Document:

EXHIBIT
10.1

 

FIFTH
AMENDMENT TO LOAN AGREEMENT

 

THIS
FIFTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made as of January 10, 2018 (the “Fifth Amendment
Date”) among INTERNATIONAL BANK OF COMMERCE, an Oklahoma state banking corporation, successor in interest to
International Bank of Commerce, a Texas state banking association (“Lender”), GREYSTONE LOGISTICS, INC.,
an Oklahoma corporation, GREYSTONE MANUFACTURING, L.L.C., an Oklahoma limited liability company (together, the “Borrowers”),
and the undersigned Guarantors, and ratifies and amends (a) the Loan Agreement (Revolving Loan and Equipment Term Loan) dated
as of January 31, 2014, as previously amended four times, most recently by the Fourth Amendment to Loan Agreement among Borrowers
and Lender (as so amended, the “Loan Agreement”), and (b) the other Loan Documents to which the Borrowers and
Guarantors are a party as described below.

 

Borrowers
and Lender agree as follows:

 

1.
Definitions. Capitalized terms used but not defined in this Amendment have the meanings given to them in the Loan Agreement.

 

2.
Amendments to Loan Agreement. The Loan Agreement is amended as follows:

 

(a)
The following new definitions are added to Section 1.1 of the Loan Agreement in appropriate alphabetical order:

 

“Fifth
Amendment” means the Fifth Amendment to Loan Agreement among Borrowers and Lender dated as of the Fifth Amendment Date

 

“Fifth
Amendment Date” means January 10, 2018.

 

“Prior
Revolving Loan” has the meaning provided in Section 2.1(a).

 

“Term
Loan D” has the meaning provided in Section 2.2(d).

 

“Term
Loan E” has the meaning provided in Section 2.2(e).

 

“Term
Note D” means the Amended and Restated Promissory Note dated as of the Fifth Amendment Date executed by Borrowers in
favor of Lender in the original face amount of Term Loan D, as amended, modified, replaced, restated, extended or renewed from
time to time.

 

“Term
Note E” means the Promissory Note dated as of the Fifth Amended Date executed by Borrowers in favor of Lender in the
original face amount of Term Note E, as amended, modified, replaced, restated, extended or renewed from time to time.

 

    	 	 	 

     

    

 

(b)
The following existing definitions in Section 1.1 of the Loan Agreement are amended and restated in their entirety as follows:

 

“Revolving
Note” means the Promissory Note dated as of the Fifth Amendment Date executed by the Borrowers in favor of the Lender
in the maximum principal amount of the Revolving Loan, as amended, modified, replaced, restated, extended or renewed from time
to time.

 

“Term
Loans” means Term Loan A, Term Loan B, Term Loan C, Term Loan D and Term Loan E.

 

“Term
Notes” means Term Note A, Term Note B, Term Note C, Term Note D and Term Note E.

 

(c)
Section 2.1 of the Loan Agreement is amended and restated in its entirety as follows:

 

Section
2.1. Revolving Loan.

 

(a)
Before the Fifth Amendment, Lender provided a revolving line of credit to Borrower in the maximum principal amount of $2,500,000
(the “Prior Revolving Loan”), the full amount of which is outstanding on the Fifth Amendment Date. Subject
to the terms and conditions of the Loan Documents, on the Fifth Amendment Date (i) the entire outstanding principal amount of
the Prior Revolving Loan is converted into the Term Loan D as provided in Section 2.2(d), and (ii) Lender agrees to provide
a new revolving line of credit to the Borrowers (the “Revolving Loan”), and make cash advances thereunder from
time to time during the availability period set forth in Section 2.3(a).

 

(b)
The amount of the Revolving Loan (the “Revolving Commitment”) is up to $3,000,000.00. The Borrowers agree not
to permit the principal balance of cash advances under the Revolving Loan to exceed the lesser of (i) the Revolving Commitment,
and (ii) the Borrowing Base. If the Borrowers at any time exceed either of these limits, the Borrowers will immediately pay the
excess to the Lender. For the avoidance of doubt, immediately after giving effect to the Fifth Amendment, the entire amount of
the Revolving Commitment is available to be advanced under the Revolving Loan (subject to the Borrowing Base and the other terms
and conditions of the Loan Documents).

 

(d)
The following are added to the Loan Agreement as a new Section 2.2(d) and (e), respectively:

 

(d)
Lender and Borrower acknowledge and agree that the Prior Revolving Loan is fully advanced and outstanding as of the Fifth Amendment
Date. Effective as of the Fifth Amendment Date, the Prior Revolving Loan is converted into a separate term loan (“Term
Loan D”) to be repaid in accordance with Term Note D.

 

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(e)
Lender shall make an advancing term loan to Borrowers in the original principal amount of $1,000,000.00 (“Term Loan E”).

 

(e)
The availability period of the Revolving Loan is extended to January 31, 2020. Accordingly, the reference to “January 31,
2019” in Section 2.3(a) of the Loan Agreement is amended to “January 31, 2020”.

 

(f)
The following are added to the Loan Agreement as a new Section 2.3(e) and (f), respectively:

 

(e)
Term Loan D is fully advanced on the Fifth Amendment Date, and Lender will not make any further advances on the Term Loan D.

 

(f)
Term Loan E is available in multiple disbursements between the Fifth Amendment Date and the first anniversary of the Fifth Amendment
Date. Lender is not obligated to make any disbursement until all conditions precedent to the Fifth Amendment have been satisfied.
Additionally, Lender’s obligation to make any particularly disbursement is conditioned on the absence of any Default or
Event of Default and Lender’s receipt of a borrowing request from Borrowers accompanied by an invoice or other information
required by Lender to confirm the proceeds of Term Loan E are being used for the purposes set forth in Section 8.1(e).

 

(g)
The following are added to the Loan Agreement as a new Section 2.4(e) and (f), respectively:

 

(e)
Term Loan D is evidenced by, and Borrowers shall repay Term Loan D in accordance with, Term Note D. Interest will accrue on the
outstanding principal balance of Term Loan D as described in Term Note D, except as otherwise provided in the Loan Documents.

 

(f)
Term Loan E is evidenced by, and Borrowers shall repay Term Loan E in accordance with, Term Note E. Interest will accrue on the
outstanding principal balance of Term Loan E as described in Term Note E, except as otherwise provided in the Loan Documents.

 

    	 	3	 

     

    

 

(h)
Section 8.1 of the Loan Agreement is amended and restated in its entirety as follows:

 

Section
8.1. Use of Proceeds. Borrowers shall use (a) the Revolving Loan proceeds only for general working capital purposes, (b) the
Equipment Term Loan proceeds only for repaying the F&M Debt, paying the Closing Dividend and financing the Yorktown Equipment
Acquisition, (c) the New Equipment Loan proceeds only for financing the Milacron Equipment Acquisition and paying Lender’s
fees and costs associated with the First Amendment, (d) Term Loan C proceeds only for financing the Second Milacron Equipment
Acquisition and paying Lender’s fees and costs associated with the Fourth Amendment, and (e) Term Loan E proceeds only for
financing the acquisition of injection product molding equipment.

 

(i)
Section 8.5 of the Loan Agreement is amended and restated in its entirety as follows:

 

Section
8.5. Capital Expenditures. Borrowers will not spend or incur obligations to acquire fixed assets for more $1,500,000.00 in
any single fiscal year on a consolidated basis, excluding (a) the Yorktown Equipment Acquisition, (b) the Milacron Equipment Acquisition,
(c) fixed assets acquired from Kruger or Yorktown pursuant to any Debt offset arrangement entered into on or before January 31,
2014, (d) capital expenditures for equipment additions to meet customer requirements and/or designs, and (e) the Second Milacron
Equipment Acquisition.

 

3.
Effect of this Amendment. Except as expressly provided above, this Amendment is not a waiver of, amendment to, consent
to or modification of (a) any term or provision of any of the Loan Documents, or (b) any event, condition, or transaction on the
part of any Person.

 

4.
Ratification of Loan Documents. The Loan Documents remain in full force and effect as amended by this Amendment. Each Borrower
and each Guarantor (a) ratifies and confirms all Loan Documents to which it is a party as valid, subsisting and continuing in
full force and effect, as modified by this Amendment, and (b) agrees that all references to the Loan Agreement in the Loan Documents
to which it is a party are amended to mean the Loan Agreement as amended by this Amendment. Without in any way limiting the foregoing,
Guarantors ratify and confirm in all respects the Amended and Restated Combined Limited Guaranty dated as of January 7, 2016 by
Guarantors in favor of Lender, as previously ratified and amended (the “Existing Guarantee”), as valid and
in full force and effect.

 

5.
Conditions. The effectiveness of this Amendment is subject to satisfaction of the following conditions precedent, each
of which exist for Lender’s sole benefit and may be waived by Lender only (in its sole discretion):

 

(a)
Documents. Lender’s receipt of the following, each properly executed, each dated the Fifth Amendment Date (or, in
the case of certificates of governmental officials, a recent date before the date of the Amendment) and each in form and substance
satisfactory to Lender and its legal counsel:

 

(i)
this Amendment;

 

(ii)
the Revolving Note, Term Note D and Term Note E;

 

(iii)
a Guaranty Agreement from Warren F. Kruger (which swill be in addition to, and not in limitation or a novation of, the Existing
Guarantee);

 

    	 	4	 

     

    

 

(iv)
a ratification of and amendment to the Mortgage executed by Greystone Real Estate;

 

(v)
one or more certificates of resolutions or other action, incumbency certificates and/or other certificates as Lender requires
with accompanying governing documents for the Borrowers and Greystone Real Estate and actions and resolutions of the Borrowers
and Greystone Real Estate in connection with this Amendment; and

 

(vi)
all other documents and instruments requested by Lender.

 

(b)
Fees and Expenses. If required by Lender, Borrowers’ shall pay all out-of-pocket expenses required under Section
8 of this Amendment. If Lender elects, in its sole discretion, to waive collection of any fees and expenses as a condition
to the effectiveness of this Amendment, Borrowers will remain obligated to pay those fees and expenses, which are due and payable
on the Fifth Amendment Date.

 

6.
Representations and Warranties.

 

(a)
Each Borrower and each Guarantor represents and warrants to the Lender that as of the date of this Amendment:

 

(i)
its representations and warranties in the Loan Documents to which it is a party are true and correct in all material respects
as though made on Fifth Amendment Date, except to the extent that any of them speak to a different specific date, in which case
they are true and correct in all material respects as of the earlier date;

 

(ii)
as of the Fifth Amendment Date, (A) no Default or Event of Default exists, and (B) no Default or Event of Default exists under,
and as defined in, the Greystone Real Estate Loan Agreement;

 

(iii)
its execution, delivery and performance of this Amendment and all other Loan Documents executed by it in connection with this
Amendment have been duly authorized by all necessary corporate or limited liability company action, as applicable, and do not
and will not contravene the terms of any of its organizational documents, any law or any indenture, loan or credit agreement,
or any other material agreement or instrument to which it is a party or by which it is bound or to which it or its properties
are subject;

 

(iv)
no authorizations, approvals or consents of, and no filings or registrations with, any governmental authority or any other Person
are necessary for the execution, delivery or performance by such Borrower or Guarantor of this Amendment or the other Loan Documents
executed by it in connection with this Amendment, or for the validity or enforceability thereof; and

 

(v)
this Amendment and each other Loan Document to which it is a party constitutes such Borrower’s or Guarantor’s legal,
valid and binding obligations, enforceable against it in accordance with its terms, in all cases except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally or by equitable principles relating to enforceability, and by judicial discretion regarding the enforcement of or any
applicable laws affecting remedies (whether considered in a court of law or a proceeding in equity).

 

    	 	5	 

     

    

 

7.
Fees and Expenses.

 

(a)
As additional consideration for Lender entering into this Amendment, modifying the Prior Revolving Loan and extending the Revolving
Loan and Term Loan E, Borrowers shall pay (i) an origination fee of $10,000.00, and (ii) a documentation fee of $250.00.

 

(b)
In accordance with Section 10.5 of the Loan Agreement (and without in any way limiting its provisions), Borrowers shall
pay all reasonable out-of-pocket expenses incurred by the Lender, including the reasonable fees, charges and disbursements of
Lender’s counsel (determined on the basis of such counsel’s generally applicable rates) in connection with (i) this
Amendment, the preparation of this Amendment and any other Loan Documents, and any filings or other documents or instruments required
in connection with the preparation of this Amendment or the other Loan Documents, and (ii) the enforcement, collection or protection
of its rights in connection with the Loan Documents, including all such out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect the Loan Documents and this Agreement. Expenses being reimbursed by Borrowers under this Section include,
without limitation, costs and expenses incurred in connection with appraisals, field examinations, insurance reviews, flood determinations,
lien and title searches and title insurance, and recording and filing fees or taxes.

 

8.
Events of Default Unaffected. Nothing in this Amendment is a waiver of any Default or Event of Default, or of any right
or remedy available to the Lender by reason of the occurrence or existence of any Default or Event of Default.

 

9.
Releases. Each Borrower and each Guarantor, for itself and on behalf of all its predecessors, successors, assigns, agents,
employees, representatives, officers, directors, managers, members, shareholders, beneficiaries, trustees, administrators, subsidiaries,
Affiliates, employees, servants and attorneys (collectively the “Releasing Parties”), releases and forever
discharges Lender and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any and all
claims, demands, cross-actions, controversies, causes of action, damages, rights, liabilities and obligations, at law or in equity
whatsoever, known or unknown, now held, owned or possessed by any or all of the Releasing Parties or that any or all of the Releasing
Parties hold or claim to hold in the future as a result of any actions or inactions occurring on or before the Fifth Amendment
Date, under common law or statutory right, arising directly or indirectly out of out of the Loans, any of the Loan Documents,
or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. Each
Borrower and each Guarantor understands and agrees that this is a full, final and complete release and agrees that this release
may be pleaded as an absolute and final bar to any or all suit or suits pending or that are filed or prosecuted in the future
by any of the Releasing Parties, or anyone claiming by, through or under any of the Releasing Parties, in respect of any of the
matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever,
and that the consideration given for this release is not an admission of liability.

 

10.
Governing Law; Miscellaneous. This Amendment is governed by the Loan Agreement,
including the rules of construction provided in Section 1.2 and the miscellaneous provisions of Article X thereof.
Unless stated otherwise, (a) the singular number includes the plural and vice versa and words of any gender include each
other gender, in each case, as appropriate, (b) headings and captions may not be construed in interpreting provisions, and (c)
this Amendment may be executed in any number of counterparts with the same effect as if all signatories had signed the same document,
and all of those counterparts must be construed together to constitute the same document.

 

[Signature
Pages Attached]

 

    	 	6	 

     

    

 

THIS
FIFTH AMENDMENT TO LOAN AGREEMENT is executed and delivered by the undersigned effective as of the date first indicated on the
first page.

 

	 	“BORROWERS”
	 	 
	 	GREYSTONE
LOGISTICS, INC.,
	 	an Oklahoma corporation 
	 	 	 
	 	By:	/s/
    Warren F. Kruger
	 	 	Warren
    F. Kruger, President/CEO
	 	 	 
	 	GREYSTONE
                                         MANUFACTURING, L.L.C.,

                                                                                an
                                         Oklahoma limited liability company

	 	 	 
	 	By:	/s/
    Warren F. Kruger
	 	 	Warren
    F. Kruger, Manager

  

Signature
Page

Fifth
Amendment to Loan Agreement

 

    	 	 	 

     

    

 

THIS
FIFTH AMENDMENT TO LOAN AGREEMENT is executed and delivered by the undersigned effective as of the date first indicated on the
first page.

 

	 	“GUARANTORS”
	 	 
	 	/s/
    Warren F. Kruger
	 	Warren
    F. Kruger
	 	 
	 	/s/
    Robert J. Rosene, Jr.
	 	Robert
    J. Rosene, Jr.

 

Signature
Page

Fifth
Amendment to Loan Agreement

 

    	 	 	 

     

    

 

THIS
FIFTH AMENDMENT TO LOAN AGREEMENT is executed and delivered by the undersigned effective as of the date first indicated on the
first page.

 

	 	“LENDER”
	 	 	 
	 	INTERNATIONAL
    BANK OF COMMERCE, 

    an Oklahoma state banking corporation, successor in interest to International Bank of Commerce, a Texas state banking association
	 	 	 
	 	By:	/s/
    Andrew J. Levinson
	 	 	Andrew
    J. Levinson
	 	 	President
    - Tulsa Region

 

Signature
Page

Fifth
Amendment to Loan AgreementEXHIBIT
10.2

 

PROMISSORY
NOTE

(Term Loan D)

 

	$2,500,000.00	January
    10, 2018

 

THIS
PROMISSORY NOTE (as amended, modified, replaced, restated, extended or renewed from time to time, this “Note”)
is made as of the date indicated above and evidences indebtedness of GREYSTONE LOGISTICS, INC., an Oklahoma corporation,
and GREYSTONE MANUFACTURING, L.L.C., an Oklahoma limited liability company (collectively, the “Borrowers”
and each individually, a “Borrower”), to INTERNATIONAL BANK OF COMMERCE, an Oklahoma state banking corporation,
successor in interest to International Bank of Commerce, a Texas state banking association (together with any and all of its successors
and assigns and/or any other holder of this Note, the “Lender”).

 

Borrowers
jointly and severally promise to pay to the order of Lender the principal sum of $2,500,000.00, in legal and lawful money of the
United States of America, with interest as it accrues on the outstanding principal balance from the date of this Note until paid.
This Note (a) extends, modifies, and restates in its entirety the Second Amended and Restated Promissory Note (Revolving Loan)
dated December 12, 2016 in the face amount of $2,500,000.00 from the Borrowers in favor of Lender (the “Prior Note”),
and (b) is executed pursuant to, and is the “Term Note D” described in, the Loan Agreement dated January 31,
2014 among the Borrowers and the Lender, as amended five times, most recently by the Fifth Amendment to Loan Agreement of even
date herewith among Borrowers and the Lender (as so amended, and as further amended, modified or restated from time to time, the
“Loan Agreement”). Capitalized terms used but not defined in this Note have the meanings assigned to them in
the Loan Agreement.

 

Interest
will accrue on the outstanding principal balance of this Note at an annual interest rate equal to the greater of (a) the floating
“Prime Rate” (defined below) as it fluctuates from time to time, plus 0.5%, or (b) 4.75%, but will not
exceed the highest non-usurious rate of interest permitted by (i) Oklahoma Law or (ii) United States Federal Law, if and only
if Federal Law permits a higher interest rate (the “Maximum Rate”). The rate of interest due on this Note will
be recomputed as of the date of any change in the Prime Rate.

 

Borrowers
shall make combined payments of principal and interest on February 10, 2018 and on the 10th day of each following month until
January 10, 2022 (this date, or any earlier date on which this Note’s principal balance is accelerated in full in accordance
with the Loan Documents, the “Maturity Date”). Borrowers’ first payment of principal and interest will
be in an amount sufficient to amortize the outstanding principal balance of this Note as of the payment date over 48 months (the
“Amortization Period”) at the interest rate applicable on that date. Borrowers’ monthly payment will
be recalculated as of the first day of the month after any change in the applicable interest rate (each a “Recalculation
Date”), subject to the provisions below. Each recalculation will be based upon the outstanding principal balance of
this Note on the Recalculation Date, the remaining portion of the Amortization Period as of the Recalculation Date, and the interest
rate then in effect. Notwithstanding the fixed monthly payments due and payable under this paragraph between each Recalculation
Date, principal sums due and outstanding will continue to bear interest at all times at the interest rate applicable to this Note.
If the actual amount applied to principal at any time is less than the amount that would have been applied to principal if the
indebtedness evidenced by this Note were amortized over the Amortization Period, with adjustments to the payment amount occurring
on the same date as any changes in the applicable interest rate, then Lender may include such amount in the recalculation of the
monthly payment on the Recalculation Date. Amounts repaid under this Note (including prepaid amounts) may not be reborrowed.

 

    	 

    	 

    

 

Lender
will apply sums paid in excess of the amount sufficient to cause the indebtedness hereunder to be amortized over the Amortization
Period to reduce principal sums outstanding. Lender shall notify Borrowers of revisions in payment amounts, and Lender’s
determinations with respect thereto will be conclusive in the absence of manifest error. Any failure by Lender to revise the payment
amount hereunder at any time does not constitute a waiver of Lender’s ability to do so thereafter, whether with respect
to an immediately preceding increase in the applicable interest rate or a subsequent increase in such rate, and regardless of
any lapse of time between such increase and the notice of a revision in a payment amount. Subsequent decreases in the rate will
not obligate Lender to reduce the amount of any monthly installments hereunder. Regardless, Borrowers shall pay all unpaid principal
and accrued interest on the Maturity Date, if not previously paid in full.

 

Lender
will apply each payment as of its scheduled due date and in the order of application as Lender elects in its sole discretion.
All payments will be made to the Lender by mailing payment to P.O. Box 26020, Oklahoma City, OK 73126-0020 or by delivering
payment in person at 2250 E. 73rd Street, Tulsa, OK 74136. 

 

The
principal of this Note may be prepaid in whole or in part at any time, without premium or penalty.

 

The
“Prime Rate” is the NEW YORK PRIME RATE, which for purposes of this Note means the annual lending rate of interest
announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate. If JPMorgan Chase Bank, N.A. does not announce its
prime rate, then the IBC Prime Rate minus one percent (1%) will be the Prime Rate. The IBC Prime Rate is the annual lending rate
of interest announced from time to time by International Bank of Commerce as its prime rate.

 

Use
of either the New York Prime Rate or the IBC Prime Rate is not a warranty or representation by Lender that such rate is more favorable
than another rate or index, that rates on other loans or credit facilities may not be based on other indices or that rates on
loans to others may not be made below such prime rate.

 

Interest
under this Note is calculated on a 360-day factor applied on a 365-day year or a 366-day year (if the year is a leap year) on
the unpaid principal to the date of each installment paid. Notwithstanding anything to the contrary contained in this Note or
the other Loan Documents, interest under this Note shall not exceed the Maximum Rate. If the calculation of interest on the principal
sum of this Note results in the interest rate in effect under this Note exceeding the Maximum Rate, then such interest will be
recalculated on the basis of the actual number of days elapsed in the period for which interest is being calculated and a year
of 365 or 366 days, as applicable.

 

To
the extent allowed by Law, matured unpaid amounts will bear interest computed on a full calendar year 365/365 days basis, or on
a 366/366 days basis (if the year is a leap year), at a rate of interest equal to the lesser of (a) four percent (4%) per annum
above the rate then in effect, or (ii) the Maximum Rate.

 

If
any payment required under this Note is not made within ten (10) days from the due date, Lender may in its sole discretion, to
the extent permitted by law, require the Borrowers to pay a one-time “late charge” per late payment equal to five
percent (5%) of the amount of the past due principal and interest of such payment, with a minimum of $10.00 and a maximum of $1,500.00
per late payment. The “late charge” may be assessed without notice, and shall be immediately due and payable. This
provision is inapplicable if the outstanding indebtedness under the Note is accelerated in full.

 

    	 	2	 

    	 

    

 

The
Borrowers shall pay all outstanding unpaid principal, all accrued and unpaid interest, and all fees accrued and unpaid late charges,
and/or other charges incurred in this transaction by, or for the benefit of the Borrowers, that remain due and owing, on the Maturity
Date.

 

If
all or a part of the indebtedness represented by this Note is collected at Law or in equity or in bankruptcy, receivership or
other court proceedings or if this Note is placed in the hands of attorneys for collection after default, each Borrower and any
endorser or guarantor hereof agree to pay hereunder, in addition to the principal and interest due and payable hereon, reasonable
attorneys’ fees, court costs and other collection expenses incurred by the holder hereof.

 

Each
Borrower and any endorser or guarantor hereof hereby waive presentment for payment, demand, notice of nonpayment, protest and
notice of protest with respect to any payment hereunder and agree to any extension of time with respect to any payment due hereunder,
to any substitution or release of the security or collateral described in the Security Instruments and to the addition or release
of any party liable hereunder. No delay on the part of the holder hereof in exercising any rights hereunder shall operate as a
waiver of such rights.

 

This
Note and the indebtedness evidenced hereby shall be construed and enforced in accordance with and governed by the Law of the State
of Oklahoma, without regard to any conflict-of-law principles that would apply the Law of any other jurisdiction.

 

Each
of the undersigned, as a Borrower, and all others who are or become parties primarily or secondarily liable on this Note, whether
as endorsers, guarantors or otherwise, hereby agree that this Note may be renewed one or more times, the time for payment of this
Note or any renewal Note extended, the interest rate or other terms of the indebtedness evidenced hereby changed, any party released,
or any action taken or omitted with respect to any collateral security, including surrender of such security or failure to perfect
any lien thereon, without notice or without releasing any of them, except as otherwise expressly agreed in writing, and the obligation
of such party shall survive whether or not the instrument evidencing such obligation shall have been surrendered or canceled.
All such parties waive presentment, demand for payment, protest and notice of nonpayment or dishonor and agree that failure of
this holder to exercise any of its rights hereunder in any instance shall not constitute a waiver thereof in that or any other
instance.

 

This
Note is non-assumable by any successor to or assignee of the Borrowers without the Lender’s prior written approval. If the
Lender approves any such assumption, the terms of this Note shall be binding upon the Borrowers’ respective successors and
assigns. The terms of this Note shall inure to the benefit of the Lender and its successors and assigns.

 

This
Note amends, restates and replaces (but is not a novation of), is given in substitution and exchange for, and evidences in part
obligations that were previously incurred under the Prior Note, but does not extinguish the indebtedness evidenced by, or Borrowers’
indebtedness under, the Prior Note or the collateral security therefor.

 

EACH
BORROWER HEREBY AGREES TO SUBMIT TO THE JURISDICTIONAL PROVISIONS SET FORTH IN SECTION 10.17 OF THE LOAN AGREEMENT, INCORPORATED
HEREIN BY REFERENCE AND EXPRESSLY MADE APPLICABLE IN ITS ENTIRETY TO THIS NOTE AND THE BORROWERS.

 

    	 	3	 

    	 

    

 

EACH
BORROWER AGREES THAT ANY AND ALL CONTROVERSIES OR CLAIMS ARISING OUT OF THIS NOTE, ITS NEGOTIATION AND/OR THE BREACH THEREOF,
WILL BE RESOLVED AS SET FORTH IN SECTION 10.16 OF THE LOAN AGREEMENT, INCORPORATED HEREIN BY REFERENCE AND EXPRESSLY MADE
APPLICABLE IN ITS ENTIRETY TO THIS NOTE AND THE BORROWERS.

 

WITHOUT
INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO ARBITRATE ANY DISPUTE AS SET FORTH IN THE LOAN AGREEMENT (AND INCORPORATED
BY REFERENCE INTO THIS NOTE), TO THE EXTENT ANY DISPUTE IS NOT SUBMITTED TO ARBITRATION OR IS DEEMED BY THE ARBITRATOR OR BY ANY
COURT WITH JURISDICTION TO BE NOT ARBITRABLE OR NOT REQUIRED TO BE ARBITRATED, EACH BORROWER WAIVES TRIAL BY JURY IN RESPECT OF
ANY SUCH DISPUTE AND ANY ACTION ON SUCH DISPUTE. THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY EACH BORROWER, AND
EACH BORROWER HEREBY REPRESENTS THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY PERSON OR ENTITY TO INDUCE THIS
WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES
ENTERING INTO THE LOAN DOCUMENTS. LENDER IS AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE
OF THIS WAIVER OF JURY TRIAL. EACH BORROWER FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS
AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT
LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

EACH
BORROWER ACKNOWLEDGES EXECUTION OF THIS NOTE AND HAVING READ ALL OF ITS PROVISIONS AND AGREES TO ITS TERMS.

 

THIS
WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

[Signature
Page Attached]

 

    	 	4	 

    	 

    

 

THIS
PROMISSORY NOTE is dated and effective as of the first date indicated on the first page.

 

	 	BORROWERS:
	 	 	 
	 	GREYSTONE
    LOGISTICS, INC., 
	 	an Oklahoma corporation
	 	 
	 	By:	/s/
    Warren F. Kruger
	 	 	Warren
    F. Kruger, President/CEO
	 	 	 
	 	GREYSTONE
    MANUFACTURING, L.L.C., 
	 	an Oklahoma limited liability company
	 	 	 
	 	By:	/s/
    Warren F. Kruger
	 	 	Warren
    F. Kruger, Manager

 

Signature
Page

Promissory
Note - Term Loan D

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