Document:

Exhibit 10.5

Guarantee Agreement

 

(Applicable to Any Guarantee
Provided by Bank)

No: 110LG1400024

 

This Guarantee Agreement
(hereinafter referred to as this “Agreement”) is made and entered into as of February 26, 2014 by and between:

 

1. Shandong Taibang
Biological Products Co., Ltd., as the principal (hereinafter referred to as the “Principal”); and

 

2. China Merchants
Bank Co., Ltd., Beijing Shuangyushu Branch, as the guarantor (hereinafter referred to as the “Guarantor”).

 

 ̈The
Agreement constitutes an integral part of the credit agreement No. [N/A] (hereinafter referred to as the “Credit Agreement”)
between the Principal and the Guarantor (if this paragraph is applicable, please tick (“þ”)
the box “ ̈”).

 

Whereas:

 

þ
1.The Principal or the borrower, CHINA BIOLOGIC PRODUCTS, INC. (the “Borrower”) and China Merchants Bank Co.,
Ltd., New York Branch, entered into a credit agreement (No.[__]), pursuant to which China Merchants Bank Co., Ltd., New York Branch
agreed to provide the Borrower with a credit facility of up to US$30,000,000 in principal amount for a term of [__] on [__] (for
avoidance of doubt and to differentiate from the Credit Agreement, such agreement is hereinafter referred to as the “Main
Contract”) (if this paragraph is applicable, please tick (“þ”)
the box “ ̈”);

 

2.  The
Principal or the Borrower, [N/A], and [N/A], entered into No. [N/A] contract/bidding document in the aggregate amount of [N/A]
in respect of [N/A], or the Principal or the Borrower tendered an offer for Project [N/A] with Bid Document No. [N/A] (the “Bid”);
and

 

3.  The
Principal applies to the Guarantor for the issuance of a Letter of Guarantee/Standby Letter of Credit (No.110LG1400024) (the “Letter
of Credit”) in the amount of RMB194,600,000 in favor of China Merchants Bank Co., Ltd., New York Branch (the “Beneficiary”)
pursuant to the aforementioned Main Contract or Bid.

 

The Guarantor agrees
to issue the aforementioned Letter of Credit for the Principal or the Borrower in favor of the Beneficiary upon application of
the Principal on the following terms and conditions:

 

    	 

    	 

    

 

Article 1 Prior
to the issuance of the Letter of Credit by the Guarantor, upon request of the Guarantor, the Principal shall:

 

1.1        Provide
the Guarantor with the following protective measures (please tick (“þ”)
the boxes “ ̈” as applicable):

 

þ   1.1.1      The
Principal shall open a cash collateral account with the Guarantor (the account number of which is generated automatically by the
system of the Guarantor), and shall deposit HK$246,235,606.73 into such cash collateral account as collateral to secure the performance
of the Principal’s obligations hereunder which may be used to compensate the Beneficiary in case the Beneficiary claims for
damage; and/or

 

 ̈   1.1.2      An
irrevocable letter of counter-guarantee in favor of the Guarantor issued by any corporation, organization or natural person which
is acceptable to the Guarantor; and/or

 

 ̈   1.1.3      A
collateral acceptable to the Guarantor being mortgaged or pledged to the Guarantor as the security for repayment, and a mortgage
agreement or pledge agreement entered into by both parties hereto.

 

If the Agreement is
an ancillary agreement to the Credit Agreement, this Section 1.1 shall be inapplicable, and the obligations hereunder shall automatically
become secured by the Principal under a capped-amount mortgage agreement or pledge agreement with the Guarantor or a capped-amount
irrevocable letter of guarantee issued to the Guarantor.

 

1.2        Upon
request of the Guarantor, the Principal shall provide the Guarantor with the original copies of the following documents or their
duplicate copies signed by the legal representative of the Principal and stamped with the official seal as proof of authenticity
and completeness of such documents:

 

1.2.1     The
business license of the Principal and/or the Borrower;

 

1.2.2     The
articles of association of the Principal and/or the Borrower;

 

1.2.3     The
register of directors of the Principal and specimen signatures of the directors;

 

1.2.4     The
board resolution of the Principal approving the execution and performance of this Agreement by the Principal;

 

1.2.5     Any
contract entered into between the Principal/Borrower and the Beneficiary, any tender documents of the Beneficiary and any bidding
documents of the Principal/Borrower;

 

1.2.6     The
financial statements and the audit report of the Principal for the previous financial year, and the financial statements of the
Principal for the month prior to the month of the Principal’s application;

 

1.2.7     Any
title documents in respect of the collateral being mortgaged or pledged (if any); and

 

1.2.8      Any
other materials as required by the Guarantor.

 

    	-2-

    	 

    

 

The aforementioned
formalities or materials shall be subject to the actual request of the Guarantor, which is the rights rather than the obligations
of the Guarantor, and the completeness of such formalities or materials shall not impact the legal force of this Agreement.

 

Article 2 The
Principal hereby represents, warrants and undertakes to the Guarantor as follows:

 

2.1        The
Principal is a legal entity duly established and validly existing under the laws of the People’s Republic of China, and has
full capacity of conduct to execute and perform this Agreement;

 

2.2        The
Principal has the legal right to execute and perform this Agreement, and has the proper authorization from the board of directors
or any other competent authority to execute and perform this Agreement;

 

2.3        The
Principal or the Borrower has the proper authority to execute the Main Contract with the Beneficiary and has the capacity to perform
the Main Contract; and the Principal undertakes that the Principal or the Borrower shall perform the Main Contract and shall promptly
report to the Guarantor the progress and problems occurred when performing the Main Contract;

 

2.4        The
Principal accepts and acknowledges the contents of the Letter of Credit issued by the Guarantor in favor of the Beneficiary;

 

2.5        The
Principal undertakes to hold the Guarantor harmless from any damage or loss (including any exchange rate loss resulting from the
difference between the guarantee currency and the indemnity currency) arising out of the issuance of the Letter of Credit;

 

2.6        The
Principal unconditionally agrees to handle all the matters under the Letter of Credit according to applicable laws and/or international
practice in case no agreement governs such matters, and bear the responsibilities thereof;

 

2.7        The
Principal undertakes that it shall unconditionally bear the payment obligation as the principal payer when the Beneficiary claims
for indemnity against the Guarantor;

 

2.8        The
Principal undertakes that the projects (if any) under the Letter of Credit shall be subject to relevant laws and regulations of
the People’s Republic of China, and all the economic and legal responsibilities arising out of the project shall be borne
by the Principal and shall by no means constitute any responsibility of the Guarantor;

 

2.9        The
Principal agrees to, pursuant to this Agreement, pay all due and payable fees as required by the Guarantor under the aforementioned
Letter of Credit;

 

2.10      The
Principal agrees that the Guarantor shall bear no obligation other than the obligation to examine the apparent authenticity of
the claim documents, vouchers or certificates (the “Claim Documents”) submitted by the Beneficiary under the
Letter of Credit;

 

    	-3-

    	 

    

 

2.11      When
the cash collateral account falls short due to any actual or potential exchange rate fluctuation or any amendment to the Letter
of Credit, the Principal agrees to deposit adequate funds from time to time as required by the Guarantor to make up such shortfall,
and such funds shall be deemed as designated and under the possession of the Guarantor from the date on which such funds are deposited
into the cash collateral account as collateral to secure the performance by the Principal of all the obligations hereunder;

 

2.12      The
Principal agrees that the Guarantor bears no responsibility for any delay, loss, incompleteness or any other mistake occurred during
the transfer of the post or telecommunications when processing the Letter of Credit; and

 

2.13      The
Principal undertakes to report and deliver the financial statements and any other materials required by the Guarantor to the Guarantor
every quarter.

 

Article 3
Claims under the Letter of Credit

 

3.1        The
Principal hereby authorizes the Guarantor with the right to, without notice to or consent from the Principal, directly transfer
the money in the Principal’s cash collateral account or any other deposit account or to authorize other financial institutions
to deduct from the Principal’s deposit and to pay the Beneficiary when the Beneficiary claims against the Guarantor according
to the Letter of Credit (the Guarantor has the right to purchase foreign currency without notice to or consent from the Principal,
when the currency of such cash collateral account or any other deposit account is different from the currency of payment). If the
deposit in the Principal’s cash collateral account is insufficient for such payment, the Principal undertakes to deposit
an amount equal to the outstanding payment obligations into an account designated by the Guarantor within three (3) business days
after the receipt of the notice from the Guarantor.

 

3.2        If
the aggregate amount of the balances in the cash collateral account and all other deposit accounts of the Principal with the Guarantor
is insufficient to satisfy the Beneficiary’s claims against the Guarantor according to the Letter of Credit, the Principal
fails to deposit additional fund as set forth in the notice by the Guarantor, and the Guarantor henceforth advances payment for
the Principal to perform its guarantee obligations in favor of the Beneficiary, then the Guarantor shall have recourse against
the Principal, its successor and assignee in respect of such advance payment.

 

3.3        When
the Guarantor makes the advance payment as set forth above, the Guarantor shall have the right to receive a liquidated damage from
the Principal calculated as follows:

 

If the advance was
made in RMB, the liquidated damage = the advance × Interbank Benchmark Interest Rates for RMB Loans published by the People’s
Bank of China on the date applicable to such advance × 150% × the actual dates of the advance period; if the advance
was in foreign currency, the liquidated damage = the advance × [N/A] × the actual dates of the advance period.

 

    	-4-

    	 

    

 

The Principal shall
unconditionally repay all the advance and liquidated damages to the Guarantor immediately upon receipt of the notice of recovery
from the Guarantor.

 

3.4        The
Guarantor shall have the right to demand payment from the Principal by all reasonable means, including but not limited to facsimile
transmission, mail, personal delivery, and public notice through mass media.

 

Article 4 Amendments
to the Letter of Credit

 

The Principal shall
submit a written application for the amendment to the Letter of Credit when the Principal requests the Guarantor to amend the Letter
of Credit. When the amount of the Letter of Credit is increased and/or its term is extended, the Principal shall also increase
the amount of cash collateral and/or extend the term of the letter of counter-guarantee, or otherwise the Guarantor shall have
the right to decline the Principal’s application for amendment. The amendment to the Letter of Credit shall come into effect
upon written confirmation of the Beneficiary.

 

Article 5 Fees

 

The Principal shall
pay fees to the Guarantor according to the following provisions. The Principal hereby authorizes the Guarantor to, when any of
the following fees become payable, directly deduct and collect such fees from the Principal’s deposit account with the Guarantor.
If the balance of such account is insufficient, the Principal undertakes to deposit the shortfall of the payment into an account
designated by the Guarantor within seven (7) business days after receipt of the Guarantor’s notice.

 

5.1        Guarantee
Fee (Please tick “þ” in the “ ̈”
immediately before the applicable provision below)

 

þ
0.75‰ quarterly fee rate multiplying the amount of the Letter of Credit. The first payment shall be made by the Principal
on the date of issuance of the Letter of Credit, and afterwards to be paid by the Principal quarterly as calculated based on the
outstanding balance under the Letter of Credit (if any change in the amount under the Letter of Credit, the highest amount of the
balance during the relevant quarter applies) multiplying the quarterly fee rate (on the applicable dates) until the expiration
of the Letter of Credit.

 

 ̈
The Guarantor collects all the guarantee fee from the Principal on the date of issuance of the Letter of Credit equal to the amount
of the Letter of Credit multiplied by [N/A]%.

 

5.2        Other
Fees

 

5.2.1     All
other fees in relation to notarization (excluding the compulsory notarization) or other third-party services shall be borne by
the party that incurred such fees. If both parties hereof incurred such fees jointly, each party shall pay 50% of such fees.

 

    	-5-

    	 

    

 

5.2.2     If
the Principal fails to pay off all the obligations (including the advance) in a timely manner, the Principal shall be responsible
for all the fees the Guarantor incurred to enforce its rights as creditor including legal fees, litigation fees, travel expenses,
announcement fees and service fees.

 

Article 6 Notices

 

All the notices, requirements
and the like in relation to this Agreement from either the Principal or the Guarantor shall be in writing.

 

If to the Principal,
to:

No. 14 East Hushan
Road, Taian City, Shandong Province

If to the Guarantor,
to:

No.9 South Avenue,
Zhongguancun

Haidian District,
Beijing

 

If delivered by person,
such notice, requirement or the like shall be deemed given on the date of the recipient’s signature (if the recipient refuses
acceptance of such notice, requirement or the like, on the date of such refusal); and

 

If delivered by post,
such notice, requirement or the like shall be deemed given seven (7) days after being delivered; and if delivered by facsimile
transmission, on the date of receipt by the recipient’s facsimile system; and if the Guarantor demands payment from the Principal
through public announcement, on the date of such announcement.

 

Each party hereto shall
promptly inform the other party of any change in its contact address, otherwise the party whose contact address has changed shall
be responsible for any loss arising out of such change.

 

Article 7 Applicable
Laws

 

This Agreement is governed
by the laws of the People’s Republic of China. Any dispute or conflict arising out of the Agreement shall be settled by negotiation
by the parties hereto. If such negotiation fails in arriving at a settlement, either party may (please tick “þ”
in the “ ̈” referring to the applicable provision):

 

þ7.1   
file a lawsuit with the people’s court at of place of the Guarantor; or

 

 ̈7.2    submit
an arbitration request before the [N/A] arbitration committee; or

 

 ̈7.3    file
with (if this provision is elected, tick “þ” in the “ ̈”
below referring to the provision of choice):

 

 ̈   the
China International Economic and Trade Arbitration Commission; or

 

    	-6-

    	 

    

 

 ̈   the
China International Economic and Trade Arbitration Commission [N/A] Sub-Commission to be settled by arbitration according to the
arbitration rules of financial disputes.

 

Article 8 Miscellaneous

 

8.1        N/A

 

8.2        N/A

 

8.3        N/A

 

Article 9 Effectiveness
of the Agreement

 

This Agreement is made
in two counterparts, and shall come into effect upon the signatures/seals of the legal representatives/persons in charge or the
authorized representatives and the official seals/the contract seals of both parties hereto.

 

Special Notes:

 

1.  All
the provisions hereof have been negotiated thoroughly by the relevant parties. The Guarantor hereby reminds other relevant parties
to pay special attention to provisions hereof regarding the waiver or restriction on the responsibilities of the Guarantor, certain
unilateral rights of the Guarantor, increase in the responsibilities or restriction on rights of such other relevant parties, and
to understand such provisions completely and accurately. The Guarantor has provided relevant explanations regarding the foregoing
provisions as required by other relevant parties. All the signatories hereof share the same understanding of this Agreement as
the Guarantor.

 

2.  The
undersigned hereby acknowledge and consent that China Merchants Bank may provide credit information to the Financial Credit Information
Basic Database, members of the China Merchants Bank Group (including but not limited to the domestic wholly-owned subsidiaries
and majority-owned subsidiaries of China Merchants Bank) and China Merchants Bank’s service providers, agents and outsourcing
organizations, etc.

 

    	-7-

    	 

    

 

	Principal:	(Seal)
	Person in Charge or Authorized	 
	Representative (Signature/Seal):	 
	 	 
	Guarantor:	(Seal)
	Legal Representative/Person in Charge	 
	or Authorized Representative	 
	(Signature/Seal):	 
	 	 
	 	Date of Signature: February 26, 2014Exhibit 10.1

 

 

SEPARATION AND RELEASE AGREEMENT

 

This Separation and Release
Agreement (this “Agreement”) is made by Hurco Companies, Inc. (the “Company”) and John G.
Oblazney (“Oblazney”) as of February 28, 2014 (the “Separation Date”).

 

 

 

Recitals

 

A.Oblazney
has been employed with the Company pursuant to that certain Employment Agreement, dated March 15, 2012 (the “Employment
Agreement”).

 

B.Oblazney
has resigned his employment with the Company effective as of the Separation Date.

 

C.In
recognition of Oblazney’s loyal service to the Company and in consideration of Oblazney’s release and waiver of any
and all claims Oblazney may have against the Company Released Parties (as defined in Section 4 below) and his compliance with
the other covenants of this Agreement, the Company is willing to provide certain special post-employment compensation to Oblazney
in accordance with the terms of this Agreement. In exchange for certain special post-employment compensation as described in this
Agreement, Oblazney is willing to waive, and to release the Company Released Parties from, any and all rights or claims that Oblazney
may have and to abide by the covenants and provisions contained in this Agreement.

 

Agreement

 

In consideration of the
covenants and promises hereby provided, the actions taken pursuant thereto, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and Oblazney agree as follows:

 

1.Separation
of Employment. Oblazney and the Company agree that Oblazney has resigned his employment with the Company effective on the Separation
Date. Oblazney hereby resigns, effective as of the Separation Date, from his position as Chief Financial Officer, Vice President,
Secretary and Treasurer of the Company and also resigns from all other positions (whether as an employee, officer, director, manager,
agent, representative or otherwise) he holds with the Company or each of its subsidiaries or other affiliates. The Company will
pay Oblazney his earned but unpaid salary through the Separation Date and any accrued but unused vacation time as of the Separation
Date (such earned but unpaid salary and accrued but unused vacation time being collectively referred to as the “Final
Wages”). The Company will pay Oblazney the Final Wages on or before the Company’s next regular payroll date after
the Separation Date. Oblazney acknowledges that, except for the Final Wages, the Company has paid Oblazney all wages and other
compensation to which Oblazney is entitled in connection with Oblazney’s employment with the Company and that, except as
provided in this Agreement, Oblazney is not entitled to any additional compensation, including, without limitation, salary, wages,
vacation or bonuses, from the Company. The Company’s obligation to pay Oblazney the Final Wages is not contingent on Oblazney
entering into this Agreement or this Agreement becoming effective, and the Company will pay Oblazney the Final Wages regardless
of whether Oblazney enters into this Agreement or this Agreement becomes effective.

 

    	 

    	 

    

 

2.Special
Post-Employment Compensation. Contingent on this Agreement becoming effective (as set forth in Section 5 below), the Company
agrees to provide Oblazney with the following post-employment compensation (which Oblazney acknowledges that he is not entitled
to receive unless he enters into this Agreement): The Company will pay Oblazney the gross sum of Three Hundred Fifty Thousand Dollars
($350,000.00), payable in a single payment, less all applicable payroll tax withholdings, within ten (10) days after this Agreement
becomes effective (as set forth in Section 5 below).

 

3.Termination
of Employee Benefits. Except for any applicable COBRA rights or as otherwise may be expressly provided in any applicable employee
benefit plans, Oblazney’s eligibility to participate in, and/or Oblazney’s receipt of, all employee benefits terminated
as of the Separation Date.

 

4.General
Release of Claims. To the fullest extent permitted by applicable laws, Oblazney hereby generally, irrevocably and unconditionally
releases and forever discharges and covenants not to sue the Company, all of its subsidiaries, affiliates, successors and assigns,
and all of its and their current and/or former employees, officers, members, managers, shareholders, owners, directors, trustees,
representatives, agents, insurers, attorneys, employee benefit plans and their fiduciaries and administrators, and all persons
acting by, through, or under or in concert with any of them, both individually and in their representative capacities (collectively,
including without limitation the Company, the “Company Released Parties”) from any and all complaints, claims,
demands, liabilities, damages, obligations, injuries, actions or rights of action of any nature whatsoever, (including without
limitation claims for damages, attorneys’ fees, interest and costs), whether known or unknown, disclosed or undisclosed,
administrative or judicial, suspected or unsuspected, that exist in whole or in part as of the date Oblazney signs this Agreement,
including, but not limited to, any claims based upon, arising out of or in any manner connected with the Employment Agreement,
Oblazney’s employment with the Company, the separation of Oblazney’s employment with the Company, and/or any acts,
omissions or events occurring on or before the date Oblazney signs this Agreement. Without limiting the generality of the foregoing,
Oblazney acknowledges that the foregoing release/covenant not to sue is to be construed as broadly as possible and includes, but
is not limited to, and constitutes a complete waiver of, any and all possible claims Oblazney has or may have against the Company
Released Parties under or with respect to the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers
Benefit Protection Act), 29 U.S.C. § 621 et seq., the Civil Rights Act of 1964 and 1991, as amended,
29 U.S.C. § 2000(e), the Americans With Disabilities Act of 1990, as amended, 42 U.S.C. § 12,101
et seq., the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001 et seq.,
all other federal, state and local laws and statutes, all wrongful discharge or other state law claims and all contract claims
or other theories of recovery as of the date Oblazney signs this Agreement; provided, however, Oblazney and the Company acknowledge
and agree that the foregoing release/covenant not to sue does not release or affect (a) any rights Oblazney may have with respect
to any vested benefits under any employer benefit plans or programs of the Company, including without limitation under either the
Hurco Companies, Inc. 1997 Equity Incentive Plan and the Hurco Companies, Inc. 2008 Equity Incentive Plan; (b) any of Oblazney’s
rights under this Agreement, (c) any claims for reimbursement of business expenses incurred prior to the Separation Date or
(d) any rights or claims that may arise after the date Oblazney signs this Agreement. Oblazney has been advised by the Company
that this Agreement does not prohibit Oblazney from filing an administrative charge of discrimination with a governmental agency
such as the United States Equal Employment Opportunity Commission (“EEOC”) relating to his employment with any
of the Company Released Parties; provided, however, Oblazney waives and releases, to the fullest extent permitted by law, any and
all entitlement to any form of personal relief arising from such charge or any legal action relating to such charge. Should the
EEOC, any other administrative agency or other person bring a complaint, charge or legal action on Oblazney’s behalf against
any of the Company Released Parties based on any acts, events or omissions occurring on or before the date Oblazney signs this
Agreement, Oblazney hereby waives any rights to, and will not accept, any remedy obtained through the efforts of such agency or
person.

 

    	-2-

    	 

    

 

5.Age
Act Advisements. Oblazney acknowledges: (a) the Company has advised Oblazney that by entering into this Agreement, Oblazney
is waiving and releasing all claims against the Company Released Parties under the Age Discrimination in Employment Act of 1967,
as amended (including the Older Workers Benefit Protection Act), 29 U.S.C. § 621 et seq., as of the date Oblazney
signs this Agreement; (b) the Company has advised Oblazney to consult with an attorney prior to signing this Agreement; (c) the
Company has advised Oblazney that he has up to twenty-one (21) days to consider and accept this Agreement by signing and returning
this Agreement to the Company; (d) the Company has advised Oblazney that for a period of seven (7) days following Oblazney’s
signing of this Agreement, Oblazney may revoke this Agreement by written notice to the Company; and (e) this Agreement will
not become binding and enforceable until the seven-day revocation period has expired without Oblazney having exercised his right
of revocation.

 

6.No
Actions Commenced. Oblazney represents and warrants that, as of the date of signing this Agreement: (a) Oblazney has
not filed or submitted any complaint, charge or action of any kind in any forum, judicial, administrative or otherwise, against
any of the Company Released Parties; (b) Oblazney has no charges or complaints pending against any of the Company Released Parties
with the EEOC or any other federal, state or local governmental agency; and (c) Oblazney is not aware of any undisclosed or unresolved
corporate or regulatory compliance issues involving the Company arising under any federal, state or local law.

 

7.Cooperation
and Transition Assistance. Oblazney agrees, that for the period beginning on the Separation Date and ending November 30, 2014,
he will cooperate with the Company in the transition of knowledge he may have as of the Separation Date respecting or related to
the Company and its subsidiaries by making himself reasonably available, upon reasonable advance request, to answer questions or
otherwise provide information known to him, all without any additional remuneration; provided, however, the foregoing cooperation
obligation shall not preclude Oblazney from obtaining other employment or in any way interfere unreasonably with any such other
employment. Oblazney further agrees and covenants that if the Company desires Oblazney to provide any information or testimony
relating to any judicial, administrative or other proceeding involving the Company (or any of its subsidiaries or other affiliates),
Oblazney will cooperate in making himself reasonably available for such purposes and will provide truthful information and/or testimony.
The Company agrees to reimburse Oblazney for all necessary and reasonable out-of-pocket expenses Oblazney incurs in connection
with such matters. Should Oblazney be served with a subpoena or other legal process in any proceeding relating to the Company (or
any of its subsidiaries or other affiliates), Oblazney agrees: (a) to inform the Company immediately of such subpoena or legal
process; (b) to cooperate with the Company and its attorneys in preparing for any hearings, depositions or other formal process
by which evidence is taken or received; and (c) to provide truthful evidence in response to questions that are within the
scope of proper discovery. Oblazney further agrees to comply with any reasonable, lawful directions by the Company’s attorneys
should any litigation relating to the Company (or any of its subsidiaries or other affiliates) involve Oblazney as a witness.

 

    	-3-

    	 

    

 

8.Return
of Company Property. Oblazney represents and covenants (a) that he has returned, or will immediately return, to the Company
all property belonging to the Company, including, but not limited to, keys, access cards, files, equipment, business plans, financial
statements, computer disks or files, documents and/or any such other Company property in his possession or custody or under his
control, and (b) that he will not retain copies of any the Company’s files, documents or other property.

 

9.No
Severance Plan or Other Benefits. Oblazney acknowledges and agrees that, except as expressly provided in this Agreement, Oblazney
is not entitled to any severance payments or compensation or other benefits under any other plan or program that may be maintained
by the Company, and Oblazney hereby waives any and all rights he may have under any such plans or programs.

 

10.No
Admission. This Agreement and the actions taken pursuant to this Agreement do not constitute an admission by either party of
any wrongdoing or liability, and each party expressly denies any wrongdoing or liability.

 

11.Successors.
The Company shall have the right to assign this Agreement. This Agreement shall inure to the benefit of and may be enforced by
the Company and its successors and assigns, including, without limitation, by asset assignment, merger consolidation or other corporate
reorganization. Oblazney shall not have the right to assign this Agreement.

 

12.Entire
Agreement; Modification. This Agreement constitutes the entire agreement of the parties with respect to the subject matter
addressed herein and supersedes any prior agreements, understandings or representations, oral or written, with respect to the subject
matter addressed in this Agreement except for the provisions of the Employment Agreement relating to the post-employment obligations
of Oblazney, including, without limitation, Section 8 (Non-Disclosure of Confidential Information), Section 9 (Restrictive
Covenants), Section 10 (Company Property), Section 11 (Remedies) and all related procedural provisions, all of which
sections and provisions shall remain in effect. Oblazney acknowledges that he does not have any continuing rights or claims under
the Employment Agreement. Oblazney acknowledges that he is not relying on any representations, statements, promises or inducements,
whether oral or written, made by the Company or its representatives except those expressly stated in this Agreement. This Agreement
may not be amended, supplemented, or modified except by a written agreement signed by both Oblazney and a duly authorized officer
of the Company.

 

    	-4-

    	 

    

 

13.Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Indiana, without
application of its conflict of law rules. The Company and Oblazney agree that any legal action arising out of or relating to this
Agreement shall be commenced and maintained exclusively before any appropriate state court of record in Marion County, Indiana,
or in the United States District Court for the Southern District of Indiana, Indianapolis Division, and the parties hereby submit
to the personal jurisdiction and venue of such courts and waive any right to challenge or otherwise object to personal jurisdiction
or venue in any action commenced or maintained in such courts.

 

14.Severability.
If any provision or portion of this Agreement is determined by a court of competent jurisdiction to be unenforceable or invalid
for any reason, such unenforceability or invalidity shall not affect the enforceability or invalidity of the remainder of the Agreement.
Should any covenant or provision of this Agreement be determined by a court of competent jurisdiction to be unenforceable or invalid
for any reason, such covenant or provision shall be enforced to the maximum extent permitted by applicable law.

 

15.Construction.
This Agreement is the result of negotiations between the parties, and no party shall be deemed to be the drafter of this Agreement.
This Agreement shall be interpreted without any presumption or inference based upon or against the party causing this Agreement
to be prepared. The language of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not
strictly for or against any party.

 

16.Counterparts.
This Agreement may be executed in one or more counterparts (or upon separate signature pages bound together into one or more counterparts),
all of which taken together shall constitute but one agreement. Signatures transmitted by facsimile or other electronic means are
acceptable the same as original signatures for execution of this Agreement.

 

17.Acknowledgment.
Oblazney acknowledges that he has read this Agreement, that he has had ample time to consider this Agreement, that he has had the
opportunity to consult with his own attorney concerning this Agreement, and that he is knowingly and voluntarily entering into
this Agreement, intending to be legally bound.

 

IN WITNESS WHEREOF, the
Company and Oblazney have executed this Agreement on the dates indicated below, intending it to become effective as set forth above.

 

 

	OBLAZNEY	 	COMPANY
	 	 	 
	 	 	HURCO COMPANIES, INC.
	 	 	 
	 	 	 
	/s/ John G. Oblazney	 	By: /s/ Michael Doar
	John G. Oblazney	 	Michael Doar
	 	 	Chairman and CEO
	Date:  February 28, 2014	 	Date: February 28, 2014

 

 

    	-5-

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