Document:

EX-10.3

 Exhibit 10.3 

SETTLEMENT AGREEMENT 

This Settlement Agreement (the “Agreement”) is entered into as of May 14, 2013 by and among Maria Vafiades (the
“Executive”), Independent Bank Corp., a Massachusetts corporation, Rockland Trust Company, a Massachusetts-chartered trust company and wholly owned subsidiary of Independent Bank Corp. (collectively, “Buyer”), Mayflower Bancorp,
Inc., a Massachusetts corporation (“Seller”), and Mayflower Co-operative Bank, a Massachusetts-chartered co-operative bank and wholly owned subsidiary of Seller (“Seller Bank”). 

WITNESSETH: 
 WHEREAS,
Buyer, Seller and Seller Bank are entering into an Agreement and Plan of Merger, dated as of May 14, 2013 (the “Merger Agreement”) pursuant to which Buyer will acquire the Seller Bank through the transactions set forth in the Merger
Agreement (the “Merger”); and 
 WHEREAS, Buyer, Seller, Seller Bank and the Executive desire to enter into this Agreement, which
shall terminate the Executive’s employment with the Seller Bank and the Employment Agreement by and between Seller Bank and the Executive dated December 31, 2008, as amended (the “Employment Agreement”), in each case effective
immediately prior to the Effective Time of the Merger, and in lieu of any rights and payments under the Employment Agreement, the Executive shall be entitled to receive a lump sum cash payment of $291,059 and such other rights and payments set forth
herein; 
 NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration the receipt and sufficiency of which
is hereby acknowledged, the Executive, Buyer, Seller, and the Seller Bank agree as follows: 
 1. Payments and Other Rights. 

1.1 Lump Sum Cash Payment. On the business day coinciding with or next following the eighth day after the Closing Date, provided
(i) the Executive is still employed by Seller Bank immediately prior to the Effective Time of the Merger and (ii) the Executive has not revoked the release contained in Section 4 hereof, Seller Bank shall make an aggregate lump sum
payment to the Executive in an amount equal to the total of $291,059, in full satisfaction of the obligations of Seller Bank under the Employment Agreement in connection with the termination of the Executive’s employment with Seller Bank
effective immediately prior to the Effective Time of the Merger, less applicable tax withholdings (the total of such sum, the “Severance Amount”). Should the Closing Date occur after the expiration and renewal date of the Employment
Agreement, then such Severance Amount shall be increased by the percentage increase in base salary provided to the Executive under the extended term of the Employment Agreement but not to exceed 4%. 

For tax purposes, the Severance Amount may be deemed to be a payment of deferred compensation under a nonqualified deferred compensation plan as described in
Section 409A of 

 
the Code. To facilitate the payment of the Severance Amount on the Payment Date, the Seller Bank will terminate the portion of the Employment Agreement that may be deemed to provide the Executive
with the right to nonqualified deferred compensation immediately prior to the Effective Time and pay the Severance Amount on the Payment Date in accordance with Treasury Regulation section 1.409A-3(j)(4)(ix)(B) which permits termination of deferred
compensation arrangements but only if, among other things, all payments are made within one year of the change in control. 
 The parties hereby agree
that the Severance Amount as determined in the manner provided under this Section 1.1 is final and binding on all parties and shall not be subject to further adjustment and that the Severance Amount and any amounts described in Section 1.2
below shall not be paid until the Section 409A waiting period described in Section 2 below has passed, as may be applicable. In consideration of the provisions of this Agreement, Buyer, Seller and Seller Bank hereby agree that the
Employment Agreement shall terminate without any further action of any of the parties hereto, effective immediately prior to the Effective Time of the Merger. The Executive agrees that the Severance Amount, together with satisfaction of the
obligations set forth in this Agreement, shall be in complete satisfaction of all rights to payments or benefits under the Employment Agreement or any other severance program except as otherwise set forth in this Agreement. Seller and Seller Bank
agree to accrue the amounts payable under this Section 1.1 on their financial statements as of the Closing Date as reasonably directed by Buyer. 

1.2 Other Rights. The Executive shall additionally be entitled to the payment of the Merger Consideration with respect to the
Executive’s common stock of Seller or payments with respect to Seller stock options as contemplated by the Merger Agreement. In addition, the Executive shall be entitled to receive any benefits that are accrued and vested as of the Effective
Time under the terms of the Seller Bank’s Deferred Compensation Plan, including the change of control benefits referenced in Article X thereof. For avoidance of doubt, the Executive shall also be entitled to receive any benefits that are
accrued and vested under the terms of Seller Bank’s tax-qualified retirement plans, any base salary earned while employed by the Seller Bank but unpaid as of the Effective Time, any vacation days earned during the fiscal year in which the
Closing Date occurs while employed with the Seller Bank but unused as of the Effective Time, any right to purchase continuation coverage under any group health plan in which the Executive (or any qualified beneficiary of the Executive) was enrolled
as of the Effective Time under the terms of the Seller Bank’s plan and as required under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA), any right to convert at the Executive’s sole expense group insurance
coverage to an individual insurance policy under the terms of the applicable insurance policy and applicable State law, and any right to reimbursement of business expenses incurred prior to the Effective Time in accordance with the applicable Seller
Bank’s expense reimbursement policy. 
 2. Section 409A of the Code. The parties to this Agreement intend for the payments
pursuant to Section 1.1 and Section 1.2 to satisfy the “short-term deferral” exception under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) or to be otherwise exempt from the application
of Section 409A. However, notwithstanding anything to the contrary in this Agreement, to the extent payments do not meet the short-term deferral exception of Section 409A of the Code, the involuntary separation pay exception of
Section 409A, or are 

  
 2 

 
otherwise exempt from Section 409A, then in the event the Executive is a “specified employee” (as defined for purposes of Section 409A of the Code), no payment constituting
the payment of deferred compensation under a nonqualified deferred compensation plan (as defined for purposes of Section 409A of the Code) shall be made to the Executive under this Agreement prior to the first day of the seventh month following
his “separation from service” (as defined for purposes of Section 409A of the Code) with Seller Bank. 
 3.
Section 280G Cut-Back. Notwithstanding anything in this Agreement to the contrary, in no event shall any payments be made or benefits provided under this Agreement which, when combined with all other payments and benefits to the
Executive, would render any such payment or benefit nondeductible under Section 280G of the Code or trigger an excise tax under Section 4999 of the Code. In such event, the payments and/or benefits to be provided under this Agreement shall
be reduced to the maximum amount which can be deducted under Section 280G of the Code. 
 4. Termination of Employment;
Releases. The Executive’s employment with Seller Bank shall terminate effective immediately prior to the Effective Time. Subject to payment of the Severance Amount, the Executive, for himself and for his heirs, successors and assigns, does
hereby release completely and forever discharge Buyer, Seller and Seller Bank, their respective affiliates and successors and the current and former directors, officers, employees and agents of each of them (any and all of which are referred to
below as the “Releasees”) from any obligation under the Employment Agreement and any and all other claims, demands, proceedings, agreements (express or implied), obligations, liabilities and causes of action whatsoever, whether known or
unknown, whether arising under common law, in equity or under statute, which the Executive or his heirs, successors or assigns now have, have ever had or may hereafter have against the Releasees relating to or arising out of any matter related
solely to the period prior to the date of the Executive’s execution of this Agreement, in each case except for the obligations of Buyer specified in this Section 4 below. This Agreement shall not release Buyer, Seller or Seller Bank, as
applicable, from any of the following: (a) obligations to pay to the Executive wages and make payments for accrued but unused vacation earned up to the Effective Time of the Merger to the extent required by applicable law; (b) the
obligations of the Buyer described in Section 1.2 above; or (c) the obligations of Buyer under the indemnity provisions of Section 5.10 of the Merger Agreement. 

5. Protective Covenant. Unless Executive first secures Buyer’s consent, Executive will not disclose or use, at any time, any
secret or confidential information of Seller or Seller Bank of which Executive became informed during the Executive’s employment, whether or not developed by the Executive. The term “confidential information: includes, without limitation,
financial information, business plans, prospects, and opportunities (such as lending relationships, financial product developments, or possible acquisitions or dispositions of business or facilities) which have been discussed or considered by the
Seller or Seller Bank’s management, but does not include any information which has become part of the public domain by means other than Executive’s non-observance of the Executive’s obligations hereunder. 

  
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 6. General. 

6.1 Heirs, Successors and Assigns. The terms of this Agreement shall be binding upon the parties hereto and their respective heirs,
successors and assigns. 
 6.2 Final Agreement. This Agreement represents the entire understanding of the parties with respect to the
subject matter hereof and supersedes all prior understandings, written or oral. The terms of this Agreement may be changed, modified or discharged only by an instrument in writing signed by each of the parties hereto. 

6.3 Withholdings. Seller, Seller Bank and Buyer may withhold from any amounts payable under this Agreement such federal, state, or
local taxes as may be required to be withheld pursuant to applicable law or regulation. 
 6.4 Governing Law. This Agreement shall be
construed, enforced and interpreted in accordance with and governed by the laws of the Commonwealth of Massachusetts, without reference to its principles of conflicts of law, except to the extent that federal law shall be deemed to preempt such
state laws. 
 6.5 Defined Terms. Any capitalized terms not defined in this Agreement shall have as their meaning the definitions
contained in the Merger Agreement. 
 6.6 Voluntary Action and Waiver. The Executive acknowledges that by the Executive’s free
and voluntary act of signing below, the Executive agrees to all of the terms of this Agreement and intends to be legally bound thereby. The Executive acknowledges that the Executive has been advised to consult with an attorney prior to executing
this Agreement. 
 6.7 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be
an original but all of which together shall constitute one and the same instrument. 
 7. Effectiveness. Notwithstanding anything to
the contrary contained herein, this Agreement shall be subject to consummation of the Merger in accordance with the terms of the Merger Agreement, as the same may be amended by the parties thereto in accordance with its terms. In the event the
Merger Agreement is terminated for any reason, this Agreement shall be deemed null and void with respect to all actions not yet taken pursuant to this Agreement. 

[Signature page follows] 

  
 4 

 IN WITNESS WHEREOF, Buyer, Buyer Bank, Seller and Seller Bank have each caused this Agreement to
be executed by their duly authorized officers, and the Executive has signed this Agreement, effective as of the date first above written. 
  

									
	WITNESS:	 		 	EXECUTIVE:
			
	 /s/ John J. Biggio
	 		 	 /s/ Maria Vafiades

	Name:	 		 		 	Name:	 	Maria Vafiades
			
		 		 	INDEPENDENT BANK CORP.
				
		 		 	By:	 	 /s/ Christopher Oddleifson

		 		 	Name:	 	Christopher Oddleifson
		 		 	Title:	 	President and Chief Executive Officer
			
		 		 	ROCKLAND TRUST COMPANY
				
		 		 	By:	 	 /s/ Christopher Oddleifson

		 		 	Name:	 	Christopher Oddleifson
		 		 	Title:	 	President and Chief Executive Officer
			
	ATTEST:	 		 	MAYFLOWER BANCORP, INC.
				
	 /s/ John J. Biggio
	 		 	By:	 	 /s/ Edward M. Pratt

	Name:	 	John J. Biggio	 		 	Name:	 	Edward M. Pratt
		 		 	Title:	 	President & Chief Executive Officer
			
	ATTEST:	 		 	MAYFLOWER CO-OPERATIVE BANK
				
	 /s/ John J. Biggio
	 		 	By:	 	 /s/ Edward M. Pratt

	Name:	 	John J. Biggio	 		 	Name:	 	Edward M. Pratt
		 		 		 	Title:	 	President & Chief Executive Officer

  
 5EX-10.1

 Exhibit 10.1 

WAIVER AND FIFTH AMENDMENT 

TO CREDIT AGREEMENT 
 This
Waiver and Fifth Amendment to Credit Agreement (this “Amendment”), with an effective date of November 11, 2013, is entered into by and among the Lenders identified on the signature pages hereof (such Lenders, together with
their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), BMO Harris Bank N.A., formerly known as Harris N.A., as
administrative agent for the Lenders (in such capacity, “Agent”), and Cobra Electronics Corporation, a Delaware corporation (“Borrower”). 

WHEREAS, Borrower, Agent, and the Lenders are parties to that certain Credit Agreement dated as of July 16, 2010 (as amended, modified or
supplemented from time to time, the “Credit Agreement”); 
 WHEREAS, Borrower has informed Agent and the Lenders that an
Event of Default exist under Section 9.1(b) of the Credit Agreement as a result of Borrower permitting the Fixed Charge Coverage Ratio for the twelve month period ending on September 30, 2013 to be less than 1.10 to 1.00, constituting a
breaches of Section 8.22(b) of the Credit Agreement (the “Existing Event of Default”); and 
 WHEREAS, Borrower has
requested that Agent and the Lenders agree to (a) waive the Existing Event of Default and (b) amend and modify the Credit Agreement as provided herein, in each case, subject to the terms and conditions contained herein. 

NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows: 

1. Defined Terms. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the
Credit Agreement. 
 2. Waiver. Subject to the satisfaction of the conditions set forth in Section 6 below and in reliance
upon the representations and warranties of Borrower set forth in Section 7 below, Agent and the Lenders hereby waive the Existing Event of Default. This is a limited waiver and shall not be deemed to constitute a waiver of any other
Event of Default or any future breach of the Credit Agreement or any of the other Loan Documents or any other requirements of any provision of the Credit Agreement or any other Loan Documents. 

3. Amendments to Credit Agreement. Subject to the satisfaction of the conditions set forth in Section 6 below and in
reliance upon the representations and warranties of Borrower set forth in Section 7 below, the Credit Agreement is amended as follows: 

 (a) Annex I of the Credit Agreement is hereby amended to add the following defined terms in
appropriate alphabetical order as follows: 
 ““Fifth Amendment Effective Date” means November 11,
2013.” 
 ““Interest Reserve” means a reserve in an amount equal to $100,000.00; provided that
such reserve shall be reduced to $0 when the Fixed Charge Coverage Ratio, for the twelve month period measured as of the last day of a fiscal quarter, exceeds 1.10 to 1.0 for two consecutive fiscal quarters ending after the Fifth Amendment Effective
Date. 
 (b) The defined term “Applicable Margin” set forth in Annex I of the Credit Agreement is hereby amended and restated in
its entirety as follows: 
 ““Applicable Margin” means with respect to Loans, Reimbursement Obligations and
letter of credit fees payable under Section 2.1 hereof with respect to Standby Letters of Credit and Commercial Letters of Credit, in each case until the first Pricing Date, the rates per annum shown opposite Level IV below, and thereafter from
one Pricing Date to the next, the Applicable Margin means the rates per annum determined in accordance with the following schedule: 
  

																			
	 Level
	  	 Fixed Charge Coverage Ratio
	  	Applicable
Margin for Base
Rate Loans and
Reimbursement
Obligations	 	 	Applicable
Margin for
Eurodollar Loans	 	 	Applicable
Margin for letter
of credit fees
with respect to
Standby Letters
of Credit	 	 	Applicable
Margin for letter
of credit fees
with respect to
Commercial
Letters of Credit	 
	 IV
	  	Less than 1.20 to 1.0	  	 	2.25	% 	 	 	3.75	% 	 	 	3.75	% 	 	 	1.875	% 
	 III
	  	Greater than or equal to 1.20 to 1.0 but less than 1.75 to 1.0	  	 	2.00	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	1.750	% 
	 II
	  	Greater than or equal to 1.75 to 1.0 but less than or equal to 2.25 to 1.0	  	 	1.75	% 	 	 	3.25	% 	 	 	3.25	% 	 	 	1.625	% 
	 I
	  	Greater than 2.25 to 1.0	  	 	1.50	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	1.500	% 

 For purposes hereof, the term “Pricing Date” means, for any fiscal quarter of the
Borrower ending on or after December 31, 2013, the date on which the Administrative Agent is in receipt of the Borrower’s most recent financial statements (and, in the case of the year-end financial statements, audit report) for the fiscal
quarter then ended, pursuant to Section 8.5 hereof. The Applicable Margin shall be established based on the Fixed Charge Coverage Ratio measured as of the last day of each fiscal quarter, commencing with the fiscal quarter ending
December 31, 2013. The Applicable Margin established on a Pricing Date shall remain in effect until the next Pricing Date. If the Borrower has not delivered its financial statements by the date such financial statements (and, in the case of the
year-end financial statements, 

  
 2 

 
audit report) are required to be delivered under Section 8.5 hereof, until such financial statements and audit report are delivered, the Applicable Margin shall be the highest Applicable
Margin (i.e. Level IV pricing shall apply). If the Borrower subsequently delivers such financial statements before the next Pricing Date, the Applicable Margin established by such late delivered financial statements shall take effect from the
date of delivery until the next Pricing Date. In all other circumstances, the Applicable Margin established by such financial statements shall be in effect from the Pricing Date that occurs immediately after the end of the fiscal quarter covered by
such financial statements until the next Pricing Date. Each determination of the Applicable Margin made by the Administrative Agent in accordance with the foregoing shall be conclusive and binding on the Borrower and the Lenders, subject to
adjustment for manifest error.” 
 (c) The defined term “Borrowing Base” set forth in Annex I of the Credit Agreement is
hereby amended and restated in its entirety as follows: 
 ““Borrowing Base” means, as of any time it is to be
determined, the result of: 
 (a) 85% of the difference between the then outstanding unpaid amount of Eligible Receivables
less any and all returns, rebates, discounts, claims, credits, allowances and/or finance charges of any nature at any time issued, owing, available to or claimed by Account Debtors, granted, outstanding or payable in connection with such Eligible
Receivables at such time; plus 
 (b) the lesser of (i) the sum of 65% of the value, computed at the lower of cost or market using the
first-in first-out method of Inventory valuation applied by the Borrower in accordance with GAAP, of Eligible Inventory, and (ii) the sum of 85% of the Net Orderly Liquidation Value, based on the then most recent appraisal of Eligible
Inventory; plus 
 (c) the least of (i) the sum of 65% of the value, computed at the lower of cost or market using the first-in
first-out method of Inventory valuation applied by the Borrower in accordance with GAAP, of Eligible In-Transit Inventory and (ii) the sum of 85% of the Net Orderly Liquidation Value, based on the most recent appraisal, of Eligible In-Transit
Inventory and (iii) $12,000,000; plus 
 (d) with respect to Letters of Credit issued for the purpose of purchasing Eligible In-Transit
Inventory, the lesser of (i) the sum of 65% of the value, computed at the lower of cost or market using the first-in first-out method of Inventory valuation applied by the Borrower in accordance with GAAP, of such underlying Eligible In-Transit
Inventory and (ii) the sum of 85% of the Net Orderly Liquidation Value, based on the most recent appraisal, of such underlying Eligible In-Transit Inventory (provided, that in no event shall the aggregate sum of clauses (c) and (d) of
this definition exceed $12,000,000); plus 
 (e) the Real Estate Availability; plus 

  
 3 

 (f) the Insurance Availability; minus 

(g) the Interest Reserve; 

provided, that the Borrowing Base shall be computed only as against and on so much of the Collateral as is included on
the Borrowing Base Certificates furnished from time to time by the Borrower pursuant to the terms hereof and, if required by the Administrative Agent pursuant to any of the terms hereof or any Collateral Document, as verified by such other evidence
reasonably required to be furnished to the Administrative Agent pursuant hereto or pursuant to any such Collateral Document.” 
 4.
Continuing Effect. Except as expressly set forth in Section 2 of this Amendment, nothing in this Amendment shall constitute a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other
Loan Document or a waiver of any other terms or provisions thereof, and the Credit Agreement and the other Loan Documents shall remain unchanged and shall continue in full force and effect, in each case as amended hereby. 

5. Reaffirmation and Confirmation. Borrower hereby ratifies, affirms, acknowledges and agrees that the Credit Agreement and the other
Loan Documents, in each case as amended hereby, represent the valid, enforceable and collectible obligations of Borrower, and further acknowledges that there are no existing claims, defenses, personal or otherwise, or rights of setoff whatsoever
with respect to the Credit Agreement or any other Loan Document. Borrower hereby agrees that this Amendment in no way acts as a release or relinquishment of the Liens and rights securing payments of its Obligations. The Liens and rights securing
payment of its Obligations are hereby ratified and confirmed by Borrower in all respects. 
 6. Conditions to Effectiveness. This
Amendment shall become effective as of the date hereof and upon the satisfaction of the following conditions precedent: 
 (a) Each party
hereto shall have executed and delivered this Amendment to Agent; 
 (b) Borrower shall have paid to Agent, for the pro rata benefit of the
Lenders, an amendment fee equal to $35,000; and 
 (c) No Default or Event of Default (other than the Existing Event of Default) shall have
occurred and be continuing on the date hereof or as of the date of the effectiveness of this Amendment. 
 7. Representations and
Warranties. In order to induce Agent and the Lenders to enter into this Amendment, Borrower hereby represents and warrants to Agent and Lenders, after giving effect to this Amendment: 

(a) All representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct on and as of the
date of this Amendment, in each case as if then made, other than representations and warranties that expressly relate solely to an earlier date (in which case such representations and warranties were true and correct on and as of such earlier date);

  
 4 

 (b) No Default or Event of Default (other than the Existing Event of Default) has occurred and is
continuing; 
 (c) This Amendment constitutes a legal, valid and binding obligation of Borrower and is enforceable against Borrower in
accordance with its respective terms. 
 8. Miscellaneous. 

(a) Expenses. Borrower agrees to pay on demand all costs and expenses of Agent (including the reasonable fees and expenses of outside
counsel for Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection
herewith. All obligations provided herein shall survive any termination of this Amendment and the Credit Agreement as amended hereby. 
 (b)
Governing Law. This Amendment shall be a contract made under and governed by the internal laws of the State of Illinois. 
 (c)
Counterparts. This Amendment may be executed in any number of counterparts, and by the parties hereto on the same or separate counterparts, and each such counterpart, when executed and delivered, shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same Amendment. 
 9. Release. 

(a) In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and the
Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such
other Persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies,
agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a
“Claim” and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which Borrower or any of its respective successors, assigns, or other legal
representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time on or prior to the day and date of
this Amendment, including, without limitation, for or on account of, or in relation to, or in any way in connection with any of the Credit Agreement, or any of the other Loan Documents or transactions thereunder

  
 5 

 
or related thereto, other than to the extent of those Claims which arise from the gross negligence or willful misconduct of the applicable Releasee as determined in a final, non-appealable
judgment by a court of competent jurisdiction. 
 (b) Borrower understands, acknowledges and agrees that the release set forth above may be
pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. 

(c) Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered
shall affect in any manner the final, absolute and unconditional nature of the release set forth above. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized and delivered as of the date first above written. 
  

			
	COBRA ELECTRONICS CORPORATION
		
	By:	 	/s/ Robert J. Ben
	Name:	 	Robert J. Ben
	Title:	 	Senior Vice President and CFO
		 	
	BMO HARRIS BANK N.A., formerly known as Harris N.A., in its individual capacity as a Lender and as Agent
		 	
	By:	 	/s/ William J. Kennedy
	Name:	 	William J. Kennedy
	Title:	 	Vice President
		 	
	FIFTH THIRD BANK, in its individual capacity as as a Lender
		 	
	By:	 	/s/ Herbert Kidd II
	Name:	 	Herbert Kidd II
	Title:	 	Vice President

 Signature Page to Waiver and Fifth Amendment to Credit Agreement

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