-Mar-16	  	30-Jun-16	  	91	  	458,333.35	  			 	458,333.35	  	6.0	% 	 	6,951.39	  	6,951.39
	30-Jun-16	  	30-Sep-16	  	92	  	458,333.35	  			 	458,333.35	  	6.0	% 	 	7,027.78	  	7,027.78
	30-Sep-16	  	31-Dec-16	  	92	  	458,333.35	  	(458,333.35	) 	 	0.00	  	6.0	% 	 	7,027.78	  	465,361.13
									
	 	  	 	  	 	  	 	  	Principal Repayment	 	 	 	  	 	 	 	Interest	  	Total of Payments
		  		  		  		  	(2,750,000.00	) 	 		  			 	753,270.84	  	3,503,270.84

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]