Document:

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Exhibit
10.1</U></B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A<FONT STYLE="text-transform: uppercase">mendment
to Loan DOCUMENTS</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">THIS
<B>AMENDMENT</B> </FONT>to Loan Documents (this<B> </B>&ldquo;Amendment&rdquo;) is entered into as of December 23, 2011 (the &ldquo;December
2011 Amendment Date&rdquo;), by and between SILICON VALLEY BANK, a California corporation (&ldquo;Bank&rdquo; or &ldquo;Silicon&rdquo;),
and ENCISION INC., a Colorado corporation (&ldquo;Borrower&rdquo;). Borrower&rsquo;s chief executive office is located at 6797
Winchester Circle, Boulder, CO 80301.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; font-variant: small-caps"><B>Recitals</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>A.</B>&#9;Borrower
and Bank are parties to that certain Loan and Security Agreement dated as of November 10, 2006 (as amended, restated, supplemented
or otherwise modified from time to time, the &ldquo;Loan Agreement&rdquo;) in effect between Borrower and Bank.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>B.</B>&#9;Bank
has extended credit to Borrower for the purposes permitted in the Loan Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>C.</B>&#9;Borrower
has requested that Bank amend the Loan Agreement to, among other things: (i) extend the Revolving Line Maturity Date, as set forth
in Section 2.1 below; (ii) provide for Bank&rsquo;s limited waiver of the Designated Defaults, as set forth in Section 2.2 below;
(iii) modify the financial covenant, as set forth in Section 2.3 below; and (iv) modify the form of Compliance Certificate to
conform same in respect of the financial covenant modification, as set forth in Section 2.4 below; (v) reduce the inventory sublimit
portion of the Borrowing Base, as set forth in Section 2.5 below; (vi) modify the interest rate applicable to Advances, as set
forth in Section 2.6 below; (vii) modify the provisions of Section 6.13 of the Loan Agreement and the definition of &ldquo;Dominion
Trigger Event&rdquo;, as set forth in Section 2.7 below; and (viii) add further reporting requirements under Section 6.2(a) of
the Loan Agreement, as set forth in Section 2.8 below; in each case, all as more fully set forth herein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>D.</B>&#9;Bank
has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions and in reliance upon the representations and warranties set forth below.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; font-variant: small-caps"><B>Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; font-variant: small-caps"><B>Now,
Therefore,</B></FONT> in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy
of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Definitions.</B> Capitalized terms used but not defined in this Amendment shall have the meanings given to them
in the Loan Agreement. The term &ldquo;December 2011 Amendment Date&rdquo; as defined above hereby is incorporated into the Loan
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Amendments to Loan Documents.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Extension of Revolving Line Maturity Date</B>. The definition of Revolving Line Maturity Date set forth in Section 13.1 of the
Loan Agreement, which definition currently reads as follows (italics added):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&ldquo;
<B>&ldquo;Revolving Line Maturity Date&rdquo;</B> is December 23, 2011. &rdquo;</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">hereby
is amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;
<B>&ldquo;Revolving Line Maturity Date&rdquo;</B> is January 23, 2012. &rdquo;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Designated Defaults; Limited Waiver.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
Borrower has failed to comply with the Net Income financial covenant, as set forth in Section 6.9 of the Loan Agreement (as in
effect immediately prior to the effectiveness of this Amendment), for the period ended August 31, 2011 and for the period ended
September 30, 2011 and for the period ended October 31, 2011, and is anticipated to fail to comply with the Net Income financial
covenant, as set forth in Section 6.9 of the Loan Agreement (as in effect immediately prior to the effectiveness of this Amendment),
for the period ended November 30, 2011 (such failures and anticipated failure, solely with respect to such financial covenant
for each such measurement date or period, are referred to herein individually as a &ldquo;Designated Default&rdquo; and collectively
as the &ldquo;Designated Defaults&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
Subject to Section 2.7 below, Lender and Borrower hereby agree that, so long as no Default or Event of Default, other than the
Designated Defaults, has occurred and is continuing as of the date of effectiveness of this Amendment, then, upon the effectiveness
of this Amendment, the Designated Defaults hereby are waived. It is understood, however, that such foregoing waiver of the Designated
Defaults does not constitute a waiver of the aforementioned financial covenant with respect to any other date or time period,
or of any other provision or term of the Loan Agreement or any other Loan Document, nor an agreement to waive in the future such
financial covenant with respect to any other date or time period or any other provision or term of the Loan Agreement or any other
Loan Document.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Modification of Financial Covenant</B>. Effective immediately and at all times from and after the December 2011 Amendment Date,
Section 6.9 of the Loan Agreement, which currently reads as follows (italics added):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#9;&ldquo;6.9
&#9;Financial Covenant(s).</I></B><I> Borrower shall maintain, as of the last day of each month, Net Income, for and measured
on a trailing three month basis, of not less than the following [note: amounts shown below within pointed brackets (&lt; $ &gt;)
are negative amounts]:</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Three-month
                                                                      Period Ending</U></I></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: left; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P></TD>
    <TD STYLE="width: 50%; font: italic 12pt Times New Roman, Times, Serif; padding-right: 0.5in; text-align: right; text-indent: 0in; text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minimum
    Net Income</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>August
                                                          31, 2010</I></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P></TD>
    <TD STYLE="font: italic 12pt Times New Roman, Times, Serif; padding-right: 0.5in; text-align: right; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&lt;
    $200,000 &gt;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>September
                                                          30, 2010</I></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P></TD>
    <TD STYLE="font: italic 12pt Times New Roman, Times, Serif; padding-right: 0.5in; text-align: right; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&lt;
    $200,000 &gt;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>October
                                                          31, 2010</I></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P></TD>
    <TD STYLE="font: italic 12pt Times New Roman, Times, Serif; padding-right: 0.5in; text-align: right; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
    &lt; $50,000 &gt;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: italic 12pt Times New Roman, Times, Serif; padding-right: 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November
    30, 2010, and each month thereafter</FONT></TD>
    <TD STYLE="font: italic 12pt Times New Roman, Times, Serif; padding-right: 0.5in; text-align: right; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$1</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Notwithstanding
anything to the contrary elsewhere herein, negative Net Income for any period shall be calculated as pre-tax loss plus stock option
expense.&rdquo;</I><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">hereby
is amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9;&ldquo;6.9
&#9;Financial Covenant(s).</B> Borrower shall maintain, at all times (and tested at any and all times) from and after the December
2011 Amendment Date, Adjusted Liquidity (as defined below) of not less than $250,000.00. As used herein, the term &ldquo;Adjusted
Liquidity&rdquo; means, as of any date of determination, the sum of the Excess Availability (as defined below) plus Borrower&rsquo;s
unrestricted cash on deposit at Bank. As used herein, the term &ldquo;Excess Availability&rdquo; means, as of any date of determination,
an amount equal to the result of (1) the lower of (y) the maximum Revolving Line amount) and (z) the Borrowing Base, minus (2)
the aggregate amount of all outstanding Advances and all applicable Reserves.&rdquo;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Without
limiting the generality of the foregoing and for the avoidance of doubt, the Net Income financial covenant that had been set forth
in Section 6.9 of the Loan Agreement (as in effect immediately prior to the effectiveness of this Amendment) is deleted by virtue
of the foregoing amendment and restatement of Section 6.9, and therefore such Net Income financial covenant no longer is applicable
with respect to the test period ending December 31, 2011 or any subsequent test period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Conforming Modification of Form of Compliance Certificate.</B> In order to amend the form of Compliance Certificate to reflect
the modification of Section 6.9 of the Loan Agreement effected by Section 2.3 of this Amendment, the currently existing Exhibit
E [Form of Compliance Certificate] attached to the Loan Agreement (the &ldquo;Existing Compliance Certificate Form&rdquo;) hereby
is amended and restated in its entirety to read as set forth on Exhibit E attached to this Amendment (the &ldquo;Amended Compliance
Certificate Form&rdquo;). From and after the December 2011 Amendment Date, any and all references in the Loan Documents to Exhibit
E attached to the Loan Agreement shall mean and refer to the Amended Compliance Certificate Form instead of the Existing Compliance
Certificate Form.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Modification of the Inventory Sublimit Portion of the Borrowing Base</B>. The definition of Borrowing Base set forth in Section
13.1 of the Loan Agreement, which definition currently reads as follows (italics added):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&ldquo;
&ldquo;<B>Borrowing Base</B>&rdquo; is (a) 80% of Eligible Accounts plus (b) the lesser of 35% of the value of Borrower&rsquo;s
Eligible Inventory (valued at the lower of cost or wholesale fair market value) or $400,000.00, as determined by Bank from Borrower&rsquo;s
most recent Borrowing Base Certificate; provided, however, that Bank may decrease the foregoing percentages in its good faith
business judgment based on events, conditions, contingencies, or risks which, as determined by Bank; may adversely affect Collateral.
&rdquo;</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">hereby
is amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;
<B>&ldquo;Borrowing Base&rdquo;</B> is the sum of (a) 80% of Eligible Accounts plus (b) the lowest of (i) 35% of the value of
Borrower&rsquo;s Eligible Inventory (valued at the lower of cost or wholesale fair market value) or (ii) $400,000.00 or (iii)
35% of Eligible Accounts, as determined by Bank from Borrower&rsquo;s most recent Borrowing Base Certificate; provided, however,
that Bank may decrease the foregoing percentages in its good faith business judgment based on events, conditions, contingencies,
or risks which, as determined by Bank; may adversely affect Collateral. &rdquo;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Modification of Interest Rate Applicable to Advances</B>. Section 2.3(a) of the Loan Agreement, which currently reads as follows
(italics added):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#9;&ldquo;</I></B><I>(a)
&#9;<U>Interest Rate</U>; <U>Advances</U>. Subject to Section 2.3(b), the amounts outstanding under the Revolving Line shall accrue
interest at a per annum rate equal to the sum of the Loan Margin (as defined below) plus the Prime Rate, which interest shall
be payable monthly. As used herein, the term &ldquo;Loan Margin&rdquo; means, as of any date of determination: (I) <B>2.50</B>
percentage points, at all times after the occurrence of a Dominion Trigger Event and until the Bank has suspended the consequences
of a Dominion Trigger Event under Section 6.13; and (II) <B>1.25</B> percentage points, at all times during which the Bank has
suspended (and not reinstated) the consequences of a Dominion Trigger Event under Section 6.13.&rdquo;</I></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">hereby
is amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9;&ldquo;</B>(a)
&#9;<U>Interest Rate</U>; <U>Advances</U>. Subject to Section 2.3(b), the amounts outstanding under the Revolving Line shall accrue
interest at a per annum rate equal to the sum of the Loan Margin (as defined below) plus the Prime Rate, which interest shall
be payable monthly. As used herein, the term &ldquo;Loan Margin&rdquo; means, as of any date of determination, <B>3.50</B> percentage
points.&rdquo;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Conforming Modifications of Section 6.13 and definition of &ldquo;Dominion Trigger Event&rdquo;; Acknowledgment of Permanent Dominion
Trigger Event</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)
The definition of &ldquo;Dominion Trigger Event&rdquo; set forth in Section 13.1 of the Loan Agreement, which definition currently
reads as follows (italics added):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&ldquo;
&ldquo;Dominion Trigger Event&rdquo; </I></B><I>means the determination by Bank that Borrower&rsquo;s Quick Ratio is less than
1.25 to 1.00 as of the end of any month.&rdquo;</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">hereby is
amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;
&ldquo;Dominion Trigger Event&rdquo; </B>means the determination by Bank that Borrower&rsquo;s Quick Ratio is less than 1.25 to
1.00 as of October 31, 2011.&rdquo;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrower
hereby acknowledges and confirms Bank&rsquo;s determination that Borrower&rsquo;s Quick Ratio of 1.00 to 1.00 as of October 31,
2011 constitutes the Dominion Trigger Event, and Borrower and Bank hereby agree that the consequences of such Dominion Trigger
Event (as set forth in Section 6.13 of the Loan Agreement) are and shall remain in effect indefinitely.&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)
Section 6.13 of the Loan Agreement, which currently reads as follows (italics added):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#9;&ldquo;6.13
&#9;Dominion Trigger Events.</I></B><I> After the occurrence of a Dominion Trigger Event, at such time as Borrower&rsquo;s Quick
Ratio equals or exceeds 1.25 to 1.00 for three (3) consecutive months, Borrower may request that the consequences of the Dominion
Trigger Event (being: higher interest rate Loan Margin pursuant to Section 2.3(a); float charges pursuant to Section 2.3(f); collateral
monitoring fees pursuant to Section 2.4(d); Transaction Reports pursuant to Sections 3.4 and 6.2(a)(i); daily application of cash
to Obligations pursuant to Section 6.3(c); and increased frequency of audits (no more than once every 4 months) pursuant to Section
6.6) be suspended, subject to reinstatement in the event another, subsequent Dominion Trigger Event occurs, and as long as no
Event of Default has occurred and is continuing, Bank shall suspend the consequences of such Dominion Trigger Event.&rdquo;</I></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">hereby
is amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9;&ldquo;6.13
&#9;Dominion Trigger Event.</B> Bank and Borrower hereby agree that the consequences of the Dominion Trigger Event (being: float
charges pursuant to Section 2.3(f); collateral monitoring fees pursuant to Section 2.4(d); Transaction Reports pursuant to Sections
3.4 and 6.2(a)(i); daily application of cash to Obligations pursuant to Section 6.3(c); and increased frequency of audits (no
more than once every 4 months) pursuant to Section 6.6) are in effect currently and shall remain in effect indefinitely (and therefore
shall not be suspended).&rdquo;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Additional Reporting Requirements</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>Section 6.2(a)(i) of the Loan Agreement hereby is amended to require Borrower to deliver to Bank on a weekly basis, in addition
to and concurrently with the weekly Transaction Report and Borrowing Base Certificate described therein, a rolling 13-week cash
flow forecast for the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>The following hereby is added (in proper alphanumerical order) as a new Section 6.2(a)(vii) of the Loan Agreement:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;(vii)
with respect to each month, a monthly sales report, due as soon as available and in any event within 5 days following the end
of such month.&rdquo;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Limitation of Amendments.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>The amendments set forth in <B>Section&nbsp;2</B>, above, are effective for the purposes set forth herein and shall be limited
precisely as written and shall not be deemed to (a)&nbsp;be a consent to any amendment, waiver or modification of any other term
or condition of any Loan Document, or (b)&nbsp;otherwise prejudice any right or remedy which Bank may now have or may have in
the future under or in connection with any Loan Document.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations,
warranties, covenants and agreements set forth in the Loan Documents (as amended by this Amendment, as applicable) are hereby
ratified and confirmed and shall remain in full force and effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Representations and Warranties.</B> To induce Bank to enter into this Amendment, Borrower hereby represents and
warrants to Bank as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>Immediately after giving effect to this Amendment, (a)&nbsp;the representations and warranties contained in the Loan Documents
are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and
warranties expressly relate to an earlier date, in which case they are true and correct as of such date), and (b)&nbsp;no Event
of Default has occurred and is continuing;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Documents,
as amended by this Amendment;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have
not been amended, supplemented or restated and are and continue to be in full force and effect;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Documents, as amended by this Amendment, have been duly authorized;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Documents, as amended by this Amendment, do not and will not contravene (a)&nbsp;any law or regulation binding on or affecting
Borrower, (b)&nbsp;any contractual restriction with a Person binding on Borrower, (c)&nbsp;any order, judgment or decree of any
court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d)&nbsp;the organizational
documents of Borrower;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Documents, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of,
or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof,
binding on either Borrower, except as already has been obtained or made; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against
Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors&rsquo;
rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Release by Borrower.</B> Borrower hereby agrees as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
FOR GOOD AND VALUABLE CONSIDERATION</B>, Borrower hereby forever relieves, releases, and discharges Bank and its present or former
employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities,
demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature,
description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of
or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising
from the beginning of time through and including the date of execution of this Amendment (collectively &ldquo;<B>Released Claims</B>&rdquo;).
Without limiting the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner
whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed
in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of
the foregoing.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>In furtherance of this release, Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California
Civil Code, which provides as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1in 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR EXPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.&rdquo;
</B>(Emphasis added.)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(and
the equivalent thereof, if any, under the laws of any other applicable jurisdiction).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may
hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is
the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known
or unknown, suspected or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon
in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled
to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever.
Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Bank with respect
to the facts underlying this release or with regard to any of such party&rsquo;s rights or asserted rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action,
suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that
the release contained herein constitutes a material inducement to Bank to enter into this Amendment, and that Bank would not have
done so but for Bank&rsquo;s expectation that such release is valid and enforceable in all events.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>Borrower hereby represents and warrants to Bank, and Bank is relying thereon, as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>Except as expressly stated in this Amendment, neither Bank nor any agent, employee or representative of Bank has made any
statement or representation to Borrower regarding any fact relied upon by Borrower in entering into this Amendment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>Borrower has made such investigation of the facts pertaining to this Amendment and all of the matters appertaining thereto,
as it deems necessary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>The terms of this Amendment are contractual and not a mere recital.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>This Amendment has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Amendment
is signed freely, and without duress, by Borrower.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>Borrower represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim
and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign
or transfer, to any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Bank, defend
and hold it harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments
or transfers of any claims or matters released herein.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B><FONT STYLE="color: black">Fee. </FONT></B><FONT STYLE="color: black">In consideration for Bank entering into this
Amendment, Borrower shall pay Bank a fee in the mutually agreed amount of <B>$3,500.00</B>, which fee shall be earned in full
and payable concurrently with the execution and delivery of this Amendment, and all Bank Expenses in connection herewith. Such
fee shall be non-refundable and in addition to all interest and other fees payable to Bank under the Loan Documents. Bank is authorized
to charge such fee and such Bank Expenses to Borrower&rsquo;s loan account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Counterparts.</B> This Amendment may be executed in any number of counterparts and all of such counterparts taken
together shall be deemed to constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><B>Effectiveness</B>. This Amendment shall be deemed effective upon the due execution and delivery to Bank of this
Amendment by each party hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Remainder
of page intentionally left blank; signature page immediately follows.]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; font-variant: small-caps"><B>In
Witness Whereof,</B> </FONT>the parties hereto have caused this Amendment to be duly executed and delivered as of the date first
written above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in; font-weight: bold">Borrower:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in; font-weight: bold">ENCISION Inc., a Colorado corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">By</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">Print Name</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid">Fred Perner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">Title</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid">President &amp; CEO</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in; font-weight: bold">Bank:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">SILICON VALLEY BANK</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">By</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid">/s/</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">Print Name</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid">Daniel
    Harrison</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 9pt; text-align: justify; text-indent: 0in; font-weight: bold">Title</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-weight: bold; border-bottom: Black 1pt solid">RM</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0"></P>

</BODY>
</HTML>Unassociated Document

 

 

CONSULTING AGREEMENT

THIS CONSULTING AGREEMENT, (this “Agreement”) is made as of December 31, 2011 by and between Joseph Niemann (hereinafter, “Niemann”) (SSN ###-##-####) and Imo Industries Inc., a Delaware corporation with offices at  1710 Airport Rd. hereinafter, the “Company”);

WITNESSETH:

In this Agreement, "Colfax Group Entity" means any entity which is a wholly-owned or indirect subsidiary of Colfax Corporation, a Delaware corporation and parent of Company.

 

WHEREAS, Niemann desires to make himself available as a consultant for assisting Colfax Fluid Handling in its Tushaco and KSA areas, together with such other services for the Company or a Colfax Group Entity as may be agreed from time to time; and

WHEREAS, the Company desires to engage Niemann as a consultant for that purpose;

NOW THEREFORE, the parties hereto agree that:

	
1. 

	
Niemann shall make his consulting services available to the Company for minimum of (40) hours per week during normal business days while the Agreement remains in effect.  Niemann shall provide such consulting services in a timely and professional manner with all due skill and care.

	
2. 

	
The status of Niemann is that of an independent contracter and not an employee, agent or partner.  Niemann acknowledges that in connection with the Agreement or his performance hereunder, Niemann is not entitled to any health, welfare, retirement or other benefits, or any incentive compensation except as specified herein, and Niemann waives any and all such benefits and compensation.  Niemann agrees that he shall be personally responsible for any and all taxes and other payments received by him from the Company and Niemann acknowledges that he understands his tax obligations hereunder.  Niemann represents that his social security number is as stated above and it will be used solely for government reporting purposes by the Company.

	
3. 

	
Niemann shall not bind, commit, or incur any obligation, debit or contract for or in behalf of the Company, except those for his own personal services as expressly provided for elsewhere herein, without the prior authorization to do so from William Roller, Ex. Vice President, Colfax Corporation.

	
4. 

	
Niemann shall be compensated at the rate of $25,000 per month during the term of this agreement.  In addition, Niemann shall be reimbursed for all out-of-pocket expenses reasonably and properly incurred on behalf of the Company and agreed to in advance by the Company.  Any and all travel must be preauthorized by William Roller, Ex. Vice President, Colfax Corporation.

	
5. 

	
Niemann shall submit statements of monthly expenses detailing specific assignments, on or before the 20th day of the month covering the preceding month directly to William Roller for approval.  the Company shall promptly thereafter pay Niemann for his services and disbursements.  Niemann shall maintain records adequate for the determination of all services rendered, including expenses and other data, which shall be available for inspection by the Company through it or its agents and representatives during normal working hours as the Company shall reasonably request.

 

 

 

  

  

  

 

	
6. 

	
This Agreement is for the personal services of Niemann.  Niemann  may not assign, transfer or sub-contract in whole or in part any of his rights or obligations under this Agreement without the prior written consent of the Company.  The Company shall be entitled to assign the benefit Niemann’s consulting services to any Colfax Group Entity from time to time.

	
7. 

	
Assignments hereunder shall be as directed by the Ex. Vice President, Colfax Corporation or his designee.

	
8. 

	
Niemann acknowledges that a successful rendition of consulting services hereunder will require the disclosure to him of confidential information belonging to the Company or a Colfax Group Entity.  Niemann agrees to maintain the confidentiality of all data, documents and drawings that are not known or which hereafter may become known to him as a result of his services for the Company or a Colfax Group Entity.  Niemann agrees at all times during and after the term of this Agreement that he will not directly or indirectly disclose any such information to any person or entity other than the Ex. Vice President Colfax Americas and those persons or entities as directed by the Ex. Vice President Colfax Americas.  Niemann’s work product hereunder shall be the property of the Company.  All drawings and documents furnished to or product by Niemann in connection with consulting services hereunder, and all copies of any such drawings and documents will be transferred to the Ex . Vice President, Colfax Corporation upon termination of this Agreement.

	
9. 

	
Sections 8 and 9 hereof shall survive the expiration or any termination of this Agreement.  Niemann acknowledges and agrees that the Company or a Colfax Group Entity would suffer irreparable harm if he were to disclose any confidential information not in the public domain, drawings or documents, trade secrets or privileged information described above, and that damages alone would be an inadequate remedy for the Company or a Colfax Group Entity.  Niemann therefore agrees that in addition to and without limiting any other right or remedy, the Company and any Colfax Group Entity may have the right to an injunction or other equitable relief in any country of competent jurisdiction.  Further, Company and any Colfax Group Entity shall not be liable for any act or omission of Niemann. Niemann agrees to indemnify and hold harmless Company and any Colfax Group Entity from any and all losses, damages, costs and expenses (including attorneys’ fees) in any manner resulting from or arising out of:

	 	
9.1 

	
any act or omission by Niemann or any breach or Niemann’s obligations under this Agreement;

	 	
9.2 

	
any tax, social security contributions and any other liability, deduction, contribution, assessment or claim arising from or made in connection with his performance hereunder where such recovery is not prohibited by law;

	 	
9.3 

	
all reasonable costs and expenses incurred and any penalty, fine or interest payable by the Company in connection with or in consequence of any liability, deduction, contribution, assessment or claim arising out of any failure by Niemann to pay any tax or social security contributions in connection with his performance hereunder; and

	 	
9.4 

	
any liability (including reasonable costs and expenses) for any employment related claim or any claim that Niemann is an employee or worker made against the Company or any Group Company arising out of or in connection with the provision of consulting services hereunder.

	
10. 

	
Niemann agrees to comply with all applicable laws relating to his engagement for services under this Agreement, including but not limited to United States export control laws, the Foreign Corrupt Practices Act and U.K. Anti-Bribery Act 2010.

 

 

  

  

  

 

	
11. 

	
Subject to the terms hereof, this Agreement shall remain in effect until February 15, 2012 (the “Initial Term”) unless terminated by either party as set forth herein.  Notwithstanding anything to the contrary, the Agreement shall be terminable at any time by the Company or Niemann upon thirty (30) days written notice to either party.

	
12. 

	
Notwithstanding the provisions of Section 11 the Company shall be entitled to terminate this Agreement with immediate effect and with no liability to make any further payment to Niemann (save in respect of consulting services already provided) if Niemann:

	 	
12.1 

	
commits any serious or repeated breach or non-observance of Niemann's obligations under this Agreement;

	 	
12.2 

	
fails to perform the consulting services or any part of them to the Company's reasonable  satisfaction;

	 	
12.3 

	
is convicted of a criminal offence;

	 	
12.4 

	
commits any act of dishonesty or other act that brings or could bring Niemann or the Company into disrepute; or

	 	
12.5 

	
commits any serious or repeated breach or non-observance of any of the Company's policies.

 

	
13. 

	
All checks hereunder for payments to Niemann are to be made payable to:

 

Joseph B. Niemann

14124 Riverdowns St.

Midlothian, VA  23113

	
14. 

	
This Agreement embodies the entire agreement and understanding of the parties regarding its subject matter and supersedes any prior agreements.  This Agreement shall be governed by and construed in accordance with the laws of Virginia, excluding its conflicts rules.  The parties submit to the jurisdiction of Virginia state courts and to federal country with jurisdiction over Virginia, and agree that such courts shall be the exclusive forum for any litigation in connection with the Agreement.

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by its officer thereunto duly authorized and Niemann has hereunto set his hand as of the day and year first above written.

 

 

	
/s/ Joseph B. Niemann

	 	By:	
/s/ William E. Roller

	 
	
Joseph B. Niemann 

	 	 	
William E. Roller

	 
	
 

	 	 	
Ex. Vice President

	 
	 	 	 	Colfax Corporation

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