Document:

Exhibit 10.4

 

GUARANTY

 

		TO:	WELLS FARGO BANK, NATIONAL ASSOCIATION

 

1.          GUARANTY;
DEFINITIONS. In consideration of any credit or other financial accommodation heretofore, now or hereafter extended or made to
Communications Systems, Inc., a Minnesota corporation (“Communications Systems”), JDL Technologies, Incorporated,
a Minnesota corporation (“JDL”), Transition Networks, Inc., a Minnesota corporation (“Transition Networks”),
and Suttle, Inc., a Minnesota corporation (“Suttle”, together with Communications Systems, JDL and Transition
Networks, “Borrowers” and each a “Borrower”), by Wells Fargo Bank, National Association
and its Affiliates (together with their successors and assigns, collectively, “Wells Fargo”), and for other
valuable consideration, the undersigned Twisted Technologies, Inc., a Georgia corporation (“Guarantor”), absolutely
and unconditionally guarantees and promises to pay to Wells Fargo, on demand in lawful money of the United States of America and
in immediately available funds, any and all Obligations as such term is defined in that certain Amended and Restated Credit Agreement
of even date herewith among Borrowers and Wells Fargo (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”; terms used but not defined herein shall have the meanings as set forth in the Credit
Agreement). This Guaranty is a guaranty of payment and not collection. 

 

2.          SUCCESSIVE
TRANSACTIONS; REVOCATION; OBLIGATION UNDER OTHER GUARANTIES. This is a continuing guaranty and all rights, powers and remedies
hereunder shall apply to all past, present and future Obligations, including those arising under successive transactions which
shall either continue the Obligations, increase or decrease the Obligations, or from time to time create new Obligations after
all or any prior Obligations have been satisfied, and notwithstanding the death, incapacity, dissolution, liquidation or bankruptcy
of any Borrower, Guarantor or any other guarantor or any other event or proceeding affecting any Borrower, Guarantor or any other
guarantor. This Guaranty shall not apply with respect to Guarantor to any new Obligations created after actual receipt by Wells
Fargo of written notice of Guarantor’s revocation as to such new Obligations; provided, however, that loans, advances
or other financial services made by Wells Fargo to Borrowers or any Borrower after revocation under commitments existing prior
to receipt by Wells Fargo of such revocation, and extensions, renewals or modifications, of any kind, of Obligations incurred
by Borrowers or any Borrower or committed by Wells Fargo prior to receipt by Wells Fargo of such notice of revocation, shall not
be considered new Obligations and Guarantor shall remain liable therefor under the terms of this Guaranty. Any such notice must
be sent to Wells Fargo by registered U.S. mail, postage prepaid, addressed to its office at 730 Second Avenue South, 8th
Floor, Minneapolis, MN 55402, Attention: Chris Markham, or at such other address as Wells Fargo shall from time to time
designate. The obligations of Guarantor under this Guaranty shall be in addition to any obligations of Guarantor or any other
guarantor under any other guaranties of any liabilities or obligations of Borrowers, any Borrower or other Persons heretofore
or hereafter given to Wells Fargo, unless such other guaranties are expressly modified or revoked in writing; and this Guaranty
shall not, unless expressly provided for in this Guaranty, affect or invalidate any such other guaranties. 

 

3.          OBLIGATIONS
JOINT AND SEVERAL; SEPARATE ACTIONS; WAIVER OF STATUTE OF LIMITATIONS; REINSTATEMENT OF LIABILITY. The obligations of Guarantor
under this Guaranty are joint and several and independent of the obligations of each Borrower and each other guarantor, and a separate
action or actions may be brought and prosecuted against Guarantor or any other guarantor, whether the action is brought against
any Borrower, any other guarantor or any other Person, or whether any Borrower, any other guarantor or any other Persons are joined
in any such action or actions. Guarantor acknowledges that this Guaranty is absolute and unconditional, that there are no conditions
precedent to the effectiveness of this Guaranty, and that this Guaranty is in full force and effect and binding on Guarantor as
of the date written below, regardless of whether Wells Fargo obtains

 

     

     

    

 

collateral or any guaranties from others
or takes any other action contemplated by Guarantor. Guarantor waives the benefit of any statute of limitations affecting Guarantor’s
liability hereunder or the enforcement thereof, and Guarantor agrees that any payment of any Obligations or other act which shall
toll any applicable statute of limitations shall similarly toll the statute of limitations applicable to Guarantor’s liability
under this Guaranty. The liability of Guarantor hereunder shall be reinstated and revived and the rights of Wells Fargo shall
continue if and to the extent for any reason any amount at any time paid on account of any Obligations guaranteed hereby is rescinded
or must otherwise be restored by Wells Fargo, whether as a result of any proceedings in bankruptcy or reorganization or otherwise,
all as though such amount had not been paid. The determination as to whether any amount so paid must be rescinded or restored
shall be made by Wells Fargo in its sole discretion; provided, however, that if Wells Fargo chooses to contest any such
matter at the request of Guarantor, Guarantor agrees to indemnify and hold Wells Fargo harmless from and against all costs and
expenses, including reasonable attorneys’ fees, expended or incurred by Wells Fargo in connection therewith, including without
limitation, in any litigation with respect thereto.

  

4.        AUTHORIZATIONS
TO WELLS FARGO. Guarantor authorizes Wells Fargo, either before or after revocation hereof, without notice to, consent from or
demand on Guarantor, and without affecting Guarantor’s liability hereunder, from time to time to: (a) alter, compromise,
renew, extend, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Obligations or any
portion thereof, including increase or decrease of the rate of interest thereon; (b) take and hold security for the payment of
this Guaranty or the Obligations or any portion thereof, and exchange, enforce, waive, subordinate or release any such security;
(c) apply such security and direct the order or manner of sale thereof, including without limitation, a non-judicial sale permitted
by the terms of the controlling security agreement, mortgage or deed of trust, as Wells Fargo in its discretion may determine;
(d) release or substitute any one or more of the endorsers or any other guarantor of the Obligations, or any portion thereof,
or any other party thereto; and (e) apply payments received by Wells Fargo from any Borrower, Guarantor or any other guarantor
to any portion of the Obligations, in such order as Wells Fargo shall determine in its sole discretion, whether or not such Obligations
are covered by this Guaranty, and Guarantor hereby waives any provision of law regarding application of payments which specifies
otherwise. Wells Fargo may without notice assign this Guaranty in whole or in part. Guarantor agrees to provide to Wells Fargo
copies of Guarantor’s financial statements and other reports pertaining to Guarantor as requested by Wells Fargo and as
and when required under the terms of the Credit Agreement. 

 

5.          REPRESENTATIONS
AND WARRANTIES; COVENANTS. Guarantor represents and warrants to Wells Fargo that: (a) this Guaranty is executed at
Borrowers’ request; (b) Guarantor shall not, without Wells Fargo’s prior written consent, sell, lease, assign,
encumber, hypothecate, transfer or otherwise dispose of any of its assets other than as expressly permitted under the Credit
Agreement; (c) Wells Fargo has made no representation to Guarantor as to the creditworthiness of any Borrower or any other
guarantor; (d) Guarantor has established adequate means of obtaining from Borrowers on a continuing basis financial and other
information pertaining to the financial condition of Borrowers and the other guarantors; (e) Guarantor expects to derive
substantial benefits from any loans, credit transactions, financial accommodations, and other transactions and events
resulting in the creation of the Obligations and the credit accommodations offered to Borrowers under the Loan Documents; (f)
Guarantor is a corporation duly organized, validly existing and in good standing under the laws of the State of Georgia, and
has full power and authority to make and deliver this Guaranty and the other Loan Documents to which it is a party; (g) this
Guaranty and each other Loan Document to which Guarantor is a party have been duly executed and delivered by Guarantor and
constitute its lawful, binding and legally enforceable obligations; (h) Guarantor (i) is Solvent, and shall not fail to be
Solvent as a result of the execution and delivery of this Guaranty, (ii) is not engaged in business or a transaction, or
about to engage in business or a transaction, for which its property constitutes unreasonably small capital, and (iii) does
not intend to

 

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incur, or believe that it will
incur, debts that would be beyond its ability to pay as such debts mature; and (i) each of the representations and warranties
contained in the Credit Agreement pertaining to Guarantor are true and correct as of the date hereof. Guarantor agrees to keep
adequately informed of any facts, events or circumstances which might in any way affect its risks hereunder, and Guarantor further
agrees that Wells Fargo shall have no obligation to disclose to Guarantor any information or material about Borrower or any other
guarantor which is acquired by Wells Fargo in any manner. Guarantor agrees to comply at all times with the covenants set forth
in the Credit Agreement applicable to Guarantor as fully as if each such covenant were made herein, and each is incorporated herein
by reference. 

 

6.         GUARANTOR’S
WAIVERS. 

 

(a)          Guarantor
waives any right to require Wells Fargo to: (i) proceed against any Borrower, any other guarantor or any other Person; (ii) marshal
assets or proceed against or exhaust any security held from any Borrower, any other guarantor or any other Person; (iii) give
notice of the terms, time and place of any public or private sale or other disposition of personal property security held from
any Borrower, any other guarantor or any other Person; (iv) take any other action or pursue any other remedy in Wells Fargo’s
power; or (v) make any presentment or demand for performance, or give any notice of nonperformance, protest, notice of protest
or notice of dishonor hereunder or in connection with any obligations or evidences of Obligations held by Wells Fargo as security
for or which constitute in whole or in part the Obligations guaranteed hereunder, or in connection with the creation of new or
additional Obligations. 

 

(b)         Guarantor
waives any defense to its obligations hereunder based upon or arising by reason of: (i) any disability or other defense of
any Borrower, any other guarantor or any other Person; (ii) the
cessation or limitation from any cause whatsoever, other than payment in full, of the Obligations;
(iii) any lack of authority of any officer, director, partner, agent or
any other Person acting or purporting to act on behalf of any Borrower which is a corporation, partnership or other type of
entity, or any defect in the formation of any Borrower; (iv) the application by any Borrower, Guarantor or any other
guarantor of the proceeds of any Obligations for purposes other than the purposes represented by any Borrower to, or intended
or understood by, Wells Fargo or Guarantor or any other guarantor; (v) any act or omission by Wells Fargo which directly or
indirectly results in or aids the discharge of any Borrower, Guarantor or any other guarantor, or any portion of the
Obligations by operation of law or otherwise, or which in any way impairs or suspends any rights or remedies of Wells Fargo
against Borrowers, any Borrower, any other guarantor or any other Person; (vi) any impairment of the value of any interest in
any security for the Obligations or any portion thereof, including without limitation, the failure to obtain or
maintain perfection or recordation of any interest in any such security, the release of any such security without
substitution, and/or the failure to preserve the value of, or to comply with applicable law in disposing of, any such
security; (vii) any modification of the Obligations, in any form whatsoever, including any modification made after revocation
hereof to any Obligations incurred prior to such revocation, and including without limitation the renewal, extension,
acceleration or other change in time for payment of, or other change in the terms of, the Obligations or any portion thereof,
including increase or decrease of the rate of interest thereon; or (viii) any requirement that Wells Fargo give any notice of
acceptance of this Guaranty. Until all Obligations have been paid in full, Guarantor shall not have any right of subrogation,
contribution, reimbursement, recourse, or similar legal or contractual right to recover any sums paid hereunder from any
Borrower, any other guarantor or any other Person, and Guarantor waives any right to enforce any remedy which Wells Fargo now
has or may hereafter have against Borrowers, any Borrower, any other guarantor or any other Person, and waives any benefit
of, or any right to participate in, any security now or hereafter held by Wells Fargo. Guarantor further waives all rights
and defenses any Borrower, Guarantor or any guarantor may have arising out of (A) any election of remedies by Wells Fargo,
even though that election of remedies, such as a non-judicial foreclosure with respect to any security for any portion of the
Obligations, destroys Guarantor’s rights of subrogation, recourse, or

 

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similar legal or contractual
right, or Guarantor’s rights to proceed against any Borrower, any other guarantor or any other Person for reimbursement
or contribution, or (B) any loss of rights Guarantor or any guarantor may suffer by reason of any rights, powers or remedies of
any Borrower, any other guarantor or any other Person in connection with any anti-deficiency laws or any other laws limiting,
qualifying or discharging the Obligations, whether by operation of law or otherwise, including any rights Guarantor may have to
a fair market value hearing to determine the size of a deficiency following any foreclosure sale or other disposition of any real
property security for any portion of the Obligations. Without limiting the generality of the foregoing, Guarantor will not assert,
plead or enforce against Wells Fargo any defense of waiver, release, discharge or disallowance in bankruptcy, statute of limitations,
res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability which
may be available to any Borrower, Guarantor, any other guarantor or any other Person liable in respect of any of the Obligations,
or any setoff available against Wells Fargo to any Borrower, Guarantor, any other guarantor or any other such Person, whether
or not on account of a related transaction. Guarantor expressly agrees that it shall be and remain liable for any deficiency remaining
after foreclosure of any mortgage or security interest securing the Obligations, whether or not the liability of any Borrower,
Guarantor, any other guarantor or any other obligor for such deficiency is discharged pursuant to statute or judicial decision.
The liability of Guarantor shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution, sale or
other disposition of all or substantially all of the assets, marshalling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar
event or proceeding affecting, any Borrower, Guarantor, any other guarantor or any of the assets of any Borrower or any other
guarantor. Guarantor will not assert, plead or enforce against Wells Fargo any claim, defense or setoff available to Guarantor
against any Borrower or any other guarantor. Guarantor waives presentment, demand for payment, notice of dishonor or nonpayment
and protest of any instrument evidencing the Obligations. 

 

7.             WELLS
FARGO’S RIGHTS WITH RESPECT TO GUARANTOR’S PROPERTY IN ITS POSSESSION. In addition to all liens upon and rights of
setoff against the monies, securities or other property of each Borrower, Guarantor and each other guarantor given to Wells Fargo
by law, Wells Fargo shall have a lien upon and a right of setoff against all monies, securities and other property of Guarantor
now or hereafter in the possession of or on deposit with Wells Fargo, whether held in a general or special account or deposit or
for safekeeping or otherwise, and every such lien and right of setoff may be exercised without demand upon or notice to Guarantor.
No Lien or right of setoff shall be deemed to have been waived by any act or conduct on the part of Wells Fargo, or by any neglect
to exercise such right of setoff or to enforce such lien, or by any delay in so doing, and every right of setoff and Lien shall
continue in full force and effect until such right of setoff or Lien is specifically waived or released by Wells Fargo in writing.

  

8.             SUBORDINATION.
Any indebtedness of any Borrower now or hereafter held by Guarantor is hereby subordinated to the Obligations. Such indebtedness
of any Borrower to Guarantor is assigned to Wells Fargo as security for this Guaranty and the Obligations and, if Wells Fargo requests,
shall be collected and received by Guarantor as trustee for Wells Fargo and paid over to Wells Fargo on account of the Obligations
but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. Any notes
or other instruments now or hereafter evidencing such indebtedness of any Borrower to Guarantor shall be marked with a legend that
indicates that the notes or other instruments are subject to this Guaranty and, if Wells Fargo so requests, such notes and instruments
shall be delivered to Wells Fargo. Wells Fargo is hereby authorized in the name of Guarantor from time to time to file financing
statements and continuation statements and execute such other documents and take such other action as Wells Fargo deems necessary
or appropriate to perfect, preserve and enforce its rights hereunder.

 

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9.             REMEDIES;
NO WAIVER. All rights, powers and remedies of Wells Fargo hereunder are cumulative. No delay, failure or discontinuance of Wells
Fargo in exercising any right, power or remedy hereunder shall affect or operate as a waiver of such right, power or remedy; nor
shall any single or partial exercise of any such right, power or remedy preclude, waive or otherwise affect any other or further
exercise thereof or the exercise of any other right, power or remedy. Any waiver, permit, consent or approval of any kind by Wells
Fargo of any breach of this Guaranty, or any such waiver of any provisions or conditions hereof, must be in writing and shall be
effective only to the extent set forth in writing.

 

10.           COSTS,
EXPENSES AND ATTORNEYS’ FEES. Guarantor shall be jointly and severally liable for and, immediately upon demand by Wells Fargo,
will pay to Wells Fargo, the full amount of all payments, advances, charges, costs and expenses, including reasonable attorneys’
fees (to include outside counsel fees and all allocated costs of Wells Fargo’s in-house counsel), expended or incurred by
Wells Fargo in connection with the enforcement of any of Wells Fargo’s rights, powers or remedies and/or the collection of
any amounts which become due to Wells Fargo under this Guaranty, and the prosecution or defense of any action in any way related
to this Guaranty, whether incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any
of the foregoing incurred in connection with any bankruptcy proceeding (including without limitation, any adversary proceeding,
contested matter or motion brought by Wells Fargo or any other Person) relating to any Borrower, Guarantor, any other guarantor
or any other Person. All of the foregoing shall be paid by Guarantor with interest from the date of demand until paid in full at
a rate per annum equal to the greater of ten percent (10%) or Wells Fargo’s Prime Rate in effect from time to time.

  

11.           SUCCESSORS;
ASSIGNMENT. This Guaranty shall be binding upon and inure to the benefit of the heirs, executors, administrators, legal representatives,
successors and assigns of the parties; provided, however, that Guarantor may not assign or transfer any of its interests
or rights hereunder without Wells Fargo’s prior written consent. Guarantor acknowledges that Wells Fargo has the right to
sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, the Obligations and any obligations
with respect thereto, including this Guaranty. In connection therewith, Wells Fargo may disclose all documents and information
which Wells Fargo now has or hereafter acquires relating to Guarantor and/or this Guaranty, whether furnished by Borrowers, Guarantor
or otherwise. Guarantor further agrees that Wells Fargo may disclose such documents and information to Borrowers.

  

12.           AMENDMENT.
This Guaranty may be amended or modified only in writing signed by Wells Fargo and Guarantor. 

 

13.           APPLICATION
OF SINGULAR AND PLURAL. In all cases where there is but a single Borrower, then all words used herein in the plural shall be deemed
to have been used in the singular where the context and construction so require; and when there is more than one Borrower named
herein, or when this Guaranty is executed by more than one Guarantor, the word “Borrowers” and the word “Guarantor”
respectively shall mean all or any one or more of them as the context requires. 

 

14.           UNDERSTANDING
WITH RESPECT TO WAIVERS; SEVERABILITY OF PROVISIONS. Guarantor warrants and agrees that each of the waivers set forth herein is
made with Guarantor’s full knowledge of its significance and consequences, and that under the circumstances, the waivers
are reasonable and not contrary to public policy or law. If any waiver or other provision of this Guaranty shall be held to be
prohibited by or invalid under applicable public policy or law, such waiver or other provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating the remainder of such waiver or other provision or any remaining
provisions of this Guaranty.

 

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15.          GOVERNING
LAW. The validity of this Guaranty, the construction, interpretation, and enforcement of this Guaranty and the rights of the parties,
as well as all claims, controversies or disputes arising under or related to this Guaranty will be determined under, governed
by and construed in accordance with the laws of the State of Minnesota without regard to conflicts of laws principles.

 

16.          JURISDICTION.
All actions or proceedings arising in connection with this Guaranty may be tried and litigated in the State of Minnesota and,
to the extent permitted by applicable law, federal courts located in the City of Minneapolis and the County of Hennepin, State
of Minnesota; provided that any suit seeking enforcement against any Collateral or other property may be brought, at Wells
Fargo’s option, in the courts of any jurisdiction where Wells Fargo elects to bring such action or where such Collateral
or other property may be found. Guarantor and Wells Fargo waive, to the extent permitted under applicable law, any right they
may have to assert the doctrine of forum non conveniens or to object to venue to the extent any proceeding is brought in
accordance with this section. 

 

17.          WAIVER
OF JURY TRIAL. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, GUARANTOR AND WELLS FARGO EACH WAIVE THEIR RESPECTIVE RIGHTS,
IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT
OF THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS GUARANTY, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH, A “CLAIM”). GUARANTOR AND WELLS FARGO EACH REPRESENTS
THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 

Signature pages follow

 

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IN WITNESS WHEREOF, the undersigned Guarantor has
executed this Guaranty as of August 12, 2016.

		 	 
	 	TWISTED TECHNOLOGIES, INC.
	 	 	 
	 	By:	
	 	Name:  Edwin C. Freeman
	 	Title:    Chief Financial Officer

  

Signature Page to
GuarantyExhibit 10.5

 

SECURITY AGREEMENT

 

THIS SECURITY
AGREEMENT (this “Agreement”) is entered into as of August 12, 2016, by and between TWISTED TECHNOLOGIES, INC.,
a Georgia corporation (“Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
(together with its successors and assigns, “Lender”).

 

Pursuant
to an Amended and Restated Credit Agreement of even date herewith among Communications Systems, Inc., a Minnesota corporation (“Communications
Systems”), JDL Technologies, Incorporated, a Minnesota corporation (“JDL”), Transition Networks, Inc.,
a Minnesota corporation (“Transition Networks”), and Suttle, Inc., a Minnesota corporation (“Suttle”,
together with Communications Systems, JDL and Transition Networks, “Borrowers” and each a “Borrower”),
and Lender (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
Lender has agreed to make certain advances and other extensions of credit to Borrowers.

 

Pursuant
to a Guaranty of even date herewith (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”),
Grantor has guaranteed the payment and performance of the Obligations (as defined in the Credit Agreement) to Lender.

 

As a condition
to making advances and offering other credit accommodations under the Credit Agreement to Borrowers, Lender has required, among
other things, the execution and delivery of this Agreement by Grantor.

 

1.            DEFINITIONS.

 

(a)          All
capitalized terms not otherwise defined in this Agreement shall have the meanings given them in the Credit Agreement.

 

(b)         The
following terms, when used in this Agreement (whether or not capitalized and whether or not singular or plural), shall have the
meanings given them in the Code, except that (i) for purposes of this Agreement, the meaning of such terms will not be limited
by reason of any limitation on the scope of the Code, and (ii) to the extent the definition of any category or type of Collateral
is expanded by any amendment, modification or revision to the Code, such expanded definition will apply automatically as of the
date of such amendment, modification or revision: “Accession”, “Account”, “Chattel Paper”,
“Commercial Tort Claim”, “Commodity Account”, “Deposit Account”, “Document”, “Equipment”,
“Fixtures”, “General Intangible”, “Goods”, “Instrument”, “Inventory”,
“Investment Property”, “Letter-of-Credit Right”, “Letter of Credit”, “Money”,
“Securities Account” and “Supporting Obligation”.

 

2.            GRANT
OF SECURITY INTEREST. Grantor grants and transfers to Lender, for the benefit of Lender and each Bank Product Provider, a continuing
security interest (the “Security Interest”) in all of the following property of Grantor or in which Grantor
has rights, whether presently existing or acquired after the date of this Agreement (collectively, together with all Proceeds,
the “Collateral”):

 

		(a)	Accounts;

 

		(b)	Chattel Paper;

 

		(c)	Commercial Tort Claims;

 

		(d)	Deposit Accounts, Securities Accounts and Commodities Accounts;

 

		(e)	Documents;

 

    

     

    
 

		(f)	General Intangibles;

 

		(g)	Goods, including Equipment and Fixtures;

 

		(h)	Instruments;

 

		(i)	Inventory;

 

		(j)	Investment Property;

 

		(k)	Letters of Credit and Letter-of-Credit Rights;

 

		(l)	Money and other assets of Grantor;

 

		(m)	all Accessions and Supporting Obligations; and

 

all books and records relating
to the above property and all proceeds (as such term is defined in the Code) and products, whether tangible or intangible of any
of the above property, all proceeds of any condemnation award relating to any of the above property, all proceeds of insurance
covering or relating to any or all of the above property and all rebates and returns relating to any of the above property (all
such proceeds, collectively, “Proceeds”).

 

3.            OBLIGATIONS
SECURED. The obligations secured by the Security Interest are the payment and performance of:

 

(a)         all present and future Obligations;
and

 

(b)         all
now existing or subsequently arising debts, liabilities and obligations of Grantor and any other Loan Party and obligors, or any
of them, owing to Lender or any Bank Product Provider and rights of Lender under this Agreement.

 

4.            AUTHORIZATION
TO FILE FINANCING STATEMENTS. Grantor authorizes Lender to file financing statements describing the Collateral to perfect the
Security Interest in the Collateral, and Lender may describe the Collateral as “all personal property” or “all
assets” or describe specific items of Collateral, including, without limitation, any Commercial Tort Claims. All financing
statements filed before the date of this Agreement to perfect the Security Interest were authorized by Grantor and are ratified.

 

		5.	[RESERVED].

 

6.            REPRESENTATIONS
AND WARRANTIES OF GRANTOR. Grantor represents and warrants to Lender that:

 

(a)         Grantor’s
legal name is exactly as set forth on the first page of this Agreement, its chief executive office and principal place of business
are set forth on Schedule A, and all of Grantor’s organizational documents or agreements delivered to Lender are complete
and accurate in every respect;

 

		(b)	Grantor has legal title to and has possession or control of its Collateral;

 

		(c)	Grantor has the exclusive right to grant a security interest in the Collateral;

 

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(d)        
all Collateral is genuine, free from Liens, adverse claims, setoffs, default, prepayment, defenses and conditions precedent
of any kind or character, except the Security Interest created by this Agreement and Permitted Liens;

 

(e)         all
statements contained in this Agreement and each other Loan Document regarding the Collateral are true and complete in all material
respects;

 

(f)         no
financing statement covering any of the Collateral, and naming any secured party other than Lender and holders of Permitted Liens,
is on file in any public office;

 

(g)         all
Persons appearing to be obligated on Collateral have authority and capacity to contract and are bound as they appear to be;

 

(h)         all
property subject to Chattel Paper has been properly registered and filed in compliance with law and to perfect the interest of
Grantor in such property;

 

(i)          all
Accounts and other rights to payment comply with all applicable laws concerning form, content and manner of preparation and execution,
including where applicable Federal Reserve Regulation Z and any state consumer credit laws;

 

  (j)
          Schedule A lists all real property owned or leased by
Grantor;

 

(k)         Schedule
A provides a complete and correct list of: (i) all registered copyrights and copyright applications owned by Grantor,
(ii) all intellectual property licenses entered into by Grantor; (iii) all registered patents and patent applications owned
by Grantor; and (iv) all registered trademarks and trademark applications owned by Grantor;

 

(l)         Schedule
A contains a listing of all of Deposit Accounts, Securities Accounts and Commodity Accounts of Grantor, including, with
respect to each bank, securities intermediary or commodity intermediary: (i) the name and address of such entity, and (ii)
the account numbers of the Deposit Accounts, Securities Accounts or Commodity Accounts maintained with such entity; and

 

(m)       the
Inventory and Equipment of Grantor are not stored with a bailee, warehouseman, processor or similar party and are located only
at, or in-transit between or to, the locations identified on Schedule A.

 

		7.	COVENANTS OF GRANTOR.

 

(a)         Grantor covenants and
agrees:

 

(i)          to
permit Lender to exercise its rights, remedies, and powers under the Credit Agreement, this Agreement, the other Loan Documents
and under law;

 

(ii)        not
to change its name, or, as applicable, its chief executive office, its principal residence or the jurisdiction in which it is organized
without giving Lender 30 days’ prior written notice; and

 

(iii)       not
to change the places where Grantor keeps any Collateral or Grantor’s records concerning the Collateral without (A) giving
Lender 30 days’ prior written notice of the address to which such Grantor is moving same, and (B) delivering to Lender a
fully executed Collateral Access Agreement with respect to such location if not owned by Grantor; and

 

    -3-

     

    

 

(iv)        to
cooperate with Lender in perfecting all security interests granted by this Agreement and in obtaining such agreements from third
parties as Lender deems necessary, proper or convenient in connection with the preservation, perfection or enforcement of any of
its rights with regard to Collateral or access to Collateral.

 

		(b)	Grantor agrees, unless Lender agrees otherwise in writing:

 

(i)          not
to use any Collateral for any unlawful purpose or in any way that would void any insurance required to be carried on such Collateral;

 

(ii)         to
insure the Collateral, with Lender named as first lender loss payee and additional insured, in form, substance and amounts, under
agreements, against risks and liabilities, and with insurance companies satisfactory to Lender;

 

(iii)        to
keep, in accordance with GAAP, complete and accurate records regarding all Collateral, and to permit Lender to inspect the same
and make copies thereof at any reasonable time;

 

(iv)       not
to sell, pledge or dispose of, nor permit the transfer by operation of law of, any of the Collateral or any interest in the Collateral,
except sales of Inventory to buyers in the ordinary course of Grantor’s business or as otherwise expressly permitted by the
Credit Agreement;

 

(v)        not
to permit any Lien on the Collateral, including, without limitation, Liens arising from the storage of Inventory, except for Liens
in favor of Lender and Permitted Liens;

 

(vi)       if
requested by Lender and required pursuant to the terms of the Credit Agreement, to receive and use reasonable diligence to collect
Accounts, in trust and as the property of Lender, and to immediately endorse as appropriate and deliver collections or payments
on such Accounts or proceeds thereof to Lender daily in the exact form in which they are received;

 

  (vii)
       not to commingle Accounts, Proceeds or collections with other property of any other
Person;

 

(viii)     to
give only normal allowances and credits consistent with past practices and in the ordinary course of business and to advise Lender
thereof immediately in writing if they affect any Accounts in any material respect;

 

(ix)      on
Lender’s demand, (A) to deliver to Lender returned property resulting from, or payment equal to, such allowances or credits
on any Accounts as required by the Credit Agreement or upon the occurrence and during the continuance of an Event of Default and
(B) to execute such documents and do such other things as Lender may reasonably request for the purpose of perfecting, preserving
and enforcing its security interest in such returned property;

 

(x)       from
time to time when requested by Lender, to prepare and deliver a schedule of all Collateral subject to this Agreement and to, subject
to the terms of this Agreement and each other Loan Document assign in writing and deliver to Lender all Accounts, contracts, leases
and other Chattel Paper, Instruments, Documents and other evidences thereof;

 

(xi)      to
deliver to Lender (A) notice of any Commercial Tort Claim it may have against any Person, including a detailed description of
such Commercial Tort Claim and, upon receipt of such description by Lender the description of Collateral set forth in Section
1 of this Agreement shall be deemed to be amended to include such description of each such Commercial Tort Claim, and

 

    -4-

     

    

 

(B)such documents as Lender may require to
grant Lender a security interest in Grantor’s rights in such Commercial Tort Claim;

 

(xii)      to
deliver to Lender any Instrument, Document or Chattel Paper constituting Collateral with a value greater than $25,000, duly endorsed
or assigned by Grantor to Lender;

 

(xiii)    to
provide any service and do any other acts which may be necessary to maintain, preserve and protect all Collateral and, as appropriate
and applicable, to keep all Collateral in good and saleable condition, to deal with the Collateral in accordance with the standards
and practices adhered to generally by users and manufacturers of like property, and to keep all Collateral free and clear of all
defenses, rights of offset and counterclaims (other than Permitted Liens);

 

(xiv)    not
to withdraw any funds from any Deposit Account pledged to Lender pursuant to this Agreement, except as expressly permitted under
the Credit Agreement or except for Grantor’s principal operating account and any Deposit Accounts which are specifically
and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for employees of Grantor (“Excluded
Deposit Accounts”);

 

(xv)     not
to open or establish any Deposit Account, Securities Account, or Commodities Account unless Lender has control of such account
as contemplated in the Code (but excluding Excluded Deposit Accounts); and

 

(xvi)    not
to consign any of its Inventory or sell any of its Inventory on bill and hold, sale or return, sale on approval, or other conditional
terms of sale.

 

(c)         Grantor
covenants and agrees to deliver to Lender a completed Schedule A no later than the date required by the Credit Agreement, and for
purposes hereof all representations and warranties related to such Schedule A shall be deemed to take effect as of the date on
which Schedule is required to be delivered to Lender in under the Credit Agreement (or, if earlier, the date a completed Schedule
A is actually delivered).

 

		8.	POWERS OF LENDER.

 

(a)         Grantor
appoints Lender its attorney in fact to perform any of the following powers, which are coupled with an interest, are irrevocable
until termination of this Agreement, payment in full of all Obligations and termination of all commitments of Lender under the
Credit Agreement, and may be exercised from time to time by Lender’s officers and employees, or any of them, whether or not
an Event of Default has occurred: (i) to perform any obligation of Grantor hereunder in Grantor’s name or otherwise; (ii)
to give notice to Account Debtors or others of Lender’s rights in the Collateral; (iii) to release or substitute security;
(iv) to prepare, execute, file, record or deliver notes, assignments, schedules, designation statements, initial financing statements
and amendments, continuation statements, termination statements, statements of assignment, applications for registration or like
papers to perfect, preserve or release Lender’s interest in the Collateral; (v) to take cash, instruments for the payment
of money and other property to which Lender is entitled; (vi) to verify facts concerning the Collateral by inquiry of obligors
thereon, or otherwise, in its own name or a fictitious name; (vii) to prepare, adjust, execute, deliver and receive payment under
insurance claims, and to collect and receive payment of and endorse any instrument in payment of loss or returned premiums or any
other insurance refund or return, and to apply such amounts received by Lender, at Lender’s sole option, toward repayment
of the Obligations or replacement or restoration of the Collateral; (viii) to enter onto Grantor’s premises to inspect the
Collateral; (ix) to make withdrawals from and to close deposit accounts or other accounts with any financial institution, wherever
located, into which Proceeds may have been deposited, and to apply funds so withdrawn to payment of the Obligations; (x) to preserve
or release the interest evidenced by chattel

 

    -5-

     

    

 

paper to which Lender is
entitled hereunder and to endorse and deliver any evidence of title to such interest; and (xi) to do all acts and things and execute
all documents in the name of Grantor or otherwise, deemed by Lender as reasonably necessary, proper and convenient in connection
with the preservation, perfection, priority or enforcement of Lender’s rights.

 

(b)         Grantor
appoints Lender its attorney in fact to perform any of the following powers, which are coupled with an interest, are irrevocable
until termination of this Agreement, payment in full of all Obligations and termination of all commitments of Lender under the
Credit Agreement, and may be exercised from time to time by Lender’s officers and employees, or any of them, after the occurrence
and during the continuation of an Event of Default: (i) to enforce or forebear from enforcing the rights of Lender with respect
to any Account Debtor and to make extension or modification agreements with any Account Debtor; (ii) to resort to security in any
order; (iii) to receive, open and read mail addressed to Grantor; (iv) to endorse, collect, deliver and receive payment under instruments
for the payment of money constituting or relating to Collateral; (v) to release Persons liable on Collateral and to give receipts
and compromise disputes between Grantor and such Persons; and (vi) to exercise all rights, powers and remedies which Grantor would
have, but for this Agreement, with respect to all Collateral.

 

9.            PAYMENT
OF PREMIUMS, TAXES, CHARGES, LIENS AND ASSESSMENTS. Grantor agrees to pay, prior to delinquency, all insurance premiums, taxes,
charges, liens and assessments against the Collateral, and upon the failure of Grantor to do so, Lender at its option may pay any
of them and shall be the sole judge of the legality or validity and the amount necessary to discharge the same. Any such payments
made by Lender shall be obligations under this Agreement and shall be secured by the Security Interest. Any such payments made
by Lender shall be obligations of Grantor to Lender, due and payable immediately upon demand, together with interest at the Default
Rate, and shall be secured by the Collateral, subject to all terms and conditions of this Agreement.

 

10.          EVENTS
OF DEFAULT. The occurrence of an Event of Default (as defined in the Credit Agreement) under the Credit Agreement shall constitute
an “Event of Default” under this Agreement.

 

11.          REMEDIES.
Upon the occurrence of any Event of Default, Lender shall have the right to declare immediately due and payable all or any Obligations
(other than Obligations arising under any Hedge Agreement, which may be accelerated pursuant to the applicable Hedge Agreement)
secured by this Agreement and to terminate any commitments to make loans or otherwise extend credit under the Credit Agreement.
Lender shall have all other rights, powers, privileges and remedies granted to a secured party upon default under the Code or otherwise
provided by law or agreement, including without limitation, the right to:

 

(a)          contact
all Persons obligated to Grantor on any Collateral and to instruct such Persons to deliver all Collateral directly to Lender;

 

  (b)
         sell, lease, license or otherwise dispose of any or all Collateral;

 

(c)         notify
the United States Postal Service to change the address for delivery of mail of Grantor to any address designated by Lender;

 

(d)         without
notice to or consent by Grantor and without the obligation to pay rent or other compensation, to take exclusive possession of all
locations where Grantor conducts its business or has any rights of possession and use the locations to store, process, manufacture,
sell, use and liquidate or otherwise dispose of Collateral;

 

    -6-

     

    

 

(e)          with
regard to any Deposit Account, instruct the bank maintaining such Deposit Account to pay the balance of such Deposit Account to
Lender or take such other action as Lender shall instruct; and 

 

(f)          with
regard to any Securities Account or Commodity Account, instruct the securities intermediary maintaining such Securities Account
or the commodity intermediary maintaining such Commodity Account, as applicable, to pay the balance of such Securities Account
or such Commodity Account, as applicable, to Lender or take such other action as Lender shall instruct; and 

 

(g)          without
regard to the occurrence of waste or the adequacy of security, apply for the appointment of a receiver for Grantor or for the
assets of Grantor and Grantor waives any objection to the right to have a bond or security posted by Lender. Grantor hereby waives
any objection or defense to the appointment of any such receiver and any right that Grantor has or may have to seek the posting
of a bond or other security by Lender. 

 

While an Event of Default exists: 

 

		(1)	Grantor will deliver to Lender from time to time, as
requested by Lender, current lists of all Collateral;

		 	 

		(2)	Grantor will not dispose of any Collateral except on
terms approved by Lender or as otherwise agreed in writing by Lender;

		 	 

		(3)	at Lender’s request, Grantor will assemble and
deliver all Collateral, and books and records pertaining thereto, to Lender at a reasonably convenient place designated by Lender;
and

		 	 

		(4)	Lender may, without notice to Grantor, enter onto Grantor’s
premises and take possession of the Collateral.

 

12.       CUMULATIVE
RIGHTS. All rights, powers, privileges and remedies of Lender shall be cumulative. No delay, failure or discontinuance of
Lender in exercising any right, power, privilege or remedy hereunder shall affect or operate as a waiver of such right, power,
privilege or remedy; nor shall any single or partial exercise of any such right, power, privilege or remedy preclude, waive or
otherwise affect any other or further exercise or the exercise of any other right, power, privilege or remedy. 

 

13.       WAIVERS
AND CONSENTS OF LENDER. Any waiver, permit, consent or approval of any kind by Lender of any default, or any such waiver of
any provisions or conditions, must be in writing and shall be effective only to the extent set forth in writing. 

 

14.       DISPOSITION
OF COLLATERAL AND PROCEEDS; TRANSFER OF INDEBTEDNESS. In disposing of Collateral, Lender may disclaim all warranties of title,
possession, quiet enjoyment and the like. Any proceeds of any disposition of any Collateral, may be applied by Lender to the payment
of expenses incurred by Lender, including reasonable attorneys’ fees, and the balance of such proceeds may be applied by
Lender toward the payment of the Obligations in such order of application as Lender may from time to time elect. Upon the transfer
of all or any part of the Obligations, Lender may transfer all or any part of the Collateral and shall be fully discharged from
all liability and responsibility with respect to such transferred Collateral, and the transferee shall be vested with all rights
and powers of Lender hereunder; but with respect to any Collateral not so transferred, Lender shall retain all rights, powers,
privileges and remedies. It is agreed that public or private sales or other dispositions, for cash or on credit, to a wholesaler
or retailer or investor, or user of property of the types subject to this Agreement, or public auctions, are all commercially reasonable
since differences in

 

 

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the prices generally
realized in the different kinds of dispositions are ordinarily offset by the differences in the costs and credit risks of
such dispositions. Grantor agrees that, to the extent notice of sale shall be required by law, at least 10 days’ notice
to Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute
reasonable notification and such notice shall constitute a reasonable “authenticated notification of disposition”
within the meaning of Section 9-611 of the Code. Lender shall not be obligated to make any sale of Collateral regardless of
notice of sale having been given. Lender may adjourn any public or private sale from time to time, and such sale may be made
at the time and place to which it was so adjourned. Grantor agrees that the internet shall constitute a “place”
for purposes of Section 9-610(b) of the Code. Grantor agrees that any sale of Collateral to a licensor pursuant to the terms
of a license agreement between such licensor and such Grantor is sufficient to constitute a commercially reasonable sale
(including as to method, terms, manner, and time) within the meaning of Section 9-610 of the Code. Grantor grants to Lender a
non-exclusive, worldwide and royalty-free license to use or otherwise exploit all intellectual property rights of Grantor
for the purpose of: (a) completing the manufacture of any
in-process materials following any Event of Default so that such materials become saleable Inventory, all in accordance with
the same quality standards previously adopted by Grantor for its own manufacturing; and (b) selling, leasing or otherwise
disposing of any or all Collateral following any Event of Default. 

 

15.       STATUTE
OF LIMITATIONS. Until all Obligations shall have been paid in full and all commitments by Lender to extend credit under the
Credit Agreement have been terminated, the power of sale or other disposition and all other rights, powers, privileges and remedies
granted to Lender shall continue to exist and may be exercised by Lender at any time and from time to time irrespective of the
fact that the Obligations or any part thereof may have become barred by any statute of limitations, or that the personal liability
of Grantor may have ceased, unless such liability shall have ceased due to the payment in full of all Obligations and the other
liabilities and indebtedness secured by this Agreement. 

 

16.       WAIVERS
OF GRANTOR. Grantor waives any right to require Lender to: (a) proceed against Grantor or any other Person; (b) marshal
assets or proceed against or exhaust any security from Grantor or any other Person; (c) perform any obligation of Grantor
with respect to any Collateral; and (d) make any presentment or demand, or give any notice of nonpayment or
nonperformance, protest, notice of protest or notice of dishonor hereunder or in connection with any Collateral or Proceeds.
Grantor further waives any right to direct the application of payments or security for any indebtedness of Grantor or
indebtedness of customers of Grantor. 

 

17.      [RESERVED]

 

18.      FURTHER
ASSURANCES. At any time upon the request of Lender, Grantor will execute or deliver to Lender any and all financing statements,
fixture filings, security agreements, pledges, assignments, endorsements, certificates of title, mortgages, deeds of trust and
all other documents (the “Additional Documents”) that Lender may request and in form and substance satisfactory
to Lender, to create, perfect, and continue perfection or to better perfect Lender’s Liens in all of the assets of Grantor
(whether now owned or subsequently arising of acquired, tangible or intangible, real or personal), and in order to fully consummate
all of the transactions contemplated under this Agreement and under the other Loan Documents. If Grantor refuses or fails to execute
or deliver any requested Additional Documents, Grantor authorizes Lender to execute such Additional Documents in Grantor’s
name, and authorizes Lender to file such executed Additional Documents in any appropriate filing office. Grantor acknowledges
that Grantor is not authorized to file any financing statement or amendment with respect to any financing statement filed in connection
with this Agreement without the prior written consent of Lender, subject to Grantor’s rights under Section 9-509(d) of the
Code. 

 

19.       SUBROGATION
RIGHTS. Until all Obligations shall have been paid in full and all commitments by Lender to extend credit under the Credit
Agreement have been terminated, Grantor shall 

 

     -8-
 

    	 

    

 

not have any right of subrogation or contribution
or similar right, and Grantor waives any benefit of or right to participate in any of the Collateral or any other security now
or subsequently held by Lender. 

 

20.       NOTICES.
All notices, requests and demands required under this Agreement must be given, and shall be deemed received, as provided in Section
7.3 of the Credit Agreement at the address set forth below each party’s name on the signature page of this Agreement or
to such other address as any party may designate by written notice to all other parties. 

 

21.       COSTS,
EXPENSES AND ATTORNEYS’ FEES. Grantor shall pay to Lender immediately upon demand the full amount of all payments, advances,
charges, costs and expenses, including reasonable attorneys’ fees (to include outside counsel fees and allocated costs of
Lender’s in-house counsel), expended or incurred by Lender in connection with or related to this Agreement, including,
without limitation, all Lender Expenses. Further, Grantor indemnifies Lender against all losses, claims, demands, liabilities
and expenses of every kind caused by property subject to this Agreement, all in accordance with the Credit Agreement. 

 

22.       SUCCESSORS;
ASSIGNS; AMENDMENT. This Agreement will be binding upon and inure to the benefit of the heirs, executors, administrators,
legal representatives, successors and assigns of the parties; provided that Grantor may not assign or transfer its interests,
rights, or obligations under this Agreement without Lender’s prior written consent. Lender may sell, assign, transfer, negotiate
or grant participations in all or any part of, or any interest in, Lender’s rights and benefits under this Agreement and
the other Loan Documents. This Agreement may be amended or modified only in writing signed by Lender and Grantor, except as provided
in Section 7(b)(xi) and Section 18 of this Agreement. 

 

23.       SEVERABILITY
OF PROVISIONS. If any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or any remaining provisions of this Agreement. 

 

24.       GOVERNING
LAW. The validity of this Agreement and the construction, interpretation, and enforcement of this Agreement, and the rights
of the parties, as well as all claims, controversies or disputes arising under or related to this Agreement will be determined
under, governed by and construed in accordance with the laws of the State of Minnesota without regard conflicts of laws principles. 

 

25.       JURISDICTION.
All actions or proceedings arising in connection with this Agreement and the other Loan Documents to which Grantor are a party
may be tried and litigated in the State of Minnesota and, to the extent permitted by applicable law, federal courts located in
the County of Hennepin, State of Minnesota; provided that any suit seeking enforcement against any Collateral or other
property may be brought, at Lender’s option, in the courts of any jurisdiction where Lender elects to bring such action
or where such Collateral or other property may be found. Grantor and Lender each waive, to the extent permitted under applicable
law, any right they may have to assert the doctrine of forum non conveniens or to object to venue to the
extent any proceeding is brought in accordance with this section. 

 

26.       WAIVER
OF JURY TRIAL. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, GRANTOR AND LENDER WAIVE THEIR RESPECTIVE RIGHTS, IF ANY,
TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF ANY
OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THE LOAN DOCUMENTS, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH
OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH, A “CLAIM”). GRANTOR AND LENDER REPRESENT
THAT EACH HAS REVIEWED THIS WAIVER AND EACH

 

     -9-
 

    	 

    

 

KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY
BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 

Signature pages follow

 

 

     -10-
 

    	 

    

 

This Agreement has been duly executed as of
the date set forth on page 1. 

 

	 	GRANTOR:
	 	 
	 	TWISTED TECHNOLOGIES, INC.
	 	 
	 	By:	 
	 	Name: Edwin C. Freeman
	 	Title:   Chief Financial Officer
	 	 
	 	Address:
	 	c/o Communications Systems, Inc. 

10900 Red Circle Drive 

Minnetonka, MN 55343 

Attention: Edwin C. Freeman
	 	Fax No.: (763) 219-4669
	 	Email: efreeman@commsysinc.com

 

  Signature
Page to Security Agreement 

 

     

    	 

    

 

	 	LENDER: 
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION 
	 	 
	 	By:	 
	 	Name: Roger Pfiffner
	 	Title:  Authorized Signatory
	 	 
	 	Address:
	 	 
	 	Wells Fargo Bank, National Association 
MAC N93 l4-080
	 	730 Second Avenue South, 3th Floor

    Minneapolis, MN 55402
	 	Attn: Chris Markham 

Fax No.: (855) 881-3270
	 	Email: chris.markham@wellsfargo.com 

 

Signature Page to
Security Agreement

 

     

    	 

    

 

 

SCHEDULE A 

 

	1.	Chief Executive Office and Principal Place of Business:
	 	 
	2.	Owned Real Property: 
	 	 
	3.	Copyrights, Trademarks, Patents and Licensing Agreements: 
	 	 
	4.	Deposit Accounts, Securities Accounts, Commodity Accounts and other Investment Accounts:
	 	 
	5.	Locations of Books and Records:

 

Schedule
A-1

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