Document:

EX-10.25

 Exhibit 10.25 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”), dated as this      day of
        , 2017 is made by and between ASV Holdings, Inc., a Delaware corporation (the “Corporation”) and
                     (the “Indemnitee”). 

RECITALS 
 A. The
Corporation recognizes that competent and experienced persons are increasingly reluctant to serve or to continue to serve as directors or officers of corporations unless they are protected by comprehensive liability insurance or indemnification, or
both, due to increased exposure to litigation costs and risks resulting from their service to such corporations, and due to the fact that the exposure frequently bears no reasonable relationship to the compensation of such directors and officers.

 B. The statutes and judicial decisions regarding the duties of directors and officers are often difficult to apply, ambiguous, or
conflicting, and therefore fail to provide such directors and officers with adequate, reliable knowledge of legal risks to which they are exposed or information regarding the proper course of action to take. 

C. The Corporation and Indemnitee recognize that plaintiffs often seek damages in such large amounts and the costs of litigation may be so
enormous (whether or not the case is meritorious), that the defense and/or settlement of such litigation is often beyond the personal resources of directors and officers. 

D. The Corporation believes that it is unfair for its directors and officers to assume the risk of huge judgments and other expenses which may
occur in cases in which the director or officer received no personal profit and in cases where the director or officer was not culpable. 

E. The Corporation, after reasonable investigation, has determined that the liability insurance coverage presently available to the
Corporation may be inadequate in certain circumstances to cover all possible exposure for which Indemnitee should be protected. The Corporation believes that the interests of the Corporation and its stockholders would best be served by a combination
of such insurance and the indemnification by the Corporation of the directors and officers of the Corporation. 
 F. The Corporation’s
Certificate of Incorporation and Bylaws each permit the Corporation to indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law (the “DGCL”). 

G. Section 145 of the DGCL (“Section 145”), under which the Corporation is organized, empowers the Corporation to indemnify its
officers, directors, employees and agents by agreement and to indemnify persons who serve, at the request of the Corporation, as the directors, officers, employees or agents of other corporations or enterprises, and expressly provides that the
indemnification provided by Section 145 is not exclusive. 
 H. The Board of Directors has determined that contractual indemnification
as set forth herein is not only reasonable and prudent but also promotes the best interests of the Corporation and its stockholders. 
 I.
The Corporation desires and has requested Indemnitee to serve or continue to serve as a director or officer of the Corporation and/or one or more subsidiaries or affiliates of the Corporation free from undue concern for unwarranted claims for
damages arising out of or related to such services to the Corporation and/or one or more subsidiaries or affiliates of the Corporation. 

J. Indemnitee is willing to serve, continue to serve or to provide additional service for or on behalf of the Corporation on the condition
that he is furnished the indemnity provided for herein. 

  
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 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. Generally. 

To the fullest extent permitted by the laws of the State of Delaware: 

(a) The Corporation shall indemnify Indemnitee if Indemnitee was or is a party or is threatened to be made a party to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that Indemnitee is or was or has agreed to serve at the request of the Corporation as a director, officer, employee or agent of
the Corporation, or while serving as a director or officer of the Corporation, is or was serving or has agreed to serve at the request of the Corporation as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee,
partner or manager or similar capacity) of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity. 

(b) The indemnification provided by this Section 1 shall be from and against expenses (including attorneys’ fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such action, suit or proceeding and any appeal therefrom, but shall only be provided if Indemnitee acted in good faith
and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action, suit or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful.

 (c) Notwithstanding the foregoing provisions of this Section 1, in the case of any threatened, pending or completed action or suit
by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the Corporation, or while serving as a director or officer of the Corporation, is or
was serving or has agreed to serve at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, no indemnification shall be made in
respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Corporation unless, and only to the extent that, the Delaware Court of Chancery or the court in which such action or suit was pending shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses which the Delaware Court of Chancery or such other
court shall deem proper. 
 (d) The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea
of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and,
with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

  
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 Section 2. Successful Defense; Partial Indemnification. To the extent that Indemnitee
has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 1 hereof or in defense of any claim, issue or matter therein, Indemnitee shall be indemnified against expenses (including
attorneys’ fees) actually and reasonably incurred in connection therewith. For purposes of this Agreement and without limiting the foregoing, if any action, suit or proceeding is disposed of, on the merits or otherwise (including a disposition
without prejudice), without (a) the disposition being adverse to Indemnitee, (b) an adjudication that Indemnitee was liable to the Corporation, (c) a plea of guilty or nolo contendere by Indemnitee, (d) an adjudication that
Indemnitee did not act in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and (e) with respect to any criminal proceeding, an adjudication that Indemnitee had
reasonable cause to believe Indemnitee’s conduct was unlawful, Indemnitee shall be considered for the purposes hereof to have been wholly successful with respect thereto. 

If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some or a portion of the expenses
(including attorneys’ fees), judgments, fines or amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any action, suit, proceeding or investigation, or in defense of any
claim, issue or matter therein, and any appeal therefrom but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such expenses (including attorneys’ fees), judgments, fines or
amounts paid in settlement to which Indemnitee is entitled. 
 Section 3. Determination That Indemnification Is Proper. Any
indemnification hereunder shall (unless otherwise ordered by a court) be made by the Corporation unless a determination is made that indemnification of such person is not proper in the circumstances because he or she has not met the applicable
standard of conduct set forth in Section 1(b) hereof. Any such determination shall be made in accordance with Section 5 and (a) by a majority vote of the directors who are not and were not parties to, or threatened to be made a party to,
the action, suit or proceeding in question (“disinterested directors”), even if less than a quorum, (b) by a majority vote of a committee of disinterested directors designated by majority vote of disinterested directors, even if less
than a quorum, (c) by a majority vote of a quorum of the outstanding shares of stock of all classes entitled to vote on the matter, voting as a single class, which quorum shall consist of stockholders who are not at that time parties to the
action, suit or proceeding in question, (d) by one independent legal counsel (regardless whether indemnification is sought by one or more than one director or officer), or (e) by a court of competent jurisdiction; provided, however, that
if a Change in Control shall have occurred or indemnification is sought in connection with a Company Authorized Proceeding, an indemnification determination hereunder shall be made by the independent legal counsel in a written opinion to the Board
of Directors, a copy of which shall be delivered to Indemnitee, or by a court of competent jurisdiction if no independent legal counsel is timely selected or is willing or able to act. 

Section 4. Advance Payment of Expenses; Notification and Defense of Claim. 

(a) Expenses (including attorneys’ fees) incurred by Indemnitee in defending a threatened or pending civil, criminal, administrative or
investigative action, suit or proceeding, or in connection with an enforcement action pursuant to Section 5(b), shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding within thirty (30) days
after receipt by the Corporation of (i) a statement or statements from Indemnitee requesting such advance or advances from time to time, and (ii) an undertaking by or on behalf of Indemnitee to repay such amount or amounts, only if, and to
the extent that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Corporation as authorized by this Agreement or otherwise. Such undertaking shall be accepted without reference to the financial ability of
Indemnitee to make such repayment. Advances shall be unsecured and interest-free. 

  
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 (b) Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or
proceeding, Indemnitee shall, if a claim thereof is to be made against the Corporation hereunder, notify the Corporation of the commencement thereof. The failure to promptly notify the Corporation of the commencement of the action, suit or
proceeding, or Indemnitee’s request for indemnification, will not relieve the Corporation from any liability that it may have to Indemnitee hereunder, except to the extent the Corporation is prejudiced in its defense of such action, suit or
proceeding as a result of such failure. 
 (c) In the event the Corporation shall be obligated to pay the expenses of Indemnitee with
respect to an action, suit or proceeding, as provided in this Agreement, the Corporation, if appropriate, shall be entitled to assume the defense of such action, suit or proceeding, with counsel reasonably acceptable to Indemnitee, upon the delivery
to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Corporation, the Corporation will not be liable to Indemnitee under this
Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same action, suit or proceeding, provided that (i) Indemnitee shall have the right to employ Indemnitee’s own counsel in such action, suit or
proceeding at Indemnitee’s expense and (ii) if (1) the employment of counsel by Indemnitee has been previously authorized in writing by the Corporation, (2) counsel to the Corporation or Indemnitee shall have reasonably concluded that
there may be a conflict of interest or position, or reasonably believes that a conflict is likely to arise, on any significant issue between the Corporation and Indemnitee in the conduct of any such defense, or (3) the Corporation shall not, in
fact, have employed counsel to assume the defense of such action, suit or proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Corporation, except as otherwise expressly provided by this Agreement. The
Corporation shall not be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Corporation or as to which counsel for the Corporation or Indemnitee shall have reasonably made the conclusion
provided for in clause (2) above. 
 (d) Notwithstanding any other provision of this Agreement to the contrary, to the extent that
Indemnitee is, by reason of Indemnitee’s corporate status with respect to the Corporation or any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which Indemnitee is or was serving or has agreed to serve
at the request of the Corporation, a witness or otherwise participates in any action, suit or proceeding at a time when Indemnitee is not a party in the action, suit or proceeding, the Corporation shall indemnify Indemnitee against all expenses
(including attorneys’ fees) actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 

Section 5. Procedure for Indemnification 

(a) To obtain indemnification, Indemnitee shall promptly submit to the Corporation a written request, including therein or therewith such
documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Corporation shall, promptly upon receipt of such a request for
indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification. Any expenses incurred by Indemnitee in so cooperating shall be borne by the Corporation (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Corporation shall indemnify and hold
Indemnitee harmless therefrom. 
 (b) The Corporation’s determination whether to grant Indemnitee’s indemnification request shall
be made promptly, and in any event within 60 days following receipt of a request for indemnification pursuant to Section 5(a). The right to indemnification as granted by Section 1 of this Agreement shall be enforceable by Indemnitee in any
court of competent jurisdiction if the Corporation denies such request, in whole or in part, or fails to respond within such 60-day period. It shall be a 

  
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defense to any such action (other than an action brought to enforce a claim for the advance of costs, charges and expenses under Section 4 hereof where the required undertaking, if any, has
been received by the Corporation) that Indemnitee has not met the standard of conduct set forth in Section 1 hereof, but the burden of proving such defense by clear and convincing evidence shall be on the Corporation. Neither the failure of the
Corporation (including its Board of Directors or one of its committees, its independent legal counsel, and its stockholders) to have made a determination prior to the commencement of such action that indemnification of Indemnitee is proper in the
circumstances because Indemnitee has met the applicable standard of conduct set forth in Section 1 hereof, nor the fact that there has been an actual determination by the Corporation (including its Board of Directors or one of its committees,
its independent legal counsel, and its stockholders) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has or has not met the applicable standard of conduct. The
Indemnitee’s expenses (including attorneys’ fees) incurred in connection with successfully establishing Indemnitee’s right to indemnification, in whole or in part, in any such proceeding or otherwise shall also be indemnified by the
Corporation. 
 (c) The Indemnitee shall be presumed to be entitled to indemnification under this Agreement upon submission of a request for
indemnification pursuant to this Section 5, and the Corporation shall have the burden of proof in overcoming that presumption in reaching a determination contrary to that presumption. Such presumption shall be used as a basis for a
determination of entitlement to indemnification unless the Corporation overcomes such presumption by clear and convincing evidence. 
 (d)
If it is determined that Indemnitee is entitled to indemnification, payment shall be timely made after that determination. 
 (e)
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to a judgment or pending settlement in the action, suit or proceeding. 

Section 6. Insurance and Subrogation. 

(a) The Corporation shall use commercially reasonable efforts to purchase and maintain insurance on behalf of Indemnitee who is or was or has
agreed to serve at the request of the Corporation as a director or officer of the Corporation, and may purchase and maintain insurance on behalf of Indemnitee who is or was serving at the request of the Corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise against any liability asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf in any such capacity, or arising out of
Indemnitee’s status as such, whether or not the Corporation would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement. If the Corporation has such insurance in effect at the time the Corporation
receives from Indemnitee any notice of the commencement of a proceeding, the Corporation shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the policy. The Corporation shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy. 

(b) In the event of any payment by the Corporation under this Agreement, the Corporation shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee with respect to any insurance policy, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the
Corporation to bring suit to enforce such rights in accordance with the terms of such insurance policy. The Corporation shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such subrogation. 

(d) The Corporation shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (including, but
not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) if and to the extent that Indemnitee has otherwise actually received such payment under this Agreement or any insurance policy, contract, agreement or
otherwise. 

  
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 Section 7. Certain Definitions. For purposes of this Agreement, the following
definitions shall apply: 
 (a) The term “action, suit or proceeding” shall be broadly construed and shall include, without
limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative
or investigative. 
 (b) The term “by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the
Corporation, or while serving as a director or officer of the Corporation, is or was serving or has agreed to serve at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise” shall be broadly construed and shall include, without limitation, any actual or alleged act or omission to act. 

(c) The term “expenses” shall be broadly and reasonably construed and shall include, without limitation, all direct and indirect
costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, appeal bonds, other out-of-pocket costs and
reasonable compensation for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Corporation or any third party, provided that the rate of compensation and estimated time involved is approved by the Board of Directors,
which approval shall not be unreasonably withheld), actually and reasonably incurred by Indemnitee in connection with either the investigation, defense or appeal of a proceeding or establishing or enforcing a right to indemnification under this
Agreement, Section 145 of the DGCL or otherwise. 
 (d) The term “judgments, fines and amounts paid in settlement” shall be
broadly construed and shall include, without limitation, all direct and indirect payments of any type or nature whatsoever (including, without limitation, all penalties and amounts required to be forfeited or reimbursed to the Corporation), as well
as any penalties or excise taxes assessed on a person with respect to an employee benefit plan. 
 (e) The term “Corporation”
shall include, without limitation and in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have
had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent
corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, shall stand in the same position under the provisions of this Agreement with respect to the
resulting or surviving corporation as he or she would have with respect to such constituent corporation if its separate existence had continued. 

(f) The term “other enterprises” shall include, without limitation, employee benefit plans. 

(g) The term “serving at the request of the Corporation” shall include, without limitation, any service as a director, officer,
employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries. 

  
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 (h) A person who acted in good faith and in a manner such person reasonably believed to be in the
interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Agreement. 

(i) “Change in Control” means a “Change in Control” as defined in the Corporation’s compensation or equity plans, or
any of them. 
 (j) “Independent legal counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither is, nor in the past five years has been retained to represent: (i) the Corporation, the Indemnitee or one of the other directors of the Corporation in any matter material to any such party, or (ii) any other
party to the action, suit or proceeding giving rise to a claim for indemnification hereunder. Independent legal counsel shall be selected by the Corporation, with the approval of Indemnitee, which approval shall not be unreasonably withheld;
provided, however, that the independent legal counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval shall not be unreasonably withheld (i) from and after the occurrence of a Change in Control, and
(ii) in connection with an action, suit or proceeding by or in the right of the Corporation authorized or not disapproved by the Board of Directors alleging claims against Indemnitee that, if sustained, reasonably might give rise to a judgment
for money damages of more than $1,000,000 and/or injunctive relief (“Company Authorized Proceeding”). Anything herein to the contrary notwithstanding, if Indemnitee and the Corporation are unable to agree with reasonable promptness on the
selection of the independent legal counsel, such counsel shall be selected by lot from among the ten (10) law firms, which, according to publicly available sources, have the most lawyers practicing in offices located in Minnesota or Delaware.
The Corporation shall contact these law firms in order of their selection by lot, requesting each such firm to accept an engagement hereunder until one of such firms qualifies hereunder and accepts the engagement. The fees and costs of independent
legal counsel shall be paid by the Corporation. 
 Section 8. Limitation on Indemnification. Notwithstanding any other provision
herein to the contrary, the Corporation shall not be obligated pursuant to this Agreement: 
 (a) Claims Initiated by Indemnitee. To
indemnify or advance expenses to Indemnitee with respect to an action, suit or proceeding (or part thereof) initiated by Indemnitee, except with respect to an action, suit or proceeding brought to establish or enforce a right to indemnification
(which shall be governed by the provisions of Section 8(b) of this Agreement), unless such action, suit or proceeding (or part thereof) was authorized or consented to by the Board of Directors of the Corporation. 

(b) Action for Indemnification. To indemnify Indemnitee for any expenses incurred by Indemnitee with respect to any action, suit or
proceeding instituted by Indemnitee to enforce or interpret this Agreement, unless Indemnitee is successful in establishing Indemnitee’s right to indemnification in such action, suit or proceeding, in whole or in part, or unless and to the
extent that the court in such action, suit or proceeding shall determine that, despite Indemnitee’s failure to establish their right to indemnification, Indemnitee is entitled to indemnity for such expenses; provided, however, that nothing in
this Section 8(b) is intended to limit the Corporation’s obligation with respect to the advancement of expenses to Indemnitee in connection with any such action, suit or proceeding instituted by Indemnitee to enforce or interpret this
Agreement, as provided in Section 4 hereof. 
 (c) Certain Exchange Act Claims. To indemnify Indemnitee on account of any
proceeding with respect to which final judgment is rendered against Indemnitee for (i) payment or an accounting of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange
Act of 1934, as amended, or any similar successor statute; or (ii) any reimbursement of the Corporation by Indemnitee of any bonus or other incentive-based or equity-based 

  
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compensation or of any profits realized by Indemnitee from the sale of securities of the Corporation, as required in each case under the Securities Exchange Act of 1934 (including any such
reimbursements that arise from an accounting restatement of the Corporation pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) or Section 954 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act, or the payment to the Corporation of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); provided, however, that to the fullest extent permitted by
applicable law, the expenses actually and reasonably incurred by Indemnitee in connection with any such proceeding shall be advanced and deemed to be expenses that are subject to indemnification hereunder. 

(d) Non-compete and Non-disclosure. To indemnify
Indemnitee in connection with proceedings or claims involving the enforcement of non-compete and/or non-disclosure agreements or the
non-compete and/or non-disclosure provisions of employment, consulting or similar agreements the Indemnitee may be a party to with the Corporation, or any subsidiary of
the Corporation or any other applicable foreign or domestic corporation, partnership, joint venture, trust or other enterprise, if any. 

Section 9. Certain Settlement Provisions. The Corporation shall have no obligation to indemnify Indemnitee under this Agreement
for amounts paid in settlement of any action, suit or proceeding without the Corporation’s prior written consent, which shall not be unreasonably withheld. The Corporation shall not settle any action, suit or proceeding in any manner that would
impose any fine or other obligation on Indemnitee without Indemnitee’s prior written consent, which shall not be unreasonably withheld. 

Section 10. Savings Clause. If any provision or provisions of this Agreement shall be invalidated on any ground by any court of
competent jurisdiction, then the Corporation shall nevertheless indemnify Indemnitee as to costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding,
whether civil, criminal, administrative or investigative, including an action by or in the right of the Corporation, to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated and to the full extent
permitted by applicable law. 
 Section 11. Contribution. In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for herein is held by a court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the Corporation shall, to the fullest extent permitted
by law, contribute to the payment of Indemnitee’s costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil, criminal,
administrative or investigative, in an amount that is just and equitable in the circumstances, taking into account, among other things, contributions by other directors and officers of the Corporation or others pursuant to indemnification agreements
or otherwise; provided, that, without limiting the generality of the foregoing, such contribution shall not be required where such holding by the court is due to (a) the failure of Indemnitee to meet the standard of conduct set forth in
Section 1 hereof, or (b) any limitation on indemnification set forth in Section 6(d), 8 or 9 hereof. 
 Section 12. Form
and Delivery of Communications. Any notice, request or other communication required or permitted to be given to the parties under this Agreement shall be in writing and either delivered in person or sent by telecopy, telex, telegram, overnight
mail or courier service, or certified or registered mail, return receipt requested, postage prepaid, to the parties at the following addresses (or at such other addresses for a party as shall be specified by like notice): 

If to the Corporation: 
 ASV
Holdings, Inc. 
 840 Lily Lane 

Grand Rapids, Minnesota 55744 

  
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 If to Indemnitee: 
  

			
		 	  

		 	  

		 	  

		 	  

 Section 13. Subsequent Legislation. If the DGCL is amended after adoption of this Agreement to
expand further the indemnification permitted to directors or officers, then the Corporation shall indemnify Indemnitee to the fullest extent permitted by the General Corporation Law of Delaware, as so amended. 

Section 14. Nonexclusivity. The provisions for indemnification and advancement of expenses set forth in this Agreement shall not
be deemed exclusive of any other rights which Indemnitee may have under any provision of law, the Corporation’s Amended and Restated Certificate of Incorporation or Bylaws, in any court in which a proceeding is brought, the vote of the
Corporation’s stockholders or disinterested directors, other agreements or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or
remedy. Indemnitee’s rights hereunder shall continue after Indemnitee has ceased acting as an agent of the Corporation and shall inure to the benefit of the heirs, executors and administrators of Indemnitee. However, no amendment or alteration
of the Corporation’s Amended and Restated Certificate of Incorporation or Bylaws or any other agreement shall adversely affect the rights provided to Indemnitee under this Agreement. 

Section 15. Enforcement. The Corporation shall be precluded from asserting in any judicial proceeding that the procedures and
presumptions of this Agreement are not valid, binding and enforceable. The Corporation agrees that its execution of this Agreement shall constitute a stipulation by which it shall be irrevocably bound in any court of competent jurisdiction in which
a proceeding by Indemnitee for enforcement of his rights hereunder shall have been commenced, continued or appealed, that its obligations set forth in this Agreement are unique and special, and that failure of the Corporation to comply with the
provisions of this Agreement will cause irreparable and irremediable injury to Indemnitee, for which a remedy at law will be inadequate. As a result, in addition to any other right or remedy Indemnitee may have at law or in equity with respect to
breach of this Agreement, Indemnitee shall be entitled to injunctive or mandatory relief directing specific performance by the Corporation of its obligations under this Agreement. 

Section 16. Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and
enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. 
 Section 17.
Entire Agreement. This Agreement and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written
understandings or agreements with respect to the matters covered hereby are expressly superseded by this Agreement. 
 Section 18.
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

  
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 Section 19. Successor and Assigns. All of the terms and provisions of this Agreement
shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and cause any
direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement in form and substance reasonably satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 

Section 20. Service of Process and Venue. For purposes of any claims or proceedings to enforce this agreement, the Corporation
consents to the jurisdiction and venue of any federal or state court of competent jurisdiction in the states of Delaware and Minnesota, and waives and agrees not to raise any defense that any such court is an inconvenient forum or any similar claim.

 Section 21. Supersedes Prior Agreement. This Agreement supersedes any prior indemnification agreement between Indemnitee and
the Corporation or its predecessors. 
 Section 22. Governing Law. This Agreement shall be governed exclusively by and construed
according to the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware. The Corporation and Indemnitee hereby irrevocably and unconditionally (i) agree that
any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of
America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection
to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or
inconvenient forum. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern indemnification by the Corporation of its officers and directors, then the
indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary. 

Section 23. Employment Rights. Nothing in this Agreement is intended to create in Indemnitee any right to employment or continued
employment. 
 Section 24. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be
deemed to be an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. 

Section 25. Headings. The section and subsection headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement. 
 Signature page follows. 

  
 10 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the
date first above written. 
  

			
		 	ASV HOLDINGS, INC.
		
	By:	 	  

		
		 	INDEMNITEE
		
		 	  

 Indemnification AgreementEX-10.26

 Exhibit 10.26 

FIRST AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND 

SECURITY AGREEMENT AND CONSENT 

This FIRST AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT AND CONSENT (this “First Amendment”) is entered into as of
April 25, 2017, by and among A.S.V., LLC, a limited liability company formed under the laws of the State of Minnesota (“ASV”, together with each Person joined hereto as a borrower from time to time, collectively, the
“Borrowers” and each a “Borrower”; the Borrowers together with the Guarantors, collectively the “Loan Parties” and each a “Loan Party”), the Permitted Holders (the Permitted Holders
together with the Loan Parties, collectively, the “Obligors” and each an “Obligor”), the financial institutions which are now or which hereafter become a party hereto (collectively, the “Lenders”
and each individually a “Lender”) and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative Agent for Lenders (PNC, in such capacity, the “Administrative Agent”) with respect to the
following: 
 PRELIMINARY STATEMENTS 

A. Borrowers, Lenders and Administrative Agent, previously entered into that certain Revolving Credit, Term Loan and Security Agreement dated as of
December 23, 2016 (as has been and may hereafter be amended, restated or otherwise modified from time to time, the “Credit Agreement”); 

B. Borrowers have requested that Administrative Agent and Lenders agree (i) to amend certain provisions in the Credit Agreement with respect to Change in
Control, (ii) to release their Liens on certain Equity Interests of ASV in connection with a planned Qualified IPO, (iii) to permit ASV to convert from a Minnesota limited liability company to a Delaware corporation on the terms set forth
below, and (iv) certain other modifications of the Credit Agreement; and 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 

1. Definitions. Capitalized terms used in this First Amendment are as defined in the Credit Agreement, as amended hereby,
unless otherwise stated. 
 2. Amendments to Credit Agreement. Subject to and in accordance with the terms and conditions set
forth herein, the parties hereto agree that as of the First Amendment Date: 
 A. New Definitions. The
following defined terms shall be added to Section 1.2 of the Credit Agreement in the proper alphabetical order: 

“First Amendment” shall mean that certain First Amendment to Revolving Credit, Term Loan and Security
Agreement and Consent dated as of the First Amendment Date by and among the Loan Parties, Administrative Agent and Lenders. 

“First Amendment Date” shall mean April 25, 2017. 

 B. Amended Definitions. The definition of “Change of
Control” contained in Section 1.2 of the Credit Agreement shall be amended as follows: 
 Clause (b)(ii) of
the definition of “Change of Control” is hereby replaced with “with respect to the aggregate amount of Equity Interests owned by the Permitted Holders collectively, A.S.V. Holdings owning less than approximately 49%
thereof;” 
 C. Amended and Restated Definitions. The definitions of “Net Cash Proceeds” and
“Qualified IPO” contained in Section 1.2 of the Credit Agreement shall be amended and restated in their entirety as follows: 

“Net Cash Proceeds” shall mean gross proceeds of any applicable sale, transfer, disposition or initial
offering of Equity Interests less the reasonable direct costs, expenses (including legal fees and consultant fees), taxes, and assessments incurred in connection with such sales, transfers, other dispositions or initial offering of Equity Interests.

 “Qualified IPO” means the initial offering of Equity Interests by Borrower in an underwritten primary
public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the Securities and Exchange Commission in accordance with the Securities Act (whether alone or
in connection with a secondary public offering) that generates (x) gross cash proceeds of not less than $25,000,000, and (y) Net Cash Proceeds actually received by Borrowers of not less than $7,500,000.” 

D. Amendment to Credit Agreement. Clause (d) set forth in Section 2.20 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows: 
 (d) In the event of any initial offering of Equity Interests by Loan
Parties or any Subsidiary in connection with a Qualified IPO, the Loan Parties shall, no later than three (3) Business Days after the receipt by such Loan Party or any Subsidiary of its portion of the Net Cash Proceeds of such Qualified IPO,
repay the Advances in an amount equal to forty percent (40%) of such Net Cash Proceeds, such repayments will be applied first, to the outstanding principal installments of the Term Loan A in the inverse order of the maturities thereof
(including the final installment thereof) until paid in full in cash, second to the outstanding principal installments of the Term Loan B in the inverse order of the maturities thereof (including the final installment thereof) until paid in full in
cash, and third to the remaining Advances (including cash collateralization of all Obligations relating to any outstanding Letters of Credit in accordance with the provisions of Section 3.2(b); provided however that if no Default or Event of
Default has occurred and is continuing, such repayments of the remaining Advances shall be applied to cash collateralize any Obligations related to outstanding Letters of Credit last) in such order as Administrative Agent may determine, subject to
Borrowers’ ability to re-borrow Revolving Advances in accordance with the terms hereof. 
 E. Perfection of
Security Interests. The last sentence of Section 4.2 of the Credit Agreement shall be amended and restated in its entirety as follows: 

“Each Loan Party shall cause its Parent to pledge 100% of the issued and outstanding Equity Interests of such Loan Party;
subsequent to a Qualified IPO, with 

  
 2 

 
respect to ASV, the Permitted Holders shall only be required to pledge the Equity Interests retained by such Permitted Holders after consummation of the Qualified IPO, which pledges, in each
case, shall at all times constitute a first priority, perfected Lien pursuant to the terms and conditions of this Agreement and the Other Documents or other security documents as any Agent shall reasonably request. 

3. Release of Lien; Return of Pledge Equity Interest. In connection with the consummation of a Qualified IPO and the conversion
of ASV from a Minnesota limited liability company to a Delaware corporation, upon request by each of the Permitted Holders: (i) Administrative Agent shall release its Lien in the Equity Interests of ASV pledged by the Permitted Holders pursuant
to Collateral Pledge Agreements executed by each of the Permitted Holders in favor of Administrative Agent dated as of the Closing Date to the extent such Equity Interests are sold by the Permitted Holders in connection with such Qualified IPO (such
Equity Interests, the “IPO Equity Interests”) and Administrative Agent shall deliver any release or termination documents reasonably requested by Borrowers to evidence such release, and (ii) Administrative Agent shall return to
Borrowing Agent all certificates representing the Equity Interests of ASV as a limited liability company. For the avoidance of doubt, the Pledge Agreement, and the Liens granted therein, shall remain in full force and effect with respect to all
Equity Interests pledged thereto other than the IPO Equity Interests. To the extent that (x) ASV issues to the Permitted Holders new or replacement certificates evidencing the Equity Interests retained by the Permitted Holders subsequent to the
IPO, the Permitted Holders shall deliver such certificates to Administrative Agent together with duly endorsed assignments in blank, or (y) ASV’s Equity Interests are not evidenced by physical certificates or are held by a securities
intermediary, ASV and the Permitted Holders shall take such actions as requested by Agents to ensure the pledge of the Equity Interests is perfected and is a first priority Lien under Applicable Law, including without limitation, delivery by the
Permitted Holders of a securities account control agreement executed by any applicable securities intermediary, which actions described in clauses (x) and (y) above shall be completed to Agents’ reasonable satisfaction (1) within
five (5) Business Days following the initial offering of the Qualified IPO with respect to no less than 51% of the issued and outstanding Equity Interests of ASV (the “Initial Pledge”), and (2) within fifteen
(15) days following the end of the Greenshoe Option Period with respect to any and all remaining issued and outstanding Equity Interests of ASV that are not sold to the public in connection with the Qualified IPO (the “Subsequent
Pledge”). As used herein, the term “Greenshoe Option Period” shall mean a forty-five (45) day period commencing promptly after the initial offering of the Qualified IPO, during which underwriters of the Qualified IPO may
purchase additional Equity Interests of ASV. For the avoidance of doubt, the Lenders and the Agents agree that so long as no Change of Control would result (1) the Permitted Holders shall be permitted to sell, from time to time, some or all of
the Equity Interests pledged to the Administrative Agent in connection with the Subsequent Pledge and (2) in preparation for the sale of such Equity Interests, within five (5) Business Days following a request from the Permitted Holders,
the Administrative Agent shall return to Borrowing Agent the certificates evidencing the Equity Interests delivered to the Administrative Agent in connection with the Subsequent Pledge. 

  
 3 

 4. Consent to Change of ASV’s Name and Organizational Status. 

A. Notwithstanding the provisions of Section 7.15, in connection with the consummation of a Qualified IPO, ASV is hereby
authorized to (i) change its legal name from “A.S.V., LLC” to “A.S.V. Holdings, Inc.”, (ii) change its form of legal entity from a limited liability company to a corporation, and (iii) change its jurisdiction of
organization from Minnesota to Delaware. 
 B. Within three (3) Business Days upon the conversion from a Minnesota
limited liability company to a Delaware corporation, ASV shall deliver to the Administrative Agent each of the following: (i) a copies of its modified Organizational Documents, (ii) a copy of any applicable conversion documents, and
(iii) a copy of resolutions of the board of directors (or other equivalent governing body, member or partner) of ASV authorizing the such conversion. 

5. Conditions to Effectiveness. The effectiveness of this First Amendment is subject to the satisfaction of the following
conditions precedent, unless specifically waived in writing by Agents: 
 (a) Administrative Agent shall have received the following
documents or items, each in form and substance satisfactory to Agents and their legal counsel in their sole discretion: 

(i) this First Amendment duly executed by Borrowers, the other Obligors, Lenders and Administrative Agent; 

(ii) a certificate of the Secretary (or other equivalent officer, partner or manager) of ASV in form and substance satisfactory
to Administrative Agent dated as of the First Amendment Date which shall certify (A) a copy of resolutions of the board of directors (or other equivalent governing body, member or partner) of ASV authorizing the execution, delivery and
performance of this First Amendment by ASV (C) copies of the Organizational Documents of such Borrower as in effect on such date, complete with all amendments thereto, and (C) the good standing (or equivalent status) of ASV in its
jurisdiction of organization dated not more than thirty (30) days prior to the Closing Date, issued by the Secretary of State or other appropriate official of such jurisdiction; and 

(b) no Default or Event of Default shall have occurred and be continuing. 

6. Post-Closing Covenants. Promptly, (a) and in any event within one (1) Business Day after execution, Borrowers shall
deliver any underwriting agreements or other material agreements entered into with respect to the Qualified IPO contemplated by this First Amendment, and (b) in any event within one (1) Business Day after filing, any material filings or
registrations filed by Borrowers with the SEC or with any state securities regulatory agencies. 
 7. Ratifications. Except as
expressly modified and superseded by this First Amendment, the terms and provisions of the Credit Agreement and the Other Documents are ratified and confirmed and shall continue in full force and effect. Obligors hereby agree that all liens and
security interests securing payment of the Obligations under the Credit Agreement (as 

  
 4 

 
amended hereby) are hereby collectively renewed, ratified and brought forward as security for the payment and performance of the Obligations. Borrowers, the other Obligors, Lenders and
Administrative Agent agree that the Credit Agreement and the Other Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. 

8. Representations and Warranties with respect to Other Documents. Each of the Obligors hereby represents and warrants to
Administrative Agent and Lenders as follows: (a) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (b) the execution, delivery and performance by it of this First Amendment and
all Other Documents executed and/or delivered in connection herewith are within its company powers, have been duly authorized, and do not contravene (i) its Organizational Documents, or (ii) any applicable law; (c) no Consent of any
Governmental Body or other Person is required in connection with the execution, delivery, performance, validity or enforceability of this First Amendment, except as has been obtained; (d) this First Amendment and all Other Documents executed
and/or delivered in connection herewith have been duly executed and delivered by it; (e) this First Amendment and all Other Documents executed and/or delivered in connection herewith constitute its legal, valid and binding obligation of such
Person enforceable against it in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or
by general principles of equity; (f) no Default or Event of Default has occurred and is continuing or would immediately thereafter result by the execution, delivery or performance of this First Amendment; (g) the representations and
warranties contained in the Credit Agreement and the Other Documents are true and correct in all material respects (except to the extent already qualified by materiality in which case such representation and warranties shall be true and correct in
all respects) on and as of the date hereof and on and as of the date of execution hereof as though made on and as of each such date (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified
date); and (h) ASV has not amended its Organizational Documents in a manner that would constitute a Default or Event of Default. 

9. Survival of Representations and Warranties. All representations and warranties made in the Credit Agreement or the Other
Documents, including, without limitation, any document furnished in connection with this First Amendment, shall survive the execution and delivery of this First Amendment and the Other Documents. 

10. Reference to Credit Agreement. Each of the Credit Agreement and the Other Documents, and any and all other agreements,
documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in the Credit Agreement and such Other
Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby. 
 11. Expenses of
Administrative Agent and Term Loan B Agent. Borrowers agree to pay on demand all reasonable out-of-pocket costs and expenses actually incurred by Administrative Agent and Term Loan B Agent in connection with the preparation, negotiation,
execution and closing of the First Amendment, any and all amendments, modifications and supplements thereto and any Other Documents in connection therewith, including, without limitation, the costs and fees of Administrative Agent’s and Term
Loan B Agent’s legal counsel and financial advisors. 

  
 5 

 12. Severability. If any part of this First Amendment is contrary to, prohibited
by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as
possible. 
 13. Successors and Assigns. This First Amendment is binding upon and shall inure to the benefit of Administrative
Agent, Lenders and Obligors and their respective successors and assigns, except that no Obligor may assign or transfer any of its rights or obligations hereunder without the prior written consent of Administrative Agent. 

14. Counterparts. This First Amendment may be executed in one or more counterparts, each of which when so executed shall be
deemed to be an original, but all of which when taken together shall constitute one and the same instrument. Any signature delivered by a party by facsimile or electronic transmission (including email transmission of a PDF image) shall be deemed to
be an original signature hereto. 
 15. Effect of Waiver. No consent or waiver, express or implied, by Lenders or
Administrative Agent to or for any breach of or deviation from any covenant or condition by Borrowers or any other Obligor shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty. 

16. Headings. The headings, captions, and arrangements used in this First Amendment are for convenience only, are not a part of
this First Amendment, and shall not affect the interpretation hereof. 
 17. Governing Law; Judicial Reference.
Sections 12.1 through 12.3 and Section 16.1 of the Credit Agreement are incorporated herein by reference and are fully applicable to this First Amendment. 

18. Final Agreement. THE CREDIT AGREEMENT AND THE OTHER DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF
THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS FIRST AMENDMENT IS EXECUTED. THE CREDIT AGREEMENT AND THE OTHER DOCUMENTS, AS AMENDED HEREBY, 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. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS FIRST AMENDMENT SHALL BE MADE, EXCEPT IN ACCORDANCE WITH SECTION 16.2
OF THE CREDIT AGREEMENT. 
 19. Acknowledgements and Agreements. Each of the Obligors hereby acknowledge and agree that:
(a) none has any defenses, claims or set-offs to the enforcement by Administrative Agent, Term Loan B Agent or any Lender of the Obligations on the date hereof 

  
 6 

 
and on the date of execution hereof; (b) to their knowledge, Administrative Agent, Term Loan B Agent and Lenders have fully performed all undertakings and obligations owed to them as of the
date hereof and on the date of execution hereof; and (c) except to the limited extent expressly set forth in this First Amendment, Administrative Agent, Term Loan B Agent and Lenders do not waive, diminish or limit any term or condition
contained in the Credit Agreement or any of the Other Documents. 
 20. Release. EACH OBLIGOR HEREBY IRREVOCABLY RELEASES AND
FOREVER DISCHARGES ADMINISTRATIVE AGENT, TERM LOAN B AGENT, LENDERS, AND THEIR RESPECTIVE AFFILIATES, AND EACH SUCH PERSON’S RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, ADMINISTRATIVE AGENTS, MEMBERS, ATTORNEYS AND REPRESENTATIVES (EACH, A
“RELEASED PERSON”) OF AND FROM ALL DAMAGES, LOSSES, CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS, ACTIONS OR CAUSES OF ACTION WHATSOEVER (EACH A “RELEASED CLAIM”), THAT EACH OBLIGOR NOW HAS OR CLAIMS TO HAVE AGAINST
ANY RELEASED PERSON ON THE DATE HEREOF AND ON THE DATE OF EXECUTION HEREOF, WHETHER KNOWN OR UNKNOWN, OF EVERY NATURE AND EXTENT WHATSOEVER, FOR OR BECAUSE OF ANY MATTER OR THING DONE, OMITTED OR SUFFERED TO BE DONE OR OMITTED BY ANY OF THE RELEASED
PERSONS THAT BOTH (A) OCCURRED PRIOR TO OR ON THE DATE HEREOF OR ON THE DATE OF EXECUTION HEREOF AND (B) IS ON ACCOUNT OF OR IN ANY WAY CONCERNING, ARISING OUT OF OR FOUNDED UPON THE CREDIT AGREEMENT OR ANY OTHER DOCUMENT OR ANY
TRANSACTIONS RELATED THERETO. 
 OBLIGORS INTEND THE ABOVE RELEASE TO COVER, ENCOMPASS, RELEASE, AND EXTINGUISH, INTER ALIA, ALL RELEASED CLAIMS THAT MIGHT
OTHERWISE BE RESERVED BY THE CALIFORNIA CIVIL CODE SECTION 1542 (AND ANY EQUIVALENT PROVISION UNDER NEW YORK LAW OR THE LAW OF ANY OTHER JURISDICTION), WHICH PROVIDES AS FOLLOWS: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT
THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
 OBLIGORS
ACKNOWLEDGE THAT THEY MAY HEREAFTER DISCOVER FACTS DIFFERENT FROM OR IN ADDITION TO THOSE NOW KNOWN OR BELIEVED TO BE TRUE WITH RESPECT TO SUCH RELEASED CLAIMS AND AGREE THAT THIS FIRST AMENDMENT AND THE ABOVE RELEASE ARE AND WILL REMAIN
EFFECTIVE IN ALL RESPECTS NOTWITHSTANDING ANY SUCH DIFFERENCES OR ADDITIONAL FACTS. 
 [remainder of page intentionally left
blank; signature pages follow] 

  
 7 

 IN WITNESS WHEREOF, the parties have executed and delivered this First Amendment as of the day and year first
written above. 
  

			
	A.S.V., LLC
		
	By:	 	/s/ Andrew M. Rooke
	Name:	 	Andrew M. Rooke
	Title:	 	Chief Executive Officer

  

			
	A.S.V. HOLDING, LLC
		
	By:	 	/s/ Eric Cohen
	Name:	 	Eric Cohen
	Title:	 	Vice President

  

			
	MANITEX INTERNATIONAL, INC.
		
	By:	 	/s/ David J. Langevin
	Name:	 	David J. Langevin
	Title:	 	Chairman and Chief Executive Officer

 
			
	PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent, a Revolving Lender and a Term Loan A Lender
		
	By:	 	/s/ Steven J. Chalmers
	Name:	 	Steven J. Chalmers
	Title:	 	Vice President

  

			
	WHITE OAK GLOBAL ADVISORS, LLC, as a Term Loan B Agent and a Term Loan B Lender
		
	By:	 	/s/ Barbara J. S. McKee
	Name:	 	Barbara J. S. McKee
	Title:	 	Manager

  

			
	WHITE OAK PARTNERS, as a Lender
		
	By:	 	/s/ Barbara J. S. McKee
	Name:	 	Barbara J. S. McKee
	Title:	 	Manager

  

			
	WHITE OAK PARTNERS 2, as a Lender
		
	By:	 	/s/ Barbara J. S. McKee
	Name:	 	Barbara J. S. McKee
	Title:	 	Manager

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