Document:

Exhibit 10.43

 

	
  GUARANTOR
  NAME AND ADDRESS

  	
   

  	
  LENDER
  NAME AND ADDRESS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tower
  Tech Holdings Inc.

  	
   

  	
  Investors
  Community Bank

  	
   

  	
  Number                     

  
	
  101
  S. 16th St., P.O. Box 1957

  	
   

  	
  860
  N. Rapids Road

  	
   

  	
   

  
	
  Manitowoc,
  WI 54220

  	
   

  	
  P.O. Box
  700

  	
   

  	
  Amount                     

  
	
   

  	
   

  	
  Manitowoc,
  WI 54221-0700

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Date                          

  

 

GUARANTY

 

DATE. The date of this Guaranty is 03-21-2008.

 

For
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and to induce Lender (with its participants, successors
and assigns), at its option, at any time or from time to time to make loans or
extend other accommodations to or for the account of Tower Tech Systems Inc.  (Borrower) or to engage in any other
transactions with Borrower, the Guarantor hereby absolutely and unconditionally
guarantees to the Lender the full and prompt payment when due, whether at
maturity or earlier by reason of acceleration or otherwise, of the debts,
liabilities and obligations described as follows:

 

INDEBTEDNESS.

 

o  Specific Debts.  The Guarantor guarantees to Lender the
payment and performance of the debt, liability or obligation of Borrower to
Lender evidenced by or arising out of the following:                                                                                           and
any extensions, renewals or replacements thereof (Indebtedness).

 

x  All Debts.  Except as this Guaranty may otherwise
provide, the Guarantor guarantees to Lender the payment and performance of each
and every debt, liability and obligation of every type and description which
Borrower may now or at any time hereafter owe to Lender (whether such debt,
liability or obligation now exists or is hereafter created or incurred, and
whether it is or may be direct or indirect, due or to become due, absolute or
contingent, primary or secondary, liquidated or unliquidated, or joint,
several, or joint and several; all such debts, liabilities and obligations
(Indebtedness)). Without limitation, this Guaranty includes the following
described debt(s):

 

See Agreement Governing Extensions of Credit between lender and
borrower dated 3/21/2008.

 

Exclusions.

 

o  Guarantor will be liable for $                                   of
the principal amount of the Indebtedness outstanding at default and for all of
the accrued interest, and the expenses of collection, enforcement or protection
of Lender’s rights and remedies under this Guaranty, including reasonable
attorneys’ fees.

 

o  Guarantor’s liability will not exceed                      %
of the Indebtedness outstanding at default and all of the accrued interest, and
the expenses of collection, enforcement or protection of Lender’s rights and
remedies under this Guaranty, including reasonable attorneys’ fees.

 

o    Indebtedness Excludes:

 

SECURITY.

 

x  the Guaranty is unsecured.

 

o  secured by
                                                                                                                                                                             

                                                                                                                                                                                                    .

 

IL
only  o  CONFESSION OF JUDGMENT.
If Guarantor defaults, it authorizes any attorney to appear in a court of
record and confess judgment against it in favor of Lender. The confession of
judgment may be without process and for any amount due on this Guaranty
including collection costs and reasonable attorneys’ fees.

 

PA
only  o  WARRANT OF AUTHORITY TO
CONFESS JUDGMENT. Upon default, in addition to all other remedies
and rights available to Lender, by signing below Guarantor irrevocably
authorizes the prothonotary, clerk, or any attorney to appear in any court of
record having jurisdiction over this matter and to confess judgment against
Guarantor at any time without stay of execution. Guarantor waives notice,
service of process and process. Guarantor agrees and understands that judgment
may be confessed against Guarantor for any unpaid principal, accrued interest
and accrued charges due on this Note, plus collection costs and reasonable
attorneys’ fees up to 15 percent of the judgment. The exercise of the power to
confess judgment will not exhaust this warrant of authority to confess judgment
and may be done as often as Lender elects. Guarantor further understands that
Guarantor’s property may be seized without prior notice to satisfy the debt
owed. Guarantor knowingly, intentionally, and voluntarily waives any and all
constitutional rights Guarantor has to pre-deprivation notice and hearing under
federal and state laws and fully understands the consequences of this waiver.

 

By
signing immediately below, Guarantor agrees to the terms of the WARRANT OF
AUTHORITY TO CONFESS JUDGMENT section.

 

 

SIGNATURES.  By signing under seal, Guarantor agrees to
the terms contained in this Guaranty (including those on page 2).  Guarantor also acknowledges receipt of a copy
of this Guaranty.

 

GUARANTOR:

 

	
  Tower
  Tech Holdings Inc.

  	
   

  	
   

  	
   

  
	
  Entity
  Name

  	
  (Seal)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/
  Steven A. Huntington

  	
   

  	
   

  	
   

  
	
  Name,
  Title  Steven A. Huntington, C.F.O.

  	
  (Seal)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name,
  Title

  	
  (Seal)

  	
   

  	
   

  

 

1

 

ADDITIONAL PROVISIONS

 

The
Guarantor further acknowledges and agrees with Lender that:

 

1.     No act or thing need occur to establish the
liability of the Guarantor hereunder, and no act or thing, except full payment
and discharge of all Indebtedness, shall in any way exonerate the Guarantor or
modify, reduce, limit or release the liability of the Guarantor hereunder.

 

2.     This is an absolute, unconditional and
continuing Guaranty of payment of the Indebtedness and will continue to be
enforceable against the Guarantor, whether or not all Indebtedness is paid in
full, until this Guaranty is revoked by written notice actually received by the
Lender.  Any revocation shall not be
effective as to any Indebtedness existing or committed to at the time of actual
receipt of notice by the Lender, or as to any renewals, extensions and
refinancings thereof.

 

The
Guarantor represents and warrants to the Lender that the Guarantor has a direct
and substantial economic interest in Borrower and expects to derive substantial
benefits therefrom and from any loans and financial accommodations resulting
from the creation of Indebtedness guaranteed hereby, and that this Guaranty is
given for a business purpose. The Guarantor agrees to rely exclusively on its
right to revoke this Guaranty prospectively as to future transactions by
written notice actually received by Lender if at any time the benefits then
being received by the Guarantor in connection with this Guaranty are not
sufficient to warrant its continuance as a Guarantor as to future Indebtedness.
Accordingly, the Lender may rely conclusively on a continuing warranty, hereby
made, that the Guarantor continues to be benefited by this Guaranty and that
the Lender has no duty to inquire into or confirm the receipt of any benefits,
and that this Guaranty will be enforceable without regard to the receipt,
nature or value of any such benefits.

 

3.     If the Guarantor is dissolved or becomes
insolvent, however defined, or revokes this Guaranty, then the Lender has the
right to declare the full amount of all Indebtedness immediately due and
payable, and the Guarantor will forthwith pay the Lender. If the Guarantor
voluntarily commences or there is commenced involuntarily against the Guarantor
a case under the United States Bankruptcy Code, the full amount of all
Indebtedness, whether due and payable or unmatured, will become immediately due
and payable without demand or notice thereof.

 

4.     The Guarantor will be liable for all
Indebtedness, without any limitation as to amount, plus accrued interest
thereon and all other costs, fees, and expenses agreed to be paid under all
agreements evidencing the Indebtedness and securing the payment of the
Indebtedness, and all attorneys’ fees, collection costs and enforcement
expenses referable thereto. Indebtedness may be created and continued in any
amount, whether or not in excess of such principal amount, without affecting or
impairing the liability of the Guarantor hereunder. The Lender may apply any
sums received by or available to the Lender on account of the Indebtedness from
Borrower or any other person (except the Guarantor), from their properties, out
of any collateral security or from any other source to payment of the excess.
Such application of receipts will not reduce, affect or impair the liability of
the Guarantor hereunder. If the liability of the Guarantor is limited pursuant to
this paragraph 4, any payment made by the Guarantor under this Guaranty will be
effective to reduce or discharge its liability only if accompanied by a written
transmittal document, received by the Lender, advising that such payment is
made under this Guaranty for that purpose.

 

5.     The Guarantor will pay or reimburse the
Lender for all costs and expenses (including reasonable attorneys’ fees and
legal expenses) incurred by the Lender in connection with the protection,
defense or enforcement of this Guaranty in any litigation or bankruptcy or
insolvency proceedings.

 

6.     Whether or not any existing relationship
between the Guarantor and Borrower has been changed or ended and whether or not
this Guaranty has been revoked, the Lender may, but shall not be obligated to,
enter into transactions resulting in the creation or continuance of
Indebtedness, without any consent or approval by the Guarantor and without any
notice to the Guarantor. The liability of the Guarantor will not be affected or
impaired by any of the following acts or things (which the Lender is expressly
authorized to do, omit or suffer from time to time, both before and after
revocation of this Guaranty, without notice to or approval by the Guarantor): (i) any
acceptance of collateral security, Guarantors, accommodation parties or
sureties for any or all Indebtedness; (ii) any one or more extensions or
renewals of Indebtedness (whether or not for longer than the original period)
or any modification of the interest rates, maturities or other contractual
terms applicable to any Indebtedness; (iii) any waiver, adjustment,
forbearance, compromise or indulgence granted to Borrower, any delay or lack of
diligence in the enforcement of Indebtedness, or any failure to institute
proceedings, file a claim, give any required notices or otherwise protect any
Indebtedness; (iv) any full or partial release of, settlement with, or
agreement not to sue, Borrower or any other Guarantor or other person liable in
respect of any Indebtedness; (v) any discharge of any evidence of
Indebtedness or the acceptance of any instrument in renewal thereof or
substitution therefor; (vi) any failure to obtain collateral security
(including rights of setoff) for Indebtedness, or to see to the proper or
sufficient creation and perfection thereof, or to establish the priority
thereof, or to protect, insure, or enforce any collateral security; or any
release, modification, substitution, discharge, impairment, deterioration,
waste, or loss of any collateral security; (vii) any foreclosure or
enforcement of any collateral security; (viii) any transfer of any
Indebtedness or any evidence thereof; (ix) any order of application of any
payments or credits upon Indebtedness; (x) any election by the Lender
under §1111(b)(2) of the United States Bankruptcy Code.

 

7.     The Guarantor waives any and all defenses,
claims and discharges of Borrower, or any other obligor, pertaining to
Indebtedness, except the defense of discharge by payment in full. Without
limiting the generality of the foregoing, the Guarantor will not assert, plead
or enforce against the Lender any defense of waiver, release, estoppel, statute
of limitations, res judicata, statute of frauds, fraud, forgery, incapacity,
minority, usury, illegality or unenforceability which may be available to
Borrower or any other person liable in respect of any Indebtedness, or any
setoff available against the Lender to Borrower or any such other person,
whether or not on account of a related transaction. The Guarantor expressly
agrees that the Guarantor will be liable, to the fullest extent permitted by
applicable law, for any deficiency remaining after foreclosure of any mortgage
or security interest securing Indebtedness, whether or not the liability of
Borrower or any other obligor for such deficiency is discharged pursuant to
statute or judicial decision.  The
Guarantor shall remain obligated, to the fullest extent permitted by law, to
pay such amounts as though Borrower’s obligations had not been discharged.

 

8.     The Guarantor further agree(s) that Guarantor
will be obligated to pay Indebtedness even though any other person obligated to
pay Indebtedness, including Borrower, has such obligation discharged in
bankruptcy or otherwise discharged by law. “Indebtedness” shall include
post-bankruptcy petition interest and attorneys’ fees and any other amounts
which Borrower is discharged from paying or which do not accrue to Indebtedness
due to Borrower’s discharge, and Guarantor will be obligated to pay such
amounts as fully as if Borrower’s obligations had not been discharged.

 

9.     If any payment applied by the Lender to
Indebtedness is thereafter set aside, recovered, rescinded or required to be
returned for any reason (including, without limitation, the bankruptcy,
insolvency or reorganization of Borrower or any other obligor), the
Indebtedness to which such payment was applied will for the purposes of this
Guaranty be deemed to have continued in existence, notwithstanding such
application, and this Guaranty will be enforceable as to such Indebtedness as
fully as if such application had never been made.

 

10.   Until the obligations of the Borrower to
Lender have been paid in full, the Guarantor waive(s) any claim, remedy or
other right which the Guarantor may now have or hereafter acquire against
Borrower or any other person obligated to pay Indebtedness arising out of the
creation or performance of the Guarantor’s obligation under this Guaranty,
including, without limitation, any right of subrogation, contribution,
reimbursement, indemnification, exoneration or any right to participate in any
claim or remedy the Guarantor may have against the Borrower, collateral, or
other party obligated for Borrower’s debt, whether or not such claim, remedy,
or right arises in equity, or under contract, statute or common law.

 

11.   The Guarantor waives presentment, demand for
payment, notice of dishonor or nonpayment, and protest of any instrument
evidencing Indebtedness. The Lender will not be required first to resort for
payment of the Indebtedness to Borrower or other persons or their properties,
or first to enforce, realize upon or exhaust any collateral security for
Indebtedness, before enforcing this Guaranty.

 

12.   The liability of the Guarantor under this
Guaranty is in addition to and is cumulative with all other liabilities of the
Guarantor to the Lender as Guarantor or otherwise, without any limitation as to
amount, unless the instrument or agreement evidencing or creating such other
liability specifically provides to the contrary.

 

13.   To induce Lender to enter into the Loan,
Guarantor makes these representations and warranties for as long as Guaranty is
in effect. Guarantor is duly organized, validly existing and in good standing
under the laws in the jurisdiction where Guarantor was organized and is duly
qualified, validly existing and in good standing in all jurisdictions in which
Guarantor operates or Guarantor owns or leases property. Guarantor has the
power and authority to enter into this transaction and to carry on Guarantor’s
business or activity as now conducted. The execution, delivery and performance
of this Guaranty and the obligation evidenced by this Guaranty are within
Guarantor’s duly authorized powers; have received all necessary governmental
approval; will not violate any provision of law or order of court or
governmental agency; and will not violate any agreement to which Guarantor is a
party or to which Guarantor is or any of Guarantor’s property is subject. Other
than previously disclosed in writing to Lender, Guarantor has not changed
Guarantor’s name or principal place of business within the last ten years and
has not used any other trade or fictitious name. Without Lender’s prior written
consent, Guarantor does not and will not use any other name and will preserve
Guarantor’s existing name, trade names and franchises. Guarantor owns or leases
all property that Guarantor needs to conduct Guarantor’s business and
activities. All of Guarantor’s property is free and clear of all liens,
security interests, encumbrances and other adverse claims and interests, except
those Lender previously agreed to in writing. Guarantor is not violating any
laws, regulations, rules, orders, judgments or decrees applicable to Guarantor
or Guarantor’s property, except for those that Guarantor is challenging in good
faith through proper proceedings after providing adequate reserves to fully pay
the claim and its challenge should Guarantor lose.

 

14.   This Guaranty is effective upon delivery to
the Lender, without further act, condition or acceptance by the Lender. It will
be binding upon the Guarantor and the successors and assigns of the Guarantor
and will inure to the benefit of the Lender and its participants, successors
and assigns. If there be more than one Guarantor, all agreements and promises
herein shall be construed to be, and are hereby declared to be, joint and
several in each and every particular and shall be fully binding upon and
enforceable against either, any or all the Guarantors. Any invalidity or
unenforceability of any provision or application of this Guaranty will not
affect other lawful provisions and application hereof, and to this end the
provisions of this Guaranty are declared to be severable. Except as allowed by
the terms herein, this Guaranty may not be waived, modified, amended,
terminated, released or otherwise changed except by a writing signed by the
Guarantor and the Lender. This Guaranty shall be governed by the laws of the
State in which it is executed. The Guarantor waives notice of the Lender’s
acceptance hereof.

 

2Exhibit 10.50

 

Written Description of Amendment to Terms of Employment of Raymond L.
Brickner III

 

On
March 10, 2008, the Compensation Committee of Broadwind Energy, Inc.
(the “Company”) approved an amendment to the terms of employment of Raymond L.
Brickner III, the Company’s president. The amendment, which increases Mr. Brickner’s
base salary from $150,000 per annum to $200,000 per annum, is retroactive to January 1,
2008. Mr. Brickner has served as president and director of the Company
since the reverse public shell transaction between Tower Tech Systems, Inc.
and Blackfoot Enterprises, Inc. in February 2006, and entered into a
written employment agreement with the Company in March 2007. All other
terms of Mr. Brickner’s employment agreement remain unchanged.

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